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Where can I learn more about Price Action like those in James16 charts? 9 replies

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james16 Chart Thread

  • #136,341
  • Aug 7, 2015 12:50pm Aug 7, 2015 12:50pm
GU 4hr Pin bar

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  • #136,342
  • Aug 7, 2015 12:55pm Aug 7, 2015 12:55pm
Hello everyone,

I'm on page 333 of this thread. I'm going to demo on daily and weekly bars, starting with 0.5% risk and increasing by 0.1% every week. I am looking for PB setups at first, adding more setups as I go. In a few months I plan on joining PF, and I hope it is still going strong.

Dmitri
1.02^200
  • #136,343
  • Aug 7, 2015 12:57pm Aug 7, 2015 12:57pm
@aplhac I have same view like you, i'm only price action trader
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  • #136,344
  • Aug 7, 2015 1:09pm Aug 7, 2015 1:09pm
Quoting ziven78
{quote} hi LT, I know there is Market Wizards by Jack D. Schwager, what is the 2nd Market Wizards book you talking about? Thanks
He has many books but I mainly referred to the MW and the "New Market Wizards"
With a bit of search you find both on the internet :-)

I can also recommend Mike Bellafiore's 2 books (One good trade + The playbook). Both are good as well with tons of very good advice.
It's all psychology...
  • #136,345
  • Aug 7, 2015 1:23pm Aug 7, 2015 1:23pm
Quoting Kershey
{quote} Hm well, I moved it after the pin was formed and the engulfing bar was broken. Still, pre NFP, the market was taking out the last day highs. Wish you had profitable week. {quote} Hi LamerTrader, although I like to be late at a party, in trading this seems counterproductive. I trade like you pointed out in 1) and 2), while also respecting economic data. Found the market wizard books a very worthwhile read, but it has been some time. Even I read the german market wizards hahaha Denken und Handeln an Finanzmrkten: Zwischen Angst und Gier -...
Yupp RR is an interesting stuff.
I have met traders who had winrate under 1:25 but were still profitable. :-) So he made 25RR+ trades when he won. On the other side of the scale as you reduce the RR the winrate has to get higher to keep being profitable. But (personally at least) I believe that there is a level around 60-70-80% where you just hit a cieling. (Where 60% is the TRUE winners so not the "BE counts as a win stuff") People tend to maximalize the chance of winning (as a human nature) so they are fighting against this ceiling - they want to push it upwards with adding tons of indicators and ideas while they should simply accept that they wont be right and focus on the RR.
The old wall street rale ("Let the profits run and cut the losses") is nothing but "have a high RR".

But once again trading is a personal stuff and if you are profitable with smaller wins (Getting in the ring - give a punch and step out - Marty Schwartz was famous for that) it is okay as well. I'm just saying coz personally for me it increased my performance tremendously when I was going for 3-5RRs rather than.

Price action / Break of the BEOB:
Idk. If that fits your thinking / belief then there is no problem with it.
I trade the CL only and I can only refer to that but I see it tremendous times, that the guys take out the yester day lows just to take out the stops, load the boat and then reverse...

Anywayz - as Ed Seykota said: Everybody gets exactly what they want out of the markets :-)

PS: Welz + Norman have a great german book about trade psychology (you will never guess the book's title: Tradingpsychologie)
It's all psychology...
  • #136,346
  • Aug 7, 2015 1:48pm Aug 7, 2015 1:48pm
Two full bar losses, didn't even have time to reduce risk:

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Had to be me. Someone else might have gotten it wrong.
  • #136,347
  • Aug 7, 2015 2:00pm Aug 7, 2015 2:00pm
Quoting mordin
Two full bar losses, didn't even have time to reduce risk: {image} {image}
Why did you take those trades ! Each one had no room to move. See Jim's early videos on space (on the James16 YouTube site - "Traffic versus Space basics")


https://www.youtube.com/channel/UCnJ...16XmGH1GsQbgIA

Hope this helps
every Saint has a past. Every Sinner has a Future
  • #136,348
  • Aug 7, 2015 2:21pm Aug 7, 2015 2:21pm
This week's setups Aug 03 - 07.

7 setups : 600 Pips

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File Type: zip Aug_03_07.zip   185 KB | 595 downloads
  • #136,349
  • Aug 7, 2015 2:24pm Aug 7, 2015 2:24pm
Quoting turnip15
{quote} Why did you take those trades ! Each one had no room to move. See Jim's early videos on space (on the James16 YouTube site - "Traffic versus Space basics") https://www.youtube.com/channel/UCnJ...16XmGH1GsQbgIA Hope this helps
Thanks for your comments. I thought that it had sufficient confluence. I took the attached trade the other day, which also does not have a lot of space and went pretty well.


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Had to be me. Someone else might have gotten it wrong.
  • #136,350
  • Aug 7, 2015 2:33pm Aug 7, 2015 2:33pm
Quoting zamfir
This week's setups Aug 03 - 07. 7 setups : 600 Pips {file}
Awesome Zamfir. I have a couple of questions regarding your entries. I attached the charts. How you decide what is a strong FTA?

Also, some bars have small size, what made you take them?

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Had to be me. Someone else might have gotten it wrong.
  • #136,351
  • Aug 7, 2015 2:53pm Aug 7, 2015 2:53pm
Quoting mordin
{quote} Awesome Zamfir. I have a couple of questions regarding your entries. I attached the charts. How you decide what is a strong FTA? Also, some bars have small size, what made you take them? {image} {image}
My definition of FTA is the recent or fresh S/Rs which have at least two or more matching highs or lows.

if you consider your FTA , then every price point is a FTA . That makes it impossible to trade.
  • #136,352
  • Aug 7, 2015 8:40pm Aug 7, 2015 8:40pm
I'm essentially short CAD next week. The reason I put limit order in the last EUR/CAD 1d bar is that I think it will gap up and fill. Just a feeling! I'll probably feel stupid whether I'm right or not. Hmm, it appears I'm short CAD on correlated currencies, punch me. Have a great weekend!
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1.02^200
  • #136,353
  • Edited 9:28pm Aug 7, 2015 8:58pm | Edited 9:28pm
Somewhat skeptical about doing this but maybe it will help a someone out with trading outside bars. I did a very very crude back test on the eur/usd using a daily chart. No filters just a plain ole outside bar. Please understand I did this back test in about an hour. No trend direction was taken into account. Test date started Aug 2011 till present day. 61 total trades were taken. 36 winners 24 losers. 59% Win Rate. BUT the shocking part was It was up around 2110 pips using an extremely easy entry SL and TP. On outside bars I use the 50% retracement as my entry. PLEASE BACK TEST!! That entry does not work on all pairs OR time frames. SL is top or bottom of outside bar plus current spread. TP is the 127% extension. The 2110 pips is a rough estimate. I'm sure I missed a few trades but I'm willing to bet its close. Just a different way to look at the market.
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  • #136,354
  • Aug 7, 2015 9:54pm Aug 7, 2015 9:54pm
Quoting zamfir
{quote} My definition of FTA is the recent or fresh S/Rs which have at least two or more matching highs or lows. if you consider your FTA , then every price point is a FTA . That makes it impossible to trade.
Simple but great post Zamfir,I've been marking bloody great fta "zones"all over my charts and ending up paralyzed.Cheers Al
  • #136,355
  • Aug 7, 2015 10:29pm Aug 7, 2015 10:29pm
Quoting zamfir
{quote} My definition of FTA is the recent or fresh S/Rs which have at least two or more matching highs or lows. if you consider your FTA , then every price point is a FTA . That makes it impossible to trade.
Thanks Zamfir, that is exactly my problem.
I attach again a couple of your charts with some matching high/lows that you seem to considered non important. Care to explain why? or I am doing something wrong?


Also, I had two full bar losses, could you share your view? Post 136,348



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Had to be me. Someone else might have gotten it wrong.
  • #136,356
  • Aug 8, 2015 1:11am Aug 8, 2015 1:11am
Quoting jscathey11
Somewhat skeptical about doing this but maybe it will help a someone out with trading outside bars. I did a very very crude back test on the eur/usd using a daily chart. No filters just a plain ole outside bar. Please understand I did this back test in about an hour. No trend direction was taken into account. Test date started Aug 2011 till present day. 61 total trades were taken. 36 winners 24 losers. 59% Win Rate. BUT the shocking part was It was up around 2110 pips using an extremely easy entry SL and TP. On outside bars I use the 50% retracement...
Thanks JS. Always interesting these kinds of stats.
'Fail to plan, plan to fail'
  • #136,357
  • Aug 8, 2015 1:16am Aug 8, 2015 1:16am
Quoting d5400
Hello everyone, I'm on page 333 of this thread. I'm going to demo on daily and weekly bars, starting with 0.5% risk and increasing by 0.1% every week. I am looking for PB setups at first, adding more setups as I go. In a few months I plan on joining PF, and I hope it is still going strong. Dmitri
Hello Dmitri, forgive these rude people here who forget to greet or welcome new posters. All the best with your trading endeavours.
  • #136,358
  • Aug 8, 2015 4:15am Aug 8, 2015 4:15am
Quoting mordin
{quote} Thanks Zamfir, that is exactly my problem. I attach again a couple of your charts with some matching high/lows that you seem to considered non important. Care to explain why? or I am doing something wrong? Also, I had two full bar losses, could you share your view? Post 136,348 {image} {image}
The zone you have marked the bar highs come close but do not match. Visually they should match.

let me make it more clear

Support as FTA - Recent two or more bar lows should match.
Resistance as FTA - Recent two or more bar highs should match.
PPZ as FTA - Recent one or more flip in S/R should match.

About your full bar losses. Although they fit the criteria of a outside bars , they don't work out most of the time. I look for a textbook example of outside bars/pinbars/Insidebars. you can refer the priceactionsetup.pdf on how EXACTLY a pattern should look. I take only these but i make exceptions sometimes for e.g. On Daily's you can allow some not so good OB and they still work out great but if you try the same bad looking ones on any intraday timeframe they fail most of the time. This is what happened to you. They work sometimes , so you convince yourself that it will work the next say 10 times, but it will fail the next 10 times or so.

Mordin , I would suggest you trade only daily until you understand the finer details of Price patterns and S/Rs.

There is a huge difference between 4h and daily when it comes to PA patterns and S/Rs. consider a good looking OB or PB on 4h , the same on daily will be six times stronger, a 4h PB will be 4 times stronger than 1hr PB and so on. The idea is that a daily PA PB or OB captures the sentiment of all three sessions , but 4h will probably capture sentiments of just one session. So which TF Pattern has a higher chance of working out?.

On Daily the S/Rs mean something because of day's close , same is not true about 4hr S/Rs. 4h S/Rs should only be used for exiting or assessing troubles(if trading on 4h) , not for entering.
  • #136,359
  • Aug 8, 2015 11:26am Aug 8, 2015 11:26am
Quoting jscathey11
Somewhat skeptical about doing this but maybe it will help a someone out with trading outside bars. I did a very very crude back test on the eur/usd using a daily chart. No filters just a plain ole outside bar. Please understand I did this back test in about an hour. No trend direction was taken into account. Test date started Aug 2011 till present day. 61 total trades were taken. 36 winners 24 losers. 59% Win Rate. BUT the shocking part was It was up around 2110 pips using an extremely easy entry SL and TP. On outside bars I use the 50%...
JS, firstly I am sorry for being so brutally honest with you, but this is just the way I am, HONEST! I do apologise in advance though.

Last month you made two comments:
1) You don’t care about your fellow traders. You couldn’t care any less if you left someone flat broke.
2) You are intolerant of ignoramuses and newbie traders such as me. You also admitted that weren't teacher material and that you don’t have the patience to teach, like Mike does.

Now may I ask why you suddenly have the change of heart and feel the urge to ‘HELP’ people you don’t give a crap about by TEACHING them? Please don’t think that I’m judging you because I’m not. I just feel you’re being a hypocrite and contradicting yourself, and think that you needed to know that.
  • #136,360
  • Aug 8, 2015 2:06pm Aug 8, 2015 2:06pm
Quoting incognito517
{quote} JS, firstly I am sorry for being so brutally honest with you, but this is just the way I am, HONEST! I do apologise in advance though. Last month you made two comments: 1) You dont care about your fellow traders. You couldnt care any less if you left someone flat broke. 2) You are intolerant of ignoramuses and newbie traders such as me. You also admitted that weren't teacher material and that you dont have the patience to teach, like Mike does. Now may I ask why you suddenly have the change of heart and feel the urge to HELP people you dont...
Lets not go back down this road incognito. If we keep it to trading only we dont have to get into petty fights like other threads. Ff has an ignore function if you dont want to view someone's posts. Again charts and trading questions only will always keep this thread on track

Thanks!
Mike
Mike
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