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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

  • #136,641
  • Aug 24, 2015 10:25am Aug 24, 2015 10:25am
Quoting antisystem
{quote} It is so hard for me to keep calm and not give way to despair when I see latest moves, that I missed or exited too early.... August is a month of disappointment for me but on the other hand I got a lot of food fot thought and experience
With time this gets easier and easier. It's not going to change over night for you mentally. It's a marathon. I'm down now 1% for the month, but all i care about is that my risk is in check. Next month is another month, the month after, year after etc. You can't let one day do anything to you mentally and that's also what you have to think about risk wise when trading. It's a LONG term business. Sure some people made a fortune today, but many more were lost. It's easy to be a one hit wonder but in trading those end very badly too.

Stay the course it's VERY important I can't state that enough. Again it never goes away but the more you deal with these situations and realize you will see them again, experience these things over and over you won't get caught up so short sighted.

Keep it up
Mike
  • #136,642
  • Aug 24, 2015 10:29am Aug 24, 2015 10:29am
Quoting mbqb11
{quote} With time this gets easier and easier. It's not going to change over night for you mentally. It's a marathon. I'm down now 1% for the month, but all i care about is that my risk is in check. Next month is another month, the month after, year after etc. You can't let one day do anything to you mentally and that's also what you have to think about risk wise when trading. It's a LONG term business. Sure some people made a fortune today, but many more were lost. It's easy to be a one hit wonder but in trading those end very badly too. Stay the...
Mike, I saw earlier you mentioning that you had posted some information regarding dynamic R/R. Is this contained in a PDF attachment within the thread or elsewhere?

I would be very interesting to read.

Thanks
  • #136,643
  • Aug 24, 2015 10:40am Aug 24, 2015 10:40am
Quoting Bladerunn3r
{quote} Mike, I saw earlier you mentioning that you had posted some information regarding dynamic R/R. Is this contained in a PDF attachment within the thread or elsewhere? I would be very interesting to read. Thanks
I think Mike spoke about reducing your potential loss moving SL and that sometimes SL can be larger than TP. You can find his explanations in videos on youtube chanel James16. Great stuff indeed
  • #136,644
  • Aug 24, 2015 10:53am Aug 24, 2015 10:53am
Quoting antisystem
{quote} I think Mike spoke about reducing your potential loss moving SL and that sometimes SL can be larger than TP. You can find his explanations in videos on youtube chanel James16. Great stuff indeed
Cheers antisystem.

.
  • #136,645
  • Aug 24, 2015 10:54am Aug 24, 2015 10:54am
Quoting mbqb11
{quote} With time this gets easier and easier. It's not going to change over night for you mentally. It's a marathon. I'm down now 1% for the month, but all i care about is that my risk is in check. Next month is another month, the month after, year after etc. You can't let one day do anything to you mentally and that's also what you have to think about risk wise when trading. It's a LONG term business. Sure some people made a fortune today, but many more were lost. It's easy to be a one hit wonder but in trading those end very badly too. Stay the...
Thanks, Mike. I'm working on it)
  • #136,646
  • Aug 24, 2015 11:32am Aug 24, 2015 11:32am
i'm being super patient with these index charts, people are seeing down the biggest days followed by up the most in one day and it's tempting to buy. I'd never do that here I think a longer term buy is much lower on my 401k.

I'm watching this gap area like a hawk on how we close. I'd much rather be a seller there until we clear it and get above it, then we can make the assumption buyers are stronger
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  • #136,647
  • Aug 24, 2015 11:37am Aug 24, 2015 11:37am
Quote
People are looking for the perfect solution to all markets it's not about that as much it is about your method being consistent and flexible to the different markets.

I got it Mike.. Actually it is my mistake to expect market should react as my wish. Now I am clear.. I hope, in last post Zamfir also convey the same message...

Thanks Mike and Zamfir...

Adhav
  • #136,648
  • Aug 24, 2015 11:50am Aug 24, 2015 11:50am
Quoting Adhavan
{quote} I got it Mike.. Actually it is my mistake to expect market should react as my wish. Now I am clear.. I hope, in last post Zamfir also convey the same message... Thanks Mike and Zamfir... Adhav
It's very normal A, believe me. Turn on the TV to your local business channel it's just people screaming at each other over this stuff. This is money big money on the line so it's emotional. As traders though the biggest benefit is that we don't need to be connected to the market. It goes up, it goes down who cares. Our biggest emotion should be tied to our risk as opposed to the situation. So each situation we want to have control over that risk and be putting ourselves in a good spot. In the long run if you have a strong method you will come out on top, in the mean time as a trader my biggest focus is on controlling my risk in each situation in a logical manner. Not to prevent taking any losses or being perfect

I'm sure their are some traders out there much better than me making a lot more but I see what most people on the forums struggle with and I relate because it's what I did too and that was consistency.

Again like I said this is just my opinion many will probably disagree entirely and i'm very ok with that. This is what keeps the market ticking. Opinions and money

Mike
  • #136,649
  • Aug 24, 2015 11:50am Aug 24, 2015 11:50am
Quoting mbqb11
{quote} We should have some updates very shortly K, we will announce here when we do for sure Best Mike
Hi Mike.. Does "very shortly" mean less than a month? i cant wait :S
  • #136,650
  • Aug 24, 2015 12:20pm Aug 24, 2015 12:20pm
I decided to post my analysis of the NZD/CAD and to explain why I would have been "short" this pair. I only trade Futures so this chart was taken from Kershey's post were I use 'Paint Software" to add my scribble to this pair.

Personally, this is not a trade I would have bought or "gone long" on. There's a few things I noticed when I first saw Kershey's clean chart. First, I immediately observed in my "Minds Eye"a very strong medium line slicing right through the chart, which I converted into a pitchfork. It's a form of Support and Resistance. Also, the major yellow Support/Resistance line that was drawn had been taken out by New Short Sellers. This alone should signal a 'SHORT" trading bias. It also signifies that the Demand above this line has been absorbed.

This is a setup that Institutions use daily to steal the hard earned money from traders who love trading breakouts. They will force PA to penetrate levels (YELLOW ARROW) where there's a feeding frenzy to 'SHORT'. The Institutions will then start buying back from the 'SHORT SELLERS" taking out the Short Sellers stops moving price up where the retail trader panics and gets stopped out or converts to new buyers. Once this artificial demand is absorbed the Institutions violently take out your stops by Shorting the market at .8870 This is a scenario that occurs daily on all time frames. Good Luck, Rocky.

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  • #136,651
  • Aug 24, 2015 12:29pm Aug 24, 2015 12:29pm
Quoting mbqb11
. I'm watching this gap area like a hawk on how we close. I'd much rather be a seller there until we clear it and get above it, then we can make the assumption buyers are stronger {image}
Yes Mike, and a nice round number in there too.

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Thank You James16, Fijitrader, Mbqb1, ghous, Pinbar and Jarroo. cpfleger
  • #136,652
  • Aug 24, 2015 12:38pm Aug 24, 2015 12:38pm
GBPAUD 4HR Extreme pinbar, charts are looking comical today, there may be some opportunities arise from them though.

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  • #136,653
  • Aug 24, 2015 12:39pm Aug 24, 2015 12:39pm
Quoting rocky
I decided to post my analysis of the NZD/CAD and to explain why I would have been "short" this pair. I only trade Futures so this chart was taken from Kershey's post were I use 'Paint Software" to add my scribble to this pair. Personally, this is not a trade I would have bought or "gone long" on. There's a few things I noticed when I first saw Kershey's clean chart. First, I immediately observed in my "Minds Eye"a very strong medium line slicing right through the chart, which I converted into a pitchfork. It's a form of Support and Resistance. Also,...
yes - It's what MBQ11 calls a pullback trade
every Saint has a past. Every Sinner has a Future
  • #136,654
  • Aug 24, 2015 1:21pm Aug 24, 2015 1:21pm
Quoting mbqb11
i'm being super patient with these index charts, people are seeing down the biggest days followed by up the most in one day and it's tempting to buy. I'd never do that here I think a longer term buy is much lower on my 401k. I'm watching this gap area like a hawk on how we close. I'd much rather be a seller there until we clear it and get above it, then we can make the assumption buyers are stronger {image}
take a look at german fdax ... this puppy just moved 250 points (about 2,5%) in only 4 minutes... crazy insane
meine augen sind die sterne
  • #136,655
  • Aug 24, 2015 2:34pm Aug 24, 2015 2:34pm
Quoting aserbfx
{quote} take a look at german fdax ... this puppy just moved 250 points (about 2,5%) in only 4 minutes... crazy insane
yep some crazy stuff


I wouldn't do anything in todays range personally, i'm just watching certain areas it's going to be juicy if we are patient

Reds are my sell areas again depending on PA around these areas, greens are buy. I would love to see these markets unwind down to 14k(on the dow at least)

whoops fxpro keeps screwing up the prices will put a better one up
  • #136,656
  • Aug 24, 2015 2:44pm Aug 24, 2015 2:44pm
Quoting mbqb11
{quote} yep some crazy stuff I wouldn't do anything in todays range personally, i'm just watching certain areas it's going to be juicy if we are patient Reds are my sell areas again depending on PA around these areas, greens are buy. I would love to see these markets unwind down to 14k(on the dow at least) whoops fxpro keeps screwing up the prices will put a better one up
chart
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  • #136,657
  • Aug 24, 2015 3:48pm Aug 24, 2015 3:48pm
Quoting Kershey
How could it be any different. Lost 3% on this one, no risk management possbile. How many trades are needed just to come back just to BE ?!?!?!?!Q! {image} {image}
Shit happens :-)

Tip1: Ask yourself why did you make that trade? I assume because you though that the S/R will hold. Then what would negate your trade? How could price show you that your idea was wrong? (I guess the S/R is broken? - Price holds the lvl etc?) I think the SL was way too far.

Tip2: I'm an massive daytrader but here is what I found on the low timeframes. Levels can be tricky, meaning that simply because you think there is a level, does not necessarily mean that others see that level. In my experience the levels that can hold price are:

1. Round Numbers
2. Daily or Weekly High / Low
3. Value Area High/Lows
4. S/R - fips

In that order.

Hint1: Note that many people look at their sh*tty mt4/spot cfd chart and think there is a number. Well at the futures there is not - or it is a somewhere else. Big players trade the futures or options, and do not use mt4 / cfd prices. So if you really want to nail down the RNs get a futures feed...

Hint2: In the lower time-frames I tend to see that just because that I have a level (even if good one) doesn't mean price will stop. When price is tanking to your entry there is no sense to put the limit in. Wait until the price at least stops at your level (makes some small chop on the 1m chart). This means that people are in fact sitting there with offers...

Hope this helps!
It's all psychology...
  • #136,658
  • Aug 24, 2015 4:12pm Aug 24, 2015 4:12pm
USDCAD
DBLHC. In the middle of a day I moved SL to BE, afterwards I was immediately kicked from the trade. And then price moved in correct direction, of course)))
It doesn't happen for the first time... If you work with daily charts, should you interfere in your trades during trading day or not?
I know "BE is not a loss") But it's so insulting when you're kicked away and price moves in profit direction without hitting your initial SL...
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  • #136,659
  • Aug 24, 2015 4:33pm Aug 24, 2015 4:33pm
Quoting Bladerunn3r
{quote} Mate I am halfway through a book called 'Trading in the Zone' by Mark Douglas, it really gets to the core of why successful traders are successful..... essentially, attitude.
Good book, also Mark's videos, i think all traders in learning proces should watch it like 50 times like i did or at least that many times when you ''GET'' that way of prospective for trading.
  • #136,660
  • Edited 6:15pm Aug 24, 2015 5:52pm | Edited 6:15pm
Quoting LamerTrader
{quote} Shit happens :-) ...
Yeah over and over again unexpectedly,
and thats exactly why I will avoid to have a large stop with large risk and manage the stop down to make 1:1 on initial risk.
I'm more comfortable with having a small SL than exposing a relatively large risk at any time.
Like I did before, tight stop with small risk. If its a looser its okay and you loose small amount
but there is a higher chance of getting a runner, making many times the risk you put ever on the table.
And this is in my humble opinion the utmost key to profitablity in an a priori risky environment like financial markets.

Here is an example in EUR/CHF.
Retracement entry today in 2H upward channel after close above 1.0800 flip zone at 1.0766.
Easily a RR of 1:1.5 is possible with the check of todays high/last week open (Potential is up to RR 1:3.4)
But due to the market turmoil today, I closed all my open trades and orders.
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