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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

  • #6,901
  • Oct 10, 2007 1:32pm Oct 10, 2007 1:32pm
Quoting mbqb11
PPZ means a price pivot zone, which is basically flip in support/resistance. It is really taught in great detail in the PF

Mike
Thank you. I have made it a good portion through this thread (1st 100 pages or so) and i plan to join the pf as soon as i finish the thread and the book i am reading. I want to have the basics covered before i join.
  • #6,902
  • Oct 10, 2007 1:34pm Oct 10, 2007 1:34pm
mine in bold below

Quoting mamutot
i am now LIVE with an account of few $$..

Great to hear, but remember have a plan and trade it. Don't let the $$ fool you no matter how small the amount. Just be patient and stick to your plan and you will do fine.

i havent had much time lately - about the last month and a half,
and i just now figured once you have a live account - you watch it better closer, and much more often.
You should treat your live account how you treated your demo(easier said then done). What I mean is your trading plan should not have changed. You should have proven to yourself on demo that you can be profitable(James recommends 3 months). I agree. Then take that knowledge and do the same with micro lots to begin.


the question is:
How do you trade??

do you sit near your LCD 56" screen all day long and wait for setup?
I personally day trade and trade longer timeframes. For my day trading I choose to trade the London session because it is the most active. Living in est time, I have to pick and I can't be up through out both sessions completely. It sucks for now.

do you check all of them once a day - and then what? pending orders?
[IMG]file:///C:/DOCUME%7E1/MBOZZ/LOCALS%7E1/Temp/moz-screenshot-13.jpg[/IMG]For my longer time trades I check them once a day for daily and every 4 hours if I am in a four hour trade(there are exceptions). If it is . For the longer time frames I just leave pending orders in. Especially daily time frame. Set my order. Check back on it at the end of the day. Of course I am at the computer trading other timeframes, so I can monitor it anyway.

i would love to get replies - even PM's if it is off subject.


Thank You All
  • #6,903
  • Oct 10, 2007 1:34pm Oct 10, 2007 1:34pm
Quoting saskgui
Thank you. I have made it a good portion through this thread (1st 100 pages or so) and i plan to join the pf as soon as i finish the thread and the book i am reading. I want to have the basics covered before i join.
That is the way to go. Just take your time, no rush. The FX markets aren't going anywhere
  • #6,904
  • Oct 10, 2007 1:36pm Oct 10, 2007 1:36pm
Quoting the_wizard
This pin unfortunately didn't work.
I am still learning when to take these trades. I currently don't touch this sort of set up because it is against the long term and short term trend. I know there are still pips to be had but you have to be very quick it seems to me.

May i ask if you take alot of these sort of setups (against both short term and long term trend) and are you able to get a winning ratio? Should i assume that you are only looking to bag a few pips and close where as you may try and ride it out if it was trending up?
  • #6,905
  • Oct 10, 2007 1:53pm Oct 10, 2007 1:53pm
Will the 240 area hold?
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  • #6,906
  • Oct 10, 2007 2:09pm Oct 10, 2007 2:09pm
Daily
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  • #6,907
  • Oct 10, 2007 2:31pm Oct 10, 2007 2:31pm
Quoting raczekfx
If I knew the answer, I would bet my neighbor's house on it..
Canadian News! Local trader bets his neighbors hunting shack to make money in FX. Neighbor shoots trader with buckshot after trader goes broke!:surprised
  • #6,908
  • Oct 10, 2007 2:32pm Oct 10, 2007 2:32pm
Quoting saskgui
I am still learning when to take these trades. I currently don't touch this sort of set up because it is against the long term and short term trend. I know there are still pips to be had but you have to be very quick it seems to me.

May i ask if you take alot of these sort of setups (against both short term and long term trend) and are you able to get a winning ratio? Should i assume that you are only looking to bag a few pips and close where as you may try and ride it out if it was trending up?
Hey Saskgui,

If you are not comfortable trading against the trend, don't do it! You have to be comfortable taking risk. You cannot trade effectively if you are scared.

I think I trade mainly against the trend. But it would probably be more accurate to say that I rarely consider the trend of the market. I look for setups and if I have a feeling for what the market is about to do and where it might go, I will take the trade regardless.

I do take a lot of these sort of setups - they are my favourite. My win/loss ratio is just under 80%. I never look to take just a few pips - I try to get at least 1:1 RR and I am prepared to let a winner turn into a loser which frequently happens.
  • #6,909
  • Oct 10, 2007 3:05pm Oct 10, 2007 3:05pm
Quoting HipsterPipster
Canadian News! Local trader bets his neighbors hunting shack to make money in FX. Neighbor shoots trader with buckshot after trader goes broke!:surprised
...shame on you hip..., you translated it backward...
//... trader made $$$ shorting g/j from 240.40... bought his neighbor a castle in France.....then they both gone fishing...///
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  • #6,910
  • Oct 10, 2007 3:11pm Oct 10, 2007 3:11pm
Quoting raczekfx
...shame on you hip..., you translated it backward...
//... trader made $$$ shorting g/j from 240.40... bought his neighbor a castle in France.....then they both gone fishing...///
Now were talking!
  • #6,911
  • Oct 10, 2007 3:18pm Oct 10, 2007 3:18pm
Hi all,
Ive been taking a break from posting and reading up on all the goodies in the pf, I think I have enough to read for the next century! I know I have said this before, but there has been a before and after for me and a lot of others who started reading this thread and followed Jims PA. I dont mean to say we should all forget about everything else, but I personally think that all of you new to trading and new to price action or who havent been successful, consistently, at trading, should all try really hard to stick to what Jim is saying...before you get creative and start trying to follow where you ¨think¨the market is going, or where you ¨feel¨the market is going...If you want to be one of the 5% that actually make it in this market, listen to what jim says, take the Aplus setups and not the b´s or the c´s and try and think clearly about what you are doing...trading against the trend and picking bottoms and tops are not for everyone, they can be hazardous. Once you become profitable over a reasonable amount of time you can start experimenting, or use a demo, but in the meantime, this is such a great start, (I wish I had found it a few years ago it would have saved me time and money and lots and lots of heartache...)take full advantage of the information here guys, its free and it has really turned my trading around. Stick to the basics and listen to mbq, seeking and the other 1kt members who pop in to help us at all hours and regardless of how rediculous our questions, thanks guys!! Take care all, Raz
Never say never.
  • #6,912
  • Oct 10, 2007 4:48pm Oct 10, 2007 4:48pm
Yep guys, trading against the trend can be dangerous
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  • #6,913
  • Oct 10, 2007 5:10pm Oct 10, 2007 5:10pm
Nice examples of J16 pinbars wiz! Stick to the A trades guys and you will do very well indeed! Raz
Never say never.
  • #6,914
  • Oct 10, 2007 5:20pm Oct 10, 2007 5:20pm
Quoting razldazl
Nice examples of J16 pinbars wiz! Stick to the A trades guys and you will do very well indeed! Raz
Thanks Razl. It's true what you say above - everyone should keep to the basics. There is easy enough money to be made if you are patient and wait for those A setups without needing to complicate things. Hope your trading is going well.
  • #6,915
  • Oct 10, 2007 6:46pm Oct 10, 2007 6:46pm
dont want to give any ideas so not showing TF, but this one is great, if it breaks, i guess so - what do you say?
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  • #6,916
  • Oct 10, 2007 6:57pm Oct 10, 2007 6:57pm
Quoting mamutot
dont want to give any ideas so not showing TF, but this one is great, if it breaks, i guess so - what do you say?
g/c looks still good to be buying but not on the 15 min timeframe nothing really jumps out at me. On the longer timeframes I will be looking to buy
  • #6,917
  • Edited 7:52pm Oct 10, 2007 7:39pm | Edited 7:52pm
Quoting mamutot
dont want to give any ideas so not showing TF, but this one is great, if it breaks, i guess so - what do you say?
I agree with Mike.
I'm also looking at GBPCHF but nothing is jumping out at the moment.
That Buy area in your chart is more or less a PPZ that I have marked on mine. I look for PA around these areas.
USDCHF has a Daily Buy pin in the direction of the recent trend, but it hasnt created much space from price.

Tom
  • #6,918
  • Oct 10, 2007 8:22pm Oct 10, 2007 8:22pm
Quoting mbqb11
g/c looks still good to be buying but not on the 15 min timeframe nothing really jumps out at me. On the longer timeframes I will be looking to buy
Mike,
You said you will be looking to buy the GBP/CHF? Can you share some of your thoughts with some charts maybe? I was actually looking at the opposite, but I can see it both ways now depending on the TF you are looking to trade I guess.

The monthly is bearish from last month, the weekly is bullish from the DB around 3500 area, as well as the daily. But we have hit some key resistance areas and come off some. The 4222 is the 200 EMA on monthly as well as an area of fib correlation from weekly and daily down moves. Strong resistance in that area as well as a daily pin bar showing possible downward potential if we break 4081 support area. I am still fairly new to all this PA stuff but I have been trading for about 2 years. With mixed results I am afraid. That is why I would love some views of anyone else with more experience. I agree that the overall trend right to left is up however and I know this would be going against the longer term uptrend. I will attach some charts. Thanks everyone!
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  • #6,919
  • Oct 10, 2007 8:45pm Oct 10, 2007 8:45pm
Quoting Wall_Street
Mike,
You said you will be looking to buy the GBP/CHF? Can you share some of your thoughts with some charts maybe? I was actually looking at the opposite, but I can see it both ways now depending on the TF you are looking to trade I guess.

The monthly is bearish from last month, the weekly is bullish from the DB around 3500 area, as well as the daily. But we have hit some key resistance areas and come off some. The 4222 is the 200 EMA on monthly as well as an area of fib correlation from weekly and daily down moves. Strong resistance in that area as well as a daily pin bar showing possible downward potential if we break 4081 support area. I am still fairly new to all this PA stuff but I have been trading for about 2 years. With mixed results I am afraid. That is why I would love some views of anyone else with more experience. I agree that the overall trend right to left is up however and I know this would be going against the longer term uptrend. I will attach some charts. Thanks everyone!
Yes it will certainly depend on your timeframe. I am a big 4hr guy, and here is what i see. Currently the 4hr is trending up as indicated by the higher highs and higher lows(blue lines). We can see the downtrend line broken, starting our uptrend, and the final look for a bounce at 61.8 was broken. So for me this means, ok let's look for reasons to get into this trade. At this time, I would be looking to buy, but not without confirmation somewhere. This can come in many forms such as:
Bounce off new trendline, consolidation and breakout of that consolidation with the new trend.

For right now I am in wait mode but will keep an eye for buying opportunities.
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  • #6,920
  • Oct 10, 2007 8:47pm Oct 10, 2007 8:47pm
You can also see the daily downtrend line has broke, and retested. This gives me more confidence in my upward bias.

Here is the daily view

Hope this helps

also i forgot to note that the TBH was not quite perfect, but an IB none the less. and it broke to the long side which is what I would expect
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