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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

  • #7,261
  • Oct 26, 2007 9:13pm Oct 26, 2007 9:13pm
You Just Have To Believe It!
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Once A Trader Always A Trader.
  • #7,262
  • Oct 26, 2007 9:50pm Oct 26, 2007 9:50pm
Yes you have to believe in yourself... but here you will find a lot of hard work.. it is not so easy... and everyone here knows how hard it has been for me... so when you are ready, start from the beginning... the help is here... more than in any of the other forums... but it is serious business...
Ask when you need help, ask, and others will help you...

So now I have finished the bottle of champagne... ( raz's fault... and
managed to find a couple of very strong margaritas at some friends house down the street... ) I am in no condition to post... ( oh boy !! )... I gotta work in the morning...

Post your charts, not pictures... you will make it... !!!

Quoting Liviu
You Just Have To Believe It!
  • #7,263
  • Oct 26, 2007 10:35pm Oct 26, 2007 10:35pm
I read today by seeking light that JPY pairs PA have shown that they may have bottomed out...... here too perhaps.... but my eyes are seeing blury right now... and maybe not a bad looking PB either !!!

Quoting mamutot
well, this is the 1st weekly PB i manage to see before looking at it from the future - what i mean is that i always get to see PB's on their weekly formation about 2 months after they appear.


CHFJPY
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  • #7,264
  • Oct 26, 2007 11:51pm Oct 26, 2007 11:51pm
Well, the sad reality it is gruelling for most of the people.
It was grueling for me too.
I just starting to see the trend after 7 years of trading futures and 1 year of forex...slow learner.

Too much reading of Dr. Seuss to my daughter....Tzzzzz....
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Once A Trader Always A Trader.
  • #7,265
  • Oct 27, 2007 12:06pm Oct 27, 2007 12:06pm
So since I am fairly new to this I have a question. We've got this BUOB at a 20 year high on AUDUSD. The pair is in a strong uptrend and USD is pretty weak on the other majors. On the daily we had a very nice PB last week which I missed unfortunately which was followed by 4 consecutive bullish bars. So my question: Would you enter on the open or would you play a retrace?

In my opinion it's a little too late to jump on the boat and I think I wait for a small retrace which could happen if the pair gaps and moves down so that the gap closes.

Happy Trading,
Chris
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  • #7,266
  • Oct 27, 2007 12:24pm Oct 27, 2007 12:24pm
Spotted a few two week pbs. However, I am not yet confident in taking them because so far most of my combined price action bars failed.
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  • #7,267
  • Oct 27, 2007 2:10pm Oct 27, 2007 2:10pm
First of all, thank you for all your help. Speaking for my newbie retarded self, I do see some flickering light after reading an article like yours.
If I may, I have two questions.

1. When looking at the markets at night, what is your primary time frame?

2. When you say you draw the daily and the hourly most obvious pivots, is it done manually or do you use an auto pivot indicator?

Thank you

Quoting the_wizard
There are many steps to becoming a successful trader. One of them is gaining confidence in your trades.

Here is some advice for anyone that wants to trade price action with confidence. I know many of you already do this since Jim has advised doing it before.

Draw the pivot points on your chart and wait for the price to react with them.

For a long while I had my charts clean of all lines and I simply looked at the markets each night and took note of the ones that had good looking pins (long noses, small bodies etc).

Once I had found a pin (or several for that matter) I would start looking to see if this price aligned with any pivot areas. So I would start drawing in the fibs and the S/R pivots around the price action.

However, with this approach there is the possibility that you may be "fitting" areas to your pin (sometimes subconsciously) as in you find yourself saying: "right let's draw a fib down from this high...hmm no it doesn't line up very well....now lets try this high....hmmm no that doesn't work either, price is between the 38 and the 50 in no mans land....now let's try this high area...ok fair enough it's not really the high its more like a high within consolidation but hey it lines up wonderfully with the 61....yes this looks good".

I often found myself doing this with S/R. Of course I didn't do it intentionally but it's hard to prevent your eye from being drawn to the nose of the pin and then looking left and seeing a line or a zone where there perhaps isn't one...

So now what I do, is I put on the daily pivots on each chart. I use the ones that are obvious. If you have to look harder than ten or twenty seconds, most likely it's not a good S/R level. Then I go through and do the same on the hourly TF. Then I save the lines and close the chart.

I then re-open them every hour and once at the end of each day and wait to see if the price has come to ME.

When I get a pin that touches a pre-drawn line almost to the very pip, I get strong confidence in the trade. Why shouldn't I? I have analysed the market and drawn on a pivot and the market has shown me that at least temporarily, I have been proved right. Once the pin is then triggered it means price is still going in my favour.

Last night this happened on Crude. The price retraced to my pivot point and then it formed a pin. So I went long. This has moved more than 3 times the risk already. If you look left to the last pin (at almost exactly the same level) you will see the last trade I did which I talked about yesterday. Once again I got a pin at a pre-drawn level.

Please note - the lines on my chart may not look good to you. They are drawn from looking at more data that you cannot see on this chart. Having said that, it is also important to remember that pivots are largely subjective anyway.
  • #7,268
  • Oct 27, 2007 2:35pm Oct 27, 2007 2:35pm
Quoting creeper
So since I am fairly new to this I have a question. We've got this BUOB at a 20 year high on AUDUSD. The pair is in a strong uptrend and USD is pretty weak on the other majors. On the daily we had a very nice PB last week which I missed unfortunately which was followed by 4 consecutive bullish bars. So my question: Would you enter on the open or would you play a retrace?

In my opinion it's a little too late to jump on the boat and I think I wait for a small retrace which could happen if the pair gaps and moves down so that the gap closes.

Happy Trading,
Chris
You may consider waiting for a better price.
  • #7,269
  • Oct 27, 2007 3:09pm Oct 27, 2007 3:09pm
Quoting creeper
So since I am fairly new to this I have a question. We've got this BUOB at a 20 year high on AUDUSD. The pair is in a strong uptrend and USD is pretty weak on the other majors. On the daily we had a very nice PB last week which I missed unfortunately which was followed by 4 consecutive bullish bars. So my question: Would you enter on the open or would you play a retrace?

In my opinion it's a little too late to jump on the boat and I think I wait for a small retrace which could happen if the pair gaps and moves down so that the gap closes.

Happy Trading,
Chris
From my limited experience I can tell you that:
Buovb work best when spotted and traded at the swing low.
Beovb work best when traded from swing high.
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  • #7,270
  • Oct 27, 2007 3:22pm Oct 27, 2007 3:22pm
Quoting raczekfx
From my limited experience I can tell you that:
Buovb work best when spotted and traded at the swing low.
Beovb work best when traded from swing high.
I looked around and haven't found many buovb that failed at the swing high, creeper, so I will watch audusd with interest. At the moment aussie enjoys high commodity prices. Watch out for any weakness in chinese stock market and/or demand for copper/gold falling....
If that happens, aussie should fall on its face ...quickly....(imho)

below is one example of failed buovb (you could also say it was a pb broken to the upside by bub....
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  • #7,271
  • Edited 4:26pm Oct 27, 2007 4:01pm | Edited 4:26pm
Quoting milan47
First of all, thank you for all your help. Speaking for my newbie retarded self, I do see some flickering light after reading an article like yours.
If I may, I have two questions.

1. When looking at the markets at night, what is your primary time frame?

2. When you say you draw the daily and the hourly most obvious pivots, is it done manually or do you use an auto pivot indicator?

Thank you
Hi milan47,

1. I review the daily bars once at the end of the day. All other times I just watch the hourly bars.

2. I draw the lines manually. These pivots are not calculated pivot points - they are support/resistance lines.

Wiz
  • #7,272
  • Oct 27, 2007 4:18pm Oct 27, 2007 4:18pm
thank you

Quoting the_wizard
Hi milan47,

1. I review the daily bars once at the end of the day. All other times I just watch the hourly bars.

2. I draw the lines manually.

Wiz
  • #7,273
  • Oct 27, 2007 6:04pm Oct 27, 2007 6:04pm
Hi, is there such a list?

If so please direct me to it.

If not it would be useful.

kind of imdb.com "top 100" movie list.


THKs!
Once A Trader Always A Trader.
  • #7,274
  • Oct 27, 2007 6:09pm Oct 27, 2007 6:09pm
Quoting Liviu
Hi, is there such a list?

If so please direct me to it.

If not it would be useful.

kind of imdb.com "top 100" movie list.


THKs!

I don't think there is one.

If you start compiling one now, it should be completed before the end of the weekend.

All the best with your new project........................
  • #7,275
  • Oct 27, 2007 6:46pm Oct 27, 2007 6:46pm
he...he...

my list would be skewed.

we need a programmer, to program a counter, and a way to weight in the votes. democracy? one vote per day, one vote per list?

and then again a program to program a sorter, to sort the list.

see:

http://www.imdb.com/chart/top

Vox Populi!

Learning to trade was for me like learning how to walk...

But how many people remember how they learned how to walk...?!

Look at babies....they first look and the smiling mom, then pick everything into their hands and get it into their mouth... and then they get stranger anxiety, and later for sure they sure crawl, cruise and soon..

...by one year they take tiny steps. ..and fall a lot of times.

Then they learn how to run, and will take harder falls.

And then there is dancing....many, many styles, if one listens to the market music.

You can learn the steps mechanically, without thinking that dancing is just a very elaborate way of walking.


gee, i must wake up, i have a serious board exam in 3 weeks, market and FF for sure will be here after...

PS:
few hints:

mom= forex
everything = every system
stranger= pick your own choice.
Once A Trader Always A Trader.
  • #7,276
  • Oct 27, 2007 9:30pm Oct 27, 2007 9:30pm
Quoting Liviu
he...he...

my list would be skewed.

we need a programmer, to program a counter, and a way to weight in the votes. democracy? one vote per day, one vote per list?

and then again a program to program a sorter, to sort the list.

see:
http://www.imdb.com/chart/top

Vox Populi!
One way to check for the top threads is to go into each section of the forum (Trading Systems, Forex Discussion, etc) and click on the "Rating" link next to thread starter at the top and it will sort the threads by highest rating.

Tom
  • #7,277
  • Edited 3:57am Oct 28, 2007 3:50am | Edited 3:57am
Quoting creeper
So since I am fairly new to this I have a question. We've got this BUOB at a 20 year high on AUDUSD. The pair is in a strong uptrend and USD is pretty weak on the other majors. On the daily we had a very nice PB last week which I missed unfortunately which was followed by 4 consecutive bullish bars. So my question: Would you enter on the open or would you play a retrace?

In my opinion it's a little too late to jump on the boat and I think I wait for a small retrace which could happen if the pair gaps and moves down so that the gap closes.

Happy Trading,
Chris
Hi Chris,
Since nobody else has had time, I will answer this for you. Its risky to jump in as you said, we could-should-may be in for a retrace at this point. I like your idea of waiting for a gap fill for an entry, thats a good possibility, especially if the gap fills at a strong support/resistance like as you said the 20 year high or another ppz trendline or fib which you consider strong. Personally I would wait for a break and retest of that area before getting in...that would be the safest best imo. I have become very lazy lately, meaning I dont chase anything, I try to get in on pins at the beginning of the move, and stick with the trade from there, then use any other PA as a confirmation that things are going well or that you might want to reconsider your position. Ive been trailing my stops from below or above ppzs or other retrace points like fibs, mainly the 50, which guarantees some profit. I have also been watching a limited number of pairs, just because I dont have time and sometimes it all gets too much. PA is very simple if you dont overcomplicate things. Thanks Jim, for teaching me this. Have a great weekend, Raz
oops sorry Rac I see you gave a much better explanation than me! Missed that page!
Never say never.
  • #7,278
  • Oct 28, 2007 6:51am Oct 28, 2007 6:51am
Quoting moneybags
One way to check for the top threads is to go into each section of the forum (Trading Systems, Forex Discussion, etc) and click on the "Rating" link next to thread starter at the top and it will sort the threads by highest rating.

Tom

This is a great way for somebody who knows little about FF, and with not enough time to scout around to start reading some high quality threads!
Once A Trader Always A Trader.
  • #7,279
  • Oct 28, 2007 8:49am Oct 28, 2007 8:49am
Thanks both Raz and Rac

I am going to watch this pair closely on monday to see if a potential trade evolves.

I want to include a setup everytime I post so that we can all continue learning from each other.

Weekly DBHLC with 1 pip difference with is not very much for this pair. As far as I know this is an all time low so there is no resistance to the downside. I am still wary because I think the pair wants to see parity in the future but this is fundamentals so I am going to play this on my demo account.

Happy Trading,
Chris
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  • #7,280
  • Oct 28, 2007 2:04pm Oct 28, 2007 2:04pm
Weekly

I won't ask for opinions this week,as I did last week... if the Pin works, I am ready, if it does not... I lose nothing !!! And yes I know it is not such a great Pin..
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