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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

  • #9,881
  • Apr 7, 2008 7:01pm Apr 7, 2008 7:01pm
Thanks Bundy,

....where in Aus are you?

Regards

RBS
  • #9,882
  • Apr 8, 2008 2:56am Apr 8, 2008 2:56am
Quoting lacika
Hi!
On the friday GBP/USD pin I sold this pair at 1,9958. Now(after+90pips) my SL is at BE.
TP: 1,9770 (I see there strong support)
How would You manage this trade? Would You take partial profit somewhere? Would You move Your Stop on different way?
I am curious Your solution!
THX, Laszlo
Just Closed it 1,9780.
But nobody has here any trade man. plan? Or don t want to talk about it?
THX, Laszlo
  • #9,883
  • Apr 8, 2008 3:04am Apr 8, 2008 3:04am
Quoting lacika
Just Closed it 1,9780.
But nobody has here any trade man. plan? Or don t want to talk about it?
THX, Laszlo
Excellent trade Lacika. 180 pips it great in anyone's books.

I didn't trade the pin bar (damn!) but I did get around 130 pips out of 2 separate trades in that cable move.

As for exiting ...scaling out is one way. However, whilst I say that, I often find it difficult to over-ride my psychology to actually do that. Typical fear & greed thing! I usually just take all. I'm conistently profitable trading live, but I've still a way to go to optimise my business.

Well done again!
Rob
  • #9,884
  • Edited 7:15am Apr 8, 2008 6:51am | Edited 7:15am
Quoting lacika
Just Closed it 1,9780.
But nobody has here any trade man. plan? Or don t want to talk about it?
THX, Laszlo
Hi Laszlo.

A lot of the time I skip trading Mondays, you might find a few of the other regulars here do the same and aren't even hanging around the forex factory at those times.
Another factor is the market. If there isn't much happening on the 'setup ' front I tend to get on with my regular work and not head over here to read or post. Maybe others do the same there too.

Plan?? My opinion? ...Depends . If the market is in a messy all over the place position like it is now, I'll take profits real quick. ...Like at trend lines and pivots zones/daily pivots etc.
...Other times we try to let the move take it's course, taking profit at pivot zones or other major 'bus stops' . For example... Enter on pin/confluence then Exit on inside bar breaking against our trade at a confluence area. ...OR.... another pin a few days later. Whatever.

REALLY depends on the current market situation, ...and dare I say it?... (lol) ...also depends on confidence after recent trades.

Good trade anyway Laszlo. Taking any profit when the market offers it to you is always a good move.
Bundy's status today: "Waiting..."
  • #9,885
  • Apr 8, 2008 8:43am Apr 8, 2008 8:43am
Quoting lacika
Just Closed it 1,9780.
very nice trade

Quoting lacika
But nobody has here any trade man. plan? Or don t want to talk about it?
THX, Laszlo
we do, but how many times you want to repeat the same thing over and over again.....

here are some of mine...
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  • #9,886
  • Apr 8, 2008 9:13am Apr 8, 2008 9:13am
CHART
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  • #9,887
  • Apr 8, 2008 9:39am Apr 8, 2008 9:39am
how many of you still have you charts covered with indicator garbage?

indicators were developed to impress girl friends and wives.

they dont work except for indentifying divergence.

25 plus years of experience is telling you to give them up.

they have never worked and never will because they cant withstand all market conditions.

We smile when we see a sideways market while they cry and run off looking for another indicator or system.

price and support and resistance are the keys to success along with patience and practice/demo.

always have been and always will be.

Jim
  • #9,888
  • Apr 8, 2008 12:33pm Apr 8, 2008 12:33pm
  •  MPP
  • Joined Jun 2007 | Status: Be yourself, everyone else is taken | 2,734 Posts
Quoting raczekfx
very nice trade


we do, but how many times you want to repeat the same thing over and over again.....

here are some of mine...
Great trades, i'm picking out some of the details, but there so much to read, just to drag out a little bit of info, i know that theres lots of charts etc but is there a book you could suggest that clarifys the pins etc, that way i might understand a little more of whats being said, SL did pass a list to help me get started and thats worked wonders so any further pointers would be great.

And Yes James 16 i still have Fib's and ma's on my charts but the rest is gone, so i'll work on clearing the rest out. i picked some great trades over the last few months but my SL positions have taken me out so many times. time to learn something new to add to the weapons list.
  • #9,889
  • Apr 8, 2008 12:48pm Apr 8, 2008 12:48pm
hello guys,

what a great people we have here...sharing & learning...price, support resistance, fib retracement & confluence on the daily/weekly rules the market.

beside this great lesson, what is the best entry technique do u have guys ?..is it same approach for all price action or different approach between pinbar, beob/buob, dbhlc/dblhc or we go to lower timeframe to find something ?

care to share little bit.

thnx
  • #9,890
  • Apr 8, 2008 1:18pm Apr 8, 2008 1:18pm
Quoting CandlePower
hello guys,

what a great people we have here...sharing & learning...price, support resistance, fib retracement & confluence on the daily/weekly rules the market.

beside this great lesson, what is the best entry technique do u have guys ?..is it same approach for all price action or different approach between pinbar, beob/buob, dbhlc/dblhc or we go to lower timeframe to find something ?

care to share little bit.

thnx
Hey CP,

Entry like most other aspects become a personal thing.

There are a variety of ways to enter PA. The most common is waiting for a break of the high or the low of the price bar. Others like to enter on a retracement of the bar. For example on a bar such as a Bullish outside bar, some will wait for a retracement(50%) of the bar to enter. Thus giving them a smaller stop size and a bigger position size. Other will enter right upon the close of the bar.

As you may have guessed there are advantages and disadvantages to the different entries. For example entering on a retrace may end up being to premature, and the bar may never even break. But an advantage to this method is the ability to swing a bigger position do to the decreased stop size.

Eventually you will find what is most comfortable for you. Generally the more conservative you are the more likely you are to wait for a break of the bar.

And yes you can even drop down in timeframes to search for an entry. Although this complicates things a bit more IMO, and is not necessary to be profitable. But some are more comfortable using PA from a larger timeframe, and use the smaller timeframe to time the entry. I do this with my breakout trading.

Have a good one,
Mike
  • #9,891
  • Apr 8, 2008 1:19pm Apr 8, 2008 1:19pm
hi,

from the chart below, we have 2 beob at two different time...both of them give very good impact bring the market downside.

what is the best way to enter the market after we have this price action ?

http://i279.photobucket.com/albums/k.../entrytech.gif

thnx
  • #9,892
  • Apr 8, 2008 1:22pm Apr 8, 2008 1:22pm
Quoting CandlePower
hi,

from the chart below, we have 2 beob at two different time...both of them give very good impact bring the market downside.

what is the best way to enter the market after we have this price action ?



thnx
Hey CP,

you posted this just as I posted my answer above this one.

But again generally you will find most waiting for a break of the low of the bar. So you would place a sell stop order. Others might choose to wait for a retrace of the bar. In the case you would have a limit sell order at some determined area. Or perhaps even begin to search for PA on the lower timeframes for a sell.

When starting out I suggest trying all the different ways to find what is most comfortable for you.


Mike
  • #9,893
  • Apr 8, 2008 1:22pm Apr 8, 2008 1:22pm
Quoting mbqb11
Hey CP,

Entry like most other aspects become a personal thing.

There are a variety of ways to enter PA. The most common is waiting for a break of the high or the low of the price bar. Others like to enter on a retracement of the bar. For example on a bar such as a Bullish outside bar, some will wait for a retracement(50%) of the bar to enter. Thus giving them a smaller stop size and a bigger position size. Other will enter right upon the close of the bar.

As you may have guessed there are advantages and disadvantages to the different entries. For example entering on a retrace may end up being to premature, and the bar may never even break. But an advantage to this method is the ability to swing a bigger position do to the decreased stop size.

Eventually you will find what is most comfortable for you. Generally the more conservative you are the more likely you are to wait for a break of the bar.

And yes you can even drop down in timeframes to search for an entry. Although this complicates things a bit more IMO, and is not necessary to be profitable. But some are more comfortable using PA from a larger timeframe, and use the smaller timeframe to time the entry. I do this with my breakout trading.

Have a good one,
Mike
thnx alot mbqb11 for yur fast reply...love u guys!
  • #9,894
  • Apr 8, 2008 1:35pm Apr 8, 2008 1:35pm
Quoting raczekfx
very nice trade


we do, but how many times you want to repeat the same thing over and over again.....

here are some of mine...

I am a slow learner, repeat as often as you wish

I took the GBP/USD pin, went into profit 70 pips and moved stop to BE. Then a retracement happened last night, took me out and i watched on the sidelines as it plummeted down today. I could have opened a second order a the same price... not sure what i was thinking. Well instead of beating myself up i will realize that is the level i am at still and will keep learning.
  • #9,895
  • Apr 8, 2008 1:37pm Apr 8, 2008 1:37pm
Hello, do any of you guys have a list or a link for the abbreviations used here (ok, I know dbhlc )?

TIA,
Pedro
Just joking..
  • #9,896
  • Apr 8, 2008 1:40pm Apr 8, 2008 1:40pm
Quoting pedro13
Hello, do any of you guys have a list or a link for the abbreviations used here (ok, I know dbhlc )?

TIA,
Pedro
The first 20-60 posts should explain all of those
BEOVB/BUOVB just merged into BUOB/BEOB AFAIK and IIRC!
Trust price. Know yourself.
  • #9,897
  • Apr 8, 2008 1:42pm Apr 8, 2008 1:42pm
Quoting pedro13
Hello, do any of you guys have a list or a link for the abbreviations used here (ok, I know dbhlc )?

TIA,
Pedro
Hey Pedro

I assume you are referring to the Price Bar abbreviations.

Pin = Pin Bar
BEOB = Bearish Outside Bar
BUOB = Bullish Outside Bar
DBHLC = Double Bar High Lower Close
DBLHC = Double Bar low Higher Close
TBH = Two Bar High
TBL = Two Bar Low
IB = Inside Bar
I4B = Inside 4 Bar
BEB = Bearish Bar
Bub = Bullish Bar
NB = Neutral Bar

Might have missed a few this is off the top of my head, if you have any specific ones let me know

Mike
  • #9,898
  • Apr 8, 2008 1:52pm Apr 8, 2008 1:52pm
Awesome thank you!
I'm reading through the forum, still about 530 pages to go
Just joking..
  • #9,899
  • Apr 8, 2008 2:01pm Apr 8, 2008 2:01pm
all of you guys starting out whether here or in the group should just concentrate on outside bars and pin bars on daily/weekly charts at extreme lows and highs or at solid areas of support and resistance.

3 months of demo will teach you that.....

it makes no sense to shotgun your trades. be patient as you will get your share. when you have built a demo account and your confidence grows with it things will begin to dawn on you.

things like....

i can do this if i work hard and use common sense.

if you approach it like most do you will blow your account and your confidence which will be a shame since you really have found something here thats easy and able to carry you to some success.

jim
  • #9,900
  • Apr 8, 2008 2:02pm Apr 8, 2008 2:02pm
Quoting james16
how many of you still have you charts covered with indicator garbage?

indicators were developed to impress girl friends and wives.

they dont work except for indentifying divergence.

25 plus years of experience is telling you to give them up.

they have never worked and never will because they cant withstand all market conditions.

We smile when we see a sideways market while they cry and run off looking for another indicator or system.

price and support and resistance are the keys to success along with patience and practice/demo.

always have been and always will be.

Jim
Once people live and learn this simple yet powerful statements, and concentrate on practising Price Action with S/R Levels, the better off they will be. (but you guys know this already on this thread.)

It has changed my accounts form negative to postive.

Jim, you are, and will always be, THE MAN.


Jim
Indicators show the past. Price Action "Indicates" the future.
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