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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

  • #12,381
  • Aug 10, 2008 11:30am Aug 10, 2008 11:30am
Quoting ezz
guys what do u think after getting the signal on the daily placing the enteries based on the 4hr chart

FOR THE SAKE OF MINIMIZING THE RISK

coz some wiseman once said novice traders always try to maximize their profits
while professional traders always try to minimize their loss


okay it wasnt some wizeman it was JAROO
I prefer to do both, maximize profits and eliminate losses. How will entering on the 4hr minimize a loss? Unless you are not calculating your position size to your risk% and stoploss, it won 't.
  • #12,382
  • Aug 10, 2008 11:51am Aug 10, 2008 11:51am
I would like to share what I see on EUR/AUD. I have attached my chart. Even though my chart shows a nice BEOB, I do not plan on placing a short order. Price broke through the 1.6850 PPZ which was a "A" grade location for a PA setup but never happened. I believe the BEOB formed in the process of price moving down to retest the PPZ before going up again. If price does get to the 1.7150 area, I will look for a PA setup to go short. Good luck to those that do place a short position.

Scott
Attached Image (click to enlarge)
Click to Enlarge Name: eur-aud 8-10-08.gif Size: 19 KB
  • #12,383
  • Aug 10, 2008 4:07pm Aug 10, 2008 4:07pm
Today I will follow AUD/USD with attention, great fib ret confluence, RSI in oversold zone and a small pinbar is being formed on H4 and daily chart.
  • #12,384
  • Aug 10, 2008 4:22pm Aug 10, 2008 4:22pm
Quoting ezz
guys what do u think after getting the signal on the daily placing the enteries based on the 4hr chart

FOR THE SAKE OF MINIMIZING THE RISK

coz some wiseman once said novice traders always try to maximize their profits
while professional traders always try to minimize their loss


okay it wasnt some wizeman it was JAROO
Ezz, this is something I do a lot of.

What you have to realise though, is it's more to do with learning to read resistance and support well. When you get really good at this, going down time frames isn't as important.
.
Bundy's status today: "Waiting..."
  • #12,385
  • Edited Aug 11, 2008 3:29am Aug 10, 2008 5:06pm | Edited Aug 11, 2008 3:29am
Quoting ezz
guys what do u think after getting the signal on the daily placing the enteries based on the 4hr chart

FOR THE SAKE OF MINIMIZING THE RISK

coz some wiseman once said novice traders always try to maximize their profits
while professional traders always try to minimize their loss


okay it wasnt some wizeman it was JAROO
I wish I wrote it. Don't know where I read it:

"Novice traders continually monitor, analyze and adjust their trades to maximize their profits.

Professional traders continually monitor, analyze and adjust their trades to reduce and minimize their risk or losses."

Its a mindset I have, to keep treating this as a business. As Jim emphasizes.

As bundy points out, PPZs (S/R levels) on higher time frame is where all the focus should be.

I do like looking at the 4 hour chart for PA around higher time frame PZZs (S/R levels) for a low risk trade.

Eur/Usd:
Daily - PPZ
4 hour - Inside Bar
Attached Images
Indicators show the past. Price Action "Indicates" the future.
  • #12,386
  • Aug 10, 2008 5:54pm Aug 10, 2008 5:54pm
Thanks for the NZD/USD chart James I can't post charts for some reason, haven't figured out yet how to do so on my Mac, while running Parallels. Thanks again.
Patience + Humility + Study = Success
  • #12,387
  • Aug 10, 2008 8:37pm Aug 10, 2008 8:37pm
I was thinking the same thing Jarroo about the I Bar setup that is forming. Do we wait for the inside bar to form on both the daily and H4 charts before going long or pull the trigger when it's complete only on the H4?

Thanks,

JMC
  • #12,388
  • Aug 10, 2008 9:54pm Aug 10, 2008 9:54pm
Hi,

See the GBPJPY daily and 4hr chart, Dialy chart is trending up with Fibon Conf at 50% and 38.2% (posible PB formed today). However, 4hr has a very good PB - loooong nose. I enter long @211.20 (break of the high of the nose) with SL @210.30 (as nose is very long). Pls comment on this trade! Is it considered a "A+++" PB formation?

Regards,
Kim
Attached Image (click to enlarge)
Click to Enlarge Name: MyScreenHunter.gif Size: 25 KB
  • #12,389
  • Aug 10, 2008 10:40pm Aug 10, 2008 10:40pm
Kim,
The Daily PB is not a PB yet. Always wait until the close of the bar or candle. The 4 hr. PB is a A+ PB in my opinion. I would have taken it if I traded that timeframe. I would look to take profit around 212.00 (pending PA in that area). I am currently short this pair on the break of an IB on the weekly timeframe. Good luck!

Scott

Quoting nkhnip
Hi,

See the GBPJPY daily and 4hr chart, Dialy chart is trending up with Fibon Conf at 50% and 38.2% (posible PB formed today). However, 4hr has a very good PB - loooong nose. I enter long @211.20 (break of the high of the nose) with SL @210.30 (as nose is very long). Pls comment on this trade! Is it considered a "A+++" PB formation?

Regards,
Kim
  • #12,390
  • Aug 10, 2008 11:10pm Aug 10, 2008 11:10pm
Quoting ezz
guys what do u think after getting the signal on the daily placing the enteries based on the 4hr chart
I would say stay off of 4h if you haven't mastered the timeframes above it first. And if you already know what you're doing on 4h then the question doesn't present itself anymore, but is already answered by itself.

This isn't addressed to you ezz, but everyone:
It appears people have been jumping on the faster timeframes and then ended up getting burnt and then blaming others or the material(...again. Always occurs again).

IMHO: If you skip the lessons, don't complain when you fail the test.

You don't go to the gym and start with 400 lbs either, do you? You work yourself up to it, gradually.
Trust price. Know yourself.
  • #12,391
  • Aug 10, 2008 11:13pm Aug 10, 2008 11:13pm
Quoting phpscott
Kim,
The Daily PB is not a PB yet. Always wait until the close of the bar or candle. The 4 hr. PB is a A+ PB in my opinion. I would have taken it if I traded that timeframe. I would look to take profit around 212.00 (pending PA in that area). I am currently short this pair on the break of an IB on the weekly timeframe. Good luck!

Scott
Hi Scott,

Thanks. I put up the wkly chart, there is a nice IB and the trendline break. Where is your break entry pt (current bar or the bar before?) on the chart and what is your SL and PT?

Regards,
Kim
Attached Image
  • #12,392
  • Aug 11, 2008 1:47am Aug 11, 2008 1:47am
Quoting Jmc
I was thinking the same thing Jarroo about the I Bar setup that is forming. Do we wait for the inside bar to form on both the daily and H4 charts before going long or pull the trigger when it's complete only on the H4?

Thanks,

JMC
One way of trading Price Action is establishing PZZs on the Weekly and Daily time frames and waiting until Price is in this area. Then looking at the 4 hour chart for PA to show the way that Price may move towards.

The caution to this, of course, is that if you have Bullish PA on the Daily and Weekly time frame and Bearish on the 4 hour, guess which one Rules? The higher time frame.
Indicators show the past. Price Action "Indicates" the future.
  • #12,393
  • Aug 11, 2008 1:53am Aug 11, 2008 1:53am
Quoting Jmc
I was thinking the same thing Jarroo about the I Bar setup that is forming. Do we wait for the inside bar to form on both the daily and H4 charts before going long or pull the trigger when it's complete only on the H4?

Thanks,

JMC
I don't think I answered this right. Could you ask it again differently? Maybe with a chart?
Indicators show the past. Price Action "Indicates" the future.
  • #12,394
  • Aug 11, 2008 3:03am Aug 11, 2008 3:03am
PB on the EURAUD daily chart, was broken earlier today. What do you guys think?
Attached Image (click to enlarge)
Click to Enlarge Name: euraud.gif Size: 19 KB
  • #12,395
  • Aug 11, 2008 4:09am Aug 11, 2008 4:09am
Quoting pipsalot
PB on the EURAUD daily chart, was broken earlier today. What do you guys think?
If You take this trade, I would suggest You put your Sell Stop below the 1H channel and Stop Loss above the 1H channel. Good luck!
Attached Image
  • #12,396
  • Edited 5:05am Aug 11, 2008 4:28am | Edited 5:05am
Kim,
Chart attached. Entry was just below the IB and SL is above the IB. Notice the nice confluence? The IB alone was not enough for me to pull the trigger. If you are new to PA, I recommend sticking to the Daily, weekly and monthly timeframes only.

Scott

Quoting nkhnip
Hi Scott,

Thanks. I put up the wkly chart, there is a nice IB and the trendline break. Where is your break entry pt (current bar or the bar before?) on the chart and what is your SL and PT?

Regards,
Kim
Attached Image (click to enlarge)
Click to Enlarge Name: gbp-jpy 8-11-08.gif Size: 15 KB
  • #12,397
  • Aug 11, 2008 5:11am Aug 11, 2008 5:11am
Good advice. I skipped this setup as I felt the location was not the greatest. I posted a chart which is now on a previous page. I do not feel comfortable shorting into support.

Scott

Quoting stopman
If You take this trade, I would suggest You put your Sell Stop below the 1H channel and Stop Loss above the 1H channel. Good luck!
  • #12,398
  • Aug 11, 2008 5:23am Aug 11, 2008 5:23am
Thanks, I'll take that into consideration.
  • #12,399
  • Aug 11, 2008 5:29am Aug 11, 2008 5:29am
do u guys calculate ur R/R according to PIP basis or according to Money basis?
  • #12,400
  • Aug 11, 2008 5:36am Aug 11, 2008 5:36am
Quoting ezz
do u guys calculate ur R/R according to PIP basis or according to Money basis?
I don't understand the question.

If you size 1% to 50 pips, then 100 pips will move 2%. R/R is identical whether it's pips or % => 1:2.
Trust price. Know yourself.
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