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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

  • #19,661
  • Jan 27, 2009 6:20am Jan 27, 2009 6:20am
Hi All,

I've just been watching from the sidelines, reading the posts in this form and taking on small trades from what I have learnt so far from reading this thread from the beginning.

Just want to thank everyone on this form for their contributions. It is truly inspirational and I'm blown away by the fact that this thread started in 2005 and is still going.



Keep it up guys.

Thx
MM
  • #19,662
  • Jan 27, 2009 6:40am Jan 27, 2009 6:40am
Nice 4h pb off 1.7300 on the gbpcad. It's appz as well as a round number. Zooming into the 1h chart we had a failed pb earlier (only broke by 3 pips), but this has now been followed by a good looking BEOB. Incidentally I didn't take the hourly pb. I wanted to see a lot more confirmation of any possible reversal on the gbp across the board, before jumping in.
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  • #19,663
  • Jan 27, 2009 7:06am Jan 27, 2009 7:06am
Quoting Jigsaw
Hey Bertie,

I have definately been there,.

1) Watch more pairs
2) I would say still trade the higher timeframes (Daily, 4Hour)
2) I personally sellotape my trading "plan" to the wall beside where I trade, it includes stuff like risk, what I am looking for to take trades, that keeps me disciplined, I am the first person to own up to "shotgunning trades" that get's me NOWHERE
Note - Jim posted a chart within the first 100pages of this thread where he puts rectangles around areas of fibonacci/PPZ confluence. . . When he does this it reminds...
enjoyed reading this post..very well said bro
its all about self development
  • #19,664
  • Edited 7:44am Jan 27, 2009 7:32am | Edited 7:44am
Quoting FX fuel
Is Ther Any Kind Of Indy That Idntifing Pin Bar And Moor Price Action?
Thankes

Fx Fuel:}
Price action indicator ? ! ? ! Here you are !


http://www.buytaert.net/cache/images...ye-500x500.jpg


It's a great indicator, works with Accucharts, Metatrader , Tradestation . . Java based charting packages . . . Everything !

On a more serious note - if you are asking for a price action indicator, or even a price action identifier (I guess) which would be the proper name for what you seek then you have not spent enough time viewing the thread.

Every pin bar is unique, in terms of form, location . . . Everything, each one has it's own little story to tell about what happened to price, and where price is going in the future.

How do you learn the bar formations ? You learn by seeing them in this thread, getting a definition of what they are clean in your mind . . . then going back a few years on any given currency pair, then pressing F12 a lot (If you have metatrader)

Trust me, go view this thread from the start, read it several times. . It might be confusing at first but theres plenty of people here to help you understand it if you want it. . . It takes time, and effort and work . . But if you stick at it you will be profitable . . .

EDIT: Upon re-reading my post I have (and possibly wrongly) made the assumption you have not read the thread before, however you might be possibly looking for a price action indicator as some sort of alarm, to help you out on the smaller TF's or something. It really only takes me literally half an hour to look at over twenty currency pairs each night. And then you can catch every 4Hour candle close that you are awake for if you are so inclined.

Godspeed on your James16 Price Action journey sir !
Thomas
  • #19,665
  • Jan 27, 2009 7:56am Jan 27, 2009 7:56am
Quoting nAVIN2007
enjoyed reading this post..very well said bro
its all about self development
Navin ! ! Good to see you my friend , doing much trading of late ?
  • #19,666
  • Jan 27, 2009 8:06am Jan 27, 2009 8:06am
Quoting Jigsaw
Price action indicator ? ! ? ! Here you are !


http://www.buytaert.net/cache/images...ye-500x500.jpg

...
BUT....I don't have blue eyes LOL Joking hehe

BTW, this is the trade I'm currently in right now. There's a minor PPZ (IMHO) around ~1.7310 which current price stalled, the minor PPZ only consist of 2-3 bars but looking at H4 chart,it is much clearer. My target could be somewhere at the daily PPZ I marked which is also a round number. Any advise?
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  • #19,667
  • Jan 27, 2009 8:35am Jan 27, 2009 8:35am
Quoting squeezy
wow! thnx ghous
i seem to be making progress
a question for u, how do i take partial tp
hope dat isnt a silly question
so sl shld always be above the 1st eye and not the nose itself
thnx for sticking around to help us newbies
Hey Squeezy,

You can take partial profits off as per your MM or on the basis of support and resistance, look at my trade managment plan i posted for Cad/Chf trade, as a rule of thumb you have to take some profit off at the first level of supp/res you see if you're a conservative trader, while you do that make sure you trail your stop manually too...this is what i personally do i.e scale in/out of a trade at break/hold of a ppz or supp/res flip zone.

ABt the SL the best way to do is to have the SL place a few pips above the high of the Pin bar, but when there is a region somewhere within the nose which i see may hold it gives me an added advantage to place a tighter yet safe SL, setting one blindly above the left eye may not work as well..


If i get some time later today I'll throw up a chart to explain how i also scale in/out using a lower tf, makes things much much easier

Regards,
Ghous.
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I believe . . .
  • #19,668
  • Jan 27, 2009 8:36am Jan 27, 2009 8:36am
Quoting arcus
BUT....I don't have blue eyes LOL Joking hehe

BTW, this is the trade I'm currently in right now. There's a minor PPZ (IMHO) around ~1.7310 which current price stalled, the minor PPZ only consist of 2-3 bars but looking at H4 chart,it is much clearer. My target could be somewhere at the daily PPZ I marked which is also a round number. Any advise?
Nice Arcus, I had a tough choice to make between this setup and the Cad/Chf....

Nicely done

Regards,
Ghous.
I believe . . .
  • #19,669
  • Jan 27, 2009 8:45am Jan 27, 2009 8:45am
Quoting arcus
BUT....I don't have blue eyes LOL Joking hehe

BTW, this is the trade I'm currently in right now. There's a minor PPZ (IMHO) around ~1.7310 which current price stalled, the minor PPZ only consist of 2-3 bars but looking at H4 chart,it is much clearer. My target could be somewhere at the daily PPZ I marked which is also a round number. Any advise?

Hi Arcus,

I didn't get a pb off my alpari feed for yesterday, so this isn't a trade I'm in. However, I did make a post on the previous page of a 4h pb which has formed off the 1.7300 ppz. At present I have a pending short order on this setup, and also a pending short order on the daily pb on cadchf (coming very close to being triggered as I type). If the cadchf trade gets triggered then this should spark a rise in gbpcad, which would probably negate the 4h pb trade, but prove positive for your current position

If I was in your current trade, I would have taken half of my position off at this ppz and moved my stop to BE. But that's just my way of trailing my entries. You need to find the style that you're most comfortable with.

Hope that helps!

Chris
  • #19,670
  • Jan 27, 2009 8:52am Jan 27, 2009 8:52am
Quoting arcus
BUT....I don't have blue eyes LOL Joking hehe

BTW, this is the trade I'm currently in right now. There's a minor PPZ (IMHO) around ~1.7310 which current price stalled, the minor PPZ only consist of 2-3 bars but looking at H4 chart,it is much clearer. My target could be somewhere at the daily PPZ I marked which is also a round number. Any advise?
Lol mine neither,

Hmmm, as for the trade. I don't trade that pair at all so I wouldn't be in a position to comment.


However I can give you one of the best bits of advice I have ever been given. . .

I remember I was talking to . . was it Swami or was it Clockwork71, it was one of them anyway. And I was in much the same position as you, my trade was currently in profit, however it was hitting some resistance . . to my frustration . .

So I was basically like : "OK Guys ! ! ! What am I gona do What am I dona do ! ! !" (I was hoping for them to tell me their thoughts on the pair and that would put me at ease and I would do as they said) and one of them (damnit I cant remember which one) said : follow your rules.

It's was as simple as that, I had been in the same position before, I knew my rules - stick to them. Be steadfast . . .


Maybe you are a set SL to breakeven guy, maybe a take partial profit at point x guy, maybe both. . . Maybe none. The thing is, you have been in this position a load of times before. Everyone has their preferences that they have derived from past experience. You know (Or I presume you know) the type of trader you are already.

EDIT: Also, follow your own analysis. And don't listen to what other people are doing, two people can take opposing sides of the exact same trade and win. I was in the Cable thread yesterday and every post I read was about "going short, good levels to get in short, im now in short, SL to breakeven on my trade short, im eyeing the 1.33 level, all aboard the short bus, the train departing for 1.30 is leaving now please get aboard" I already had my soldiers marching northwards and was confident . . . I can actually remember a time where that stuff would have shaken me out of trades . . .

Apologies for the lack of "actual" advice, but you may find the "other" advice beneficial . . .
T
  • #19,671
  • Jan 27, 2009 8:59am Jan 27, 2009 8:59am
Quoting Jigsaw
Navin ! ! Good to see you my friend , doing much trading of late ?
i just moved house bro!..just practicing on demo as i had to take money out of trading account to support funds for the move..

Its going well thou...The demo account is growing

great to see u here too buddy
  • #19,672
  • Jan 27, 2009 9:13am Jan 27, 2009 9:13am
Quoting ghous
Hey Squeezy,

You can take partial profits off as per your MM or on the basis of support and resistance, look at my trade managment plan i posted for Cad/Chf trade, as a rule of thumb you have to take some profit off at the first level of supp/res you see if you're a conservative trader, while you do that make sure you trail your stop manually too...this is what i personally do i.e scale in/out of a trade at break/hold of a ppz or supp/res flip zone.

ABt the SL the best way to do is to have the SL place a few pips above the...
thnx ghous
pls wat is delaying cadchf from falling...
been waitin all day, im patient though
im up jst +20pips
Simplicity is the key to success
  • #19,673
  • Jan 27, 2009 9:26am Jan 27, 2009 9:26am
Quoting Jigsaw
Lol mine neither,

...one of them (damnit I cant remember which one) said : follow your rules.
...You know (Or I presume you know) the type of trader you are already...
Thanks. In next 2-3 days will be my first anniversary of live trading Basically, I know what kind of trader I am though I'm still learning more to better my trades. I can see lot of improvement in me when I first start trading. Used to be afraid of losses and now no more, as I know I'll be able to gain back the losses with winners. Currently learning price action to refine my entry/exit and develop sort of secret weapon LOL (found it but still need fine tuning LOL). So here something I would like to share, these two are the quotes that really inspired me when I'm down.

Smile when you win,
Smile when you lose, because when you lose,
you learn to win again,
so keep smiling =) (can't remember who wrote this)

and another one from my friend, a great trader and who had also teach me indirectly about financial education.

Frogs who afraid to fall will never jump. (sound weird as I translated it into english LOL, kinda lame quote but it has very deep meaning )

Happy trading guys!
  • #19,674
  • Jan 27, 2009 9:29am Jan 27, 2009 9:29am
Quoting nAVIN2007
i just moved house bro!
Ah, hope the move is going well for you bro .

Im actually taking extremely few live trades myself these days, I have taken like less than ten live trades in the last month. Just literally got back watching the daily's five or so days ago.

Im was and still am (truth be told) devoting all trading time to the backtesting of a new method made from my ideas I am hopefully going to use :nerd:. Backtests are proving extremely positive but as you probably know time consuming. I am also demoing it when I get a chance to get in some screentime. I am having a few eureka moments as provided by Mike so a Paradigm shift in my way of viewing the market has been occuring of late . . .

Currently watching cable like a hawk . . . I took a short from that last one hour PB , got out at around .4120. But I already have a long position from Sunday that Im holding. . So im all that she's going to kiss this .4050/or the .40 and head north.

Either way watching this range is about as enjoyable as lying naked in a bath full of scissors right now.
  • #19,675
  • Jan 27, 2009 9:35am Jan 27, 2009 9:35am
Quoting arcus
Thanks. In next 2-3 days will be my first anniversary of live trading
Congratulations !

I daresay most don't make it that far, I enjoyed the quotes, and I get what you mean by the Frog quote . It's like "he who dares wins !"

Godspeed
T
  • #19,676
  • Jan 27, 2009 10:14am Jan 27, 2009 10:14am
Quoting arcus
Thanks. In next 2-3 days will be my first anniversary of live trading Basically, I know what kind of trader I am though I'm still learning more to better my trades. I can see lot of improvement in me when I first start trading. Used to be afraid of losses and now no more, as I know I'll be able to gain back the losses with winners. Currently learning price action to refine my entry/exit and develop sort of secret weapon LOL (found it but still need fine tuning LOL). So here something I would like to share, these two are the quotes that really...
I'm certainly smiling, my hungry kids on the other hand, not so much.. jk Approaching a year myself, was either last week or this week. Only reason I'm still alive is because I've been demoing most of the time. Was about ready to go back to live trading us equities, but decided its a little to boring for me. Also feel like the forex system gives me much more power, especially considering my account doesn't have 25k, so I can't really do much.

I'm still very afraid of loses, I hope that eventually with the knowledge I gain, I will be confident enough to overcome this. Thanks for sharing that quote, I will try to remember it.
  • #19,677
  • Jan 27, 2009 10:51am Jan 27, 2009 10:51am
this isn't as easy as many make out.

still losing in my demo account. guess I'm trading too many "traffic" pins.
  • #19,678
  • Jan 27, 2009 10:53am Jan 27, 2009 10:53am
Quoting mbqb11
I generally don't like to post the lower timeframe charts as I feel it gets newer readers to this thread off on the wrong foot.

But the concepts remain the same. I will watch 90 big round number + ppz for reaction. Until then I stay on the sidelines personally

Mike
Not sure if you played this one Mike, but your prediction was right on. Went to 90 and got smacked down. There must have been some decent orders sitting at 90.00.
Let's see what happens next.

Tom
  • #19,679
  • Jan 27, 2009 10:56am Jan 27, 2009 10:56am
Quoting advfntrader
this isn't as easy as many make out.

still losing in my demo account. guess I'm trading too many "traffic" pins.
Don't feel too bad. Keep at it cuz believe me it's worth it. Keep practising and checking into this thread. Also, you could post some of the setups you're playing to get some more opinions.
But you're right, this isn't something you can master in a few weeks and off you go. It takes practise and discipline. Those who make it seem easy, have been doing this for a while.

All the best,
Tom
  • #19,680
  • Jan 27, 2009 10:57am Jan 27, 2009 10:57am
Quoting moneybags
Not sure if you played this one Mike, but your prediction was right on. Went to 90 and got smacked down. There must have been some decent orders sitting at 90.00.
Let's see what happens next.

Tom
Hey Tom,

Where's my emails?

No prediction, just logic

Was a 4hr pin of the 90, trading into heavy traffic(blue box). If you took this you better have taken your profit or moved your stops. I will wait for a better play

Hope the baby is doing well

Mike
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