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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

  • #23,021
  • Mar 4, 2009 3:23pm Mar 4, 2009 3:23pm
Quoting bakko85
Arcus,
i can't see clearly the weekly PPZ..can you post a chart pls?
...
I'm a university students, since i've no bills or anything else now..I'd like to catch some extra-money, simply.
Here you go. I'm a uni students as well and I used to think that, fast money from forex and how wrong I was lol. I realized it's more to journey than fash money at least for now. Well at least I realized I was wrong before it's too late.
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  • #23,022
  • Mar 4, 2009 3:24pm Mar 4, 2009 3:24pm
Quoting bakko85
Arcus,
i can't see clearly the weekly PPZ..can you post a chart pls?

Josh,
i still not have a plan I'm in the study and learning stage now, trying to understand if i'm able to recongnize good setup, and to learn how to manage trades.

I'm a university students, since i've no bills or anything else now..I'd like to catch some extra-money, simply.
I know what you mean. You feel like you don't know enough to make a plan. But from reading this thread, you should have some knowledge on HOW you would trade a pair should it reach the PPZ you anticipate.

One of the major things I learned in this thread from multiple people, but especially Mike, Jaroo, and Rac is to follow these steps IN THIS ORDER:

1. Map out the chart. Find the PPZ on daily and weekly charts and put them in using lines/rectangles... often they also correspond with round numbers.
2. THEN, wait. Wait until the price comes to one of these highlighted areas. In the meantime, you can be thinking about which way the price could go once we get to that zone. (Up, down, retrace then up, etc)...

By doing these things, when we are presented with PA at PPZ (without traffic), we can execute our 'plan' that we've already mapped out.

Hope this helps. It really helps me learn when I write things like this out.

Also, for the moneymakers in this thread (experienced), please point out any flaws in my thinking... I'd hate to be leading fellow newbies down the wrong path with me.

Josh

PS, this is only a precurser to my post (probably tomorrow), where I'll comment on other things I've learned in this thread, which I've now completely read!
  • #23,023
  • Mar 4, 2009 3:26pm Mar 4, 2009 3:26pm
Quoting dwildes
You are taking in profit though right? You push 'too' hard for a trade to make more & more and you risk a winner turning into a loser.
I am still demoing. I am up and down right now mostly due to over trading. But for me it seems once I decide to take on a trade I should let it ride. The thing I do too much is when a trade is slow to go my way I will close it at BE. Then it later goes on to win.
"Whether you think you can or can't, you're right." Henry Ford
  • #23,024
  • Mar 4, 2009 3:27pm Mar 4, 2009 3:27pm
Quoting raczekfx
imho, we'll get a pullback to about 1.1760/80 first, as fiber will probably retraces to 1.2570 as well.
Regardless, I will play fiber short on another 2670 failure and swissy long on either 1 or 4hr pin break..
I marked every point that you mentioned, and looks like everything is based on atleast daily PPZ or S/R. Now, I get your point. Thanks Rac. Slowly I will get there
  • #23,025
  • Mar 4, 2009 3:29pm Mar 4, 2009 3:29pm
Quoting arcus
Here you go. I'm a uni students as well and I used to think that, fast money from forex and how wrong I was lol. I realized it's more to journey than fash money at least for now. Well at least I realized I was wrong before it's too late.

I understand, infact before putting my money in this business i want to be self confident with all of this stuff (PA, money management and a trading plan). The only way to do this is studying, practising, studying, practising, and so on

Talking about the chart, i can see that PPZ now. I placed first partial profit at 1,1600; the other half to BE as soon as possible. Is this ok?
  • #23,026
  • Mar 4, 2009 3:32pm Mar 4, 2009 3:32pm
Quoting Jduester
I know what you mean....

Josh congrats on making it through this thread. It was a lot smaller when I had to do it

I would say you pretty much hit the nail on the head. I let the market come to me as opposed to trying to chase the market.

Good examples of this would be the BEOB from the usd/chf today. It is coming into loads of traffic and potential trouble areas. A lot of people would open the chart see a beob and sell. Where as I opened the chart see a beob and see problems and just pass. Now the nzd/usd was the only one that caught my interest. It was at an area of interest around the big .5000 mark. Divergence etc. Zoom way out on the weekly for how nice the PPZ is. Will it work, who knows, but at this point I know I have put the odds in my favor the way I like it. In the long run I know that waiting for the market to come to me will be profitable.

Well said Josh you have come a long way

Mike
  • #23,027
  • Mar 4, 2009 3:32pm Mar 4, 2009 3:32pm
Quoting Scot Pippin'
The feed on IBFX looks nothing like that...why so different?
Take a look at the bottom of this post, it might help.
http://www.forexfactory.com/showpost...ostcount=22749
  • #23,028
  • Mar 4, 2009 3:40pm Mar 4, 2009 3:40pm
Mike,
i partially agree with you.
Don't you think that could be useful also to take a trade and, then, try to understand what gone wrong? (Obviously this is valid only with a demo account)
This could help a person not to make the same error again in the future, and make your patience the best tool you can use.
  • #23,029
  • Mar 4, 2009 3:42pm Mar 4, 2009 3:42pm
Quoting Scot Pippin'
I am still demoing. I am up and down right now mostly due to over trading. But for me it seems once I decide to take on a trade I should let it ride. The thing I do too much is when a trade is slow to go my way I will close it at BE. Then it later goes on to win.
What's the worse thing that'll happen if you are wwwwwwrong on your trade? If you have a profitable method, there are countless opportunities - why be so hung up if you are in the minus for a little bit?

It's good that you are protecting your demo funds like real funds - but you need to give your trades a chance.

It also sounds like you are in a hurry to make profits so you can switch to real trading. It does sound like you are overleveraging yourself & trading with too much per pip. The absolute best thing you can do is open the charts, make a plan - setup your trades & follow it.

So tomorrow - just try this.
Open your charts, make a plan for the 'day'. Where will you enter? Where will you exit? If price isn't there, set price alerts & do something else.
Trade with one half the lot size you are trading with now.
Once the position is opened, let it go - no touching it!!

If the trade worked as plan, do that entire process again.
If the trade failed - now you have some data to analyze to figure out what you missed. That is now an opportunity to improve your trading and fill in a gap you missed in your plan.

Do it over & over until your confidence grows - then increase your lot size and other minor improvements that you'll discover along the way.

Bottom line - cutting your lossers short (especially in demo) is making the learning process a lot longer. Ever hear the term: "fail faster"?
  • #23,030
  • Mar 4, 2009 3:49pm Mar 4, 2009 3:49pm
Quoting ghous
Hi Bro,

The pullback into the BUOB was pretty anticipated but I was going to play it entirely of the break. The bar did'nt close as authoritatively as I would have liked (it gave a tail to the north) too so I just wanted to place a pending order 10 pips agove the high of the BUOB...

K, Back to some chart scrutinizing, :nerd:

(I am on the dailies for a few months BTW. can't accomodate eyeballing entries on the lower tfs in such a busy routine.)

Regards,
Ghous.
Thanks for the explanation bro.......

HOLLA
  • #23,031
  • Mar 4, 2009 4:15pm Mar 4, 2009 4:15pm
Quoting bakko85
Mike,
i partially agree with you.
Don't you think that could be useful also to take a trade and, then, try to understand what gone wrong? (Obviously this is valid only with a demo account)
This could help a person not to make the same error again in the future, and make your patience the best tool you can use.
Hey Bakko

It is sort of a double edged sword. Initially yes I agree. It is all about learning the basics and no better way then to get your hands wet. THen the problem is you need to dry your hands, and instead people continue to trade with the belief that by trading you are learning when in fact you are preventing yourself from moving forward. What I mean is that people then can't help but to trade all these setups with the hopes of learning to trade. When in fact by not trading and passing on most setups we are learning a lot more.

Not sure if that makes sense, but it is a fine line for sure

Take care
Mike
  • #23,032
  • Mar 4, 2009 4:23pm Mar 4, 2009 4:23pm
Quoting mbqb11
Josh congrats on making it through this thread....
It's funny that you mention kiwi. I was just going through the daily charts thinking "another day without a setup" and came across the beob on kiwi. Since it's one of those ones that i would have to watch carefully, better to wait for a golden trade where i have time to react. Heck, i've waited this long. Hopefully an A trade on the daily is coming soon . . . I'm watching you dollar yen around 100 . . .
"Don't trade to trade . . . trade to win." - James16
  • #23,033
  • Mar 4, 2009 4:25pm Mar 4, 2009 4:25pm
not very convincing rally on cable today. Can we break 3950...?
.
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  • #23,034
  • Edited 4:46pm Mar 4, 2009 4:29pm | Edited 4:46pm
fiber ran into daily price pivot (ppz).
swissy broke pin mentioned before.
stops at BE.

Jarro w.a.you?
.
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  • #23,035
  • Mar 4, 2009 4:56pm Mar 4, 2009 4:56pm
Quoting raczekfx
fiber ran into daily p pivot.
swissy broke pin mentioned before.
stops at BE.

Jarro w.a.you?
.

Can't see my regular charts right now. Euro Weekly PB failed, not a good sign for longs. I see Euro testing 1.2400 and Swissy testing the 1.2000es. As always, I'll let PA be my guide. Just been able to peek at my charts lately. (or the thread)

I'm glad I played the Weekly Euro PB like J16 . . . I got 75 pips off that PB. I hope others didn't ride that draw to long . . . . . . I hate draw down.
Indicators show the past. Price Action "Indicates" the future.
  • #23,036
  • Mar 4, 2009 5:24pm Mar 4, 2009 5:24pm
Quoting jarroo
I'm glad I played the Weekly Euro PB like J16 . . .
oh so you're playing on weekly....

..and I thought it was you, who made 1500% profit in February and cashed in $ 25k price....

http://learncurrencytrading.com/Micro/KOM/FebResults/KOM1st.pdf

Scalping forex can also be profitable...
  • #23,037
  • Mar 4, 2009 5:29pm Mar 4, 2009 5:29pm
I wish I could of been eligible with the 25 they gave me, I made almost 4000 percent last month I'm in the competition this month now that I'm over 500, but I don't think I can be aggressive and as willing to lose 500, as I was 25. (wow looking at that leader board really makes me sad lol)

http://www.forexmicrolot.com/cnbc.jsp
link btw, free 25, takes about a week. a lot more fun then demoing
  • #23,038
  • Mar 4, 2009 5:52pm Mar 4, 2009 5:52pm
Quoting Jlr
I wish I could of been eligible with the 25 they gave me, I made almost 4000 percent last month I'm in the competition this month now that I'm over 500, but I don't think I can be aggressive and as willing to lose 500, as I was 25. (wow looking at that leader board really makes me sad lol)

http://www.forexmicrolot.com/cnbc.jsp
link btw, free 25, takes about a week. a lot more fun then demoing
you're good.
i opened speculative account with them, in last week of Jan for the same purpose, but unfortunately kept one trade over the weekend (went wrong), so when the contest started on Feb. 1st, I was below required minimum. At the end of Feb, I ended up with 296%, but yours 4000.........
  • #23,039
  • Mar 4, 2009 6:08pm Mar 4, 2009 6:08pm
Quoting jarroo
I'm glad I played the Weekly Euro PB like J16 . . . I got 75 pips off that PB. I hope others didn't ride that draw to long . . . . . . I hate draw down.
I traded that one too, had my TP @ 1.30 but it hit 1.2990, 10 pips too short and it stopped at low of weekly pb. So I was very unlucky with that one.
  • #23,040
  • Mar 4, 2009 6:10pm Mar 4, 2009 6:10pm
Quoting raczekfx
oh so you're playing on weekly....

..and I thought it was you, who made 1500% profit in February and cashed in $ 25k price....

http://learncurrencytrading.com/Micro/KOM/FebResults/KOM1st.pdf

Scalping forex can also be profitable...

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