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Where can I learn more about Price Action like those in James16 charts? 9 replies

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  • Post #23,241
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  • Mar 6, 2009 11:44am Mar 6, 2009 11:44am
  •  dkmb92
  • | Joined Jul 2008 | Status: Member | 200 Posts
Quoting Jduester
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OR we could just post a chart to better illustrate what we are talking about...
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wkly usd lfx
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  • Post #23,242
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  • Mar 6, 2009 11:47am Mar 6, 2009 11:47am
  •  raczekfx
  • | Commercial Member | Joined Oct 2005 | 2,899 Posts
Quoting Chris P
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and slightly larger TF...
.
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  • Post #23,243
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  • Mar 6, 2009 11:58am Mar 6, 2009 11:58am
  •  dkmb92
  • | Joined Jul 2008 | Status: Member | 200 Posts
Quoting dkmb92
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wkly usd lfx
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thx to jig & ghous for introducing this to us.
 
 
  • Post #23,244
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  • Mar 6, 2009 12:01pm Mar 6, 2009 12:01pm
  •  raczekfx
  • | Commercial Member | Joined Oct 2005 | 2,899 Posts
Quoting ikki
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6530 , seems like a magic number, will see....
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6800 and then 7200 are mine. Give it a month.
 
 
  • Post #23,245
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  • Mar 6, 2009 12:08pm Mar 6, 2009 12:08pm
  •  raczekfx
  • | Commercial Member | Joined Oct 2005 | 2,899 Posts
pin off minor support working against 4hr beovb.
tag of war is going on. We'll we hit 2780 (my st tp) later today
It would be very nice... we'll see. Worse comes worse we'll get stopped out at BE plus some..
.
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  • Post #23,246
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  • Mar 6, 2009 12:17pm Mar 6, 2009 12:17pm
  •  ikki
  • | Joined Oct 2008 | Status: lone wolf | 398 Posts
Ohh.. yes. ready stop+BE

Quoting raczekfx
Disliked
pin off minor support working against 4hr beovb.
tag of war is going on. We'll we hit 2780 (my st tp) later today
It would be very nice... we'll see. Worse comes worse we'll get stopped out at BE plus some..
.
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What does not kill me makes me stronger. Friedrich Nietzsche,
 
 
  • Post #23,247
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  • Mar 6, 2009 12:26pm Mar 6, 2009 12:26pm
  •  Chris P
  • | Joined Jan 2009 | Status: pip sniffer | 223 Posts
Quoting raczekfx
Disliked
and slightly larger TF...
.
Ignored
Absolutely

Took half off at the previous bars lows, stop is now sitting a few pips behind entry levels to see if it holds the retest.

Appreciate your thoughts Mark. You have great insight on s/r levels. Thanks.
 
1
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  • Mar 6, 2009 12:51pm Mar 6, 2009 12:51pm
  •  jlmac27
  • | Joined Jan 2008 | Status: Member | 492 Posts
Quoting raczekfx
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.
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rac,
Two quick Questions. I seen a post you posted and looked like a good one.When I got back to read it it was gone???Also How do you get that window up on MT4,to "select all"?all charts....
 
 
  • Post #23,249
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  • Mar 6, 2009 12:56pm Mar 6, 2009 12:56pm
  •  Jduester
  • Joined Jan 2009 | Status: Member | 1,036 Posts
This summary is in no way intended to replace reading the whole thread.

It’s simply a single post where we can draw on information quickly. New members can find most of their answers to questions by simply looking through these posts and attachments. Sorry this is so long, but I think it’s pretty thorough, and I think necessary with over 23200 posts and counting.

What is it you want?
http://www.forexfactory.com/showpost...postcount=3196
http://www.forexfactory.com/showpost...postcount=5781
http://www.forexfactory.com/showpost...postcount=6912
http://www.forexfactory.com/showpost...ostcount=11639
http://www.forexfactory.com/showpost...ostcount=12411
http://www.forexfactory.com/showpost...ostcount=13429
http://www.forexfactory.com/showpost...ostcount=14895
http://www.forexfactory.com/showpost...ostcount=22559
http://www.forexfactory.com/showpost...ostcount=16023
http://www.forexfactory.com/showpost...ostcount=16067
http://www.forexfactory.com/showpost...ostcount=16435
http://www.forexfactory.com/showpost...ostcount=17986
http://www.forexfactory.com/showpost...ostcount=18857

This stuff works. Get a Plan.
http://www.forexfactory.com/showpost...postcount=7951
http://www.forexfactory.com/showpost...postcount=8609
http://www.forexfactory.com/showpost...ostcount=15568
http://www.forexfactory.com/showpost...ostcount=10935
http://www.forexfactory.com/showpost...ostcount=12415
http://www.forexfactory.com/showpost...ostcount=13430
http://www.forexfactory.com/showpost...ostcount=14788
http://www.forexfactory.com/showpost...ostcount=15645
http://www.forexfactory.com/showpost...ostcount=18197
http://www.forexfactory.com/showpost...ostcount=18681
http://www.forexfactory.com/showpost...ostcount=18912

Power of Demo Accounts and Size Matters
http://www.forexfactory.com/showpost...ostcount=19935
http://www.forexfactory.com/showpost...ostcount=19937
http://www.forexfactory.com/showpost...ostcount=19939
http://www.forexfactory.com/showpost...ostcount=15072
http://www.forexfactory.com/showpost...ostcount=16457

Other Quick Summaries of Thread
http://www.forexfactory.com/showpost...ostcount=13579
http://www.forexfactory.com/showpost...ostcount=22084

Draw PPZ and Wait for PA to give trigger. Patience
http://www.forexfactory.com/showpost...&postcount=164
http://www.forexfactory.com/showpost...postcount=7203
http://www.forexfactory.com/showpost...ostcount=21722
http://www.forexfactory.com/showpost...ostcount=15199
http://www.forexfactory.com/showpost...ostcount=16041
http://www.forexfactory.com/showpost...ostcount=18576

Summary of types of PA with Entry/Exit example
http://www.forexfactory.com/showpost...postcount=4572
http://www.forexfactory.com/showpost...postcount=7649

Location is Everything
http://www.forexfactory.com/showpost...ostcount=21485
http://www.forexfactory.com/showpost...ostcount=19932
http://www.forexfactory.com/showpost...ostcount=13176
http://www.forexfactory.com/showpost...ostcount=16392
http://www.forexfactory.com/showpost...ostcount=22745
http://www.forexfactory.com/showpost...ostcount=18571

PRICE ACTION Examples (not anywhere near complete... just a glimpse):
BUOB/BEOB
http://www.forexfactory.com/showpost...ostcount=11011
FIBS
http://www.forexfactory.com/showpost...ostcount=11697
http://www.forexfactory.com/showpost...ostcount=14735
For types of Pinbars and pinbar characteristics
http://www.forexfactory.com/showpost...postcount=3914
http://www.forexfactory.com/showpost...ostcount=20270
http://www.forexfactory.com/showpost...ostcount=22057
http://www.forexfactory.com/showpost...ostcount=19711
http://www.forexfactory.com/showpost...ostcount=14627
Pinbar statistics (do your own homework/testing)
http://www.forexfactory.com/showpost...postcount=4503
http://www.forexfactory.com/showpost...postcount=4548
http://www.forexfactory.com/showpost...postcount=8826
Divergence kills in trending market
http://www.forexfactory.com/showpost...ostcount=10624
PPZ, S/R, and Round Numbers
http://www.forexfactory.com/showpost...ostcount=14084
http://www.forexfactory.com/showpost...ostcount=14847
http://www.forexfactory.com/showpost...ostcount=15829
IBs
http://www.forexfactory.com/showpost...&postcount=164
http://www.forexfactory.com/showpost...ostcount=21625
http://www.forexfactory.com/showpost...ostcount=17570
Breakouts
http://www.forexfactory.com/showpost...ostcount=13103
http://www.forexfactory.com/showpost...ostcount=13108
http://www.forexfactory.com/showpost...ostcount=13456
http://www.forexfactory.com/showpost...ostcount=13537
http://www.forexfactory.com/showpost...ostcount=14031
A word on Gaps
http://www.forexfactory.com/showpost...ostcount=13508

Psychology of Losing and accepting a loss
http://www.forexfactory.com/showpost...postcount=5006
http://www.forexfactory.com/showpost...ostcount=20876
http://www.forexfactory.com/showpost...ostcount=12690
http://www.forexfactory.com/showpost...ostcount=15563
http://www.forexfactory.com/showpost...ostcount=18600

Setting Percent Risk per Trade
http://www.forexfactory.com/showpost...ostcount=12509
http://www.forexfactory.com/showpost...ostcount=13891
http://www.forexfactory.com/showpost...ostcount=17707

To post a chart from MT4
http://www.forexfactory.com/showpost...ostcount=12192
http://www.forexfactory.com/showpost...ostcount=16184

James16 Trade Strategy
http://www.forexfactory.com/showpost...ostcount=20335
http://www.forexfactory.com/showpost...ostcount=14427
http://www.forexfactory.com/showpost...ostcount=14434

Raczekfx Trade Strategy
http://www.forexfactory.com/showpost...ostcount=15825
http://www.forexfactory.com/showpost...ostcount=17523
http://www.forexfactory.com/showpost...ostcount=17524
video http://www.forexfactory.com/showpost...ostcount=18036

EXITS
R:R
http://www.forexfactory.com/showpost...ostcount=21956
http://www.forexfactory.com/showpost...ostcount=21958
http://www.forexfactory.com/showpost...ostcount=14914
http://www.forexfactory.com/showpost...ostcount=17257
Wizard explaining exits
http://www.forexfactory.com/showpost...postcount=3504
Seeking Light response
http://www.forexfactory.com/showpost...postcount=3509
http://www.forexfactory.com/showpost...postcount=5510
Ademac method of exits
http://www.forexfactory.com/showpost...postcount=4067

Other Exit posts
http://www.forexfactory.com/showpost...postcount=6090
http://www.forexfactory.com/showpost...ostcount=10098
http://www.forexfactory.com/showpost...ostcount=13421
http://www.forexfactory.com/showpost...ostcount=22380

Daily versus Intraday Charts for Newbies
bundyraider http://www.forexfactory.com/showpost...ostcount=13546
mbqb11 http://www.forexfactory.com/showpost...ostcount=13547
mbqb11 http://www.forexfactory.com/showpost...ostcount=13553
aSandman http://www.forexfactory.com/showpost...ostcount=13557
bundyraider http://www.forexfactory.com/showpost...ostcount=13233
aSandman http://www.forexfactory.com/showpost...ostcount=13254
James16 http://www.forexfactory.com/showpost...ostcount=15069
James16 http://www.forexfactory.com/showpost...ostcount=15072
Ghous http://www.forexfactory.com/showpost...ostcount=16072

I originally fought with the idea of Trading on Daily/Weekly charts only versus Intraday Charts. Here are my views on them now.
Reasons for new traders to trade 1 hour/4 hour charts

  1. You’ll have more setups, since more bars will close each day. But you’ll be tempted to take many more of these setups, most of which will not be A+ candidates. Taking more trades does not make you a better trader. Taking better trades makes you a better trader.
  2. You’ll be able to enter a trend earlier. True, and experienced traders do use this method of entry… But refer to #1 – not all the PA setups you’ll see are valid. In fact, the reliability of a price action setup falls as we use lower timeframes.
  3. You need less of a pip run before you would meet your profit (because you’re stop would be closer). This also works against you, since you will need less of a run to be stopped out.

Reasons for new traders to stick to the daily/weekly charts

  1. They are more reliable, because they incorporate more data/bar.
  2. You will have more time to analyze the patterns and not feel rushed.
  3. http://www.forexfactory.com/showpost...ostcount=11090 As Bundy points out, you use PPZ from daily/weekly timeframes for trading intraday charts. So you might as well master this method on these longer timeframes first.

Conclusion on timeframes: I think most new traders want to use intraday charts to 1) Get rich quicker, 2) Take more trades, 3) Learn faster. These are all wrong theories. Trading is not a get rich quick scheme. As mentioned, taking more trades will not help you learn better and won’t be better for your bottom line. At some point, you have to learn to ONLY take the best setups. It’ll be easier if you do this right from the start. LEARN to only take the best trades. Guess although I’m not a master trader, I am a full advocate of using Day/Week charts to learn.


Favorite Quotes/memories

  1. Wizard getting struck by lightning
  2. Be a sniper, using a rifle, not a shotgun. (Not taking every set up is one of the most important things to moving forward and becoming successful. Pick and choose A+ setups only.)
  3. Jaroo’s famous saying: “Novice traders continually monitor, analyze and alter their trades to maximize their profits. Professional traders continually monitor, analyze and alter their trades to reduce/minimize their risk and reduce losses. It's all about avoiding loses. Work on that and the profits will take care of themselves. Post 10101
  4. Mike’s Words of Wisdom in post 13812 and 14395, “It is usually what we end up doing in between all the A+ setups that usually lead to breakeven or negative trading.”
  5. Post 16179, Forex007, “BEVOB, Bearish Vertical Outside Bar. Hmm, do we get many horizontal or diagonal bars?”
  6. Rusty Jeff has been stung, sliced, and bitten. He swims AT sharks. This guy is crazy. But then again, James16 raises snakes, so maybe this group is crazy J
  7. Post 18710. Rusty Jeff explaining that looking at charts plastered with indicators is like wearing glasses covered in Vaseline.
  8. The Raczefx Equation: PA + psychology + strong desire to learn and succeed + long TF = $ in your account
  9. The Ghous Equation: PA(location + shape) + with the trend + S/R confluence =
  10. Ryanmcd post 14187 explaining to trade with the trend. I’ll let you read it. Had a good laugh. http://www.forexfactory.com/showpost...ostcount=14187

Complaints/Suggestions for this thread

  1. Use the subject/title line to note the pair and timeframe you are referencing in your post/chart.
  2. Wait for the bar in question to close before posting it. Often the PA isn’t there when the bar closes.
  3. Make your charts the correct size to make reading the thread much easier.

Thanks to James16 for starting this thread. Thanks to all the posters who have made it the textbook to learn, with thousands of examples, answers to every question, insight on money management and trading styles, and lots of encouragement along the way. I have learned so much about trading in the last 2 months, all from simply reading, studying, reviewing, and applying the principles in this thread. Keep it up everybody, we've really got something amazing here

Josh

Attached Files
File Type: pdf Pin bars-introduction.pdf   175 KB | 17 downloads
File Type: pdf Pin bars-advanced.pdf   113 KB | 15 downloads
File Type: doc PA short summary.doc   29 KB | 18 downloads
 
2
  • Post #23,250
  • Quote
  • Mar 6, 2009 1:01pm Mar 6, 2009 1:01pm
  •  Jlr
  • | Joined Jan 2009 | Status: Member | 678 Posts
^
awesome Josh
 
 
  • Post #23,251
  • Quote
  • Mar 6, 2009 1:05pm Mar 6, 2009 1:05pm
  •  dkmb92
  • | Joined Jul 2008 | Status: Member | 200 Posts
from here on out, all newbies should be referred to post# 23250 on page# 1550. you the man josh, thanku for all the hard work you put into this. your reward & compensation will be in your trading
 
 
  • Post #23,252
  • Quote
  • Mar 6, 2009 1:06pm Mar 6, 2009 1:06pm
  •  Chris P
  • | Joined Jan 2009 | Status: pip sniffer | 223 Posts
Wow, great work Josh! Not so much for providing this info for newbies, but for the great way in which you have obviously understood this and broken it down into a well referenced library. Just showing that there's no substitute for actually putting in the hours. Hence your comparatively quick progression.

Congrats
 
 
  • Post #23,253
  • Quote
  • Mar 6, 2009 1:24pm Mar 6, 2009 1:24pm
  •  ghous
  • Joined Jan 2008 | Status: <<--(-$-)-->> | 5,571 Posts
Quoting Jduester
Disliked
This summary is in no way intended to replace reading the whole thread.

It’s simply a single post where we can draw on information quickly. New members can find most of their answers to questions by simply looking through these posts and attachments. Sorry this is so long, but I think it’s pretty thorough, and I think necessary with over 23200 posts and counting.

What is it you want?
http://www.forexfactory.com/showpost...postcount=3196
http://www.forexfactory.com/showpost...postcount=5781
http://www.forexfactory.com/showpost...postcount=6912
http://www.forexfactory.com/showpost...ostcount=11639
http://www.forexfactory.com/showpost...ostcount=12411
http://www.forexfactory.com/showpost...ostcount=13429
http://www.forexfactory.com/showpost...ostcount=14895
http://www.forexfactory.com/showpost...ostcount=22559
http://www.forexfactory.com/showpost...ostcount=16023
http://www.forexfactory.com/showpost...ostcount=16067
http://www.forexfactory.com/showpost...ostcount=16435
http://www.forexfactory.com/showpost...ostcount=17986
http://www.forexfactory.com/showpost...ostcount=18857...
Ignored
Spectacular stuff Josh

We have to admit that as the thread is growing it's getting increasingly difficult for newbies to go through an essential first task of going through the entire thread.

That's a great summary Josh should be of great help to everyone!

God Bless you! :

Regards,
Ghous.
I believe . . .
 
 
  • Post #23,254
  • Quote
  • Mar 6, 2009 1:35pm Mar 6, 2009 1:35pm
  •  jlmac27
  • | Joined Jan 2008 | Status: Member | 492 Posts
good job Josh!
 
 
  • Post #23,255
  • Quote
  • Mar 6, 2009 1:36pm Mar 6, 2009 1:36pm
  •  LasVahGoose
  • Joined Nov 2007 | Status: Conscious Incompetence | 3,274 Posts
Has this ever happened to anyone...

For split second I almost had an Ah Ha! Moment where I thought I saw the whole trading thing and it slipped away. It was very strange feeling...
Anyways, I'm still in a trading funk that I can't seem to snap out of, but for micro second there I thought I had it figured out...

Not giving up yet, but I sure do what to chuck my computer through the wall.
Don't wish it were easier, wish you were better. ~ Jim Rohn
 
 
  • Post #23,256
  • Quote
  • Mar 6, 2009 1:39pm Mar 6, 2009 1:39pm
  •  unlv_tj
  • Joined Oct 2007 | Status: Member | 1,289 Posts
Just a question, and it sort of high lights where I have been struggling lately.

I see that some took the 1 Hour Pinbar trade long on the EURUSD just a few hours ago (previous posts on it).

I was tempted to take it, but I am staying off the 1 hour unless we hit a major support/resistence area. I got burned earlier this week on a pinbar on minor S/R on the AUDUSD.

Anyway, I had the minor S/R drawn and passed on the trade.

The high of the pinbar is 1.2682. So it would have to get to 1.2683 to even break the pin bar.

Yet the high since this time (as of the time of this post) is 1.2693, which is only 10 pips of profit.

Yet, I read that many already took profit and set to break even.

Are many of you trading a pin bar after it forms, regardless of if it breaks or not?

Thanks for your help!

T.J.
 
 
  • Post #23,257
  • Quote
  • Mar 6, 2009 1:39pm Mar 6, 2009 1:39pm
  •  LasVahGoose
  • Joined Nov 2007 | Status: Conscious Incompetence | 3,274 Posts
Quoting Jduester
Disliked
This summary is in no way intended to replace reading the whole thread.
Ignored
Good job, bro.
Don't wish it were easier, wish you were better. ~ Jim Rohn
 
 
  • Post #23,258
  • Quote
  • Mar 6, 2009 1:41pm Mar 6, 2009 1:41pm
  •  ghous
  • Joined Jan 2008 | Status: <<--(-$-)-->> | 5,571 Posts
Quoting LasVahGoose
Disliked
Has this ever happened to anyone...

For split second I almost had an Ah Ha! Moment where I thought I saw the whole trading thing and it slipped away. It was very strange feeling...
Anyways, I'm still in a trading funk that I can't seem to snap out of, but for micro second there I thought I had it figured out...

Not giving up yet, but I sure do what to chuck my computer through the wall.
Ignored
Come again?

lol!
I believe . . .
 
 
  • Post #23,259
  • Quote
  • Edited at 1:48pm Mar 6, 2009 1:47pm | Edited at 1:48pm
  •  Fx_Genius
  • | Joined Dec 2007 | Status: Member | 2,797 Posts
Might want to keep an eye on the DOW. If it breaks 6500 (Low: 6,500.70) might cause huge action. Last time this low.. 1996. Just my thoughts.
 
 
  • Post #23,260
  • Quote
  • Mar 6, 2009 1:53pm Mar 6, 2009 1:53pm
  •  ghous
  • Joined Jan 2008 | Status: <<--(-$-)-->> | 5,571 Posts
Quoting unlv_tj
Disliked
Just a question, and it sort of high lights where I have been struggling lately.

I see that some took the 1 Hour Pinbar trade long on the EURUSD just a few hours ago (previous posts on it).

I was tempted to take it, but I am staying off the 1 hour unless we hit a major support/resistence area. I got burned earlier this week on a pinbar on minor S/R on the AUDUSD.

Anyway, I had the minor S/R drawn and passed on the trade.

The high of the pinbar is 1.2682. So it would have to get to 1.2683 to even break the pin bar.

Yet the high since this...
Ignored
Hi Unlv, Long time Bro.

You're not required to take a trade off the close of a pin bar, specially on the 1H.

ppl trade differently you see, so for those who booked those 10 pips they must have been worth something. For my money setups like these don't carry much weight atall, there was clearly a lack of space (the first tp will have to be extremely close to your entry, hence the lack of space.) plus an entry so late on an N.F.P Friday on the 1H tf all of it just does'nt fit into the equation.

It's great to see that you instead of falling for ppl's words here on this thread followed what you believed was correct. IMO nothing else displays more confidence

Welldone!

Regards,
Ghous.
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I believe . . .
 
 
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