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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

  • #24,021
  • Mar 18, 2009 10:12am Mar 18, 2009 10:12am
Quoting Gododddin
Thanks Rubin - very useful stuff. I still have much to learn, but I'm certain that this is the way to go. I love the time I have to ponder these longer term trades, even if I'm ponderin' em incorrectly just now .

Cheers, G
Yeah you got it spot on.

It was a good looking bar from a . . . structural point of view (Apart from the nose not protruding) The location was just not good. And the bar before hand.

You want to see that exact looking bar at swing lows, not swing highs

Just my experience with them anyway

Regards
Jig
  • #24,022
  • Mar 18, 2009 10:13am Mar 18, 2009 10:13am
Quoting Chris P
1h BEOB through 1.6500 PPZ and major round number.

Couldn't resist for some easy b'day pips

Trailing the stop to see where this one can go...
Happy Birthday !

(Saw your birthday at the bottem of the PF )

Caught that one too, did you catch the EURUSD bro ?
  • #24,023
  • Mar 18, 2009 10:22am Mar 18, 2009 10:22am
Quoting alter
I'm curious what you think about that
Sorry, I don't understand what you mean...?
When in doubt, sit on your hands...
  • #24,024
  • Mar 18, 2009 10:30am Mar 18, 2009 10:30am
Quoting Jduester
This is what I measure:
- Date Entered
- Price Entered
- Long/Short
- CCY Pair
- Mini Lots
- Initial Risk
- Date Exited
- Price Exited
- Pip Value
- Pip Change
- W/L
- $ Change
- % Change
- Balance
- Timeframe
- Price Action Trigger

This list will be different for everyone....
Just wanted to say thanks for that Josh - very useful, especially when combined with what others suggested - my it's a long list now . I'm going to try to come at it from another angle - ask what info I need to get out at the end, and if it's not relevant to that, then I won't record it. I like the idea of a snapshot of the chart though data management must be a bit of a problem - I'd be interested to know how you tie the snapshot to the other data
When in doubt, sit on your hands...
  • #24,025
  • Mar 18, 2009 10:33am Mar 18, 2009 10:33am
Quoting Gododddin
Sorry, I don't understand what you mean...?
You said Excellent! So I suppose you came up with conclusion how to achieve what is written in the post.
I don't, so maybe you can share your thoughts. If you don't mind.
  • #24,026
  • Mar 18, 2009 10:46am Mar 18, 2009 10:46am
Quoting uBERpIP
Good day everyone....demo account noobie here, trying to get my head around these ideas.

Much appreciated if someone can comment on my observations of the following chart and let me know if I am on the right track.

Oanda starts new candles at midnight EST, so there is a lot of time left in the day....
Hey Uberpip(must be a gamer )

You got a TON of time left in the day that anything and everything can change if you are using the oanda close time

Here is what I see, as if and only if response to your if and only if post

If this did form a pinbar, it would be in a lot of traffic and not at a true swing high. This lack of space(noted by the small dashed magenta lines), means that there is "something" near by that can hold price up. This something being the arrows, blue PPZ box.

Notice if you zoom out a bit, how un-interesting so to speak this dailybar would become. This to me is a sure sign to pass and let price do what it is going to do.

One thing is, often times we know where price is going to go with pretty good conviction, but if we wait for the times when we have a much higher conviction those are the trades to take. Everything else to me is "waiting" time.


As for a bit of a zoomed out view. Well here is another chart of how I see things at the moment.


Hope that helps

Mike

ps happy bday chris sent you a message real early in the PF
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  • #24,027
  • Edited 10:51am Mar 18, 2009 10:47am | Edited 10:51am
Hi,

Seems like a PB or a BEOB 4h will form on eurjpy.
The shape isn't perfect (wanted to see a bigger nose) and location would be better at 130.
But I might take it anyway. Sl at 129.45 TP1 at 127 and TP2 at 125.6

Any different views?

P.S. - 15m to bar close

EDIT: Divergence since the end of february
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  • #24,028
  • Mar 18, 2009 10:48am Mar 18, 2009 10:48am
Quoting MinceMeat
Nice trade and happy b'day bro!
Quoting Jigsaw
Happy Birthday !

(Saw your birthday at the bottem of the PF )

Caught that one too, did you catch the EURUSD bro ?
Thanks guys!

Didn't jump onboard eur/usd as it had a few previous highs to get past and I have a ppz at 1.3050. Worked out just fine though if you decided to take it
  • #24,029
  • Mar 18, 2009 10:50am Mar 18, 2009 10:50am
Quoting alter
You said Excellent! So I suppose you came up with conclusion how to achieve what is written in the post.
I don't, so maybe you can share your thoughts. If you don't mind.
Okay, fair enough and I'm happy to try (but remember that I've only just started myself so I'm a bit uncomfortable trying to re-state what Raczekfx says in that lengthy post - please feel free to chip and help here Rac ). Is it the method or the actual figures you want me to have a go at?
When in doubt, sit on your hands...
  • #24,030
  • Mar 18, 2009 10:52am Mar 18, 2009 10:52am
Quoting advfntrader
I am REALLY struggling to stick to Daily charts, I keep going down in timeframes and my account suffers for it. its like a yo-yo up and down.
I'm not sure how long it will take to sink in that Daily is the way to go...
I agree that it is frustrating to only be trading daily charts when the 4 hour is providing pinbars at PPZ... But I look at this frustration as a way to break down the bad habits of over trading that I had for a while. By learning to have patience, and only looking at the daily chart, WHILE STILL ONLY TAKING THE BEST SETUPS, I hope to become comfortable with not trading everyday. Instead I should trade any day I have a good signal...
I also find it frustrating that the more experienced traders are able to look at daily and weekly formations, but then look at the 1hr/4hr to get better entries/stops on the same movement that we have to find only on the day charts. I look forward to also being able to better time my entries on the lower timeframes like they do. But at the same time, I Must realize that doing that is a big step up from only trading off the daily/weekly and will take time to demo trade. One step at a time.

In the meantime, I've been backtesting data from 1990-2005 on W/D charts for major pairs. I am successful on over 80% of my trades so far, and am becoming more comfortable missing trades that end up working well, but didn't look perfect to me. Another big step psychologically.

To get you off the intraday charts, which can only erode your progress at this time, I would:

1)Read and study this thread (I forget if you already have or not?)
2)Read Silent Service Thread (quick read, only 500ish posts)
3)Mark all your Day/Week charts for proper PPZ
4)Backtest lots of data, keeping accurate results, noting tendencies in your trading, both good things and bad.
5)Review the Guest Videos (again, if you have already)
6)Write out your trading plan(if not already done)
7)Read Trading in the Zone by Mark Douglas and Trading to Win by Ari Kiev

I don't know about you, but those things have been keeping me busy. This is the last time in my trading career that I want to feel hopeless/helpless/a failure. Therefore, I'm treating this as a career and a business. I'm working on getting fully educated. When I start trading with live money, I want to be fully confident and comfortable in what I'm doing, and have demo results to back me up and prove it. In order for the demo results to back me up and prove it, they must be good results. I can't get good results jumping through timeframes, taking poor trades, not using proper money management, ie - not trading according to my plan.

As James always says, it all comes down to what you want and how badly you want it... it doesn't happen overnight. This is something I want and I'm willing to learn patience/discipline/dedication to make my vision a reality.

Most of what I'm writing is to reinforce these ideas for myself. But maybe it'll help some of you too. Thanks again to all those experienced traders on this thread who continue to help us newbies, hoping we listen to you and someday become experienced traders ourselves.

Josh
  • #24,031
  • Mar 18, 2009 10:56am Mar 18, 2009 10:56am
Quoting Jduester
This is the last time in my trading career that I want to feel hopeless/helpless/a failure. Therefore, I'm treating this as a career and a business. I'm working on getting fully educated. When I start trading with live money, I want to be fully confident and comfortable in what I'm doing, and have demo results to back me up and prove it.
Josh

Josh man you continue to impress me
  • #24,032
  • Mar 18, 2009 10:59am Mar 18, 2009 10:59am
Quoting Jduester
I agree that it is frustrating to only be trading daily charts when the 4 hour is providing pinbars at PPZ... But I look at this frustration as a way to break down the bad habits of over trading that I had for a while....
Great post,

Also I would add if you are struggling for daily setups just simply watch more pairs. I think I watch over 60 forex pairs now (Exotics etc) on the daily TF. On the daily you should at least (In my mind) have the most important 28 - All the majors, all the comms, and all the crosses.

Regards
Jig
  • #24,033
  • Mar 18, 2009 11:06am Mar 18, 2009 11:06am
Quoting Gododddin
Just wanted to say thanks for that Josh - very useful, especially when combined with what others suggested - my it's a long list now . I'm going to try to come at it from another angle - ask what info I need to get out at the end, and if it's not relevant to that, then I won't record it. I like the idea of a snapshot of the chart though data management must be a bit of a problem - I'd be interested to know how you tie the snapshot to the other data
Send me a private message with your email address.
  • #24,034
  • Mar 18, 2009 11:07am Mar 18, 2009 11:07am
Quoting Jigsaw
Great post,

Also I would add if you are struggling for daily setups just simply watch more pairs. I think I watch over 60 forex pairs now (Exotics etc) on the daily TF. On the daily you should at least (In my mind) have the most important 28 - All the majors, all the comms, and all the crosses.

Regards
Jig
Thanks Jig, I will look into this. I have 22 now, but often see others posted on here.
  • #24,035
  • Mar 18, 2009 11:30am Mar 18, 2009 11:30am
could be this the retrace of weekly BUOB ...
Will see....
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What does not kill me makes me stronger. Friedrich Nietzsche,
  • #24,036
  • Mar 18, 2009 11:42am Mar 18, 2009 11:42am
good advice Josh, thanks.

I will dust myself down and keep trying, I need to get more discipline to stick to Daily.

I have demoed, read the books, tried numerous systems and methods but I just can't stay away when I have a trade running. I am constantly watching it and often close out far too soon.....can't seem to run my winners




Quoting Jduester
I agree that it is frustrating to only be trading daily charts when the 4 hour is providing pinbars at PPZ... But I look at this frustration as a way to break down the bad habits of over trading that I had for a while....
  • #24,037
  • Mar 18, 2009 11:43am Mar 18, 2009 11:43am
Did anyone enter the break of the Usd/Cad BUOB. I can't post a chart but it broke and immediately formed a nice PB going the other way.
  • #24,038
  • Mar 18, 2009 11:45am Mar 18, 2009 11:45am
.
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  • #24,039
  • Mar 18, 2009 11:47am Mar 18, 2009 11:47am
Quoting joebryce
Did anyone enter the break of the Usd/Cad BUOB. I can't post a chart but it broke and immediately formed a nice PB going the other way.
not yet waiting to.. just before fomc
pullback to 2780 - 2840 would be good imho. flat out just above
  • #24,040
  • Mar 18, 2009 11:48am Mar 18, 2009 11:48am
Quoting Chris P
1h BEOB through 1.6500 PPZ and major round number.

Couldn't resist for some easy b'day pips

Trailing the stop to see where this one can go...
Happy B'day Chris

Regards,
Ghous.
I believe . . .
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