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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

  • #28,161
  • Apr 26, 2009 10:11pm Apr 26, 2009 10:11pm
Quoting jarroo
Which is always the case, once I take some off the table in will drop another 50 pips. lol.
haha I hear ya bud! Gotta love being in a free trade though and getting paid for it.
"Luck favors the prepared mind"
  • #28,162
  • Apr 26, 2009 10:27pm Apr 26, 2009 10:27pm
Quoting pipmyride
rac - when u say u chased the trade - where did u chase it, ie what was your entry and how far did it pullback ?

Sorry, just trying to understand more - as chasing is something i'm trying to eradicate from my trading, and we learn more from our mistakes ..

thx
I had a plan to sell when price first tested 50fib ret. - right where the arrow points ( I didn't). Then I wanted to sell the break of 8hr pin bar (blue rectangle) but felt tired, hence no trade.
Chased it, cause I traded after missing original entry point and I should've just let it go and taken Friday off.

It's been a very profitable week for me and it was absolutely no need to trade anymore. That's all.
As I've already mentioned with some skills and by observing 'big footprints' you can get away with some mistakes, but it's totally unnecessary to make them in the first place.
Attached Image
  • #28,163
  • Apr 26, 2009 10:37pm Apr 26, 2009 10:37pm
  •  krue
  • | Joined Mar 2008 | Status: finger scares cat, power of illusio | 410 Posts
rac, you said you wanted to sell at 50fib ret, there seems no PA setup. I have been quite curious about your belief on price action. in any case, you have very good intuition.

Quoting raczekfx
I had a plan to sell when price first tested 50fib ret. - right where the arrow points ( I didn't). Then I wanted to sell the break of 8hr pin bar (blue rectangle) but felt tired, hence no trade.
Chased it, cause I traded after missing original entry point and I should've just let it go and taken Friday off.

It's been a very profitable week for me and it was absolutely no need to trade anymore. That's all.
As I've already mentioned with some skills and by observing 'big footprints' you can get away with some mistakes, but it's totally unnecessary...
  • #28,164
  • Apr 26, 2009 10:51pm Apr 26, 2009 10:51pm
Quoting krue
rac, you said you wanted to sell at 50fib ret, there seems no PA setup. I have been quite curious about your belief on price action. in any case, you have very good intuition.
Exactly, there was no PA setup hence no point discussing it. Beliefs can be curse for your account and PA rules all the way to the bank.

Mastering PA is what you want first. Intuition will come after you traded cross for few years, but there is no guarantee...


p.s. my intuition tells me, fiber will be in low 20s in months to come. Is there a guarantee? Heck NO. Trade what you see.
  • #28,165
  • Apr 26, 2009 11:33pm Apr 26, 2009 11:33pm
Quoting bakko85
Ghous, your posts are always very clear and helpful. So, do you think the only tradable weekly setup is the UsdCad pin bar? I think i will play also the NzdUsd, but i'll take partial profit very quickly and move the rest to BE as soon as possible.
Very frankly I haven't traded any weekly bars this week, not even the Usd/Cad...
I believe . . .
  • #28,166
  • Apr 26, 2009 11:37pm Apr 26, 2009 11:37pm
Quoting fxScavenger
Thanks for the words of support Josh and your right.

I was looking at this post by ghous

http://www.forexfactory.com/showpost...ostcount=28123

and fairly easily understood what he was saying.

I believe I’m starting to internalize what I’ve been reading.

[font=Times New Roman][size=3]I posted ghous's chart...
Yeah, there are always more than one way you can look at your charts.
I believe . . .
  • #28,167
  • Apr 26, 2009 11:39pm Apr 26, 2009 11:39pm
Pin Bar may be developing on USD/CHF H4. Candle closes in 20 mins.
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  • #28,168
  • Edited 12:35am Apr 27, 2009 12:14am | Edited 12:35am
Quoting forexngo
Hello Ghous, Mike and experienced traders,

Could you please specify me if it is the IPB from USDCAD? and it is in the continuation term?
I have been somewhat in learning curve within the thread, this great and to honestly, i am still in trouble to realize PA of continuation term.
Thank you very much for your help of teaching
forexngo
This is one reason why I don't talk abt them out here so much just yet, It is sometimes difficult to affirm if a bar is an IPB or a PB. Since I am still young at dealing with IPBs I may not be able to give the best explanation but I'll try...

The weekly bar on the USd/Cad can be considered an IPB. Resting above 1.2 it might be talking abt bulls...

(Personally I am looking at the Usd/Cad as a bearish pin bar, an IPB which basically implies on a bullish pin bar here may not be such a great take given all the traffic above, when I look at it as a bearish pin bar I feel this is probably the "logical" price signal, price wants to get the hell out of this traffic zone...whether 1.2 will allow it to do so i another thing lol! Secondly I like my IPBs to rest at major pullbacks i.e the 50 and 61.8 fib or near or at swing lows i.e exactly where you'd like a bullish pin bar to be located so it's a bad IPB trade anyways...)

What I do is whenever I spot an IPB or a bar that I feel could be an IPB, I just reciprocate the bar, if this visionary pin bar appears to be at a great location the IPB is valid,

I've attatched some charts, showing couple of pairs showing how I work with IPBs and then there's the Usd/cad chart too...

For now however I would like you guys to stick around with the conventional stuff, avoid IPBs and Mark's stuff and if you're very new try avoiding the merging of bars too...a naive mind can get unnecessarily entangled. Remember all this is not where the thread first began and ppl were making money back then using the most basic stuff, leave the modifications for later

But here's just a clarification anyways...

(The logic behind IPBs and their link with pin bars is this: Inverted pin bar at a good location holds the same strength as an upright pin bar. )

Enough said.

Regards,
Ghous.
Attached Image(s) (click to enlarge)
Click to Enlarge Name: usdcad ipb.gif Size: 12 KB
Click to Enlarge Name: usdcad.gif Size: 12 KB
Click to Enlarge Name: dsjdfj.gif Size: 13 KB
Click to Enlarge Name: au weekly.gif Size: 13 KB
I believe . . .
  • #28,169
  • Apr 27, 2009 12:24am Apr 27, 2009 12:24am
  •  krue
  • | Joined Mar 2008 | Status: finger scares cat, power of illusio | 410 Posts
pity missed the first setup already, will follow your lead once see an approprate setup later on this week. thanks for sharing

Quoting raczekfx
Exactly, there was no PA setup hence no point discussing it. Beliefs can be curse for your account and PA rules all the way to the bank.

Mastering PA is what you want first. Intuition will come after you traded cross for few years, but there is no guarantee...


p.s. my intuition tells me, fiber will be in low 20s in months to come. Is there a guarantee? Heck NO. Trade what you see.
  • #28,170
  • Apr 27, 2009 12:47am Apr 27, 2009 12:47am
Quoting jarroo
Target hit for me for 57 pips.
jarroo, was this target simply because of the previous resistance a few bars earlier? Pardon my ignorance also, but how do you get 8H charts on mt? I've been out of this for almost two years! :-)

Any thoughts on this cable setup? Seems like a good place to go long with the bounce off the ppz.
Attached Image (click to enlarge)
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  • #28,171
  • Apr 27, 2009 1:10am Apr 27, 2009 1:10am
Quoting JoshDance
jarroo, was this target simply because of the previous resistance a few bars earlier? Pardon my ignorance also, but how do you get 8H charts on mt? I've been out of this for almost two years! :-)

Any thoughts on this cable setup? Seems like a good place to go long with the bounce off the ppz.

Yes, my 1st target was the preivous highs of the same time frame and/or the next PPZ level. I chose the former.

Nothing really standing out to me on the cable.


Start with this post and continue reading from there about the period converter.:

http://www.forexfactory.com/showpost...ostcount=24410
Indicators show the past. Price Action "Indicates" the future.
  • #28,172
  • Apr 27, 2009 1:23am Apr 27, 2009 1:23am
Quoting ghous
This is one reason why I don't talk abt them out here so much just yet, It is sometimes difficult to affirm if a bar is an IPB or a PB. Since I am still young at dealing with IPBs I may not be able to give the best explanation but I'll try...

The weekly bar on the USd/Cad can be considered an IPB. Resting above 1.2 it might be talking abt bulls...

(Personally I am looking at the Usd/Cad as a bearish pin bar, an IPB which basically implies on a bullish pin bar here may not be such a great take given all the traffic above, when I look...
It s a wonderful clarification on IPBs issues, Ghous. Big thanks for this that has been very helpful.
as what i will keep in mind when dealing with this IPBs that s so complicated: RECIPROCATION THE BAR AND LOCATION is a MUST to deal with
you re doing a great job helping others
Good luck
forexngo
  • #28,173
  • Apr 27, 2009 1:25am Apr 27, 2009 1:25am
Quoting jarroo
Should be an interesting week.

Did we have any doubt on this one (8 Hour PB Euro)?
hey nice trade there jarroo
just woke up to see all that had happened.....easy clean move
wat would u rate this move (B+ trade), dont think it deserves an A+ cos of its pin size
im making records of different scenarios, so when i see the kind of setup in future ,ill kno how to handle it
i feel refreshed, sleep is beautiful......
well, dnt see any potential trade anywhere so ill just relax some more (PATIENCE)
cheers
Simplicity is the key to success
  • #28,174
  • Apr 27, 2009 1:35am Apr 27, 2009 1:35am
Quoting squeezy
hey nice trade there jarroo
just woke up to see all that had happened.....easy clean move
wat would u rate this move (B+ trade), dont think it deserves an A+ cos of its pin size
im making records of different scenarios, so when i see the kind of setup in future ,ill kno how to handle it
i feel refreshed, sleep is beautiful......
well, dnt see any potential trade anywhere so ill just relax some more (PATIENCE)
cheers
Good eye on that one squeezy.

The location and confluences made up for the small size. It wasn't a hard break but it was steady and continuious. I blame that on the time of day.
I would put it in the "A" catagory (that's just me, ) but your right, not an A+.
Indicators show the past. Price Action "Indicates" the future.
  • #28,175
  • Apr 27, 2009 1:56am Apr 27, 2009 1:56am
Quoting jarroo
Good eye on that one squeezy.

The location and confluences made up for the small size. It wasn't a hard break but it was steady and continuious. I blame that on the time of day.
I would put it in the "A" catagory (that's just me, ) but your right, not an A+.
thnx jarroo,
that has gone into my records....the more setups i see the better ill be able to handle them in future...
Simplicity is the key to success
  • #28,176
  • Apr 27, 2009 2:38am Apr 27, 2009 2:38am
I've been doing some thinking/planning over the weekend and wondered if I could get some advice? I've now almost completed (this Friday) my first month of demo trading and ended up in profit (provided I don't do anything stupid this week), so here comes month 2...

Just to simplify the whole thing, for now I'm thinking to only concentrate on daily charts (i.e. forget the weekly). Do you think this is a bad idea? Is there much to be gained by checking the weekly charts as well? (Having identified a potential trade on the daily I may still go down to 4 hr or 1 hr to refine the trade entry/decrease risk though).

Secondly, 2 of my trades this month were also picked up by others on this thread (no surprise there of course), and I begin to wonder if I saw them/worked them out for myself, or just read about them, so I'm considering not reading the up-to-date posts until a week after posting (i.e. read today's posts next Monday etc.). This may seem crazy but at least I would know that any successful trades were down to me and that I wasn't subconsciously 'cheating'! It would also be interesting to read in retrospect if anyone took the same trades as me.

What do you think?
When in doubt, sit on your hands...
  • #28,177
  • Apr 27, 2009 2:40am Apr 27, 2009 2:40am
any thoughts on possible USDCAD 4H pin bar forming. outside bar formed on 1H.
its off fib and minor PPZ
  • #28,178
  • Apr 27, 2009 3:17am Apr 27, 2009 3:17am
http://www.imageurlhost.com/images/s...efaze2yd76.jpg
  • #28,179
  • Apr 27, 2009 3:24am Apr 27, 2009 3:24am
Quoting gododdin
I've been doing some thinking/planning over the weekend and wondered if I could get some advice?...
Hi Gododdin,

I wouldn't be too worried about 'cheating' by picking up on other peoples trades, as the hard part is controlling the trade once you are actually in it. Two people taking the same trade... One can lose money... the other can profit from it. So just take it as it comes, and do your own filtering out of crappy trades.

Kind of the same for the weekly. The practice of managing the trade and choosing good set ups is important. So I don't see any harm either way. Do what ever simplifies your trading decisions and worry about expanding your techniques as you improve if you wish.

I like the idea of getting used to reading the charts and thus sticking to the one timeframe (And maybe checking the higher ones quickly for sticking points), but I'd say you're getting that down now anyway.

,B
Bundy's status today: "Waiting..."
  • #28,180
  • Apr 27, 2009 3:36am Apr 27, 2009 3:36am
Great - thanks B - so I think as part of the learning process I'm going to concentrate on just daily charts, but I'll continue to read the thread for now (not reading it would have given me withdrawal symptoms anyway...)

Cheers

G
When in doubt, sit on your hands...
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