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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

  • #32,141
  • Jun 3, 2009 7:10pm Jun 3, 2009 7:10pm
Quoting Alexandra
As noted in the past I am not a fan of the engineered PB against the trend. More often than not the third day will be the re-entry day.
Alexandra, thank you for an intelligent response. In the past I have seen pros & cons of engineered PB results. It sometimes seems like a "make something I can trade because I want to trade" kind of thing.

Quoting Ryanmcd
What do you think of this flower? Will it get past 9 inches? Does it need more water? What if it dies?
Ryan, is this really called for?
  • #32,142
  • Jun 3, 2009 7:12pm Jun 3, 2009 7:12pm
I see a critical point here...
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Trading: the skill of avoiding trades
  • #32,143
  • Jun 3, 2009 7:13pm Jun 3, 2009 7:13pm
Quoting eswap0
I see a critical point here...
Up up and away!!!
  • #32,144
  • Edited 7:45pm Jun 3, 2009 7:14pm | Edited 7:45pm
Quoting eswap0
Posted here one hour ago
Thanks, that's at the close right eswap0 ?

Thanks dengzhi.

Oh and I see that now FX Genius.

This is what we wait for people. Let's see if they break and how hard they break. I sure Mike may like these too. ( maybe not, lol)
Indicators show the past. Price Action "Indicates" the future.
  • #32,145
  • Jun 3, 2009 7:22pm Jun 3, 2009 7:22pm
Quoting jarroo
Thanks, that's at the close right eswap0 ?
Was 25 min to the close.
This is right now...
Set my entry @1.4090.
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Trading: the skill of avoiding trades
  • #32,146
  • Jun 3, 2009 7:22pm Jun 3, 2009 7:22pm
What do I do next ?. . . where's that post from krue . . oh here it is :


Quoting krue
"James16:

THIS IS CRITICAL.

WE MUST LEARN TO:

Notice a strong s/r area just beyond our pa if it exists.
Know that if we trade into it we had better be prepared for a quick reversal that could give us a loss if we are not prepared.

if we know its there, we have several choices.

1. get out when it gets there for a small profit.
2. take a small partial profit and move the remainder to BE.
3. stay in with your total position hoping for a break and move your stop to BE.
4. Dont enter until the level has been broken."
Indicators show the past. Price Action "Indicates" the future.
  • #32,147
  • Edited 7:43pm Jun 3, 2009 7:23pm | Edited 7:43pm
Quoting jarroo
Is that a BEOB on the Daily Cable?
The EURAUD and Cable were the ones that appealed to me. I've stepped away from charts so can't post for you Jarroo.

There were so many signals tonight. And the other "less discussed" part of trading (after RR that we've been talking about) came up for me today. Psychology. My first live trade was the GC daily IB long yesterday and it was a 1% loser. It rattled me more than I thought it would. 6 months of demo, a year of study and I thought live would be no different. But even with manageable risk it made me lose a little confidence. I think Jduester went through a similar first month. And then the mind demons start creeping in and I start looking at threads and thinking.... wonder what rac says about this setup, wonder what jarroo has said, wonder what Mike is saying. I put a couple of trades on, read a post by Rac on PF and nearly put a 3rd on. Before I thought "this is crazy. my own analysis made me pass on this and I am thinking of putting a trade on because of something I read on a forum? Am I a signal follower or a learning trader?"

I really think asking someone's opinion of whether to put a trade on hampers rather than helps the learning process. And I speak as someone who's done it a thousand times. Posting charts asking "What do you think?" will more often than not get a polite encouraging answer on here from seniors, but it's dangerous to get reliant on it. I speak as someone who's been there. Try putting the trade on (on demo), seeing how it plays out, then asking what you could have done. And I'll reiterate, I speak as someone for whom "forum confluence" has been my achilles heel. Itoften wouldn't feel like a good trade to put on unless everyone on all forums was yapping about it. That's no way to run a business.

It got to the stage one day where I thought "damn this. I will succeed or fail but I will do it on my own analysis." The anxiety of a trade taken because rac posted a chart is too much. And anyway, it'll probably end with him making profit and me making a loss. If it wasn't my decision I won't have the conviction to hold.

The psychological aspect of this stuff can play with your head without you realising it. It does mine. I often think of Ryan losing consecutively for four years even with a mentor. How many long dark nights of the soul must there have been thinking "am i simply not cut out for this?". James16 lost hand over fist for 8 years. Think about that. 8 years!. I can only imagine the pain, family members telling him to stop, the interventions. Hell they may even have tried to cart him off to Gamblers Anonymous. And look at him now. In my darker moments I try and remember these journeys.

As Jim said, this is the "hardest easy money you'll ever make"

(Sorry Jarroo, I ended up rambling off topic a bit... )
  • #32,148
  • Jun 3, 2009 7:23pm Jun 3, 2009 7:23pm
Quoting eswap0
Was 25 min to the close.
This is right now...
Set my entry @1.4090.
Classic. Zoom out a little, buddy.

Thanks eswap0.
Indicators show the past. Price Action "Indicates" the future.
  • #32,149
  • Edited 7:55pm Jun 3, 2009 7:38pm | Edited 7:55pm
Quoting TiaForex
The EURAUD and Cable were the ones that appealed to me. I've stepped away from charts so can't post for you Jarroo.

There were so many signals tonight. And the other "less discussed" part of trading (after RR that we've been talking about) came up for me today. Psychology. My first live trade was the GC daily IB long yesterday and it was a 1% loser. It rattled me more than I thought it would. 6 months of demo, a year of study and I thought live would be no different. But even with manageable risk it made me lose a little confidence. I think...
It's a great post Tia. Like much of your posts. Studying Mike's, Jim's, bundy's, etc charts and analysis helped me big time (and still does). I try to put what they're saying in my own words or thoughts until it makes sense to me. To tell you the truth I ignored raczek's posts in the beginning, (not all but most. lol.) Simply because I couldn't put them in my own words or thoughts. They were over my head. lol
After awhile of more practise and study and then more practise I began developing my own style which is framed by Jim's approach and structured like Mike's.
Indicators show the past. Price Action "Indicates" the future.
  • #32,150
  • Jun 3, 2009 7:47pm Jun 3, 2009 7:47pm
Quoting eswap0
I see a critical point here...

Good work. The E/D chart is similar; A/D had already broken the corresponding level.
  • #32,151
  • Jun 3, 2009 7:48pm Jun 3, 2009 7:48pm
im hoping to follow the wind...... Northpole or Southpole :nerd:any tots?
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Respect a man, and he will do all the more.
  • #32,152
  • Jun 3, 2009 7:53pm Jun 3, 2009 7:53pm
Quoting TiaForex
Posting charts asking "What do you think?" will more often than not get a polite encouraging answer on here from seniors, but it's dangerous to get reliant on it.
I agree with this Tia.

Sometimes I would like to reply "Well, what do you think about the setup? Present your case. Give examples of how this type of setup worked before and how did you manage it. etc. " lol I would probably scare away too many people just starting out.
Indicators show the past. Price Action "Indicates" the future.
  • #32,153
  • Jun 3, 2009 7:58pm Jun 3, 2009 7:58pm
wow is all this for real or am i dreaming
  • #32,154
  • Jun 3, 2009 8:01pm Jun 3, 2009 8:01pm
Quoting jarroo
I agree with this Tia.

Sometimes I would like to reply "Well, what do you think about the setup? Present your case. Give examples of how this type of setup worked before and how did you manage it. etc. " lol I would probably scare away too many people just starting out.
Hear hear......
  • #32,155
  • Edited 8:57pm Jun 3, 2009 8:32pm | Edited 8:57pm
Must say I like the look of weekly D/J off of the small nosed but well located PB and will remain long. Struggling at the triangle at the moment
  • #32,156
  • Jun 3, 2009 8:55pm Jun 3, 2009 8:55pm
Quoting jarroo
I've seen your charts. Just change the top left corner from 5 min to 4 hour and apply what you do. The setups will take a little longer, of course. lol But the pip amounts will be bigger.

I can't post charts right now . . but I will be happy to do so.

Jim

maybe thats too big a jump.... start by using the 1hr.. baby steps..
  • #32,157
  • Jun 3, 2009 9:07pm Jun 3, 2009 9:07pm
Quoting rustyjeff
maybe thats too big a jump.... start by using the 1hr.. baby steps..
well baby steps is to begin from weekly actually
  • #32,158
  • Jun 3, 2009 9:08pm Jun 3, 2009 9:08pm
Quoting ephisi
hello guys, waiting on this GJ trade also, Gj being my field. Being seing a lot of pinbars on 1hr and 4hr. 4pins and all obeyed the law of price action.really cool

im now short Gj from 156.70 stops 159.70. Hopefully pay a visit to 150 area

11.05am est
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  • #32,159
  • Jun 3, 2009 9:24pm Jun 3, 2009 9:24pm
Quoting ephisi
im now short Gj from 156.70 stops 159.70. Hopefully??? pay a visit to 150 area

11.05am est

Indeed....be careful! You are sitting on a trendline even on that timeframe. I may take the other half of that one.
  • #32,160
  • Jun 3, 2009 9:32pm Jun 3, 2009 9:32pm
GBP/USD is my favorite setup of the day because it appears to have more breathing room than the other setups. I am placing the stop loss 10 pips above the high of the BEOB. Yes, that means price will have to move far for a decent R:R, but I want to follow the basic stop loss rules this early in my trading.

The BEOB bounced off of what I see as a monthly PPZ near the nice round number of 1.6600 and a 38.2 fib on my monthly chart. Also, the BEOB ran through the 365 EMA.

I do not see any "areas of concern" above the PPZ near 1.6000. I do not have a profit target and will be moving my stop loss 10 pips (plus spread) above the high of each daily candle.

My biggest concern with this setup is that this pair has been in a strong uptrend, but the huge BEOB has me convinced that we are due for a strong reversal. This looks like a setup where an entry on a lower time frame would provide a better stop, but I am trying to stick to dailies for now.

I am trading this on demo.
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