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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

  • #32,161
  • Jun 3, 2009 9:33pm Jun 3, 2009 9:33pm
Quoting TiaForex

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.
great post Tia, it's also been something I've struggled with since going live. I have to force myself to go through my charts and do my own analysis before going to read the thread.
  • #32,162
  • Jun 3, 2009 9:41pm Jun 3, 2009 9:41pm
Trade: Short two positions at 1% acct risk each entry short @1.4086 (break of two day pin) Total risk is 2%. Potential Reward is 5.3%.
Stop Loss: Initial at 1.4260
Management Strategy: when price reaches 1.4052 move SL to 1.4120. First TP will be 1.3892 and will move SL to BE. Second TP target will be the 1.3750 area (around the 365 ema).
Price Action/Confluence: 48 hr Pin at swing high/off round number/off PPZ-MACD divergence-
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  • #32,163
  • Jun 3, 2009 10:20pm Jun 3, 2009 10:20pm
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...
I did and still do battle psychology. I've gone through the same thoughts you mentioned in this post TF. I'll look through the charts, get my orders ready, then refresh this thread to see if any seniors posted anything good/bad about the setup, etc... just not wise trading. I battled in my head about the USD/CAD trade. I posted that I thought it was a good one. Soon after, Mike and others came out saying they were Not going to take it. Markmm pointed out some good things to me, which swayed me away from it. Then today, when I saw the PA, I entered on the break of Monday's pinbar long. It's now hit my first two TPs...

My humble suggestion:
Change the way you think about what a winning/losing trade is...

A winning trade is one where you follow your plan.
A losing trade is one where you deviate from your plan (ie, you use other people's input to make your decisions).

I think Darkstar made a great post about this somewhere... I'll try to find it tomorrow. Gotta get some zzz's now.

Josh
  • #32,164
  • Jun 3, 2009 10:29pm Jun 3, 2009 10:29pm
Quoting rustyjeff
maybe thats too big a jump.... start by using the 1hr.. baby steps..

lol true true, like re-hab
Keep taking CT trades, I need more money
  • #32,165
  • Jun 3, 2009 10:38pm Jun 3, 2009 10:38pm
Quoting KissFan
Trade: Short two positions at 1% acct risk each entry short @1.4086 (break of two day pin) Total risk is 2%. Potential Reward is 5.3%.
Stop Loss: Initial at 1.4260
Management Strategy: when price reaches 1.4052 move SL to 1.4120. First TP will be 1.3892 and will move SL to BE. Second TP target will be the 1.3750 area (around the 365 ema).
[size=3][font=Calibri]Price Action/Confluence: 48 hr Pin at swing high/off...

I think I am going to go for this as well, got some RSI divergence on the "2day" pin, small money just to have it show up on my sheet. Also I like that Gartley stuff, I have his $120 stock book for the 1920's and then I know Larry he re-worked his stuff about 15 years ago.
Keep taking CT trades, I need more money
  • #32,166
  • Jun 3, 2009 10:39pm Jun 3, 2009 10:39pm
Okay, please let me know if this is good it sucks or anyway I can make it better, I will not get mad I will not cry or run away. Fire away
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Keep taking CT trades, I need more money
  • #32,167
  • Jun 3, 2009 10:40pm Jun 3, 2009 10:40pm
Quoting KissFan
Euro/USD Trade Opportunity
Trade: Short two positions at 1% acct risk each entry short @1.4086 (break of two day pin) Total risk is 2%. Potential Reward is 5.3%.
Stop Loss: Initial at 1.4260
Management Strategy: when price reaches 1.4052 move SL to 1.4120. First TP will be 1.3892 and will move SL to BE. Second TP target will be the 1.3750 area (around the 365 ema).
Price Action/Confluence: 48 hr Pin at swing high/off round number/off PPZ-MACD divergence-
whoa that's a lot of lines on your chart, being a KISSfan i would think you would adhere to the "KISS" principle..
  • #32,168
  • Jun 3, 2009 10:45pm Jun 3, 2009 10:45pm
hi yawl...wow some posts today!!....er..er..no not gettin involved hehe
Ryan,Rusty you made some great points which are definatly overlooked by us newbies.i.e. trading to be right rather than learn to trade. i am a victim of adopting this atitude to studying fx, i even thought it was a good thing to ignore all mm untill i could read the charts and make good trades. Untill a person realizes the importance of good mm and good planning it is often put on the back burner.BAD habbit to form!
RESULT: demo acc. doubled last week...real acc. down 30 eu!!(thats not to say my demo trades were well managed either,but just trying to make the point)

tiafx,josh and anyone else in the first weeks of trading live, as a person a few months down the same road as yourselves, i would like to say... im sure you all (like me ) are somewhat prepared for the change to live cash and are quite aware of the implications psycologicaly..............WELL YOUR NOT!!!!
thats not a critism i want to impress upon you (before it costs you money)that imo the psy aspect HAS to be your main focus right now.dont let a loss get you down and certainly dont let it affect how you execute your next possition.plan your trade and ect........
just my 2 pips
jon
p.s.
Quote
A winning trade is one where you follow your plan.
A losing trade is one where you deviate from your plan (ie, you use other people's input to make your decisions).
i like it!
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PATIENCE... DISCIPLINE
  • #32,169
  • Jun 3, 2009 11:07pm Jun 3, 2009 11:07pm
Quoting Ryanmcd
Okay, please let me know if this is good it sucks or anyway I can make it better, I will not get mad I will not cry or run away. Fire away
hey Ryan,wow thats some jump from 5min to 2day bars!!hehe
thats not bad for a noob!!
but i just thought i would show you a couple of things to look out for seeing as you have quite large targets(lol)(and are new to this)hehe
cheers
jon
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PATIENCE... DISCIPLINE
  • #32,170
  • Jun 3, 2009 11:24pm Jun 3, 2009 11:24pm
Quoting KissFan
Trade: Short two positions at 1% acct risk each entry short @1.4086 (break of two day pin) Total risk is 2%. Potential Reward is 5.3%.
Stop Loss: Initial at 1.4260
Management Strategy: when price reaches 1.4052 move SL to 1.4120. First TP will be 1.3892 and will move SL to BE. Second TP target will be the 1.3750 area (around the 365 ema).
[size=3][font=Calibri]Price Action/Confluence: 48 hr Pin at swing high/off...
Why short at 4086? Why not higher?

I dont understand taking a short after a down-move occurs. Wait for like 4220/50 or something.
  • #32,171
  • Edited 11:39pm Jun 3, 2009 11:29pm | Edited 11:39pm
Here's a great trade on the 4 hour (that I missed tonight. darn it.) that shows a great setup and applies the "This is critical" from James16.

Green area above is the Daily/ Weekly PPZ level. The initial break gave up about 30+ pips. #1. Get out when it gets there for a small profit. Or #2. Take a small partial profit and move the remainder to BE.


The blue line is that area that we look out for because "We know its there". So, we can wait to take the trade after that level is broken or when Price closes below that level on the 4 hour chart (or maybe the Hourly). #4. Dont enter until the level has been broken. Or wait for Price to retrace to this blue line. (purple lines are obvious take profit levels.)
Attached Images
Indicators show the past. Price Action "Indicates" the future.
  • #32,172
  • Jun 3, 2009 11:41pm Jun 3, 2009 11:41pm
Thanks to all that replied to my first post. I'm posting up a trade on the EURJPY and looking to get help in choosing which bar to set the stop above. I've attached a daily, 4h and a 1h.

The first chart is of the 1 hour and as you can see there is a pin followed by an inside bar. I would rather keep my stops tight and increase lot size so is there a general rule about which bar holds more authority? eg. stop is 5 pip above pin or 5 pip above inside bar?

The 4h shows a beob close to a resistance level about 6 bars ago. The daily shows another beob with a 50% fib retrace on the next bar (not shown on chart).

My current plan is to base my entry on the one hour chart but having two beob's give me confidence in the direction of the trade.

Currently I'm thinking:

Sell = 136.088 (5 below low of IB)
SL = 136.389 (5 above high of IB)
30 pip stop loss.
Take 1/3 profit at 1 R:R, 1/3 at 2 R:R, trail 50 pip stop on last third. Stop at BE after 1 R:R
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  • #32,173
  • Jun 3, 2009 11:47pm Jun 3, 2009 11:47pm
break of Loonie and Cable, e/u still stagnant.
  • #32,174
  • Jun 3, 2009 11:48pm Jun 3, 2009 11:48pm
Nice break on the Gbp/Usd Daily BEOB. I do not think the blue line represents a problem. Just Daily High/Low.

Price Action Rules.
Attached Image
Indicators show the past. Price Action "Indicates" the future.
  • #32,175
  • Jun 3, 2009 11:56pm Jun 3, 2009 11:56pm
Quoting PipGator
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...
You beat me to it. Very nice Gator man.

Edit: The 1.62 and 1.61 may be a problem just for their round numberness ( yes, I did say round numberness). lol
Indicators show the past. Price Action "Indicates" the future.
  • #32,176
  • Jun 4, 2009 12:05am Jun 4, 2009 12:05am
Quoting jarroo
Here's a great trade on the 4 hour (that I missed tonight. darn it.) that shows a great setup and applies the "This is critical" from James16.
...
It would be a nice trade Jarroo though I missed it too. I entered on the hourly PB (pardon me for posting hourly chart).

1.6000 seems to be a nice spot and area of interest (imho). Since it breaks the daily BEOB (nice location imho), I tend to hold this one and hopefully it does not retrace too early Anyway, it's already a free trade.

Have a goodnite/day everyone

Quote of the day: Learn to let go, and you will trade like you have wings.
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  • #32,177
  • Jun 4, 2009 12:13am Jun 4, 2009 12:13am
Quoting arcus
It would be a nice trade Jarroo though I missed it too. I entered on the hourly PB (pardon me for posting hourly chart).

1.6000 seems to be a nice spot and area of interest (imho). Since it breaks the daily BEOB (nice location imho), I tend to hold this one and hopefully it does not retrace too early Anyway, it's already a free trade.

Have a goodnite/day everyone

Quote of the day: Learn to let go, and you will trade like you have wings.
Its not a bad way to go, arcus, looking for bearish PA on a lower time (hourly) once a higher time (Daily) quality PA setup presents itself. Ask NuckingFuts. lol. I would only say that be just as picky with the lower time frame setup as you would with any other setup.
Indicators show the past. Price Action "Indicates" the future.
  • #32,178
  • Jun 4, 2009 12:23am Jun 4, 2009 12:23am
Daily Gbp/Chf BEOB with divergence.
Attached Image
Indicators show the past. Price Action "Indicates" the future.
  • #32,179
  • Jun 4, 2009 12:32am Jun 4, 2009 12:32am
just my take on the gb/us setup.
im short also (about the same price as that 1h pin,TrailingST set at @ BE. full possition)but im watching this level closely as i feel it carries a little weight.i also have a 2 * fib confluence.
jon
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PATIENCE... DISCIPLINE
  • #32,180
  • Jun 4, 2009 12:38am Jun 4, 2009 12:38am
Quoting g_j_hook@yah
just my take on the gb/us setup.
im short also (about the same price as that 1h pin,TrailingST set at @ BE. full possition)but im watching this level closely as i feel it carries a little weight.i also have a 2 * fib confluence.
jon
Absolutely g_j_. The Weekly developing potential PB may be the strength we need to push it lower.

Or this confluenced level you have shown (1.6200-1.600) may hold up and we look for bullish PA.

Very nice.

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