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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

  • #32,921
  • Jun 9, 2009 2:02pm Jun 9, 2009 2:02pm
Quoting KissFan
So many things about trading go counter to human nature.

K.I.S.S.

Being WRONG = Bad.... That's what screws people.
Keep taking CT trades, I need more money
  • #32,922
  • Jun 9, 2009 2:12pm Jun 9, 2009 2:12pm
Quoting Ryanmcd
Josh this is emotion over a trade, I am not trying to be a ass but once you get past this things will really change and you can trade with a clear head.

deep drawdown = fear
need it to stop = pain
it was a good setup = doubt

Josh, still is a good setup and I am still short this trade and I bet I have a little more skin in the game, Lets re-visit this post in 3-4 weeks and see what happens.
You make good points Ryan. I was kidding about 'it needs to stop' but I see your points. To me deep drawdown is a fact... either it is or it isn't. To me, it was either a good setup or it wasn't... so to the person saying it, it is a fact...

To me however, what counts is if I followed my plan IN SPITE OF EMOTION. I did that. My trade is the same as all my others... which makes it measurable, definable, repeatable, etc... Plan your trade and trade your plan... don't let emotions change your plan/trade.

Just my $0.02.

Josh
  • #32,923
  • Jun 9, 2009 2:13pm Jun 9, 2009 2:13pm
Just wanted to leave a quick note before disapearing for a while.

I have been an avid reader/part time poster on the thread for the last 2 1/2 years and feel it's time to drop off for a while.

Jim, thanks so much for your help both here and in the PF and also a big thanks to Mike and everyone else who has been so giving of their time

I will still be hunting for my A+ setups but feel it's time to move on from the forum and minimise outside influences in order to become even more picky

take care all and thanks again

FXP
  • #32,924
  • Jun 9, 2009 2:25pm Jun 9, 2009 2:25pm
Will look to sell eurusd tomorrow around 1.4150...and will look to buy around 1.40 tomorrow...like the location its at to sell but time of the day is bad for intraday trading so I will pass on it if it falls...

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  • #32,925
  • Jun 9, 2009 2:26pm Jun 9, 2009 2:26pm
Quoting supremeChaos
MKashif,
welcome to the thread.
it seems u are referring to Fibs on your chart. in this thread, mainly, what's used are PPZ's & horizontal support & resistance. it'll be great if u do a search on them (PPZ) within the thread. also, do read the first "few" pages of the thread. Fibs are used as confluence, among others (like round numbers/psych. levels; divergences).

Among others, what u'll mainly learn from this thread are Patience, Discretion & "Foresight" (of where Price may or may not go to & what price will or will not do).

Good...
Thanks supreme for your advice on PPZ. now I am trying to understand what is it. Infact my assumptions were based on mainly two things:
1- The main trend which i observed on the daily chart
2- The confluence which I have understood from the thread. Since the daily pivots were there and the fibs and psychological levels were also in the zone, I wondered what would happen if I played it on a demo account.
I did earned some 40 pips.
I would have been wrong, but this was the first time that I saw something, that got me excited.
Thanks alot for all the gurus on this thread, the atmosphere and the willingness of you guys is superb.

mKashif
  • #32,926
  • Edited 2:41pm Jun 9, 2009 2:29pm | Edited 2:41pm
Quoting fxprocessor
Just wanted to leave a quick note before disapearing for a while.

I have been an avid reader/part time poster on the thread for the last 2 1/2 years and feel it's time to drop off for a while.

Jim, thanks so much for your help both here and in the PF and also a big thanks to Mike and everyone else who has been so giving of their time

I will still be hunting for my A+ setups but feel it's time to move on from the forum and minimise outside influences in order to become even more picky

take care all and thanks again

FXP...
You gotta drop by every now and then . . . I've always liked your posts, FXP.

If you got to, you got to. Just don't be a stranger, friend.

Jim
Indicators show the past. Price Action "Indicates" the future.
  • #32,927
  • Jun 9, 2009 2:35pm Jun 9, 2009 2:35pm
Quoting fxprocessor
Just wanted to leave a quick note before disapearing for a while.

I have been an avid reader/part time poster on the thread for the last 2 1/2 years and feel it's time to drop off for a while.

Jim, thanks so much for your help both here and in the PF and also a big thanks to Mike and everyone else who has been so giving of their time

I will still be hunting for my A+ setups but feel it's time to move on from the forum and minimise outside influences in order to become even more picky

take care all and thanks again

FXP
take care Nick, and hope you will keep in touch either here or via email

Take care friend both in trading and life and don't become too much of a stranger

Best
Mike
  • #32,928
  • Jun 9, 2009 2:36pm Jun 9, 2009 2:36pm
Quoting fxprocessor
Just wanted to leave a quick note before disapearing for a while.

I have been an avid reader/part time poster on the thread for the last 2 1/2 years and feel it's time to drop off for a while.

Jim, thanks so much for your help both here and in the PF and also a big thanks to Mike and everyone else who has been so giving of their time

I will still be hunting for my A+ setups but feel it's time to move on from the forum and minimise outside influences in order to become even more picky


take care all and thanks again...
Take care of yourself FXP! Drop in everyonce in a while and let us know how you are doing!

K.I.S.S.
  • #32,929
  • Jun 9, 2009 2:46pm Jun 9, 2009 2:46pm
I think that this one is showing signs of wobbly legs around this 1.7555 area. I'll be looking to short at the first sign of good PA. Hopefully I'll post a trade before I hit the sack tonight.

K.I.S.S.
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  • #32,930
  • Jun 9, 2009 2:48pm Jun 9, 2009 2:48pm
Will be seeking to buy if we dip to the 6150 area....I like the current location to sell but time of the time of the day is not good as well as the price action. If we roll over I will most likely participate in the short tomorrow...

If we go up I will be looking to sell around 6450

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  • #32,931
  • Jun 9, 2009 2:56pm Jun 9, 2009 2:56pm
  •  krue
  • | Joined Mar 2008 | Status: finger scares cat, power of illusio | 410 Posts
probably it's a time to take the weekly pin ret now, if the H4 pin proxy makes sense to you guys.

I was long with GU, entry 1.5910, scaled in 1.6020 at retracement, closed at 1.6180 in the fear of weekly pin. still a nice ride.

playing weekly seems too a big tf to me, can not afford the size of stoploss. might feel comfortable at ret if any, so, probably this is a time to go for you guys. for me, I am still fearful of its steam going up strongly, most likely I will re-enter long if it give a pullback

Quoting TiaForex
Same as you Josh. A lot of my setups in drawdown. All are really good quality PA so if I take the hit (not full bar losses, I won't let that happen), then I take the hit. EURAUD, AUDUSD weekly, GU short.

Out at break even for GU daily short. Decided not to take profit at 5800 because of the weekly pin. Added a small position on breach of that weekly pin which is in drawdown. Half my normal risk with stop on the end of the weekly pin nose. May re-enter at my daily BE level if I see convincing reversal sign.

Price does what it does. We play our...
  • #32,932
  • Jun 9, 2009 3:28pm Jun 9, 2009 3:28pm
Quoting Ryanmcd
Trading to me has no emotion at all.

To me this is about the top of all my trading goals.

I want to view my trading capital as a tool. Just like (simply) a carpenter has a hammer. He doesn't worry about it, he doesn't think about it as cash, he's been trained and has experience in knowing how to use it to make money.
He's not emotionally tied to it.

Over the years i've scraped my emotion off layer by layer. And i think that it only comes with years of experience and many many trades. Looking back now, i don't know how i could've hastened the process, and i've got some to go yet...


So Ryan, looking back now. Have you got suggestions on how you've helped yourself remove the emotion completely?
  • #32,933
  • Edited 10:21pm Jun 9, 2009 4:38pm | Edited 10:21pm
Quoting Jduester
Is this what the DIBS thread is all about?

That thread is on my list to read but haven't touched it yet. Just wondered. I have done some backtesting on doublle inside bars (I've been calling them 2IBs...) I like the results too... have only been playing them with entry on first bar break (as opposed to 2nd or 3rd bar break)...

Josh
The Daly Inside Bar Setup is a method of getting into a large trend by using a very small risk, the Time of Day and splitting a position to reduce the risk even futher. It's a very simple approach, though the thread can make it more complicated then it really is. We can use other Price Action formation with DIBS instead of IBs, i.e. PBs, OBs, etc., but the IBs offers a smaller risk placements by its smaller construction. An important key to DIBS is to let it run forever. Well, in the most perfect world we would. lol

http://www.forexfactory.com/showpost...postcount=7132


The Double Inside Bars (to me) can be used with DIBS but also as a Price Action formation with confluences like any other PA formation, i.e., PBs, OBs, etc.

Jim
Indicators show the past. Price Action "Indicates" the future.
  • #32,934
  • Jun 9, 2009 4:51pm Jun 9, 2009 4:51pm
Quoting jarroo
The Daly Inside Bar Setup is a method of getting into a large trend by using a very small risk, the Time of Day and splitting a position to reduce the risk even futher. It's a very simple approach, though the thread can make it more complicated then it really is. We can us other Price Action formation with DIBS instead of IBs, i.e. PBs, OBs, etc., but the IBs offers a smaller risk placements by its smaller construction. An important key to DIBS is to let it run forever. Well, in the most perfect world we would. lol...
Hello Jarroo,
I have read threw the dibs method awhile ago and really liked it.But with my bad habit of not sticking to anything I moved on.My question is, do you still trade it?I can see how this would be a "robust method" as peter crown would say.Just curious on your results.
  • #32,935
  • Edited 5:11pm Jun 9, 2009 4:59pm | Edited 5:11pm
Quoting jlmac27
Hello Jarroo,
I have read threw the dibs method awhile ago and really liked it.But with my bad habit of not sticking to anything I moved on.My question is, do you still trade it?I can see how this would be a "robust method" as peter crown would say.Just curious on your results.
Due to my crazy schedule at times, I haven't been able to trade many DIBS trades. Lining up higher time frame trends with a DIBS trades have been very rewarding as of late.

Mainly the higher time frame picky PA setups (which Rules, by the way lol) have been my first love and more intuned with my current schedule.
Indicators show the past. Price Action "Indicates" the future.
  • #32,936
  • Jun 9, 2009 5:10pm Jun 9, 2009 5:10pm
so DIBS is sorta like a scalping sized stop loss thats backed up by daily and 4hr setups?

i did one of them on gbpusd last night, take half off 2:1 then jsut let the rest run, keeps my lot size high relative to my account cos the SL is only 20-30pips
Grabbing the bull by the horns!
  • #32,937
  • Jun 9, 2009 5:15pm Jun 9, 2009 5:15pm
Quoting jarroo
The Daly Inside Bar Setup is a method of getting into a large trend by using a very small risk, the Time of Day and splitting a position to reduce the risk even futher.

http://www.forexfactory.com/showpost...postcount=7132


Jim
I just noticed that I spelled August (Augest) wrong on that link. darn it. lol
Indicators show the past. Price Action "Indicates" the future.
  • #32,938
  • Jun 9, 2009 5:17pm Jun 9, 2009 5:17pm
Quoting whitegoodman
so DIBS is sorta like a scalping sized stop loss thats backed up by daily and 4hr setups?

i did one of them on gbpusd last night, take half off 2:1 then jsut let the rest run, keeps my lot size high relative to my account cos the SL is only 20-30pips
Yes, sorta. But the Time of Day is also a key factor as Peter Crowns would advise.
Indicators show the past. Price Action "Indicates" the future.
  • #32,939
  • Jun 9, 2009 5:43pm Jun 9, 2009 5:43pm
Like to see a bit of a retrace of the daily bar to some 4hr s/r 50 fib then pa to go long to 160 4 starters nice 30pip s/l.Seems it wants to test last weeks high and then some.Might not retrace
Attached Image
  • #32,940
  • Jun 9, 2009 5:45pm Jun 9, 2009 5:45pm
Quoting jarroo
Yes, sorta. But the Time of Day is also a key factor as Peter Crowns would advise.
is "time of day" around the london open? (1hr before/1hr after?)
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