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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

  • #34,521
  • Jun 23, 2009 4:13pm Jun 23, 2009 4:13pm
Quoting mbqb11
Hey Dropped Onion(how you came to that name I would love to know LOL)
Hi Mike. Making a quesadilla i dropped an onion. Right after, i discovered FF and had to sign up with a username and went with dropped onion. wish there was more to it

Good analysis on the eur/gbp 4H pin. informative to read your thought process on potential trade set up! so far pin has broken to the downside.

I think it would be safe to say that you spend way more time looking at reasons (and you seem to find them) not to take a trade, as opposed to jumping into a lot of trades as price action develops.
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  • #34,522
  • Jun 23, 2009 4:17pm Jun 23, 2009 4:17pm
Quoting StoragePro
There is no pat answer for that. Sometimes just 2 or 3. I used to take on B+ PB's more often and just move in the stops fast and the TP's in tight. That seems to add stress to my life I do not need. If you want to do that, please demo it to ensure you *really* understand what to do.

I look at it this way - 3 trades at 3R each is 9%+ into the account. I'd rather step over small hurdles than try to leap the big ones.

Take last week's daily USDCAD PB. A bunch took it with full knowledge that it was a limited trade. I did not because I had limited...
Thanks SP
  • #34,523
  • Jun 23, 2009 4:23pm Jun 23, 2009 4:23pm
Quoting ljr
Jon is it correct to use the fib like that? If you are drawing the fib from that high to the low you would be looking to use the fib as a retrace of the down move but what is currently happening is price has been moving up recently and has now retraced and bonced forming the Pin.

Shouldn't we be drawing the fibs from the lows to the recent highs to get confluence of the retrace. It is however interesting that price has reacted at that point but just wondering if you find the confluence with the fib as important drawn like this.

Hope I have...
hi Leon, you are correct in what you say but i have found they also often act as flip ppzs and (as in this case?) can act as support. i tend to only take notice of the fibs drawn from the longer TFs as it can get pretty confusing, normally i would use them as you have described. if there is a confluence of fibs,one from the swing high and one from the swing low, this also seems to get respected.
i would also be interested in what the seniors think about it??
jon
PATIENCE... DISCIPLINE
  • #34,524
  • Jun 23, 2009 4:29pm Jun 23, 2009 4:29pm
i'm enjoying ur teachings over here
  • #34,525
  • Jun 23, 2009 4:38pm Jun 23, 2009 4:38pm
Nice place to sell if it gets there and rolls over.
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Never underestimate an idiot.
  • #34,526
  • Edited 6:50pm Jun 23, 2009 4:40pm | Edited 6:50pm
Quoting gasgas
Mabey I should stop writing TIA at the end, Aaron might think I'm calling for him everytime.
One thing still bothers me, I see a Head&Shoulders pattern, which indicates down move. The neck was tested but price rejected big time from the neck.
What do you think about that Mike?

Regards,
whoops my bad LOL! I thought that was your name.

Well part of what makes this pattern not an A trade was as you said the lack of space/traffic. This very well means we could move higher before the real move lower occurs. This is part of letting the chart do the work. So on a trade like this, that was why my focus was to shift from the actual bar to the location and trouble areas above. IMO this is not a pin you buy and hold and just let the trade play out. Of course someone might think it is, but With the trouble areas coming up, that would be quite loose in my opinion. Also you can always find reasons to trade and not to trade. The key is to find the reasons in a consistent way for both trading and passing on trades. This is what keeps me in check most of the time(hey we all get a reality check every once and awhile )

Mike
  • #34,527
  • Jun 23, 2009 4:44pm Jun 23, 2009 4:44pm
Quoting Dropped Onion
Hi Mike. Making a quesadilla i dropped an onion. Right after, i discovered FF and had to sign up with a username and went with dropped onion. wish there was more to it

Good analysis on the eur/gbp 4H pin. informative to read your thought process on potential trade set up! so far pin has broken to the downside.

I think it would be safe to say that you spend way more time looking at reasons (and you seem to find them) not to take a trade, as opposed to jumping into a lot of trades as price action develops.
I seriously LOLed at that. That is classic.

This kind of flows from my post above this. I find reasons that keep me consistent. I tend to look and do the same general things over time. Now every trade is still unique, but the way I trade tends to be the same. So this is why you can post a trade, and 10 traders will do 10 different things. Neither is really wrong, to me it is important to be as consistent as possible. Be it you are a high win rate trader, low RR - low win rate high RR - something in b/w, etc etc. My entries tend to be off similar areas and I have certain criteria that others call picky, but for me it helps me to open charts and not find reasons to trade all the time(been there, not fun). One example for you are Outside bars. Technically speaking a BUOB for ex. doesn't have to close ABOVE the previous bar. But I almost always wait for the ones that do. From my experience these are stronger, more reliable, and in conjuction with how I trade they work the best for me. These are the types of "rules" that sort of govern what I do that give me at least a framework to work within.

Probably went off on a huge tangent there, like usual :nerd:

Mike
  • #34,528
  • Jun 23, 2009 4:50pm Jun 23, 2009 4:50pm
We have a EUR/NZD pinbar today.

pros
- with trend
- in line with trend line
- formed at a minor ppz

cons
- not swing high
- not a great pinbar with a longer tail on the bottom
- got some space issues to the left

It's tempting, but I think it's a pretty easy 'pass'. It only takes a few GREAT, picky trades a month, risking 2%/trade, to have great returns... Gotta keep telling myself this...

Josh
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  • #34,529
  • Jun 23, 2009 5:05pm Jun 23, 2009 5:05pm
Quoting mbqb11
I seriously LOLed at that....
hi Mike, great posts as usual. these recent posts have made me question my decision on the the au/yen pinbar,lol.
when trying to trade with the trend we have to buy/sell the retrace yes? i find there is more often than not issues with space on these types of trades? do find this? and how do you deal with it?
thanx
jon
PATIENCE... DISCIPLINE
  • #34,530
  • Jun 23, 2009 5:26pm Jun 23, 2009 5:26pm
Quoting ikki
I think ghous is watching this level....
A very interesting level indeed.

Eur/Chf.
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Indicators show the past. Price Action "Indicates" the future.
  • #34,531
  • Jun 23, 2009 5:54pm Jun 23, 2009 5:54pm
Very well said Mike.

As I'm still a day trader, quick profit, quick BE is a way I play at the moment. In long term I guess thats not the best way, but trying to learn to be picky about trades what is needed to become position holder IMO.

Tnx

Regards,
  • #34,532
  • Jun 23, 2009 5:55pm Jun 23, 2009 5:55pm
Quoting jarroo
A very interesting level indeed.

Eur/Chf.

The SNB is defending 1.50
  • #34,533
  • Jun 23, 2009 6:02pm Jun 23, 2009 6:02pm
Quoting clockwork71
The SNB is defending 1.50

Will their defenses hold true?
Indicators show the past. Price Action "Indicates" the future.
  • #34,534
  • Jun 23, 2009 6:05pm Jun 23, 2009 6:05pm
WILL YOU PEOPLE SLOW DOWN!!!!

I don't have time to read 8 pages when I wake up.
Bundy's status today: "Waiting..."
  • #34,535
  • Jun 23, 2009 6:07pm Jun 23, 2009 6:07pm
Hey did you guys meet my cousin Bob today? Hope he didn't cause any trouble.

lol (just kidding) lol
Indicators show the past. Price Action "Indicates" the future.
  • #34,536
  • Jun 23, 2009 6:12pm Jun 23, 2009 6:12pm
Quoting g_j_hook@yah
hi Mike, great posts as usual. these recent posts have made me question my decision on the the au/yen pinbar,lol.
when trying to trade with the trend we have to buy/sell the retrace yes? i find there is more often than not issues with space on these types of trades? do find this? and how do you deal with it?
thanx
jon
Hey Jon

Again so hard to answer as a generalization for me. I just really trade the charts. A trade like aud/jpy isn't necessarily a bad trade, but I would have a lot of trouble buying and just holding it. There is significant resistance coming over head around 77. IMO it makes the most sense to just outright take profit prior to it then try to hold through that. Or some form of moving stops. Now if it created more space, and was with the trend then I would again probably be more apt to hold and trail my stops in some form.

I hope that makes sense, and again this is just how I am comfortable

Mike
  • #34,537
  • Jun 23, 2009 6:13pm Jun 23, 2009 6:13pm
Quoting gasgas
Very well said Mike.

As I'm still a day trader, quick profit, quick BE is a way I play at the moment. In long term I guess thats not the best way, but trying to learn to be picky about trades what is needed to become position holder IMO.

Tnx

Regards,
The best way is what works and is comfortable for you

Never fix what ain't broke

Mike
  • #34,538
  • Jun 23, 2009 6:19pm Jun 23, 2009 6:19pm
im thrilled when i see these.

nothing can stop you matt.

nothing except not being picky.

if you will continue to refine your trades and increase your account size you will get to a point where its almost easy.

im serious,

jim


Quoting FxMatt
Thanks Ghous. If I count my BE trades over the last 4 weeks 80% of my trades have been winners. I just need to keep faith with my trade once it is open and give it room to breathe.

I am definitely making progress and the support of you guys is a major contribution. Thank you.

Matt
  • #34,539
  • Jun 23, 2009 6:22pm Jun 23, 2009 6:22pm
damn squeezy.

i need a lesson please.



jim

Quoting squeezy
pa rules
i cant shout.....lol
have to check but i think ive made about +500 pips in 2 days already, some are still opened, havent closed them...trailing them
how simple does it get, i kno there will be some shaky days but hey im loving pa all the way....still in gbpchf, eurgbp since yday
added audjpy h4, audusd h4 pins today, closed half.... @ be on both
got stopped out yday on my euraud h4 dblhc @ be, hopefully i go in for revenge ,if she closes well ....lol
also looking forward to adding gbpjpy h8 pin (if they close as expected)
  • #34,540
  • Jun 23, 2009 6:24pm Jun 23, 2009 6:24pm
i would love to see these charts t with some notes.

glad your seeing some improvement in your trading.

jim

Quoting TotalNewbie
Stopped at BE again , still that's 2 BEs in a row off the 4H and a lot better than my results before I found this thread.
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