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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

  • #34,981
  • Edited 12:13pm Jun 25, 2009 12:02pm | Edited 12:13pm
While I still wait in ambush on the daily time frame, here's something I am playing around with in the meantime

Again...nothing fancy...pure logic and common sense combined with a basic understanding of side to side supp/res.
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I believe . . .
  • #34,982
  • Jun 25, 2009 12:05pm Jun 25, 2009 12:05pm
Quoting Ryanmcd
Still long GBP/JPY and AUD/JPY, not seein notin on the 4hr lunch time!
Great Job Ryan, moving from the north to the south pole in a straight line you gotta be commended for it.

You're...you're...you're a hero!

It's amazing how any trader and absolutely any trader can find himself at home with this stuff...
I believe . . .
  • #34,983
  • Jun 25, 2009 12:33pm Jun 25, 2009 12:33pm
Quoting ghous
Exactly my thoughts,

This setup was one of those where a quick break is what we really want. So since this was a 4H BEOB I would have liked a break of the BEOB low within the first hour at least. As vourvoul pointed out there was decent support at the 96 level a hint of which was provided from the failure of the BEOB to close near or at it's low.

As I see it the BEOB hasn't broken at all after 4 hours of forming and it confirms the setup not as a failure but rather a "momentum lacking" one, which can not be considered A+. It then comes down...
well said ghous
since it didnt break on the 1st hr, i watched as i babysit my trades till BE....
it actually retraced to around 61.8 fib of the beob
at the end of the 4hr bar ,it still hadnt triggered my entry, i didnt pull it yet..cos it then formed an inside bar (which i think is momentum building, i think jarroo mentioned this)
it has now broken and ive taken 24pips at my 1st trouble area around 96.7
now im watching to see how it reacts to this area
im still learning, i cant say i did the right thing or the wrong thing....im just trying to see for myself what happens...
thnx for the comments vourvoul and ghous
appreciate
Simplicity is the key to success
  • #34,984
  • Jun 25, 2009 12:37pm Jun 25, 2009 12:37pm
Quoting ghous
While I still wait in ambush on the daily time frame, here's something I am playing around with in the meantime

Again...nothing fancy...pure logic and common sense combined with a basic understanding of side to side supp/res.
Haha,,, there is no logic at all in taking 6th touch. I'd rather call it suicidal gambling
  • #34,985
  • Jun 25, 2009 12:43pm Jun 25, 2009 12:43pm
Aussien alarm 4H possible pinbar coming..will this take it down..houpfully.
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  • #34,986
  • Jun 25, 2009 12:56pm Jun 25, 2009 12:56pm
Spotted this mini pin on the daily. Not at a major swing high but good enough to signal a continuation south? What do you think ppl?
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  • #34,987
  • Jun 25, 2009 1:01pm Jun 25, 2009 1:01pm
is it me or have i been seeing people take sideways trades lately
definately not for me.....lol
Simplicity is the key to success
  • #34,988
  • Jun 25, 2009 1:03pm Jun 25, 2009 1:03pm
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And here for those who only familiar to look candle sharts

It´s gonna crash down soon i think

Edit: uups it´s 1h shart but same thing sight to go down.
  • #34,989
  • Jun 25, 2009 1:14pm Jun 25, 2009 1:14pm
  •  LSs
  • | Joined Jan 2009 | Status: I switched to the smarter side | 84 Posts
Sorry for being off topic a while guys, but me as a freshman in this industry, i dig up some past article to read and one really caught my curiosity.

Anyone read the article Trade Like a Dealer: (And Avoid Death by a Thousand Stops)?

Attached is the article with a picture to illustrate it.

Just like to know what everyone thinks about it and how true are the statements in the article.

Note me if I'm being inappropriate (:

LSs
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Attached File(s)
File Type: pdf tlad.pdf   8 KB | 1,435 downloads
  • #34,990
  • Jun 25, 2009 1:37pm Jun 25, 2009 1:37pm
Mark, this level it's interesting, I wonder if tomorrow will have fireworks.
Thoughts?
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What does not kill me makes me stronger. Friedrich Nietzsche,
  • #34,991
  • Jun 25, 2009 1:46pm Jun 25, 2009 1:46pm
Quoting squeezy
is it me or have i been seeing people take sideways trades lately
definately not for me.....lol
Heh - It can be done. Lots of opportunity in a sideways market. It is not for everyone, but PA is PA - even when vertically challenged. In fact, if you can make money in a sideways market, you have arrived!
I'm pretty much done with all this ...
  • #34,992
  • Jun 25, 2009 1:49pm Jun 25, 2009 1:49pm
Quoting ikki
Mark, this level it's interesting, I wonder if tomorrow will have fireworks.
Thoughts?
It will be IF price gets there, but judging from behaviour of yen crosses today, there aren't too many traders betting, it will happen...
I tend to think, we'll touch 8000 and below before we'll see 9000
.
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  • #34,993
  • Jun 25, 2009 1:58pm Jun 25, 2009 1:58pm
Quoting Ryanmcd
Still long GBP/JPY and AUD/JPY, not seein notin on the 4hr lunch time!
Hi Ryan
For G/J, it looks like it has difficulty breaking away from the 23.6 fib level.
In fact, the daily bar yesterday almost resembled a PB in the opposite direction.
Right now it looks like a neutral bar.
Are you still biased on long, or is it because you are in the trade already, and the SL is not triggered yet?

Thanks for sharing your thoughts.
  • #34,994
  • Jun 25, 2009 2:09pm Jun 25, 2009 2:09pm
Quoting raczekfx
Haha,,, there is no logic at all in taking 6th touch. I'd rather call it suicidal gambling
heh heh...

It is going to be one hell of a breakout play though... Ralph Kramden said it first - "Bang Zoom !! To the Moon Alice!!"
I'm pretty much done with all this ...
  • #34,995
  • Jun 25, 2009 2:10pm Jun 25, 2009 2:10pm
Racz,

Sorry just changed email adress on FF and didnt validate, I am able to recieve now. Can you respond again? Sorry. Thanks


Quoting raczekfx
DMC,

I tried to answer your pm.....

/dmc has chosen not to receive private messages or may not be allowed to receive private messages. Therefore you may not send your message to him/her./
  • #34,996
  • Edited 2:26pm Jun 25, 2009 2:23pm | Edited 2:26pm
Quoting StoragePro
Heh - It can be done. Lots of opportunity in a sideways market. It is not for everyone, but PA is PA - even when vertically challenged. In fact, if you can make money in a sideways market, you have arrived!
i do agree with you that sideways mkt is very much tradable but i thougth we were preaching best of the best (A+) setups here.....im just voicing out bcos i think i see some newbies attempting sideways & this wld make one always want to attempt every PA seen without hesitation
anyways, jst thought i shld say wat i feel....we have to remember y we r here
imo, u have to learn to crawl before u can walk
e.g. was looking at the gbpusd daily pin, i bliv people were taking this, not wrong but dnt think its right either

edit: im sure mike wld not attempt this (i think)
Simplicity is the key to success
  • #34,997
  • Jun 25, 2009 2:46pm Jun 25, 2009 2:46pm
Quoting the novice
Hi Ryan
For G/J, it looks like it has difficulty breaking away from the 23.6 fib level.
In fact, the daily bar yesterday almost resembled a PB in the opposite direction.
Right now it looks like a neutral bar.
Are you still biased on long, or is it because you are in the trade already, and the SL is not triggered yet?

Thanks for sharing your thoughts.
just going to ride it out, Not going to scalp off the daily to me that's dumb and if I wanted to do that I would go back to the 5min. Game plan is LONG TERM so I dont have to watch this crap, win or lose I really dont care as long as I can hit a 50% win rate with a good R:R the rest is just time. Hell give me 55% win rate with a 1:1 and I can have a good life, but with the 100 risk and 150-200 return that 50% hits 75% at a 1:1 ratio..

Flip a coin and heads you get 35c tails you lose 25c, in time you are going to make money lol
Keep taking CT trades, I need more money
  • #34,998
  • Jun 25, 2009 2:59pm Jun 25, 2009 2:59pm
Quoting squeezy
i do agree with you that sideways mkt is very much tradable but i thougth we were preaching best of the best (A+) setups here.....im just voicing out bcos i think i see some newbies attempting sideways & this wld make one always want to attempt every PA seen without hesitation
anyways, jst thought i shld say wat i feel....we have to remember y we r here
imo, u have to learn to crawl before u can walk
e.g. was looking at the gbpusd daily pin, i bliv people were taking this, not wrong but dnt think its right either

edit: im sure mike wld not...
You are correct on all counts.

Sideways markets are very tradeable, but you've GOT to KNOW where to at least go to BE. If you do not, then you;ll get chopped to death. Since the R values are lower, a full loss is a painful thing, wiping out a number of winners. I'll take these trades, but I am *very* conservative on how I do it. It has to yield something worth it. That USDCAD PB last week was not worth it to me. So I skipped it. The GBPUSD PB you mention was a good example of a PB in traffic I was willing to take. It did what I expected. No surprises, except one - it closed before I got out of bed this morning.

But - learning first to identify A++ setups is the critical step number 1. Then, once you have provably mastered it - over a stretch of time - then you can add in some of the fancy footwork via the demo of course. A few of the guys (Rac, Ryan, etc) here do some pretty advanced stuff - things I have not even started to demo actively. Someday perhaps.

That PB is not a MBQB11 style bar at all (that I am aware of anyway). He certainly is capable, but it does not fit in his trading plan, so it is not something he looks for.
I'm pretty much done with all this ...
  • #34,999
  • Jun 25, 2009 3:03pm Jun 25, 2009 3:03pm
Quoting Ryanmcd
just going to ride it out, Not going to scalp off the daily to me that's dumb and if I wanted to do that I would go back to the 5min. Game plan is LONG TERM so I dont have to watch this crap, win or lose I really dont care as long as I can hit a 50% win rate with a good R:R the rest is just time. Hell give me 55% win rate with a 1:1 and I can have a good life, but with the 100 risk and 150-200 return that 50% hits 75% at a 1:1 ratio..

Flip a coin and heads you get 35c tails you lose 25c, in time you are going to make money lol

hahahahhahaha
hey ryan just saw ur signature
seems like u miss him already...lol
Simplicity is the key to success
  • #35,000
  • Jun 25, 2009 3:03pm Jun 25, 2009 3:03pm
Quoting StoragePro
You are correct on all counts.

Sideways markets are very tradeable, but you've GOT to KNOW where to at least go to BE. If you do not, then you;ll get chopped to death. Since the R values are lower, a full loss is a painful thing, wiping out a number of winners. I'll take these trades, but I am *very* conservative on how I do it. It has to yield something worth it. That USDCAD PB last week was not worth it to me. So I skipped it. The GBPUSD PB you mention was a good example of a PB in traffic I was willing to take. It did what I expected....
You have to remember that Mike aka MBQB11 get most of his trades to LONG TERM cap gains and has to get them a birthday cake LOL
Keep taking CT trades, I need more money
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