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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

  • #36,041
  • Jul 3, 2009 8:51am Jul 3, 2009 8:51am
Quoting albchr
IMHO that bar you marked is NOT a reversal signal because there was no break of it to confirm. I haven't been on this thread much in the past few days (just quick scans here and there) but I thought I saw Bob say he waits for confirmation? The next bar confirms a continuation to me.
It breaks by 2 pips.
  • #36,042
  • Jul 3, 2009 8:55am Jul 3, 2009 8:55am
Quoting DynamicFx
It breaks by 2 pips.
2 pips is not a break for me. Had it gone 10 or more then maybe but on a 1H chart, I'd need to see it close having broken it.

But that's just my personal view of it. Not saying right or wrong here.
Ghost Rider - WWTBMD?
  • #36,043
  • Jul 3, 2009 8:58am Jul 3, 2009 8:58am
  •  LSs
  • | Joined Jan 2009 | Status: I switched to the smarter side | 84 Posts
Quoting albchr
2 pips is not a break for me. Had it gone 10 or more then maybe but on a 1H chart, I'd need to see it close having broken it.

But that's just my personal view of it. Not saying right or wrong here.

Same here, i tend to look at 4H chart, and then zoom down to 1H chart to wait see how PA is doing and wait for candle close confirmation out of the breakout lvl.

I can't really remember where i read about the importance of candle close confirmation i believed that this is a way of avoiding spikes... i guess?


LSs
  • #36,044
  • Jul 3, 2009 8:59am Jul 3, 2009 8:59am
Quoting TiaForex
I just want to add something to all this:

There seems to be some kind of rebellion brewing in the thread to the idea of trading the dailies. "Fine for you James, but you have a large account. What about me?"

This is what kills 95% of new traders.
Nice post as usual Tia. Nothing but the truth.
I'm pretty much done with all this ...
  • #36,045
  • Jul 3, 2009 9:03am Jul 3, 2009 9:03am
Quoting LSs
Same here, i tend to look at 4H chart, and then zoom down to 1H chart to wait see how PA is doing and wait for candle close confirmation out of the breakout lvl.

I can't really remember where i read about the importance of candle close confirmation i believed that this is a way of avoiding spikes... i guess?


LSs
Yep. I work off the 1 & 4 hour. For me personally, on the these lower time frames, the "close" of the next bar is critical in reading PA.
Ghost Rider - WWTBMD?
  • #36,046
  • Jul 3, 2009 9:08am Jul 3, 2009 9:08am
Hi guys,

this is directed towards those new guys who are low down the learning curve, much like myself. stick with the large TF's.

i want you to see this chart........there is money to be made in the larger TF's.
dont be disheartened
see for yourself.
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  • #36,047
  • Jul 3, 2009 9:13am Jul 3, 2009 9:13am
Quoting Jduester
Cut expenses. Get a bike. Get rid of cable tv. cut the gym membership and run outside. It all depends on how badly you want it. If you can live off $500 - 1K a month, then I would think it's possible... still takes some experience and practice though. Can't imagine having 6K of overhead a month albchr. wow.


Not me Doctor!!! I'm in it for the money. Period the end. I see no other reason to work at all - except for the cash.

500 bucks? That bought me dinner - One Night at a nice place in NYC this week, and it could have been more, but I throttled back on the wine ...

6K of monthly expenses is not unusual. Buy a nice home at half a mil (or more). Add in a couple of nice cars, lawn crew and one expensive wife (aren't they all??) and 6K actually looks cheap to me!

But I'm just sayin'....
I'm pretty much done with all this ...
  • #36,048
  • Jul 3, 2009 9:18am Jul 3, 2009 9:18am
Quoting StoragePro


Not me Doctor!!! I'm in it for the money. Period the end. I see no other reason to work at all - except for the cash.

500 bucks? That bought me dinner - One Night at a nice place in NYC this week, and it could have been more, but I throttled back on the wine ...

6K of monthly expenses is not unusual. Buy a nice home at half a mil (or more). Add in a couple of nice cars, lawn crew and one expensive wife (aren't they all??) and 6K actually looks cheap to me!

But I'm just sayin'....

LOL...well, I don't have the 1/2 mil house (just a modest one) and the cars?...well, so so at best and getting older but it does add up quickly don't it?
Ghost Rider - WWTBMD?
  • #36,049
  • Jul 3, 2009 9:29am Jul 3, 2009 9:29am
Quoting StoragePro


Not me Doctor!!! I'm in it for the money. Period the end. I see no other reason to work at all - except for the cash.

500 bucks? That bought me dinner - One Night at a nice place in NYC this week, and it could have been more, but I throttled back on the wine ...

6K of monthly expenses is not unusual. Buy a nice home at half a mil (or more). Add in a couple of nice cars, lawn crew and one expensive wife (aren't they all??) and 6K actually looks cheap to me!

But I'm just sayin'....
LOL ..
Trading methods are designed to put the odds in our favor, not predicting.
  • #36,050
  • Jul 3, 2009 9:30am Jul 3, 2009 9:30am
Quoting zimdonks
Afternoon ghous,

ive attached a chart of the EUR/GBP which you commented on earlier. i saw what i thought might be a possible S&R area to the left.

Am i making something out of nothing, like here for example??

In the past i have found a well formed pin but let it pass due to what i thought might be S&R areas in the past, to see the price shoot off in the direction i thought it would.

judging from this chart, was i looking at unimportant resistance from the past in this case?? 0.8550 area

appreciate any comments anyone else would like to add.

thanks...
Hi Rich,

You're not complicating yourself,

That is a valid support and resistance level, Price made a positive move after hanging within the Pin bar for a while in that it burst through it and more importantly closed well beyond it

We know from knowledge (and/or experience) that prior resistance can serve as support and vice versa, and look how obedient price is to ppl who know it well.

Regards,
Ghous.
Attached Image
I believe . . .
  • #36,051
  • Jul 3, 2009 9:33am Jul 3, 2009 9:33am
Quoting zimdonks
Hi guys,

this is directed towards those new guys who are low down the learning curve, much like myself. stick with the large TF's.

i want you to see this chart........there is money to be made in the larger TF's.
dont be disheartened
see for yourself.
Expressly Mate.

trending markets can be a treat anywhere.
I believe . . .
  • #36,052
  • Jul 3, 2009 9:35am Jul 3, 2009 9:35am
Quoting jplo
Amazing post....

Do you really think anyone can make a life off forex without having a 100.000 USD account?
Let's say with a 5000 or 10000 USD account?

As far as I've understood from your post, this is imposible for anyone....

So, everyone who says he/she does it, is a liar....
You will have to accommodate some exceptions...

Difficult surely, but certainly not impossible
I believe . . .
  • #36,053
  • Jul 3, 2009 9:35am Jul 3, 2009 9:35am
Quoting DynamicFx
I'd first like to say that I've read this thread and was a PF member for a few months last year, different name though.

Anyway, I never felt comfortable with that method of trading, and this chart shows why. It's an amendment of the chart shown yesterday. The problem I have is, when does a bar become 'with trend'.

I've marked a bar that I believe is as much 'with trend' as any other, unless you have a directional bias. It triggers and is stopped out.

If the argument is that the reversal bar at the high signaled the change, that can be countered...
Hi, the bar you marked was not with the trend, I wouldn't take that, that's a CT trade, the ones you do on here. This proves my point about risk. Hope that helps.
Private Ryan is saved.
  • #36,054
  • Jul 3, 2009 9:38am Jul 3, 2009 9:38am
Quoting ghous
Hi Rich,

You're not complicating yourself,

That is a valid support and resistance level, Price made a positive move after hanging within the Pin bar for a while in that it burst through it and more importantly closed well beyond it

We know from knowledge (and/or experience) that prior resistance can serve as support and vice versa, and look how obedient price is to ppl who know it well.

Regards,
Ghous.
thanks ghous, awesome!

just quickly, would you ever place another entry when the price re-tests the PPZ after the break above, or would be a little cheeky ?
  • #36,055
  • Jul 3, 2009 9:40am Jul 3, 2009 9:40am
Quoting DynamicFx
I'd first like to say that I've read this thread and was a PF member for a few months last year, different name though.

Anyway, I never felt comfortable with that method of trading, and this chart shows why. It's an amendment of the chart shown yesterday. The problem I have is, when does a bar become 'with trend'.

I've marked a bar that I believe is as much 'with trend' as any other, unless you have a directional bias. It triggers and is stopped out.

If the argument is that the reversal bar at the high signaled the change, that can be countered...

Thats exactly the problem I have - to me the chart shown is ranging - there is no trend and the only way to trade it is by picking the top and bottom of the range.

By the time a trend has established it reverses.
  • #36,056
  • Jul 3, 2009 9:41am Jul 3, 2009 9:41am
Quoting bobability
Hi, the bar you marked was not with the trend, I wouldn't take that, that's a CT trade, the ones you do on here. This proves my point about risk. Hope that helps.
So how do you define trend, as I see a swing from 1.4000 up to 1.4200, then a pull back. At what point does that pull back become a new trend.
  • #36,057
  • Jul 3, 2009 9:42am Jul 3, 2009 9:42am
Quoting zimdonks
thanks ghous, awesome!

just quickly, would you ever place another entry when the price re-tests the PPZ after the break above, or would be a little cheeky ?
lol,

Blind entries still entertain my demo account, they have a lot more to prove to be implemented on the live account.
I believe . . .
  • #36,058
  • Jul 3, 2009 9:44am Jul 3, 2009 9:44am
Quoting ghous
lol,

Blind entries still entertain my demo account, they have a lot more to prove to be implemented on the live account.

haha great comment. thanks for your help mate.
enjoy the weekend
  • #36,059
  • Edited 10:09am Jul 3, 2009 9:54am | Edited 10:09am
Quoting DynamicFx
So how do you define trend, as I see a swing from 1.4000 up to 1.4200, then a pull back. At what point does that pull back become a new trend.
Just a thought here but I think the confusion might be in trying to see the same thing on different time frames. A "range" on the daily is actually a bunch of "trends" on the 1H.

For example, I've made a killing on the GU "range" between 6200 & 6600 over the past few weeks by playing the "trends" within it.

So a "pullback" on the daily or 4H is actually a new trend on the 1H. It all just happens faster.

Again, just a thought.
Ghost Rider - WWTBMD?
  • #36,060
  • Jul 3, 2009 10:12am Jul 3, 2009 10:12am
Have you guys heard about this? I received this from a friend of mine....

I apoligize if this is a repost..



There's some rule changes that will affect anyone trading
Forex with a USA regulated Broker as from the end of
July that you should know about.

Basically you cannot use Stoploss or Limit orders after that
so you need to see how you can still manage the risk on trades.
There's a good video that explains how
https://admin.acrobat.com/_a205571165/p91063619/
Also the leverage will be reduced to a maximum of 100:1
although if you're practicing good money management that
really won't affect you.

You can get round these rule changes by switching to a non
US regulated broker but you need to do so quite soon.
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