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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

  • #37,001
  • Jul 9, 2009 5:36pm Jul 9, 2009 5:36pm
Quoting TiaForex
Just waiting waiting waiting here....

I still find it the hardest part of trading. Watching the market move and waiting. The little demons get to work telling me "hey everyone is out there making hay" but it's just the ego talking. Don't try and supress it, just hear it, say "thank you for sharing" and move on. This much I have learned. Never get into an argument or a fight with the ego. Just nod and do your own thing.

That may not make sense to anyone but it does to me...

So lots of "nearly" trades but nothing for a few days that fits...
I hear ya. The last time I had a daily order triggered was 6/23... Just nothing worth risking for me...Catching myself preparing to take plain IBs on daily... now what is that! (it's not for me, that's what it is)...

Josh
  • #37,002
  • Jul 9, 2009 5:39pm Jul 9, 2009 5:39pm
Quoting mbqb11
I would have to call James and have him ban himself, I have no powers, only the power of persuasion
Can't you speak with Twee? C'mon Mike - you've got some mojo...


Hey - I'm off for the evening now. By everyone. Hope we all had a good day. Tomorrow brings renewed life.
I'm pretty much done with all this ...
  • #37,003
  • Jul 9, 2009 5:39pm Jul 9, 2009 5:39pm
Quoting Bemac
It's time:
OK - I'll bite - time for what sir?
I'm pretty much done with all this ...
  • #37,004
  • Jul 9, 2009 5:41pm Jul 9, 2009 5:41pm
Quoting StoragePro
OK - I'll bite - time for what sir?
To move toward the front of the class.
  • #37,005
  • Jul 9, 2009 5:45pm Jul 9, 2009 5:45pm
Quoting clockwork71
The simple solution is to trade several different markets, and instruments. I haven't done much forex trading lately either.

I am however....short MSFT, PM, HPQ, and long 2@SEHK. (China Light, Hong Kong Exchange) The point is, there is less opportunity in trading just the 16-20 pairs the average Forex bucketshop offers.

I have found that with a few minor tweaks, T.A. works with all liquid markets, and even illiquid ones if you zoom out enough. Support is support, resistance is resistance, etc.....

My trading returns have skyrocketed since I...
I have also found that this helps me be patient to wait for the best setups. I now have a basket of 100 stocks (through brocotrader) that I can look at... then just (paper) trade them through IB... would like to go live with stocks in Aug/Sept (daily only)...
Just getting it all set up now though. Took MRK and SGP short today...(sorry no charts... gotta go).

Josh
  • #37,006
  • Jul 9, 2009 5:53pm Jul 9, 2009 5:53pm
Quoting Jduester
I have also found that this helps me be patient to wait for the best setups. I now have a basket of 100 stocks (through brocotrader) that I can look at... then just (paper) trade them through IB... would like to go live with stocks in Aug/Sept (daily only)...
Just getting it all set up now though. Took MRK and SGP short today...(sorry no charts... gotta go).

Josh
didn't IB collects an insane acc inactive fee?
something like 1% of 10k$ acc over a year? or 240$/yr if acc is <2000$.........why it will force to over trade.....

what is stock spread and min position to trade ib?
through demo mt4 cfd I saw Citi is 1% buy/sell spread I think it's hardly tradable for short-terms...
  • #37,007
  • Jul 9, 2009 6:03pm Jul 9, 2009 6:03pm
Quoting billye
didn't IB collects an insane acc inactive fee?
something like 1% of 10k$ acc over a year? or 240$/yr if acc is <2000$.........why it will force to over trade.....

what is stock spread and min position to trade ib?
through demo mt4 cfd I saw Citi is 1% buy/sell spread I think it's hardly tradable for short-terms...
I think it varies... I pay $12/month if I don't meet a certain trade requirement... hardly a huge fee, considering account size...you might check website for more information.

Josh
  • #37,008
  • Jul 9, 2009 6:12pm Jul 9, 2009 6:12pm
Quoting Jduester
I think it varies... I pay $12/month if I don't meet a certain trade requirement... hardly a huge fee, considering account size...you might check website for more information.

Josh
thanks josh...

guys how do you view dow today... it looks to me still in a down trending channel... there were 2 pin for past 2 days
but it's weakest index recently other ind all have a little rebounces now.
Attached Image
  • #37,009
  • Jul 9, 2009 6:24pm Jul 9, 2009 6:24pm
Quoting Ryanmcd
I trade lots of small crap PB's all day long, what I look at is risk, It's just like playing a inside bar to me, if it's 30 pips risk for 2% thats great, I hate the HUGE PB's that need 150 pips for 2% because that's a huge run I have to get and 300 for 4% and that is not going to happen, just a different way to look at it. Also I posted I thought we where going to sell off as all the pairs where turning down at that time and my BB and a few MA's that I use to keep me in check of price said the same. Also no I am not going to share the MA's I use...
I think Ryanmcd has an excellent point about the risk with what he calls "small crappy pin bars". The PBs that have the long nose/tail/wick, whatever you want to call it, show a clear rejection or reversal of price usually with very strong moves and follow through. A small crappy pin bar shows the rejection of price at its highs in a given period, but the smaller range than the ideal PB implies a loss of momentum. So an SCPB shows rejection of price and loss of momentum, although the move in the given period is not as strong as a larger pin.

I would be very interested to here you elaborate on why you like the small crappy pin bars.

Ross
  • #37,010
  • Jul 9, 2009 6:36pm Jul 9, 2009 6:36pm
Quoting jarroo
Hey Mike. What does Price tell you when it smashes through a Big Round Number with S/R support. Like the Gbp/Jpy 150.00?

Price cut through that 150.00 like butter, without hesitation.

Tells me we are in for a big fall.
I guess my immediate prediction on Price of the Gbp/Jpy was not very insightful. (current Price is 152.00).

I better just stick to Price Action around highly confluenced areas.
Indicators show the past. Price Action "Indicates" the future.
  • #37,011
  • Jul 9, 2009 6:44pm Jul 9, 2009 6:44pm
Quoting jarroo
I guess my immediate prediction on Price of the Gbp/Jpy was not very insightful. (current Price is 152.00).

I better just stick to Price Action around highly confluenced areas.
No worries Jarroo, if my voodoo wave counting is right, we going to see G/J going down, if not in near future, maybe someday just kidding though hehe

I'm myself waiting for G/J to reach 154-155. Bunch of resistance with Fibo confluences.

edit: btw, what is climate czar?
  • #37,012
  • Jul 9, 2009 6:55pm Jul 9, 2009 6:55pm
Quoting arcus
No worries Jarroo, if my voodoo wave counting is right, we going to see G/J going down, if not in near future, maybe someday just kidding though hehe

I'm myself waiting for G/J to reach 154-155. Bunch of resistance with Fibo confluences.

edit: btw, what is climate czar?

Climate czar, sometimes the thread steers into a discussion about man made global warming, which doesn't exist. The big guy and I get some other point of views.
Indicators show the past. Price Action "Indicates" the future.
  • #37,013
  • Jul 9, 2009 7:07pm Jul 9, 2009 7:07pm
Quoting mbqb11

I still remember the days. "OMG what a big move I just missed, oh well this has to be the end, I am in." "ah sh*t should have waited."

lol. I remember this all to well.

Now its, "OMG what a big move I just missed, . . . looks like a Pin Bar may be forming soon, with some nice space. I just have to wait and see. "

lol
Indicators show the past. Price Action "Indicates" the future.
  • #37,014
  • Jul 9, 2009 7:52pm Jul 9, 2009 7:52pm
Hey Guys/Gals:

Attached is a 2day chart of GBPJPY....nice pin bar for a long....The present retrace is in confluence (50% AND 61.8%) with the last 2 higher highs. Also, GY seems to be bouncing off of a major monthly support level (148.82).

Possible target: Monthly resistance level at 167.63.

Any comments are welcome....are you in on this one??

GregB
Attached Image (click to enlarge)
Click to Enlarge Name: GBP_JPY Spot.png Size: 20 KB
  • #37,015
  • Jul 9, 2009 7:58pm Jul 9, 2009 7:58pm
Oh...I forgot....this PB has formed below the 5ema channel which really makes the rubber band man effect attractive.....
  • #37,016
  • Jul 9, 2009 7:58pm Jul 9, 2009 7:58pm
Quoting rossbennett
I think Ryanmcd has an excellent point about the risk with what he calls "small crappy pin bars". The PBs that have the long nose/tail/wick, whatever you want to call it, show a clear rejection or reversal of price usually with very strong moves and follow through. A small crappy pin bar shows the rejection of price at its highs in a given period, but the smaller range than the ideal PB implies a loss of momentum. So an SCPB shows rejection of price and loss of momentum, although the move in the given period is not as strong as a larger pin....
Check out the moves these two "small crappy pin bars" caught and their associated risks. I posted the ones that were the big runners because they were easy to identify as I was going through my charts so take it for what it is (just 2 trades that worked). Nevertheless, I think this is intriguing and will defenitely be keeping statistics on these as I demo. Again, take it for what it is, don't trade every SCPB that comes and think you are going to catch these moves.

Ross
Attached Image (click to enlarge)
Click to Enlarge Name: SCPB.jpg Size: 71 KB
  • #37,017
  • Jul 9, 2009 8:03pm Jul 9, 2009 8:03pm
Quoting Bemac
Playin' it COOL SP. Playin' it cooool...
Hey Bemac. Good to see you.

I hope others haven't forgot this post of yours back in March. I haven't.


Quoting Bemac
I know this is a multiple posting but felt I had to do this...
I already posted this on the PF...

"
I reserve the right to change my mind on a whim. After all, I do Trade.

The Recent PA {over the last month or so if that's recent to you} has given me point to ponder.
Regardless of FA the USD has Gained accross the Board & I, thankfully, increased my cargo by playing in that direction.
NOW, after checking charts from TF's 15Min to 1 Month, it appears that is about to change.

You don't turn a MegaShip on a dime. It takes both Time & Distance.{Diplomats...
Quoting jarroo
To All : Remember this post, a few months from now.

(add to favorites)
Indicators show the past. Price Action "Indicates" the future.
  • #37,018
  • Jul 9, 2009 8:20pm Jul 9, 2009 8:20pm
Quoting Jduester
I have also found that this helps me be patient to wait for the best setups. I now have a basket of 100 stocks (through brocotrader) that I can look at... then just (paper) trade them through IB... would like to go live with stocks in Aug/Sept (daily only)...
Just getting it all set up now though. Took MRK and SGP short today...(sorry no charts... gotta go).

Josh
Hi Josh,

The Brocotrader that I have only shows 5 stocks - how do you get it to show 100 stocks? Must be something that I've missed during the installation setup I guess...
  • #37,019
  • Jul 9, 2009 8:31pm Jul 9, 2009 8:31pm
Quoting Bemac
Seriously: When I get to the point that I can't find anything to Trade, then I "Spank the Market."
Trade an Absolutely Miniscule Lot of one of your Wild Choices. It will help guide you into understanding Another Market.
hth get you to another level.

Hmmmm.... Interesting....
Don't wish it were easier, wish you were better. ~ Jim Rohn
  • #37,020
  • Jul 9, 2009 8:32pm Jul 9, 2009 8:32pm
Quoting ijay
Hi Josh,

The Brocotrader that I have only shows 5 stocks - how do you get it to show 100 stocks? Must be something that I've missed during the installation setup I guess...

Try right clicking on the Market Watch window and clicking "show all". That would be my guess
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