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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

  • #39,121
  • Jul 28, 2009 11:37am Jul 28, 2009 11:37am
There are many possible setup today..lots of outside bars forming on my feed, like BEOB on NZDJPY, BUOB on USDCAD, pin bar on AUDUSD..let's see how these will close.

Now, i noticed this two possible setup on the 4h.
If the EUR CAD will close like the chart below, maybe it's time to go long.
CAD/CHF: that BEOB comes at a swing high + important PPZ.
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  • #39,122
  • Jul 28, 2009 11:43am Jul 28, 2009 11:43am
Watching......

Quoting rustyjeff


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What does not kill me makes me stronger. Friedrich Nietzsche,
  • #39,123
  • Jul 28, 2009 11:47am Jul 28, 2009 11:47am
Quoting rustyjeff
I missed these this morning, but I bet Ryan was all over them.
but more likely via a higher TF.



Quoting LasVahGoose
Nice, I'm still kicking my self for get out at 1.4230. Now I'm just looking for PA around the 1.41 level for a move back up, MAYBE.
what made u exit at 1.4230? 1 full position exited there?
currently price bounce from 1.4129 to about 1.4168.... as expected (sooner or later), after a fairly huge drop.
H1 365ema came in around 1.4131. 1.4120-40 is a (minor; H4) PPZ.
  • #39,124
  • Jul 28, 2009 11:55am Jul 28, 2009 11:55am
others i'm watching..
red arrows show 1st trouble areas..
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  • #39,125
  • Jul 28, 2009 11:56am Jul 28, 2009 11:56am
dmc,
Bored?
before i read the james16 thread, i am bored = (almost equal to & accompanied by) impatience
after reading j16, my new definition of boredom is that it's = to being VERY profitable. so far, i'm still not bored.
Keep the patience level up & continually improving.
  • #39,126
  • Jul 28, 2009 11:57am Jul 28, 2009 11:57am
Quoting ikki
Watching......
yep..
  • #39,127
  • Jul 28, 2009 11:59am Jul 28, 2009 11:59am
wow, very rare multi-posts from rustyjeff. very nice Sir.
u must've missed trading that much after your grand vacation/voyage.

are u filling in for raczekfx? i can't complain.
  • #39,128
  • Jul 28, 2009 12:04pm Jul 28, 2009 12:04pm
Quoting dmc

Any thoughts on Trading in the Zone? or emotions in general lol.. I dont know I am just bored. Even though I am at work. Shush :nerd:
Good book for those that never thought about the psychological side of trading. I found it pretty obvious but that was probably coming from a poker background and what not. My copy is in mint condition maybe I'll give that away next to someone who PMs me with why they need that book. Winner gets it

Trading is mostly emotions. Controlling your greed, fear, and all the emotions that come with executing your trade plan. This is why you could give someone the keys to the mint and they still might not be profitable. Emotions are what drive the market, and make it possible for us to trade it in a meaningful way as traders.

Those who are looking for a rush are in the wrong venture. And I have found many people simply derive excitement from clicking buy and sell and then wonder why they aren't profitable. I don't know if we ever conquer all the feelings. It still hurts to have a few losses in a row. I still make mistakes b/c I want more. But slowly you push down all those feelings b/c you can recognize the symptoms. Sort of like when you feel a cold coming on you start to drink more fluids, sleep more, eat better. You can feel that fear creep up and you know what to do. You can feel that greed up and know what to do.

My emotion this month that I have had to fight off is being patient. July has been very slow for me. So when that urge to trade creeps up I can recognize it and say "No!" . Simply because I know if you give into those feelings you are not doing what one needs to do to be consistently profitable.

Mike
  • #39,129
  • Jul 28, 2009 12:05pm Jul 28, 2009 12:05pm
Quoting supremeChaos
what made u exit at 1.4230? 1 full position exited there?
EUR/USD 1H
Over thinking the trade, got a little greedy, and got a little spooked. (The 3 Big down move candles weren't on the screen at the time, so....)

~LVG
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Don't wish it were easier, wish you were better. ~ Jim Rohn
  • #39,130
  • Jul 28, 2009 12:07pm Jul 28, 2009 12:07pm
Sometimes its the obvious that provides the key.
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Never underestimate an idiot.
  • #39,131
  • Jul 28, 2009 12:09pm Jul 28, 2009 12:09pm
Quoting LasVahGoose
EUR/USD 1H
Over thinking the trade, got a little greedy, and got a little spooked.

~LVG
LVG,

Not a trade I was in myself but I can see exactly where you were coming from there... (I would have been tempted to do the same myself)

Tom
  • #39,132
  • Jul 28, 2009 12:09pm Jul 28, 2009 12:09pm
Quote
....My copy is in mint condition maybe I'll give that away next to someone who PMs me with why they need that book. Winner gets it .....

mbqb11,
wow, very generous of u, Sir.
would u send it for free to the Philippines?
I have an ebook of it, but definitely won't mind having your copy. please do include your pic & your autograph. I'll add it to my precious trading books collection
  • #39,133
  • Jul 28, 2009 12:11pm Jul 28, 2009 12:11pm
Quoting supremeChaos
mbqb11,
wow, very generous of u, Sir.
would u send it for free to the Philippines?
I have an ebook of it, but definitely won't mind having your copy. please do include your pic & your autograph. I'll add it to my precious trading books collection
I will send it anywhere in the world for free, but you can't have a copy of it ebook. Someone who hasn't read it. Plus you are too far ahead supreme (that is a good thing)

But Ill send you my autograph
  • #39,134
  • Jul 28, 2009 12:12pm Jul 28, 2009 12:12pm
Quoting supremeChaos
wow, very rare multi-posts from rustyjeff. very nice Sir.
u must've missed trading that much after your grand vacation/voyage.

are u filling in for raczekfx? i can't complain.
Yes, after a long break I did miss trading..
This week will be warming up, getting the charts in my head, getting the feel back..
fresh eyes as they say.... there seem to be some good looking opportunities coming, from the wind up on usd crosses &yen pairs to important levels on some exotics & indexes.

hey ikki, I like the euro just a bit better then ej on the way up for the fibs lining up with ppzs... if it does what I want...
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  • #39,135
  • Jul 28, 2009 12:35pm Jul 28, 2009 12:35pm
Quote
Over thinking the trade, got a little greedy, and got a little spooked...

LasVahGoose,
it seems that is a GMT + 2 or + 3 chart (XTB, Alpari; or FXPro, FXDD, etc).
u had profits from it, that's great.
i wasn't in that trade, was reading posts & viewing charts. although i saw how eur$, $jpy, gbp$ PA formed prior the big moves. i just tried to practice patience & not chase these trades (although there were t still some pips to be had then).

but analyzing your trade... the small doji-ish bar that spooked u, speaking of volume analysis, had no/little buy pressure in it. this is even evident on (try &check the) M15, M30 charts. shunning the volume analysis, u could have put a stop right at/above a former rsst/PPZ at 1.4240-50 area, unless u dont u se trailing stops.
1.4220-30 is a weaker support(your exit area) compared to 1.4160-1.42, imho.
Looking also at H4, u will see this was a huge 2-bar down move. the 2 bars swallowed all the bars caught in a range since around july20, a fairly big statement/testament to the strength of the current move. currently, price is only about 30pips away from today's low.

Having said all that, i again say, u made a profit. so, Congrats & just look for the next one.



mbqb11,
i only have scanned the table of contents... does that help & re-qualify me?
if everybody rejects your offer/fails to convince u, can i still have the book?
else... can u send your autograph personally?
  • #39,136
  • Jul 28, 2009 12:37pm Jul 28, 2009 12:37pm
Did anyone else take this pinbar on Aud/Cad ?

I know it's not an A+ setup but there was space and support off the 150ema and 0.8800 is a nice round number and a pivot zone.

I entered at 0.8910 and it intially went 50 odd pips against me but it's currently up 60 ish pips with stop @ 0.8940.
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  • #39,137
  • Jul 28, 2009 12:57pm Jul 28, 2009 12:57pm
Just thought I would throw this out there to the vets. Do you trade gaps at all? What are your thoughts on them? If you would like to have a look at what I am talking about open up the USD/ZAR chart 4hr and look at the gap that hasn't been filled around the 8.3000 area. I entered after break of 4hr pin and thinking of holding for the gap to fill......currently up of 1600 pips. Small trade value but still making good money. Will try to attach a chart later when I get home.
  • #39,138
  • Edited 1:30pm Jul 28, 2009 1:15pm | Edited 1:30pm
Hey, whats up guys?

Ive been studying MACD divergence and it seems like a nice simple way to add an excellent trade signal when combined with PA and confluence.

So the first chart is the NZDUSD, ive been watching this pair for the last couple days, hoping some nice PA will confirm the divergence.

The second chart, EURJPY, shows some nice divergence I was keeping my eye on yesterday, unfortunately I was asleep when the move happened. Although, even if I caught it there wasnt any PA or reason to get into the trade, and taking a trade on the 4hr TF for me is a nono anyway

I know ive been watching the videos from the PF and James has said it multiple times, divergence itself, is not an indication to enter a trade. ALSO, the EURJPY is the 4hr and I have yet to take a trade on the 4hr, only the Daily/Weekly, and its going to stay that way for MY foreseeable future. Im just not confident in the 4hr charts yet, they scare me.

More importantly back to the NZDUSD, does anyone else see some potential in this? Would anyone take a trade based on the 3 bar high?

Whatcha think?
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  • #39,139
  • Edited 1:32pm Jul 28, 2009 1:19pm | Edited 1:32pm
Quoting supremeChaos
It seems that is a GMT + 2 or + 3 chart
0 GMT IBFX

Quote
but analyzing your trade... the small doji-ish bar that spooked u, speaking of volume analysis, had no/little buy pressure in it.
Don't know anything about volume analysis, but looks interesting.

Quote
Looking also at H4, u will see this was a huge 2-bar down move.
No, the 2nd bar was not fully formed at the time of the exit. You can see after the close of the first bar price started to move up, I got out, then it shot down.

It's always obvious after the move, not when you are actually in it. Appreciate the feedback.
Don't wish it were easier, wish you were better. ~ Jim Rohn
  • #39,140
  • Jul 28, 2009 1:23pm Jul 28, 2009 1:23pm
Quoting NateTheGreat
Whatcha think?
I think you need to resize your charts.
Don't wish it were easier, wish you were better. ~ Jim Rohn
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