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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

  • #39,961
  • Aug 5, 2009 9:40am Aug 5, 2009 9:40am
Hey Tom

This is a question of correlation so I will give you my view. If a great trade is a great trade the rest doesn't mean much. So If a beautiful trade shows up on eur/gbp, and then on eur/cad. I take both, ignore what the other is doing and manage the trade appropriately. Especially on eur/cad and eur/gbp. The time where correlation gets my interest a bit more are the days when you have very correlated pairs like the xxx/jpy pairs all doing the same thing . Ex. 5 daily pins all on the xxx/jpy pairs. When this happens I usually take the best one of the bunch(sometimes best 2), and then leave the rest.

Hope that helps
Mike

Quoting fat_tom
Guys/girls,

basic question here...

I find myself in 2 trades currently a short EURGBP (few days old daily BEOB) and a long EURCAD (triggered late on yesterday weekly pin ...)

Not wanting to discuss whether these are good trades or not (I think I know the answer ) but I find myself on one hand wanting a show of strength from the Euro (EURCAD trade) and on the other hand a weakness (EURGBP) now I know in any trade there are two pairs and indeed the EUR could stay the same through out these trades and I could win based on the behaviour...
  • #39,962
  • Aug 5, 2009 9:51am Aug 5, 2009 9:51am
I was asking my self what to do with this pair...Look at these consecutive IBs!
I think this could be one of the situation in which they can be played in both way, long or short..even if i'd prefer to see a breakout-long..!
The trend is certainly up..
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  • #39,963
  • Aug 5, 2009 9:52am Aug 5, 2009 9:52am
Anyone also in the gbp/aud 2 day Long pb off the 2.0000? Care to post a chart? Still on holiday/vacation till Sunday, so can't touch it till then although I have a move to be at 300 pips profit. Think I'm up 200 so far no doubt by Sunday it will be retesting 2.000 instead of 2.0500.

Good trading to all

mark
I hear and I forget. I see and I remember. I do and I understand.
  • #39,964
  • Aug 5, 2009 9:57am Aug 5, 2009 9:57am
Quoting tac
Anyone also in the gbp/aud 2 day Long pb off the 2.0000? Care to post a chart? Still on holiday/vacation till Sunday, so can't touch it till then although I have a move to be at 300 pips profit. Think I'm up 200 so far no doubt by Sunday it will be retesting 2.000 instead of 2.0500.

Good trading to all

mark
here ya go mark hope you are having a fantastic vacation(holiday )
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  • #39,965
  • Aug 5, 2009 10:04am Aug 5, 2009 10:04am
Quoting mbqb11
Hey Tom

This is a question of correlation so I will give you my view. If a great trade is a great trade the rest doesn't mean much. So If a beautiful trade shows up on eur/gbp, and then on eur/cad. I take both, ignore what ....
Mike,

Cheers for this - so basically unless the trades are mirror images of each other I'll treat them as entirely seperate entities...

sorted....

Thanks again

Tom
  • #39,966
  • Aug 5, 2009 10:06am Aug 5, 2009 10:06am
Quoting fat_tom
Mike,

Cheers for this - so basically unless the trades are mirror images of each other I'll treat them as entirely seperate entities...

sorted....

Thanks again

Tom
Yeah where I see most people blow up is the following scenario

Pin bar on Gbp/jpy eur/jpy aud/jpy cad/jpy on the 4hr chart.

Person takes all 4 above with equal risk(say 2%). They now have 8% out there, mismanage all 4 trades, and want to crawl under the desk. I am not mocking anyone who has done this, b/c hopefully they learned from it. Some people will take all 4, but they usually are much more experienced knowing to cut their risk and spread it better, or they are hella good at managing their trades that having 8% open in correlated risk doesn't bother them. To each his own, but Buyer/seller beware

Best
Mike
  • #39,967
  • Aug 5, 2009 10:14am Aug 5, 2009 10:14am
Quoting bundyraider
YES on space to move, but MUST ALSO HAVE other good supporting factors....
Hi bundy,

Sometimes I am trying too hard getting into details and forget the basics...TRADING OFF PPZs, NOT INTO THEM

Thanks for reminding me that...

I think it's because I didn't have even one trade almost during a whole week driving me nuts lol. But that's ok, I am trying to be picky...it suppose to pay off eventually

Ben
  • #39,968
  • Aug 5, 2009 10:16am Aug 5, 2009 10:16am
Quoting mbqb11
here ya go mark hope you are having a fantastic vacation(holiday )
Thanks Mike, great holiday read prings price pattern book and up to @ page 200 of the thread. Oh yeah the beach and weather is great too. Am I a pa geek or what!

Mark

I will now resume my holiday .
I hear and I forget. I see and I remember. I do and I understand.
  • #39,969
  • Aug 5, 2009 10:54am Aug 5, 2009 10:54am
Quoting fat_tom
Guys/girls,

basic question here...

I find myself in 2 trades currently a short EURGBP (few days old daily BEOB) and a long EURCAD (triggered late on yesterday weekly pin ...)

Not wanting to discuss whether these are good trades or not (I think I know the answer ) but I find myself on one hand wanting a show of strength from the Euro (EURCAD trade) and on the other hand a weakness (EURGBP) now I know in any trade there are two pairs and indeed the EUR could stay the same through out these trades and I could win based on the behaviour...
i used to do correlation also amongst the pairs, not doing anymore. maybe a little in the way like mike mentioned above(xxx/JPY pairs show signals), i would pick the best chart and trade that one only to limit my exposure.

one of the ways i did correlation was(using your EURGBP & EURCAD example) to also analyze the chart for GBPCAD or CADGBP(i don't have these in my fxdd, but you get the idea). what are the relative strength or weakness for GBP and CAD? make sense?

just my view and in case you want to look correlation further.
  • #39,970
  • Aug 5, 2009 11:59am Aug 5, 2009 11:59am
Does anyone know where can I download a software which enables me to draw short lines and arrows on my charts (like in the paint software coming with windows)?
Sometimes I just want to pull a short line or arrow on my chart but I can't.
I refer to the tool Jim and Mike are using when they make their videos.

Thanks,

Ben
  • #39,971
  • Aug 5, 2009 12:06pm Aug 5, 2009 12:06pm
Quoting benji533
Does anyone know where can I download a software which enables me to draw short lines and arrows on my charts (like in the paint software coming with windows)?
Sometimes I just want to pull a short line or arrow on my chart but I can't.
I refer to the tool Jim and Mike are using when they make their videos.

Thanks,

Ben
Hey Ben

That tool is part of the video recording software camtasia. But camtasia makes a screen shot software too called Jing that works nicely and has similar tools.

Best
Mike
  • #39,972
  • Aug 5, 2009 12:14pm Aug 5, 2009 12:14pm
Quoting mbqb11
Hey Ben

That tool is part of the video recording software camtasia. But camtasia makes a screen shot software too called Jing that works nicely and has similar tools.

Best
Mike

I'll check it out Thanks Mike.

Ben
  • #39,973
  • Edited 1:44pm Aug 5, 2009 1:11pm | Edited 1:44pm
wow..... Finally, james16 thread has reached the 1000th page....
IF your "Number of Posts to Show Per Page" is 40 posts/page like mine..

for those overwhelmed with the task of reading a voluminous thread such as this, setting your default to 40 posts/page would definitely help, psychologically...
Look, it's better to say "jeez, im on page 484, but i'm almost halfway through ...woohooo, no problem "
than
"wow, this thread has 2665+ pages, & i'm only on page 1360... what the f@#?!%&, i still have 1300+ pages to go!?@?!! dangnamganit!?!#@$%#!! ... PB, BEOB, others are crap anyway. they always go against me when i trade them. maybe i'll pass for now, & tackle/learn about the AMAZING strategy thread first since it's only 14 pages long (again, using 40 posts/page as default)!!!! "

I'm very much looking forward to this thread reaching it's 2000th page!!! (although the next immediate "PPZ" is the 1500th page, LOL)
  • #39,974
  • Aug 5, 2009 1:51pm Aug 5, 2009 1:51pm
Nice post Supreme.

I have a perspective on this too.

I have degrees (BS) in Mathematics and Computer Science. As a result I was able to get a job, and because I have a few other talents like public speaking and I'm told, clear thinking, I've been able to get a really nice job. I could have a bigger one - but shoot, those guys fail to have a life. But I digress.

The point I am making is that it took four years and a whole lot of books (which I poured over every word) measuring in the 10's of thousands of pages. To get a job. A job. Nothing else.

So if you think reading this thread (and yes, there is some noise here, get over it) is too much to ask, then I suggest a degree at a local University instead. For 10 to 30K a year instead. And a job.

Be a diamond miner. Sift through the tons of dirt to get to the few shiny stones, and you'll be feeling as big as De beers.


Cheers. Today has been good.


Quoting supremeChaos
wow..... Finally, james16 thread has reached the 1000th page....
IF your "Number of Posts to Show Per Page" is 40 posts/page like mine..

for those overwhelmed with the task of reading a voluminous thread such as this, setting your default to 40 posts/page would definitely help, psychologically...
Look, it's better to say "jeez, im on page 484, but i'm almost halfway through ...woohooo, no problem " than
"wow, this thread has 2665+ pages, & i'm only on page 1360... what the f@#?!%&,...
I'm pretty much done with all this ...
  • #39,975
  • Edited 3:39pm Aug 5, 2009 3:01pm | Edited 3:39pm
Quoting benji533
Thanks Bundy!

Here is what I have learned so far about sideways market...

First of all I will mark the major PPZs. Usually I will be able to highlight small boxes of micro sideways and PPZs between them. So I know where the price is heading if a break occurs.

Now the box itself. I know from what I have learned so far that many system traders loose there money in these range areas.
The way of trading them in J16 style is usually play breakouts of inside bars (because the most common PA setup in these areas are inside bars...I think...it makes...

Bundy and Josh gave some excellent points and information on trading IBs. Also, Dale's Double Inside Bar (2IB) is definitely worth a deeper look to trade.

Inside Bar PA formations are just like any other PA formation that meet our strict criteria of Location, supporting confluences, and Location and also the Location. (as Bundy said. lol)

The trouble is with other PA formations i.e. PBs, Outside Bars, etc., we are looking for a sizable formation (for strength) to give us a more solid confirmation. Meaning, its not only that the Location is good but the large size of the "Pin Bar's looong nose" gives us more confidence in the setup.
We don't have that qualifying largeness with IBs. In fact, is probably the opposite with higher time frames, ex. I4Bs.

Although Bundy's got me thinking (as usual ) about the size of the previous bar (or "mother" bar) of the IB.

As they said, stick with more definable Price Action formations and get good with them. I'll take a big (or bigger in size inrelation to the previous bars) Pin Bars in a consolidation area over a IB any day of the week.

Jim

Also: "By the way, a completely other question: is it right to say that buob are most reliable on swing lows and beob are most reliable on swing highs?" Absolutely.
Indicators show the past. Price Action "Indicates" the future.
  • #39,976
  • Aug 5, 2009 3:06pm Aug 5, 2009 3:06pm
Quoting triger88990
Hey guys
I want to share with you a recent pdf by M. Pring that I have found today over the internet maybe there are guys who have been readed but for those who didn't I found it very interesting

I hope you enjoy it!

Attachment
i began reading and i like the slide show format with lots of charts, you get the points clear and fast. it's not like a book which you really have to READ. thank you.
  • #39,977
  • Aug 5, 2009 3:34pm Aug 5, 2009 3:34pm
Quoting Jduester
What my eyes see...Happy trading all.
How pretty is that Josh. Nice.

One important note: the .8950 is a strong Daily PPZ level. Meaning that its not a minor PPZ level on the 4 hour or even on the Daily. Its a major one on a higher time frame.

Its sure is easier trading the 4 hour or even the hourly time frames knowing where these major Daily and/or Weekly PPZ levels are located.
Throw in many supporting confluences and you got yourself a goodlooking setup.

Well done sir.

Jim
Indicators show the past. Price Action "Indicates" the future.
  • #39,978
  • Aug 5, 2009 4:29pm Aug 5, 2009 4:29pm
.
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  • #39,979
  • Aug 5, 2009 4:47pm Aug 5, 2009 4:47pm
Quoting supremeChaos
(although the next immediate "PPZ" is the 1500th page, LOL)
I hope we don't see a bounce off of that ppz!
skype: ststroud. let's talk trading.
  • #39,980
  • Aug 5, 2009 4:48pm Aug 5, 2009 4:48pm
Like the looks of this D1 PB and its proximity to fib confluence and roundish 1.83 level.
Downside is that were trading into that mess to the left. Will try this one on demo if it gets picked up and follow close behind at each minor PPZ.
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