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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

  • #40,141
  • Aug 6, 2009 10:14am Aug 6, 2009 10:14am
supremeChaos,

Thanks.
News may surprise the market! This happens from time to time! I would advise to play safe! One single example cannot represent everything.

kk007

Quoting supremeChaos
kk007,
StoragePro speaks the truth. the market "knows".
the big guys know a lot we don't know, & that includes data/news releases results PRIOR them being released to the public. some/many big guys position themselves prior the news release.
For example, SP's eurgbp PB example. there was a downmove which quickly became a PB. some people have scooped up/bought at discount prices, knowing that BOE will surprise the market (which was GBP-negative), hence the PB formed & then a shot up to the moon.
if u look back in history...
  • #40,142
  • Aug 6, 2009 10:20am Aug 6, 2009 10:20am
Quoting KissFan
Did you enter the trade on the 1hr?

K.I.S.S.
no, and I should not look at it,
here is my oryginal entrance

Peter
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Jesus Christ is my only Lord !
  • #40,143
  • Aug 6, 2009 10:29am Aug 6, 2009 10:29am
Good potential for a PA setup on the Daily GBP/JPY chart.

I am anticipating a good deal of stops built up under the 160 round number and PPZ for a good clean break.

Ross
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  • #40,144
  • Aug 6, 2009 10:44am Aug 6, 2009 10:44am
Quoting hipcio
no, and I should not look at it,
here is my oryginal entrance

Peter
Ok. I just wanted to pass on that that we enter and exit on the same TF. You can click back and see where Fudd speaks of this often. The more you trade, the more sense this will make to you. Thanks for posting the chart. At the very outset I was on the fence about taking this trade because of the pin forming right at 8200 there and I believe SP or someone pointed that out. My pin closed at 8199. Much higher then that and I would have passed over the trade. That's how important the "where is the PA happening" variable is. Remember "THIS IS CRITICAL". I just really like bar formation combined with 150/365ema and fib retracements. Back when I started trading with a live account I was quite fidgety. I get my much of my steady profits now from trusting the confluence of these variables.

K.I.S.S.
  • #40,145
  • Aug 6, 2009 10:48am Aug 6, 2009 10:48am
Quoting kk007
.....
News may surprise the market! This happens from time to time! I would advise to play safe! One single example cannot represent everything.
yes, it often does surprise, & comes with whipsaws & everything. that's why it's highly recommended to avoid trading during, & a few minutes/hours prior & after news releases.
but sometimes, the charts shows us a definitive bias minutes/hours/days before a big news release. S/R & PA reading come into play here.
& precisely why i specified that if u look back, u will have a handful of examples like the one Sir StoragePro (eurgbp chart) just shared with us.
  • #40,146
  • Aug 6, 2009 10:51am Aug 6, 2009 10:51am
Quoting rossbennett
Good potential for a PA setup on the Daily GBP/JPY chart.

I am anticipating a good deal of stops built up under the 160 round number and PPZ for a good clean break.

Ross
160 has got to be the key,

The low of the DBHLC has to breach it to get me interested...

G
I believe . . .
  • #40,147
  • Aug 6, 2009 10:58am Aug 6, 2009 10:58am
Quoting StoragePro
Start over.
Man I went to bed early last night sick, and I came up to you guys giving such a fantastic lesson to KK. Joel, Ghous, Jarroo, SP, man you guys just rocked on 2-3 pages.

Often when learning this stuff we MUST start over. Forget what you think you know. Think of it like this, what you think you know coming into this thread has it worked for you? If the answer is yes, then build from that. Nothing wrong with combining. If it HAS not worked for you. Then START OVER. No better way to put it SP. Forget what you think you know. And learn from those of us that have been that road 4 times and back. It is a pretty lonely road, but it doesn't have to be.

Great stuff guys, really gave me a juice reading these last few pages.

Mike
  • #40,148
  • Aug 6, 2009 11:04am Aug 6, 2009 11:04am
Quoting StoragePro

PS - Hey Mike - do you know who Steven Tyler is???
no what is an aerosmith. Is that anything like a Blacksmith for airplanes?
  • #40,149
  • Aug 6, 2009 11:05am Aug 6, 2009 11:05am
Hey folks, how are all of you doing?

Did any of you take a look on the EURJPY daily today?

I do not want to hear or ask for trade suggestions or signals.
Lets talk about Location.

Well, have a major PPZ line at 138.00 which is acting as a strong resistance. That line is a confluence of 50% and 61.2% fib rets as well. The 365ema which is very effective at creating SR at daily and weekly charts is meeting that line now as well.
On top of all this we have a very good looking divergence.

We are absolutely in a sideways market right now trapped between the 138.00 and the 126.00.

Look back on your chart....also in the past a strong sideways market formed between those levels.

Price is currently touching the resistance....isn't it a perfect LOCATION for going short? The only missing thing is a PA confirmation.

By the way, I automatically see all these tons of minor PPZs there. I never put a line there cause I want to keep my charts simple. But I know how to manage my trade based on these flip prices and the highs and lows of the bars.

Will the picky guys between you will take this trade even if a pin bar without a very long nose will form?
Will you trade an inside bar or a beovb off this zone?

CAN I SAY IT IS A PERFECT LOCATION FOR GOING SHORT?

This is not a major historic swing highlow, but is a perfect location to take a trade in a sideways market with all this confluence.

Last question....do anyone between you will take a blind short (or long at a breakout) for this trade?
I mean no PA confirmation.

In the meantime I am following this pair...wanting to see a nice PB !!

Ben
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  • #40,150
  • Aug 6, 2009 11:06am Aug 6, 2009 11:06am
Quoting kk007
I have a different view. IMHO, I believe that technical analysis don't necessarily goes with news. They are two quite independent things. It is very risky to trade news based on technical analysis, no matter what method you use. It simply is not high-probs trading. The best method is to prevent important news, if you are trading intradaily.

Yes, this one go very well, but it is more about coincidence.
I personally ignore all news and don't even know when it is coming out. Again I think a lot of false facts are taught to us early on in our trading, that are best left at the door in the long run. Not saying some people don't use fundies or stay out for news.

Mike
  • #40,151
  • Aug 6, 2009 11:09am Aug 6, 2009 11:09am
Quoting mbqb11
no what is an aerosmith. Is that anything like a Blacksmith for airplanes?
  • #40,152
  • Aug 6, 2009 11:11am Aug 6, 2009 11:11am
Quoting ghous
160 has got to be the key,

The low of the DBHLC has to breach it to get me interested...

G
I'm right there with you Ghous. I am hoping that today closes above 160, and then tomorrow we get the trigger bar we are looking for.

Ross
  • #40,153
  • Aug 6, 2009 11:17am Aug 6, 2009 11:17am
Quoting benji533
Hey folks, how are all of you doing?

Did any of you take a look on the EURJPY daily today?

I do not want to hear or ask for trade suggestions or signals.
Lets talk about Location.

Well,...

Hey Ben

Yep this pair has been ranging pretty hard, and we are nearing that top of the range. Waiting and watching is the way to go, then waiting for some very strong PA is how I do it

Mike
  • #40,154
  • Aug 6, 2009 11:22am Aug 6, 2009 11:22am
Quoting KissFan
Ok....
Yes Kiss,
You are right, I should never shift between TF, but I was very curious how does it look like (I mean 1hr) and while seeing it, I did what I did.

I simply love to bank profits, even so small (in comaprison with potential) and the same time I really hate when profits turn into zero (if they are higher than 50-60 pps).

I know that I behave like a child - in time - i hope to grown up ?

Thank You Kiss,
Peter
Jesus Christ is my only Lord !
  • #40,155
  • Aug 6, 2009 11:23am Aug 6, 2009 11:23am
Quoting benji533
Well, have a major PPZ line at 138.00 which is acting as a strong resistance. That line is a confluence of 50% and 61.2% fib rets as well. The 365ema which is very effective at creating SR at daily and weekly charts is meeting that line now as well.
On top of all this we have a very good looking divergence.
Ben,

I agree with the location - been a very long term weekly PPZ as well all the way back to 2004... couldn't manage to get any fib confluence on mine tho? - fancy throwing up a chart with fibs on it? - I'm still struggling a wee bit with these!!!

at the moment there is weak PA in the form of a daily pin however the nose is very short... and the bar has yet to close!!! (6 hours left on my feed!)

doubt I'll play this one to be honest as the PA is too weak but wouldn't be suprised if it dropped down after today!

cheers

Tom
  • #40,156
  • Aug 6, 2009 11:25am Aug 6, 2009 11:25am
Quoting hipcio
Yes Kiss,
You are right, I should never shift between TF, but I was very curious how does it look like (I mean 1hr) and while seeing it, I did what I did.

I simply love to bank profits, even so small (in comaprison with potential) and the same time I really hate when profits turn into zero (if they are higher than 50-60 pps).

I know that I behave like a child - in time - i hope to grown up ?

Thank You Kiss,
Peter
This isn't necessarily wrong Peter. James is much like this, he is not going to watch a good amount of pips dwindle into a huge loss. He just refuses to do it. He has his trades on a short leash. This is going to lead to a lot of breakeven trades yes, but very few full losses. If this works for you don't change a thing. Usually this style is a high win rate and those wins can pile up. I keep track of this style side by side to my normal style, and the winrate is in the 90% range. Sure the winners are small, and the occasionally loss can wipe out 4-5 winners, but then you have the next string of 10-15 winners. It is a balancing act, but do what works for you

Mike
  • #40,157
  • Aug 6, 2009 11:42am Aug 6, 2009 11:42am
Quoting mbqb11
This isn't necessarily wrong Peter....
Yes Mike,

from one side it is important to keep the rules (it was a knife trade - and Baddison would be very angry knowing that I even look at the 4hr chart between the full 4hr periods - don't tell her ) the rules set by me (as I tell FF to follow their rules!) and on the other hand it seems very important from the psychlogical point of view - to feel beeing a winner.
I will surely try to balance both.

Thank You Mike,

Peter
Jesus Christ is my only Lord !
  • #40,158
  • Aug 6, 2009 11:47am Aug 6, 2009 11:47am
Quoting fat_tom
Ben,

I agree with the location - been a very long term weekly PPZ as well all the way back to 2004... couldn't manage to get any fib confluence on mine tho? - fancy throwing up a chart with fibs on it? - I'm still struggling a wee bit with these!!!

at the moment there is weak PA in the form of a daily pin however the nose is very short... and the bar has yet to close!!! (6 hours left on my feed!)

doubt I'll play this one to be honest as the PA is too weak but wouldn't be suprised if it dropped down after today!

cheers

Tom
Hi Tom,

Fibs from Low December 2000 to high July 2008, and high august 2008 to low January 2009.

@ Mike - Do you never play blind entries (not that I do, just general question lol).

Ben
  • #40,159
  • Aug 6, 2009 11:58am Aug 6, 2009 11:58am
Quoting benji533
Hi Tom,

Fibs from Low December 2000 to high July 2008, and high august 2008 to low January 2009.
Ben,

Thanks for this - I see them now.. I just wasn't going back far enough!!!

Tom
  • #40,160
  • Aug 6, 2009 12:09pm Aug 6, 2009 12:09pm
Mike,

Hope you feel well now!

My PB trading result is poor. I have my fourth failed trades out of 5 now. Again the price just triggered my order and went all the way against me until hitting stoploss.

This is not a technically easy trading method at all for me.

Have to start over! Will see how to.

kk

Quoting mbqb11
Man I went to bed early last night sick, and I came up to you guys giving such a fantastic lesson to KK. Joel, Ghous, Jarroo, SP, man you guys just rocked on 2-3 pages.

Often when learning this stuff we MUST start over. Forget what you think you know. Think of it like this, what you think you know coming into this thread has it worked for you? If the answer is yes, then build from that. Nothing wrong with combining. If it HAS not worked for you. Then START OVER. No better way to put it SP. Forget what you think you know. And learn from those...
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