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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

  • #40,821
  • Aug 12, 2009 4:03pm Aug 12, 2009 4:03pm
Pipmyride and Almfx: Thanks for the feedback. I guess thats why they call it the beast! You're right though guys, can't get myself down about breakevens. They technically are WINS so even if I do miss out on a winner all I got to think about is that I could have just saved myself from a potential loser. Hopefully I'll just get a better feel for when to move to BE with experience.

Just got to keep telling myself I'm only 19, I've got thousands of A+++ trades ahead of me. All that I really have to wait for is the patience and disipline; the setups are always going to be there.

Great posts from Benji and Mike today btw. Keep it up guys!
  • #40,822
  • Aug 12, 2009 4:08pm Aug 12, 2009 4:08pm
Quoting mike w
You, sir, are a genius.

Simplicity is sometimes the most complex thought anyone can come across.

I was thinking of a way to say that statement.

I think you just nailed mike w.
Indicators show the past. Price Action "Indicates" the future.
  • #40,823
  • Aug 12, 2009 4:13pm Aug 12, 2009 4:13pm
I was looking at this one too.....I'll pass.

Quoting tradertt
USDCAD Daily - What do you think of this forming BEOB
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  • #40,824
  • Aug 12, 2009 4:19pm Aug 12, 2009 4:19pm
Quoting benji533
Hi tradertt,

I think that last yellow line will make trouble to your trade. Not much space for it to run. It is not at a swing High, not really off a PPZ. In addition, you have divergence to the opposite direction. Personally I won't take it.

Hope that helps

Ben


PS - you have ton of lines on your chart. I think that is the reason you call it a PPZ. I would put one or two lines max on the most significant areas cause I like my charts clean and simple as possible. But just my opinion of course.

I agree too and I think I am going to skip that trade. Does not seem to be at the best location for me to trade that BEOB.

P.S. That chart I used was for my H4 time frame so you see a lot more PPZs on the daily as the spacings are so small
I have done up my Daily charts to check for daily setups with only the Weekly PPZ and Daily PPZ
Thanks for the advice.
  • #40,825
  • Aug 12, 2009 4:20pm Aug 12, 2009 4:20pm
Quoting Rocket!
All that I really have to wait for is the patience and disipline;
My man, you don't wait for patience and discipline. You practice them. I had the same thought process that killed me for a year or two there. Without working on the discipline to trade correctly, how are you going to?

I play hockey. Without learning to skate the right way, how would I play? Pretty badly. It all goes hand in hand.

That's not an attack, but something for you to look into just like I did after a while of beating myself up.
I dream, therefore I become.
  • #40,826
  • Aug 12, 2009 4:22pm Aug 12, 2009 4:22pm
Wondering if this qualifies as a breakout trade as taught by Mbqb11

Price consolidated, formed a top, broke out and now retraces back forming a pin bar at the former resistance.

Never traded breakout trades with PA before so any advice would be appreciated.

AUDUSD DAILY
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  • #40,827
  • Aug 12, 2009 4:29pm Aug 12, 2009 4:29pm
Another breakout trade with trend being up, pin bar forming at former resistance area

Broke out, retrace back and formed a pin

However, the first point of resistance is at the top of the breakout which is around 90 pips away.

MACD is also showing a bearish divergence

However, if I go into the trade, I can hide below the PPZ at 63.93

NZDJPY DAILY

Sorry for posting so many charts. Not going into all the trades but want to train my eyes on picking out PAs and also seek advice from all.
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  • #40,828
  • Aug 12, 2009 4:33pm Aug 12, 2009 4:33pm
Quoting mbqb11
Joel my man

I took the eur/jpy 4hr pin, and took full profit shy of 136.50 which is going to be tough to motor right through easy.
I do love it when the market reads this thread and does exactly what it is supposed to

I set my stop to b/e (136.30), went to bed, and woke up to 105 pips. Got kinda lucky when it missed my stop by 8 pips, but I can live with it.

Locked in some profit now, and will let it *hopefully* take another shot at 137, based on the daily lookin like it wants to take a run upwards.

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When you have to shoot, shoot. Dont talk.
  • #40,829
  • Aug 12, 2009 4:47pm Aug 12, 2009 4:47pm
Quoting tradertt
Wondering if this qualifies as a breakout trade as taught by Mbqb11

Price consolidated, formed a top, broke out and now retraces back forming a pin bar at the former resistance.

Never traded breakout trades with PA before so any advice would be appreciated.

AUDUSD DAILY
Hey TT

Yes you have the general idea down. I look for a breakout and pullback like that. I would call that more of a sloppy pin on a Minor PPZ(previous highs), rather then an actual breakout pattern, which is what I use my breakout material for.

Best
Mike
  • #40,830
  • Edited Aug 13, 2009 1:35am Aug 12, 2009 4:48pm | Edited Aug 13, 2009 1:35am
Quoting mike w
My man, you don't wait for patience and discipline. You practice them. I had the same thought process that killed me for a year or two there. Without working on the discipline to trade correctly, how are you going to?

I play hockey. Without learning to skate the right way, how would I play? Pretty badly. It all goes hand in hand.

That's not an attack, but something for you to look into just like I did after a while of beating myself up.

No offence taken mate. You're completely right in everything you said. I think I just phrased what I was trying to say badly.

I AM practising patience and disipline. As best I can. Truely. And as this experience accumulates my patience and disipline skills increase. I call them skills because I believe they can be taught and learned; some people may think of them as characteristics - not me! They can always be bettered.

What I'm 'waiting' for, is to reach the skill level of patience and displine practised by Jim, Ghous, Mike, Jaroo and all the other pros in here.
Then I worry about where I'm going to place the puck.

Thanks for the advice though man, it made me stop and think. Thats always a good thing in this business.


On a side note: Just back from a holiday in Canada where I had a go at ice skating...man was my ass sore!!

By the end of the holiday though, I wasn't too shabby...
  • #40,831
  • Aug 12, 2009 4:51pm Aug 12, 2009 4:51pm
Quoting mbqb11
Hey TT

Yes you have the general idea down. I look for a breakout and pullback like that. I would call that more of a sloppy pin on a Minor PPZ(previous highs), rather then an actual breakout pattern, which is what I use my breakout material for.

Best
Mike
Hi Mike,

Thanks for the answer. Just want to confirm something as I was just viewing some of your videos on your breakout trades. From the video, I see that you based your breakout trades on the previous highs so don't quite understand what you mean.

Does it mean that the consolidation area has to be at a PPZ then breakout above and retrace back? Not just based on the consolidation high?
  • #40,832
  • Aug 12, 2009 5:12pm Aug 12, 2009 5:12pm
Quoting Rocket!
No offence taken mate. You're completely right in everything you said. I think I just phrased what I was trying to say badly.

I AM practising patience and disipline. As best I can. Truely. And as this experience accumulates my patience and disipline skills increase. I call them skills because I believe they can be thought and learne; some people may think of them as characteristics - not me! They can always be bettered.

What I'm 'waiting' for, is to reach the skill level of patience and displine practised by Jim, Ghous, Mike, Jaroo and all the...
You are absolutely right about them being skills that always need to be improved upon. The day you stop trying to improve is the day you allow for emotions to be brought into your trading. Think about it. Anyways, you are spot on with your reasoning. I love it.
Thought is the most powerful force there is. Keep it up my man! Just as everybody should.

A few notes for Canada too. First, awesome. Second, awesome. And third, awesome. (Just never tell another man you have a sore ass again... ) jk jk
I dream, therefore I become.
  • #40,833
  • Aug 12, 2009 5:20pm Aug 12, 2009 5:20pm
Quoting tradertt
Hi Mike,

Thanks for the answer. Just want to confirm something as I was just viewing some of your videos on your breakout trades. From the video, I see that you based your breakout trades on the previous highs so don't quite understand what you mean.

Does it mean that the consolidation area has to be at a PPZ then breakout above and retrace back? Not just based on the consolidation high?
Hey TT

The simplest way I can answer this is there are not enough "highs' to make that single line valid enough for me. I have even got more conservative with my breakout plays, and like to look for very clear concise patterns now. This isn't to say what you did above isn't perfectly acceptable though.

Best
Mike
  • #40,834
  • Aug 12, 2009 5:28pm Aug 12, 2009 5:28pm
Quoting mbqb11
Hey TT

The simplest way I can answer this is there are not enough "highs' to make that single line valid enough for me. I have even got more conservative with my breakout plays, and like to look for very clear concise patterns now. This isn't to say what you did above isn't perfectly acceptable though.

Best
Mike
I understand. What we are looking for is something more CONCRETE?

Something that we can see and know that others will also see as significant resistance so that once it is broken and retraces back, there is a smaller chance of it being a false breakout.

Hopefully I put my thoughts correctly.
  • #40,835
  • Aug 12, 2009 5:31pm Aug 12, 2009 5:31pm
Quoting tradertt
I understand. What we are looking for is something more CONCRETE?

Something that we can see and know that others will also see as significant resistance so that once it is broken and retraces back, there is a smaller chance of it being a false breakout.

Hopefully I put my thoughts correctly.
  • #40,836
  • Aug 12, 2009 5:39pm Aug 12, 2009 5:39pm
I must be an absolute idiot. Where and what did you trade?

Quoting joelcf
I do love it when the market reads this thread and does exactly what it is supposed to

I set my stop to b/e (136.30), went to bed, and woke up to 105 pips. Got kinda lucky when it missed my stop by 8 pips, but I can live with it.

Locked in some profit now, and will let it *hopefully* take another shot at 137, based on the daily lookin like it wants to take a run upwards.

Attachment

Attachment
I'm pretty much done with all this ...
  • #40,837
  • Edited 6:16pm Aug 12, 2009 5:51pm | Edited 6:16pm
Quoting StoragePro
I must be an absolute idiot. Where and what did you trade?
Ej 4H pin last night
http://www.forexfactory.com/t/2331/p...ml#post2948684

although it looks far cleaner on this guys feed.
http://www.forexfactory.com/showpost...ostcount=40715

----------
I see something tasty cookin up on the loon. 2d pin with the trend through a PPZ, and bouncing off the 38.2 retrace of the last swing down.

Its a big sucka, too.

Looks like traffic below, specifically at 1.0775ish and then 1.0600...and after that? Nothing but air. If this breaks through, it could go so far down it will wake up in China.

(sorry for the dodgy writeup, im on the train)

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When you have to shoot, shoot. Dont talk.
  • #40,838
  • Aug 12, 2009 6:17pm Aug 12, 2009 6:17pm
just to clarify something...what are the criterias for buob beob etc.
Does the body have to engulf the previous candle (ideally) or can you just have a smaller body and larger wicks engulfing the previous candle to count aswell?

I understand about location etc but just wanting to know the structure details

Just looking over some daily charts now and nothing really stands out
  • #40,839
  • Aug 12, 2009 6:31pm Aug 12, 2009 6:31pm
Quoting Rocket!
....I call them skills because I believe they can be thought and learne; some people may think of them as characteristics - not me! They can always be bettered.....
Too right they can.

If you learned how to walk, talk, eat and poop in a toilet, you can learn and achieve anything that your little heart desires.

How may told Einstein the atom was impossible to split?

How many told Louis Pasteur and Robert Koch that organisms did nothing but spontaneously occur?

And who had the last laugh?

The list goes on and on...
  • #40,840
  • Aug 12, 2009 6:32pm Aug 12, 2009 6:32pm
Compounding interest the 9th wonder of the world:
72 divided by the interest rate = number of years to double
at 30% thats 2.4 years
at 50% thats 1.44 years

There is a legend about a man who asked for his payment to be made in rice. 1 grain of rice on the first checker of a checker board - double that on the 2nd (2 grains) - Double that on the 3rd (6 grains) - double that on the 4th (12 grains) and so on for the 64 squares. There was not enough rice in the kingdom to pay the man the number reached on the 64th square was 18,446,744,073,709,551,615.

How many doubles do you need to do to start getting massive amounts of money?

In 1960 Warren Buffet started investing maybe 250,000? (this is a total guess based on his wikipedia info) he has been compounding this for 49 years. at 30% it could have doubled 18 times. Look at the picture - no wonder he is worth 62 Billion!!!

Lesson - good returns even 20% - 30% compounded over your life or applied to a reasonable size trading account over time will give you massive wealth - there is no need to aim for %returns any higher this way you will have a smooth equity curve and be a trading force to be reckoned with.

Pretty exciting stuff A?
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