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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

  • #42,301
  • Aug 27, 2009 3:00am Aug 27, 2009 3:00am
Quoting james16
i see my good friend forexhen is among us.

i would like to personally apologize for racs and storage pros lack of tact kind lady.
No worries Jim, just some friendly male banter - might have to consider putting them on ignore though if it gets any bluer .

Sam
Forget What You BelieveBelieve What You See
  • #42,302
  • Aug 27, 2009 3:06am Aug 27, 2009 3:06am
Quoting james16
good lord. 16 and talking about not being picky enough with his trades.

your tripping me out man.

who was the other young gun the other day that said he was bens age or close to it?

ben you dont mind me having a little fun with your age do you?

no? good i knew you wouldnt mind.

sweet dreams ben and dont let the bed bugs bite. oh and check that night light buddy.

sorry my friend i just couldnt resist.

no one is allowed to jack with ben but me.

im officially announcing that im looking out for our junior member.

who was that...

HAHAHA I went to bed huging my barney and spongebob toys yesterday

I know you are jealous

Ben
  • #42,303
  • Aug 27, 2009 3:10am Aug 27, 2009 3:10am
Quoting ghous
Maybe we can derive something for this...

Maybe it's the kids that can trade better than adults, nice clean minds, free from excessive "ifs" and "buts" and "so whats" and "what ifs"...

The simplicity of trading is so obvious...it in fact is what gets a lot...a lot of wannabe traders...

Remember Jim's son, and each and every outside bar that he took on Eur/Gbp this year...I sure could have never done that...I mean I am not talking from my death bed but I am getting old...old enough to wave teenage life good bye and honestly the way I saw...
You are old? You must be kidding me. You and me not THAT different. Our minds as well.

Maybe the day when little kids will work instead of the parents in house is not that far

But yes, your words make sense man.

Ben
  • #42,304
  • Aug 27, 2009 3:23am Aug 27, 2009 3:23am
Quoting benji533
You are old? You must be kidding me. You and me not THAT different. Our minds as well.

Maybe the day when little kids will work instead of the parents in house is not that far

But yes, your words make sense man.

Ben
yeah I am not old, but by the time you wave your teenage life good bye, you'd be 4 years deep in experience...that is a blessing...make good use of it Ben,

I got a part of it too...and was fortunate to put it good use.
I believe . . .
  • #42,305
  • Aug 27, 2009 4:06am Aug 27, 2009 4:06am
Quoting benji533
You are welcome

I trade this pattern a lot. It works.
Mike is the master of it though

Basically, after I have my pattern drawn, it is all a matter of patience. I wait for a breakout, pullback to the trend line, and then a PA confirmation on the line.
Ummm....Usually I try to get a better entry on even a lower TF. That way my R:R will be better, and also sometimes it is the only place I find PA.

Ben
Here is another great example. I am still flowing this. I already made a few posts about this trade...IT WORTH IT.

Look at my post from last week. There was a BUOB, but I didn't take it.

I have plotted arrows at different availed (according to me...although I wouldn't take the bar off the 150EMA, I know james and many others in this thread to that) entries. Look how simple and clean this chart is.

The thing that I want to point is that LARGE BUOB off a major round number - that bar started this incredible trade. I see many traders ignore them, that is 100% if it works for them but I like using them.

If someone can manage entering at the retrace of of one of these bars, it can be a real killing.

Ben

Edit: on the third arrow, it's a BUOB, not BEOB - my mistake.

http://img405.imageshack.us/img405/5...kkppppppop.jpg
  • #42,306
  • Aug 27, 2009 4:39am Aug 27, 2009 4:39am
Exited USDCAD trade from yesterday on touch of 1.100 for 125pips on a risk of 20

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Now, is it getting too cocky to try and go for another breakout of 1.100? Its a pretty big ppz level, looking at the recent history...

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When you have to shoot, shoot. Dont talk.
  • #42,307
  • Aug 27, 2009 4:40am Aug 27, 2009 4:40am
Quoting joelcf
Exited USDCAD trade from yesterday on touch of 1.100 for 125pips on a risk of 20

Attachment

Now, is it getting too cocky to try and go for another breakout of 1.100?

Attachment
As Mike would say -

"Pure Money Make"

  • #42,308
  • Aug 27, 2009 4:48am Aug 27, 2009 4:48am
The old me would have taken this one. Pinbar! Off support!

The new me sees a bunch of resistance 10pips above, choppiness, a small pin following a big bearish bar, selling pressure from two big pinbars in the last week, and going against the daily trend.

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When you have to shoot, shoot. Dont talk.
  • #42,309
  • Aug 27, 2009 4:49am Aug 27, 2009 4:49am
Quoting joelcf
Exited USDCAD trade from yesterday on touch of 1.100 for 125pips on a risk of 20
Now, is it getting too cocky to try and go for another breakout of 1.100? Its a pretty big ppz level, looking at the recent history...
Very nice.
based on Matching Highs breakout (& H4 BUOB)?
let's see if it'll repeat that later in the US session.

wash. rinse. repeat. it looks & sounds easy.
  • #42,310
  • Aug 27, 2009 5:08am Aug 27, 2009 5:08am
Quoting joelcf
The old me would have taken this one. Pinbar! Off support!

The new me sees a bunch of resistance 10pips above, choppiness, a small pin following a big bearish bar, selling pressure from two big pinbars in the last week, and going against the daily trend.

Attachment

Attachment

I'll add against the trend, not a big bar relativity to other recent bars, and nothing very special supporting you except of divergence which is a killer in trending markets

Congrats on the nice trade you had on the earlier post

Ben
  • #42,311
  • Aug 27, 2009 5:18am Aug 27, 2009 5:18am
we have certainly been blessed with some setups of late peeps.
did anyone else get this one(gbpaud)?
this is a classic example how understanding orderflow and what traders are doing and why, will allow you to trade that little better.
not only was this pin with the trend,it traded back to a key level and then broke resistance sucking in buy orders.......then bam,you get the classic dump,caused by buyers covering longs-forces price down even harder due to newly initiating shorts and covered longs.
gotta love that.very cheeky
take care all.
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  • #42,312
  • Aug 27, 2009 5:45am Aug 27, 2009 5:45am
Quoting joelcf
The old me would have taken this one. Pinbar! Off support!
Thats some nice work joelcf. I aspire to your laser like precision.

A51
  • #42,313
  • Aug 27, 2009 6:03am Aug 27, 2009 6:03am
Quoting benji533
I agree 100% Joel. I have till now 18 winners and 2 loosers from these trades!!! It works!
This is a trade I have missed cause I wasn't around...but it was on my list and I would being taking it without a doubt if I was around.

It is a clear breakout pattern. Price tested 153.5 four times, broke through, pulled back and produced a BEOB. I don't see any major round number in the area, but I do not use them on breakout trades.

This is a great trade, and has more room to move before it turns...IMO

It happens all the time, and it works!


By...
GJ Breakout - that is my kind of Breakout. Nice Flat side. OB to bust out. Run Forrest, Run....

Ima try them slanty lines too... I do trade off them, adding a break might not be to difficult...
I'm pretty much done with all this ...
  • #42,314
  • Aug 27, 2009 6:15am Aug 27, 2009 6:15am
Benji touches on something very important. Trading is simple - but not easy, because we the trader makes it hard.

  1. Set up some immutable rules based solidly on what you read here. Want some validation? Post them here.
  2. Paste them on the edge of the monitor.
  3. Watch the charts n the time frame you've selected. Time frame is in the RULES - right?
  4. When a bar meets the criteria, enter.
  5. Exit at your target, or what ever method the rules dictate.

Easy. Now the trick is to park your brain at the door, and stop making stuff up that keeps you out of the good trades and in the bad ones.

There is not much more to this. It is all in your head.

Demo the above until you are profitable 3 to 6 months straight. CLEARLY profitable. (See post #1)

Hope this helps. When the light goes on, you;ll see that this is all there is too it. Even the RULES are simple.

Quoting benji533
IT IS DEFINITELY ONE OF THE EASIEST THINGS TO DO.

Hey supermatt, it is all in your head!

I am telling you, I did a little research, read smart guys posts, built my method (or their method, lol), and apply it. It is really simple.
Trading is not a complicated thing at all. I really enjoy it.
I do not understand why it is so difficult to so many.

I am doing a very simple thing. Believe me I am the last one to be a genius here..be sure about that.

IMO, the trader is the only one that can disturb himself making killings...
I'm pretty much done with all this ...
  • #42,315
  • Aug 27, 2009 6:51am Aug 27, 2009 6:51am
Yeah, but lets THINK on this instead of sticking with the simple, obvious and true.

Come on Joel!! It is a nice PB. Nice form and shape. Shoot, if I were an Outside Bar, I'd buy it a drink and ask it to marry me! In fact, if you look - the top of a range that is being put in is at 95 - and that is over 100 pips for a little risk... Dude - I could get 2R out of this trade!! I don't want to miss it. It is right at the bottom !! May I also point out that there IS some divergence??? In fact, it is at a DAILY PPZ - I might just hang on to some risk and give it a chance to run. Run Forrest, run!



I hope this illustrates what kind of mental process will kill you off.

Joel's thoughts were on risk avoidance.

Mine was on gain.

WHAT WORKS IN THE REAL WORLD FOR YOU WILL KILL YOUR DEAD BUTT AS A TRADER.

Don't be liquidity. Identify risk. Remember PRICE TRUMPS EVERYTHING. That PB may work out, but look at the PRICE FACTORS working against it. I guarantee, that the moment that trade executes, you will die inside. You may wonder how I know that...

There will be another, vastly superior opportunity today. That is why we can wait for an A+ trade.

Thanks Joel, for being my foil. You are a gentleman.


Quoting joelcf
The old me would have taken this one. Pinbar! Off support!

The new me sees a bunch of resistance 10pips above, choppiness, a small pin following a big bearish bar, selling pressure from two big pinbars in the last week, and going against the daily trend.
]
I'm pretty much done with all this ...
  • #42,316
  • Aug 27, 2009 6:57am Aug 27, 2009 6:57am
  •  krue
  • | Joined Mar 2008 | Status: finger scares cat, power of illusio | 410 Posts
anyone in this pair? inside bar break at ppz.

simply could not place order for the moment, no idea why
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  • #42,317
  • Aug 27, 2009 7:06am Aug 27, 2009 7:06am
Quoting skfx
we have certainly been blessed with some setups of late peeps.
did anyone else get this one(gbpaud)?
this is a classic example how understanding orderflow and what traders are doing and why, will allow you to trade that little better.
not only was this pin with the trend,it traded back to a key level and then broke resistance sucking in buy orders.......then bam,you get the classic dump,caused by buyers covering longs-forces price down even harder due to newly initiating shorts and covered longs.
gotta love that.very cheeky
take care all.
You bet your bippy!

In fact - caught the run up yesterday. and the run down last night. Entered on the PB.

I was hoping to see more to the upside, but momma did not raise a fool, when the pair ran out of gas at that Resistance we dumped. That PB was an unexpected pleasure. Up late for that one! Up again at 6AM, and low and behold... 1.9500 busted like Citibank. Walking the stops down now.

This is a pair to watch now. We are not far off from all time lows. There is nothing but clear air between here and those lows 600 to 700 pips away.

If you have the pair, wait for a proper pull back to enter.
I'm pretty much done with all this ...
  • #42,318
  • Edited 7:34am Aug 27, 2009 7:21am | Edited 7:34am
Quoting StoragePro
Don't be liquidity.
This might have to be my new favourite quote.

Quoting StoragePro
Joel's thoughts were on risk avoidance.
True, but I am also a massive nit when it comes to this stuff. Still somewhere in the concious incompetance stage of things - im a dumbass at it, but at least i realise it now - so I dont trust myself to take anything less than the A+++ trades

I skipped this one, for instance.

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I really think i need to take a leaf out of your book and just commit when I see something that I know will work. Overthinking, overanalysing, second guessing and eventually outleveling myself into not taking trades is one of my biggest weaknesses.

Could be worse though, could be the other way
When you have to shoot, shoot. Dont talk.
  • #42,319
  • Aug 27, 2009 7:35am Aug 27, 2009 7:35am
Mike,

Just wanted to say Thank you I was actually getting more and more confused these few days as I saw everyone taking different trades based on their different requirements etc and I was drawing PPZs where the trade might stop everywhere making it very messy as every trade seems to have a very close stopping point.

I took a break from the forum and went back to basics.

I went back to see your video that you created: PinbarIntroduction.wmv

(err I remember that was you right? lolz)

and finally had a clear idea of the location I am looking.

Basically I am looking for a Semi Circle or as you said a Cherry hanging down or up in a semi circle. It made it so clear of the type of location we have to WAIT for and not rush into any other sucky trades. I am still in the process of learning and hope that this improves my game.

If you have any other ideas, or if I am still picking the wrong locations, please do let me know

Thank you

I have attached a picture of the location I am looking for. Well this trade may not work out and I may be stopped out but its ok not all trades do anyway and as long as I get more wins than losses, it will be great to meet my 10 - 20% target per month.

Cheers

P.S. I sometimes don't even bother to draw in the Fibs these days lolz ..

Great location + Super PPZ at a big whole number and a PA is good enough for me to take the trade hehe
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  • #42,320
  • Aug 27, 2009 7:38am Aug 27, 2009 7:38am
Just wanted to clarify something though, how do we set rules on Location? I don't see how I can put it in words .... help needed or maybe someone can post their rule here hehe

Quoting StoragePro
Benji touches on something very important....
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