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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

  • #42,441
  • Aug 28, 2009 5:51am Aug 28, 2009 5:51am
Quoting nasir.khan
There is no money involved this is a game of ultimate skill.

So you are in GU.
Quote
There is no money involved this is a game of ultimate skill.
...

"If you're good at something never do it for free..." Heath ledger, THE DARK KNIGHT





Quote
So you are in GU
You bet
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I believe . . .
  • #42,442
  • Aug 28, 2009 5:56am Aug 28, 2009 5:56am
Quoting oltciter
Thank you again , Ghous! I'm short too!
I am out of it Oltciter for BE. Not recommending you to do the same though, I found a slight dearth of momentum, which for Break out trades is an unacceptable scenario for me.

Cheers,
Ghous
I believe . . .
  • #42,443
  • Aug 28, 2009 6:18am Aug 28, 2009 6:18am
Looks like that USDCAD 2 day PB might be playing out. I am short but actually from the trendline break on the 4hr.

2 day PB break at green line
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  • #42,444
  • Aug 28, 2009 6:36am Aug 28, 2009 6:36am
  •  krue
  • | Joined Mar 2008 | Status: finger scares cat, power of illusio | 410 Posts
trades, winners......losers ....... good ...... bad...... whatever
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  • #42,445
  • Aug 28, 2009 6:44am Aug 28, 2009 6:44am
Quoting supermatt
i have just been watching a few of mikes vid clips from the j16 website. Its been bugging me for some time as I see several people use it. How do you get a pen or pencil tool for mt4 so you can draw free hand with your mouse?
or is it something to do with using screen cast software and it being a feature of that software itself?
Hi SuperduperMatt

IT is the annotation tools in Camtasia. Camtasia is the recording tool. Not nearly as heavy as the Macromedia stuff.

BTW - ever hear of Super Dave Osborn?
I'm pretty much done with all this ...
  • #42,446
  • Aug 28, 2009 6:46am Aug 28, 2009 6:46am
Quoting krue
trades, winners......losers ....... good ...... bad...... whatever
Bunch of damn winners so far. Nice.

Don't let them turn into losers.
I'm pretty much done with all this ...
  • #42,447
  • Aug 28, 2009 6:54am Aug 28, 2009 6:54am
Every so often I get some time to goof around with things.

Today was fun... And do this on DEMO.

Check the chart. The Yellow line is a Support line on the 1 & 4 hour. Multiple touches. 1.0830 to be precise. Go ahead, you know you wanna look...

OK - it forms a 'head and shoulders' too.... did you notice that? I don't trade it, but some do.

Based on what I know about order flow, if price got to the white line - it would run a bit - at least to the 1.0800.

Look at the results.

This was an experiment. Not a methodology. But the observation can make you a lot of money.
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I'm pretty much done with all this ...
  • #42,448
  • Aug 28, 2009 6:55am Aug 28, 2009 6:55am
  •  krue
  • | Joined Mar 2008 | Status: finger scares cat, power of illusio | 410 Posts
thanks, manage them tightly

Quoting StoragePro
Bunch of damn winners so far. Nice.

Don't let them turn into losers.
  • #42,449
  • Aug 28, 2009 7:57am Aug 28, 2009 7:57am
I everyone off my hols so and looking for some good trading books to read while i am away.

Any suggestions

Regards

ST
" Dont wait for your boat to come in ..... swim out and meet it"
  • #42,450
  • Aug 28, 2009 8:17am Aug 28, 2009 8:17am
Quoting speedtrip
I everyone off my hols so and looking for some good trading books to read while i am away.

Any suggestions

Regards

ST
I think there are a couple of threads for this on forexfactory but I would suggest

Reminisces of a Stock Operator.
Both 'Market Wizards' books
Pring on Price Patterns
  • #42,451
  • Aug 28, 2009 8:55am Aug 28, 2009 8:55am
Trading in the Zone

Quoting speedtrip
I everyone off my hols so and looking for some good trading books to read while i am away.

Any suggestions

Regards

ST
  • #42,452
  • Aug 28, 2009 9:46am Aug 28, 2009 9:46am
Hey benji i can see you lurking whats up buddy.

Does that seem good.
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  • #42,453
  • Edited 10:20am Aug 28, 2009 10:03am | Edited 10:20am
Quoting nasir.khan
Hey benji i can see you lurking whats up buddy.

Does that seem good.
LOL not lurking just thinking about a post I need to make.

Trading the 1H eh?

Based on what have you entered short? I was more in the direction of a breakout long here...but things didn't line up as I wanted. You will see what I mean latter when I will be able to focus on a writing a post...I will remember this chart

Just be careful man, you have ton of support below you. On my feed that BEOB is bearly a BEOB. The main thing that I don't like about this trade, is that you are trading against a very very sharp move, with a PA bar which isn't a giant relativity to recent bars. It's like trying to catch a falling knife if you understand what I say.

When you see a bar like that at swing high after a sharp move, you need to ask yourself if that really seems to be reflecting a reserval? what supports you? That bar is too small for me.


Good luck!

Ben

Edit:
Here, look at my last trade: http://www.forexfactory.com/showpost...ostcount=42386
The BEOB I took engulfs the two previous bars and it is very big if you compare it to them. You can clearly see that that bar tried to go higher but got rejected and closed as a large BEOB.
The main important thing thing in this trade, for me, is that major round number. I don't want to argue, but I think for me it will be crazy ignoring them. The close is below the round number.
Now I have more supporting factors like nice divergence, swing high, and very important - the move up is not sharp. I can see that the bulls are loosing strength.

That is how I tarde these lower time frames. Hope it helps.

Ben
  • #42,454
  • Aug 28, 2009 10:56am Aug 28, 2009 10:56am
Quoting benji533
LOL not lurking just thinking about a post I need to make.

Trading the 1H eh?

Based on what have you entered short? I was more in the direction of a breakout long here...but things didn't line up as I wanted. You will see what I mean latter when I will be able to focus on a writing a post...I will remember this chart

Just be careful man, you have ton of support below you. On my feed that BEOB is bearly a BEOB. The main thing that I don't like about this trade, is that you are trading against a very very sharp move, with a PA...
Thanks Benji,

I got you thinking(posting the 1h chart) that i entered here cause entirely of that 1H bar.

It starts with that PPZ in 4H. Look how price is struggling to break it. then look at weekly and see there is 61.8%. Price breached it but did not managed to close above it in weekly take a closer at MACD also.

Then i had price placed right in between this PPZ so i came down to 1H for an early entry.

So if now i enter and have false breakout i will loose 30 pips. But if it goes down and i start trailing SL look at downside.


And thanks for the books i have "Trading in the zone" already but the other one you sent me is fantastic and i can see traces of it in your posts you should be proud of yourself.
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  • #42,455
  • Aug 28, 2009 11:34am Aug 28, 2009 11:34am
Quoting ghous
...

"If you're good at something never do it for free..." Heath ledger, THE DARK KNIGHT





You bet
But never put a tag on your soul.

I was in this trade also but closed it soon after 20+ pips and entered short cause price pulled back to TL it broke earlier tested it and then continued down.
Presence of 50% Fibonacci just above and a PPZ made it look more strong.

And how the hell did you get that PAYPAL account???
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  • #42,456
  • Aug 28, 2009 11:37am Aug 28, 2009 11:37am
Quoting nasir.khan
Thanks Benji,

I got you thinking(posting the 1h chart) that i entered here cause entirely of that 1H bar.

It starts with that PPZ in 4H. Look how price is struggling to break it. then look at weekly and see there is 61.8%. Price breached it but did not managed to close above it in weekly take a closer at MACD also....
Hey bro. I understand your thought process. But I personally see things a bit different. If I trade the 1H, I do not even go back to see the 4H, sure not the weekly. That weekly bar on the weekly fib, is a whole trend on the 1H chart, so it is not relevant to me so much.

Here are my charts and how I see the things happen. The first chart describes what I wanted to do, and the second one is why I wouldn't take your trade. By the way, I am a bit picky, so there will be many trades that I won't take but will be winners, so that doesn't mean that you have done something wrong, I am just giving you my opinion based on how I trade.

Hope it helps you.

Ohh and you are more than welcome for the books

Ben
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  • #42,457
  • Aug 28, 2009 11:45am Aug 28, 2009 11:45am
Quoting joelcf
USDCAD made a nice 2d pin at close. Big PPZ sittin on a round number below it, but it is with the overall trend, and in general fits the direction I want to get into this trade (ie, bullish on resources and hockey).
Hey joel! Did you take the trade in the end? Did you see it's developing the exact same pattern as the one we talked about last night? Bounced off the exact same level and it looks like it's forming a PB again.
  • #42,458
  • Aug 28, 2009 12:40pm Aug 28, 2009 12:40pm
EURUSD has made a BEOB at the trendline break area. This is also a strong weekly PPZ.

I am in on a retrace to the broken trendline and my stop is above the bar high of the week (6 bars behind the BEOB). Retrace entries carry a higher risk but I am happy to accept this risk in this scenario.

Rationale is that the big bar up was a stop run and the trendline break could fail with the clue being the BEOB.

Divergence on 4 hour supports this trade idea.

I dont usually place a trade this late friday but this looks worth a shot to me. Looking to TP at the 4280 area.

BTW. If anyone is interested check my last post and the area of confluence I posted before price moved up. Sure does help give confidence in how the markets react to good areas. Unfortunately I only grabbed a handfull of pips from that trade idea but it was a nice area.

cheers

fxp
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  • #42,459
  • Aug 28, 2009 12:40pm Aug 28, 2009 12:40pm
Quoting benji533
Hey bro. I understand your thought process. But I personally see things a bit different. If I trade the 1H, I do not even go back to see the 4H, sure not the weekly. That weekly bar on the weekly fib, is a whole trend on the 1H chart, so it is not relevant to me so much.

Here are my charts and how I see the things happen. The first chart describes what I wanted to do, and the second one is why I wouldn't take your trade. By the way, I am...
Sorry for late response my internet connection got some problem.

That makes a whole lot of sense. Sound s like what i just did with GU.

Closed Half position and half is at BE in AudUSD.

We are thinking opposite but we both could make money from it.

You are saving me money on regular basis thats a nice habit LOL.
  • #42,460
  • Aug 28, 2009 12:48pm Aug 28, 2009 12:48pm
Quoting nasir.khan
Sorry for late response my internet connection got some problem.

That makes a whole lot of sense. Sound s like what i just did with GU.

Closed Half position and half is at BE in AudUSD.

We are thinking opposite but we both could make money from it.

You are saving me money on regular basis thats a nice habit LOL.
LOL

That is right. We can see different things, trade different and use different tools, but as long as we have a reason and theory behind every rule in our own method, using PA to confirm it - I believe it is possible to be profitable over time in this business with patience and discipline of course.

Keep it up mate

Ben
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