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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

  • #42,681
  • Aug 31, 2009 9:10am Aug 31, 2009 9:10am
Quoting FinnTrader
I have taken 3 trades today. Everyone of them now at least BE. Not A+ setups, but good enough to trade?

1. AUDUSD Daily PB

Beautiful PB closing below 0.84. Target was the two lows at 0.8240. Ran 34pips to my way, so I wasn't going to watch that ending up a loss. So closed it at BE +1.

2. USDCHF two 4H PBs

Strong PPZ and I was aware of the S/R level at 1.0585 so I put stop to BE there. I took half of the profit at 1.0565 (+36pips) and I'm going to let the rest run hoping to get below the 1.0520-1.0530 support.

3. USDJPY 4H PB

I know there's...

Hey Finntrader

I am very happy to see that you played these all with a TIGHT string. Meaning you knew they weren't the best of setups(mostly number 2 and 3), and that you were not going to take a full loss. My real advice on these would be to be a bit more stricter on your entry criteria and it will bring your trading to a whole new level. For example the usd/chf are very very small bars. My advice when people play them is though to do exactly what you did, you just can't mess around and on the 4hr too many better trades WILL pop up. Same for usd/jpy it is a small pin at a swing low, as we want to see them at swing highs since you are now trading right into that new low. Again though, I have a feeling you knew these were less then stellar and that is why you put them on a tight leash.

Keep it up
MIke
  • #42,682
  • Aug 31, 2009 9:11am Aug 31, 2009 9:11am
Quoting nasir.khan
Checkout this one.
Attached Image (click to enlarge)
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  • #42,683
  • Aug 31, 2009 9:17am Aug 31, 2009 9:17am
Quoting raczekfx
Before I disappear Josh, let me hint you further...

On the forums, I'm only interested in REAL TRADERS AND REAL MONEY.
Everything else including theoretical stuff is a waste of time. And when you look what's happening around the world you shall notice that time is very precious.
Your mind can and will make wonders if you focus on your goals and skip the noise.....
Thanks for the helpful reminder Mark. I was just talking to Aaron (tiaforex) about this too... we must constantly go back and remember what we are hoping to accomplish today/week/month/year... what are our goals?

And then...

Is reading this thread, this article, etc going to help me reach my goals directly? Indirectly? Or is it just a waste of time? I am far from a master at this... getting better perhaps though.

Currently reading a great article that is certainly worth it to my time and goal reaching.

http://www.forexfactory.com/showpost...52&postcount=1

Perhaps back to my cave???

Josh
  • #42,684
  • Aug 31, 2009 9:25am Aug 31, 2009 9:25am
Quoting joelcf
4) Should I go kick a footy through my mum's window and blame it on a guy from the internet called joel?
No.


LOL very nice Joel.

The reality again like Joel said, is that if any of the tools we show here are used wrong YOU will lose. It is about learning to use the tools in an effective and intelligent way. Yeah of course it takes time, and there are a few ways to use them. I never trade divergence by itself without a price bar. Nor do I trade divg plus a bad bar. Divergence + a good healthy PA bar at a nice spot is KILLER. In fact someone who trades say Divergence + double top + Nice PA, will do better then 99.9% of this forum. Yep you heard me say it

Learn the tools and learn how to put them together, and really what is there to stop you?

Thanks again Joel, you know I enjoy all your posts, I have a feeling our brains work in a VERY similar way.

Mike
  • #42,685
  • Aug 31, 2009 9:28am Aug 31, 2009 9:28am
Quoting mbqb11
Hey Finntrader

I am very happy to see that you played these all with a TIGHT string....
Hi Mike! Thanks for the feedback!

Yep, I thought that it was very likely that these setups were going to give at least 15pips although they weren't A-class. So that's enough to secure the trades and watch if they were going to give some more. Trading A-setups, a little looser management is probably better, but I think it's overally better to be tight than loose.
  • #42,686
  • Aug 31, 2009 9:34am Aug 31, 2009 9:34am
Here is another nice one by my style

Pin off a round number. Closes above the number and within the prior bar + space (looks like a yummy cherry).

Entry with buy limit on the round number....

Words can't describe what this thread and people here gave me this summer (month)....a lot for sure.

It is so easy now. Thanks of you guys.
Attached Image (click to enlarge)
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  • #42,687
  • Aug 31, 2009 9:36am Aug 31, 2009 9:36am
Quoting benji533
Here is another nice one by my style

Pin off a round number. Closes above the number and within the prior bar + space (looks like a yummy cherry).

Entry with buy limit on the round number....

Words can't describe what this thread and people here gave me this summer (month)....a lot for sure.

It is so easy now. Thanks of you guys.
sick trade benji
  • #42,688
  • Aug 31, 2009 9:38am Aug 31, 2009 9:38am
Quoting nasir.khan
Checkout this one.
is that blue dotted line the 365ema?
on FXPro H4 chart, the the two big bars touched the 365ema & bounced/reversed from it.
  • #42,689
  • Aug 31, 2009 9:52am Aug 31, 2009 9:52am
edit
  • #42,690
  • Aug 31, 2009 9:53am Aug 31, 2009 9:53am
Quoting nasir.khan
Nasir - maybe this pair, the 4H is just about to close. I will have a look at it & check for confluence etc.
  • #42,691
  • Aug 31, 2009 10:03am Aug 31, 2009 10:03am
Quoting Grousman
Nasir - maybe this pair, the 4H is just about to close. I will have a look at it & check for confluence etc.
I don't see it off anything at all.

As has been said before, we do not sit on the edge of our seats looking for excuses to enter, we rather sit back on the couch and wait in ambush for only the very good ones.

The levels which interest me on the pair are labelled on the chart below.

g.
Attached Image
I believe . . .
  • #42,692
  • Aug 31, 2009 10:06am Aug 31, 2009 10:06am
Quoting supremeChaos
is that blue dotted line the 365ema?
on FXPro H4 chart, the the two big bars touched the 365ema & bounced/reversed from it.
It is 365ema but i can't see it.
Attached Image (click to enlarge)
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  • #42,693
  • Aug 31, 2009 10:12am Aug 31, 2009 10:12am
Quoting ghous
I don't see it off anything at all.

As has been said before, we do not sit on the edge of our seats looking for excuses to enter, we rather sit back on the couch and wait in ambush for only the very good ones.

The levels which interest me on the pair are labelled on the chart below.

g.

Interesting as I get a different candle - perhaps because I am on NYC close? I will post.
  • #42,694
  • Aug 31, 2009 10:17am Aug 31, 2009 10:17am
Quoting ghous
I don't see it off anything at all.

As has been said before, we do not sit on the edge of our seats looking for excuses to enter, we rather sit back on the couch and wait in ambush for only the very good ones.

The levels which interest me on the pair are labelled on the chart below.

g.

ghous - this is what I get on mine; any thoughts? Point taken re the levels
Attached Image (click to enlarge)
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  • #42,695
  • Aug 31, 2009 10:22am Aug 31, 2009 10:22am
Quoting Grousman
ghous - this is what I get on mine; any thoughts? Point taken re the levels
But its only a PB with no confluence. Although i saw price jumped at 9000 with a BUOB.
  • #42,696
  • Aug 31, 2009 10:25am Aug 31, 2009 10:25am
I'd rather enjoy some of this.
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  • #42,697
  • Aug 31, 2009 10:25am Aug 31, 2009 10:25am
Quoting Grousman
ghous - this is what I get on mine; any thoughts? Point taken re the levels
yes be careful with bars like that. Although price can move lower on them, we have to really think if this bar is enough to warrant a reversal WORTH trading. A very small pinbar can mean to me simply a pause before a resumption up. Without more confluence, we are more or less flipping a coin, especially on a choppy pair like this. These to me are very easy no trades day in and day out.

Best
Mike
  • #42,698
  • Aug 31, 2009 10:26am Aug 31, 2009 10:26am
Quoting nasir.khan
But its only a PB with no confluence. Although i saw price jumped at 9000 with a BUOB.
Maybe I am trying to "talk myself into the trade" but if you look at
around 7th July there is clear resistance at this level.
  • #42,699
  • Aug 31, 2009 10:29am Aug 31, 2009 10:29am
Quoting Grousman
Maybe I am trying to "talk myself into the trade" but if you look at
around 7th July there is clear resistance at this level.
Could this move down? Yes. will it? Maybe. Is this really worth our hard earned money? Well again maybe, but for me it is a clear no. Especially on a 4hr chart, scroll through we see so much more clear bars that we don't have to even have doubts about. We can still figure out where this might likely stall, watch and observe and sit and wait. Always remember it is not about trading, it really is about waiting. If I never made one post again after this one it would be that if you all can be really really picky you have a shot at this.

Best
Mike
  • #42,700
  • Aug 31, 2009 10:33am Aug 31, 2009 10:33am
Quoting mbqb11
yes be careful with bars like that. Although price can move lower on them, we have to really think if this bar is enough to warrant a reversal WORTH trading. A very small pinbar can mean to me simply a pause before a resumption up. Without more confluence, we are more or less flipping a coin, especially on a choppy pair like this. These to me are very easy no trades day in and day out.

Best
Mike
Thanks Mike, I'm here to learn. BTW I will probably sign up the J16 website, had my 1st look around on the weekend & learnt some more just from guest sections. Someone on here earlier said there are numerous videos & content for members so I best join.
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