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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

  • #42,901
  • Sep 2, 2009 8:41pm Sep 2, 2009 8:41pm
Quoting Grousman
Thanks, as always, Mike. Getting better with the waiting game but nowhere near enough. I thought this might have been a C trade & would manage accordingly but, again, you have put things in perspective.....
we will all get better as long as we all continue learning & practicing & we do NOT quit.
Again, it's nice to hear other's opinion/s (it definitely helps put things in perspective, like u said) but dont get caught up in the 'PA grading subject'. it is a highly subjective subject, imho. a trader's A setup may be a C setup for another, or vice versa.
this is something to keep in mind, always.
  • #42,902
  • Sep 2, 2009 8:46pm Sep 2, 2009 8:46pm
Quoting FinnTrader
GBPJPY daily seems to be forming a little pin bar to a very nice place, just above a huge round number 150.00 and former S/R.
has this last bar closed as a PB in your chart?
yes, it may be at a nice place (big round number, 150), but pay attention to the previous bar's size: relatively bigger.
imho, the trend is down. also, the volatility in gj may be enough to stop u out.
if u are on demo, u can take this trade only to learn/see what happens.
  • #42,903
  • Sep 2, 2009 8:47pm Sep 2, 2009 8:47pm
Quoting joelcf
(this isnt aimed at anyone specific - quoting SC because he gets it and put it so well)

Over the last week or three, I've seen alot of C, D, E and straight F trades posted. I get that the markets are in a bit of a sideways motion at the moment, but people are trying to trade crap.

Not just 'it isnt A++++, but it is still a great setup that will work again and again', but like absolute crap. Inside bars against the trend into big PPZs. Pin bars that look more like indecision bars and dont even protrude from the previous couple...
Joel

Not a rant at all. Just good honest advice.

Those who are serious about this business have read it all, practiced it to death and then when the crunch comes we make the same mistakes and get kicked in the butt. But hopefully we learn and we continue to read, listen and grow.


I'm learning heaps from yourself, Jim, Mike and the other seniors.

So keep ranting. It reminds us that this is not that difficult if we just learn to WAIT for the best setups. The market will be there tomorrow there should be no rush.

Thanks for keeping us focused.

A51
  • #42,904
  • Sep 2, 2009 9:03pm Sep 2, 2009 9:03pm
Quoting endo77
AUD CAD large daily buob through pvz with the trend off of a couple fibs....what do ya think?
to me, this is sort of an atypical BUOB (Big BEB followed by a big BUB), but imho, it can be considered a BUOB.
off a round number (0.91) but not in the best/ideal location (not at a protruding swing low, although to me, this can be considered to be at a higher swing low)
since imho trend is up & aud is stronger than cad, i believe it will work.
the question in my mind is: where will i enter??
in your chart, i see an immediate PPZ at 0.9270 area. that is about 30pips from the BUOB high. i will buy above 0.9270 or (safer imo) above 0.9300
OR i will wait for a retracement to 0.91 - 0.9150 area. if the latter happens, it's the best choice.

Just my thoughts. Hope it helps
  • #42,905
  • Sep 2, 2009 9:32pm Sep 2, 2009 9:32pm
Quoting joelcf

Sorry for the rant.

I'm not. It was great.

Its easy to see how youre becoming one of the most influential minds around this place. Keep it up.
  • #42,906
  • Sep 2, 2009 9:37pm Sep 2, 2009 9:37pm
Hello everyone !

I am new here and I see lots of quality trades but I don't understand the system and everything you discuss.
What is your advice: where should I start learning ? Is there any materials available?
Or should I start reading from the first page ?
I appreciate any advice and comment and I hope one day I will not be a looser trader anymore !!

Thanks !

Evve
  • #42,907
  • Sep 2, 2009 10:01pm Sep 2, 2009 10:01pm
Quoting evve
Hello everyone !

I am new here and I see lots of quality trades but I don't understand the system and everything you discuss.
What is your advice: where should I start learning ? Is there any materials available?
Or should I start reading from the first page ?
I appreciate any advice and comment and I hope one day I will not be a looser trader anymore !!

Thanks !

Evve
Hey Evve

Welcome to the thread. I know it seems like a monster task, but the best thing you can do is start at page one and work your way VERY slowly through the thread. By the time you get two hundred or so pages deep you will have a much better understanding of what we are trying to do here. There are some posts on post one that sum up different parts, but it is just supplemental to everything for sure.

Most of all enjoy it is fun too

Mike
  • #42,908
  • Sep 2, 2009 10:06pm Sep 2, 2009 10:06pm
Ah... the ever-quick Sir Mike/mbqb11!

evve,
Mike recently mentioned this. check it out, view as many charts/posts like that.
also, do visit/view the guest section videos
This will immediately keep u busy
Welcome & good luck!
  • #42,909
  • Sep 2, 2009 10:51pm Sep 2, 2009 10:51pm
thank you.

Quoting joelcf
(this isnt aimed at anyone specific - quoting SC because he gets it and put it so well)

Over the last week or three, I've seen alot of C, D, E and straight F trades posted. I get that the markets are in a bit of a sideways motion at the moment, but people are trying to trade crap.

Not just 'it isnt A++++, but it is still a great setup that will work again and again', but like absolute crap. Inside bars against the trend into big PPZs. Pin bars that look more like indecision bars and dont even protrude from the previous couple...
  • #42,910
  • Sep 2, 2009 11:42pm Sep 2, 2009 11:42pm
First i must say i have been very pleased and enlightened by what i have read in the past few days since discovering this thread. To all those that contribute, thanks for all the great information.

I have been following along in the shadows learning as much as I can. I have a chart here that I am looking for some advice on.

I looks as though the price action has bounced off of the resistance in the 1.1100 area. There is also a small PB.

Excuse the trade that is on the chart now. It is from two bars earlier when a large PB showed up that did not develop.

Anyway, I would appreciate some comments
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  • #42,911
  • Sep 3, 2009 12:05am Sep 3, 2009 12:05am
Quoting Ebont74
First i must say i have been very pleased and enlightened by what i have read in the past few days since discovering this thread. To all those that contribute, thanks for all the great information.

I have been following along in the shadows learning as much as I can. I have a chart here that I am looking for some advice on.

I looks as though the price action has bounced off of the resistance in the 1.1100 area. There is also a small PB.

Excuse the trade that is on the chart now. It is from two bars earlier when a large PB showed up that did...

Hey Ebont welcome to our little home here, glad you are enjoying things so far

I would say there is nothing to get excited about with that bar. If you zoom out you can see how small an insignificant it looks. As joel pointed out above these bars show more of indecision they any directional means. If you look we can see right under this is the 1.1000 round number, which is a major PPZ right now. What that means is essentially trying to short here is trading right into a very big problem area. This puts me in wait mode and makes me cautious. For us intraday traders(which I am glad you are starting on the higher timeframes as James lays out, most people skip this and it bites them), I will be watching this area for some clues to which way the action might go. Overall nothing to do on the daily but wait and watch.

Hope that helps and welcome again

Mike
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  • #42,912
  • Sep 3, 2009 12:09am Sep 3, 2009 12:09am
First Post.... Hey y'all

I'm currently at page 101 of this thread, and just wanted to introduce myself.
It took me three days... at this rate I'll finish it in 3 months lol :O

I look quite forward to joining the PF and learning more, and trading my first forex demo account. (I have traded equities live for about a year now, with some success) My question for now is what broker is a good one to go with? I have demos from GFT and IBFX at the moment. (and I hope this is not one of those questions you're not supposed to ask on FF)

James, you seem truly genuine, a rarity in any financial business. I am excited to start my journey of learning how to consistently and profitably trade the markets.

Thanks in advance.

Clarkson
  • #42,913
  • Sep 3, 2009 12:17am Sep 3, 2009 12:17am
joelcf: Over the last week or three, I've seen alot of C, D, E and straight F trades posted. I get that the markets are in a bit of a sideways motion at the moment, but people are trying to trade crap.



Thanks man i thought i was loosing my mind, i have been sitting here going ok
anyday now.
  • #42,914
  • Sep 3, 2009 12:26am Sep 3, 2009 12:26am
Mike, Ady, SP.

Thanks for your kind words.

It's part of the learning process i am going through. I would not have learnt the lessons by winning which i learnt by loosing.

Never trade towards a PPZ - Trade away from it.

Never trade in a lower TF IF price is inside a PPZ in a higher TF.

And this i've been told since i was a kid,

Look on Both sides ( Left side in our case) before crossing the road.

I hope i could follow these next time i trade.
  • #42,915
  • Sep 3, 2009 12:30am Sep 3, 2009 12:30am
Quoting atclarkson
First Post.... Hey y'all

I'm currently at page 101 of this thread, and just wanted to introduce myself.
It took me three days... at this rate I'll finish it in 3 months lol...
Hey Clarkson,

I commend you for just diving in and reading that far. It often answers many of the initial questions, but I aslo suspect you come with some background that probably helps that out too

I hate recommending brokers, b/c it is one of those lose-lose situatons. Many good brokers out there, and they usually have the good and the bad with them. This is why many traders i know including myself have more then one depending on the situation and circumstance. One of my brokers is Oanda, whom I recommend to those starting out simply b/c of their position size granularity flexibility(can trade from 1 unit on which is way less then even a penny a pip), and their small deposit(if any?) minimums. So this is good for those who want to throw a few hundred in an account and trade it with correct MM. They are still a great broker for much larger sizes too, but I don't want to go past that and start a broker debate as it can rustle feathers left and right(the damned if you do/don't scenario).

Hope that gives you a little help but you are correct in beginning with a demo account, you will learn much along the way about all things forex.

Glad to see a few new faces today/tonight

Mike
  • #42,916
  • Sep 3, 2009 12:39am Sep 3, 2009 12:39am
Many times i start to welcome new people and hesitate because im afraid i will miss someone. So allow me to be general.

Welcome to any and all "new" visitors to this thread.

You are welcome to ask any dumb question you want.

We like dumb questions because it reminds us of ourselves at one time.
  • #42,917
  • Sep 3, 2009 12:40am Sep 3, 2009 12:40am
Hey guys,

Been lurking here for a couple months just reading away as recommended by Strat in his thread (Strat's Long Term Stress Free Trading)

I must say this is a great thread here with an amazing amount of trading knowledge between all of you.

I have read the first 400 pages of the thread and intend to read it all in time but its quite the task as some of you know lol....

The Price Action trading style i have picked up that fits me the best is trading PA on the Dalies and Weekly's so i will be a bit quiet at times.

Here is a trade i am eyeing at the moment.

See charts
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  • #42,918
  • Sep 3, 2009 12:44am Sep 3, 2009 12:44am
Quoting supremeChaos
has this last bar closed as a PB in your chart?
yes, it may be at a nice place (big round number, 150), but pay attention to the previous bar's size: relatively bigger.
imho, the trend is down. also, the volatility in gj may be enough to stop u out.
if u are on demo, u can take this trade only to learn/see what happens.
Yes, it closed as a PB right above 150, I have no sunday bars.

Ok, let's see what happens, going to manage it tightly.
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  • #42,919
  • Sep 3, 2009 12:59am Sep 3, 2009 12:59am
Quoting joelcf
(this isnt aimed at anyone specific - quoting SC because he gets it and put it so well)
Over the last week or three, I've seen alot of C, D, E and straight F trades posted. I get that the markets are in a bit of a sideways motion at the moment, but people are trying to trade crap.....
Thanks Sir.
i have been Patient. still trying to be, constantly.
i think i have taken the least live trades last month & this year compared to previous 2 years.
with an impatient & overtrading background, i believe this is a big achievement for me.


which brings me to this....
Quoting nasir.khan
Hello Mike you were right.
.....It's all gone. All profits of 1 month in 2 Days....
I hit the $365 mark on a $90 account but i did not took profit and it came down to $280.
After that i stopped taking profits every time i had a profitable or rather i should say all the time i had profitable trades but i turned them into losers i wanted my $320 back in one trade.
.......
ITS ALL ABOUT P.A.T.I.E.N.C.E.
And i don't have it.
Ahhhh. PATIENCE.
i emphatize.

I am a very impatient man who increased my Patience many thanks to this thread.

U still risk a lot per trade. i know u know that. so what should u do?
I think u know too that markets don't trend most of the time. therefore, the better/best litmus test of our performance is if we can trade & survive well during ranging conditions.

I believe u have Patience, but still need to increase it further.
I believe u still have the "greed/fear virus" inside your body.
THIS Thread + continuous Practice & Discipline will cure all these.

Stay focused, steadfast


Quoting nasir.khan
In this conversation going on last 2 pages i see that every one mention daily and weekly for higher TF examples.....
I have been only doing it live for past two week's (Demo for two months) and i have tripled my 90$ account risking about 6%-8% on each trade i know i am risking to much.....
Now i am not bragging about my trading style or skills. I know my pairs(EU,GU,GJ,EJ) are trending pretty good and i don't know what would happen to my equity when they will get in a range.
.........
Quoting nasir.khan
Mike, Ady, SP.
Thanks for your kind words.
It's part of the learning process i am going through. I would not have learnt the lessons by winning which i learnt by loosing.
Never trade towards a PPZ - Trade away from it.
..........
  • #42,920
  • Sep 3, 2009 1:11am Sep 3, 2009 1:11am
Quoting supremeChaos
Thanks Sir.
i have been Patient. still trying to be, constantly.
i think i have taken the least live trades last month & this year compared to previous 2 years.
with an impatient & overtrading background, i believe this is a big achievement for me.


which brings me to this....

Ahhhh. PATIENCE.
i emphatize.

I am a very impatient man who increased my Patience many thanks to this thread.

U still risk a lot per trade. i know u know that. so what should u do?
I think u know too that markets don't trend most of the...
Thanks SC.

Well i noticed in the morning that market spared me $6. So kind Btw.

Swing low, Just under 61.8%, A little PB, Jumping out of the PPZ and 92.00.
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