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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

  • #43,461
  • Sep 10, 2009 1:58pm Sep 10, 2009 1:58pm
Tlindle - see what I mean?

Some of the people around here have more depth and experience and it shows with their lazy-ass methods. I hope to be a lazy-ass someday. I really do.

(I hope Mike does not get mad at me... probably to lazy to... )

Quoting mbqb11
Hey Tlindle

I keep a very basic spreadsheet. Stop size/ take profit/ pair / date/ bar trigger. I used to keep a very detailed one and it helped me get to where I am now. It kept me accountable and helped when I wanted to go back on trades. I am afraid as my trading got better I reverted to my lazy self as I was in school

So I highly recommend it. If anything the tediousness of it will make you want to be more picky so you don't have to do the paperwork

Mike
I'm pretty much done with all this ...
  • #43,462
  • Sep 10, 2009 2:00pm Sep 10, 2009 2:00pm
Quoting mbqb11
Hey Tlindle

I keep a very basic spreadsheet. Stop size/ take profit/ pair / date/ bar trigger. I used to keep a very detailed one and it helped me get to where I am now. It kept me accountable and helped when I wanted to go back on trades. I am afraid as my trading got better I reverted to my lazy self as I was in school

So I highly recommend it. If anything the tediousness of it will make you want to be more picky so you don't have to do the paperwork

Mike
I can vouch for keeping lots of information in the spreadsheet... it is time consuming and sometimes a pain but it certainly helped in 1. teaching me patience to only take the best setups... because I knew I'd eventually (monthly, quarterly) have to review each trade again... and I didn't want to look back at a trade and wonder why I took a poor setup...

2. Keeping a spreadsheet greatly helps me learn from my mistakes. I also take chart snapshots of all my d/w trades both on entry and exit... great learning tool.

Finally, I know no other way of 3. testing different entry/exit strategies without a spreadsheet... if you don't test several, how do you know which best fits your personality? Which provide the best returns for the types of trades you generally take? You just 'wing it?' Copy someone from this thread?

Hmm... nope. You demo trade several of them. You do research and development. I have to treat EVERY phase of this like a business... businesses keep spreadsheets. detailed spreadsheets...Businesses have a reason for making every major decision and can back it up... [with spreadsheets, in this case ]

These are the practices that have helped me get this far... and these will be the practices that will put me over the edge. So close now... patience Josh...

I gotta get a nap in before the daily closes...

Josh
  • #43,463
  • Sep 10, 2009 2:19pm Sep 10, 2009 2:19pm
Just posting a trade I took this morning.

definitely not the greatest looking pin bar. But the location and space were decent. Swing high, Round number ( even though i wish the bar was a little higher). Fib confluence.

After the trade broke i moved my stop behind the breakign bar soemthing I have been doing in orde r to never take a full bar loss and havent in a while (so thats good).

I can see my probelm with this trade being the managementh thought. IT is already at .5 R and my stop was moved to the bar break. But i am not sure how I want to manage. I was thinkging 2 bar stop but the pair is aprroaching another PPZ and it may get rejected quick. I am also contepmlating outright profit. I am goign to decide once this next 4 hr bar closes for me in about 45 mions, any thought on this trade?

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  • #43,464
  • Sep 10, 2009 2:19pm Sep 10, 2009 2:19pm
Quoting StoragePro
Tlindle - see what I mean?

Some of the people around here have more depth and experience and it shows with their lazy-ass methods. I hope to be a lazy-ass someday. I really do.

(I hope Mike does not get mad at me... probably to lazy to... )
Yeah, don't be fooled. Lazy ass Mike put in months of 20 hour days testing everything up the wazoo.

Who could begrudge the guy some lazy days playing video games in his underwear?

Mind you, have you seen his workrate here and on PF? I think this lazy thing is a hustle....
  • #43,465
  • Sep 10, 2009 2:19pm Sep 10, 2009 2:19pm
Chart
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  • #43,466
  • Sep 10, 2009 2:31pm Sep 10, 2009 2:31pm
hey guys it have been a while since my last post here.

In this days I didn't have much time for trading but instead I spend all
my time reading a lot like a crazy guy.

I was thinking in the past about order flow a lot and how to profit from them, and when I saw the pots about order flow started by benjy I have done some research over the internet and here on FF.

I found here that are 2 guys Gaston and Darkstar that are talking about this I have just finished to read all the post made by Gaston and currently reading Darkstar posts and I'm finding myself so lost about the valuable information provided by them,I think I need a little more time to digest all that information.

so here are my question:

1. Just wanted to know if there was a place that listed all the major Market Makers and
Internbanks positions that heavily influence FX.

2. and how do you use the information about order flow in your favor

do you guys think that it's better to stick only to the information from this thread,

do you think that I'm overcomplicate all this stuff

It is so damm hard this road guys, I have so many upside and downside in my current learning stage and I know that will be more because I whant to study more.

thanks in advance!
  • #43,467
  • Sep 10, 2009 2:37pm Sep 10, 2009 2:37pm
Hi fellow traders,
here there are two possible setups for today.
My bar will close within 2 hours.

What do you think???
At the moment i think i will pass on them...
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  • #43,468
  • Sep 10, 2009 3:00pm Sep 10, 2009 3:00pm
I have sooo much work to do on my day job, and this is just making me get further behind... But I like it!

Putting things into my own words, here is what I do.

I look down the road. Any trade is going to have to pass by previous PA. That PA will give you clues as to where price will possibly stall or reverse. That is it. What was support will likely, when breeched, become resistance. Big honking round numbers can likewise do the same, but you'll find PA where that is happening anyway.

The key is to do the things you need to do that keep you from having a loser while you trade for a runner. Get into one of those and managing is simple. Demo various ways of trailing a trade till you find that which you love.

All that said, depending on the market conditions, I target trade too, meaning I get into a trade knowing precisely where I am getting out.

So what do you do? Look down the road and see what is in front of you and drive accordingly. Stay out of the ditch and protect your capital. Smart trades have enough clear space in front of them to make it worth while.

Cheers.

Quoting dmc
Just posting a trade I took this morning.

definitely not the greatest looking pin bar....
I'm pretty much done with all this ...
  • #43,469
  • Sep 10, 2009 3:02pm Sep 10, 2009 3:02pm
Quoting benji533
Chart
hey benji isn't this a CT? you say that you trade only with the trend
  • #43,470
  • Sep 10, 2009 3:05pm Sep 10, 2009 3:05pm
Quoting bakko85
Hi fellow traders,
here there are two possible setups for today.
My bar will close within 2 hours.

What do you think???
At the moment i think i will pass on them...
Read your screen notes again. Out loud (seriously). You already arrived at the answer.

Nice work!
I'm pretty much done with all this ...
  • #43,471
  • Sep 10, 2009 3:10pm Sep 10, 2009 3:10pm
Quoting StoragePro
Tlindle - see what I mean?

Some of the people around here have more depth and experience and it shows with their lazy-ass methods. I hope to be a lazy-ass someday. I really do.

(I hope Mike does not get mad at me... probably to lazy to... )
  • #43,472
  • Sep 10, 2009 3:11pm Sep 10, 2009 3:11pm
Quoting dmc
Just posting a trade I took this morning.

definitely not the greatest looking pin bar....
HAHAHA cool. I had just time to enter this one in the morning
But did it only based on the 1H IB and most important - the major round number.

Ben
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  • #43,473
  • Sep 10, 2009 3:13pm Sep 10, 2009 3:13pm
Hey Triger my answers below

Quoting triger88990
hey guys it have been a while since my last post here....
  • #43,474
  • Sep 10, 2009 3:14pm Sep 10, 2009 3:14pm
Hey Triger my answers below(this damn quote thing is annoying now

Quoting triger88990
I found here that are 2 guys Gaston and Darkstar that are talking about this I have just finished to read all the post made by Gaston and currently reading Darkstar posts and I'm finding myself so lost about the valuable information provided by them,I think I need a little more time to digest all that information.
Who is Darkstar (sorry those that know me will laugh too)

Quote
so here are my question:

1. Just wanted to know if there was a place that listed all the major Market Makers and
Internbanks positions that heavily influence FX.

Nope, you can hit up the rumor mill on places like IFR
Quote
2. and how do you use the information about order flow in your favor

do you guys think that it's better to stick only to the information from this thread,

Stick to the basics, you can still incorporate Orderflow. Orderflow is every where. Where does more OF build up? Round numbers. Support resistance etc. It can all be seen on the chart
Quote
do you think that I'm overcomplicate all this stuff

It is so damm hard this road guys, I have so many upside and downside in my current learning stage and I know that will be more because I whant to study more.

It is a hard easy road. The hardest road I ever traveled but when I look back on it, it is really about simplicity and everything in between your ears.

Hope that helps a bit
Mike
  • #43,475
  • Sep 10, 2009 3:18pm Sep 10, 2009 3:18pm
Potential breakout trade.
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  • #43,476
  • Sep 10, 2009 3:23pm Sep 10, 2009 3:23pm
Quoting triger88990
hey benji isn't this a CT? you say that you trade only with the trend
LOL, I didn't take it. Sorry if I confused anybody. Just saw that big move after a B or C BUOB at swing low and thought to myself that it will be nice to upload lol. Also if I would saw it when occurred, I wouldn't take it.

Ben
  • #43,477
  • Sep 10, 2009 3:24pm Sep 10, 2009 3:24pm
Quoting mbqb11


Funny Mike. I keep a log of everything still... Probably a function of greater experience to slow it down. For now, I find it very useful.
I'm pretty much done with all this ...
  • #43,478
  • Sep 10, 2009 3:36pm Sep 10, 2009 3:36pm
Quoting mbqb11
Hey Triger my answers below......
thanks mike for your input, and for your encouragement!

I was thinking about to look at IFR orders watch but as you says where are building those order flow right on S/R, round numbers etc ,and they can been seeing right on your chart. I knew the answer but I want to heard from someone else more experimently.

thanks again
  • #43,479
  • Sep 10, 2009 3:59pm Sep 10, 2009 3:59pm
Quoting triger88990
do you think that I'm overcomplicate all this stuff

It is so damm hard this road guys, I have so many upside and downside in my current learning stage and I know that will be more because I whant to study more.

thanks in advance!
Orderflow will mostly build up around:

1) major round numbers.
2) Areas which got tested and rejected many times.
3) Extreme area which rejected price very strong and far. Many trade them as "scalp" lines.

I use it basically around round numbers with a clear PA and location (trend, double top or bottom, pullback).

IMO nothing should be complicated. Just try Spot pitbull PA bars on these levels, with room to trade (no close heavy traffic), and see where it goes.You can scroll back on your charts and look for these areas.

Hope this helps

Ben
  • #43,480
  • Sep 10, 2009 4:07pm Sep 10, 2009 4:07pm
Thanks for your responses SP and Benji,

I really liek 2 bar stop method because it takes out the emotion. But definitely just need to take wha tmarket gives you . Hopefully now that it has broken through 1.69 it can act as resistance and give this trade some more legs. Turning into a daily bearish pin as well which is good ! We shall see.


Quoting StoragePro
I have sooo much work to do on my day job, and this is just making me get further behind... But I like it!

Putting things into my own words, here is what I do.

I look down the road. Any trade is going to have to pass by previous PA. That PA will give you clues as to where price will possibly stall or reverse. That is it. What was support will likely, when breeched, become resistance. Big honking round numbers can likewise do the same, but you'll find PA where that is happening anyway.

The key is to do the things you need to do that...
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