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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

  • #43,541
  • Sep 11, 2009 7:36am Sep 11, 2009 7:36am
Quoting benji533
Maybe I'm wrong, but I tend to disagree with you.
IMO, not asking yourself why a particular trade was a loser or winner, why you exited too early, too late, etc, is a bad habit.

If you are just trading like a robot and not asking yourself these questions, how can you get better? How can you spot your weaknesses and improve them?
I think there is always something new to learn. I always ask my self these questions.

Just my opinion of course...no offense.

Ben
Yep I completly see your perspective mate. Just like theirs always someone willing to buy when you sell and vice versa. Well I simply dont care anymore because I know that the decesion I make in my trading keep me consistently withrawing money month after month. Sometimes I will wish I held a trade longer and will find the reason to why I could of should off lol but thats not trading. Trading is about what you got and not what you could of gotten. Their will always be an error in a loser but if you always think you made an error then you are seeking perfection. This does not happen in trading when I loose I simply think the market did not agree with me...and if the same exact trade happened again I will take it without thinking it twice aslong as my experience tells me to shoot. If I always adjusted my trading every single time I have lost in my trading carrer I would be going back an forth since an error will be a winner in a future trade and then I will be like damm so what is correct lol
  • #43,542
  • Sep 11, 2009 8:01am Sep 11, 2009 8:01am
Benji is saying that we should always review our trades to find out our weakness and strength. He is right.

And Shermenator is saying that there is nothing wrong with reviewing our trades but we should not change our rules and methodology after every two or three losses. He is also right.

I don't know if it is posted here before but here is an indicator that shows your trades on your charts by drawing lines from entry to exit.

hope it helps the cause.
Attached File(s)
File Type: mq4 draw history.mq4   7 KB | 582 downloads
  • #43,543
  • Sep 11, 2009 8:37am Sep 11, 2009 8:37am
And this one detects Pin Bars, DBHL, Inside Bars and Outside Bars.

I know they are easy to spot.

But for some visual back testing..........you know.

http://www.forexfactory.com/showpost...1&postcount=41
Attached File(s)
File Type: mq4 PriceAction AHA 0_2.mq4   51 KB | 695 downloads
  • #43,544
  • Sep 11, 2009 8:44am Sep 11, 2009 8:44am
Joelcf, SupremeChaos, StoragePro thanks a lot guys for answering my post. Have been reading your post a couple of times to let it sink in.

Anyone out there watching gold lately? I've been watching gold since it breaks 1000. There were two pinbar forming around the 1000 level. Any significant meanings of these two bars?
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  • #43,545
  • Sep 11, 2009 9:03am Sep 11, 2009 9:03am
hey guys I have another issue that I'm struggle to understand ,I know it is something obvious that I am missing.

could somone explain for me why hedge funds or bank run stops?

I am just confused about how moving the price through stop levels benefits the institution that is doing it.

thanks in advance.

PS: I think I have a mental problem with this new stuff about order flow,about market microstructure,I think this is about understanding the curency market,not only to look at charts but to be able to read deeper from the chart, and to find what the big guys are doing

although I say that I'll stick with the basic I'm finding myself that I want to know more about this stuff
  • #43,546
  • Sep 11, 2009 9:21am Sep 11, 2009 9:21am
Quoting scott087
I've been watching gold for a while and waiting to see the reaction at 1000....
Hi guys,

I woke up this morning and checked on the gold daily pin from a few days ago. I wanted to post this as I feel it is a valuable lesson and hopefully it will help someone see why it is so important to spot the potential trouble spots before entering and have a plan to deal with them when price gets near them.

The first chart is how my chart looked on the day of the trade before I entered. The second chart is how it looks today. Note the 985 area that was outlined as a potential trouble spot for our trade and how price reacted to it. I think the charts speak for themselves.

You can see why you will get killed over and over again if you don't outline these areas beforehand and have a plan to protect yourself when price approaches.

Scott
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  • #43,547
  • Sep 11, 2009 9:38am Sep 11, 2009 9:38am
Quoting scott087
Here is something I am researching on demo. If we get a nice break and it bounces from the trouble area around 985, I'd be looking for a retrace to confluence to go short. On my chart I have a 50% retrace of the daily pin (or 4h beob) lining up with round number and resistance at 1000. See my chart for a possible scenario which I think may work out nicely if we get a retrace.

Scott

edit: of course it may blow right through 985 and never look back...in which case the traditional entry at the break of the low will keep you in the trade
I was also demoing the idea of waiting for a daily setup to retrace to an area of heavy confluence, and entering on 4 hour. In this case I was looking at a daily pin, and looking to enter on a retrace to confluence on 4h. Price got to my first trouble area and started retracing, and eventually made it back to the 1000 area of confluence where I wanted to enter short.

I watched this area for PA, but there was none where I wanted to enter, so no trade. There was no PA, and price continued right up.

There was also a ppz right below around 995 on the lower timeframes which I was worried about. There was a nice looking beob off my confluence on 1 hour, but trading right into the blue ppz. However, I believe this was a high quality setup and it was possible to see price cut through this ppz. Also, I like to drop down 1 timeframe below the PA timeframe when looking for an entry (daily pa, enter on 4h). I believe Mike does this also.

Sorry for the long post, but this is a new strategy I'm working on and I wanted to get all my thoughts out.

First chart is the plan, second chart is the outcome.

Scott
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  • #43,548
  • Sep 11, 2009 9:55am Sep 11, 2009 9:55am
Quoting triger88990
hey guys I have another issue that I'm struggle to understand ,I know it is something obvious that I am missing.

could somone explain for me why hedge funds or bank run stops?

I am just confused about how moving the price through stop levels benefits the institution that is doing it.

thanks in advance.

PS: I think I have a mental problem with this new stuff about order flow,about market microstructure,I think this is about understanding the curency market,not only to look at charts but to be able to read deeper from the chart, and to find...
I look at it this way. Say there are buyers in at 1.30, with stops at 1.29. A large bank or hedge fund in a short position would want to keep selling and push price to 1.29 to activate the buyer stops. Why?

When price reaches the buyer stops at 1.29, these stops will liquidate the long buyer positions (long position stops are essentially sell orders). This means there is a good chance that all of the stops being activated and buyers being taken out of the market will push the price further down and in favor of the bank/hedge fund short position. Think of it as a wall, and if the banks keep attacking and pushing on the wall, it will eventually fail and continue through with momentum.

This is just how I see it, and I'd like to hear what joel has to say about this.

Scott
  • #43,549
  • Sep 11, 2009 10:04am Sep 11, 2009 10:04am
I just noticed that nobody has this PPZ (around 1.6700) in their charts (in previous 3-4 pages) anything wrong with it?
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  • #43,550
  • Sep 11, 2009 10:31am Sep 11, 2009 10:31am
Quoting esbatu
Joelcf, SupremeChaos, StoragePro thanks a lot guys for answering my post. Have been reading your post a couple of times to let it sink in.

Anyone out there watching gold lately? I've been watching gold since it breaks 1000. There were two pinbar forming around the 1000 level. Any significant meanings of these two bars?
Nothing fancy, a typical case of contradictory signals...just mere indecision.

A pin appeals the most when it breaks hard and shows price direction, however if a break of a pin is followed by an opposing pin we know that more than anything else it's a signal for us to cover our positions (if wer'e already short/long from the initial pin bar) and to stay out until a more clearer setup appears,

cheers,
Ghous.
I believe . . .
  • #43,551
  • Sep 11, 2009 10:41am Sep 11, 2009 10:41am
Hey benji check GBPJPY m30.
  • #43,552
  • Sep 11, 2009 10:46am Sep 11, 2009 10:46am
Alright I have now closed my trade at break even. I have allowed my trade to mature for about 8 hours and dont like the price action being shown to me to sustain over the weekend. It can now collapse and afer the fact I can be like crap I made a bad decesion lol but thats trading and I will always find a reason to why I should of stayed in if it does fall. But all I care about is about the decesion I make with the information I currently have. Alright guys have a good week...total trades for the week 2....1 winner 1 break even great week.

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  • #43,553
  • Sep 11, 2009 10:48am Sep 11, 2009 10:48am
Quoting nasir.khan
Hey benji check GBPJPY m30.
Here it is.
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  • #43,554
  • Sep 11, 2009 10:53am Sep 11, 2009 10:53am
Quoting triger88990
hey guys I have another issue that I'm struggle to understand ,I know it is something obvious that I am missing.

could somone explain for me why hedge funds or bank run stops?

I am just confused about how moving the price through stop levels benefits the institution that is doing it.

thanks in advance.

PS: I think I have a mental problem with this new stuff about order flow,about market microstructure,I think this is about understanding the curency market,not only to look at charts but to be able to read deeper from the chart, and to find...
Hi Triger,

Abt the first part of your post I am know way equipped to answer it, perhaps some others here would respond to it or you could pm Ronald Raygun with these institutional trading questions. He's head first into this stuff at the moment...

Abt the second part:

here's what I feel:

Mark Douglas has explained trading psychology like none other in his book "trading in the zone", i.e if you understand and apply the concepts elaborated you're a lot more than half done in your pursuit of becoming a successful trader. So...uh, oh...wait! Isn't that the holy grail then? You get it for a few bucks, pour your eyeballs over it...and there you are as clean a trader as you ever wanted to be!! Yeah that's it!!!

In reality no it isn't it. Understanding the mechanics of price action and being able to price like a 'book' as they say is no where near possible by going through a thread, exactly like achieving the right frame of mind can never be as simple as going through a book. What 'Trading in the zone' did for me was that it hinted me as to what it is like to think like a 'trader in the right frame of mind'....I am far FAR FAR away from actually being there.

Skfx's thread (if that's what you're referring to) was just meant to show you the true light and install a sign board for rambling thoughts.

My advice to you would be not think 'real' hard over this but rather just let it come to you, you do that by focusing on the stuff you know (J16 or any other method you follow) and keeping an eye on how and why and where price reacts.

The more you go looking for it, the harder it will get, and the longer it will take...believe me.

Like SKfx said...it took him hundreds and thousands of screen hours to get the hang of it, it took Jim years and several blown accounts spread over HUGE $$$$. Point is, trading isn't simple nor is it a skill attainable in a very short time. and nothing legitimate out there can claim to make it any different for you, except that it can 'guide' you and while you're at it you know you're doing the right thing. Jim and the other folks here on the thread are doing exactly that so are several others across different threads all over FF and elsewhere...no one can nor will ever tell you in any form of an article exactly what lies behind the bars you see on your chart if you get my point...

Cheers,
Ghous,
I believe . . .
  • #43,555
  • Sep 11, 2009 11:00am Sep 11, 2009 11:00am
Quoting benji533
Here it is.
Ahhhh sorry to bother you Bro.

Its not a Big Round Number. But for M30 it could do i guess?
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  • #43,556
  • Sep 11, 2009 11:03am Sep 11, 2009 11:03am
Quoting triger88990
hey guys I have another issue that I'm struggle to understand ,I know it is something obvious that I am missing.

could somone explain for me why hedge funds or bank run stops?

I am just confused about how moving the price through stop levels benefits the institution that is doing it.

thanks in advance.

PS: I think I have a mental problem with this new stuff about order flow,about market microstructure,I think this is about understanding the curency market,not only to look at charts but to be able to read deeper from the chart, and to find...
Simply to create liquidity ....if huge yard orders want to come into the market they will push price down to a large area of sell stop so they can get mostly filled at very closes price like this they dont get huge slippage. And these sell stops are placed at key lows or below support ext...its not that they are trying to stop you out its just that is the mechanics of the market for large players. Its the only way they can play .
  • #43,557
  • Sep 11, 2009 11:07am Sep 11, 2009 11:07am
Quoting nasir.khan
Ahhhh sorry to bother you Bro.

Its not a Big Round Number. But for M30 it could do i guess?
No problem mate.
I use only the majors, no matter what TF it is. Going to the smaller numbers ones can make you over trade - even if they work good as well.

Ben
  • #43,558
  • Sep 11, 2009 11:18am Sep 11, 2009 11:18am
Quoting ghous
Hi Triger,

Abt the first part of your post I am know way equipped to answer it, perhaps some others here would respond to it or you could pm Ronald Raygun with these institutional trading questions. He's head first into this stuff at the moment...

Abt the second part:

here's what I feel:

Mark Douglas has explained trading psychology like none other in his book "trading in the zone", i.e if you understand and apply the concepts elaborated you're...
It happens to many of us (atleast count me in) we hear about something and then we go all out for it search the net, reading some books and asking people who could help. And then slowly we recognize that it has it's certain value in markets but we cannot get through all alone with it.

Missing your posts Bro.
  • #43,559
  • Edited 11:29am Sep 11, 2009 11:18am | Edited 11:29am
Quoting nasir.khan
And this one detects Pin Bars, DBHL, Inside Bars and Outside Bars.

I know they are easy to spot.

But for some visual back testing..........you know.

http://www.forexfactory.com/showpost...1&postcount=41
Many thanks nasir, a nice tool for back testing.
Is it me or bearish PB are not indicated?
Attached Image
Trading: the skill of avoiding trades
  • #43,560
  • Sep 11, 2009 11:23am Sep 11, 2009 11:23am
Quoting joelcf
i swear, sometimes the market just likes to tease me.
LOL, that bar treats me like the girls in high school did .... all talk, no action.

I passed on this last night - scale the chart out and look at the big-ass PPZ it is trading right into... if all the interference you've got marked was not enough! Oh - and did we all notice that this POC bar is in the middle of all the longer term chop?

People with a lot of experience might be able to trade this bar, but then again, people with a lot of experience did not get that way trading these bars either...
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I'm pretty much done with all this ...
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