james16 Chart Thread | Page 2303 | Forex Factory

Options

Go to
Permalinks
Print Thread

Similar Threads

Where can I learn more about Price Action like those in James16 charts? 9 replies

Attachments: james16 Chart Thread
Exit Attachments

james16 Chart Thread

  • #46,041
  • Oct 14, 2009 12:27pm Oct 14, 2009 12:27pm
Quoting TiaForex
Another great way to research is to take your MT4, set up a profile, and then mark off every outside bar and PBs over the last few years on a pair with an arrow (I start with the four dollar majors, and then widen to every pair I trade). Then just spend a lot of time staring at the screen, looking at the ones that failed, the ones that succeeded, why and where they turned around. It's a great way to develop confidence and form a strategy and it doesn't take long.

.
1st post please. Excellent.

Its what I do waiting for a trades to develop.
Indicators show the past. Price Action "Indicates" the future.
  • #46,042
  • Oct 14, 2009 12:39pm Oct 14, 2009 12:39pm
Quoting jarroo
1st post please. Excellent.

Its what I do waiting for a trades to develop.
snap!!! ill quote this post as it has both your replies....

this is the actual chart im working off atm !! lol it doesnt look such a mess when you go down a TF or two lol the 3 arrows are weekly set ups and the 2 are dailys.this doesnt even have any 4h bars included!! hehe
(take no notice of the PPzs n stuff!!not all are correctly drawn)
jon.
i agre also with what Arron said about it being a great way to start developing your trade management strategies.
Attached Image (click to enlarge)
Click to Enlarge Name: daily.gif Size: 24 KB
PATIENCE... DISCIPLINE
  • #46,043
  • Oct 14, 2009 12:53pm Oct 14, 2009 12:53pm
Jim posted a great chart earlier this year which I can't find, where he showed every outside bar on the EURGBP this year. It's the one where his eleven year old took 6 out of the 9 bars and was up for the year. It illustrates what I was trying to say about marking out the bars.
  • #46,044
  • Oct 14, 2009 12:57pm Oct 14, 2009 12:57pm
Quoting jarroo
Very nice sohail. Reading Price like a book.

thanks
  • #46,045
  • Oct 14, 2009 12:58pm Oct 14, 2009 12:58pm
Quoting TiaForex
Jim posted a great chart earlier this year which I can't find, where he showed every outside bar on the EURGBP this year. It's the one where his eleven year old took 6 out of the 9 bars and was up for the year. It illustrates what I was trying to say about marking out the bars.
here it is
Attached Image
  • #46,046
  • Oct 14, 2009 1:06pm Oct 14, 2009 1:06pm
Quoting jarroo
Yes. We want as many confluences supporting Price Action. We are a cheetah waiting in the bush for a sick baby elk, that's stuck in the mud, that's also blind. The pink box is a level that's definitely on the radar but I would rather see PA develop on a stronger level then a weaker one.

Now I'm not saying if PA develops on that level that it can't be traded, but a tighter trade management style must be required. But, then again, passing on the trade is not a bad decision either.
well I see the point is that you were looking for a trade so this pink box is not very influenced for *TAKING ATRADE* BUT you would`ve highlighted it if you were *MANAGING A TRADE*.
  • #46,047
  • Oct 14, 2009 1:15pm Oct 14, 2009 1:15pm
Quoting panos69
here it is
Thanks panos, I knew you guys would be onto it in a flash...
  • #46,048
  • Oct 14, 2009 1:29pm Oct 14, 2009 1:29pm
Quoting nasir.khan
well I see the point is that you were looking for a trade so this pink box is not very influenced for *TAKING ATRADE* BUT you would`ve highlighted it if you were *MANAGING A TRADE*.
So by not drawing the smaller ones (when not in a trade) we can avoid getting into some bad setups.And by highlighting every posible trouble area (when in a trade) we can save some hair.
  • #46,049
  • Oct 14, 2009 2:51pm Oct 14, 2009 2:51pm
Quoting nasir.khan
well I see the point is that you were looking for a trade so this pink box is not very influenced for *TAKING ATRADE* BUT you would`ve highlighted it if you were *MANAGING A TRADE*.
Quoting nasir.khan
So by not drawing the smaller ones (when not in a trade) we can avoid getting into some bad setups.And by highlighting every posible trouble area (when in a trade) we can save some hair.

Exactly.
Indicators show the past. Price Action "Indicates" the future.
  • #46,050
  • Oct 14, 2009 2:52pm Oct 14, 2009 2:52pm
mark i tried to trade like you would today and missed it by 4 pips.
Attached Image (click to enlarge)
Click to Enlarge Name: eurusd2.gif Size: 18 KB
  • #46,051
  • Oct 14, 2009 4:25pm Oct 14, 2009 4:25pm
hey people, not much action on the daily's is there?
  • #46,052
  • Oct 14, 2009 4:30pm Oct 14, 2009 4:30pm
Quoting supermatt
hey people, not much action on the daily's is there?
nope
  • #46,053
  • Oct 14, 2009 4:31pm Oct 14, 2009 4:31pm
On my broker i've found this:
1) Pin forming on a pull back after a broken pattern,
2) 0,93 round number
3) 38% fib

i don't see any PPZ...do you???
But i like this set up.First trouble area at 0.94.
Attached Image (click to enlarge)
Click to Enlarge Name: eurgbp.gif Size: 15 KB
Patience is essential
  • #46,054
  • Oct 14, 2009 4:33pm Oct 14, 2009 4:33pm
Quoting benem
On my broker i've found this:
1) Pin forming on a pull back after a broken pattern,
2) 0,93 round number
3) 38% fib

i don't see any PPZ...do you???
But i like this set up.First trouble area at 0.94.
Remember we want to see bullish pins at swing lows, this is a swing high. First trouble area would then become 9375-80 area. Aggressive trade
  • #46,055
  • Oct 14, 2009 4:34pm Oct 14, 2009 4:34pm
Quoting benem
On my broker i've found this:
1) Pin forming on a pull back after a broken pattern,
2) 0,93 round number
3) 38% fib

i don't see any PPZ...do you???
But i like this set up.First trouble area at 0.94.
Errr... have another look at the Bottom Line of your Box for initial PPZ
  • #46,056
  • Oct 14, 2009 4:38pm Oct 14, 2009 4:38pm
Thoughts on this BUOB?
Close is in top 1/5 of bar, engulfs prev bar well.
The two pink lines are PPZ and 150ema confluence.
Dotted Yellow line is first trouble area.

Buy ten above, stop loss ten below. ?? I've never taken a BUOB

I'm unsure because of where it is, can you take a bullish signal at a swing high?

I hope my two charts show enough. Sorry bout all the lines, I'm working on PPZs

Thanks!


http://i189.photobucket.com/albums/z...urjpyclose.gif
http://i189.photobucket.com/albums/z...yzoomedout.gif
  • #46,057
  • Oct 14, 2009 4:40pm Oct 14, 2009 4:40pm
Thank you guys....you opened my eyes on a couple of things......i love this thread.
Patience is essential
  • #46,058
  • Oct 14, 2009 4:46pm Oct 14, 2009 4:46pm
Well we have entered the dead zone now, so I will pose a question: is anyone else frustrated with these markets or is it just me? Everyday it is the same old tired choppy bull . . .

I swear this time last year, there were a few trade setups to ponder a day. These markets are a joke now. And don't even get me started on 4 hour . . . I have given up on it. 4 hour is definitely not for me . . . by the time I get up in the morning the main moves have been made. Once London is finished, the stupid currencies just seem to move with the manipulated US fraudexes . . . You get a sweet pinbar or beob on gbp/yen, it breaks, your order gets filled, and next thing you know, your account is in a huge draw down until 5:00 p.m. eastern. Then, the technicals come back into play, but you've already had a heart attack and are sick to death by then . . . I know this isn't always the case just generalizing . . .

I got some personal stuff going on in my life outside of trading, but felt like venting nonetheless. Hope you guys don't mind. I think these markets have changed dramatically from a liquidity perspective and in addition, I have gotten less aggressive, which is a good thing. The result: less trading, which bores me to tears, but saves the trading account. Alright who is with me?
"Don't trade to trade . . . trade to win." - James16
  • #46,059
  • Oct 14, 2009 4:47pm Oct 14, 2009 4:47pm
Quoting mike w
I have no clue as to how I missed this amazing post by Aaron.

Post number 24,631. Go and read it and then read it again, especially you newcomers that don't already know this. The real lesson is patience. And backtesting is really honing yourself. That's good stuff my man. Thanks for that post Aaron.

You wanted to look and see how far you've come from that post to now, and IMO you've come sooooo far. I'm proud and happy of you/for you for that brother.

Wow. Thanks for bringing this up, and THANK YOU TIAFOREX for the idea. I've downloaded ForexTester and will be using it as you did. Such a great idea
  • #46,060
  • Oct 14, 2009 4:54pm Oct 14, 2009 4:54pm
As Mike told me few post above i think it's another pair where we don't have a swing low in an up trend.....seems more a swing high......




Quoting atclarkson
Thoughts on this BUOB?
Close is in top 1/5 of bar, engulfs prev bar well.
The two pink lines are PPZ and 150ema confluence.
Dotted Yellow line is first trouble area.

Buy ten above, stop loss ten below. ?? I've never taken a BUOB

I'm unsure because of where it is, can you take a bullish signal at a swing high?

I hope my two charts show enough. Sorry bout all the lines, I'm working on PPZs

Thanks!



Hope...
Patience is essential
146 traders viewing now