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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

  • #46,561
  • Oct 21, 2009 2:05pm Oct 21, 2009 2:05pm
Quoting scott087
Here is what separates a success from failure on lower time frame trading, and a great location from a poor location.

I have outlined the 1.5750-1.58 area on Daily EURCAD....
Great Post !!

Although I do not trade anything under daily time frame, I could not agree more with Scott - its all location, location and location.

Mikali
  • #46,562
  • Oct 21, 2009 2:08pm Oct 21, 2009 2:08pm
CHART.

This has done everything i hoped it would and is now at a resistance area where all i can do is watch.

I trailed my stop under bar highs and lows and in conjunction with large round numbers. Just like we talk about here and in the group.

Stop is now under the recent bar highs and a round number.
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  • #46,563
  • Oct 21, 2009 2:12pm Oct 21, 2009 2:12pm
CHART.

SAME HERE.
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  • #46,564
  • Oct 21, 2009 2:14pm Oct 21, 2009 2:14pm
Quoting james16
Scott is right but most people wont listen to him or me for that matter.

Im not talking to those of you that trade intraday on demo and wont go live until YOU KNOW you can do it.

Im talking to those of you that are hell bent on losing all your money.

There is no such thing as a new trader that found long term consistent success starting on small time frames.

maybe someone can prove me wrong. im open to being wrong.

25+ years (correct me if im wrong) of losing and frustration was good enough (more than enough!!) for me to trust you in starting on weekly/daily and working my way down. I didn't understand why at the time but I certainly do now jim

Another valuable lesson learned from starting higher and waiting is by the time you are ready to trade 4h and 1h, you can see a beautiful setup on 30m or 15m and have the discipline to pass on it until you've proven yourself EVEN THOUGH you know whats going to happen.

I saw this one on 30 minute, watched it break and smiled because I know when I've proven it to myself, I will watch hundreds of these bars go by and take maybe 1 or 2 on a good week.

Thank you jim.

Scott
  • #46,565
  • Oct 21, 2009 2:15pm Oct 21, 2009 2:15pm
Quoting james16
CHART.

This has done everything i hoped it would and is now at a resistance area where all i can do is watch.

I trailed my stop under bar highs and lows and in conjunction with large round numbers. Just like we talk about here and in the group.

Stop is now under the recent bar highs and a round number.
Hi James,

Maybe I'm missing something here but why exactly did you place a buy where you did? After today, I certainly have a clear understanding of the importance of moving SL below round numbers.

Thanks,
Mikali
  • #46,566
  • Oct 21, 2009 2:23pm Oct 21, 2009 2:23pm
Could you please rate that trade in terms entrance. I know it's against the trend but the round number proximity, EMA, and div might turn out good. In addition, positive trade balance news on JPY at 7:50 PM might reverse that.
Would really appreciate some input.

P.S. already 20 pips in and SL at BE.

Thanks!

Serg
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  • #46,567
  • Oct 21, 2009 2:25pm Oct 21, 2009 2:25pm
They are just simple s/r entries.

not hard to learn. the key to them is picking where your going to do battle initially and taking very small losses if the battle goes against you early.



jim



Quoting Mikali
Hi James,

Maybe I'm missing something here but why exactly did you place a buy where you did? After today, I certainly have a clear understanding of the importance of moving SL below round numbers.

Thanks,
Mikali
  • #46,568
  • Oct 21, 2009 2:28pm Oct 21, 2009 2:28pm
CHART.

SAME HERE.
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  • #46,569
  • Oct 21, 2009 2:34pm Oct 21, 2009 2:34pm
Quoting james16
They are just simple s/r entries.

not hard to learn. the key to them is picking where your going to do battle initially and taking very small losses if the battle goes against you early.



jim
Hi Jim,

So the trade is based on your estimation of where you think price will go from a PPZ (support resistance) area and the stop placed above/below the PPZ.

Its interesting you posted the EURUSD chart because I took that trade but long after you were already in. I based my trade on the matching highs as a trend continuation break out. Needless to say I did not take into consideration the 1.5000 physc level but that's another story . Live and learn as they say.

Thanks again,
Mikali
  • #46,570
  • Oct 21, 2009 2:36pm Oct 21, 2009 2:36pm
Quoting james16
... maybe someone can prove me wrong. im open to being wrong.
Hi James 99% of the time you are right . But I think that 1% is connected with Benji
  • #46,571
  • Oct 21, 2009 2:44pm Oct 21, 2009 2:44pm
Anyone looking to play this? 50% fib of swing high / low, round number, previous ppz and divergence.
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  • #46,572
  • Oct 21, 2009 2:52pm Oct 21, 2009 2:52pm
Yes I am a newbie and just finished watching your videos James... Very thankful I am , looked at everything , all indicators for months but nothing beats the price action . and I am Just watching the screen and seeing the retracement on euro looks like will prove to be a beaut of a pin bar .. If it happens to be pin bar at the end of the session , what would be the entry point ? Would it be wait for a pull back to the heights of the outside bar and stop loss on top of the pin bar ?

And knowing the market moves around the fractal nature , would it be logical to apply Murrey math for further enhancing the confluence ?

Just food for thought .. Thanking you in advance everyone !!!

Happy trdaing ...
  • #46,573
  • Oct 21, 2009 2:56pm Oct 21, 2009 2:56pm
actually im averaging around 80 percent this year on my touch trading but my losses are always very small.

i lost last night on the gbp/usd when i took a risky 1st touch to the 61.8 daily fib. 15 pip loss.

yes benji seems to be getting the hang of it.







Quoting atton
Hi James 99% of the time you are right . But I think that 1% is connected with Benji
  • #46,574
  • Oct 21, 2009 3:22pm Oct 21, 2009 3:22pm
Quoting menomoo
Yes I am a newbie and just finished watching your videos James... Very thankful I am , looked at everything , all indicators for months but nothing beats the price action . and I am Just watching the screen and seeing the retracement on euro looks like will prove to be a beaut of a pin bar .. If it happens to be pin bar at the end of the session , what would be the entry point ? Would it be wait for a pull back to the heights of the outside bar and stop loss on top of the pin bar ?

And knowing the market moves around the fractal nature , would...
Hi menomoo and welcome I am not seeing any pin bar on the euro.
  • #46,575
  • Oct 21, 2009 3:43pm Oct 21, 2009 3:43pm
Quoting menomoo
Yes I am a newbie and just finished watching your videos James... Very thankful I am , looked at everything , all indicators for months but nothing beats the price action . and I am Just watching the screen and seeing the retracement on euro looks like will prove to be a beaut of a pin bar .. If it happens to be pin bar at the end of the session , what would be the entry point ? Would it be wait for a pull back to the heights of the outside bar and stop loss on top of the pin bar ?

And knowing the market moves around the fractal nature , would...
Hey Men

Welcome out of indicator hell

I don't see any pin on euro, unless you might be speaking of the 4hr. Let me caution you here b/c of the very strong uptrend recently and small bar. 1.5 is going to be a huge pivot if you ask me, so I would look for a very large size or strong closing bar before doing anything around this area.

As for murrey math. The great thing about PA and S/R it will enhance just about every method under the sun. So feel free to apply what you know and add it to PA, you can't go wrong.

Welcome

Mike
  • #46,576
  • Oct 21, 2009 3:45pm Oct 21, 2009 3:45pm
CADCHF daily pb.

+Beatiful shape, hope it closes also nicely
+150 MA
+Some good space

-Size compared to the previous bar
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  • #46,577
  • Oct 21, 2009 3:53pm Oct 21, 2009 3:53pm
Quoting benji533
By the way, I got my Oanda account verified! Now I just need to figure out how I use their units and orders (are their "limit orders" are stop orders or limit orders of MT4?)...I am a bit confused...I'm used to MT4.
Then convert my money to USD and send them
Hey Benji

Oanda doesn't separate between stop and limit orders, everything that isn't a market order is called limits.

You've made a good choice by going with Oanda.

Btw, don't feel bad about having to go to school.
Two reasons: when you're my age you have to go to work instead... (although I have a feeling you might not need to do that ever) and second, school even if sometimes boring, is what will charge you with knowledge and skills that will be the foundation for the rest of your life.

Now do your homework
  • #46,578
  • Oct 21, 2009 4:06pm Oct 21, 2009 4:06pm
Anyone looking at going long on this?

Looks like some potential for a bounce off of the 1.51 level.
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  • #46,579
  • Oct 21, 2009 4:08pm Oct 21, 2009 4:08pm
Quoting FinnTrader
CADCHF daily pb.

+Beatiful shape, hope it closes also nicely
+150 MA
+Some good space

-Size compared to the previous bar
Hehe, gave it a second thought and I think this would be trading right into a trouble area, so forget "some good space". Spread being 6 pips, it has only about 25pips to go before it reaches possible troubles. Might still work, but not me in it.
  • #46,580
  • Oct 21, 2009 4:11pm Oct 21, 2009 4:11pm
Quoting o990l6mh
Anyone looking at going long on this?

Looks like some potential for a bounce off of the 1.51 level.
careful this pair is a mess right now, and I see a lot of downward pressure coming. There has been protection on this pair, but I don't see it lasting. It never does

1.5 is my mark to watch
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