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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

  • #46,661
  • Oct 22, 2009 2:54pm Oct 22, 2009 2:54pm
Quoting AnimalHungry
No problem. PPZs are funny. At first when you start out you miss them, then when you get more into it you see too many PPZs all over the place and then, finally, you can identify the important ones and filter out the noise. I'm still working on the last part

Simon
Hi Simon,
I've been juggling a number of strategies of identifying PPZ's which probably explains why I miss some pretty obvious ones. Since I've dedicated myself to only trading daily charts, I spend a fair amount of time looking at the weekly and monthly charts for PPZ's. I need to tell myself to also spend time trying to find daily PPZ's and not place so much weight on the weekly and monthly PPZ's. In time, as you say, I should get better.

Regards,
Mikali
  • #46,662
  • Oct 22, 2009 2:56pm Oct 22, 2009 2:56pm
Quoting mbqb11
yep.

Here is a good example of when to leave your order in as nothing has changed


-Mike

Hey Mike,
That's fantastic!! That chart example really makes the point clear.

Thanks,
Mikali
  • #46,663
  • Oct 22, 2009 2:56pm Oct 22, 2009 2:56pm
I have watched Jim and Mike videos today. I wondered when Jim said that he almost never take full bar losses. If someone know the "method" or I don't know how to call it please explain me. Because when a trade goes against me I never move my stop just let until it be hit. When he decides that he should close his position even if his stop not being hit.
  • #46,664
  • Oct 22, 2009 3:00pm Oct 22, 2009 3:00pm
Quoting Mikali
Hi Folks,
My EURCAD PB trade from yesterday is looking increasingly like a failed PB (I understand the session has yet to close or the high of the left bar broken). ...

Hi Mikali,

I see mike replied to you so i wont go on to long.

Firstly this is not a pair i trade but i do trade IB's and more often then anything else.

Personally it's bigger than i'd like to see and to close to the bottom of the pin to warrant playing a pure ib break (i'd only be looking to short btw) so playing the break of the pin would still be the plan.

I also like to combine with divergence on stochs/macd and it so happens that there is bearish hidden divergence as well.

hope this helps

regards

ic
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  • #46,665
  • Oct 22, 2009 3:16pm Oct 22, 2009 3:16pm
Quoting icarusfx
Hi Mikali,

I see mike replied to you so i wont go on to long.

Firstly this is not a pair i trade but i do trade IB's and more often then anything else.

Personally it's bigger than i'd like to see and to close to the bottom of the pin to warrant playing a pure ib break (i'd only be looking to short btw) so playing the break of the pin would still be the plan.

I also like to combine with divergence on stochs/macd and it so happens that there is bearish hidden divergence as well.

hope this helps

regards

ic
Hi ic,
Thanks for chiming in as well and sharing your views!! As I mentioned before, I have never traded an IB. This particular IB (short trade) is intriguing simply because the nose of the PB and the highs of second bar have rejected the 200 and 365 ema on my chart (i view this as a short term resistance area). I didn't pull the trigger on the demo account but I have placed a paper trade (a trade entry in my notebook i.e. on real paper ) and will see what happens.

Thanks again,
Mikali
  • #46,666
  • Oct 22, 2009 3:27pm Oct 22, 2009 3:27pm
do any seniors have advice on how many pairs a new person should be looking at? I feel as though i may be looking at to many pairs. 20 or so perhaps. I only have do 1 trade at a time so maybe i should only focus on the majors. im not sure what i should do.

alot of currency crosses have similar charts so maybe i am wasting my time on looking at some.
  • #46,667
  • Oct 22, 2009 3:59pm Oct 22, 2009 3:59pm
Hey folks!
Slow market today, so I decided to compile my forex life trendline. Suppose some of you can reflect on this, and if not, just have a laugh


My FX life trendline:
1. I found out about FX. After going through some easy calculations and seeing how investments can grow I decided to start doing that trading thingy. After investing some small amount of money I decided to trade/play.
Strategy: if the bars are going up then of course I’m going up. If the bars are going down – I’m going down.
MM: what are you talking about? What MM? I mean I have 100:1 margin right? Then of course I’m going to use it, after all it’s given to me for a reason. Thank you broker!
Result: doubled account in a week (beginners luck).
Final result: Blew my first account in 2 weeks.
Lesson: Play with the trend.

2. Regroup team! Need to find signal provider that will tell me what to do. After searching the internet for some time I found one that looked OK. Subscription paid – I’m in the game again! Holy $hit! I found a holy grail! I’m gonna be rich in a month and make my first million in a year (remark: worst case scenario ).
Strategy: follow the signals like the voice of God.
MM: what are you talking about? The guys know what they are doing. They gonna make me some money, I paid my subscription fee after all, right? This time a decision was made to enter 1/10 of account size for each trade.
Result: doubled my account in 2 weeks (signaling service had a winning streak in April).
Final result: Blew my 2nd account in a month (Temporary drawdown was not taken into consideration when entering the trades.)
Lesson: MM.

3. Not a big deal! I’m gonna do it on my own without any signal providers! The epoch of indicators starts. The screen contains 10-20 indicators and of course the candle sticks is the last thing that I need to see there. Indicators rule! All I need to do is to learn how to read them. In the right moment. During the right cross. On one or multiple time frames. All of them at the same time, after all, I can’t miss a trade. This is where I take out my machine gun, make sure I have enough ammo for the London and NY open, and here I come! 50-150 trades per day. I literally can’t stay out of a trade for a minute. But for some reason, almost every time I click buy or sell and it immediately goes against me. When one or a couple of the lucky trades are positive, the second I click “close”, the pair shoots in my direction. When I don’t close – it goes against me. No matter what I do, it’s always going against me! Now I’m afraid to even enter the trade. And when I’m in one, I sit out through huge drawdown then close it with positive $10 when it could be $200.
Strategy: Indicators. The more, the better!
MM: already learned.
Result: made 50% in 2 weeks.
Final result: Blew my 3rd account.
Lesson: Psychology. Patience.

4. Delete all indicators, forget signal services, start research from scratch. I find James16 thread. Who is this guy? Clean charts, PPZ, BEOB, DKPA, DKOW? What are all those letters? He actually reads the chart without indicators? Impossible! Must be some BS but I gotta spend at least some time reading this thread. After all, 3 accounts already blown. I’m not gonna stop and accept a failure.
Several weeks go by. Material learned. Practice starts.
Strategy: PA
Result: not losing money
Final result/goal: Freedom
Lesson: keep learning to read the matrix. Oh, and forget about a million in a year Your lucky if you make 100k.
  • #46,668
  • Oct 22, 2009 4:05pm Oct 22, 2009 4:05pm
  •  krue
  • | Joined Mar 2008 | Status: finger scares cat, power of illusio | 410 Posts
I was stopped out on this setup. funny, how wrong was my interpretation of your analysis, the note on my chart was based on my understanding of your first video about Pin bar. I put the note immediately after having viewed your video, wishing could review it later. but, it seems a wrong interpretation. but, will you consider it a range market which you might try to avoid, and would like to wait for a breakout opportunity, if you look at it a second chance? thank you !



Quoting mbqb11
Here is a great example of how to protect yourself doing the little things.

Here is one of my more favorite plays. When you get an outside bar that engulfs a large range of bars. You enter on the break like always, but if you notice the break would run you into a round number at 1.045. So using the simple knowledge to place your sell below this would have kept you out of getting nicked in and taking a wild ride. It still may go down, but who wants to sweat that out?

This goes for all timeframes for me.

The little things go a long way

Mike...
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  • #46,669
  • Oct 22, 2009 4:05pm Oct 22, 2009 4:05pm
Quoting supermatt
do any seniors have advice on how many pairs a new person should be looking at? I feel as though i may be looking at to many pairs. 20 or so perhaps. I only have do 1 trade at a time so maybe i should only focus on the majors. im not sure what i should do.

alot of currency crosses have similar charts so maybe i am wasting my time on looking at some.
Hey matt

I say the more the better. Daily weekly as many as you can get your hands on. This will allow you to be as picky as possible and not get antsy to trade

Mike
  • #46,670
  • Oct 22, 2009 4:07pm Oct 22, 2009 4:07pm
Quoting krue
I was stopped out on this setup. funny, how wrong was my interpretation of your analysis, the note on my chart was based on my understanding of your first video about Pin bar. I put the note immediately after having viewed your video, wishing could review it later. but, it seems a wrong interpretation. but, will you consider it a range market which you might try to avoid, and would like to wait for a breakout opportunity, if you look at it a second chance? thank you !
Hey Krue


See that first BIG beob. There is your trade


Mike
  • #46,671
  • Oct 22, 2009 4:16pm Oct 22, 2009 4:16pm
Quoting atton
I have watched Jim and Mike videos today. I wondered when Jim said that he almost never take full bar losses. If someone know the "method" or I don't know how to call it please explain me. Because when a trade goes against me I never move my stop just let until it be hit. When he decides that he should close his position even if his stop not being hit.
Forget what I ve asked. I ve got it Simple things are harder to realize. Sad . But true
  • #46,672
  • Oct 22, 2009 4:27pm Oct 22, 2009 4:27pm
Quoting FX_Serg
... PPZ, BEOB, DKPA, DKOW?
WTF ? ROFL ? No, really - nice post
  • #46,673
  • Oct 22, 2009 4:41pm Oct 22, 2009 4:41pm
Quoting FX_Serg
Hey folks!...
Funny but educational
  • #46,674
  • Oct 22, 2009 4:43pm Oct 22, 2009 4:43pm
Quoting Que
What do you guys make of GBPJPY. We have essentially had 7 H1 tops in a row, and last 3 hours or so have had a whopping 15 pip range. Very strange...

Que
Tell me about it - really frustrating when gj & gu are the main pairs u follow - as is for me
  • #46,675
  • Oct 22, 2009 4:45pm Oct 22, 2009 4:45pm
Quoting FX_Serg
Hey folks!...
Hmmm... Intresting to say the least.
I might suggest that $100k is also a Very tough Target.

My suggestion would be to work toward Positive Gain. Even if it's at $0.80 Per Trade.

When you get Real... Real comes home.
  • #46,676
  • Oct 22, 2009 5:25pm Oct 22, 2009 5:25pm
Profit is relative, so saying that a target of 100k is difficult is meaningless. You could put through size of 100k per point on the ES without making it blink.
  • #46,677
  • Oct 22, 2009 5:29pm Oct 22, 2009 5:29pm
Quoting Mikali
I was just wondering if there was some indication on the chart that made it obvious the PB would fail.

Mikali
I looked at that bar yesterday too Mikali.

No super major indication that it would fail, but there WAS an indication or two that you should definitely only play a break in this example. ....The confluence of those two fib lines the bottom of your bar is sitting on. When the bar was formed it stopped there and went back up to where it eventually closed. ...That's a good indicator that the level those fibs were at was valid with buy orders there , and needed to be kept in mind when deciding on the trade.

Usually a price level with confluence like that should be what the pin is bouncing off, not what it is sitting on. Then it would be a stronger trade.

The other one was as AnimalHungary said. ....The long bar before hand.
Many of us won't trade against a strong move like that without being super careful, as has been posted to you. It more often than not creates a pin or other PA formation that's just a breather, and wont follow through. Or will break slightly then reverse on you. Taking that into account gives you another filter you can use that improves your overall results.

(A good point about that bullish bar too, by the way, is how it blasted through those same confluence levels when it was going upwards . Buyers won convincingly and then placed more orders at those levels the fibs happen to be at. If your trading the pin, a trade entry should be placed accordingly there on a break, to take advantage of all those failing trades of theirs and any price collapse following it. .....Another way to look at the S/R picture )
Bundy's status today: "Waiting..."
  • #46,678
  • Oct 22, 2009 5:34pm Oct 22, 2009 5:34pm
...of this thread is just UNIQUE !!!
I know I'm boring but this is for a first lost soul who will start to change theirs fate by reading some of the pages and trying to figure out what's going on here.
I had a dog on day today for various reasons today but considering the trading I've made an idiotic mistake of not checking the orders and putting S/L. Result: "only" 12% silly loss. Normally couple of months ago I would start to throw out toys out of a pram and doing even worse by overtrading and trying to get it back ASAP. Thanks to all the stuff I've learnt, observed and experienced here, thanks to senior traders, founders and backbones of the thread, all aspiring memebers and non-memebers, just everybody here.
I sat down, read today's thread contents, Mike's and Jim's charts. Had a look on this G/J squeeze, now looks like a paste is trying to get out of the tube. I paper trade this set up with a breakout of the upper range (with trend) at 152 (1HR bar close) S/L below the pin and here you go:
Positive 50 pips booked on half of the position, rest to BE. I don't mind if it tests the breakout level. Then I can observe whether this will have any more legs. I never thought I will enjoy virtual pips.
Thanks to the knowledge available I'm getting ready to work on the loss by not doing silly movements at all.
Sorry for the post lenght
Now...
  • #46,679
  • Oct 22, 2009 5:37pm Oct 22, 2009 5:37pm
Quoting NTM
Profit is relative, so saying that a target of 100k is difficult is meaningless. You could put through size of 100k per point on the ES without making it blink.
But FX_Serg is talking about HUGE draw downs and then mentions $10
and $200

I think Bemac was being very relative to FX_Serg's situation.
Bundy's status today: "Waiting..."
  • #46,680
  • Oct 22, 2009 5:39pm Oct 22, 2009 5:39pm
Quoting FX_Serg
Hey folks!
.
..
Welcome to the thread Serg.
Bundy's status today: "Waiting..."
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