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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

  • #46,821
  • Oct 25, 2009 9:36pm Oct 25, 2009 9:36pm
Quoting stupotpat
Succinctly summed up 300 pages - well done

The only other thing to bear in mind is that these PA formations should ideally occur at swing highs / lows, with plenty of space to run.

That is my understanding anyway - comments from seniors?
That's it in summary. Also, higher time frames Rule.
Indicators show the past. Price Action "Indicates" the future.
  • #46,822
  • Oct 25, 2009 10:15pm Oct 25, 2009 10:15pm
Quoting jarroo
Here on the Hourly Eur/Gbp we have a BUOB at a swing High . . .wait a mintue . . we want BUOB at swing Lows. Since this is not the ideal, strict trade management is in play. Also the setup agrees with the Weekly and Daily Bullish PA.
exact same thing has just happened on the EU.... I'm left scratching my head . Luckily my sell stop didn't get hit!

PLACING SELL STOPS WITH SOME SLACK BELOW YOUR SIGNAL IS SOOOOOO VITAL!!!

I only learned this technique last night when I was going through the early pages of this thread. I also found a couple trades I made last week that would have been big winners, had I followed that advice (instead I got stopped out because I entered as soon as the pin had formed).


Excellent thread, amazing information in here. I am very happy I found this, and I want to call it home.
Many choose unhappiness over uncertainty.
  • #46,823
  • Oct 25, 2009 10:44pm Oct 25, 2009 10:44pm
Quoting benji533
Thanks Mike.

By the way, where can you see the value of spreads of Oanda in live time?
Heya Benji, not sure if anyone has answered this yet.

But here's Oanda's realtime spreads =)
They vary with the time of the day

Speads widen to 10 to 20 pips during news.
EG: EURUSD to 10. The generally wider spread pairs like GBPJPY & USDCAD etc, to 20.

http://fxtrade.oanda.com/forex_tradi..._spreads.shtml
One Mind, Any Market
  • #46,824
  • Oct 26, 2009 12:25am Oct 26, 2009 12:25am
Thanks to all for answering to my question on trendlines. Informative.

Are you guys - assuming you are pros - use pivots? or is that something beginners use to make them feel better/smarter?
ok Friendo? This is madness!?!? - THIS, IS, FOREX!!!
  • #46,825
  • Oct 26, 2009 12:53am Oct 26, 2009 12:53am
nice pin shaping up on the yen off weekly PPZ
Attached Image (click to enlarge)
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  • #46,826
  • Oct 26, 2009 1:43am Oct 26, 2009 1:43am
Quoting Liger86
Are you guys - assuming you are pros - use pivots? or is that something beginners use to make them feel better/smarter?
When instos start using pivots in the currency markets, I will too. Until then, they are just something that people take from futures trading books and misapply to other markets
When you have to shoot, shoot. Dont talk.
  • #46,827
  • Oct 26, 2009 2:06am Oct 26, 2009 2:06am
Quoting joelcf
When instos start using pivots in the currency markets, I will too. Until then, they are just something that people take from futures trading books and misapply to other markets
Pivots are pretty reliable as targets on the majors with intraday charts. They're like everything though, you never take a level for granted.

The other point, is any floor pivot that takes hold will often cause a PPZ that is noticeable to even those not even watching for them. But not often with enough warning.

I'd have dropped floor pivots a LONG time ago if they weren't relevant in currencies too. Just set your close time to NY close. and study them.
Bundy's status today: "Waiting..."
  • #46,828
  • Oct 26, 2009 2:38am Oct 26, 2009 2:38am
Quoting bundyraider
Pivots are pretty reliable as targets on the majors with intraday charts. They're like everything though, you never take a level for granted.

The other point, is any floor pivot that takes hold will often cause a PPZ that is noticeable to even those not even watching for them. But not often with enough warning.
I've honestly never seen much strength in them - although I am guessing I havent tested them as much as you. Occasionally, one will seem to form a PPZ, but that always coincided with an existing daily/weekly PPZ. Law of averages, I guess.

Like any kind of t/a, I guess it is a self fulfilling prophecy - as long as a bunch of people think everyone else is watching them, they will have information value. I am just not too confident that all that much money is watching them.

Be interesting to match the pivots in the cme/liffe/tfe sessions and see if there is some kind of confluence with ppzs in the spot market. Another one to put on the list of junk I will probably never get around to
When you have to shoot, shoot. Dont talk.
  • #46,829
  • Edited 3:37am Oct 26, 2009 3:18am | Edited 3:37am
Quoting g_j_hook@yah
Mmmmmm...why is it my real account never looks like this!!??
if there is any sound advise out there to help me hang on to my trades i would dearly like to hear it!!
cheers jon
Heya Jon,

I know EXACTLY where you're coming from.

Been demoing about 2 months, doing pretty well like you.

After examining my trade log, I found out ONE big difference.

My winners were
(1) trading ranges and grabbing 1:1, 1:2 and
(2) TRADING WITH THE TREND

My losers were
(1) Counter-trend
(2) Randomness, got taken out my chop

Trading CT has killed me so many times. I know there're many great CT traders here, bravo guys, but I just suck at it. I end up getting OCD going CT and check a 4hour entry every 5mins which is just retarded.

Learning to trade with the trend w J16 PA has made a HUGE difference to me. See if it works for you?

Of course, was picky as anything and managed trades accordingly. Goes without saying

Screen Cap of Cable. Saved this mainly to remind myself to go with the trend. Didn't update it, just an example please.
[horizontal lines are weekly & monthly pivots; orange lines are crap I forgot to take off. LOL]

EDIT:
Psychologically, I realised that I take off trades that are profitable out of fear that I'll give back profits. Then I watch it go from 5R to like 10R or something and go "wtf? why'd u do that??". The thing is that, if the trend is strong, I should be HOPING that profits become bigger. At the end of the day, its risking profits to make even more profits. Eg: I might give back 3R and make 4R instead of 7R, to make.... who knows? How many more R? But that's the thing! Another 10R?
But either way, 4R would more than satisfy a weekly yield target of 3R (mine), so it's just time to cross fingers & hope.

Michael Marcus remarked this about Ed Seykota: "If there was a major trend, you can be sure Ed was on it"

By Jesse Livermore. This one hit home with me (after like the 4th read):
"Fear keeps you from making as much money as you ought to. The successful trader has to fight these two deep-seated instincts. He has to reverse what you might call his natural impulses.
Instead of hoping he must fear; instead of fearing he must hope. He must fear that his loss may develop into a much bigger loss, and hope that his profit may become a big profit."

BOOYAH!
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One Mind, Any Market
  • #46,830
  • Oct 26, 2009 3:50am Oct 26, 2009 3:50am
Hi.

I want to ask for an advice. Thats my second profitable month. Should I wait for the next month to be profitable or should I open real mini account ?
  • #46,831
  • Oct 26, 2009 3:58am Oct 26, 2009 3:58am
Quoting joelcf
Be interesting to match the pivots in the cme/liffe/tfe sessions and see if there is some kind of confluence with ppzs in the spot market.
Spot on the right track. My thoughts were that, although institutions would possibly not care for them, there are enough professional traders in the futures markets watching those levels intraday. Enough of them to make valid trades happen off these levels. ...and I have seen head annalists mention them in the past, even if rare.

My thoughts on Floor pivots is to never push them here in this thread as, to my mind, they're just something else to clutter up a struggling traders screens and aren't at all needed to make any money anyway.
Bundy's status today: "Waiting..."
  • #46,832
  • Oct 26, 2009 4:00am Oct 26, 2009 4:00am
Quoting atton
Hi.

I want to ask for an advice. Thats my second profitable month. Should I wait for the next month to be profitable or should I open real mini account ?
Give it another month. If you have to ask, you're not sure enough.

Don't worry, you have plenty of time to make money when you've got it right.
Bundy's status today: "Waiting..."
  • #46,833
  • Oct 26, 2009 4:04am Oct 26, 2009 4:04am
Guys,

As this post refers,
http://www.forexfactory.com/showpost...ostcount=46512

today's bad news from the Euro Zone touching to German consumer confidence

http://www.bloomberg.com/apps/news?p...d=a0XI_8GyJcO8 is a good reason that its time to jump out of this one.

The market has rewarded us with over 150pips since the post. Kaching!!cash out.
  • #46,834
  • Oct 26, 2009 4:19am Oct 26, 2009 4:19am
Quoting pipsdaily
Guys,

As this post refers, ...
today's bad news from the Euro Zone touching to German consumer confidence
... is a good reason that its time to jump out of this one.
...The market has rewarded us with over 150pips since the post. Kaching!!cash out.
eurcad may or may not move up from here on...

it's been known for quite some time now that some traders do not follow the news.
the market does not always move 'correspondingly' to news releases. the market will do what it wants to do, as there are a myriad of factors, known or unknown to us, that come into play.
imho, the market is 'bigger' than the news, so u can trade without following the news/economic data, & just 'following' the market exclusively.
  • #46,835
  • Oct 26, 2009 4:40am Oct 26, 2009 4:40am
It seems buyers are pushing price higher and higher. Would this be considered as solid setup for breakout long. Probably best if wait for pullback after brake and look for PA confirmation, as Mike teach us?
Attached Image (click to enlarge)
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  • #46,836
  • Oct 26, 2009 4:41am Oct 26, 2009 4:41am
Quoting bundyraider
Spot on the right track. My thoughts were that, although institutions would possibly not care for them, there are enough professional traders in the futures markets watching those levels intraday. Enough of them to make valid trades happen off these levels. ...and I have seen head annalists mention them in the past, even if rare.

My thoughts on Floor pivots is to never push them here in this thread as, to my mind, they're just something else to clutter up a struggling traders screens and aren't at all needed to make any money anyway.
Heya Joel, Bundy,

I'm not sure about you guys, but I find monthly & weekly pivots work pretty well. When you see a confluence of weekly + monthly + round number + PA it's usually pretty awesome (and even more rare).

Again, I'm not sure why they work, but they do. (at least for me~)

Btw. Friend working in Deutche. Pivots were quite a main stay =)
My 2 pips pse
One Mind, Any Market
  • #46,837
  • Edited 7:15am Oct 26, 2009 6:15am | Edited 7:15am
Quoting Cyrus
Heya Jon,

I know EXACTLY where you're coming from.

Been demoing about 2 months, doing pretty well like you.

After examining my trade log, I found out ONE big difference.

My winners were
(1) trading ranges and grabbing 1:1, 1:2 and
(2) TRADING WITH THE TREND

My losers were
(1) Counter-trend
(2) Randomness, got taken out my chop

Trading CT has killed me so many times. I know there're many great CT traders here, bravo guys, but I just suck at it. I end up getting OCD going CT and check a 4hour entry every 5mins which is just retarded....
hey Cyrus, thanx mate you make some good points.
for me it is mainly 2 things i see,and it is definitely more psychological than anything else. one i have too much BS running in my trading mind and i need to refine my knowledge and develope my own style of trading one that is comfortable for me. i know i am schooled enough to make consistent profits (right now i tend to give back half of what i make with bs but my account stopped going down long ago) i have more or less stopped looking for runners as i have found todays market conditions too volitile and unpredicable, but am still hesitant to take full profits!! lol fine tuning your entries and exits is a skill that takes a lot of time to devolpe( at least for me)i am as yet unable to trade roboticly which is what i want(more or less)Personally i want to bridge the gap between the things i experiment with and the solid setups i know to be reliable,and have a clear framework of what i should use in my real account.
The fear of giving back the profits is a real feeling in me also and it does affect my trading. i think more so when you are coming from a loss! ct trades are not a problem for me as i tend to use a MM style similar to Jarroos in that i manage them tightly but am also aware of the importance of trading with the trend. inexperience and a little lazyness is the issue!! and time WILL resolve all!!
thanx for your input and thanx everyone for putting up with my rambling!!
cheers
jon
PATIENCE... DISCIPLINE
  • #46,838
  • Oct 26, 2009 6:49am Oct 26, 2009 6:49am
hi everyone

I have Question for the professional traders here , Wich metatrader you use guys to show you the best candles?

For example in Alpari its the worst i have ever seen , it could be pin bar in other company but they dont show it , for example IB or OB its always one pip more up or down , So wich broker platform i should use , show me the best candles shape?

thanks guys for your help
The million dollar man Alkhatarey
  • #46,839
  • Oct 26, 2009 6:55am Oct 26, 2009 6:55am
Quoting alkhatarey
hi everyone

I have Question for the professional traders here , Wich metatrader you use guys to show you the best candles?

For example in Alpari its the worst i have ever seen , it could be pin bar in other company but they dont show it , for example IB or OB its always one pip more up or down , So wich broker platform i should use , show me the best candles shape?

thanks guys for your help
if i can but in here, fx pro is very common here you might like to try that??
although many also use Alpari
jon
PATIENCE... DISCIPLINE
  • #46,840
  • Oct 26, 2009 6:59am Oct 26, 2009 6:59am
is anyone else looking at that 4h BEOB on eu/gb?? its just breaking on my feed and it seems the only thing worth looking at atm??
jon
PATIENCE... DISCIPLINE
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