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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

  • #47,941
  • Nov 11, 2009 11:36am Nov 11, 2009 11:36am
I do not know if anyone spot this but i think is good to show it.
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  • #47,942
  • Nov 11, 2009 11:37am Nov 11, 2009 11:37am
The more I look at Usd/Jpy, the less interested I am. Scratching this one from my potential list. Just too dirty and too much traffic. It never hurts to glance (after a few hours break) at a your trading ideas and reevaluate. I really like the .9000 area, just doesn't meet my criteria like I originally thought it did.

Usd/Cad
If Usd/Cad can close as a good pin, I will entertain this one long on a break of the pin (assuming it closes as such). At an area, 61% fib as well. If this goes I will still manage my stops aggressively due to strong pivot at 1.06 area and will quickly take profits if price action dictates.

The close would have to be just under or above 1.05 to be worthy of a limit order.


Nathan
  • #47,943
  • Nov 11, 2009 11:39am Nov 11, 2009 11:39am
Quoting mbqb11
Mostly comes down to repetition and experience. You see things so many times, certain situations become familiar. Of course you just try to apply that best and sometimes you win sometimes you lose

Mike
Mike, I'm glad you mentioned this because I'm wondering... As one progresses through the material and become a more patient trader, what else can we do when it comes to education? I'm assuming it's chart time? Just learning price action by looking at what it does on the charts right?

For now, I still have plenty to read through! lol
  • #47,944
  • Nov 11, 2009 11:57am Nov 11, 2009 11:57am
Frank:

I don't mean to jump in, as I am sure Mike will answer you, but I will give you a few ideas or at least some things I tried to do:

1) In terms of price reaching support / resistance areas pay attention to
how price reacts at those areas on lower time frames. What does it
do before it breaks through and how does it act when it gets rejected.

2) Simply screen time..........there is no shortcut (in my opinion) to getting
experience in front of the screen. I don't mean every second of
every day needs to be in front of the computer, but whether demo or
real account get a feel for your timeframe and understanding the bars.

3) Spend as much time if not more on your strategy of trade management
and psychology vs. just entry techniques. A good trader can take a
poor entry and possibly profit while a less experienced trader can take
a prime entry and lose.

Just some ideas..........



Nathan
  • #47,945
  • Nov 11, 2009 12:02pm Nov 11, 2009 12:02pm
Quoting dobe_r_man
Frank:

I don't mean to jump in, as I am sure Mike will answer you, but I will give you a few ideas or at least some things I tried to do:

1) In terms of price reaching support / resistance areas pay attention to
how price reacts at those areas on lower time frames. What does it
do before it breaks through and how does it act when it gets rejected.

2) Simply screen time..........there is no shortcut (in my opinion) to getting
experience in front of the screen. I don't mean every second of
every day needs to be in front of the computer,...
Excellent tips Nathan, much appreciated!
  • #47,946
  • Nov 11, 2009 12:22pm Nov 11, 2009 12:22pm
Quoting dobe_r_man
Usd/Cad
If Usd/Cad can close as a good pin, I will entertain this one long on a break of the pin (assuming it closes as such). At an area, 61% fib as well. If this goes I will still manage my stops aggressively due to strong pivot at 1.06 area and will quickly take profits if price action dictates.

The close would have to be just under or above 1.05 to be worthy of a limit order.


Nathan

Do you see 1.0542 as a potential "problem area"?
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Many choose unhappiness over uncertainty.
  • #47,947
  • Nov 11, 2009 12:31pm Nov 11, 2009 12:31pm
Nice BEOB at swing high on 4 hr GBP with divergence. Break of red line took me short, blue line is first potential trouble point.
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  • #47,948
  • Nov 11, 2009 12:34pm Nov 11, 2009 12:34pm
Not quite as convincing but a BUOB on USDCAD as the 61.8 fib

Well is it actually a BUOB as the bar engulfs the previous but the close isn't above the high of the previous bar? Anyone?
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  • #47,949
  • Nov 11, 2009 12:49pm Nov 11, 2009 12:49pm
Quoting mbqb11
I can never pay my thanks enough. I have friends over seas ,family members have served. No thank you I can give is enough, but these men and women give us everything we have and I appreciate it from the bottom of my heart.
it's exciting to see how you Americans are proud of your country and how to appreciate the sacrifice of your countrymen.
I am Italian and I must say that in my country is not so and I am sorry for that.you American have a great love for your country and civic sense .... this will allow you ever face any economic crisis or social.
My compliments.
Patience is essential
  • #47,950
  • Nov 11, 2009 12:53pm Nov 11, 2009 12:53pm
Quoting teodosy87
I do not know if anyone spot this but i think is good to show it.
Hi. I am watching this one closely.
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  • #47,951
  • Nov 11, 2009 1:13pm Nov 11, 2009 1:13pm
One last thing then I will shut up...........


Regarding additional steps to improve trading:


I learn a great deal from my losses. Look for patterns whether with the charts or your own behavior that are negative to your trading.

Also, remember even if everything lines up and you had every good reason under the sun to take the trade you will not win them all. Just because you lost on a trade doesn't mean you did something wrong. Some very good trade setups will not work out. Over time they will more than not, which is your edge and how your account balance increases consistently.

If you are looking for guaranteed, no loss trading I wish you the best on your quest. Look at improving you as a trader instead.


Nathan
  • #47,952
  • Nov 11, 2009 1:15pm Nov 11, 2009 1:15pm
Quoting Dan Gilbert
Do you see 1.0542 as a potential "problem area"?
I see it, but that area wouldn't concern me on my daily trade. It could hit it, pause maybe or reject it but 1.06 is more where my radar goes up.

Nathan
  • #47,953
  • Nov 11, 2009 1:29pm Nov 11, 2009 1:29pm
Quoting verno
Not quite as convincing but a BUOB on USDCAD as the 61.8 fib

Well is it actually a BUOB as the bar engulfs the previous but the close isn't above the high of the previous bar? Anyone?

Not everyone plays these the same, but I like them to close above the prior bar's high myself. At a minimum I think you want the close to be in the top third of the engulfing bar. The kind I like best are like the attached (for Buob) with a close well above the entire bar.
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  • #47,954
  • Nov 11, 2009 1:45pm Nov 11, 2009 1:45pm
Quoting Greenhaze
Hi. I am watching this one closely.
It sure does looks interesting but i think that we miss that short
  • #47,955
  • Nov 11, 2009 2:50pm Nov 11, 2009 2:50pm
a couple GBP BEOB's...

I like GBPUSD because it is in a more noticeable "swing high" area, it has already broken 1.6600.

I do not like it because it is running smack into the weekly pivot area, and already looks as though it's finding some support there.

http://i380.photobucket.com/albums/o...dbeoblarge.gif


I like GBPJPY because it has already broken it's weekly pivot, and has a nice distance before it makes contact with the monthly.

I do not like it because it is seemingly in a 'traffic' area but it does look like a minor swing high on a downtrend.

http://i380.photobucket.com/albums/o...ybeoblarge.gif


Is anybody here anticipating a trade on the close of our daily bars on these pairs?
Many choose unhappiness over uncertainty.
  • #47,956
  • Nov 11, 2009 3:01pm Nov 11, 2009 3:01pm
Quoting Dan Gilbert
a couple GBP BEOB's...

I like GBPUSD because it is in a more noticeable "swing high" area, it has already broken 1.6600.

I do not like it because it is running smack into the weekly pivot area, and already looks as though it's finding some support there.

http://i380.photobucket.com/albums/o...dbeoblarge.gif


I like GBPJPY because it has already broken it's weekly pivot, and has a nice distance before it makes contact with the monthly.

I do not like it because it is seemingly in a 'traffic' area but it does...
I like Gbp/Usd pair the best of the two, but my entry would be below 1.6500. I won't take this trade only because I have another trade based on what the US dollar does and I don't want to lose 2% vs 1% if it doesn't work out. That is just my own rule though......i.e. I won't take 3 xxx/jpy trades because if they fail you could lose 3% (thought it would work out great if you were right)....ha ha.

Nathan
  • #47,957
  • Nov 11, 2009 5:32pm Nov 11, 2009 5:32pm
Quoting verno
Not quite as convincing but a BUOB on USDCAD as the 61.8 fib

Well is it actually a BUOB as the bar engulfs the previous but the close isn't above the high of the previous bar? Anyone?
your correct, a outside bar (beob ,buob ) has just the wicks engulfing the proir bar, a engulfing bar (beeb, bueb) has the open and close engulfing the prevoius bar
  • #47,958
  • Nov 11, 2009 6:14pm Nov 11, 2009 6:14pm
Quoting KissFan
Hey Cyrus! Yeah we do make the rules. The challenge is sticking with what works.

This stuff takes time and dedication on many levels. I'm not a negative person but I think to myself everyday that I trade that I'm just a click away from a big mistake. All I'm saying here is that we need to be very picky about what we buy or sell.
Yeah. Totally agree. I might add also, that a very large portion of 'making the rules' is also customising it to our psychology.

I'm embarrassed to say I've been trying to figure my way out in this business for nearly 5 years but I've only had proper breakthrough coming here & to the PF thanks to James, Mike and many others.
Only recently realised that I couldn't stick to what I made up previously because it wasn't catered to my psychology and hence, I didn't "like it".
And hence, recently, I've been building my trading framework around stuff that "I like".
Being picky with the signals that "I like" is what has helped me alot recently.

Edit: My best bud said very recently, "Its fine missing moves. If your system didn't encompass it, then it wasn't your money to take to begin with"

Quoting KissFan
We see the wizards go by feel...
Yeah bro. My best friend interned for a very low profile "king" of traders. Made 1.6BILLION in 1 day in 1997 shorting the hell out of the Indonesian Rupiah. NDF guy. When my buddy asked him how he does it, he went, "I dont know. You do this long enough...it feels right". Of course, he's got his indicators too ...all proprietary.. heh.

He's also really famous for going, "OKAY! Buy xxx/xxx NOOOOWWW. AS MUCH AS YOU CAN. NOOOWWW!!!! WACK!!!" about once a quarter. Been there i think 6 years. Never been wrong on this type of signal once. Makes 80% of all his profits off this. His 6 man desk made more money than the global options desk in 2008.

There are no limits to this business, only in our minds and the pride of our hearts. Truly inspiring. Hard to be proud w such "monsters" around.
One Mind, Any Market
  • #47,959
  • Nov 11, 2009 6:37pm Nov 11, 2009 6:37pm
Quoting Cyrus
.......
Yeah bro. My best friend interned for a very low profile "king" of traders. Made 1.6BILLION in 1 day in 1997 shorting the hell out of the Indonesian Rupiah. NDF guy. When my buddy asked him how he does it, he went, "I dont know. You do this long enough...it feels right". Of course, he's got his indicators too ...all proprietary.. heh.
He's also really famous for going, "OKAY! Buy xxx/xxx NOOOOWWW. AS MUCH AS YOU CAN. NOOOWWW!!!! WACK!!!" about once a quarter....

very funny & interesting, Cyrus. u have a lot of 'friends'... hahah

that's my early morning 'breakfast'.
  • #47,960
  • Nov 11, 2009 7:16pm Nov 11, 2009 7:16pm
Quoting Cyrus
He's also really famous for going, "OKAY! Buy xxx/xxx NOOOOWWW. AS MUCH AS YOU CAN. NOOOWWW!!!! WACK!!!"
Paul Tudor Jones?
Don't wish it were easier, wish you were better. ~ Jim Rohn
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