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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

  • #48,021
  • Nov 12, 2009 6:14pm Nov 12, 2009 6:14pm
Quoting Dan Gilbert
well hello there........
I'm with you!
  • #48,022
  • Nov 12, 2009 6:18pm Nov 12, 2009 6:18pm
Ok just noticed my light pink line - its a 165 SMA - as resistance to my trade -- I actually don't know what or if this means anything yet. But I'll wait n see how it turns out - - - -I;m guessing I should have a 365 SMA - is that the 'normal' one?

I changed it to 365 - and now it's not a factor - -just in case you want to see I've added another image.
Attached Image (click to enlarge)
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  • #48,023
  • Nov 12, 2009 6:19pm Nov 12, 2009 6:19pm
Quoting frankm7
I'm with you!
well I am good at playing devils advocate and if anything it just instills my pickyness into one person I am happy. This doesn't mean it is or is not tradeable, that comes down to the trader not me.

Here are the cons list

-Small bar in comparison to the strong recent move down(think catching knife with a small bar)
-Poor close, barely closing within prior bar, looks like it is hanging on for its life
-time of day
-nearest trouble area = previous bar high

Just my thoughts to add to the mix

Mike
  • #48,024
  • Nov 12, 2009 6:20pm Nov 12, 2009 6:20pm
Quoting perch
OMG!
another one?
This time Usd/Can
again on 4 hr

Trend has been down albeit not steeply down -

I am seeing tail at 1.0575 - not really a big round number - but sort of?
First - weak resistance is 1.0501 - but maybe doesn't really count? free to go below 1.0500
lol, I spotted this one too! It's coming off a 38.2 fib. I'm going to wait until midnight-ish to make a decision on this (mainly b/c I'm already in a eur/usd trade on that 4 hr pin...)
Many choose unhappiness over uncertainty.
  • #48,025
  • Nov 12, 2009 6:25pm Nov 12, 2009 6:25pm
Quoting mbqb11
well I am good at playing devils advocate and if anything it just instills my pickyness into one person I am happy. This doesn't mean it is or is not tradeable, that comes down to the trader not me.

Here are the cons list

-Small bar in comparison to the strong recent move down(think catching knife with a small bar)
-Poor close, barely closing within prior bar, looks like it is hanging on for its life
-time of day
-nearest trouble area = previous bar high

Just my thoughts to add to the mix

Mike

you break my heart
Many choose unhappiness over uncertainty.
  • #48,026
  • Nov 12, 2009 6:25pm Nov 12, 2009 6:25pm
Quoting Dan Gilbert
you break my heart
  • #48,027
  • Nov 12, 2009 6:29pm Nov 12, 2009 6:29pm
USD/CHF -
Holy Crap - I've seen two other setups also - -- - but not as pretty -- -

again on 4hr
overall trend down

resistance at about 1.0125 or 1.0109
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  • #48,028
  • Nov 12, 2009 6:35pm Nov 12, 2009 6:35pm
PAUSING

Ok- Frustrations of the past are being redeemed - I don't know yet if what I've done and seen so far will work out --- but man this is exciting --- I see what I think I am suppose to see.
I don't even care that I found four in the past 20 minutes - -- in fact makes me nervous -- probably shouldn't be seeing this many great setups all at one time?????


Is anyone else seeing this? am I nuts or are these real? (sort of a rhetorical question - but is this weird?)
  • #48,029
  • Nov 12, 2009 6:39pm Nov 12, 2009 6:39pm
Quoting perch
PAUSING

Ok- Frustrations of the past are being redeemed - I don't know yet if what I've done and seen so far will work out --- but man this is exciting --- I see what I think I am suppose to see.
I don't even care that I found four in the past 20 minutes - -- in fact makes me nervous -- probably shouldn't be seeing this many great setups all at one time?????


Is anyone else seeing this? am I nuts or are these real? (sort of a rhetorical question - but is this weird?)
If you are new to this, as I am, you will begin to post your charts of what you think is "A+" and some of the vets here will tell you why it's a C or D.... Good luck!
Many choose unhappiness over uncertainty.
  • #48,030
  • Nov 12, 2009 6:40pm Nov 12, 2009 6:40pm
Quoting perch
Ok just noticed my light pink line - its a 165 SMA - as resistance to my trade -- I actually don't know what or if this means anything yet. But I'll wait n see how it turns out - - - -I;m guessing I should have a 365 SMA - is that the 'normal' one?

I changed it to 365 - and now it's not a factor - -just in case you want to see I've added another image.
Thats the 365 EMA I think not SMA.
  • #48,031
  • Nov 12, 2009 6:46pm Nov 12, 2009 6:46pm
Thanks Dan - that is what I am hoping for - - - yes a very newbie - - the biggest lesson so far is patience - - - I don't get a whole lot of chart time - and literally many days to over a week - before I even see anything remotely close, I just get to excitable I guess.
I am hear to learn - so all comments welcome. and I really appreciate knowing that what I think is A+ , is not for some others- and the why behind it- - -that's good stuff.
  • #48,032
  • Nov 12, 2009 6:46pm Nov 12, 2009 6:46pm
Goes to show you I have to be even pickier! Thanks Mike!

Quoting mbqb11
well I am good at playing devils advocate and if anything it just instills my pickyness into one person I am happy. This doesn't mean it is or is not tradeable, that comes down to the trader not me.

Here are the cons list

-Small bar in comparison to the strong recent move down(think catching knife with a small bar)
-Poor close, barely closing within prior bar, looks like it is hanging on for its life
-time of day
-nearest trouble area = previous bar high

Just my thoughts to add to the mix

Mike
  • #48,033
  • Nov 12, 2009 6:47pm Nov 12, 2009 6:47pm
Hi All,

Thought I'd put this up an the event someone else may find it usefull. Probably the most difficult thing I find/found is starting out was asking the right questions when seeing a setup. NOw me being me I am not renound for my patience...which often led to me jumping the gun ....and well...you know the price you pay for that. Anyhow I have over time developed what I call a trading report, which forces me to ask the questions on any given trade I wish to take....objectivly. I have attached the .pdf...hopefully someone finds it of some use...I have visio copy if anyone wants raw layout.

10-4

Scott
Attached File(s)
File Type: pdf Trading Report v1 12.pdf   41 KB | 911 downloads
  • #48,034
  • Nov 12, 2009 6:52pm Nov 12, 2009 6:52pm
Quoting frankm7
Goes to show you I have to be even pickier!
Mike is always right too.... seriously. he is.
Many choose unhappiness over uncertainty.
  • #48,035
  • Nov 12, 2009 7:34pm Nov 12, 2009 7:34pm
Someone please tell me why this is a bad trade, I'm going to post the monthly chart here too as a view of "reason to look for shorting NZD"

short on break of DBHLC?
Attached Images
Many choose unhappiness over uncertainty.
  • #48,036
  • Nov 12, 2009 7:51pm Nov 12, 2009 7:51pm
Quoting KissFan
Haha! I've been in and out of this trade three different times so far. All three times short and for 1 pip profit twice. Im currently up 42 pips and hope that it takes us to that 73 area this time without a fuss.

K.I.S.S.
Out of this one for good profit. I'm looking for more opportunities starting Sunday night. Ya'll have a good weekend.
K.I.S.S.
Attached Image (click to enlarge)
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  • #48,037
  • Nov 12, 2009 7:59pm Nov 12, 2009 7:59pm
Quoting KissFan
Out of this one for good profit. I'm looking for more opportunities starting Sunday night. Ya'll have a good weekend.
K.I.S.S.
perfect trade. have a great weekend.
Many choose unhappiness over uncertainty.
  • #48,038
  • Nov 12, 2009 8:12pm Nov 12, 2009 8:12pm
Quoting Dan Gilbert
Someone please tell me why this is a bad trade, I'm going to post the monthly chart here too as a view of "reason to look for shorting NZD"

short on break of DBHLC?
I can't tell you if it is a bad trade or not, assuming the question is on the daily chart. I have the monthly burned in my minds eye as well Dan. I can tell you that I just took profit on the move down from 7400 and may very well get back in short when I see proper PA. The BEOB looks tempting but I like 'em at the swing high. This one is up there but not a sure deal trade signal in my estimation. It could very well end up five bars back in a conga line of green and red. One last thing and is probably the most important. I have enclosed a chart. Look at where the daily bar stalled. It stalled right at the bar high of the red bar I indicated. I also see resistance there (yellow line). Shorting this bar now may get you to the next bar high (green bar indicated) and then reverse. How much risk are you willing to take to make 35 pips? I hope that I sound respectful because you can't hear someone's tone via e-mail. Dan I can tell that you are really starting to get this stuff and this is a great question. These above are my observations only and questions that I would ask myself before I made this a trade.

K.I.S.S.
Attached Image (click to enlarge)
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  • #48,039
  • Nov 12, 2009 8:13pm Nov 12, 2009 8:13pm
Quoting b612
Excellent video on Paul Tudor Jones.

http://www.tudou.com/programs/view/XH5W4vffBbY/

A little more info on the link I posted yesterday. Paul Tudor Jones is one the most successful trader in the world. He was featured in Jack Schwager's book "Market Wizards". The video was posted on a Chinese website, but it is in English. You'll see how a guy can cut his losses as fast as he can, and how he deals with it emotionally. A lot of lessons can be learned from this video.

Hope you'll enjoy it.

Valérie
  • #48,040
  • Nov 12, 2009 8:28pm Nov 12, 2009 8:28pm
Quoting Scooter17
Hi All,

Thought I'd put this up an the event someone else may find it usefull. Probably the most difficult thing I find/found is starting out was asking the right questions .....
10-4

Scott
Thanks for that Scooter - I'm planning to do somethng similar in Xcel to use for trade decision making, to ensure as many confluenced factors as possible. You're input will certainly help me with that. Cheers
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