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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

  • #48,501
  • Nov 22, 2009 7:31pm Nov 22, 2009 7:31pm
Quoting supremeChaos
Good points.. but this part, is easier said than done.

to paint a more realistic perspective, here's another view:
Trading is simple & easy. it's the trader that makes it difficult.
to be more specific, what's inside the trader's head is what makes trading difficult.
what's inside the trader's head = Psychology (personal circumstance; negative emotions, experiences; mental issues/roadblocks; greed, fear, etc)

if we can overcome/control this "Psychology", plus if we employ good, consistent money management,...
I have to admit that Benji has amazed and continues to amaze me...

His recent post confirms a point, that I believe all good traders have wrt what/how they trades, ie:

" I like it, and it is easy."

Keep it simple. Have a plan for entry & exit (s/l & t/p).
LIKE IT

Wash, rinse, repeat.

Over the weekend, I also realised that there are 3 dimensions of good trading: Price + Time + Psychology

Hv a gd week everyone. =)
One Mind, Any Market
  • #48,502
  • Nov 22, 2009 7:37pm Nov 22, 2009 7:37pm
Quoting scott087
I don't really use trendlines that much but SC you are right on this one....

I guess there are a few different schools of thought regarding trendlines. According to Martin Pring, "A trendline derives its authority from the number of times it has been touched or approached; i.e., the larger the number, the greater the trendline's significance."

It is my belief that trendlines are basically dynamic support/resistance areas, and are somewhat of a "zone" rather than a line. I also agree with the statement that steeper trends are more easily broken...
skype: ststroud. let's talk trading.
  • #48,503
  • Nov 22, 2009 7:50pm Nov 22, 2009 7:50pm
Quoting KissFan
I just sat down a few minutes ago to get caught up on the posts here on the thread. I am really excited by what I see posted over the past weekend. So many posts with so many charts. Thumbs up to all who have posted charts. It looks like we could have a really good couple of days trading this week before the holiday. Newer traders please remember, that before you pull the trigger-confluence, bar confirmation and a plan for TP. Best of luck trading everyone!

K.I.S.S.
Hi Roger,
I saw/traded the pinbar setup on AUD/USD on Friday...as did many others. I am interested to know if you did (or would have if you saw it?) Looked to me to be a setup that was right up your alley.

10-4
  • #48,504
  • Nov 22, 2009 8:04pm Nov 22, 2009 8:04pm
Anyone watching AUDJPY?

Pin, with the trend, some space, sticks out ok (not quite halfway), nice nose, but not quite as long at the bear bar before it (50 pips less) 50 and 61 fib ret. First trouble around 83 even.

I've got a pending order at 10 pips break of the pin, with my EA to go to BE at 20 pips, and take half profit at 30 pips. Then we can see how the first trouble spot works out, and trail from there.

Thoughts?

http://i189.photobucket.com/albums/z...on/nov22aj.gif
  • #48,505
  • Nov 22, 2009 8:27pm Nov 22, 2009 8:27pm
Update looking real strong wishing I had took the Eur too. I'm going to look for an entry at opening.
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"Whether you think you can or can't, you're right." Henry Ford
  • #48,506
  • Nov 22, 2009 8:58pm Nov 22, 2009 8:58pm
Quoting Scooter17
Hi Roger,
I saw/traded the pinbar setup on AUD/USD on Friday...as did many others. I am interested to know if you did (or would have if you saw it?) Looked to me to be a setup that was right up your alley.

10-4
Hey Scooter! Which one? If you are talking about this one, I missed it. I was riding. I shorted AU for a small profit about 4hr before. It was in fact a great set-up for me and I would have bought right there at the break of the pin.

K.I.S.S.
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  • #48,507
  • Nov 22, 2009 9:53pm Nov 22, 2009 9:53pm
Quoting bluetrader
Sorry to butt into this reply -- I'm curious wh1zz0, if you could explain...

1. Where does your trendline start? Is it on the 7/14 bar high?
2. Why did you decide to use the high of that point 7/14 and not the highs of late September? Doing this would cause the pin bar to protrude but not close on top of the trend line.

I'm trying to learn the best way to draw trendlines so please don't take this as criticism -- just trying to follow your logic.

Thanks and thanks stoiter for posting this setup... I was considering this same trade.

-- Danny

According to Tom De Mark whom I respect very much, it is supposed to be drawn from the most recent swing high to the previous swing high then project afterward into the future but in stoiter's case he used the candle's high which was still forming (at the time he posted the chart) which should not be IMHO.
  • #48,508
  • Nov 22, 2009 9:56pm Nov 22, 2009 9:56pm
Quoting dengzhi
do you trade equities?
if not, what are the reasons for trading forex over equities?

look at what S&P500 has done the past 50 years
Nah, I don't trade equities. Just currencies and some commodities. Reason is that I don't need all markets to make money.
  • #48,509
  • Nov 22, 2009 10:02pm Nov 22, 2009 10:02pm
Quoting tyler812
what is this "undiluted news" of which you speak? I was not aware such a thing existed.....
Yes it does exist.

Undiluted news is news you should listen to. The facts. Unfortunately not everything we hear on TV is fact, lies sometimes or "sugar coated" stories. Basically you don't need any analysis from any news reporter neither do you need to know the fundamental reason why market spiked. But don't get me wrong please, I love the fundamentals but you should know how to filter the real stuff out of what ever you hear and if you can't then don't bother listening at all so you don't cloud your judgment before taking the next trade.

Don't let the biggies offload on you..
  • #48,510
  • Nov 22, 2009 10:14pm Nov 22, 2009 10:14pm
Quoting tyler812
I guess there are a few different schools of thought regarding trendlines. According to Martin Pring, "A trendline derives its authority from the number of times it has been touched or approached; i.e., the larger the number, the greater the trendline's significance."

It is my belief that trendlines are basically dynamic support/resistance areas, and are somewhat of a "zone" rather than a line. I also agree with the statement that steeper trends are more easily broken...
Just because it's more "significant" doesn't mean it's more likely to hold...
May all your fits be loose.
  • #48,511
  • Nov 22, 2009 10:29pm Nov 22, 2009 10:29pm
Hiya Guys, Today I've been seeing some daily setups on my charts, it has been a long time since I last posted here, and seems to be losing my touch (or lack thereof ).

Anyway, I've noted some setups I like, and most of them are againts weekly PAs, or againts a thick PPZ on weekly, so I got

EURAUD Daily PB, rejected 61.8 and a PPZ on daily, and with the daily trend, unfortunately, it's againts a weekly BUOB, and 1.6 round number in front of it, that's a no trade, I'd expect a break of the pin to the checkmark, and then price should break through the weekly BUOB moving with the white arrow.

http://content.screencast.com/users/...047_EURAUD.png

AUDCHF Daily PB, Great Location, 61.8 Fib. With the trend, Trendline confluence, but again, it's againts a weekly BEOB and a thick weekly PPZ... that's a no trade for me, too. I'd expect a move to the checkmark to retrace the Weekly BEOB's left eye at 0.94 round number(my own prespective on outside bars). and price would reverse to a downtrend, should we see a break of the weekly BEOB.

http://content.screencast.com/users/...056_AUDCHF.png

I Also Had my eyes on AUDUSD, but cancelled my order because I don't like the daily close on the PB, I'd like it to be higher than the open, and also, AUDUSD is also near a weekly PPZ, and a HUGE BEOB on the weekly.

And on the AUDJPY Daily Pin, replying to @atclarckson.

My opinion is this PB doesn't have what I wanted normally on a high grade PB, the reasons are the close is way lower than the open, the nose did not protrude long enough from the eyes, but looking from the situation now, there aren't any visible weekly PA, and the nearest weekly PPZ is high enough at about 87.00, so it's actually better than the other setups I saw earlier on the Dailys.
Also, the movement since the day's open shows a nice rejection of the 81.00 at the level of the left eye.

So yeah, the AUDJPY daily PB could work, but as a long term trade, you might wanna watch the minor daily PPZ at 83.00 to watch for a retrace or whatever your trade plan is.

Back to myself.

The only order triggered today is actually the GBPCHF short based on the weekly PB, it's not the best PB you can find, but it is with the trend IMO and on confluence with the 50 Fib ret. I'll be watching 1.6550 to move my stops and I got a TP @ 1.6250.

It's a small account, and the trade did triggers before I had more chance to reanalyze, but I think I'll just stick to my plan and try not to get emotional about it, it's now showing paper profit.

Oh, and there's a funny story I'd like to tell you guys.

The Friday morning, a friend of my fiancee asked me to teach him about forex, so I explained the market mechanism, and order types, and the reasons 95% failed, mbqb11 style (thanks Mike ).
We were talking a lot about the markets and then when I start to talk about how I'm still keeping a long GOLD position from the break of the DBLHC and using 2 bar stops to manage my stop (cheers to Mike ).
He then starts to tell me to close that position because he thinks GOLD is going to drop because he heard on TV that a lot of major countries had announced that they're going to keep the GOLD price at bay, they said that GOLD prices are already too high and they don't like it (really?), and he's telling me all other fundies reasons to the point where my head is spinning just listening to him(I guess he wants to return the favor LOL.).
The point he's trying to make is, next week, GOLD prices is going to drop, so I need to reassess my long position.
Finally after he stops, I tried to see it via a technical prespective, and I explained him about the psychological aspects that Pinbars is telling me about the market, I saw 2 Bullish PBs on the dailys already rejecting hard the 1130 level (about 100$ more than the last high of 1030). And my point was, this is what I can trust and proven by myself, rather than a random someone at the goverment (everybody lies, except politicians??). So I told him that IMO GOLD price is still going to rise next week, breaking the high, or at least breaking the last Daily PB on thursday, reaching the high on 1150, and might retrace to 1100, or breakout entirely.

I then open another position on demo at the break high of the Thursday PB and told him if at the beginning of next week this position makes a profit, he is going to owe me a bottle of whiskey.

I'm just closing that position today and tonight I'm going to fetch myself a Jim Beam Black.
And did I mention I love TA? LOL.

Hope that helps, helps me more than I can say though

Sincerely,

Marcel.
  • #48,512
  • Nov 22, 2009 10:35pm Nov 22, 2009 10:35pm
Quoting marcelnyo
Hiya Guys, Today I've been seeing some daily setups on my charts, it has been a long time since I last posted here, and seems to be losing my touch (or lack thereof ).
.................
Sincerely,

Marcel.
May all your fits be loose.
  • #48,513
  • Nov 22, 2009 11:03pm Nov 22, 2009 11:03pm
Quoting marcelnyo

Hope that helps, helps me more than I can say though

Sincerely,

Marcel.

Heya Marcel good to see you

Just stick to your beliefs. No one has the market figured out. We can't "figure it out". We just stick to what we know and win over the long run. You win some, you lose some. The market can throw its curveballs when it wants, but if you plan out enough of your trades well like this you will be fine

Best
Mike
  • #48,514
  • Nov 23, 2009 2:11am Nov 23, 2009 2:11am
Quoting supremeChaos
very nice trade Sir...

but a small reminder (mainly for the others), this is not a technically correct BEOB: this is what i call a ''quasi-BEOB" or "pseudo-BEOB". i trade them from time to time.
if u look closely at those 2 bars, the 2nd bar (of your BEOB) does not engulf the 1st bar. a BEOB must completely engulf the 1st bar & close at/near the lows.

when we post, we must always keep in mind the learning curve of the others
You're right, and thank you for pointing out that it was not a true BEOB.
Gone to a better place
  • #48,515
  • Nov 23, 2009 2:18am Nov 23, 2009 2:18am
Can someone please explain what is PPZ?
Where is explanation to it? This thread more then 3000 pages but I'd like to know faster then after one year of reading it all
"Every battle is won before it is ever fought." - Sun-tzu, The Art of War.
  • #48,516
  • Nov 23, 2009 2:49am Nov 23, 2009 2:49am
Quoting Andy12
Can someone please explain what is PPZ?
Where is explanation to it? This thread more then 3000 pages but I'd like to know faster then after one year of reading it all
Here you go Andy. http://www.james16group.us/Guests/guestmaterial.html Look for the video entitled "Pivot Zones".

K.I.S.S.
  • #48,517
  • Nov 23, 2009 2:55am Nov 23, 2009 2:55am
Quoting KissFan
Hey Scooter! Which one? If you are talking about this one, I missed it. I was riding. I shorted AU for a small profit about 4hr before. It was in fact a great set-up for me and I would have bought right there at the break of the pin.

K.I.S.S.
Geez, good thing you had your crystal ball out, my appologies, that was a pretty ordinary post on my behalf. No chart, TF etc. None the less you were on the money with the setup I was refering to. I do not normally venture into 1 hour TF but have been following your posts with interest, thought I'd have a go.

Good to see you pick up some pips elsewhere
  • #48,518
  • Nov 23, 2009 3:02am Nov 23, 2009 3:02am
Quoting mbqb11
Heya Marcel good to see you

Just stick to your beliefs. No one has the market figured out. We can't "figure it out". We just stick to what we know and win over the long run. You win some, you lose some. The market can throw its curveballs when it wants, but if you plan out enough of your trades well like this you will be fine

Best
Mike
Thanks a lot Mike, It's great to see u too.

I'm currently putting a heavy emphasis on practice and practice, and trying to limit what to learn instead of trying to learn everything on such a short time.

I've found out that we are addicted to progress, but the truth is, not all of us learns that fast, while every one of us wanted to, it's hard enough to grasp the prespective, let alone trade a discretionary style method.

Now that I'm kinda "starting over" I'm overwhelmed with what I've missed since I've left, I've found out now it's only about lack of focus to the subject, meaning I'm not committed enough, or maybe my fiancee is trying so much to blog that she's so focused in getting my off the laptop. LOL.
  • #48,519
  • Nov 23, 2009 3:37am Nov 23, 2009 3:37am
Thank you KissFan
Quoting KissFan
Here you go Andy. http://www.james16group.us/Guests/guestmaterial.html Look for the video entitled "Pivot Zones".

K.I.S.S.
"Every battle is won before it is ever fought." - Sun-tzu, The Art of War.
  • #48,520
  • Edited 3:58am Nov 23, 2009 3:54am | Edited 3:58am
still holding half my position similar story with nz/usd from 72376...

both taken from pin breaks @ swing lows on good support lvls

stops up in the green....:O)


ps i wouldn't normally post trades but i saw afew other people talking about aud/usd...
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