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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

  • #50,021
  • Dec 17, 2009 12:47pm Dec 17, 2009 12:47pm
Quoting bluetrader
Hi Nasir, I felt the down trend line (your brown line) had been broken. To me that was more important than the daily resistance you highlighted. Also, using purely the close, I only get 1 point in that area (Nov. 8th, high=1.6939 on my broker).

This is just my opinion, but based on those 2 points, I didn't feel taking the trade was a problem. I could be wrong, but need to stick to my plan.

Thanks for your feedback Rev as well.

Hopefully we're both right Nasir.

-- Danny
I am really sorry if i am messing up with your plan.

Wide bar with close above prior high
You mean high of this bar is higher then the previous one right? is that a good reason to take a trade?

Pin'ish looking with good spacing
Almost on a swing high how good is that?

Trend line break, retrace
I can see the break but there is no retrace.

And the most powerful thing in this area is that aqua line. IMO

Hope that helps.
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  • #50,022
  • Dec 17, 2009 12:51pm Dec 17, 2009 12:51pm
I have been waiting a couple of days for price to reach this trendline.

And I like what I see, we have divergence, round number (90.00) confluence and a nice pin.
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  • #50,023
  • Dec 17, 2009 12:53pm Dec 17, 2009 12:53pm
Quoting Dan Gilbert
chart.
nice chart Dan
was also thinking the same thing with this one
also looking at the daily chart
interesting
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Simplicity is the key to success
  • #50,024
  • Dec 17, 2009 1:07pm Dec 17, 2009 1:07pm
Quote
Originally Posted by raczekfx http://cdn.forexfactory.com/images/buttons/viewpost.gif
Now, do you want to take some profit at minor sr and move the rest to be?
It's totally up to you, but if you trade 1k/pip, that's already nice cheque..http://cdn.forexfactory.com/images/s...m/big_grin.gif
If price hits 4510 for the fourth time, it's probably going lower....


I was watching the same set up this pair last night, when I saw your post so I stayed on it, and was waiting for it to drop as it kept testing around 45. Suppose I got lucky with the Greece move, but thanks for the Heads Up (and the 150p).

BTW, seems like a trend reversal underway as it bounced strongly off 1.43

Regards
  • #50,025
  • Dec 17, 2009 1:13pm Dec 17, 2009 1:13pm
Quoting artov
I have been waiting a couple of days for price to reach this trendline.

And I like what I see, we have divergence, round number (90.00) confluence and a nice pin.
Have same plans artov,

but it's to late here and can't stay awake for another TWO hours.

See if pending orders could do the trick...
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  • #50,026
  • Dec 17, 2009 1:25pm Dec 17, 2009 1:25pm
Quoting nasir.khan
I am really sorry if i am messing up with your plan.
Thanks for your feedback Nasir. No, you are not messing up with my plan. Only I can do that.

I've been only demoing for a few weeks now, so I appreciate your analysis. I'll stay in this trade but will try to learn from your input.

On my feed it was a BUOB -- it doesn't look like that on your feed, so that may be part of the confusion.

Thanks.

-- Danny
  • #50,027
  • Dec 17, 2009 1:34pm Dec 17, 2009 1:34pm
Quoting Dan Gilbert
chart.
Hey Dan give your SL a chance against this TL and 50%.
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  • #50,028
  • Dec 17, 2009 1:50pm Dec 17, 2009 1:50pm
Quoting bluetrader
Thanks for your feedback Nasir. No, you are not messing up with my plan. Only I can do that.

I've been only demoing for a few weeks now, so I appreciate your analysis. I'll stay in this trade but will try to learn from your input.

On my feed it was a BUOB -- it doesn't look like that on your feed, so that may be part of the confusion.

Thanks.

-- Danny
No problem just stay here and keep posting.

Wish you good luck.
  • #50,029
  • Dec 17, 2009 2:01pm Dec 17, 2009 2:01pm
big support at the 1.50 level on eur/chf. got in nearly at the lowest point and already moved stopp to BE.
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meine augen sind die sterne
  • #50,030
  • Dec 17, 2009 2:19pm Dec 17, 2009 2:19pm
Quoting raczekfx
you like jumping the gun, don't you...
Oh, you young bloods....
give you S&W, you ask for tavor, give you the tavor you ask for merkava..
.
haha...you got me...full lose on this trade..

..no time to think - next!
  • #50,031
  • Dec 17, 2009 2:25pm Dec 17, 2009 2:25pm
Quoting MattW
I feel sorry for anyone trying to read this thread through from the beginning!
I started yesterday and I'm up to post #500... I have a folder full of saved charts, a headache, and a new point of view to see the market from...

45,531 more to go!
  • #50,032
  • Dec 17, 2009 2:27pm Dec 17, 2009 2:27pm
Quoting Zsx
I started yesterday and I'm up to post #500... I have a folder full of saved charts, a headache, and a new point of view to see the market from...

45,531 more to go!
I'm a bit ahead of you on the same journey!

I do the same with some of the charts and I'm also cutting and pasting the best posts into a doc, just an idea.
  • #50,033
  • Dec 17, 2009 2:32pm Dec 17, 2009 2:32pm
Quoting Zsx
I started yesterday and I'm up to post #500... I have a folder full of saved charts, a headache, and a new point of view to see the market from...

45,531 more to go!
you'll soon start dreaming about charts .... lol
welcome & goodluck
the journey is well worth it at the end
Simplicity is the key to success
  • #50,034
  • Dec 17, 2009 2:34pm Dec 17, 2009 2:34pm
I've spent the entire day backtesting and I've already realized one thing, I need to learn how far to place my pending orders as to not have them activate too early! I've lost several trades that way. I know Mike mentioned how far he places his pending order but I cannot find the post... I also remember reading that some traders like to place them over/under round numbers... comments and suggestions welcomed!

This backtesting process is a great way to know where you stand in your knowledge of the material too!
  • #50,035
  • Dec 17, 2009 2:35pm Dec 17, 2009 2:35pm
Quoting squeezy
you'll soon start dreaming about charts .... lol
welcome & goodluck
the journey is well worth it at the end
I actually had a dream my overnight order was profitable! LOL... I clearly remember moving my stop to break even... then I woke up and realized it was a dream
  • #50,036
  • Dec 17, 2009 2:52pm Dec 17, 2009 2:52pm
if i can do it with a 3, 11, 16 year old children - hands on mother...so can you! Keep it up... do not give in or up.... never ever! Lol
Quoting Zsx
I started yesterday and I'm up to post #500... I have a folder full of saved charts, a headache, and a new point of view to see the market from...

45,531 more to go!
  • #50,037
  • Edited Dec 18, 2009 12:58am Dec 17, 2009 2:54pm | Edited Dec 18, 2009 12:58am
The above has set up a double bar low and is currently setting up an IB. This is both true for the NY close chart and the GMT chart.

Daily S/R runs through at 8855 ish. Low of candles is 8844 so enter below here and stop 8880 or so (top of IB). The USD has been gaining strength on a number of currencies and could just be taking a breather before heading lower.

First problem area 8785 ish. Then it looks a little choppy however stop should be a BE by then.

See charts, would welcome any comments.
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  • #50,038
  • Dec 17, 2009 2:56pm Dec 17, 2009 2:56pm
Quoting frankm7
I've spent the entire day backtesting and I've already realized one thing, I need to learn how far to place my pending orders as to not have them activate too early! I've lost several trades that way. I know Mike mentioned how far he places his pending order but I cannot find the post... I also remember reading that some traders like to place them over/under round numbers... comments and suggestions welcomed!

This backtesting process is a great way to know where you stand in your knowledge of the material too!
Hey Frank

It isn't a set number exactly. I am always looking to place it beyond a round number(if going long), or beyond a recent high etc. Generally it might break down like this

1 hr- 7-15pips
4hr - 10 -20pips
daily 15-25 pips
weekly 20-40 pips

Something like that in general

Mike
  • #50,039
  • Edited 3:12pm Dec 17, 2009 3:00pm | Edited 3:12pm
Quoting TiaForex
I've experienced all this and more. You describe it so well I can almost taste it. The feeling when you are actually successful and you think "why do I feel scared or tentative?" I think it's partly to do with what Nelson Mandela once said about "it is not our darkness that scares us but our light" or as Michaelangelo put it "the greater danger is not that our goals are set too high and we will not reach them, but that they are set too low and we will". Or to be much simpler about it, fear of success.

We've all dreamed, played with our compound...
It's posts like this one, Aaron, that show me you're something apart from the endless crowd. Being that one could write a book just on the psych aspect of this thread alone, I'm going to be reading it again and writing down everything I've missed the last billion or so times lol That post from Aaron is sure to be in writing.

Success is scary because it's somewhere that you haven't been to yet; just as a higher equity is. Imagine being alone in the woods in the dark, and unsure of where you're even at. I'm sure you'd feel uneasy there, and success/gaining equity curve is the same. It's murky territory if you have yet to tread there.
I dream, therefore I become.
  • #50,040
  • Dec 17, 2009 3:05pm Dec 17, 2009 3:05pm
Quoting frankm7
I actually had a dream my overnight order was profitable! LOL... I clearly remember moving my stop to break even... then I woke up and realized it was a dream

hahahahahahahhaaha
dnt worry, those dreams will come to reality with perserverance/persistence
cheers
Simplicity is the key to success
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