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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

  • #51,061
  • Jan 8, 2010 2:05am Jan 8, 2010 2:05am
Quoting ghous
Hey Arya,

I don't see a lot going against that bar. Swing high, divergence and a nice long nose most importantly protruding away from the vicinity of the previous bars. (notice the length of that wick extending from the purple ppz on my chart)

However you gotta stay tight on a trade on an NFP Friday before the news release, so given that you can manage your way through liquidity issues the bar lows marked could come into play...probably.

g.
A question Ghous.

I have just closed my longs and every thing seems fine on this 4H until price reaches 132.45 (if it brakes 133.30 i think)

but should those big daily bars should be a concern here or i should just keep it simple and evaluate only the current TF.

Thanks.
  • #51,062
  • Jan 8, 2010 2:15am Jan 8, 2010 2:15am
Quoting nasir.khan
A question Ghous.
...should those big daily bars should be a concern here or i should just keep it simple and evaluate only the current TF.
...
Just chiming in...
if i remember correctly Sir mbqb11 often suggests sticking to the timeframe u are trading on..
  • #51,063
  • Jan 8, 2010 2:36am Jan 8, 2010 2:36am
Quoting ghous
Hey Arya,

I don't see a lot going against that bar. Swing high, divergence and a nice long nose most importantly protruding away from the vicinity of the previous bars. (notice the length of that wick extending from the purple ppz on my chart)

However you gotta stay tight on a trade on an NFP Friday before the news release, so given that you can manage your way through liquidity issues the bar lows marked could come into play...probably.

g.
Good post ghous and it is looking even better on the H7 chart and we know we like higher time scales. My H4 feed does not show a pin bar and so I used Arya's post as a "heads up". Thank you Arya.

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Jarroo introduced me to off line chart odd time periods but I am still not fully convinced that a pin bar on the, say, 7 hour chart is going to give the same price action sentiment as the daily.

Where is Jarroo, by the way?
Gone to a better place
  • #51,064
  • Jan 8, 2010 2:57am Jan 8, 2010 2:57am
Quoting supremeChaos
i immediately remembered the threads of diallist & Neers. this can be a supplement to your posts &/or is exactly what u were referring to.

this is another great supplement
This was really good SC. Thanks. =)
One Mind, Any Market
  • #51,065
  • Jan 8, 2010 3:10am Jan 8, 2010 3:10am
Quoting nasir.khan
A question Ghous.

I have just closed my longs and every thing seems fine on this 4H until price reaches 132.45 (if it brakes 133.30 i think)

but should those big daily bars should be a concern here or i should just keep it simple and evaluate only the current TF.

Thanks.
I would second what SC said,

I also like to keep time frames seperate because every time frame has it's own bars, ppzs, trends and setups...

cheers,
Ghous.
I believe . . .
  • #51,066
  • Edited 3:35am Jan 8, 2010 3:14am | Edited 3:35am
Quoting smikester
Good post ghous and it is looking even better on the H7 chart and we know we like higher time scales. My H4 feed does not show a pin bar and so I used Arya's post as a "heads up". Thank you Arya.

Attachment

Jarroo introduced me to off line chart odd time periods but I am still not fully convinced that a pin bar on the, say, 7 hour chart is going to give the same price action sentiment as the daily.

Where is Jarroo, by the way?
It certainly will not. Just as the sentiment on the 4H can be very different to the sentiment on the daily or weekly likewise 7h is still a good 17 hours short of the daily sentiment.

Like I mentioned in the previous post every time frame has it's own agenda.

If there's any question as to the validity of the odd "7h" pin bar then I may add that the 7h is just as ok a time frame as the 1h 4h daily and weekly that we are all very familiar with, it's only that the price is chopped a little differently...


EDIT: and jarroo BTW is no where to be found

g.
I believe . . .
  • #51,067
  • Jan 8, 2010 4:02am Jan 8, 2010 4:02am
Happy new year to everyone!!!!!

I see that some have made nice pips already, that is cool. I am looking at this UJ chart and waiting for a set up. The reason for this is that we are in an uptrend on the 4H but pushing against some resistance lines and MACD divergence is in place on my screen. This may be a good area to watch perhaps, although I do not want to trade today to beat NFP....If the area holds and PA set up presents itself I will consider shorting this market.

Any comments?

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Kind Regards zol
  • #51,068
  • Jan 8, 2010 4:20am Jan 8, 2010 4:20am
Hey Guys,

Nice to see the place is still going strong, I used to post here during my 6-7 months researching phase, leanred loads of great stuff here. I was getting my house renovated to was focussing on that for the last 3 months. Plus there was some bad vibes fromt he whole CW vs Jim/Beta forum stage.

With the daily charts I felt as if I could almost see where price was going with this stuff, thanks to these guys (Jim, Mike etc).

However you need to make 0-2 trades a month max from all charts be picky after learning the material and you can make profit.

My problem at the moment is my account size is too low, so I am going to focus on saving/generating a larger account size so 100 pips a month is a decent amount based on proper MM (1-2% risk, daily stop sizes of > 100). I rekon 500k is enough to stop the day trading mentality and stick to rifle trades.
Economists have forecast 9 out of the last 5 recessions
  • #51,069
  • Jan 8, 2010 5:02am Jan 8, 2010 5:02am
A for analysis.........E for execution and timing, I just knew this area would bounce.........

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  • #51,070
  • Jan 8, 2010 5:26am Jan 8, 2010 5:26am
Great trading lesson here: high stakes + over trading = recipe for disaster.


Quoting relict07
I know that this is not about forex, but wanted to throw this news in.

So a bad player made $30,000 off a world record poker tournament from Pokerstars.

Big money (not for some), but he pretty much lost all of it in a couple of days by playing people wayy above his skill level and too high of stakes.

Here's the link for the news. Scroll down to fun facts and you'll see it.


http://www.liquidpoker.net/news/838555/PokerStars_sets_World_Record_for_Largest_Tourney

Shows...
Patience is magic
  • #51,071
  • Jan 8, 2010 5:45am Jan 8, 2010 5:45am
Hi Scot!
You gave inspiration here to be strict about keeping my log on every trade I take in 2010. I am still considering the best ways of saving the screen shots of them. How about your commitment so far?
Many pips to you this year!
Muntuntu

Quoting Scot Pippin'
2010 I will take my trading to next level by taking a more businesslike approach. I want to devote more energy to journaling and keeping excellent trade records. I want to save before and after screen shots of every trade and then make a journal entry with my trade management plan. I am hoping the journal will help me monitor my emotions while the trade is ongoing and be a constant reminder to focus on trading well. If I consistenly trade well and follow my plan and MM rules then the $$$ will be an afterthought.

I am excited...
Patience is magic
  • #51,072
  • Jan 8, 2010 6:07am Jan 8, 2010 6:07am
Quoting dobe_r_man
A for analysis.........E for execution and timing, I just knew this area would bounce.........

Don't tell me you missed it you were anticipating for ages.

When it hit the Round Number three times in 4 candles it was obvious that wont go down again.

ohh and look at the line chart.
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  • #51,073
  • Jan 8, 2010 6:58am Jan 8, 2010 6:58am
keep on keepin' on....
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Many choose unhappiness over uncertainty.
  • #51,074
  • Jan 8, 2010 7:02am Jan 8, 2010 7:02am
I see in this consolidation a great future opportunity. 3 touches on both trendlines making them very valid. wait for the break and retrace now...
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Many choose unhappiness over uncertainty.
  • #51,075
  • Jan 8, 2010 7:03am Jan 8, 2010 7:03am
Quoting Dan Gilbert
keep on keepin' on....
Dan, care to elaborate on your setup? I just can't see why you would have entered there.

Thanks in advance,

Glen
  • #51,076
  • Jan 8, 2010 7:06am Jan 8, 2010 7:06am
Hi guys,

I just been chatting to a few chaps i know re trading and said the following. I thought i might be relevant given Mikes 2 fantastic posts a bit ago.

It's basically where i think i need to be to be successful at trading (among other things, but this is V V important)

"That's when the patience is def needed. I know i'm not there yet but that is one of the things i'll be working on.

What i've been thinking about is writing down all possibilities i consider not just the ones i take. Basically paper trade them i guess but not worry about the management of them but mainly the entries.

I traded 11 times in 4 weeks before christmas and i think that was to much.

I know i need to think about it this way. To make my targeted 10-15% per month return i only need 2-3 good, 2 or 3 to 1 winners to do it. If you get a 5 or 6 to 1 winner then all you need is 1! It sounds strange but it's that simple.

Break it down. Say you look a the charts for an hour each evening (probably to much if checking daily TF but i do a lot of looking back to get some screen time etc) that's 20-25 hours watching only placing 2-3 trades. That's a lot of hours sitting on your hands waiting and watching.

PATIENCE!!!

I KNOW FOR ME THIS IS WHERE I NEED TO IMPROVE TO BE SUCCESSFUL IN THIS GAME"
  • #51,077
  • Jan 8, 2010 7:22am Jan 8, 2010 7:22am
Quoting nasir.khan
hmmm.
I don't know if could be a trustworthy thing ,but i've noticed that if you put up a line chart on large time frame as week or daily and you spot a PPZ then when price come back on it very often it bounce off.....



Is only a coincidence??
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Patience is essential
  • #51,078
  • Jan 8, 2010 7:27am Jan 8, 2010 7:27am
Quoting Glenborrell
Dan, care to elaborate on your setup? I just can't see why you would have entered there.

Thanks in advance,

Glen
That was a touch trade off of the upper trend line and anticipating the rejection of 9000. At least that's what it looks like. And needless to say, I'm impressed.
Gone to a better place
  • #51,079
  • Jan 8, 2010 7:30am Jan 8, 2010 7:30am
Quoting smikester
That was a touch trade off of the upper trend line and anticipating the rejection of 9000. At least that's what it looks like. And needless to say, I'm impressed.
PPZ aligned with that daily trendline I had that limit order placed a while ago. I'm now looking at the daily consolidation as a much better setup for the future after I finish the trade I'm in. very big round numbers ftw!
Many choose unhappiness over uncertainty.
  • #51,080
  • Jan 8, 2010 7:38am Jan 8, 2010 7:38am
Quoting Glenborrell
Hi guys,

I just been chatting to a few chaps i know re trading and said the following. I thought i might be relevant given Mikes 2 fantastic posts a bit ago.
....
PATIENCE!!!
I KNOW FOR ME THIS IS WHERE I NEED TO IMPROVE TO BE SUCCESSFUL IN THIS GAME"

u can think of it this way:
Patience = (leads to future) Profits
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