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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

  • #53,301
  • Jan 29, 2010 2:24am Jan 29, 2010 2:24am
Quoting jarroo
maybe london will break it. .
I cant figure this thing out ...
  • #53,302
  • Jan 29, 2010 2:29am Jan 29, 2010 2:29am
Quoting pipmyride
I cant figure this thing out ...
The London open at 3:00 AM EST. Or during the London session.
Indicators show the past. Price Action "Indicates" the future.
  • #53,303
  • Jan 29, 2010 2:46am Jan 29, 2010 2:46am
Quoting pipmyride
I cant figure this thing out ...
CHF news @ 10:30am GMT. 2 hours or so... Maybe that'll kick start it...
Don't wish it were easier, wish you were better. ~ Jim Rohn
  • #53,304
  • Jan 29, 2010 2:48am Jan 29, 2010 2:48am
Quoting jarroo
The London open at 3:00 AM EST. Or during the London session.
lol sorry - i knew wot u meant - i just rarely see a massive pin like that not break earlier ...
  • #53,305
  • Jan 29, 2010 2:51am Jan 29, 2010 2:51am
Quoting pipmyride
lol sorry - i knew wot u meant - i just rarely see a massive pin like that not break earlier ...
Oh I see. Who knows. I like to think its momentum building.
Indicators show the past. Price Action "Indicates" the future.
  • #53,306
  • Jan 29, 2010 3:05am Jan 29, 2010 3:05am
Quoting jarroo
Oh I see. Who knows. I like to think its momentum building.
Love the way u think - as a positive i see at least 3 h4 candles with long upper wicks at just about same level so that definately smacks of momentum building ...
  • #53,307
  • Jan 29, 2010 3:13am Jan 29, 2010 3:13am
Quoting pipmyride
Love the way u think - as a positive i see at least 3 h4 candles with long upper wicks at just about same level so that definately smacks of momentum building ...
Mike talks about battles going on around these big round numbers (1.7000). Some may be taking place.
Indicators show the past. Price Action "Indicates" the future.
  • #53,308
  • Jan 29, 2010 3:18am Jan 29, 2010 3:18am
I like these kind of confluenced locations. Many ways of playing good PA bars. Missed this one while sleeping

-----------

Good to see you post Aaron!
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  • #53,309
  • Jan 29, 2010 3:24am Jan 29, 2010 3:24am
Been a busy nice and morning...took these trades, self explanatory hopefully:
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  • #53,310
  • Jan 29, 2010 3:26am Jan 29, 2010 3:26am
...and am watching these:
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  • #53,311
  • Jan 29, 2010 3:28am Jan 29, 2010 3:28am
Quoting supremeChaos
well the skates add/multiply the speed/momentum.
if u disregard skates, then u can try badminton. it's a speedy, non-contact sport (opponent-wise).
i havent tried squash, but it could be a close second.

Trading-wise, it's month end.
how will currencies, stocks, etc end January?
I only take on the gym and weights now... like good ol' mike. no more competition sports for me these days... not since my skates breaks
Trading wise : I usually push the MN button on my metatrader at the end of the month. lol.

Quoting mike w
You and I would be really good friends. Ice hockey is where it's at man. No other sport compares. There is no other sport that you can just run people into the boards, beat the crap out of each other for control of the puck and then get in the toss up in front of the net to get in a dirty goal. Nothing like it. I also think hockey is a sport that involves more brain power than your typical sports, but then again, I'd be sounding like an elitist if I said that. lol

All the talk about the legends, what about the new young guns- crosby, malkin,...
You can sound like an elitist anytime man, I support it

Quoting ninreznor
Did yall see this huge PB on the Eur/Chf 1h. Thing is about to blow up looks like

http://i48.tinypic.com/16kulpt.gif
Hi ninreznor, I personally thinks 1H are for 1H plays, but here's my take on EURCHF, coincidentally I'm watching it for PA.
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  • #53,312
  • Edited 4:30am Jan 29, 2010 4:13am | Edited 4:30am
Quoting marcelnyo
I only take on the gym and weights now... like good ol' mike. no more competition sports for me these days... not since my skates breaks
Trading wise : I usually push the MN button on my metatrader at the end of the month. lol.



You can sound like an elitist anytime man, I support it



Hi ninreznor, I personally thinks 1H are for 1H plays, but here's my take on EURCHF, coincidentally I'm watching it for PA.
ever used a line chart.

With the trend.
.
.
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  • #53,313
  • Jan 29, 2010 4:47am Jan 29, 2010 4:47am
Quoting Dan Gilbert
The J16 manager EA is the reason I am profitable.... Without that thing, I would be dead in the water - many times.... it allows me to leave my monitor, even though I sometimes don't want to
I think it's great, I just notice sometimes my connection drops and sometimes my broker has outtages and if that's going on when price hits my BE level then the EA won't send the signal. It's a small thing but something I am not entirely comfortable with.

Now I like Jarroo's idea of the free trade because that can be done entirely through the order panel. (Order panel once placed will be honoured by the broker subject to slippage, EAs originate from your desktop and so the broker knows nothing about them till the signal is sent. I know you know that already Dan, I'm just explaining for clarity for others).

I'll have a fiddle in demo with it all.
  • #53,314
  • Jan 29, 2010 4:57am Jan 29, 2010 4:57am
Quoting TiaForex
I think it's great, I just notice sometimes my connection drops and sometimes my broker has outtages and if that's going on when price hits my BE level then the EA won't send the signal. It's a small thing but something I am not entirely comfortable with.

Now I like Jarroo's idea of the free trade because that can be done entirely through the order panel. (Order panel once placed will be honoured by the broker subject to slippage, EAs originate from your desktop and so the broker knows nothing about them till the signal is sent. I know you know...
I used it for sometime but a weird thing happened to me. It kept on taking partial profits. Like saw my Lotsize was 1 then .5 then .25. Never used it again.
.
  • #53,315
  • Jan 29, 2010 5:36am Jan 29, 2010 5:36am
Quoting TiaForex
on the daily timeframe, any single bar high or low can stop my trade.

Any. Single. Bar. High.

once I am in, any daily bar high or low is a trouble area

if there is one bar high and one bar low at any given level, well that's a pivot zone.
If I may add my own (still limited compared to decades+ real seniors) perspective:
While this certainly is true in a "potentially" way, if I really took this notion seriously, the only way I'd end up is being 100% completely paralyzed as I'd look at the chart and think "every nook and cranny may just contain that my-trade-destroying-counter-reaction".

While it's true that if you try and kick things off from the muck-middle of things any bump can derail you, to me the whole point of being ultra-picky to begin with has been to eliminate the constant worry about my trade dying 10 pips after a trigger.

In my mind, if a trade immediately blows up in my face, it's either because I've chosen a bad setup/situation to begin with, or, simply, because sometimes you can plan your darndest, but the market has it's own plan and there's just nothing to do but take the loss and move on.

If I burdened my mind and trades too much with every miniscule flip, I'd go totally bonkers.
I know this, because I've been there.
I came to realize that there are places wherefrom certain targets are basically a must(as in a trading "must", i.e. decent % chance, not a has-to must), as long as the basic premise under which I am viewing the current setup hold.
However this might be a bit due to trying to find swingpoints rather than more of a "scalp".

-

Obviously awareness of just how close the next trouble spot is is crucial; but imo not in the sense of panicking about it or something like that, but rather in it simply meaning being just that much more picky and NOT bothering with something ugly to begin with.
If I KNOW and can see there's trouble 30 pips ahead of me on a 200 pip setup and a 5 pip spread, I'm not going to be taking it. Not because it's impossible to get at those 20 pips, but simply because I don't like the odds.
It's of course just my choice.

IMO if there is a clean run and a big setup bar(or, in the case of IBs, a very small one), it's a different thing than looking at a fuzzy sprout in the middle of a lot of bar-jam.
I much prefer the focus on the "where from" than the "just to how little where to can I reduce things", but in a 60% / 40% sense, not a 90% / 10% sense.

-

I just think the risk of being over-aware is "trading constipation", overanxiety before and during, and killing potentially good trades due to normal bumps and reactions too early on, before they can make you the return you need.

Obviously there's a middle ground that's found with time and experience; I just wouldn't panic about every which high and low mini-flip unless it really stands out to you.
I'm writing this because I suspect you've been psychologically lashed out at by your recent experience and are now accordingly showing a counter-reaction. And that in turn carries risk of shooting past the target of being aware to being over-aware, which may just cause you more problems from the other end of the spectrum again with the above mentioned risks("enemies of the state, errr, trade, everywhere!").
Trust price. Know yourself.
  • #53,316
  • Jan 29, 2010 5:54am Jan 29, 2010 5:54am
Finally things are starting to move on gbpchf.
Lets this bar close blow the TL as a beob

Personally I applied my aggressive PA style on this one, using the advantage of the round number. Entry on retrace to the round number, stop just above he bar highs from the left

Already 2R now, time to move my stop.

Ben
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  • #53,317
  • Jan 29, 2010 5:56am Jan 29, 2010 5:56am
would somebody look at that GBPCHF setup we were staring around at since this morning?

look at it go now that's what I call a HARD BREAK, jarroo must be grinning right now
  • #53,318
  • Jan 29, 2010 6:16am Jan 29, 2010 6:16am
Just out of curiosity, does anyone here average in based on retracements as opposed to just opening a full sized position on a retracement?
  • #53,319
  • Jan 29, 2010 6:29am Jan 29, 2010 6:29am
Hard break on gbpchf was a bit for me ...
  • #53,320
  • Jan 29, 2010 6:32am Jan 29, 2010 6:32am
Quoting pipmyride
Hard break on gbpchf was a bit for me ...
Not soo hard
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