james16 Chart Thread | Page 2740 | Forex Factory

Options

Go to
Permalinks
Print Thread

Similar Threads

Where can I learn more about Price Action like those in James16 charts? 9 replies

Attachments: james16 Chart Thread
Exit Attachments

james16 Chart Thread

  • #54,781
  • Feb 11, 2010 3:59pm Feb 11, 2010 3:59pm
Quoting Hova
What do you think on eur/gbp daily BUOB ?

Hi Hova, I'm watching this too. I really like the area, and had it marked on my chart for the last couple days. I think several people are in on the 4 hour bar, but I'm still demoing only daily bars for one more month.

Anyway, I think the area is strong, as long as the bar closes strong I'd consider this a good trade.

Positives:
(minor) swing high
large bar (engulfs 3 whole days)
across the 365 ema
ppz
fib confluence

Negatives
large bar (=large stop, fairly good chance it will retrace to 50 fib or 61 fib before or after break, good to be aware of this)
trading into some traffic

All of the above is just my opinion.

Cory
  • #54,782
  • Feb 11, 2010 4:03pm Feb 11, 2010 4:03pm
Quoting Cbh123
Hi Hova, I'm watching this too....
I took the 4HR pin and exited half and moved the stop on the other half behind a PPZ...looking at the daily, the major thing that would stop me taking it would be the fact that there is a PPZ directly below...I would be looking for a fast break of this area and to get to BE as quick as possible if I were to take it but the large stop makes the %R to the first trouble area a no trade for me, each to their own style though.
  • #54,783
  • Feb 11, 2010 4:03pm Feb 11, 2010 4:03pm
Quoting lovejoy80
Anyone catch the breakout on CAD/CHF...it slipped below the radar today for me, but there was a nice IB on the !HR which would have made for a good entry with stop below the PPZ area...nice on the %R too.
Sounds like a nice way to insert high risk to me.

How might this have been played, and what PA was in place to indicate that a low risk entry to the top side was in play? All I see is a fairly firm resistance zone.

Or I am missing something. (Entirely possible)
I'm pretty much done with all this ...
  • #54,784
  • Feb 11, 2010 4:07pm Feb 11, 2010 4:07pm
Quoting SeekingLight
Great, now I feel like supergeek for knowing most price levels by heart.



...
It might just depend on how serious you take Your Business...

Tounge in cheek: {it's not true}
Headline
Bemac & Mail St. Journal.
GBP/USD Leaps to 1.5800.

While the rest are still wondering if that is Bullish or Bearish, We're IN.

I know some very respected members posted that they couldn't quote a Price from mind but ask them;
"How may Pips in Which Direction and you may get a plethora."

If you are risking your hard earned Pips without knowing "Where It's at" {that includes Demo because they can be, when starting out, be the hardest to earn}... Well... I wish you luck.

Knowing Prices of at least the Majors will give you a "Good Morning" Insight to the Market just by looking at "Market Watch" This will save you scrambling through numerous Charts to see if a move is imminent.

I've been called Too Detail Orientaded Before & I'm sure I will be again but I just can't convince myself that 'It dosen't matter what the Price is, only PA counts.'

I would really like to hear J16's views on this because I think it is important beyond the relevence it is being given.

But then again, I'm a displaced, ex pat, frozen tundra and the list goes on... Canuck.

  • #54,785
  • Feb 11, 2010 4:09pm Feb 11, 2010 4:09pm
Quoting Cbh123
This seems like post 1 material to me. I have recently realized this too. Monday and Tuesday I didn't take any trades (well, had one potential one but didn't break) and for maybe the first time, I was content without having any trades running. Waiting for great setups that have momentum (thanks Jarroo!) which leads to quick satisfaction is so much better than taking a so-so setup, and losing years of your life to stress while watching it go up and down and maybe hit your target, maybe stop you out for a loss.

Thanks Jlr.

Cory
No problem. Actually, its probably been said here a million times. Unfortunately I've never been a good listener and always have to learn the hard way. Good job being patient, happy for you it didn't take you years. I think this might possible be the hardest part about trading, other then filtering out all the junk material you'd learn by not finding this thread Sounds like you are off to a good start, I think you will do very well.
  • #54,786
  • Feb 11, 2010 4:22pm Feb 11, 2010 4:22pm
the daily inside bar straddling 140.00 on GBPJPY is relevant to my interests....
Many choose unhappiness over uncertainty.
  • #54,787
  • Feb 11, 2010 4:27pm Feb 11, 2010 4:27pm
anybody play this??? I missed it completely...
Attached Image
Many choose unhappiness over uncertainty.
  • #54,788
  • Edited 5:15pm Feb 11, 2010 4:55pm | Edited 5:15pm
Quoting Dan Gilbert
anybody play this??? I missed it completely...
Not quite.
I look forward to MBQ & Jarroo's take on the bottom Pin.

By way of disclosure, I'm a hesitant buyer.
EDIT & ADD. {1.47xx possible with 1.51 not out of the scenario but not until they resolve Greek Buggerin' Euro issue.}
PB Swing Low. {Those are always much easier to spot 'After the Fact'}.
and this...
Attached Image (click to enlarge)
Click to Enlarge Name: bmc eurcad icce fib w1 1.gif Size: 33 KB

Not one personality on this site can manipulate benifit from Your Losses. {Trolls excluded} Therefore, this Site is anchored in generating Cargo for all who dare to study & familiarize themselves with the derth of opinions/positions.


Farg... Posted the Wrong Chart but I'll leave it incase you can use it.
Here is the EUR/JPY Monthly
Attached Image (click to enlarge)
Click to Enlarge Name: bmc eurjpy monthly 1 47_52.gif Size: 56 KB






Study all you can until you can create an argument that disagrees. Then you are close to Trading as You.

BMc
  • #54,789
  • Feb 11, 2010 4:58pm Feb 11, 2010 4:58pm
Quoting Cbh123
setups..
which leads to quick satisfaction
I'm not sure this is a good thing, no matter how you turn it.
Trust price. Know yourself.
  • #54,790
  • Feb 11, 2010 5:06pm Feb 11, 2010 5:06pm
Looks a good pinbar at a good level to me,
anybody see any negatives?
Attached Image(s) (click to enlarge)
Click to Enlarge Name: gbpnzddaily.gif Size: 16 KB
Click to Enlarge Name: gbpnzddailyzoomout.gif Size: 15 KB
If you can wait and not be tired by waiting...
  • #54,791
  • Feb 11, 2010 5:23pm Feb 11, 2010 5:23pm
Quoting SeekingLight
I'm not sure this is a good thing, no matter how you turn it.
Could you expand on this SeekingLight? To clarify, I was trying to say that great setups typically move fast, so you aren't sitting there for a long time in draw down.

I appreciate your insights.

Thanks,

Cory
  • #54,792
  • Feb 11, 2010 5:48pm Feb 11, 2010 5:48pm
Hey guys, quick question, would you consider the 50/61.8 fib retracement off a weekly or daily swing a place to play PA from, or only if it coincides with PPZ?

Thanks in advance

Chatzi
  • #54,793
  • Feb 11, 2010 5:51pm Feb 11, 2010 5:51pm
Quoting chatzi
Hey guys, quick question, would you consider the 50/61.8 fib retracement off a weekly or daily swing a place to play PA from, or only if it coincides with PPZ?

Thanks in advance

Chatzi
Hi Chatzi, are there any other confluence factors? Like, a round number, divergence, or mas? Definitely PPZs are best to have, but I would want a lot of other confluence if there isn't one. If you have a specific example throw up a chart and what you are thinking then I'm sure some of the more experienced guys will weigh in.

Cory
  • #54,794
  • Feb 11, 2010 6:03pm Feb 11, 2010 6:03pm
Quoting Cbh123
Hi Chatzi, are there any other confluence factors? Like, a round number, divergence, or mas? Definitely PPZs are best to have, but I would want a lot of other confluence if there isn't one. If you have a specific example throw up a chart and what you are thinking then I'm sure some of the more experienced guys will weigh in.

Cory
I don't have a specific example that I am looking to play, I am just setting up my charts and with weekly swings there is frequently some reaction at 38,50,61 fib, regardless of PPZ. As if the weekly fib is in itself strong enough to keep an eye on. Look at the attached weekly chart.
Attached Image (click to enlarge)
Click to Enlarge Name: 2010-02-12_0001-USDCHHFWeekly.jpg Size: 69 KB
  • #54,795
  • Feb 11, 2010 6:12pm Feb 11, 2010 6:12pm
Quoting chatzi
I don't have a specific example that I am looking to play, I am just setting up my charts and with weekly swings there is frequently some reaction at 38,50,61 fib, regardless of PPZ. As if the weekly fib is in itself strong enough to keep an eye on. Look at the attached weekly chart.
As far as I can tell both of those areas area also recent price flip areas (PPZs) . I think you'll find that usually this is the case. In the first fib for example, your price continues past the 38.2, and down to the ppz, then bounces up. Check the arrows and blue boxes on the chart, I zoomed out a little so you could see.
Attached Image
  • #54,796
  • Feb 11, 2010 6:13pm Feb 11, 2010 6:13pm
Quoting Cbh123
Could you expand on this SeekingLight? To clarify, I was trying to say that great setups typically move fast, so you aren't sitting there for a long time in draw down.

I appreciate your insights.

Thanks,

Cory
Sure Cory.

Keeping in mind this is just me and my opinion:

I personally find it problematic if the "speed" at which a trade "fails or succeeds" plays a role.

But since I've just used the terms fail and succeed:
Actually, if you've done everything that you can to ensure that the reason you entered a trade was a good one, i.e. one that fit your rules and criteria, then there no longer is a possibility for a failed trade.

There just is a possible win or loss. And neither of those, ideally, lead to disappointment or satisfaction(an emotion of any kind), but simply to the next trade(processing instead of reacting).

How soon this happens shouldn't matter, nor should it matter that you go into drawdown in between, or for how long.

If a drawdown makes you queasy, then it is possible that for example you are not used to the sums you are using and shouldn't be using them to begin with. Or that there are other insecurities or issues at work that should be worked out first. Changing oneself is more often THE thing and factor, rather than changing "the system" over and over again.

This is a logic that I feel comfortable in putting out there, because I know that for many this applies 100%.


I know that the idea that there are "zero drawdown trades" out there is being put forth a lot, but, quite frankly, I feel that it is rarely predictable 100% which trade will or won't break without a retracement or "pause / hesitation" first(I can tell you which ones will be very likely to, but I would never expect anything "fully and always" in the market).
I mean it's already well enough to be able to predict where reactions might happen, but if we also ask to know when and how fast, then we are getting into more advanced voodoo than at least I would know how to conjure up..


I know that Jim(J16 in this case, not Jarroo) has something against trades coming back too much as well, but I feel things might be a bit different there in terms of pre-existing conditions (and reasons why one is doing what) vs someone still learning the ropes and being more mainly emotionally driven still.

--

Basically I am/was just saying it sounded like an emotional feedback("quick satisfaction") was possibly dictating the way/how you are trading and as long as that's the case, you're bound to be at risk from it in turn.


Again: Ideally you could care less how fast or slow something moves to where you planned it to, as long as your setup, idea and plan was sound and followed as well as you could.
There is so little relevance in any single trade that having any kind of emotional factor in it is just so....pointless I guess. That's perhaps what I mean in the end.

Yet it seems to be THE thing people focus on..a lot at least.
Whether or not things work out on a per-trade basis isn't the yardstick I think.
It's whether overall you know what you are doing, and know that what you are doing works.

Disinvolvement, disengaging..etc..you know the story by now I guess.

And now I am going to disengage from posting and go into mattress hugging mode.

Best,

Patrick
Trust price. Know yourself.
  • #54,797
  • Feb 11, 2010 6:29pm Feb 11, 2010 6:29pm
Quoting SeekingLight
Sure Cory.

Best,

Patrick
Thanks Patrick! Great post and it is so important for all of us to get the psychological side of things under control. To be honest I am definitely still working on "disengaging" my emotions from my trading, as I care so much about getting great at trading that losing still ruins my day. I'm in demo, so it isn't the money I care about, I just want to keep progressing and get better everyday.

I can say that I follow my rules, and money management, no matter what, so I'm glad I've passed that hurdle. But, for the sake of my happiness and well-being I'm just trying to tell myself it's okay to lose every-once-in-awhile, as overall I have been profitable so far.

An important part of being successful is definitely being able to detach yourself from individual trade outcomes, and I appreciate your advice. I'll continue to focus on this area.

Thanks,

Cory
  • #54,798
  • Feb 11, 2010 6:33pm Feb 11, 2010 6:33pm
Quoting Cbh123
As far as I can tell both of those areas area also recent price flip areas (PPZs) . I think you'll find that usually this is the case. In the first fib for example, your price continues past the 38.2, and down to the ppz, then bounces up. Check the arrows and blue boxes on the chart, I zoomed out a little so you could see.
I wouldn't have called them major price flips though.
  • #54,799
  • Feb 11, 2010 6:34pm Feb 11, 2010 6:34pm
Quoting Bemac
It might just depend on how serious you take Your Business...

I know some very respected members posted that they couldn't quote a Price from mind but ask them;

If you are risking your hard earned Pips without knowing "Where It's at" {that includes Demo because they can be, when starting out, be the hardest to earn}... Well... I wish you luck.

I've been called Too Detail Orientaded Before & I'm sure I will be again but I just can't convince myself that 'It dosen't matter what the Price is, only PA counts.'

I would really like to hear...
Bemac always makes me think....

I am one of the crowd who normally cannot tell you where price is in numerical terms, but I always KNOW where it is in relation to its past. Maybe that makes you too detail oriented, but when I visit a doctor, I like a man oriented towards the details...

Speaking of Jim - he is snowed in... looks a lot like Toronto in his neck of the woods today....
I'm pretty much done with all this ...
  • #54,800
  • Feb 11, 2010 6:43pm Feb 11, 2010 6:43pm
Quoting Dan Gilbert
the daily inside bar straddling 140.00 on GBPJPY is relevant to my interests....
Hi Dan

I am just wondering if you do consider the first trouble area which in this case is very near. Or do you expect the price to break through this area?

Thanks.
137 traders viewing now