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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

  • #55,201
  • Feb 16, 2010 6:37pm Feb 16, 2010 6:37pm
Quoting chatzi
A lot of the yen pairs had breakouts on 4hr, wonder if they will retrace and res will become sup.
Note the lower TL and upper TL's too. The three of them coming together, could make for a nice safe entry. A lot of similar looking pairs right now, not going to play any unless theres some confluence.
  • #55,202
  • Feb 16, 2010 9:28pm Feb 16, 2010 9:28pm
Quoting raczekfx
true
... IMO, if you're have a mathematical mind,.....
Quoting supremeChaos
I am very...
perhaps two-word description for these people is having an analytical mind.
..
Quoting nasir.khan
Completely Agree...
Quoting Jduester
Totally agree....
a fairly related thread by Sir topherhk88 is here.
it was bumped again recently -- deservingly so. i re-read it again.
Sir Dopey's posts too are great.

...if any of u are interested.


Quoting topherhk88
.....
It is ultimately about ego. So many get caught up in trying to be so clever with their charts and indicators, in an effort to win all the time. I certainty did myself....
I myself am a control freak - a trait which served me well in life until I encountered the insanity of the markets. I wanted so desperately to control them - to be smart, to be right, to win, to see the complexities in a movement that others 'foolishly' missed and bask in the resulting accolades - and nearly drove myself crazy in the process. My closing advice...
  • #55,203
  • Feb 16, 2010 9:37pm Feb 16, 2010 9:37pm
Quoting supremeChaos
a fairly related thread by Sir topherk88 is here.
it was bumped again recently -- deservingly so. i re-read it again.
Sir Dopey's posts too are great.

...if any of u are interested.
I will check it on the weekend. I need confirmations cause i am pretty dumb in maths.

I would be very busy today with the market.
  • #55,204
  • Feb 16, 2010 9:50pm Feb 16, 2010 9:50pm
Quoting nasir.khan
I will check it on the weekend. I need confirmations cause i am pretty dumb in maths....
it's a very short thread. Sir topherhk88 only has 18 posts.

if u are poor in math, then u have an advantage: u could be ahead of most traders (unless u have other 'issues').
  • #55,205
  • Feb 16, 2010 9:54pm Feb 16, 2010 9:54pm
Quoting supremeChaos
it's a very short thread. Sir topherhk88 only has 18 posts.

if u are poor in math, then u have an advantage: u could be ahead of most traders (unless u have other 'issues').
Yep i see it's pretty small.

But still Yen won't allow me.
  • #55,206
  • Feb 16, 2010 10:12pm Feb 16, 2010 10:12pm
What do you guys think of this Pin on the kiwi/chf, i've set the entry at .7485 to give it a good break of the nice .7500. SL is .7685 so 100 pips risk but if it breaks not much in it's way south from here to the low .73's
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Learning to be rigid in my rules & flexible in my expectations
  • #55,207
  • Feb 16, 2010 10:18pm Feb 16, 2010 10:18pm
Quoting Treefingers
What do you guys think of this Pin on the kiwi/chf, i've set the entry at .7485 to give it a good break of the nice .7500. SL is .7685 so 100 pips risk but if it breaks not much in it's way south from here to the low .73's
Hey Tree

As always just my view here, but one of my big rules is not to trade into large round numbers like 7500, this bar had a very weak close, which makes it a sloppy bar in my book personally. If a close was say under 7500 I would have much more confidence. I see you trying to protect yourself but where your sell stop is is right on a prior bar low and a TBH to the left, so essentially right at the first trouble area where we could see a bounce. THis is just what I would watch out for personally.

Best
Mike
  • #55,208
  • Feb 16, 2010 10:32pm Feb 16, 2010 10:32pm
Quoting mbqb11
Hey Tree

As always just my view here, but one of my big rules is not to trade into large round numbers like 7500, this bar had a very weak close, which makes it a sloppy bar in my book personally. If a close was say under 7500 I would have much more confidence. I see you trying to protect yourself but where your sell stop is is right on a prior bar low and a TBH to the left, so essentially right at the first trouble area where we could see a bounce. This is just what I would watch out for personally.

Best
Mike
Thank Mike, I missed the TBH at my entry. i've moved the entry down 10 pips to give it a break of the TBH but also reduced my SL & moved it just above the 4 high bars to the left at .7535
Learning to be rigid in my rules & flexible in my expectations
  • #55,209
  • Feb 16, 2010 10:35pm Feb 16, 2010 10:35pm
Quoting Treefingers
Thank Mike, I missed the TBH at my entry. i've moved the entry down 10 pips to give it a break of the TBH but also reduced my SL & moved it just above the 4 high bars to the left at .7535
Hey Tree

Not to get real picky and pick on you but my last point would be now your entry is so much lower that price from that bar alone has already done what we expected and at that point could very well bounce all the way back and would not surprise me. Those 35 pips are so are the "where is price likely to go" from that bar alone. After that it is more in the hands of the markets with such a setup.

Hope I am making some sense and not picking on ya

Mike
  • #55,210
  • Feb 16, 2010 10:41pm Feb 16, 2010 10:41pm
Quoting chatzi
A lot of the yen pairs had breakouts on 4hr, wonder if they will retrace and res will become sup.
If we check a bigger picture;

We may get some PA in the Orange boxes.
.
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  • #55,211
  • Feb 16, 2010 10:47pm Feb 16, 2010 10:47pm
Quoting mbqb11
Hey Tree

Not to get real picky and pick on you but my last point would be now your entry is so much lower that price from that bar alone has already done what we expected and at that point could very well bounce all the way back and would not surprise me. Those 35 pips are so are the "where is price likely to go" from that bar alone. After that it is more in the hands of the markets with such a setup.

Hope I am making some sense and not picking on ya

Mike
Yep I see what you mean & its something I didn't think of before but I guess its my own twisted way of looking at the PIN & location. Its on demo so i'll let it ride & keep a close eye on it, I will cancel the trade if it hits .7535.
Learning to be rigid in my rules & flexible in my expectations
  • #55,212
  • Feb 16, 2010 11:02pm Feb 16, 2010 11:02pm
The following is a weekly chart of EURCHF

http://img641.imageshack.us/img641/3...10105746pm.jpg

Is this good divergence? I don't know if that first dip before the actual "divergence" voids it. I was thinking of entering on the break of the inside bar.

Is this a good trade?

Thanks
  • #55,213
  • Feb 16, 2010 11:07pm Feb 16, 2010 11:07pm
Quoting nasir.khan
I know, i am waiting for ages.

Untested Support A.K.A First Touch.
Here we are.
.
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  • #55,214
  • Feb 16, 2010 11:12pm Feb 16, 2010 11:12pm
Quoting Lamdun
The following is a weekly chart of EURCHF



Is this good divergence? I don't know if that first dip before the actual "divergence" voids it. I was thinking of entering on the break of the inside bar.

Is this a good trade?

Thanks
Hey Lamdun

I personally wouldn't use that peak, I would be looking to use the major peak as too me that is going to hold a lot more significance. So if price gets past that last low and makes a new low and the macd can not make a new low. Then we have some great potentials. Right now the eur/chf specifically is under some heavy intervention and this is why we have this crazy PA very tight winding and then spikes. I would be very weary to try to long based on an IB without much more information.

Again just my views
Mike
  • #55,215
  • Feb 16, 2010 11:24pm Feb 16, 2010 11:24pm
Ok thank you Mike.

Actually just watched your divergence video so got a bit excited about finding them in the charts haha

And yea, i thought that the pair's PA was very weird. What exactly do you mean by intervention by the way? From the central banks? What are their goals?
  • #55,216
  • Feb 16, 2010 11:29pm Feb 16, 2010 11:29pm
Quoting Lamdun
Ok thank you Mike.

Actually just watched your divergence video so got a bit excited about finding them in the charts haha

And yea, i thought that the pair's PA was very weird. What exactly do you mean by intervention by the way? From the central banks? What are their goals?
haha glad to see you looking to apply it, divergence is a great heads up and additional confluence. It can be deadly when applied at certain spots. Some of my favorite plays are Divg + Large PA after a false breakout at a round number.

Basically the central bank or the SNB(swiss national bank) wants to keep their currency above a certain point. Their goals are that the rates start to effect a lot of things they took a stand not to long ago at 1.5 that lasted for months, but the markets will is the markets will. It is something you will just take note of when it happens from time to time. PA still works but we just take note of the 'environment'.

Hope that makes sense

Mike
  • #55,217
  • Feb 17, 2010 12:43am Feb 17, 2010 12:43am
Quoting Treefingers
Yep I see what you mean & its something I didn't think of before but I guess its my own twisted way of looking at the PIN & location. Its on demo so i'll let it ride & keep a close eye on it, I will cancel the trade if it hits .7535.

Cancelled the trade as price hit .7542
Learning to be rigid in my rules & flexible in my expectations
  • #55,218
  • Feb 17, 2010 1:04am Feb 17, 2010 1:04am
Mike (mbqb11) SOOOOOooooooo glad to have you here bro !!!! you post some great stuff !!

you should listen to every word guys!! as im sure you all do??

cheers
jon
PATIENCE... DISCIPLINE
  • #55,219
  • Feb 17, 2010 1:41am Feb 17, 2010 1:41am
Sorry for interrupting with this by now "old" debate, but I'll probably not sleep if I don't work this off for myself
Just carry on afterwards =)

--

Quoting james16
I see there is a debate about this.

I agree with mike but im concerned nontheless.

We all know the basic material can truly help new people find some early success and we all know how critical that phase is.

I have zero problems with variations based off of the basic material but we must always make sure that new people understand what is best for them early on.

To do that I need the variation people to openly be willing to tell new people that demoing there variation is fine but they should concentrate on the basic material.

Obviously...

I wanted to add my opinion on this as well, since I'm right there with James.

Leading in with some random quotes:
Quote
Worst case if I am wrong I will just stop and reverse //

Alright just bought the gbpusd . Not really much of a technical reasoning since I just bought it because it seems like the pair cheap. //

looking good? //
Etc.

And now to the core issue at hand:
Quote
To be honest I don't see what the fuss is about in terms of having people sharing their advanced 'techniques' i.e. touch trading, aggressive PPZ trading etc. Why should people who are ready / disciplined enough to know that this is advanced material be denied of learning this stuff just because a beginner might get excited / confused and start trading these advanced styles
The fuss is that it isn't what the thread is about.
Accordingly, it isn't addressed in depth or actively supported.
If it were, we'd suddenly have 100% more bloat just by parallel-teaching and explaining everything hewn in as well.

That's what the private site is for: there are dedicated sections for those who prefer advanced stuff, there is a beginner section, etc.
(Those also have great examples of what was mentioned a bit later on, combining PA with various other things. Gold nuggets, actually. And doing that is fine, ultra-interesting and great, but it's not something you throw at people starting out.)

Here it is ONE thread, trying to help people starting out and trying to orient themselves.

We've constantly had this phenomenon happen.
People come in, trying to(unintentionally I'd assume) turn this into "Yet another cable thread"(replace cable with any other pair - It's my worst nightmare).

I do not want this to happen. (Do you know what every xth post in those threads is? "I really tried and keep up with all the good spirits here, but I just can't take it anymore..after x months/years I've only been losing money and busted my 1st/2nd/3rd account and I just can't do this.." etc)
Because the one thing that makes this thread different and special is that here we don't encourage random shouts of "short?", "looking good?" and "I just bought xxxxxx. Good idea?", but smack people on their fingers and open their eyes as to what the difference between guessing and hoping and actual reason based trading is.

If you do not realize the dilemma around this yet, then you possible just aren't "there" yet and either need more time or more pain / key events to find out. This isn't meant in a malevolent way, but just what I have found.
People seeing they are not getting anywhere is the very reason they realize they need to make a change.

Trying to do everything at once and trading 50 things mixed and mashed is one of the first things I tell people to stop if they really want to get good at something(one thing).


--

My personal opinion: I also think this type of "Hey it's cool what YOU guys have been doing for 50.000 posts, but here is how _I_ would totally trade" is a bit disrespectful to everyone who is trying to learn and focus on the core "program" of the thread.
If you have something you have rules for, tested, and done for a long period of time and KNOW IT WORKS, then what is stopping you from opening a dedicated thread where you detail these very things?
You would be able to structure it, actually focus on helping those interested and not run into the issue of constantly getting mixed up or posted-past by 6 pages until "your" topic/approach comes up again.


Imagine every forum thread were merged into one - how terrifying would it be to find what you initially wanted to learn?
There is a reason that a thread has a (as in one) topic. It's not to cramp egos or hold back people because one can't offer one's own ideas, but because there is a problem-solution structure that is trying to be applied to a given situation.


Just my view on it.

Be safe,

Patrick
Trust price. Know yourself.
  • #55,220
  • Feb 17, 2010 1:58am Feb 17, 2010 1:58am
Quoting bundyraider
you should 'free-run' your sleep


of all the links that I found, this guy (doctor or something) gave up VERY convincing information that pretty much told me to STOP right there and find a way to stay with normal sleeping patterns.
Word up my man, I thought I was the only one reading some of those pages in-depth.

Some very interesting things on that site, and there is even a free online supermemo based language learning course I think.

Really just wanted to say "hey" to my favorite polar bear
(Been snowing, cold and slippery all year so far, so how could I not think of you! Teehee)
Trust price. Know yourself.
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