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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

  • #55,721
  • Feb 22, 2010 5:55pm Feb 22, 2010 5:55pm
Can anybody tell me why today was such a slow day in many of the markets?

Was there a holiday some where? Are traders staying of the market for upcoming news that I don't know about? Is everyone risk averse and hiding their cash under the mattress??
  • #55,722
  • Feb 22, 2010 6:00pm Feb 22, 2010 6:00pm
Quoting Forex007
Very interesting observation, Rac, THANK YOU for sharing it!

Could you hint, please, why you chose that specific level for your touch trade? I.e. why 1.0526?
look at the daily tf
it's really a zone that extends to 1.0550..
  • #55,723
  • Feb 22, 2010 6:02pm Feb 22, 2010 6:02pm
Quoting MattW
Can anybody tell me why today was such a slow day in many of the markets?

Was there a holiday some where? Are traders staying of the market for upcoming news that I don't know about? Is everyone risk averse and hiding their cash under the mattress??
No news on the calendar.
Don't wish it were easier, wish you were better. ~ Jim Rohn
  • #55,724
  • Feb 22, 2010 6:08pm Feb 22, 2010 6:08pm
Quoting StoragePro
Hey, can anyone update me on the game, the TV blew out, radio died, internet connection failed and the dog ate the paper.

But i still have my fingers crossed...
What game, what's the TV....
  • #55,725
  • Feb 22, 2010 6:17pm Feb 22, 2010 6:17pm
Quoting triger88990
definitely I would help you,just let me know which part you are confuse about it, or what you haven't understand

I'll look further for your post

all the best!
Trigger, thanks for the response,
where do you put your SL and how do you recognise the false move in the opposite direction?
what i have noticed is that if i put the SL at the high of the "tallest" bar, mosttimes price move to hit it and then go my direction (boy i hate it when that happens)

during demo trading, sometimes i don't put SL, just monitor the trade, but since i have a day job, that might be a bit of a stretch.

thanks again, i appreciate.
  • #55,726
  • Feb 22, 2010 6:17pm Feb 22, 2010 6:17pm
Quoting Cherry
Hello again,

Would someone please be able to check the zones I have plotted here as the more important zones over last 12 months that we might find good PA at?

There seems no end of them and I don't know how many or how few are best to watch?

Would really appreciate some advice on this!

Thanks...
Cherry
Hi Cherry,


Usually if you're not convinced then it's not worth trading them.

The good ones are VERY obvious when they come along.
Imagine what you will do when price prints a Strong pin bar off of the top most level you marked out.... You will take it won't you? Because it's clear as day how good it is!!

Same with the low from October 9th. A big Bullish Outside bar or pinbar etc off of that level and I bet you take it without worry.

The current range high at .7100 is pretty clear too. Three times it's had a rejection. Two of them pretty exact to the level. (It's also the 50% retracement level of the mid year highs to the October low.)

Another good but trickier one? 13th Nov 08, 10th Feb 09 started one @ 1.7450 ...That's a good level. Look how clearly it created rejections , on both long and short sides.

I think you're stressing because you're worried there are trades you will miss out on in all those other zones you marked. ...When you should just be waiting for the ones that are "no brainers". And all the good trades ARE "no brainers".
You kick yourself over the other sub-standard trades you take in between these "no brainers" , when they eventually do come along.

Don't worry , it'll become obvious over time. A lot of the levels you marked out are ones you'd tighten up your stops at, etc and manage your trades, but the "trade starting" ones will pop out at you when they come along.

Cory's advicw was good too. Use your monthly/weekly charts etc to get the BIG levels.
Bundy's status today: "Waiting..."
  • #55,727
  • Feb 22, 2010 6:23pm Feb 22, 2010 6:23pm
Quoting MattW
Can anybody tell me why today was such a slow day in many of the markets?

Was there a holiday some where?
Nahhh... Bemac opened the Bull and Bear again is all, and the market movers are all under the table along with the help...
FUBAR...
  • #55,728
  • Feb 22, 2010 6:30pm Feb 22, 2010 6:30pm
Bundy and Corey,

Thanks for your replies. I have used the W & M charts but thought there would be more than those applicable to the daily.

I see your point Bundy, A+++ and ride it, or otherwise an A- to the first spot... is the difference.

The fog will clear!
Getting rid of analyzing habits built up over 3 years of low time frame hunting.. takes a bit of time huh?

Much appreciated,

Cherry
  • #55,729
  • Feb 22, 2010 6:43pm Feb 22, 2010 6:43pm
suscribe
"The person who knows that enough is enough, will always have enough". .
  • #55,730
  • Feb 22, 2010 6:46pm Feb 22, 2010 6:46pm
Quoting Cherry
I see your point Bundy, A+++ and ride it, or otherwise an A- to the first spot... is the difference.
Sounded like you would still try to trade off of the "fuzzier levels" and calling them A- ??? I wouldn't even bother with those ones AT ALL. They are where you acount goes backwards or sideways.

A- is probably what you'd call the current range high! ...It's a good level that's tradable, but you're still trading into the mess below it and need to be careful.

The current range... You'd trade off of the top of it, like I said.... but it's still a lower grade trade and you'd be careful ....the fuzzier levels you marked out are the management ones. Where you have to be careful.
That's a great PPZ to trade off, but with mess below it. There's not much space.

An A+++ trade or whatever you would want to call it.... They are like Mikes "Cherry Picking" video . (Have you seen that yet???) ....They are in a league of their own and nothing like what the current chart can give you. Watch the video. In fact all of the guest videos if you can.
Bundy's status today: "Waiting..."
  • #55,731
  • Feb 22, 2010 9:31pm Feb 22, 2010 9:31pm
Hi guys

I'm just wondering if anyone is in this trade or thinking of getting into it. I'm only considering getting in if the daily bar closes a lot closer to its opening price. Strong rejection of the daily PPZ but absolutely no room created on the daily chart so I'm going to manage this extremely tightly on the hourly but try to let it run for as long as possible.

Sell @ 1.664
moving stop to BE @ 1.6615
first target @ 1.6590

Any comments would be appreciated

On a side note:
GO TEAM CANADA!!! A tough game last night, the US put on one hell of a fight, but it ain't over till it's over.
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  • #55,732
  • Feb 22, 2010 10:10pm Feb 22, 2010 10:10pm
Quoting jarroo
Yes sir. I'm in on this one . . . looking for the 1.7000 as the 1st target.
Hi Jim, what was your SL here? Looked like the reward:risk ratio was less than 0.5?
  • #55,733
  • Feb 22, 2010 10:15pm Feb 22, 2010 10:15pm
Quoting nasir.khan
Here it is i found it.

Could be a nice run to upper Blue line.

If crosses the first blue line.

EDIT: Came back to my Fxpro and checked the Daily. The daily bar is so frightening big...., so i will not take it.
.
That BIG bar was a due to some news. I noticed it after the news came out. I don't for the life of me remember the news, just the effect.
  • #55,734
  • Feb 22, 2010 10:24pm Feb 22, 2010 10:24pm
Quoting albertsy2
Hi Jim, what was your SL here? Looked like the reward:risk ratio was less than 0.5?
I'm not a big R:R guy . . . I'm a quality PA setup:to 1st trouble area:reduce risk:and let it run guy.

This post talked about my trade management on this trade.

http://www.forexfactory.com/showpost...ostcount=55670

My stop loss is above the 1.0800 and once Price hits the 1.0700 my risk will be zero.
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Indicators show the past. Price Action "Indicates" the future.
  • #55,735
  • Feb 22, 2010 10:32pm Feb 22, 2010 10:32pm
^Thanks, Jim! And if your SL is at the purple line then the R:R looked >1.

Question: if you look at the bar before that, it's actually a hammer (a PB pointing the wrong way). Do you consider this bar when you see these two bars in a row? Would this be something that will make you a little cautious?

BTW, I finally got my hands on Martin Pring's Price Patterns at the library, and he talks at length about how to use volume to confirm candlestick or bar formations.

For example, the bar before an IB will have much higher volume, or a TL breakout will show an increase in volume, etc etc.

Does anyone use this method?
  • #55,736
  • Feb 22, 2010 10:34pm Feb 22, 2010 10:34pm
Quoting albertsy2
^Thanks, Jim!

BTW, I finally got my hands on Martin Pring's Price Patterns at the library, and he talks at length about how to use volume to confirm candlestick or bar formations.

For example, the bar before an IB will have much higher volume, or a TL breakout will show an increase in volume, etc etc.

Does anyone use this method?
Hey Albertsy

Forex market is not centralized thus we have no true volume information. The volume you see on your screen is Ticks. So the more time price moves(up or down) during the time of the bar the more "volume" it shows. IMO very inaccurate. Maybe some use it, but it is no where near the same as volume in a centralized market.

Best
Mike
  • #55,737
  • Feb 22, 2010 10:39pm Feb 22, 2010 10:39pm
^Thanks, Mike!
  • #55,738
  • Feb 22, 2010 10:41pm Feb 22, 2010 10:41pm
Quoting mbqb11
Hey Albertsy

Forex market is not centralized thus we have no true volume information. The volume you see on your screen is Ticks. So the more time price moves(up or down) during the time of the bar the more "volume" it shows. IMO very inaccurate. Maybe some use it, but it is no where near the same as volume in a centralized market.

Best
Mike

Good point Mike, I know that in the e-mini volume is good, in forex it sucks to use because you do not get the correct info it seems.
Keep taking CT trades, I need more money
  • #55,739
  • Feb 22, 2010 10:51pm Feb 22, 2010 10:51pm
Quoting Ryanmcd
Good point Mike, I know that in the e-mini volume is good, in forex it sucks to use because you do not get the correct info it seems.
yeah, and then some people will use futures forex volume, but futures represents such a very very small portion of the real market(spot since it is so huge is going to be where the majority of large orders are passed off). Not saying some might not find use for it, but I am not convinced
  • #55,740
  • Feb 22, 2010 11:05pm Feb 22, 2010 11:05pm
I've been reading in a book called "The Way of the Dollar"(recommened by Darkstar in a post) that it might not be as insignificant as most would think:

"On an average day, the IMM will turn over about $12bn; and the total of
positions outstanding varies from around $15bn to $30bn+. These figures
may seem small in relation to the global figure of $600bn a day quoted
earlier, which is traded in the so-called “interbank*” market. But only a
tiny proportion of the interbank business is ‘real’ risk business, generated
by clients - as low as 5%, it has been suggested, i.e. maybe only $30bn. The
rest is generated by banks trading among themselves in the act of “clearing”
the exposures they have incurred. (Most banks have to end the day with
their books substantially level; so most of their activity consists of laying
off risks with each other in a cascade of transactions of diminishing size)."

And yes this book is rather old but the guy who wrote it manages a 300 million dollar fund. So he seems reputable.

I'm still looking at it but ya might not be as useless as it first seems.

Good book btw so far....
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