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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

  • #57,381
  • Mar 5, 2010 8:13pm Mar 5, 2010 8:13pm
Quoting james16
wow what a treat at 310 in the morning.

this one is headed for my files.

thanks my friend and welcome,

jim
Hey Jim,

You're more than welcome and fully deserve the many thanks and appreciation i'm sure many members have flooded your mailbox w.

i know different traders have different styles of trading the market but this thread is the best learning ground for anyone who wants to take PA trading seriously.

Enjoy the weekend big guy.

Ciao
  • #57,382
  • Mar 5, 2010 8:23pm Mar 5, 2010 8:23pm
Member status!! woohoo!! no more moderated posts!
  • #57,383
  • Mar 5, 2010 8:38pm Mar 5, 2010 8:38pm
I think it's time to close this swing, what do you think...?
... or don't think
.
Attached Image
  • #57,384
  • Mar 5, 2010 8:48pm Mar 5, 2010 8:48pm
hmm. i dont know.
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  • #57,385
  • Mar 5, 2010 8:52pm Mar 5, 2010 8:52pm
similar situation with gbpchf. at least this one has somewhat of a proxy eye. lots of "traffic" or activity to look forward to if a break did occur.
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  • #57,386
  • Mar 5, 2010 8:54pm Mar 5, 2010 8:54pm
Quoting raczekfx
I think it's time to close this swing, what do you think...?
... or don't think
.
a clearly defined signal long will not only get you out but put you the other direction. might wait for that.
  • #57,387
  • Mar 5, 2010 11:57pm Mar 5, 2010 11:57pm
thats not a bad idea. if hes thinking long of course. i bet he is hoping the next bar never breaks the current one and slams down hard. lol.

Quoting 4X=0
a clearly defined signal long will not only get you out but put you the other direction. might wait for that.
  • #57,388
  • Mar 6, 2010 1:45am Mar 6, 2010 1:45am
Somes i took this week... and some thoughts

AUDCAD: b/e, get stopped out when i trail may stop tp protect capital.

AUDJPY: half took, half at b/e, i'm still hold till it break through 83 level b/c i see the up trend still intact and the pin i took off from the retracement... will add half when it break or retrace back to the "zone" (61.8 level my secret wepond )

GBPNZD: took it by combined candles to pin at Zone on FXPro feed, still full in, locked at b/e, will keep it till 2.1550, but nerve of the spread, can be out at any moment it's tough

EURGBP: get in by three candle combined a pin and an inside candle at 61.8 (my zone), this trade i feel nervous a lot b/c this pair not in trend (MHO) and truly i feel lost of control when i set the order (but i can't help the feeling to get in...), so when price come with me, i locked it at b/e immediately.

for last month my account balance still go sideways, and my job is limiting the loss as little and quick as possible (but not too quick )

I think i have to love the loss now, it can protect my capital...

hope someday i will free...

Nice weekend!!!!!
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Back to the beginning ... demo
  • #57,389
  • Edited 3:44am Mar 6, 2010 2:56am | Edited 3:44am
Quoting raczekfx
starski sucks.. I like natural products, like whole foods market in oakville.

It's a small world, really small Irek....
nice 3x55 ultra light
Last summer I thought of taking flight training @ rainbow aviation...
I'll keep in touch, perhaps one day, I'll have extra cash, I'll visit you..
For now I'm flying one below... ultra, ultra light tiger60

Btw. is that you on the first video?

.
http://www.youtube.com/watch?v=M4TFljrS-uY
I like final count down..
http://www.youtube.com/watch?v=Jt66l...eature=related
Rac,

Have you ever thought about equipping the Tiger 60 with FPV hardware? I'm sure you're aware of the extra dimension that gives to RC flying, aren't you?

Inserted Video
It's not about how much you make, it's about how much you don't lose.
  • #57,390
  • Mar 6, 2010 4:24am Mar 6, 2010 4:24am
Quoting mbqb11
THe b/e stage of a trader is both good and bad....

Ciao Mike

I asked for some advice a few weeks ago...now studying this thread and reading Pring on Chart reading as suggested from you and some other guy, many thanks for help to all of you

I am sorry it might seems stupid but I was unable to find any result in google search for you abbreviation "b/e stage of a trader.... and b/c..."

Those posts selected by Mr James are something I am starting believing trading is more a mental attitude and "respect" for the market rather then the ability of reading charts, wich of course important but should come with experience and hard work...so I am asking you that "stupid question" because just wont miss any single concept of the "mental basics" of this "business" as Mr James call this "thing"...

Many thanks your time and help much appreciated...
and please anytime you have the chance to come to Rome just let me know the wine bottle and roman food is waiting for you guys!!!

Andrea
  • #57,391
  • Mar 6, 2010 5:17am Mar 6, 2010 5:17am
Quoting raczekfx
I think it's time to close this swing, what do you think...?
... or don't think
.

Hello Rac,

I think it is time to close. 1.5 BRN, TRENLINE, 61.8% retracement on the PINBAR. That's what I learned from James, Jarroo, Mike and you.

Would you take a buy above this PINBAR too?

Thanks!

PM
  • #57,392
  • Mar 6, 2010 5:35am Mar 6, 2010 5:35am
Quoting Ryanmcd
Took me about 4-5 years before I could BE but all I did was read charts and learn, printed out 7ish years of 3 min charts and filled a closet with them, would go over the charts 3min bar at a time and learn how it moved and just PA really. I will say this is by far the hardest thing I have done and also some people will NEVER be able to do it, I know people 15+ years that are unreal at reading the market but they just cant trade and yes there is a difference.

I wish I could instill in people the mental part of it but you really cant, they have...
Ciao Ryan

this post is one of the Mr james selected ones at the very first pages of this thread

I am a "fully" newbie and know nothing about trading, just zero!

At present I am reading this thread from page one and some books like
Pring on price patterns and next will be Reminiscences of a stock operator and Market Wizard as some suggested from this thread on my request.

I would like to ask you what your "selected" books are from the 40 you have read, to be honest just to save some money thanks to your experience...

Your help much appreciated, and sorry for being so direct in asking...

Andrea
  • #57,393
  • Mar 6, 2010 5:43am Mar 6, 2010 5:43am
Quoting ikki
hey michal.

You're right that BUOB was in traffic, tradable but very difficult to trail. Don't feel guilty because you miss the trade. Remember that you have to be comfortable with the PA.
You will have another trade around the corner.....

Hello Ikki,

Exactly, the weekly before shows a BEOB and going long on daily is just like trading against the weekly PA.

Also, if we taking this trade and it is no different that we taking a news trades, do you agree?

I am more patient passing trades now than before. I can say people who taking this trade must be so intense when the NFP news coming out, because the entry must be triggered and hoping NFP report to be positive. Otherwise.........

Thanks!

PM
  • #57,394
  • Mar 6, 2010 5:52am Mar 6, 2010 5:52am
Quoting michal7
Hey Ben,
thanks, now I know what you meant. Makes sense. But I was just thinking that maybe some traders are putting sell orders below round number(in this case) to make sure that price will not reach buy orders that are above round number. Does it make any sense?
But now I also see that if price reached round number or even protruded it a bit, it gives a bar more significance because now we know that both sellers and buyers were involved there at round number and that sellers won, because sell orders were bigger than buy orders, and also eventually...

Hey mikey,

As I said, I'm not so sure what really happens and how orderflow works. But also I said I do not care.

The thing of technical analysis is taking advantage of the outcome of what happens. To make money, you do not need to know WHO or WHAT moves the market, but HOW it moves is what important. In any case, the bottom line is that the movement of the market is the result of the belifes people have about what price should be in the future. That's the reason why the market is a random thing.
It doesn't matter if it's the news, the psychological response of people to the news, people's mentality, beliefs or actions of big players - whatever it will be, it creates patterns. The praters is the outcome we see on our charts in bars form. Because people tend to repeat their beliefs and actions over and over again - no matter what would be these peoples action, it will create repetitive patterns. In other words: "the market has memory".
The technical edge of a trader is to use these patterns in his favor in order to create the best possible edge.
So basically if you see that a good pin off a BRN is what works, that's the only thing that matters in this case.

That's why I do not give a heck about understanding WHY the market moves, orderflow, news etc. I simply take advantage of the outcome. That's also the reason why the skill that would probably help you in real world, would just ruin you and steer your mind from what really matter in this business. Every 6 years old child that has good eyes can trade better than a talking head with financial degrees on TV

Ben
  • #57,395
  • Mar 6, 2010 6:13am Mar 6, 2010 6:13am
Hope everyone have a nice weekend

A random question(hope you see this): Benji, did you pass the elite unit selection, about half an year ago? I read this thread and noticed your post about it. It specially cheered me up because I have a similar dream I have been working hard for the selection tests too.

Also your recent post about different way of thinking was amazing, now I truly understand trading psychology when you compared it to the real life etc. Thanks man

All the best to everyone else also, it canīt be said too many times that this thread is amazing and thank you everyone!
  • #57,396
  • Mar 6, 2010 6:30am Mar 6, 2010 6:30am
Quoting nuclear62
Hope everyone have a nice weekend

A random question(hope you see this): Benji, did you pass the elite unit selection, about half an year ago? I read this thread and noticed your post about it. It specially cheered me up because I have a similar dream I have been working hard for the selection tests too.

Also your recent post about different way of thinking was amazing, now I truly understand trading psychology when you compared it to the real life etc. Thanks man

All the best to everyone else also, it canīt be said too many times...
Hey nuclear62,

Half a year ago? Not sure what that was lol
I am still in several selection processes. In the meantime nothing changed (I have time...).
  • #57,397
  • Mar 6, 2010 6:41am Mar 6, 2010 6:41am
I know that someone already posted this, but let me know what you think about it:
The PinBar is a retracement from 61,8% fibonacci, PPZ and a Big Round Number (1.5000). Someone said that the downtrend is too strong for a reversal, but i don't know... what woudl you do?
Firsto trouble zone i think is about 1.5355, or anyway we should look on lower timeframes for trouble zones i think.

http://img691.imageshack.us/img691/3788/14114589.gif
  • #57,398
  • Mar 6, 2010 6:43am Mar 6, 2010 6:43am
Quoting benji533
Hey nuclear62,

Half a year ago? Not sure what that was lol
I am still in several selection processes. In the meantime nothing changed (I have time...).
Oh iīm not sure about that half a year, I think that post was from autumn 2009 or something but anyway, have a nice day!
  • #57,399
  • Mar 6, 2010 7:08am Mar 6, 2010 7:08am
when people write BRN what that
"The person who knows that enough is enough, will always have enough". .
  • #57,400
  • Mar 6, 2010 7:12am Mar 6, 2010 7:12am
Quoting maq
when people write BRN what that
Big Round Number
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