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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

  • #57,581
  • Mar 8, 2010 4:13pm Mar 8, 2010 4:13pm
Quoting mbqb11
Hey Pips

In general the thing with any bar is that it is only validated once it breaks, and only invalidated once the other side is breached. So technically you could leave it for however long this takes to happen. I personally with any bar(in general) wait till that next bar breaks(this is my measure of momentum). So for this weekly bar if I was going to enter I would give it one week to break like you said above.

Best
Mike
I just wanted to add to this to make sure it's clear. You should already have "thought about entering" before it breaks. What I mean is, we typically play these with pending orders. (typically 10+ pips above the high in the case of a long) What Mike is saying is you would remove your pending order if it doesn't break within the next bar (this week).

Just wanted to clarify for beginners, I'm 99% sure Mike was assuming you knew this. Sometimes new traders don't understand that a break just means price moving higher than the high plus your buffer, and NOT a close above a bar, then entry.

So if you think this is a good trade (on demo of course) you can already have your buy order (limit or stop depending on your broker, either way it's a pending order) in with your broker.

Once again, I'm sure you already new this, just thought this might help new traders.

Cory
  • #57,582
  • Mar 8, 2010 4:38pm Mar 8, 2010 4:38pm
Cory, indeed this would be on demo. I've spent the past two weeks reading the first 100 pages and been keeping up with the last 100 or so. Also been watching the guest videos which have helped immensely. all i keep repeating to myself is 'what is price going to do' in a Texan accent . my mind is like a sponge right now and i'm trying to watch PA as it happens.

In this instance, my pending order would have been at 1.5210 with s/l at 1.4770 (and if daily price continues to consolidate, i'd move this to 1.4973. would that be a good move?)

also, the open/close of this pin is not within the previous bar, does this have a bearing on how one would play this pin?
  • #57,583
  • Mar 8, 2010 4:57pm Mar 8, 2010 4:57pm
Quoting sir6
With all this trend talk going on here lately. I was wondering what time frame you guys put more weight on when determining the trend. For example, if you were trading the hourly, would you just look at the trend just on the hourly and go from there, or would you jump to a higher time frame (4h, daily, etc..) and look at the trend from that angle?

For me I look at the 5min and if price stalls I will look at the higher times, but I will not skip a trade due to a higher time saying something. For me trade the time you are looking at and it seems to work.

Also about the higher times I started with the 3min but did have a mentor who had 30 years of trading the e-mini when it was only the spoo so he knew his stuff, If I had to do it over I would prob do the 3-5min still on paper because it speeds up the learing curve. If you don't know what you are doing the only thing the 4hr will do is make you lose more slowly, either it works or does not and at the 3-5min you learn that fast. But it depends on "YOU" as a person, some people cant wait like me for the 4hour to play out, I win a lot on that time but I hated trading it so I do the 5min because it's what I enjoy more it all just depends on you.

Also spend some time and look what you want to get out of the market, for me it was the freedom to do anything or own anything I wanted but It did take 10 years to get it, more people think they can shortcut this but I had the money as well as the time as well as some of the best in the biz helping me and it was still hard as hell. Best advice is find a mentor who MAKES MONEY and do whatever it takes to get their help.
Keep taking CT trades, I need more money
  • #57,584
  • Edited 5:15pm Mar 8, 2010 5:02pm | Edited 5:15pm
This might be a long shot, but does anyone here use an Australian MT4 broker?

I have a friend who wants to learn how to trade, and I think MT4 is probably the best platform to learn on - stuff like the IG Markets platform is pure rubbish, and she doesnt really have the capital for something like IB+Ninja/TS/etc... I could probably set her up a subaccount under mine on IB, but even then the minimum lot size would be a killer. Hard to teach someone proper risk management with minimum trade sizes of like $25k.

I also dont want her to have to deal with international wire transfers, offshore tax treaties (assuming she is profitable!) and the like, so that rules out pretty much all the big US and UK brokers.

The only ones I have heard of are FXCM Australia and gomarkets. The latter seem to have better (claimed) spreads, whereas I have actually heard of FXCM US, so I probably trust them marginally more. Anyone used either?
When you have to shoot, shoot. Dont talk.
  • #57,585
  • Mar 8, 2010 5:10pm Mar 8, 2010 5:10pm
Quoting joelcf
This might be a long shot, but does anyone here use an Australian MT4 broker?

I have a friend who wants to learn how to trade, and I think MT4 is probably the best platform to learn on (stuff like the IG Markets platform is pure rubbish, and she doesnt really have the capital for something like IB+Ninja/TS/etc)... and I dont want her to have to deal with international wire transfers, offshore tax treaties (assuming she is profitable!) and the like.

The only ones I have heard of are FXCM Australia and gomarkets.
I don't use them, but I've heard fxsol is good:
http://www.fxsolutions.com.au/platforms/metatrader.asp
  • #57,586
  • Mar 8, 2010 5:23pm Mar 8, 2010 5:23pm
Quoting Jlr
I don't use them, but I've heard fxsol is good:
http://www.fxsolutions.com.au/platforms/metatrader.asp
They actually look pretty cool. Normally, fixed spreads are a bit dodgy, but its probably a bonus for someone learning - one less thing to worry about.

Thanks, will give em a trial.
When you have to shoot, shoot. Dont talk.
  • #57,587
  • Mar 8, 2010 5:29pm Mar 8, 2010 5:29pm
Quoting ts63
Hi guys, how would you rate the location of this bearish PA on the AUD USD pair (both daily and H4 TFs).

Thanks for your help.
Hi Ts,

Well, from my point of view, the bar is way too short. The previous bars were much bigger. Second fact, it has no air since we have a serious PPZ around 0.9040 . This bar can work like any other possible trade but it's not what we are searching here. There are many other better setups.

Above all, I am not so willing to go short on this trade when I am long on GBP/USD which looks much better if you ask me ( BUOB on Daily, PIN on Weekly ) and a pretty ok ( higher low ) bar on Monday ( daily graph ).

Best wishes,
M.
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  • #57,588
  • Mar 8, 2010 5:36pm Mar 8, 2010 5:36pm
Quoting joelcf
This might be a long shot, but does anyone here use an Australian MT4 broker?

I have a friend who wants to learn how to trade, and I think MT4 is probably the best platform to learn on - stuff like the IG Markets platform is pure rubbish, and she doesnt really have the capital for something like IB+Ninja/TS/etc... I could probably set her up a subaccount under mine on IB, but even then the minimum lot size would be a killer. Hard to teach someone proper risk management with minimum trade sizes of like $25k.

I also dont want her to have...
im an aussie, ive traded live with go markets and found them to be good. Never had issues and plus you get the added advantage of MT4 plus being regulated by ASIC and your money is safe in an Australian bank.

If she is just learning though you can go with any mt4 demo account, best to do demo for a LONG time before live lol..

I agree ig markets platform is absolute rubbish.

Pretty sure there are a few other brokers but none that have decent spreads and the flexibility with position sizing as go markets.
  • #57,589
  • Mar 8, 2010 5:45pm Mar 8, 2010 5:45pm
Quoting GotPips
Cory, indeed this would be on demo. I've spent the past two weeks reading the first 100 pages and been keeping up with the last 100 or so. Also been watching the guest videos which have helped immensely. all i keep repeating to myself is 'what is price going to do' in a Texan accent . my mind is like a sponge right now and i'm trying to watch PA as it happens.

In this instance, my pending order would have been at 1.5210 with s/l at 1.4770 (and if daily price continues to consolidate, i'd move this to 1.4973. would that be a good move?)

also,...
Hi GotPips,

The things you are doing are great, and you will learn a ton if you keep reading the thread and watching those guest videos.

I don't want to give specific trade advice because I'm not an expert myself, and who knows what will happen with this particular trade, but a couple tips:

1. Typically on a weekly trade I personally use more of a buffer than 10 pips (15-20 typically, but it varies depending on round numbers and ppzs nearby)

2. As far as your stop loss, the basic rule is the stop below the bar (below the low of the pin), if you are just starting, this is the safest. Will this give you great risk to reward? Probably not, but the point right now is for you to learn how to find great bars in great spots, and if you make anything in your demo that's a plus. As you gain more experience with pinbars, etc. you'll be able to find strong locations to put your stop behind which might not always be the low of the bar.

3. As far as the close not being within the prior bar, this would mean it isn't a pinbar. To be honest on my feed it does close within the bar in this case, so by my rules I could take it. Personally I never take a trade that doesn't meet this requirement. There are too many great opportunities to take ones that are iffy as far as bar close.

These are just my opinions, and I'm sure more experienced traders could give more specific advice. But, keep doing what you're doing, and feel free to ask questions any time.

Cory
  • #57,590
  • Mar 8, 2010 6:01pm Mar 8, 2010 6:01pm
Quoting Bemac
Regardless of ALL else, I watch for The Daily Breaking The Monthly & Add to my convictions when The Weekly also breaks The Monthly. (we're talking Closes here )

All else, in my consideration, is treated as an Intraday Scalp in which I cannot (should not) apply my Standard Trade Management Rules OR a Trend Continuation Trade.

You've heard it a hundred times but it probably takes a thousand to sink in.
The Training Ground is located in the Higher Timeframe Charts.
If you are currently thinking...
"That's all fine for those Other guys but I...
Wow! It's been a while since I have studied ICCE Bemac. ICCE put me on the track I'm on now with Fibonacci and I am a true believer. Those ARE some very strong moves outside of the rectangles. The way I see it, we are on the long side of the weekly but on the short side monthly. I am currently looking for long PA. A move above 1.63115 will have me looking to close and reverse at the weekly long extension levels 1.6343, 1.65102 or in the monthly pivot areas above.

K.I.S.S.
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  • #57,591
  • Mar 8, 2010 6:08pm Mar 8, 2010 6:08pm
Hi guys,


We need some price action, maybe on lower time frames. I will definetely keep an eye on this.

Lower highs and lower lows and good confluence of strong PPZ with 61.8% Fibb. The number is not round but it's nice 90.50. The previous bar was huge ( a lot of bulls ), the bar from monday very small but with the same volume so a fight happend there.

Tomorrow we need some PA here since we are waiting on GBP/USD as well.

Cheers.
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  • #57,592
  • Mar 8, 2010 6:09pm Mar 8, 2010 6:09pm
Update on my USDJPY BUOB trade.... Only holding 1/3 of original position.

Moved my stop up to 89.80 into profit... Hiding it 20 pips under the 90.00, hoping for bounce off that round level (although not exactly anticipating it)!
Attached Image
Many choose unhappiness over uncertainty.
  • #57,593
  • Mar 8, 2010 6:15pm Mar 8, 2010 6:15pm
Quoting Ryanmcd
For me I look at the 5min and if price stalls I will look at the higher times, but I will not skip a trade due to a higher time saying something. For me trade the time you are looking at and it seems to work.

Also about the higher times I started with the 3min but did have a mentor who had 30 years of trading the e-mini when it was only the spoo so he knew his stuff, If I had to do it over I would prob do the 3-5min still on paper because it speeds up the learing curve....

I'm starting to like these posts of yours more and more, Ryan. No waxing philosophical for you. Just straight talk. Better watch out, people might think you are a nice guy!


10 years.

I've thought I could get there faster than that.

But then again, I am 5 years in it

And I am not 'there'.

Probably as something to do with my devotion to the dailies for soooo long.

QUESTION:

I know in some endeavors we can become competent and not be conscious of the fact. Looking back, was there that time in trading for you, and how long did it last?
I'm pretty much done with all this ...
  • #57,594
  • Mar 8, 2010 6:16pm Mar 8, 2010 6:16pm
Agree, IGMarkets is crap. Has it's uses, but for the most part crap. They think they're pretty good though. Just ask them.

Quoting joelcf
I also dont want her to have to deal with international wire transfers, offshore tax treaties (assuming she is profitable!) and the like, so that rules out pretty much all the big US and UK brokers.
I tried to go local when I first started currencies, but in the end the Aussie deals were all crap compared to the bigger retail brokers.

(By the way, ask EasyForex how good they are. They'll tell you how awesome they are themselves too.)

International account isn't such a big deal.
...So you have to fill out an extra tax form. So what? lol

And transferring money. ....She has to become profitable first anyway. If she's just starting she can send an opening balance by c/c or paypal etc if she wants. Otherwise with a Wire transfer she has to wait a few days to trade. No big deal with the one time wait either. (IBFX has it's new global debit card now too, which might be good for payouts)

With the way the Aussie is going, I've got a lot of my money in Oanda atm where I can shift the balance between AUD to USD on a whim. So there goes that argument too.

She's demoing first anyway. Isn't she?
Bundy's status today: "Waiting..."
  • #57,595
  • Mar 8, 2010 6:28pm Mar 8, 2010 6:28pm
Quoting Ryanmcd
For me I look at the 5min and if price stalls I will look at the higher times, but I will not skip a trade due to a higher time saying something. For me trade the time you are looking at and it seems to work.

Also about the higher times I started with the 3min but did have a mentor who had 30 years of trading the e-mini when it was only the spoo so he knew his stuff, If I had to do it over I would prob do the 3-5min still on paper because it speeds up the learing curve....

Now I trade hsi on 1m and eu on 5m so I'm not against short timeframes but I think there are some benefits to longer timeframes Ryan. The obvious one is if you get more tradable formations on the longer timeframe but the issue I've seen impact on newbies more often is the effect of short timeframes on their actions and emotions. With a short timeframe everything happens faster so you:
- don't have as long to make a decision
- don't have as long after that before closing actions become important
- don't have as long to cool down after making a mistake.

On the other hand with hourly or daily you have a lot of time so impulse trades, revenge trades and other things that seem to damage a lot of people when they try to learn 3/5m are much less important. But most people want some action so ....
  • #57,596
  • Mar 8, 2010 7:58pm Mar 8, 2010 7:58pm
Hey guys....I've got a quick question about outside bars. On the attached daily chart is this what you would consider a good outside bar? To me it looks as if it is ready to break to the downside...the direction of the trend and it is coming off the 61.8 fib and breaking a big round number.

If so, when would you enter?

If not, why not?
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  • #57,597
  • Mar 8, 2010 8:10pm Mar 8, 2010 8:10pm
Quoting Pip Dawg
Hey guys....I've got a quick question about outside bars. On the attached daily chart is this what you would consider a good outside bar? To me it looks as if it is ready to break to the downside...the direction of the trend and it is coming off the 61.8 fib and breaking a big round number.

If so, when would you enter?

If not, why not?
Hey Pip

I am not a fan of this one. Overall it isn't at a great swing high which generally means that were trading right into some trouble areas(ie traffic). Also I believe that bar it is engulfing is only a sunday bar(which we would ignore). Overall I don't see a ton of confluence or reason to really jump out at me, personally.

Best
Mike
  • #57,598
  • Mar 8, 2010 8:12pm Mar 8, 2010 8:12pm
The previous bar is a Sunday bar which was formed in only a few hrs. We generally disregard these which would make your "outside bar" formed today not a genuine outside bar as we define it here. I hope that this helps.

K.I.S.S.
  • #57,599
  • Mar 8, 2010 8:13pm Mar 8, 2010 8:13pm
Quoting mbqb11
Hey Pip

I am not a fan of this one. Overall it isn't at a great swing high which generally means that were trading right into some trouble areas(ie traffic). Also I believe that bar it is engulfing is only a sunday bar(which we would ignore). Overall I don't see a ton of confluence or reason to really jump out at me, personally.

Best
Mike
Thanks Mike...I still have a lot to learn about this method but I will be going through the thread in more detail and I will be joining the PF this week.

Thanks for the quick reply.
  • #57,600
  • Mar 8, 2010 8:14pm Mar 8, 2010 8:14pm
Quoting StoragePro
I'm starting to like these posts of yours more and more, Ryan. No waxing philosophical for you. Just straight talk. Better watch out, people might think you are a nice guy!


10 years.

I've thought I could get there faster than that.

But then again, I am 5 years in it

And I am not 'there'.

Probably as something to do with my devotion to the dailies for soooo long.

QUESTION:

I know in some endeavors we can become competent and not be conscious of the fact. Looking back, was there that time in trading for you, and how long did it last?...

Yes it happened, I would have a nice run think I was the shit then blow up, we all have / will do this, I think it's back to the self sabotage deal to be honest, you feel you don't deserve it or you think "this can't be this easy" and you screw it up. The better I get the more I look into understanding how we think because that is truly what has to change, you can make money off of ANY MA or any simple system, but if your mind screws things up well no system or setup will work.

The thing that I had to do was not worry about it, to me again that was the hardest thing to get over. Look at eveyone who posts here, they are all winners seems everyone is making millions of $$$$ right? Well that's ego and I bet you they are not and getting up for work tomorrow to try to play the market at a later day. I lose almost daily and I will tell people that, getting over the fact if it's a win or loss = 2 shits, looks at the long run and look to see if what you are doing is solid.
Keep taking CT trades, I need more money
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