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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

  • #57,921
  • Mar 11, 2010 12:44am Mar 11, 2010 12:44am
Quoting jarroo
If your feed shows nothng then nothing is there. I will look at 2 to 3 feeds.


?? Yeah it broke the 7000 nicely.
Thanks Jaroo - need to check out some other feeds.

J
  • #57,922
  • Mar 11, 2010 1:40am Mar 11, 2010 1:40am
Quoting jspeakman
Thanks Jaroo - need to check out some other feeds.

J
I like to look at Price chopped up differently. Combining Bars, different time frames and different broker feeds alllow me to do that.

But one thing remains pretty much constant: S/R levels, PPZ level and of course, the Round Numbers. So the location, which is crirical when looking for a PA setup, stays the same.

(IBFX and FxPro 4 hour time frames)
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Indicators show the past. Price Action "Indicates" the future.
  • #57,923
  • Edited 4:09am Mar 11, 2010 1:58am | Edited 4:09am
Quoting Dan Gilbert
Has anyone really been trying to trade eur/usd, usd/chf the last 3-4 weeks??? this is worse than a sideways market IMO. I won't touch it until it breaks out siginificantly one way or the other. i guess if you play 1hr, you might be able to have made some trades, but as far as daily is concerned, just not for me. yuck.
I did but they were not PA related.
.
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  • #57,924
  • Mar 11, 2010 2:03am Mar 11, 2010 2:03am
Quoting (Yaniv)
Hey,

Got a pending on that one, spread is high but we got like 60-70 pips to first trouble area.
Got out at BE.
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  • #57,925
  • Mar 11, 2010 2:19am Mar 11, 2010 2:19am
Quoting jarroo
I like to look at Price chopped up differently. Combining Bars, different time frames and different broker feeds alllow me to do that.

But one thing remains pretty much constant: S/R levels, PPZ level and of course, the Round Numbers. So the location, which is crirical when looking for a PA setup, stays the same.

(IBFX and FxPro 4 hour time frames)
V useful stuff as always - thanks Jaroo

J
  • #57,926
  • Mar 11, 2010 2:25am Mar 11, 2010 2:25am
Quoting Dan Gilbert
Has anyone really been trying to trade eur/usd, usd/chf the last 3-4 weeks??? this is worse than a sideways market IMO. I won't touch it until it breaks out siginificantly one way or the other. i guess if you play 1hr, you might be able to have made some trades, but as far as daily is concerned, just not for me. yuck.
Hey Dan I'm waiting for 1.34 to break. I took the upper flag.

It's not an exact science but who cares if we trade carefully? I'm looking to trade when the lowest low of the flag breaks (1.34). The target would be the length of the flagpole.

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Gone to a better place
  • #57,927
  • Mar 11, 2010 2:43am Mar 11, 2010 2:43am
Quoting jarroo
Great example(s) about what James talks about trading in a sideways market.

I think alot people get in trouble when they overestimate the obvious targets, previous Highs/Lows and in this case a RN, 1.0700.

And a nice hard break sure makes a great confirmation.
target, previous high/lows RN, ppz are the factors that form PAs itself, so to understand them is far more important IMO, to concentrate on PAs only is like to watch stereo movie without glasses lol. Or did they invent something new, don't want to look like old timer
  • #57,928
  • Mar 11, 2010 2:47am Mar 11, 2010 2:47am
good m/a/e all

i was trading eurusd fundamentals earlier in the year which made me money. it then started to trade in a sideway market which is why i stumbled upon this thread. Am i glad i did that!
for all the problems in the US, the eurzone is a lot worse off. Greece has major problems with portugal/spain/italy being closely watched by everyone. If eurozone members (France/Germany) have to bail out Greece then it damages their economies which is why i thought eur would be a lot weaker than it currently is. It's currently ranging with a lot of indecision and now i'm waiting for a clear PA setup before entering.
  • #57,929
  • Mar 11, 2010 2:47am Mar 11, 2010 2:47am
Quoting datogio
target, previous high/lows RN, ppz are the factors that form PAs itself, so to understand them is far more important IMO, to concentrate on PAs only is like to watch stereo movie without glasses lol. Or did they invent something new, don't want to look like old timer
Well said datogio.
Indicators show the past. Price Action "Indicates" the future.
  • #57,930
  • Mar 11, 2010 3:00am Mar 11, 2010 3:00am
Quoting GotPips
good m/a/e all
i was trading eurusd fundamentals earlier in the year ...
for all the problems in the US, the eurzone is a lot worse off. Greece has major problems with portugal/spain/italy being closely watched by everyone...
they have sadly (& aptly?) called these 4 collectively as 'PIGS'.
  • #57,931
  • Mar 11, 2010 3:15am Mar 11, 2010 3:15am
Quoting supremeChaos
they have sadly (& aptly?) called these 4 collectively as 'PIGS'.
You missed one... Ireland....PIIGS
  • #57,932
  • Mar 11, 2010 3:22am Mar 11, 2010 3:22am
here's a quick one I took, only my 3rd trade this month. Alpari feed looks much sweeter

Mike
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  • #57,933
  • Mar 11, 2010 3:34am Mar 11, 2010 3:34am
Quoting mbqb11
here's a quick one I took, only my 3rd trade this month. Alpari feed looks much sweeter

Mike
whats your initial sl for this?
the last day bar too huge
  • #57,934
  • Edited 3:54am Mar 11, 2010 3:36am | Edited 3:54am
Quoting Dan Gilbert
I am very hesitant here.... maybe I'm overconfident to even consider it because of the last U/J trade I took....
Well this is probably one of the hardest, and most destructive things in trading world. Much more than knowing PA, PPZ, pin bars etc..at least for me.

This week, especially yesterday was one of my best days in history, trading related. Wasn't at home all day, busy with life....opened my charts a bit before bed time to see all daily bars closing. It took me less than a few seconds to make a decision - putted on my trades, full TP at first trouble area, and went to bed. Slept like a baby. No time to check charts in the morning, who cares. Now I'm back home. The results are just what they are and that doesn't matter because next time I am gonna do the exact same thing again, and again, and again.
That's my only part of the game. The rest really isn't up to me.

My risk was 0.5% of my account, my TP was 0.4R. Whatever would happen I'm happy with my share. When I hit 18 winners out of 20 trades in a raw, I would raise my risk level to 1% and set a new target.
I do not care about the money, but only about the targets I set to myself.

Ben
  • #57,935
  • Mar 11, 2010 3:38am Mar 11, 2010 3:38am
Quoting smikester
Hey Dan I'm waiting for 1.34 to break. I took the upper flag.

It's not an exact science but who cares if we trade carefully? I'm looking to trade when the lowest low of the flag breaks (1.34). The target would be the length of the flagpole.

Attachment
Hey Smikester, the lovely thing about this is that its textbook PA. In a bearish move we get a bull flag. As per expectations the bull flag occurs halfway through the move (the flag flies at half mast). So the expectations for the move would have been for price to move the same amount lower as the initial move lower prior to the bull flag. Lo and behold this is where price heads before the bull flag which we see now.

The question now is that since we've seen price reach the expected area where does it go from here? Which is why I would appreciate any comments on the weekly chart I posted last night.

Thanks.

  • #57,936
  • Edited 3:53am Mar 11, 2010 3:40am | Edited 3:53am
Quoting mbqb11
here's a quick one I took, only my 3rd trade this month. Alpari feed looks much sweeter

Mike
I was waiting for a retrace around 1.2980-70 to take this trade, but the price didn't felt anything at that zone,

we are only on 11th March and you took only 3 trades ,probably your account is big enough,Someday I will be at that point too

all the best!!
  • #57,937
  • Mar 11, 2010 4:01am Mar 11, 2010 4:01am
Quoting Mp1983
Hey Smikester...Which is why I would appreciate any comments on the weekly chart I posted last night.
Thanks.
It's an interesting chart and you posed some good questions there but I'm not sure, to be honest, what is the best reply from my point of view. It's a strong downtrend. I see a bearish flag/wedge call it what you will. I wouldn't trade off these levels as a weekly or even a daily trade. I will be looking for price action on the H4 or H1 if it breaks off the lowest low of the flag, maybe some small trades off the current compression. Given the fundamentals I would be very surprised to see the Euro recover much from here.
Gone to a better place
  • #57,938
  • Mar 11, 2010 4:18am Mar 11, 2010 4:18am
Quoting benji533
Well this is probably one of the hardest, and most destructive things in trading world. Much more than knowing PA, PPZ, pin bars etc..at least for me.

This week, especially yesterday was one of my best days in history, trading related. Wasn't at home all day, busy with life....opened my charts a bit before bed time to see all daily bars closing. It took me less than a few seconds to make a decision - putted on my trades, full TP at first trouble area, and went to bed. Slept like a baby. No time to check charts in the morning, who cares. Now I'm...
Thats good going Benji

Could you tell me when you leave trades like this 'unattended' where is your stop loss? Are you using and EA at all?
  • #57,939
  • Mar 11, 2010 4:18am Mar 11, 2010 4:18am
lets push it guys, lets push it
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  • #57,940
  • Mar 11, 2010 4:29am Mar 11, 2010 4:29am
Hi all, hope everybody is making some good pips.


While I am quietly following the thread again (coz I didn't get many good setups to share), I would like to ask a rather dumb question. Kindly pls bear with me that maybe this question has been asked many times before. I understand that this may just be a personal preference, but how many pairs in general do you guys follow? I asked this as I am only following 3 pairs right now as a newbie, but they just don't seem to be giving many setups. I understand good setups don't always come and I am being patient, but I know 3 pairs are definitely too few.


I suppose it all comes down to probability in trading, so the more pair you watch, the more likely you are to spot a good setup? Am I right here?


I also notice that there are many seniors following the cross pairs, are the cross pairs better than the major pairs in generating great setups? If so, any cross pairs are better than the other?


Coz as a newbie, it seems a bit difficult for me to follow so many cross pairs, the majors are already not easy.

Many thanks in advance for your kind advice. And I apologize again for my dumb question and language.
Dreams are hard to follow, but don't let anyone, tear them away...
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