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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

  • #58,761
  • Mar 21, 2010 1:56pm Mar 21, 2010 1:56pm
Quoting mbqb11
Hey Neutro

The way I post all my charts is the way I am viewing them also. That is about the range I am using the bars. Again trend is so relative to everything else that is going on at the time. So it depends. But basically speaking I am just looking at my chart as is to eyeball these things. It is the story as a whole that is more important then any one individual thing.

Best
Mike
The story part I know. But you have to build it piece by piece.

Thanks Mike, there aren't a lot of people like you (plural, reffering to seniors) out there.
  • #58,762
  • Mar 21, 2010 2:01pm Mar 21, 2010 2:01pm
Quoting neutro
The story part I know. But you have to build it piece by piece.

Thanks Mike, there aren't a lot of people like you (plural, reffering to seniors) out there.
yeah it is just hard to answer these more general questions without that caveat.

If you have specific chart questions those are always easier for me cause then I can explain it in context

Best
Mike
  • #58,763
  • Mar 21, 2010 2:03pm Mar 21, 2010 2:03pm
I bet James is ecstatic about the healthcare bill today!

I think deep down James really wants to have socialized healthcare in the USA. Hopefully soon they will take away guns in the USA so people won't get robbed and murdered anymore!




























(not serious)
Many choose unhappiness over uncertainty.
  • #58,764
  • Mar 21, 2010 2:26pm Mar 21, 2010 2:26pm
This USD/CHF looks good to me. At least to that first trouble spot (1.08).

The biggest confluence is the price flip at 1.05
It also looks to be around a 50% retrace from the first blue arrow.

I'll be entering with about a 30 pip buffer. Any takers?

-- Danny
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  • #58,765
  • Mar 21, 2010 2:32pm Mar 21, 2010 2:32pm
Quoting gorubin
Thanks for sharing your numbers Mike.

I think I'm realizing more and more that the huge 5:1 R:R and 90% win rate are not within reach of us regular mortal traders.

However, I think that when you find your edge in trading it will be a small edge. Sort of like the casinos having a 51% edge on the Roulette wheel. They lose a lot of times...but they always come back on top due to their small edge. I feel that this might be the "secret" of trading if there was one. If you give a small trader a nice but small edge he won't know what to do with it...
Going back in time. Just a reminder for everyone...
  • #58,766
  • Mar 21, 2010 2:38pm Mar 21, 2010 2:38pm
Quoting bluetrader
This USD/CHF looks good to me. At least to that first trouble spot (1.08).

The biggest confluence is the price flip at 1.05
It also looks to be around a 50% retrace from the first blue arrow.

I'll be entering with about a 30 pip buffer. Any takers?

-- Danny
I was waiting for that 1.05 to hit for weeks. I had a square marked there since ages, even took a short from 1.079, but got stopped out. I even wrote on my notes (watch for PA at 1.05, it will surely go there). But when it got nearly there, it made a tiny PB...

That weekly PB looks OK, but it's not an A trade... The traffic, being CT, no divergence.. I say pass, but with a very small crack in my heart

And I see a somewhat minor FTA at 1.07...
  • #58,767
  • Mar 21, 2010 2:56pm Mar 21, 2010 2:56pm
trends are subjective to the timeframe you are viewing.
  • #58,768
  • Mar 21, 2010 3:28pm Mar 21, 2010 3:28pm
I've been watching it also bluetrader. I'd like to get a retrace to 1.0585 or close to it to go long. If not i'll wait till it breaks the Pinbar.
If your gunna be dumb, you've gotta be tuff.
  • #58,769
  • Mar 21, 2010 3:35pm Mar 21, 2010 3:35pm
This USDJPY I4(?)B sure is in a great spot. I'm betting, with the USD strongness and all, it will break to the upside. But it could very well be played both ways.
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  • #58,770
  • Mar 21, 2010 3:46pm Mar 21, 2010 3:46pm
Hey fellas and ladies, I'm just going over some of my old trades and testing back through a few years data before the markets open and there is one thing that remains to ring true.

Over the years, I've taken a fair share of losses that I didn't need to take. Want to know why? I didn't wait for the break on these. Looking back over them, I don't know what I was thinking and I want to slap myself lol. I could have potentially saved 10's of thousands on trades that didn't need to turn out to be losses over the past few years. The fruits of opening trades before the breaks are very bitter indeed. We all have the ability to garner in the sweet or bitter fruitage of our work...in other words, THINK BEFOREHAND!

Just something to think about for everybody! Have a great trading week ahead, ladies and gents!
I dream, therefore I become.
  • #58,771
  • Mar 21, 2010 4:49pm Mar 21, 2010 4:49pm
Hello everyone!
Thats my first post on FF although I've been following few threads for some time now. I've got to say that james's thread is very comprehensive, packed with loads of valuable information. Not to mention helpful people round here.

For start I'd like you to evaluate possible trade I'm looking for on AUDUSD. With a decent PA around 0.9300 level I'm inclined to short it with a stop above 0.9411 (11/2009 high).
Strong resistance level and descending trendline on daily could slightly tip the odds in my favor. What do you think?

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I'd also like to ask about your opinion on BE trades in statistics.
I've got excel spreadsheet as a trading journal and don't really know how I should treat them.

Do you just differentiate your trades as profitable and losing ones or do you include BE trades as another category? Say, you got 7 winners, 3 losers and 4 BE. Does it make your hit rate 70% or should we include BE in that calculation.

Thank you for any answers.

Bart
  • #58,772
  • Mar 21, 2010 7:09pm Mar 21, 2010 7:09pm
The PB was not strong enough on my feed. I saw it more as a "not sure where to go next" bar. Also, the first resistance I see is 1.07.

Scott

Quoting bluetrader
This USD/CHF looks good to me. At least to that first trouble spot (1.08).

The biggest confluence is the price flip at 1.05
It also looks to be around a 50% retrace from the first blue arrow.

I'll be entering with about a 30 pip buffer. Any takers?

-- Danny
  • #58,773
  • Mar 21, 2010 7:09pm Mar 21, 2010 7:09pm
Quoting mike w
Hey fellas and ladies, I'm just going over some of my old trades and testing back through a few years data before the markets open and there is one thing that remains to ring true....
I want through this too my friend

I think it really is dependent on the type of style/trades one takes. But for me it made a big difference. It was my measure of momentum.

Again for those in between realize that there isn't one right way, but these are the types of research that can make a very big difference in your own trading which ever way you end up.
  • #58,774
  • Mar 21, 2010 7:14pm Mar 21, 2010 7:14pm
Quoting bartfx
Hello everyone!
Thats my first post on FF although I've been following few threads for some time now. I've got to say that james's thread is very comprehensive, packed with loads of valuable information. Not to mention helpful people round here.

For start I'd like you to evaluate possible trade I'm looking for on AUDUSD. With a decent PA around 0.9300 level I'm inclined to short it with a stop above 0.9411 (11/2009 high).
Strong resistance level and descending trendline on daily could slightly tip the odds in my favor. What do you think?

Attachment

I'd...
Hey Bart

Welcome from out the shadows

I would say depending on what goes on up there, a short is possible. But be careful too that former trendline you have(the descending one) could act as support once price breaks and pulls back too it. I am more inclined overall to see that as one giant flag formation on a strong upward trending market that has just be in consolidation mode. But both scenarios are certainly plausible so we will have to see how it plays out.

As for your question about b/e trades. A b/e trade in terms of true stats is nothing more then never really existed. Meaning nothing happened so if you have 5 wins and 1 loss and 6000 b/e trades you really are winning 5/6 trades. Now that can be misleading b/c on another level a b/e trade can be a real win psychologically and also preventing many strings of potential losses. So it can serve a few purposes. But again winrate numbers are misleading on their own also. You can win 90% of the time and still be a losing trading and you can also win 20% of the time and be a winning trader. So the numbers by themselves are misleading without the full story.

Hope that helps
Mike
  • #58,775
  • Edited 7:59pm Mar 21, 2010 7:17pm | Edited 7:59pm
This weekly I4B straddling the 90.00 big round number should create some profit... I have highlighted other I4B's at big round numbers to show the good success rate with these setups.
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Many choose unhappiness over uncertainty.
  • #58,776
  • Mar 21, 2010 7:48pm Mar 21, 2010 7:48pm
another good weekly bar to consider...
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Many choose unhappiness over uncertainty.
  • #58,777
  • Mar 21, 2010 8:33pm Mar 21, 2010 8:33pm
Quoting nasir.khan
Hmm see what PA this brings us.
.
Some know more than they're telling....
Btw.
Missed it by 1pip.
.
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  • #58,778
  • Mar 21, 2010 11:01pm Mar 21, 2010 11:01pm
Currently looking at this pair and i have identify the PPZ ard 85.50. So as for now, i am waiting for some PA to happen in h4 TF. a break of 85 lvl and re-test will be nice. any comments.... thanks...
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  • #58,779
  • Mar 22, 2010 1:08am Mar 22, 2010 1:08am
Quoting raczekfx
Some know more than they're telling....
Btw.
Missed it by 1pip.
.
So we were on the same page (1.0057) this time.
.
  • #58,780
  • Mar 22, 2010 2:02am Mar 22, 2010 2:02am
Quoting skinfx
Currently looking at this pair and i have identify the PPZ ard 85.50. So as for now, i am waiting for some PA to happen in h4 TF. a break of 85 lvl and re-test will be nice. any comments.... thanks...
Not my Pair but.

I like the way you marked 85.50 (PPZ). (See how nicely it's flipping the price over and over).

If you Zoom out in H4 you could clearly see the rang you are in so, I would like to trade outside this blue box.

Good Luck.
.
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