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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

  • #58,901
  • Mar 23, 2010 8:10am Mar 23, 2010 8:10am
Quoting GotPips
hi i've been watching this pair quite recently and you're running into major support at around 1.3440 mark. has been rejected 3 or 4 times in the past month.
ciao GotPips

...indeed! maybe because anytime Greece was to "fall", some European leader said no problem EU will help so the support hold, now it looks like German PM is again back on track against supporting Greece and if Greece is going to have problem then maybe my country (Italy) will follow because of the same Money Revision Company made the fake "countings" and bla bla EUR will fall again, and then they will say again ok we help because EU cannot afford any "fault" maybe because they agreed with Greece some political stuff and bla bla price moves up and down while they play the "political power game"... but this has nothing to do with pure price action because price discount everything, isnt it?

I think we have some politicians here they are gonna make Greece "suffer" a bit more to approach Italys question as well in order to define some power role in EU, mean while EUR may fall to 1,30 and after power agreement then all together to have some beer with the citizens money...while price moves up and down and we try to play the game with PPZ and PA...

but this is my pure imagination because only few guys know at present if they will help Greece now (so 1,3440 will hold and price moves up) or later (so 1,3440 will break out down and towards 1,30 maybe)

many thanks GotPips your comment much appreciated
Andrea
  • #58,902
  • Mar 23, 2010 9:21am Mar 23, 2010 9:21am
Looks like support held on AUD/JPY and trying to break through 83.00. Looking to first trouble area around 50 pips away.

Will be moving stop to bar low when this bar closes... and BE if it hits first trouble area.

Anyone else in this?

-- Danny
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  • #58,903
  • Mar 23, 2010 9:24am Mar 23, 2010 9:24am
With oil futures breaking the TL...was a high probability UC was going to break it's own TL especially as USd decreasing across the board due to increased risk appetite.

Although with oil now @ PPZ and Uc approaching PPZ also (and divergence on oil) this could be temporary move and expect a retracement back to the TL - be looking for PA there.
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  • #58,904
  • Mar 23, 2010 9:26am Mar 23, 2010 9:26am
Up all night for 30 Pips and lose them in less than 45 minutes. Why must I create trades when there isn't one? Why do I feel the need to be in a trade all the time? Why can't I have patience? Why?? Why?? Why?????
Does anyone have a Sledge hammer I can barrow?
If your gunna be dumb, you've gotta be tuff.
  • #58,905
  • Mar 23, 2010 9:43am Mar 23, 2010 9:43am
Quoting markjuan1
Up all night for 30 Pips and lose them in less than 45 minutes. Why must I create trades when there isn't one? Why do I feel the need to be in a trade all the time? Why can't I have patience? Why?? Why?? Why?????
Does anyone have a Sledge hammer I can barrow?
Hey Man

Take it easy an try to look upon it as a learning experience which can help you along the way. I (and many others) have been there if its any comfort. Eventually you will know what you should do - the main problem in trading is doing what you should do as opposed to what you actually do! I would recommend reading Mike(mbq11) - he is a very helpful person and his posts are common sense blended with good strategy.

Take your time and don't beat yourself up - its a marathon not a sprint.

berti
PA is where its at!!
  • #58,906
  • Mar 23, 2010 9:58am Mar 23, 2010 9:58am
Quoting markjuan1
Up all night for 30 Pips and lose them in less than 45 minutes. Why must I create trades when there isn't one? Why do I feel the need to be in a trade all the time? Why can't I have patience? Why?? Why?? Why?????
Does anyone have a Sledge hammer I can barrow?
Made me laugh..I am with you many times.. I behaved exactly like this many times.. Hence stopped real .. moved back to Demo .. until I am desciplined..,
  • #58,907
  • Mar 23, 2010 10:00am Mar 23, 2010 10:00am
Quoting markjuan1
Up all night for 30 Pips and lose them in less than 45 minutes. Why must I create trades when there isn't one? Why do I feel the need to be in a trade all the time? Why can't I have patience? Why?? Why?? Why?????
Does anyone have a Sledge hammer I can barrow?
Hey Mark, also your language has an undertone of expecting and emotional attachment. Take a break and next time you approach a setup/trade, remember that this is 1 in 1,000 and as long as you follow your rules, you will come out on top. What you want to avoid is changing your rules/strategy on every trade.

Approach each trade with no attachment to the outcome. I know... easy to say, but practice will get you there. Good luck.

-- Danny
  • #58,908
  • Mar 23, 2010 10:10am Mar 23, 2010 10:10am
Thanks Bertie,

Problem is I know better, but I still fall off the wagon every once in a while and create a trade that isn't there. Your right though, I've read most of Mike's posts. He's the Man. I just wonder what others do to improve patience. I feel like I do a good job of picking A Trades, its when I get ansi and there are no good trades that I need to work on. Patience!!!
If your gunna be dumb, you've gotta be tuff.
  • #58,909
  • Mar 23, 2010 10:23am Mar 23, 2010 10:23am
I was exactly the same Mark. What helped me was going to lower time frames (5m - 1hr) to satisfy my urge to trade cause there are more opportunities...even though that is a no no for a newbie......BUT.....only, and I mean ONLY trading A+++++ pins. Less pips risked for a small account holder like myself......and I move my SL to BE ASAP!!!!

Good Luck Dude.
  • #58,910
  • Edited 10:45am Mar 23, 2010 10:31am | Edited 10:45am
Quoting ertorque
Hi SChaos,

Glad to hear from you.
Well, if I may ask you, is there a PA setup in Jaroo's chart to initiate a short? I mean one like you said " wait for a PA setup (PB, etc) on/off of that Blue rectangle ppz, to go short." ?
After that massive bearish bar, PPZ did act as support but I do not see any PA to go short since that big bearish bar. The only setup that stands out probably is the PB which signalled a potential price reversal back to PPZ level, am I right?

This has been said many time but I 'll say it again, you guys really are
very...
I believe you meant to say . . "After that massive bearish bar, PPZ did act as resistance but I do not see . . .

sChoas is right that we want to see strong PA at this level on the Daily or Weekly time frames and arctos gives a great example on the Daily Eur/Gbp:

Quoting arctos
I'm not jarroo, but benji recently highlighted this to me on the daily EURGBP chart so I thought I'll go out on a limb here and chip in a little.

The 4 hour chart is from an old post of raczekfx.
But if you were to venture down to lower time frames I don't know how you would do it without this higher time frame information. Best illustrated by lovejoy80's post with a BEOB on the Hourly:

Quoting lovejoy80
half of the table @ 1st trouble area...remainder to BE.
Indicators show the past. Price Action "Indicates" the future.
  • #58,911
  • Mar 23, 2010 10:46am Mar 23, 2010 10:46am
Quoting markjuan1
Thanks Bertie,

Problem is I know better, but I still fall off the wagon every once in a while and create a trade that isn't there. Your right though, I've read most of Mike's posts. He's the Man. I just wonder what others do to improve patience. I feel like I do a good job of picking A Trades, its when I get ansi and there are no good trades that I need to work on. Patience!!!

What has helped me is actually taking James advice and only trading Daily and Weekly, which I ignored at first. It takes away so much, if not all, of the stress of the trade for me. Now what I am doing is just studying, not trading, the smaller time frames. I find this very educational. I have been taking screen shots with notes, ect... for a long time now, mainly the 4H and 1H. At some point when I am consistently profitable I may want to trade them, but for now I am enjoying the Daily's and Weekly, and may never go back to smaller TFs.
  • #58,912
  • Mar 23, 2010 11:04am Mar 23, 2010 11:04am
Quoting neutro
This was a very nice H1 BEOB, with all the confluence that you can wish for, that turned further into a H4 BEOB..

Too bad I spotted it too late.
very nice

I took this one . Notice the heavy consolidation followed by false breakout higher(with a very clear retest above that small range). Then we got a beob with a deep close forcing price no where but lower


Mike
  • #58,913
  • Mar 23, 2010 11:14am Mar 23, 2010 11:14am
Quoting markjuan1
Up all night for 30 Pips and lose them in less than 45 minutes. Why must I create trades when there isn't one? Why do I feel the need to be in a trade all the time? Why can't I have patience? Why?? Why?? Why?????
Does anyone have a Sledge hammer I can barrow?
Hey Mark

You need to mental snapshot this moment, this feeling. So next time the urge to trade arises you remember that its going to put you here if it isn't according to your ruleset. This is what I personally did it might sound weird. But it's like you can only beat yourself up so much. The good news is, YOU can get over it

Mike
  • #58,914
  • Mar 23, 2010 11:37am Mar 23, 2010 11:37am
Quoting ertorque
Hi SChaos,

Glad to hear from you.
Well, if I may ask you, is there a PA setup in Jaroo's chart to initiate a short? I mean one like you said " wait for a PA setup (PB, etc) on/off of that Blue rectangle ppz, to go short." ?
After that massive bearish bar, PPZ did act as support but I do not see any PA to go short since that big bearish bar. The only setup that stands out probably is the PB which signalled a potential price reversal back to PPZ level, am I right?

This has been said many time but I 'll say it again, you guys really are
very...

The 4 hour chart had a PB off this 1.0650ish PPZ level (in blue). Besides that it was not at swing high (in the middle) and the obvious traffic it was running into, its working out nicely. But since it didn't meet our criteria of a high quality set up (the PB I have drawn), we let it pass.

Letting the "soso" or weak PA setups pass and then watching them work out is a part of being a picky J16 trader. It tells us that Price Action works and is very tradable. But more importantly we are reassured and rewarded with a higher win rate when the ideal setups are presented.

Jim
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Indicators show the past. Price Action "Indicates" the future.
  • #58,915
  • Mar 23, 2010 11:42am Mar 23, 2010 11:42am
Quoting ertorque
Yes you're right. I had meant "resistance". Well spotted!



The message to identify PA at the PPZ level is clear but I am afraid you have not answered my question, Jaroo ( please bear with me!) . In the CHF chart you posted earlier, my question was where is the PA to go short? There isn't one emerging on the PPZ level, is there?

Sorry to be a nagging nuinsance here......

CY
I guess I was reading your mind CY, by my previous post. lol.

If PA isn't there . . . it isn't there . . .let me know if this is close to answering your question. If not ask again.
Indicators show the past. Price Action "Indicates" the future.
  • #58,916
  • Mar 23, 2010 11:43am Mar 23, 2010 11:43am
Thanks to all for the support. It's nice to vent like that and people know what your talking about. People that have'nt traded forex just don't understand. I'm still making money, so I'll get over it. Just another day of trading. Thanks!!
If your gunna be dumb, you've gotta be tuff.
  • #58,917
  • Mar 23, 2010 11:52am Mar 23, 2010 11:52am
Quoting markjuan1
Thanks to all for the support. It's nice to vent like that and people know what your talking about. People that have'nt traded forex just don't understand. I'm still making money, so I'll get over it. Just another day of trading. Thanks!!
Hey Mark

I know where you are at as I am very impatient at times - recognising this is the first stage, then you can work on it. Something you might want to consider is meditating/relaxing to help develop a more patient approach - there are tapes/cds for traders out there if you think that would help.

best,

berti
PA is where its at!!
  • #58,918
  • Mar 23, 2010 11:54am Mar 23, 2010 11:54am
Thanks a lot Jaroo for explaning.
It sure did reinforce my believe about being a picky J16 trader.


Quoting jarroo
The 4 hour chart had a PB off this 1.0650ish PPZ level (in blue). Besides that it was not at swing high (in the middle) and the obvious traffic it was running into, its working out nicely. But since it didn't meet our criteria of a high quality set up (the PB I have drawn), we let it pass.

Letting the "soso" or weak PA setups pass and then watching them work out is a part of being a picky J16 trader. It tells us that Price Action works and is very tradable. But more importantly we are reassured and rewarded with a higher win rate when the ideal...
  • #58,919
  • Mar 23, 2010 11:58am Mar 23, 2010 11:58am
Quoting ertorque
Thanks a lot Jaroo for explaning.
It sure did reinforce my belief about being a picky J16 trader.


Indicators show the past. Price Action "Indicates" the future.
  • #58,920
  • Mar 23, 2010 12:11pm Mar 23, 2010 12:11pm
Question

I watched all of James's video from the free part of the PF and it seems that he doesn't like to lose more than 30-50 pips a trade. So do you all usually keep your stops static within a certain range?

I started thinking about it after I recognized that the really A+ Pin Bars are sometimes longer than 100 pips especially in the daily charts and +.

Thanks Ahead
Going to go Hunt for some large pips
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