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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

  • #60,781
  • Apr 13, 2010 7:33pm Apr 13, 2010 7:33pm
Quoting mkpkelly
Dan,
Have a look at the weekly.
Pin going short.
I played the short on the weekly too. Moved in the right direction but didn't hit my 1st TP. It went back for a loss before I could move my SL. So guess what I did? Yep, I played the hoping game thinking it would turn back and got stopped out. Should have took the small loss. Good thing it was a demo.

Does anyone have a good rule of thumb on when to get out or does it just take more practice?
  • #60,782
  • Edited 7:54pm Apr 13, 2010 7:38pm | Edited 7:54pm
Quoting Bemac
Quote:
Originally Posted by joelcf http://cdn.forexfactory.com/images/buttons/viewpost.gif
and an 8 pip spread,


Here guys, you can attach this to Any Pair, Any Timeframe. {The Text one on the Chart. Not the indi. in lower subframe.}

........
ty bmac.

This indi has a minor bug where it's showing the spread as 1/10th the spread on my micro mt4 account.

Don't forget to multiply the "cost to enter" by your position size to get the ACTUAL "cost to enter." Would be a nice easy (important) addition to throw in a "position size" input.

EDIT: Bug is probably nothing to do with running on a micro. It's probably because it's a 4 digit system instead of 5.
May all your fits be loose.
  • #60,783
  • Apr 13, 2010 7:53pm Apr 13, 2010 7:53pm
Quoting PippingMama
Hello Jarroo,

I have a question regarding the moving averages as resistance. It is about taking the weekly PB on the EG. If we buy a above the weekly pb high. However, on daily TF, there are 2 moving averages hovering right above the weekly high.

Do you consider this will be the big concern for taking this trade regarding trouble area? Also there is some weekly bar low there too.

Thanks!

PM

I ingore the lower time frames when considering PPZ levels, confluences, targets, FTA, etc., when a setup is presented on a higher time frame.

Meaning I would stay on the same time frame, for all my information, where the setup was given. I believe a lot of confusion and misinformation is seen when people venture down to lower time frames when a setup is presented on a higher time frame.


Those Weekly Lows and the .8900 is definitely some traffic for that PB. They carry a lot more weight than the Daily MAs.

Jim
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Indicators show the past. Price Action "Indicates" the future.
  • #60,784
  • Apr 13, 2010 8:35pm Apr 13, 2010 8:35pm
Quoting Delfino
Still in the EURUSD trade at -43.10 pips.

I was a bad trader today, kept hitting snooze on the alarm and slept while I should have been moving my stop to BE.

Good thing it was in demo . . . right?

Classic James16 "This is Critical" : http://www.forexfactory.com/showpost...ostcount=15568


We did talk about those previous highs, now didn't we, Del. It was a good lesson learned in my book .
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Indicators show the past. Price Action "Indicates" the future.
  • #60,785
  • Apr 13, 2010 9:32pm Apr 13, 2010 9:32pm
greetings!

here is UJ daily

Strengths
1) Weekly breakout of the trendline
2) Daily off RN
3) Nice PB
4) Off from daily support trendline

Weakness
1) Monthly down trend
2) Weekly down to sideways trend
3) PB did not fromed on FIB ( 50 to 61 % ret ), MA, Yellow PPZ Confluence
4) No enough correction

Summary : would wait for the PB High breakout and Buy on retest of previous eye + H1 PA

Seniors , please correct me where ever necessary!

Cheers
Winston
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Trading is a delicate balance of Strategy , Money management and Psychology
  • #60,786
  • Apr 13, 2010 9:38pm Apr 13, 2010 9:38pm
Quoting jarroo
Good thing it was in demo . . . right?

Classic James16 "This is Critical" : http://www.forexfactory.com/showpost...ostcount=15568


We did talk about those previous highs, now didn't we, Del. It was a good lesson learned in my book .
Wasnt actually demo, I cut it at a loss of about $8.00. No biggie.

But those levels were definately on my mind, had I been awake I would have set the stop to BE.

My big lesson is

1.) Dont go to sleep with an order in place if its not at break even. and 2.) If I fall asleep, wake up when the alarm goes off.

And I think the best way to sum it up would be 3.) Treat your tiny account as if it were a bigger account, because if it were bigger money on the table you wouldnt have taken a nap during a trade!

  • #60,787
  • Apr 13, 2010 10:47pm Apr 13, 2010 10:47pm
Quoting packhorse
Hi Dan,

Are you saying that this looks a good set-up? To me it does if the PB holds. Bouncing off BRN and a monthly pivot.
Just got up over here in the UK. I see this pair did well overnight. I didn't take this one on because of a 12 pip spread with my broker! Perhaps I should have.
"Fail to prepare, prepare to fail."
  • #60,788
  • Apr 13, 2010 10:57pm Apr 13, 2010 10:57pm
Quoting Delfino
Wasnt actually demo, I cut it at a loss of about $8.00. No biggie.

But those levels were definately on my mind, had I been awake I would have set the stop to BE.

My big lesson is

1.) Dont go to sleep with an order in place if its not at break even. and 2.) If I fall asleep, wake up when the alarm goes off.

And I think the best way to sum it up would be 3.) Treat your tiny account as if it were a bigger account, because if it were bigger money on the table you wouldnt have taken a nap during a trade!


Something tells me that if that was $8,000 you wouldn't be napping. lol

I know its hard to do but treat your tiny account as if it were a large account because one day it will be, right?
Indicators show the past. Price Action "Indicates" the future.
  • #60,789
  • Apr 13, 2010 11:37pm Apr 13, 2010 11:37pm
Quoting jarroo
Something tells me that if that was $8,000 you wouldn't be napping. lol

I know its hard to do but treat your tiny account as if it were a large account because one day it will be, right?
I kind of do already, minus the sleep discipline. A typical trade I only risk 0.50% or 0.25% of the small account. I've also done a lot lot lot of studying on trading and price action (3 years worth now). The only thing missing has been chart time and practice.

Most of my chart time has been with a specially coded spreadsheet for backtesting, Ive spent countless hours doing that. Now I'm getting into actual trading, and getting use to waiting for setups.

Once I'm use to this and getting similar results to the spreadsheets, I'll be ready to up my risk to 1-2% and work from there.
  • #60,790
  • Apr 13, 2010 11:42pm Apr 13, 2010 11:42pm
Quoting Delfino
I kind of do already, minus the sleep discipline. A typical trade I only risk 0.50% or 0.25% of the small account. I've also done a lot lot lot of studying on trading and price action (3 years worth now). The only thing missing has been chart time and practice.

Most of my chart time has been with a specially coded spreadsheet for backtesting, Ive spent countless hours doing that. Now I'm getting into actual trading, and getting use to waiting for setups.

Once I'm use to this and getting similar results to the spreadsheets, I'll be ready to...

That's excellent Del. Very smart and a very good business plan.
Indicators show the past. Price Action "Indicates" the future.
  • #60,791
  • Apr 13, 2010 11:43pm Apr 13, 2010 11:43pm
I thought I would show this interesting Daily IPB on the Gbp/Usd.

As we know, Bullish IPB, like any other Bullish PA, are best played at swing Lows, at a great location.

That being said, IPB could can also be played as a continuation setup or a break out pull back PA. There is a Monthly PB on the Gbp/Usd, sure the size is nothing to write home about but you gotta love the confluenced location it is sitting on. Monthly PPZ and 61.8 fib / 50% ret levels.

The entry on the Daily IPB is the Close which is 1.5379. The High of the Monthly PB is 1.5381. (FxPro, other feeds are comparable). In demo data feeds that is the same. Coincidence? Maybe It just an observation. A low risk entry on a monthly ride would sure be nice.


What a think ghous.
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Indicators show the past. Price Action "Indicates" the future.
  • #60,792
  • Apr 13, 2010 11:48pm Apr 13, 2010 11:48pm
Check these beauty people.

Just 12 mins............
.
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  • #60,793
  • Apr 14, 2010 12:06am Apr 14, 2010 12:06am
So I'm looking at some charts and noticing that more often than not, if there isnt support and resistance somewhere, price tends to make a violent thrust toward the next S/R area.

It almost looks like price vacuums or something, plotted correctly you almost know exactly where every little stop price will make is.

Am I right (or partially right) about this?
  • #60,794
  • Apr 14, 2010 12:10am Apr 14, 2010 12:10am
Quoting nasir.khan
Check these beauty people.

Just 12 mins............
.
I'd be careful with EJ...daily bias is long up to next TL, PPz and fib confluence, 4HR breakout of inner TL and resistance. A break above of 127.53 or below 127.11 would give me a long or short bias on the 1H...just my opinion of course
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  • #60,795
  • Apr 14, 2010 12:12am Apr 14, 2010 12:12am
Quoting nasir.khan
Check these beauty people.

Just 12 mins............
.
Ok.

Now one more PB here and..........
.
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  • #60,796
  • Apr 14, 2010 12:17am Apr 14, 2010 12:17am
Quoting nasir.khan
Ok.

Now one more PB here and..........
.
Nothing on my futures but on DJI...1HR PB with divergence and daily IPB @ weekly resistance...

US economic data out later could be the catalyst...
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  • #60,797
  • Apr 14, 2010 12:21am Apr 14, 2010 12:21am
Today Singapore government announced that they will tighten monetory policy to revaluate their currency and in just 7 hrs price drops 170pips!

How low will it go?
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  • #60,798
  • Apr 14, 2010 12:23am Apr 14, 2010 12:23am
Quoting Delfino
So I'm looking at some charts and noticing that more often than not, if there isnt support and resistance somewhere, price tends to make a violent thrust toward the next S/R area.

It almost looks like price vacuums or something, plotted correctly you almost know exactly where every little stop price will make is.

Am I right (or partially right) about this?
Yes I noticed this too. Especially the Big Round Numbers PPZs.
Indicators show the past. Price Action "Indicates" the future.
  • #60,799
  • Apr 14, 2010 12:32am Apr 14, 2010 12:32am
Quoting lovejoy80
I'd be careful with EJ...daily bias is long up to next TL, PPz and fib confluence, 4HR breakout of inner TL and resistance. A break above of 127.53 or below 127.11 would give me a long or short bias on the 1H...just my opinion of course

What can i say LJ. It's all probabilities we play. Can't be sure of anything.
Anyways lets see.
  • #60,800
  • Apr 14, 2010 12:39am Apr 14, 2010 12:39am
Quoting ertorque
Today Singapore government announced that they will tighten monetory policy to revaluate their currency and in just 7 hrs price drops 170pips!

How low will it go?
I've been watching this pair, broke the daily lows from november but now retraced and finding resistance. I think we're going lowerrr. Target 1.35
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