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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

  • #61,001
  • Apr 16, 2010 10:47am Apr 16, 2010 10:47am
Quoting dmc
Took the USD CAD BUOB - First Trade of month besides gap plays.

Closed it out at 1.0050 because of traffic and it was a Counter Trend Trade.

This thing Retraced to the BRN and Shot like a rocket. I missed it. But I followed my plan and had a .3R trade to end the week up. I couldnt get greedy becasue it was only a 4hr buob to reverse a large downtrend. Unlikely IMHO.


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DMC my man

I took this one and got stopped out for b/e. In a video I did I said we could pullback to 1 and take off above that last high. Boy was I right, and profited ZERO from it hahah.

Nicely done sir
Mike
  • #61,002
  • Apr 16, 2010 10:52am Apr 16, 2010 10:52am
Quoting mbqb11
Hey Jason

Thanks for the nice words

That chart is what is called "touch" trading. Meaning instead of waiting for price bars, we are looking to very strong areas to have a buy/sell limit(in this case a sell limit). So James was using the former top(which had heavy selling) and placing a sell order knowing that more times then not we will find "some" kind of selling at this former area. Former areas of supply/demand have memory this is why technical traders can profit(if done right )

Hope that helps!
Mike
Hi Mike,

Very helpful explanation.

Thanks again
  • #61,003
  • Apr 16, 2010 11:01am Apr 16, 2010 11:01am
Quoting nasir.khan
Well i do never know if my trades will go green or red. I never know that at the end of BAR will it turn out as a PB or not.

I do four things Breakouts , Trend trading (peaks and valleys), Touch trading and PA trading.

Firstly i would consider the market i am trading in which is the most important part. You can't trade trending technique in ranging markets and vise versa. This is the reason most people can't remain consistently profitable they take 10 pips on trend trades and lookout for runners in a ranging market.

Then i markdown my nearest...
Thanks a lot Nasir for sharing. I will read more of your "posted here" link this weekend.
And yes, I will take stay with the basics first but sometimes while waiting for classical J16 play, can't help wanting to understand the not-so-basic stuff...........appreciate the advise.
You have a good weekend

CY
  • #61,004
  • Apr 16, 2010 11:02am Apr 16, 2010 11:02am
hey mbqb11......would you know why most all Yen and Cad pairs seem to have taken off? Is it position liquidation?........Cheers

Quoting mbqb11
DMC my man

I took this one and got stopped out for b/e. In a video I did I said we could pullback to 1 and take off above that last high. Boy was I right, and profited ZERO from it hahah.

Nicely done sir
Mike
  • #61,005
  • Apr 16, 2010 11:08am Apr 16, 2010 11:08am
Quoting Danku
hey mbqb11......would you know why most all Yen and Cad pairs seem to have taken off? Is it position liquidation?........Cheers
Hey D

For me it doesn't matter in terms of why.

When I entered my usd/cad long I looked at the technical pattern which was setting us up for a "fake" break(induce weak sellers) of 1.0 and that failure and it being friday would be my explanation. Someone can give you a fundies answer and to me it means nothing. The money still has to move into and out of the market and we 'SEE' that.

I took a b/e on this trade gut I have to run out for the day and I figured it explains it better on this. Here is that video

http://drop.io/mcch98g

Best
Mike
  • #61,006
  • Apr 16, 2010 11:13am Apr 16, 2010 11:13am
Quoting Danku
hey mbqb11......would you know why most all Yen and Cad pairs seem to have taken off? Is it position liquidation?........Cheers
http://www.sec.gov/news/press/2010/2010-59.htm
  • #61,007
  • Apr 16, 2010 11:19am Apr 16, 2010 11:19am
Quoting lovejoy80
http://www.sec.gov/news/press/2010/2010-59.htm
yep and as a trader all I see is blah blah blah
  • #61,008
  • Apr 16, 2010 11:21am Apr 16, 2010 11:21am
Quoting mbqb11
yep and as a trader all I see is blah blah blah
Thought you might say that
  • #61,009
  • Apr 16, 2010 11:25am Apr 16, 2010 11:25am
Quoting lovejoy80
Thought you might say that
I swear to you I guarantee you tonight when I am out my friends will say...so how did so and so effect you. They are like how can you do anything without the news! Yet I get grilled about it every time.

Case in point last night here is an IM from a good friend.

H************k 1:19 am
(1:19:16 AM): does the accident in iceland affect u?

D********* 1:19 am
(1:19:34 AM): what accident
(1:19:47 AM): effect my trading?
(1:19:52 AM): or affect me emotionally?

H********* 1:19 am
(1:19:55 AM): lol
(1:19:58 AM): the markets in europe

D******* 1:20 am
(1:20:00 AM): oh

H********** 1:20 am
(1:20:03 AM): europes basically halted

D********** 1:20 am
(1:20:03 AM): i dont pay attention to news
(1:20:07 AM): couldnt tell ya
  • #61,010
  • Apr 16, 2010 11:29am Apr 16, 2010 11:29am
Quoting mbqb11
I swear to you I guarantee you tonight when I am out my friends will say...so how did so and so effect you....
lol.

I don't use the news in my trading...but just like to know what's going on.

Did you know Lehman Brothers went into Bankruptcy?
  • #61,011
  • Apr 16, 2010 11:31am Apr 16, 2010 11:31am
Quoting lovejoy80
lol.

I don't use the news in my trading...but just like to know what's going on.

Did you know Lehman Brothers went into Bankruptcy?
The only time I am aware of News is when the markets are near collapse. Then you have to be careful about executing during some major interest rate announcement. And yes I was aware b/c some of my friends got laid off and wanted to grab a beer
  • #61,012
  • Apr 16, 2010 11:31am Apr 16, 2010 11:31am
Quoting mbqb11
I swear to you I guarantee you tonight when I am out my friends will say...so how did so and so effect you. They are like how can you do anything without the news! Yet I get grilled about it every time.

Case in point last night here is an IM from a good friend.

H************k 1:19 am
(1:19:16 AM): does the accident in iceland affect u?

D*********...
The idea of 'newsproof' trading fills me with much happiness

have a great weekend all
Anything can happen.
  • #61,013
  • Apr 16, 2010 11:31am Apr 16, 2010 11:31am
Quoting lovejoy80
lol.

I don't use the news in my trading...but just like to know what's going on.

Did you know Lehman Brothers went into Bankruptcy?
Yep and Soviet Union crashed
  • #61,014
  • Apr 16, 2010 11:33am Apr 16, 2010 11:33am
Quoting ddinnov
The idea of 'newsproof' trading fills me with much happiness

have a great weekend all
Yeah it did for me too. I think we all come into it thinking it is a must. But it can be done with or without. I don't knock those that use it, not my intention. I am very simple minded though for better or worse.

Have a great weekend too

Mike
  • #61,015
  • Apr 16, 2010 11:36am Apr 16, 2010 11:36am
Quoting jarroo
I don't how long you been lurking but alot of great info is right here in the Thread. The PF has a ton more videos and webinars that will help you greatly in your learning curve. I know it did for me....
Jarroo,

Thanks for your reply. I've been lurking around here for around 2 months paying careful attention especially to what Mike, you and other senior members have to say. And yes, I've watched all of the guest videos in the guests material and loved them. If the PF, as you say, is 1000 times more than the guest area, I will definitely consider joining it in the near future. Once again, thanks for your insight.

Have a nice weekend,
Andrew
  • #61,016
  • Edited 11:58am Apr 16, 2010 11:41am | Edited 11:58am
Quoting lovejoy80
Did you know Lehman Brothers went into Bankruptcy?
Now that made me laugh. Thanks for that lovejoy, I'm still smiling.

I don't really care too much about news unless I am trading a very fast timeframe in which case my news involvement boils down to "stay away from the red calendar announcements on FF". In 1H trading and up, I completely ignore it and stay away from putting a position on in the hours before NFP. And that's pretty much it.

The way I see it, there are people smarter than me with access to much more information than me, and they are in charge of big money. When they move that big money they leave footprints on the chart. My job is to read those footprints. If I try and read the news and formulate a trading plan then, well I've never seen chart moves "make sense" according to the news. In fact when I see traders in other threads on FF trying to join the dots on world analysis to create a plan for how price will move it just sounds a little....naive. I think the best retail fundamental trader I ever saw was merlin and he could stitch things together in a way that was beyond me. Price action is simpler.

I posted on PF just now that this piece of news will affect me in one way: given that it's huge and it hit friday afternoon, it might make me close out a trade I was holding onto tonight, rather than sticking with it over the weekend. Of course that all depends on timeframe. If I was in a daily position then I'd be hanging on. But if I was in the 4H BUOB on UCAD then I'd probably look to take profit and not have to sweat over a potential gap.

The irony is, I devour financial books and fun stuff about Wall St and the economy. I love that stuff. I just don't base any trading decisions off it.

Oh, and I get those questions all the time Mike. My other favourite is "where do you think the euro is headed?" or "what's going to happen to the pound". I always tell them "dude you're asking the wrong guy. I have no idea" and they look at me like I'm crazy...lol.
  • #61,017
  • Apr 16, 2010 11:45am Apr 16, 2010 11:45am
Quoting TiaForex
Oh, and I get those questions all the time Mike. My other favourite is "where do you think the euro is headed?" or "what's going to happen to the pound". I always tell them "dude you're asking the wrong guy. I have no idea" and they look at me like I'm crazy...lol.
LOL, I say what is the euro?
  • #61,018
  • Apr 16, 2010 11:49am Apr 16, 2010 11:49am
Quoting mbqb11
LOL, I say what is the euro?
My favourite line was one of yours for when someone asks where the euro is

"I dunno.... one something?"

  • #61,019
  • Apr 16, 2010 12:30pm Apr 16, 2010 12:30pm
Nice Video Mike,

thanks.........retracement had to come sometime....and it did with Divergence and OB......nice video very informative. Nice weekend

Quoting mbqb11
Hey D

For me it doesn't matter in terms of why.

When I entered my usd/cad long I looked at the technical pattern which was setting us up for a "fake" break(induce weak sellers) of 1.0 and that failure and it being friday would be my explanation....
  • #61,020
  • Apr 16, 2010 2:23pm Apr 16, 2010 2:23pm
Quoting mbqb11
The only time I am aware of News is when the markets are near collapse. Then you have to be careful about executing during some major interest rate announcement. And yes I was aware b/c some of my friends got laid off and wanted to grab a beer
ohhh no why are u telling us this info so late Mike.
Anyways I trust you so just sold AJ. GJ. EJ. EU. AU.
Thanks for the valuable information.
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