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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

  • #61,161
  • Apr 18, 2010 7:45pm Apr 18, 2010 7:45pm
Quoting Dan Gilbert
all my shotgun demo trades would have been better to take full, my chfjpy would have been better to take full, my GBPCHF would have been better to take full.... instead I only got 1/3 on most of those, the rest @ b/e

Just sayin'

Good point Dan. Nothing wrong with taking a full profit at the 1st target. It makes sense.
Indicators show the past. Price Action "Indicates" the future.
  • #61,162
  • Apr 18, 2010 7:54pm Apr 18, 2010 7:54pm
Quoting jarroo
Good point Dan. Nothing wrong with taking a full profit at the 1st target. It makes sense.
I think the reality is, as much I would LOVE to "swing trade" and catch a 500-1000 pip run, it's just not realistic using leveraged accounts, as we do in forex.

the negatives is that the R/R might get real bad where one losing trade will have a more damaging effect when it would take 2-3 winning trades in order to make back that one loser.

other than that......
Many choose unhappiness over uncertainty.
  • #61,163
  • Apr 18, 2010 7:57pm Apr 18, 2010 7:57pm
Quoting fxprocessor
Price would also have hit a strong trendline. An easy pass for me :-)....
Quoting nasir.khan
I would've doubled my account on this one.
. .
some other cool replies like Sir jarroo's


Quoting jarroo
It didn't work? It looks like it worked out just as expected. A successful Pin Bar in my book.
  • #61,164
  • Apr 18, 2010 7:58pm Apr 18, 2010 7:58pm
Quoting trade price
Hello everyone....
Hello fellow Asian,
nice to see u here, Sir
  • #61,165
  • Apr 18, 2010 7:58pm Apr 18, 2010 7:58pm
Quoting Jlr
Haha no, just a fan. Thats Aaron Rodgers by the way, future hall of famer/legend
i've always thought that was u, heheh
  • #61,166
  • Apr 18, 2010 8:01pm Apr 18, 2010 8:01pm
Quoting bertie123
Hi guys

Anyone considering this BUOB on U/C weekly? Off of BRN and at a swing low. PPz not far away but some potential for partial profits at first trouble area?

Got my eye on this one too, bert. Size could be bigger, but it has potential. PPZ level forms right on the High of the BUOB. Almost a good spot to go short back at the 1.0000 or short at 1.0200, considering the current down trend we're in. More confirming PA is needed for me, like a breakout pullback with some decent bullish PA.
Attached Image (click to enlarge)
Click to Enlarge Name: cadweekly.gif Size: 23 KB
Indicators show the past. Price Action "Indicates" the future.
  • #61,167
  • Apr 18, 2010 8:08pm Apr 18, 2010 8:08pm
Quoting Mauzzz
....
Thanks! You summed it up very nicely...The question is, how do I figure this all out without going crazy? ...
u avoid going crazy by being sane.
what i mean is be sane by following the advices/rules mentioned here (reading post #1 etc)

if u become crazy from all these, then u are not fit to trade, u are not good enough.
believe me, i bet i have the worst personal situation (no job, self-taught, family problems, stress/depression, blahblah etc) & yet i skirted the chance of literally getting crazy. with my situation, im sure most people wouldnt think twice of attempting suicide or the likes. my situation is that difficult.
im very sure u are luckier than i am (count your blessings). so i believe u have no right to get crazy.

always remember, if u dont quit, success is inevitable.
  • #61,168
  • Apr 18, 2010 9:43pm Apr 18, 2010 9:43pm
Interesting we have AuJp gapped down in the 1H.
I am already in for short from the weekly BEOB.
Attached Image (click to enlarge)
Click to Enlarge Name: aujp_h1.gif Size: 12 KB
  • #61,169
  • Apr 18, 2010 10:08pm Apr 18, 2010 10:08pm
Quoting jarroo
I'm realizing this too, Mike. My data is showing the same thing. Sure, you can catch a runner with a partial every now and then, but in terms of profitability it does make sense.
It's a growing confidence thing, eh?

There's no doubt, that starting out, it's much easier to do it the take-part-profit/set-rest-to-BE way. I have no trouble recommending it. It works!! I still do it on about a quarter of my trades. Keeps me sane.

When you get more experienced, you realise you are making great calls on the final targets for the move more and more often, and there's no point strangling your profits "just to be safe" anymore. Besides, on most trades you can still minimize the stop as the trade moves on towards your target anyway.
Bundy's status today: "Waiting..."
  • #61,170
  • Apr 18, 2010 10:13pm Apr 18, 2010 10:13pm
Quoting jeurre
hey,bundyraider, can you illustrate your points a bit with charts? thank you
Sure, no worries.

Which points exactly?

Later too, though. I gotta get out and get me some sun. lol
Bundy's status today: "Waiting..."
  • #61,171
  • Apr 18, 2010 10:24pm Apr 18, 2010 10:24pm
Quoting bundyraider
Later too, though. I gotta get out and get me some sun. lol
australia! I would like to visit gold coast someday.
Many choose unhappiness over uncertainty.
  • #61,172
  • Apr 18, 2010 11:24pm Apr 18, 2010 11:24pm
Quoting bundyraider
I know it sounds silly, but you have to look at it from the point of view of someone who may have never even looked at a bar/candle chart before. Or who hasn't been at it very long anyway.
Hi bundyraider,

If it is the case, fair enough. Thanks for your comment.

kk
  • #61,173
  • Apr 18, 2010 11:25pm Apr 18, 2010 11:25pm
Hi Nasir,

What you are talking about is "last" swing H/L rather than the simple direct meaning of swing H/L.

In your case the logic problem does not exist. Nevertheless, I am not sure , among all responses, if you are the only one taking swing H/L as the "last" swing H/L.

K.K.


Quoting nasir.khan
Hey KK below is an example chart is for you.

Assuming we have no data before point X.

When price was traveling from point A to B the very first blue line is our major swing low.

Price breaks the swing low makes a new low at second blue line and goes up to point C. Now when it's traveling from point C to point D we will say that the second blue line is our swing low, When price is traveling from point E to F we will say that third blue line is our swing low and so on as you can see in the chart.

and this is how we choose our swing points...
  • #61,174
  • Apr 18, 2010 11:25pm Apr 18, 2010 11:25pm
If you take the fake chart for fun or just as a side issue, that is ok. If someone take it seriously, and treat it as if the main issue of my first post, it is very odd to me.

It doesn't contain full OHLC information, and they don't represent market dynamic, and it is so obvious that it is fake. No enough information to make a wise decision on the fake chart. I just took minimal time to sketch it for illustration.

Quoting nasir.khan
I would've doubled my account on this one.
.
.
http://cdn.forexfactory.com/attachme...1&d=1271598701
  • #61,175
  • Edited 1:01am Apr 19, 2010 12:58am | Edited 1:01am
Quoting kk007
If you take the fake chart for fun or just as a side issue, that is ok. If someone take it seriously, and treat it as if the main issue of my first post, it is very odd to me.

It doesn't contain full OHLC information, and they don't represent market dynamic, and it is so obvious that it is fake. No enough information to make a wise decision on the fake chart. I just took minimal time to sketch it for illustration.



http://cdn.forexfactory.com/attachme...1&d=1271598701
Not really, I would have still been in the trade smiling too. I would have set about 3 sells and would still have one running like Gump.
  • #61,176
  • Apr 19, 2010 1:26am Apr 19, 2010 1:26am
Hi KK007, reading your post about swing high/low, reminds me about similar questions that I posted sometimes ago. IMHO, i agree with you that swing high/low itself does not have predictive power. But it does have its use in my trading:
1. it ensures that price has space to move
2. it ensures that price has retrace high/low enough to rebound, especially if swing high/low is at 50/62 fibs.

Those two points above put the odds in our favor and as SC said "trading is about probabilities" and we want as many factors in our favor. Just my 2 cents as a newbie. Hope it helps.

Below my previous post about same topic:
Quoting esbatu
Hi Mike, if you don't mind, I've got some questions about swing high/swing low point. How do you know when a bar is at swing high/low in realtime? How do you describe swing high/low?
Some response from seniors:
Quoting supremeChaos
A = yes, this could've been a swing low...
B & C = minor swing points
D could be considered a less-than minor swing point. if i were to only choose between minor or major, then this is a minor swing to me.
Quoting mbqb11
Swing points CAN and DO change. But the idea is to identify if it is a good swing point in real time. Point A is the only place I would call a swing point(notice the pin never triggered). But this would be a true swing point. Those other points are in very very heavy traffic, making them extreme minor swing points. This is where you can see all the phrases here come together. Look for a bar at a good swing point(aka no traffic). If there is traffic the swing points will be more minor by definition of traffic.
Here is the EUR/CAD chart that looks similar to yours:
Attached Image (click to enlarge)
Click to Enlarge Name: EURCAD.JPG Size: 80 KB
  • #61,177
  • Apr 19, 2010 1:31am Apr 19, 2010 1:31am
Quoting supremeChaos
u avoid going crazy by being sane.
what i mean is be sane by following the advices/rules mentioned here (reading post #1 etc)

if u become crazy from all these, then u are not fit to trade, u are not good enough.
believe me, i bet i have the worst personal situation (no job, self-taught, family problems, stress/depression, blahblah etc) & yet i skirted the chance of literally getting crazy. with my situation, im sure most people wouldnt think twice of attempting suicide or the likes. my situation is that difficult.
im very sure u are luckier...
Geez sChaos, hang in there, buddy.

You're smart guy with good energy. You're Perseverance will lead you to success. I'm sure you know that already.
Indicators show the past. Price Action "Indicates" the future.
  • #61,178
  • Edited 2:10am Apr 19, 2010 1:45am | Edited 2:10am
Quoting bundyraider
It's a growing confidence thing, eh?

There's no doubt, that starting out, it's much easier to do it the take-part-profit/set-rest-to-BE way. I have no trouble recommending it. It works!! I still do it on about a quarter of my trades. Keeps me sane.

When you get more experienced, you realise you are making great calls on the final targets for the move more and more often, and there's no point strangling your profits "just to be safe" anymore. Besides, on most trades you can still minimize the stop as the trade moves...

You nailed bundy, absolutely.

My confidence to the 1st target was grown through time, patience and guys like you on this thread. Its my confidence to the 2nd target and beyond that is, as you said, "strangling" my profits. lol

My theory of Price Action fullfillment, with is an "A" setup will hits is target then after that its anybody's game, is proving itself time and time again. There is always exceptions to this theory, of course.

But Jim's (James16) approach is making more and more sense the more times I see it. Or should I say . . the more confidence I am with it.

Thanks mate.


Jim
Indicators show the past. Price Action "Indicates" the future.
  • #61,179
  • Edited 2:39am Apr 19, 2010 2:25am | Edited 2:39am
Quoting bertie123
Hi guys

Anyone considering this BUOB on U/C weekly? Off of BRN and at a swing low. PPz not far away but some potential for partial profits at first trouble area?

I like your targets, the Highs before the 1.0300, but getting through 1.0200 with be a good confirmation.

You got to love the textbook structure of this BUOB. One rule one thumb with Outside Bars (when they're acting right), is that they will retrace to their previous bar High on BUOB, (previous bar Low with BEOBs). Call it the left eye of OBs. (left eye reference to PBs). This previous bar High is the 1.0100. I wouldn't mind some bullish PA at this level, if it retraces before or after the break.
Attached Image (click to enlarge)
Click to Enlarge Name: cadweeklya.gif Size: 24 KB
Indicators show the past. Price Action "Indicates" the future.
  • #61,180
  • Apr 19, 2010 2:27am Apr 19, 2010 2:27am
Quoting jarroo
Geez sChaos, hang in there, buddy.
...
hahah. Thank you Sir.
my point in that post is NO one can get crazy until i become one FIRST.
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