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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

  • #63,681
  • May 13, 2010 2:00pm May 13, 2010 2:00pm
Quoting Dan Gilbert
wow I was unaware of that thread. I just look at the method as the original turtles trading method.

http://en.wikipedia.org/wiki/Richard_Dennis
It's a very simple straightforward method to follow when we get trending markets isn't it, just requires patience.

It's also something preached in ROASO...not necessarily trading breaks of support per se...but 'testing the water' with a small postion when you think we have the start of a trend (e.g. PA at swing high etc for us) and then adding further postions if proven right and price goes in our expected direction etc.

I've started to notice how you can get some really strong trends on some of the non-majors pairs like you illustrated.
  • #63,682
  • May 13, 2010 2:15pm May 13, 2010 2:15pm
Quoting lovejoy80
It's a very simple straightforward method to follow when we get trending markets isn't it, just requires patience.
except you get flattened if trend changes. I think to apply a trailing stop management technique, while adding to your position would be an effective deterrent from that failure in my opinion.
Many choose unhappiness over uncertainty.
  • #63,683
  • May 13, 2010 2:16pm May 13, 2010 2:16pm
Quoting mbqb11
The very First trouble areas are usually prior bar highs/lows. That is the simple way to define them. But often times it may be a close Round number. Now if a bar and location are good enough often times my first trouble area is going to be a bit further away as I believe it will trump it(again depending on the situation). And no it doesn't matter if I am going long or short(again it depends on the trade if it is a small bar decent location counter trend then yes the first trouble area is going to hold more weight).

Just my views though
Mike...

Do you move you stops manually once it reaches the FTA or do you have an EA to do it for you?

Like always thanks for your responses Mike
  • #63,684
  • May 13, 2010 3:11pm May 13, 2010 3:11pm
Quoting BWise
Do you move you stops manually once it reaches the FTA or do you have an EA to do it for you?

Like always thanks for your responses Mike
Hey B

I do everything manually, but what I do at each area is entirely independent of the trade and my beliefs in it at the time of entry and during it as it progresses. For those that see my style of trading they see that every time I try to formulate the best plan that I see fit. Of course I am rarely fully right, but it does the job in the long run. Wish it was more cut and dry

Best
Mike
  • #63,685
  • May 13, 2010 3:33pm May 13, 2010 3:33pm
A few charts I'm watching prior to daily close 5 pm ET

Don't pay attention to PPZs or Fibs on my charts>>>>did not have a chance to correct them.

Just looking for thoughts...still learning

Thanks---if you want to comment
Attached Images
  • #63,686
  • May 13, 2010 3:51pm May 13, 2010 3:51pm
Having fun with the GU this week. Placed a sell stop just below the BEOB before leaving this AM. Come back this PM to a partial close @ +30 and +133 on the balance as I type. Moved my stop to 1.4645. Target set @ 1.4510, let's see...

(Zoomed in for the post)



Oops, meant to set SL @1.4655
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  • #63,687
  • May 13, 2010 4:09pm May 13, 2010 4:09pm
I'm glad you guys are doing good..... I'm out more than 2% this week.... should be expected after last week, but this is boring.....
Many choose unhappiness over uncertainty.
  • #63,688
  • May 13, 2010 4:19pm May 13, 2010 4:19pm
Quoting Dan Gilbert
I'm glad you guys are doing good..... I'm out more than 2% this week.... should be expected after last week, but this is boring.....
Is the boring part possibly making you overtrade...this was a problem of mine years ago!
  • #63,689
  • May 13, 2010 4:24pm May 13, 2010 4:24pm
Quoting Atc
Is the boring part possibly making you overtrade...this was a problem of mine years ago!
no the boring part is that last week there was 10x as much opportunity, this week.... just no good signals, not on futures, not on currencies....
Many choose unhappiness over uncertainty.
  • #63,690
  • May 13, 2010 4:24pm May 13, 2010 4:24pm
Quoting Atc
A few charts I'm watching prior to daily close 5 pm ET

Don't pay attention to PPZs or Fibs on my charts>>>>did not have a chance to correct them.

Just looking for thoughts...still learning

Thanks---if you want to comment
Nice Atc. I like the Chf/Jpy and the Cad/Jpy ain't bad either.
Indicators show the past. Price Action "Indicates" the future.
  • #63,691
  • May 13, 2010 4:26pm May 13, 2010 4:26pm
Quoting jarroo
Nice Atc. I like the Chf/Jpy and the Cad/Jpy ain't bad either.

Let' see how it breaks.
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Indicators show the past. Price Action "Indicates" the future.
  • #63,692
  • May 13, 2010 4:35pm May 13, 2010 4:35pm
Quoting jeurre
I spotted your FTA, but, didn't notice the second one when doing my own, I am so careless, this could explain the reason why I can not manage my trade wisely. reading your charts always discover insight, bro !
Sorry I was short with you guys this mornings. I was running late.

The FTAs were mainly just the RNs in the path of Price. You can see how they also had some PPZs characteristics.

(The Path of Price . .umm . . another good book title .. I gotta PM Joel. lol)
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Indicators show the past. Price Action "Indicates" the future.
  • #63,693
  • May 13, 2010 4:37pm May 13, 2010 4:37pm
Here's what I have on chfjpy, Thoughts on the PPZ Zones marked in blue?
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  • #63,694
  • May 13, 2010 4:43pm May 13, 2010 4:43pm
hey, jarroo, good morning (greeting from asia). I closed my position near above 136, after having seen your chart, gready kicks in, wow,135 now....... hehe ,kidding

Quoting jarroo
Sorry I was short with you guys this mornings. I was running late.

The FTAs were mainly just the RNs in the path of Price. You can see how they also had some PPZs characteristics.

(The Path of Price . .umm . . another good book title .. I gotta PM Joel. lol)
  • #63,695
  • May 13, 2010 4:46pm May 13, 2010 4:46pm
Quoting slade1986
Here's what I have on chfjpy, Thoughts on the PPZ Zones marked in blue?

That's a nice PPZ level on the 4 hour time frame. The BEOB is on the Daily so the Daily PPZ levels are what we like to key on. Don't get me wrong the 4 hour Levels are important but as to how they are reflective on the Daily.

Meaning, the Daily bars Lows in blue have been a good support level. Now Price is breaking though (or at least trying too lol) So now Support can turn into Resistance. We shall see. The BEOB has shown us the hint that it could happen.
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Indicators show the past. Price Action "Indicates" the future.
  • #63,696
  • May 13, 2010 4:47pm May 13, 2010 4:47pm
Quoting jarroo
Let' see how it breaks.
Hey jaroo,

If I may ask, what is your FTA? The close of the gap?

Nos
  • #63,697
  • May 13, 2010 4:54pm May 13, 2010 4:54pm
jarroo, what are your plans in response to the way how it breaks? are you still waiting for entry, or triggerred already? what if it didn't break hard and how do you manage your stoploss? how long are you going to give it a breath at the moment of quiet market condition during the day? thank you.

Quoting jarroo
Let' see how it breaks.
  • #63,698
  • May 13, 2010 4:55pm May 13, 2010 4:55pm
Quoting NosferatuMan
Hey jaroo,

If I may ask, what is your FTA? The close of the gap?

Nos

That would work. The closer the obvious FTA the better. The previous bars lows from a while back could be reached. Should be some reaction there.

One concern is the time of Day, early in the asian session.
Attached Image (click to enlarge)
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Indicators show the past. Price Action "Indicates" the future.
  • #63,699
  • May 13, 2010 4:57pm May 13, 2010 4:57pm
Quoting jeurre
hey, jarroo, good morning (greeting from asia). I closed my position near above 136, after having seen your chart, gready kicks in, wow,135 now....... hehe ,kidding

That's excellent jeur. Nice.
Indicators show the past. Price Action "Indicates" the future.
  • #63,700
  • May 13, 2010 4:58pm May 13, 2010 4:58pm
Quoting jarroo
That would work. The closer the obvious FTA the better. The previous bars lows from a while back could be reached. Should be some reaction there.

One concern is the time of Day, early in the asian session.
Thanks.
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