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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

  • #64,221
  • May 19, 2010 7:15am May 19, 2010 7:15am
Quoting supremeChaos
i think i havent traded these pairs for a few weeks now.
do u see usdcad going to 1.0600 - 1.1000?
audusd into sub 0.8000?
looking at the charts, looks like aud is much weaker than cad.

btw, in fxdd demo, (no charts but), on monthly, it formed a small bullish pin which broke upward (500pips)!
[pinbar OHLC: open1.0151, high1.0214, Low0.9929, close1.0155]
Aud/u 84 Yearly PVT on my chart so could bouncing or retrace but I will let my profit run Till Hit my TP or SL

U/cad " loonie" Was most nuts pair, So i trade very careful
I put an eye on it till i get daily signal to buy if i got it and i have faith with my system which will mean Reverse trend to me.
  • #64,222
  • May 19, 2010 7:21am May 19, 2010 7:21am
Quoting Pinbar
Thanks for all the advice people.

I am obviously making some mistakes, maybe psychologically I am blocking myself from seeing PPZ.
It is funny, sometimes I find it easy to spot them but the more I look the less I seem to see or rather maybe I find myself focusing on a certain area too much then sort of block out the big picture.

Maybe last weeks enormous candles are preventing me from getting a clear handle on what is going on with PA as it is hard to look at a weekly Giant red tree type candle then break it down into manageable areas.

I think...
Dude, when it's seems like you're lost it's probably because there are no setups. There's no clear cut levels to trade off, at the moment. Usually feels the same to me as you explain above. Difference is I recognise it now.
Bundy's status today: "Waiting..."
  • #64,223
  • May 19, 2010 7:24am May 19, 2010 7:24am
Quoting Daneel
Well, going live so soon due to my arrogance and impatience has proved not to be a good idea....
hi mate, i blew my 2500 eu account cos of the same reasons,basicaly.
point 1: untill you have a system wot you doing with a live account!?? i had a system and still blew it!!
which is my second and main point of posting.....
Quote
but the problem at the moment isn't my psychology,
i think it is bro, the aplication of what you have learned isnt an easy road (like it seems) the biggest advantage of demos is learning to beat yourself instead of the market. if we cant do it on demo with pretend numbers what makes us think we can do when our cash and life styles are involved!!??!!??!!??
To make a system it has to be first APPLIED, TRIED AND TESTED!!for a few months (to test different market conditions etc) if its working then you have something. but you have to proove you have beaten yourself also or NO sytem will work for long. making dosh on small TFs can be easy when you jump in and out of the momentum etc but it will kill your account in the end as it based on pure luck not on a trading method.
sure wish i realized this BEFORE i blew the 2500 eu !! im now a little better than breaking even and still it is the phycology of trading that beats me when i get beat. this would be easy otherwise.

just my thoughts

jon
PATIENCE... DISCIPLINE
  • #64,224
  • May 19, 2010 7:27am May 19, 2010 7:27am
Quoting bundyraider
Dude, when it's seems like you're lost it's probably because there are no setups. There's no clear cut levels to trade off, at the moment. Usually feels the same to me as you explain above. Difference is I recognise it now.

Could be the case Bundy.
Those candles from last week are sort of freaking me out.

Not that I am stopping studying in the this time, the more chart time I have the better.

Appreciate the input.
  • #64,225
  • May 19, 2010 7:28am May 19, 2010 7:28am
Quoting Dan Gilbert
stupid EURJPY out at B/E.... I hate this because I am so confident that thing is headed for 110.....
lol... what you wasting your time making opinions for bro?? dont attach yourself to the market Dan, its gonna do what it does anyway.out at BE is a good thing, you obviously managed the trade well. thats the important bit imho not where its going. with some decent PA we can go with it wherever it goes....

cheers

jon
PATIENCE... DISCIPLINE
  • #64,226
  • May 19, 2010 7:37am May 19, 2010 7:37am
jus wanna make a point...

everyone check your eu/chf chart, daily TF
over a year of strong trend without hardly any drawbacks!!! any of us in that??? i bet not many??
looked easy when i looked at that stuff a few years back, things like"you would have to be a dumbo to not have made money there!!" spring to mind...lol

jon
PATIENCE... DISCIPLINE
  • #64,227
  • May 19, 2010 8:02am May 19, 2010 8:02am
anyone feelin the 4h pin at aud pairs...
  • #64,228
  • May 19, 2010 8:04am May 19, 2010 8:04am
Quoting kdee1
Hi jaroo, Mike and other, i placed a buy on GU when i saw that pin bar yesterday, but the game went against me. pls what did i do wrongly, the nose was long enough and close within the last bar,is there any other thing i suppose to see or take note of that i fail to note. pls teach me.
kdee
Not sure which broker you are using but the IBFX feed seems to be the only one that the PB's Open and Close to be within the previous bar on the GU Daily PB from Monday and the only one that broke. Still the other broker PBs had a left eye by proxy that made them somewhat legitimate but they never broke. We always wait for the break.

So looking at the IBFX's PB, the size was just too small to counter the big downtrend that we are in. Look at the PB in blue, which is much bigger than Monday's, it was able to reach it 1st target but not able to reverse the trend.

The structure was not correct. On bullish PBs, we want the Close higher than the Open. On bearish PBs, we want the Close lower than the Open.

The 1.4500 is a Big Round Number and acted as a strong PPZ level a year ago. If the Close of that PB was Higher than the Open and above the 1.4500, it had a better chance then most to have at least reach a resonable 1st target.

I understand your take on this PB, it seem to fit the criteria of a good setup. But when we are looking for setup to reverse such a strong trend or at least give a nice move to a reasonable target these things matter more then ever when deciding to take a setup. Its about being very picky.

Don't know if you saw this post from Mike but its a good one.

http://www.forexfactory.com/showpost...ostcount=64120

He has many more like this one throughout the Thread. Check'em out.


Jim
Attached Image(s) (click to enlarge)
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Indicators show the past. Price Action "Indicates" the future.
  • #64,229
  • May 19, 2010 8:08am May 19, 2010 8:08am
Quoting Rahman
I'm currently on page 58 (!) of this thread, with an honest intention to read through the dang thing, no matter how long it'll take (and it will!!!).

Anyway, just wanted to ask if any of u are/were members of J16G PF, and if it's still active? Hope it is...

Thanks
Yes, the PF is very much active. I am life time member.

Welcome to the Thread, btw.
Indicators show the past. Price Action "Indicates" the future.
  • #64,230
  • May 19, 2010 8:18am May 19, 2010 8:18am
Quoting g_j_hook@yah
lol... what you wasting your time making opinions for bro?? dont attach yourself to the market Dan, its gonna do what it does anyway.out at BE is a good thing, you obviously managed the trade well. thats the important bit imho not where its going. with some decent PA we can go with it wherever it goes....

cheers

jon
it's these damned rules that I am not smarter than!
Many choose unhappiness over uncertainty.
  • #64,231
  • May 19, 2010 8:22am May 19, 2010 8:22am
Quoting Dan Gilbert
it's these damned rules that I am not smarter than!
lol...non of us are bro! thats why they are so important. at least to me??

jon
PATIENCE... DISCIPLINE
  • #64,232
  • May 19, 2010 8:41am May 19, 2010 8:41am
Quoting Daneel
Dailies are killing me.
Some great responses to your post Daneel.

Can you post a chart or say which Daily setups you were talking about?

Jim
Indicators show the past. Price Action "Indicates" the future.
  • #64,233
  • May 19, 2010 9:04am May 19, 2010 9:04am
Wow what happened to EUR/CHF is beyond my imagination...anyone knows which news made it behaves this way?
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And this...I sincerely hope nobody took a full bar loss...
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Market has been far from being predictable this week...
  • #64,234
  • May 19, 2010 9:10am May 19, 2010 9:10am
fxeturn,
there seem to be 2 Central bank rumors:
US Fed buying of EURUSD
& Europe's ECB FX Intervention risk

not to mention Switzerland's SNB is defending eurchf around 1.4000.
  • #64,235
  • May 19, 2010 9:35am May 19, 2010 9:35am
Quoting fxeturn
Wow what happened to EUR/CHF is beyond my imagination...anyone knows which news made it behaves this way?
Attachment

that is why I don't even look at EURCHF anymore...
Many choose unhappiness over uncertainty.
  • #64,236
  • May 19, 2010 9:36am May 19, 2010 9:36am
Quoting supremeChaos
fxeturn,
there seem to be 2 Central bank rumors:
US Fed buying of EURUSD
& Europe's ECB FX Intervention risk

not to mention Switzerland's SNB is defending eurchf around 1.4000.
Thanks. Nice to know.

By the way, does anyone sees bottom here or is it only me? I don't want to miss the bus, but I don't want to get caught because of a cheese either... dilemma between trusting what i see and what i think. There could be a retrace for a 2nd chance to long, there could be no retrace and I miss the ride, there could be a fakey... Sigh~

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  • #64,237
  • May 19, 2010 9:40am May 19, 2010 9:40am
Quoting supremeChaos
ask yourself:
if i clearly dont know what i'm doing, yet i'm making money... is the money i'm making based on luck perhaps??
i bet the answer is very clear. (unless u are deluding yourself)

perhaps u are making money on lower TFs because u are exiting quickly - i.e., making quick profits. whereas in higher TFs, u have to spend more time sitting than trading.

if u are doing everything via the 'natural process' (demo trading daily & up; lpotting good PPZs, S/Rs; applying patience & discretion in taking trades {A+ trades}...

I agree
trading requires study, patience and humility
here are many students
.. and many good teachers
  • #64,238
  • May 19, 2010 9:48am May 19, 2010 9:48am
Quoting fxeturn
Thanks. Nice to know.
By the way, does anyone sees bottom here or is it only me? I don't want to miss the bus, but I don't want to get caught because of a cheese either... dilemma between trusting what i see and what i think.....
That's a weekly chart.
that's 6 big figures (round numbers) in a span of 2-3 days.
something must be afoot. (obviously there's a different market sentiment today)

do u personally disallow yourself to view/trade H4 or daily charts?
u could've entered thru these lower TF's &/or u could enter with a tiny position if u wanna ride a bus without getting hurt drastically (account-wise).
  • #64,239
  • May 19, 2010 9:50am May 19, 2010 9:50am
Quoting Dan Gilbert
that is why I don't even look at EURCHF anymore...
sometimes that's a good thing, sometimes that's a not-so-good thing.
today is obviously leaning on the latter.

but since u dont look at eurchf, then u didnt miss anything at all.
(but for those who do..... at least300pips )
  • #64,240
  • May 19, 2010 9:52am May 19, 2010 9:52am
hi all again, i was playing a daily pin bar on gold and gpb/jpy that failed.. can anyone shed some light on the set up and whether i did anything wrong? thanks.

the markets are a hell these few days...

http://i801.photobucket.com/albums/y...g?t=1274280573

http://i801.photobucket.com/albums/y...g?t=1274280679

those pictures posted seem to have a perfect pin set up..very disappointed it failed..
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