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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

  • #64,981
  • May 27, 2010 9:02am May 27, 2010 9:02am
Hello, you´re watching this one?
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  • #64,982
  • May 27, 2010 9:03am May 27, 2010 9:03am
Quoting supremeChaos
bundyraider,
on your last chart (with 5 highlighted bars).
the first, 4th & 5th (last) bar look like (what i call) "non-strict" BEOB or DBHLC.
do u trade them often?
Thanks Sir!
You can trade a great/strong BEB or BUB by itself from a great location as well.

...It's just about reading what price is doing. Don't have to be tied to definitions.

Personally , I'm just looking for a powerful sign of commitment in any move. I want a good sign that my choice of location is right and that the market is willing to give into that idea too. Or at the least isn't wanting to resist it too much.
Bundy's status today: "Waiting..."
  • #64,983
  • May 27, 2010 9:10am May 27, 2010 9:10am
Quoting nuclear62
Hello, you´re watching this one?
I liked the look of it on the FxPro feed.

But cons are, no swing high, and trading into a mess

= no trade for me
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  • #64,984
  • May 27, 2010 9:13am May 27, 2010 9:13am
Grrrrr. After my poor choices over the past few week's I've had a lot of doubt in my mind about being right. That showed itself today.

I went short on at 1.4494 GBP/USD based on the H4 pinbar a couple of hours ago. It moved as I expected, and I initially had my TP set at 1.4407 with a SL at 1.515. Once the intial direction went my way, I moved the SL to BE.

It then started to turn and I got scared, closing out at 1.4477 for a pitiful 17 pips. Of course, it turned again shortly after that. Guess where the low was before the retrace? 1.4408 (with the spread by TP order would have executed).

On the plus side, I seem to be making better decisions! On the negative side, I need to work on my confidence so I stick with my plan for a trade.

Edit - I'm 2/3 through Reminiscences of a Stock Operator. I'm not a huge fan of the writing style but it's an enjoyable and educational read nonetheless.
  • #64,985
  • May 27, 2010 9:13am May 27, 2010 9:13am
Quoting bundyraider
You can trade a great/strong BEB or BUB by itself from a great location.

...It's just about reading what price is doing. Don't have to be tied to definitions.
ah! thank. you. bundy.

a crappy pin in an amazing location is always better than a massive pin in the middle of nowhere.

such was true for the lousy doji on gold that formed on friday, coming off the 50% retracement.

It made for a good trade this week.
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Many choose unhappiness over uncertainty.
  • #64,986
  • May 27, 2010 9:14am May 27, 2010 9:14am
Quoting Chris_B
I4B on EURAUD approaching my TP....
Nearly there now.
I am in this trade - it is a pair I have wanted to be in and should have been in a long time ago.
But then I didn't even know what Forex was.
I will remain in this pair monitoring and moving my stop loss.
  • #64,987
  • May 27, 2010 9:17am May 27, 2010 9:17am
Dan - I've been following gold and silver but I find they have really high volitility that doesn't seem to follow the signals I get from PA. I'm glad it's working for you but I can't see how you do it!

Edit - Strangly though, when I look at your charts, it seems blindingly obvious! Perhpas it's because I was looking at lower time frames (which still seem to work better for my in FX).
  • #64,988
  • May 27, 2010 9:20am May 27, 2010 9:20am
Quoting Daneel
Dan - I've been following gold and silver but I find they have really high volitility that doesn't seem to follow the signals I get from PA. I'm glad it's working for you but I can't see how you do it!
I have not placed a silver trade yet. Gold on the other hand, any bullish PA in a great location is usually great. (no shorting allowed for me )
Many choose unhappiness over uncertainty.
  • #64,989
  • May 27, 2010 9:22am May 27, 2010 9:22am
Quoting Daneel
Dan -
Edit - Strangly though, when I look at your charts, it seems blindingly obvious! Perhpas it's because I was looking at lower time frames (which still seem to work better for my in FX).
I agree it is often blindingly obvious.

I am blind
and it is obvious.
  • #64,990
  • May 27, 2010 9:26am May 27, 2010 9:26am
Quoting Chris_B
I4B on EURAUD approaching my TP....
Target hit!

+363 pips
Market is like a puzzle, YOU have to fit the pieces!!
  • #64,991
  • May 27, 2010 9:41am May 27, 2010 9:41am
Quoting Chris_B
Target hit!

+363 pips
perfectly done.
Many choose unhappiness over uncertainty.
  • #64,992
  • May 27, 2010 10:15am May 27, 2010 10:15am
Quoting Chris_B
Target hit!

+363 pips
Well done Chris!

I liquidated my short as well.
I am watching it retrace from 1.4475.
I will go short again but it is at which fib it comes off and where the traders are drawing their fibs from.
This could pull back to above 1.46, so I am just watching with my finger on the trigger.
  • #64,993
  • May 27, 2010 11:10am May 27, 2010 11:10am
Quoting six gun
I would join sooner rather than later.
I can't see any downsides to it - that is my point of view.
It's better to gauge where someone is at before recommending them to join the Private Forum. I've see people in the PF asking what a Pinbar is! That is a little too Jr. and adds extra stress on the instructors and fills up the threads with extraneous posts.

Best is for newer folks to stay in the public thread and at least learn the basics then when they feel they have surpassed the basics, go to the more intermediate and advanced stuff in the PF.

Something to think about.
Don't wish it were easier, wish you were better. ~ Jim Rohn
  • #64,994
  • May 27, 2010 11:22am May 27, 2010 11:22am
Quoting six gun
You get the webinars - horrid times for those in Europe but they are recorded.
.
Hey Now!

I run one for you guys every other week at 1pm est which I think is 7pm your time !

Mike
  • #64,995
  • May 27, 2010 11:23am May 27, 2010 11:23am
USD/CHF looks pretty heavy to me

Nice BEOB at swing high engulfing 11 bars,

Possible BEOB forming on the Daily

A good decisive close below 1.15 would be great
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  • #64,996
  • May 27, 2010 11:23am May 27, 2010 11:23am
Quoting fxeturn
But don't great bars already cover much of the move? Does it mean that we spot the majority of a move and attempt to profit from the rest of its move?
It depends on the bar and what else is around. My avg R:R is over 1:1, but on any given trade I may only take .25% out of a move or soemtimes 3r. So it really comes down to the situation, but in general my answer would be no.

Best
Mike
  • #64,997
  • May 27, 2010 11:26am May 27, 2010 11:26am
off for a long weekend to visit my brother. If I don't get to your pms/posts that is why

Enjoy your weekends!
Mike
  • #64,998
  • May 27, 2010 11:27am May 27, 2010 11:27am
Quoting mbqb11
off for a long weekend to visit my brother. If I don't get to your pms/posts that is why

Enjoy your weekends!
Mike
in b4 thread panic attacks.
Many choose unhappiness over uncertainty.
  • #64,999
  • May 27, 2010 11:33am May 27, 2010 11:33am
Quoting LasVahGoose
Best is for newer folks to stay in the public thread and at least learn the basics then when they feel they have surpassed the basics, go to the more intermediate and advanced stuff in the PF.

Something to think about.
I recommend the private site as I am glad to have joined.

I have not posted on the private forums except to help start and contribute to a survey of spread betting companies.

The first thing I did when joining was to head straight to the educational sections.
Everything is there for even very junior people. Even descriptions of basic candles.
I spent ages trying to work out what all the abbreviation meant on this public forum. It is all explained in the private site.

The private site is not for lazy people who can't be bothered to read the educational sections.

I only started in March 2010. I have worked really hard to read and learn this stuff. I have learnt faster for being on the private site. I have learnt stuff that is not on this thread.
I do not agree there is a too junior but there is a too lazy and not having the right attitude.
  • #65,000
  • May 27, 2010 11:34am May 27, 2010 11:34am
crude looks like it's approaching an important zone.
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Many choose unhappiness over uncertainty.
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