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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

  • #65,541
  • Jun 4, 2010 1:35pm Jun 4, 2010 1:35pm
dang this thread hit 8 million hits. James what did you do!
  • #65,542
  • Jun 4, 2010 1:42pm Jun 4, 2010 1:42pm
half of those are you , mike
  • #65,543
  • Jun 4, 2010 1:52pm Jun 4, 2010 1:52pm
Quoting bundyraider
lol

My line backfired. lol
Quoting mbqb11
rofl

That's OK Bundy. I've had Man-crush on you for a long time . .that's a . . . professional . . .trading . . .analysis . . .type . .crush . . .Oh man . . . I see what you mean. . . . lol.
Indicators show the past. Price Action "Indicates" the future.
  • #65,544
  • Jun 4, 2010 1:58pm Jun 4, 2010 1:58pm
Quoting 4X=0
half of those are you , mike

No . . those would be mine.
Indicators show the past. Price Action "Indicates" the future.
  • #65,545
  • Jun 4, 2010 2:02pm Jun 4, 2010 2:02pm
Quoting jarroo
No . . those would be mine.
Hows about 4 million each?
  • #65,546
  • Jun 4, 2010 2:03pm Jun 4, 2010 2:03pm
Quoting 4X=0
Hows about 4 million each?

Pretty close. lol
Indicators show the past. Price Action "Indicates" the future.
  • #65,547
  • Jun 4, 2010 2:04pm Jun 4, 2010 2:04pm
Quoting jarroo
No . . those would be mine.

I'm amazed at how you guys find so much time to post Hope everyone has a great weekend.

fxp
  • #65,548
  • Jun 4, 2010 2:06pm Jun 4, 2010 2:06pm
Quoting fxprocessor
I'm amazed at how you guys find so much time to post Hope everyone has a great weekend.

fxp
Flexible working arrangements. . . so to speak.
Indicators show the past. Price Action "Indicates" the future.
  • #65,549
  • Jun 4, 2010 2:08pm Jun 4, 2010 2:08pm
Quoting jarroo
That's OK Bundy. I've had Man-crush on you for a long time . .that's a . . . professional . . .trading . . .analysis . . .type . .crush . . .Oh man . . . I see what you mean. . . . lol.
bromance lolol
  • #65,550
  • Jun 4, 2010 2:15pm Jun 4, 2010 2:15pm
Quoting mbqb11
bromance lolol
lol

Just viewed your recent webinar Mike. Top notch as always.
Indicators show the past. Price Action "Indicates" the future.
  • #65,551
  • Jun 4, 2010 2:26pm Jun 4, 2010 2:26pm
Quoting jarroo
lol

Just viewed your recent webinar Mike. Top notch as always.
Thanks bud
  • #65,552
  • Jun 4, 2010 7:08pm Jun 4, 2010 7:08pm
Quoting unlv_tj
I have sat and watched the EURUSD fall 3,000 pips and didn't make a single pip off of it.

After 3 years, seeing something like, tells me I have A LOT of work to do. A lot of it is probably pyschological.

Hey, I know how that goes and have done the same thing.

We see it leave without us and this adds to even more careless trades, pulling the trigger Short at the bottom only to see price bounce and take out our stops. Going Long at the top, then price goes South on us right after we enter.


It probably stems from being afraid of losing, I was also afflicted with this syndrome. I am working on it by using correct Money Management & sizing my trades, making sure that no more than 1% can be lost on any one trade & not over trading.

The larger TF helps also, less setups & more time to work them out. It is ok to have losing trades if we do this because the winners will more than make up for the small calculated losses.
Everyone has losses, even Jim, Mike & probably Jarroo, not many I think but they still have them, for sure. But, they will have small losses and let the runners run.

Don't beat yourself up over it, you obviously have recognized the problem, that is great, many people probably don't and blow their account with revenge trading.

Now all you have to do is correct it with Money Management and Risk Reward Ratios.

Great post, I am sure many can identify with it.
  • #65,553
  • Jun 4, 2010 9:16pm Jun 4, 2010 9:16pm
Quoting jarroo
Now . . if the current Daily bar Open and Closes above the .6800 . . possible entry above this bar.
Hi Jarroo,

Thanks for this eye opener analysis. I had also placed a buy stop order based on weekly and was just checking everyday to see if the same was triggered. Even though I was 'seeing' the daily chart it never occurred to me that the daily IB when used with WklyPB was a good confluence for moving buy stop to above IB for an early entry. Thereafter, with some good & tight trade management we would have either made some pips or at least BE after the entry.

Just proves that there is long road ahead but with light at the end of the tunnel.

Cheer,
Novice198
  • #65,554
  • Jun 4, 2010 9:30pm Jun 4, 2010 9:30pm
EURCAD daily -- nice pin bar, great location (rejection of prev support and BRN 1.2500). but the trend is downwards since several months.
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  • #65,555
  • Jun 4, 2010 10:27pm Jun 4, 2010 10:27pm
Quoting roundrock
EURCAD daily -- nice pin bar, great location (rejection of prev support and BRN 1.2500). but the trend is downwards since several months.
yes. + divergence on macd.

any comments appreciated.
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meine augen sind die sterne
  • #65,556
  • Jun 5, 2010 12:12am Jun 5, 2010 12:12am
Quoting mbqb11
already talked about one of my fav setups this week, could we see another one of them. The squeeze

I'll be watching and waiting like usual


Mike
Hey Mike,

Did you enter any trade on the EU based on your fav setup you posted above?
Price broke hard the lower TL even before NFP announcement.
If you did, do you mind sharing with us how u played it?
Did you placed a sell stop below the bar (that broke it) or did you wait for a retracement back to the TL looking for PA there (which never materialize though)?

CY
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  • #65,557
  • Jun 5, 2010 4:18am Jun 5, 2010 4:18am
Quoting roundrock
EURCAD daily -- nice pin bar, great location (rejection of prev support and BRN 1.2500). but the trend is downwards since several months.
Not that I feel this bar is not valid or anything...I just feel it had to be a lot bigger to convince me of its bullish intentions...

But then again you could be doing this for a while and you might have your own ways of dealing with less than A+ setups, which is perfectly fine,

Just so you know what it lacked to qualify as an A+ setup I have attached 2 comparative charts with my thoughts on them,

g.
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I believe . . .
  • #65,558
  • Jun 5, 2010 6:51am Jun 5, 2010 6:51am
Hi,

this is my first post here. This is an amazing thread, so I'll do my best to absorb as much as possible while reading the entire thread. It will take a while but in the meantime, I would like to submit this to your opinion. Hopefully I won't bother anybody around.

This is a CHFJPY setup I have seen in daily chart. My rationale to go bearish slightly below the salmon rectangular area is:

1.- Overall trend is bearish.
2.- Daily BEOB
3.- Price came below the Fibo Confluence marked as salmon, so awaiting for a pullback there to maximize my entry point, around 79.40

My plan, if filled, for this deal is:

1.- Stop Loss above the BEOB high, at 81.10
2.- I can notice the S/R area and Fibo around 78.50, so if everything goes ok, I will take half position out at 78.50, moving SL to BE there.
3.- If this level breaks down, 77.40 is the next S/R area. Will assess what to do there, but mostly take another chunk out and leave it in case it goes for new lows.

Now, question: what if price never retraces to the salmon area and flies down straight forward? Maybe plan B would be to enter on the break of 78.50, with SL above the salmon/confluence area?

Any comments regarding my rationale or my question will be more than welcome.
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  • #65,559
  • Jun 5, 2010 8:20am Jun 5, 2010 8:20am
Quoting ertorque
Hey Mike,

Did you enter any trade on the EU based on your fav setup you posted above?
Price broke hard the lower TL even before NFP announcement.
If you did, do you mind sharing with us how u played it?
Did you placed a sell stop below the bar (that broke it) or did you wait for a retracement back to the TL looking for PA there (which never materialize though)?

CY
Hey Cy

In this case I was looking ONLY to go long. Obviously there were no long signals yet at the 1.2. Unfortunately it being friday may have halted any buyers from wanting to come in strong. Maybe next week though.

Best
Mike
  • #65,560
  • Jun 5, 2010 8:24am Jun 5, 2010 8:24am
Quoting elizo
Hi,

this is my first post here. This is an amazing thread, so I'll do my best to absorb as much as possible while reading the entire thread. It will take a while but in the meantime, I would like to submit this to your opinion. Hopefully I won't bother anybody around.

This is a CHFJPY setup I have seen in daily chart. My rationale to go bearish slightly below the salmon rectangular area is:

1.- Overall trend is bearish.
2.- Daily BEOB
3.- Price came below the Fibo Confluence marked as salmon, so awaiting for a pullback there to maximize my entry...
Hey Elizo

Welcome to the thread

Both of your plans are more then fine with the understanding of the drawbacks of both which I think you do. This beob although with the trend is not in a lot of "space" so essentially a break of the low we are finding trouble. Now if you believe strongly in your trendline then it could be a breakout of sorts and continuation into the recent low or at least near the 77.50-78 area. I will be watching this pair with you as I am short the 4hr beob but have already begun to reduce my risk on it.

Again welcome glad to have you posting
Mike
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