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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

  • #66,501
  • Jun 16, 2010 6:12pm Jun 16, 2010 6:12pm
Quoting Dan-FX
Hey guys,

Hey guys,
I've lost half my account over the last 12 months and that's with most of my strategies breaking even and every now then doing something stupid out of frustration and losing a decent %.



DAN

I am truly sorry, you have had this experience, but you are obviously going to correct the problem, backtracking and going back to demo is admirable.

Did you keep a journal of all your trades with details of the reasons for each trade, the results and then the postmortem of each trade both positive and negative?


Hang on in there, you will make it.
  • #66,502
  • Jun 16, 2010 6:12pm Jun 16, 2010 6:12pm
Quoting slade1986
Any opinions on using an 8 hour chart?

Quoting mbqb11
go for it my friend

Jarroo loves it

what pair?
Indicators show the past. Price Action "Indicates" the future.
  • #66,503
  • Jun 16, 2010 6:17pm Jun 16, 2010 6:17pm
Quoting jarroo
what pair?

Thanks Guys, are there pairs I shouldn't watch on 8h?
  • #66,504
  • Jun 16, 2010 6:25pm Jun 16, 2010 6:25pm
Quoting slade1986
Thanks Guys, are there pairs I shouldn't watch on 8h?

Are there pairs that you shouldn't watch on the Daily? Sorry I'm not trying to be a smart a**, but Price Action can be seen on any time frame, no matter how they are chopped up.

I like the higher time frames like the Daily and Weekly, but sometimes going to the Hourly or 4 Hour can look like noise to me at times. So I will look at the 8 Hour, 12 hour and even the 16 hour to get rid of the "noise".
Indicators show the past. Price Action "Indicates" the future.
  • #66,505
  • Jun 16, 2010 6:26pm Jun 16, 2010 6:26pm
I am watching the GBP/USD on the 8 hour. BEOB off the 150 EMA, 1.4800 and a prior PPZ. Would close 50% after 30 pips and move to break even. FTA around 1.46419 and final tp around 1.45454.

Thoughts?

(Demo trade only)
Attached Image (click to enlarge)
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  • #66,506
  • Jun 16, 2010 6:34pm Jun 16, 2010 6:34pm
Quoting slade1986
I am watching the GBP/USD on the 8 hour. BEOB off the 150 EMA, 1.4800 and a prior PPZ. Would close 50% after 30 pips and move to break even. FTA around 1.46419 and final tp around 1.45454.

Thoughts?

(Demo trade only)

Look good slade.

I would be aware of the previous bar low as the FTA. The size is not bad but the current up trend seems pretty strong and plotting.
Attached Image (click to enlarge)
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Indicators show the past. Price Action "Indicates" the future.
  • #66,507
  • Jun 16, 2010 6:44pm Jun 16, 2010 6:44pm
Quoting jarroo
Look good slade.

I would be aware of the previous bar low as the FTA. The size is not bad but the current up trend seems pretty strong and plotting.

Thanks again, I have the Bar Low at 1.4681 and I have my BE Move set to 1.4684. So here goes..... See if I can see where price is going...
  • #66,508
  • Jun 16, 2010 6:51pm Jun 16, 2010 6:51pm
Quoting slade1986
Thanks again, I have the Bar Low at 1.4681 and I have my BE Move set to 1.4684. So here goes..... See if I can see where price is going...

The time of day (asian session) can be pretty thin on the GU. Good rule of thumb for retracement levels on BEOB is the previous bar Low ( BUOB ret is the previous bar High). Also a retracement to the 1.4800 is not out of the reach. Again due to the up trend.
Attached Image (click to enlarge)
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Indicators show the past. Price Action "Indicates" the future.
  • #66,509
  • Jun 16, 2010 6:54pm Jun 16, 2010 6:54pm
Quoting jarroo
The time of day (asian session) can be pretty thin on the GU. Good rule of thumb for retracement levels on BEOB is the previous bar Low ( BUOB ret is the previous bar High). Also a retracement to the 1.4800 is not out of the reach. Again due to the up trend.

I say this as it drops hard for 20 pips. lol
Indicators show the past. Price Action "Indicates" the future.
  • #66,510
  • Jun 16, 2010 6:54pm Jun 16, 2010 6:54pm
Quoting jarroo
I say this as it drops hard for 20 pips. lol
silly price action
  • #66,511
  • Jun 16, 2010 6:56pm Jun 16, 2010 6:56pm
Quoting mbqb11
silly price action
lol Just like chicks, silly as hell but you gotta love 'em.
Indicators show the past. Price Action "Indicates" the future.
  • #66,512
  • Jun 16, 2010 7:10pm Jun 16, 2010 7:10pm
USD CHF

Not a very large PB but the area is interesting, off PPZ at 1.1250 TL seems to confirm possible PA, 38.2 & 61.8 fibo confluence, 365 & 150 EMA cross, not that I am into EMA crosses in the normal sense of them.
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  • #66,513
  • Jun 16, 2010 7:17pm Jun 16, 2010 7:17pm
Quoting jarroo
lol Just like chicks, silly as hell but you gotta love 'em.

Well, guys I moved my BE to just above the 150 ema on the 1hr and closed 50% @ +24 pips and moved the balance to BE.
  • #66,514
  • Jun 16, 2010 7:17pm Jun 16, 2010 7:17pm
Quoting Pinbar
USD CHF

Not a very large PB but the area is interesting, off PPZ at 1.1250 TL seems to confirm possible PA, 38.2 & 61.8 fibo confluence, 365 & 150 EMA cross, not that I am into EMA crosses in the normal sense of them.

The PB looks pretty small, don't you think Pb?
Indicators show the past. Price Action "Indicates" the future.
  • #66,515
  • Jun 16, 2010 7:17pm Jun 16, 2010 7:17pm
Quoting slade1986
Well, guys I moved my BE to just above the 150 ema on the 1hr and closed 50% @ +24 pips and moved the balance to BE.

Nicely done slade.
Indicators show the past. Price Action "Indicates" the future.
  • #66,516
  • Jun 16, 2010 7:30pm Jun 16, 2010 7:30pm
Quoting slade1986
Well, guys I moved my BE to just above the 150 ema on the 1hr and closed 50% @ +24 pips and moved the balance to BE.

Here's a few Price behaviors I would like to see. If they make sense as to how I drew them.
Attached Image (click to enlarge)
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Indicators show the past. Price Action "Indicates" the future.
  • #66,517
  • Jun 16, 2010 7:34pm Jun 16, 2010 7:34pm
Quoting Dan-FX
I know I'm new to this thread but just wanted to share. I've lost half my account over the last 12 months and that's with most of my strategies breaking even and every now then doing something stupid out of frustration and losing a decent %.
Welcome - and dont worry, we have all been there. Well, except maybe mike, because he is some kind of trading robot.

The guidelines, material and assistance in here is more than enough to make you profitable. Take advantage

Quoting bug
If 70% of the information has been rendered completely useless, what point is there in following it?
Just like program trading destroyed the information content of price/volume in the late eighties.

Or electronic exchanges before that.

Or mechanical systems before that.

If you are arguing that 'HFT' (which, to be honest, is the current boogeyman and a hugely misused and vague term) has removed the information content of volume, wouldn't you also have to argue that it has done the same to price?

I wouldnt argue that a book written in Arabic has no information content. Rather, I would probably say that I dont know how to read it, so it adds nothing to my knowledge. Very different things.

It also leaves me with the option of either learning Arabic, or deciding that the trouble of learning to read it wont benefit me enough in terms of the information gained.

Quoting six gun
ddinnov - I am not sure price always follows the rules with gold and especially silver.
Of course it does.There might be differences in the way you should trade some instruments, different moving averages may mean different things, etc - but the movement of price is always the same.

Quoting six gun
For me price is due to come down, which it just did.
I'd wager that more money has been lost on people betting that 'x has to come down/go up' than anything else. When Keynes said that markets can remain irrational longer than you can stay solvent, he wasnt messing around.

(His last words were also 'I should have drunk more champagne', so he clearly knew a thing or two)
When you have to shoot, shoot. Dont talk.
  • #66,518
  • Jun 16, 2010 7:34pm Jun 16, 2010 7:34pm
Quoting ghous
During the early days it does often happen that a PA bar jumps out at you before the preceding price action or the overall location of the bar itself. (And I am not talking about pulling down fibs from the recent swings) You need to understand this and at all times refrain from choosing a particular bar in a shoddy location by virtue of it's length or shape alone.
This is way more important than people realise. And sadly, most people will skip your post and move onto the next chart they see.

When starting out, we all run around the charts, looking for the magical bar with the right shape and not caring about location. I sure as hell did. But like Mike and Jim have said a million times, location is way more important than shape. Which is why you get your ass handed to you as a beginner

After all, a pin in traffic is just a trading range. And so buying a bullish pin is just buying at the top of a range - not really such a killer trade now, is it? It's also why waiting until a setup breaks is so vital - at least then you are looking at a breakout from the range.

Context is everything.
When you have to shoot, shoot. Dont talk.
  • #66,519
  • Jun 16, 2010 7:44pm Jun 16, 2010 7:44pm
Quoting joelcf
I'd wager that more money has been lost on people betting that 'x has to come down/go up' than anything else. When Keynes said that markets can remain irrational longer than you can stay solvent, he wasnt messing around.

(His last words were also 'I should have drunk more champagne', so he clearly knew a thing or two)
He is wrong about the government or public sector playing a big role in the economy. Free markets do not cause inflation, depressions, etc.
Indicators show the past. Price Action "Indicates" the future.
  • #66,520
  • Jun 16, 2010 8:11pm Jun 16, 2010 8:11pm
I want 8hr charts! Is there a way to get Metatrader to display the charts in 8hr increments?

Jarroo, if I didn't know any better, it sounds like your a fan of Hayek. Defending the Austrian perspective?

-John
To see what is in front of one's nose needs a constant struggle.
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