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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

  • #68,701
  • Jul 14, 2010 11:44pm Jul 14, 2010 11:44pm
Quoting Pinbar
8 lots....I can imagine it, 5 pips and you are done for the week. LoL

Yes, I have been watching the ranging videos, and if you can't trade this you can't trade at all. LoL

However, I am trying to not concern myself with this right now, I think my priority should be on PA at this moment in time.

Yes, I can see that it may be dropping back in the range on H4.
Absolutely Pb.

That's the thing, it could have broke out and now is coming back to retest the consolidation and then head back up. A bigger PB would have made a difference.
Indicators show the past. Price Action "Indicates" the future.
  • #68,702
  • Jul 14, 2010 11:56pm Jul 14, 2010 11:56pm
Quoting Atc
Thought the thread needed some discussion so here goes.

One saying that keeps hammering in my mind that I heard Jim say in one of the free vids on the PF is "if you can't trade a sideways market then you will not make it in this business" or something to that effect.

So while I have been trading PB's BEOB's DBHLC Double PB's etc. first demo and with live accnt. with success, I have ventured to demo trading sidways markets.

Indeed this is hard! I have had mixed results and will continue to demo.

My question(s) to those who...
This 4 hour PB in consolidation from Atc was sweet.
Indicators show the past. Price Action "Indicates" the future.
  • #68,703
  • Jul 14, 2010 11:58pm Jul 14, 2010 11:58pm
Quoting spookie94
I read(in another forum) that you should give more wait to the body of the candle over the wicks when looking at higher timeframes. Any thoughts?
Maybe on a daily or weekly chart in a market where the open/close are meaninful numbers - like futures or equities. In speculation-heavy instruments, like the YM and ES especially, the open/close on all bars that people are trading (generally 60/15/5/3m) carries weight.

In fx? Not so much.

Generally, o/c arent that important. You might be able to make an argument for the weekly, daily (and maybe hourly) o/c being significant, but not to the point of ignoring the wicks in constructing your PPZs.

I dont really think the information you give up is outweighed by the information you might gain.


Quoting Pinbar
8 lots....I can imagine it, 5 pips and you are done for the week. LoL
For the week?! Maybe for the morning.
When you have to shoot, shoot. Dont talk.
  • #68,704
  • Jul 14, 2010 11:59pm Jul 14, 2010 11:59pm
Quoting jarroo
Absolutely Pb.

That's the thing, it could have broke out and now is coming back to retest the consolidation and then head back up. A bigger PB would have made a difference.

I hear you Jarroo.

It is interesting that I think I may have realized at last that it is not the system that will make us or break us it is ourselves and how initially we perceive any given setup.

I mean a week ago, I would probably have jumped all over that PB.
Because, I would see it, and immediately assume, it was a sign to short it, because I was looking for a setup and wanted to believe, I found one.

Then I would proceed to talk myself into it seeing ONLY what I wanted to see, and blind myself to the actual situation with over eagerness, ego or whatever.

The more I study the market, the more I see the strangeness in myself and I am finding that the study of the market is almost a reflection of ourselves.

Almost like a philosophical study of the self.

This is all due to the sincere and unselfish souls that abound here.
  • #68,705
  • Jul 15, 2010 12:02am Jul 15, 2010 12:02am
Quoting Pinbar
I hear you Jarroo.

It is interesting that I think I may have realized at last that it is not the system that will make us or break us it is ourselves and how initially we perceive any given setup.

I mean a week ago, I would probably have jumped all over that PB.
Because, I would see it, and immediately assume, it was a sign to short it, because I was looking for a setup and wanted to believe, I found one.

Then I would proceed to talk myself into it seeing ONLY what I wanted to see, and blind myself to the actual situation with over eagerness,...

Well said Pb. We call these "Ah-ha" moments and you just had one. There are many more to come.
Indicators show the past. Price Action "Indicates" the future.
  • #68,706
  • Jul 15, 2010 12:08am Jul 15, 2010 12:08am
Quoting joelcf
...
Quote:
Originally Posted by Pinbar http://cdn.forexfactory.com/images/buttons/viewpost.gif
8 lots....I can imagine it, 5 pips and you are done for the week. LoL

For the week?! Maybe for the morning.
my math is untouched for the longest time, lol.
are u guys talking about 8 standard lots?
if so, it equates to $400.
if yes, then with that amount, u are done for a month/half a month (if u live in a country like mine). lol
u guys live in expensive places.
  • #68,707
  • Jul 15, 2010 12:15am Jul 15, 2010 12:15am
Quoting Pinbar
....
The more I study the market, the more I see the strangeness in myself and I am finding that the study of the market is almost a reflection of ourselves.
Almost like a philosophical study of the self.
...
it actually is.
yes, it exposes ourselves to ourselves. lol
i think u've made a greater progress than u think.

the market is 1 of the best employers, imho. tremendous potential to enrich the pocket & soul if one goes through the 'process' long enough.

Keep it up... never stop learning, Sir
  • #68,708
  • Jul 15, 2010 12:18am Jul 15, 2010 12:18am
Quoting supremeChaos
my math is untouched for the longest time, lol.
are u guys talking about 8 standard lots?
if so, it equates to $400.
if yes, then with that amount, u are done for a month/half a month (if u live in a country like mine). lol
u guys live in expensive places.

nano lots.
Indicators show the past. Price Action "Indicates" the future.
  • #68,709
  • Jul 15, 2010 12:22am Jul 15, 2010 12:22am
Quoting supremeChaos
it actually is.
yes, it exposes ourselves to ourselves. lol
i think u've made a greater progress than u think.

the market is 1 of the best employers, imho. tremendous potential to enrich the pocket & soul if one goes through the 'process' long enough.

Keep it up... never stop learning, Sir

Yes, SC it is rather interesting, to say the least.
Thanks for your kind words SC.

I agree and even dare to think, that every PPZ and every bar low and high is merely an expression of our basic human emotions.



Thanks Jarroo, I look forward to much, much more hard study and even the disappointments which surely are ahead.

You guys are the Bees Knees....!
  • #68,710
  • Jul 15, 2010 12:22am Jul 15, 2010 12:22am
Quoting supremeChaos
are u guys talking about 8 standard lots?
if so, it equates to $400.
if yes, then with that amount, u are done for a month/half a month (if u live in a country like mine).
Damn, I should move. That wouldnt even cover a day here, let alone a month.
When you have to shoot, shoot. Dont talk.
  • #68,711
  • Jul 15, 2010 12:28am Jul 15, 2010 12:28am
jarroo,
i see..
i didnt see that it was nano lots.. perhaps my mind is still shut down, just like the 2-day power blackout here brought about by a 'low-grade' typhoon.

Quoting joelcf
Damn, I should move. That wouldnt even cover a day here, let alone a month.
ah yes, u should.
im the undeclared, unpaid tourism ambassador of the Philippines.

$400 wont cover even a day?!?!?!?!
are u sure u are not living beyond your means? hahah

(wait, there's more........






did i say no FX trading taxes? .... {no law,so far} )
  • #68,712
  • Jul 15, 2010 12:55am Jul 15, 2010 12:55am
Quoting Pinbar
I hear you Jarroo.

It is interesting that I think I may have realized at last that it is not the system that will make us or break us it is ourselves and how initially we perceive any given setup.

I mean a week ago, I would probably have jumped all over that PB.
Because, I would see it, and immediately assume, it was a sign to short it, because I was looking for a setup and wanted to believe, I found one.

Then I would proceed to talk myself into it seeing ONLY what I wanted to see, and blind myself to the actual situation with over eagerness,...

Well said, PB

I've been with the group for a long time and still see what I want to see sometimes. Still learning about me as well. Good to see someone catch on
quickly.
  • #68,713
  • Jul 15, 2010 12:59am Jul 15, 2010 12:59am
Quoting supremeChaos
jarroo,
i see..
i didnt see that it was nano lots.. perhaps my mind is still shut down, just like the 2-day power blackout here brought about by a 'low-grade' typhoon.


ah yes, u should.
im the undeclared, unpaid tourism ambassador of the Philippines.

$400 wont cover even a day?!?!?!?!
are u sure u are not living beyond your means? hahah

(wait, there's more........






did i say no FX trading taxes? .... {no law,so far} )
Hey Supreme,

Think I could start a business there and make the trades from here? (Texas)

Probably not, Uncle Sam wouldn't have it. Guess I'll have to wait till my boys are grown.

I'll come have a cold one with ya then. LOL
  • #68,714
  • Jul 15, 2010 1:06am Jul 15, 2010 1:06am
tubguy/Sir Mike,
u can start a business here but i believe u cant own it 100%.
register it under my name so u can have it 100%.
u can trade here or travel in&out of the country, if u want too. hahah

cold iced tea, cold water only...lol
ok, i'll have one bottle with u.
  • #68,715
  • Jul 15, 2010 1:30am Jul 15, 2010 1:30am
Supreme, is that including rent etc?

Where abouts in philipines are you? I'm considering leaving oz soon.
  • #68,716
  • Jul 15, 2010 1:44am Jul 15, 2010 1:44am
Quoting Bemac
First. I think I recognize the typing style on that Chart.
Second. I would Love to have taken Every One of those Trades.

Stop Levels are a very personal thing but if you had simply placed your SL at the Opposite end of the Signal Bar or even the Trigger Bar, you wouldn't have been Stopped out of any of these Trades until you were nicely in Profit.
Yes Bemac, thanks. I have included in my plan to leave stops on the other side of the signal bar (only if it is not wider than allowed %). So I would either be stopped out or would have a chance to set my stop to a breakeven. Anyway, if I pick the good entry stop-outs should be a very rare thing.... I hope
  • #68,717
  • Jul 15, 2010 2:12am Jul 15, 2010 2:12am
Quoting supremeChaos
tubguy/Sir Mike,
u can start a business here but i believe u cant own it 100%.
register it under my name so u can have it 100%.
u can trade here or travel in&out of the country, if u want too. hahah

cold iced tea, cold water only...lol
ok, i'll have one bottle with u.
Sure glad I know someone there that can make sure I do it right. I might have messed up and registered it in my name. LOL
  • #68,718
  • Jul 15, 2010 2:13am Jul 15, 2010 2:13am
Hello fxdanny4x,
right now, i live 1-2hrs away from the capital.
depending on your lifestyle & personal circumstance, yes, it includes rent, etc.
for an individual living without rent expense, spending $400 a month is relatively comfortable living.

see below for recent mini discussion:
http://www.forexfactory.com/showpost...ostcount=68265

i know Friday/weekend (fun day, off-topic weekend) is 2 days away, so with your indulgence im replying to fxdanny's post.
u can PM me for more details while supplies last.
  • #68,719
  • Jul 15, 2010 2:40am Jul 15, 2010 2:40am
Quoting supremeChaos
Hello fxdanny4x,
right now, i live 1-2hrs away from the capital.
depending on your lifestyle & personal circumstance, yes, it includes rent, etc.
for an individual living without rent expense, spending $400 a month is relatively comfortable living.

see below for recent mini discussion:
http://www.forexfactory.com/showpost...ostcount=68265

i know Friday/weekend (fun day, off-topic weekend) is 2 days away, so with your indulgence im replying to fxdanny's post.
u can PM me for more details while supplies last.
Supreme, sorry I probably missed but where do you live now?
  • #68,720
  • Jul 15, 2010 2:48am Jul 15, 2010 2:48am
Adilius07,
i live 'near' you.
kindly check my profile.
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