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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

  • #69,421
  • Jul 22, 2010 5:29am Jul 22, 2010 5:29am
hi all here my first post in this thread i m learning it for near 6 months and now i m feeling to trade on demo till good at it ...hope u pro will help me .thnx

Muhammad
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FxHome
  • #69,422
  • Jul 22, 2010 5:32am Jul 22, 2010 5:32am
Quoting mistersimple
aser, this one is huge... => long GBPCHF

could it mean that euro will fall?
i've no idea. i am trying to trade what i see and not what i believe.

and there's something cooking on gu.
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meine augen sind die sterne
  • #69,423
  • Jul 22, 2010 5:34am Jul 22, 2010 5:34am
Quoting Muhammad989
hi all...
Hello Muhammad,
are u kidding? that was a nice trade.
BUOB off a TL + 61.8Fib + (minor) PPZ

just always be aware of possible problem areas like that immediate 0.7150ish - 0.7190traffic area

Keep it up!
  • #69,424
  • Edited 5:38am Jul 22, 2010 5:36am | Edited 5:38am
If someone watches combined tf (well, combined in mt) then i sugest h12 eurjpy, gbjpy. GMT+1 Happy trading
  • #69,425
  • Jul 22, 2010 5:37am Jul 22, 2010 5:37am
Quoting Muhammad989
hi all here my first post in this thread i m learning it for near 6 months and now i m feeling to trade on demo till good at it ...hope u pro will help me .thnx

Muhammad
Hey!

Looks like a nice trade.

I'd be a bit more conservative as far as a TP2 point is concerned (see the chart attached).

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However I'm far from a pro and someone with more experience might give you a better advice
  • #69,426
  • Jul 22, 2010 5:41am Jul 22, 2010 5:41am
Quoting supremeChaos
Hello Muhammad,
are u kidding? that was a nice trade.
BUOB off a TL + 61.8Fib + (minor) PPZ

just always be aware of possible problem areas like that immediate 0.7150ish - 0.7190traffic area

Keep it up!

Hello, Muhammad, Supreme!
Nice trade! You know I was also monitoring my charts at that time. I saw this BUOB.. but didn't it formed right before the tight traffic? I got scared and passed on this trade.

What role the traffic plays in our setups? Is it more secondary thing to consider? I passed on a trade only because of it.
  • #69,427
  • Edited 6:38am Jul 22, 2010 5:46am | Edited 6:38am
Quoting mbqb11
I feel Joel and I could have many a beers together
First one to 5000 posts picks up the tab
When you have to shoot, shoot. Dont talk.
  • #69,428
  • Jul 22, 2010 5:49am Jul 22, 2010 5:49am
Quoting Adilius07
... I was also monitoring my charts at that time. I saw this BUOB.. but didn't it formed right before the tight traffic? I got scared and passed on this trade.
What role the traffic plays in our setups?...
like i said, it was a potential problem area.
but momentum was on Muhammad's side.

make no mistake, u had a good reason to pass on that trade. (in fairness, that tight traffic is relatively a small area)
if u arent comfortable taking a certain trade, it's better to follow your instinct.
each of us have a different personality & risk profile. thus we can win/lose in many different ways. this thread is a showcase of our diversity.


Quoting mihazupan1
...
I'd be a bit more conservative as far as a TP2 point is concerned..
mihazupan1,
are u reading my mind too? lol
i was expecting someone to mention that possible problem area (your TP2).
Good eye, Sir
  • #69,429
  • Jul 22, 2010 5:50am Jul 22, 2010 5:50am
ohh thx u all support me and bost me up n confidence ...good start of my demo trades tp 1 hit and set BE now ...


Quoting supremeChaos
Hello Muhammad,
are u kidding? that was a nice trade.
BUOB off a TL + 61.8Fib + (minor) PPZ

just always be aware of possible problem areas like that immediate 0.7150ish - 0.7190traffic area

Keep it up!
FxHome
  • #69,430
  • Jul 22, 2010 5:51am Jul 22, 2010 5:51am
why cant they all be this easy
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  • #69,431
  • Jul 22, 2010 5:52am Jul 22, 2010 5:52am
Quoting supremeChaos
like i said, it was a potential problem area.
but momentum was on Muhammad's side.

make no mistake, u had a good reason to pass on that trade. (in fairness, that tight traffic is relatively a small area)
if u arent comfortable taking a certain trade, it's better to follow your instinct.
each of us have a different personality & risk profile. thus we can win/lose in many different ways. this thread is a showcase of our diversity.
Cool, thanks for reply. I used to take same trades when I just started reading this thread. And mostly all were good!!! But the more I read the more cautious I become... don't know if it is good or not
  • #69,432
  • Jul 22, 2010 5:53am Jul 22, 2010 5:53am
Quoting joelcf
First one to 5000 posts picks up ther tab

Great. i'll just have water.
  • #69,433
  • Jul 22, 2010 5:59am Jul 22, 2010 5:59am
Anyone spot the BUOB on CHFJPY if it can get above and close over 83.5 it may have a chance of a bigger move. Just watching for now.
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  • #69,434
  • Jul 22, 2010 6:00am Jul 22, 2010 6:00am
I guess some of you played this as an hard break.
I would like to see it retrace to 0.8850 and give us some bullish PA.
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  • #69,435
  • Jul 22, 2010 6:02am Jul 22, 2010 6:02am
Quoting Adilius07
...But the more I read the more cautious I become... don't know if it is good or not
of course it's good.
sooner or later u will realize this
  • #69,436
  • Jul 22, 2010 6:04am Jul 22, 2010 6:04am
Quoting Muhammad989
ohh thx u all support me and bost me up n confidence ...good start of my demo trades tp 1 hit and set BE now ...
Nice trade Muhammad989,

Just be aware that your trade is against a larger counter trend signal which can be seen on the Weekly as a Pin Bar. Many traders (including me) will have taken the opposite side, in this case I sold at 50% of the Pin Bars retracement.

Don't panic, just be aware of it and consider your targets accordingly.

p.s. this does not mean your targets wont be hit, its just to make you aware or what is going on around your trade so that you consider what actions to take.
In retrospect we learn. In perspective we earn.
  • #69,437
  • Jul 22, 2010 6:08am Jul 22, 2010 6:08am
Quoting supremeChaos
this thread is a showcase of our diversity.
nice observation supremeChaos
In retrospect we learn. In perspective we earn.
  • #69,438
  • Jul 22, 2010 6:12am Jul 22, 2010 6:12am
Quoting supremeChaos
mihazupan1,
are u reading my mind too? lol
i was expecting someone to mention that possible problem area (your TP2).
Good eye, Sir
Thanks

It seems that there's something about that reading mind thing

I was just thinking about how much I've learned so far. It's quite funny as a month ago I didn't have a clue what's in front of me when I opened my Dealbook platform
  • #69,439
  • Jul 22, 2010 6:14am Jul 22, 2010 6:14am
thnx fx i knew about wekly Pb but ..actually i set my rule and i found it this trade No 1 -61% fib retrace 2nd TL 3rd PA from S 7 R area so i got it ...and weekly chart i found just one rule PB at swing high ...so which side is more relaible ?

Muhammad



Quoting fx_heaven
Nice trade Muhammad989,

Just be aware that your trade is against a larger counter trend signal which can be seen on the Weekly as a Pin Bar. Many traders (including me) will have taken the opposite side, in this case I sold at 50% of the Pin Bars retracement.

Don't panic, just be aware of it and consider your targets accordingly.
FxHome
  • #69,440
  • Edited 7:00am Jul 22, 2010 6:23am | Edited 7:00am
Quoting Muhammad989
thnx fx i knew about wekly Pb but ..actually i set my rule and i found it this trade No 1 -61% fib retrace 2nd TL 3rd PA from S 7 R area so i got it ...and weekly chart i found just one rule PB at swing high ...so which side is more relaible ?

Muhammad
Good question, on every cross currency pair their are many trades happening within trades at different time frames which can go against trends on other time frames. Its like a great big fractal image.

There is no RIGHT or WRONG its a matter of probabilities.

The general rule of thumb is that good signals in good locations on larger time frames will eventually dictate the overall outcome, however a weekly PB will take some time to come off in terms of playing out what we are reading into that position (it can of course prove your analysis invalid or flawed and take you out or you take yourself out).

However there will be small signals and trades that may go against larger trends and price action.

You did well and made a decision based on a confluence of factors which demonstrated a higher probability outcome for your trade. That is exactly what you must do, just putting that into perspective with what else is going on around you helps to have a complete picture.....which you already had

We don't move markets, we just hitch a rider on the smoothest road and with the coolest car at that time. So my trade just reflects the increased selling pressure I see coming into the market which may not pan out for a few days yet, or may never pan out......we shall see.
In retrospect we learn. In perspective we earn.
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