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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

  • #69,701
  • Jul 26, 2010 10:17am Jul 26, 2010 10:17am
same posts before, someone posted this with a H4-pinbar. i 'im in this, too. same fta.

Quoting Jonnyislost
This is the best thing I've seen today so far

GBP/CHF
8Hr timeframe
BEOB, not at a BRN unfortunatly, although the 1.62RN does look significant, in terms of being a price flip

Also I hate fibs, but in this case there is a clear Swing high and low point, and the 1.62 lines up perfectly with the 38.2 retrecement.

FTA is quite close, 1.6170, after that it's trading into a mess
meine augen sind die sterne
  • #69,702
  • Jul 26, 2010 10:25am Jul 26, 2010 10:25am
Quoting aserbfx
same posts before, someone posted this with a H4-pinbar. i 'im in this, too. same fta.
I saw the Pin but it didn't look quite big enough to me after that strong up-move on Friday, but of course, now I wish I had taken it, as I am in much later than you guys
  • #69,703
  • Jul 26, 2010 10:35am Jul 26, 2010 10:35am
Quoting aserbfx
how can i miss that beautiful pinbar on uj?
I thought this PB was small compared to other bars in the vicinity. Also it closed the below the RN 87.0. Am i missing something or trying to be too choosy??
Cheers
Novice 198
  • #69,704
  • Jul 26, 2010 10:42am Jul 26, 2010 10:42am
Quoting novice198
I thought this PB was small compared to other bars in the vicinity. Also it closed the below the RN 87.0. Am i missing something or trying to be too choosy??
Cheers
Novice 198
I do not have this PB on my charts since I'm using FxPro not Alpari, but If I saw something like this I would consider it A+. Why it is small? Much wider than surrounding bars, and has some space to move too. IMHO.

I meant to say of course I am not a pro or anything, just learning too
  • #69,705
  • Jul 26, 2010 10:44am Jul 26, 2010 10:44am
Quoting novice198
I thought this PB was small compared to other bars in the vicinity. ... Am i missing something or trying to be too choosy??
..
like we often say...
trading is a personal thing.

u may take trades many will take,
u may take trades some will take,
u may take trades ONLY you will take.

u will miss A LOT of trades that others here take -- that is perfectly normal.
the questions to ask yourself are:
"am i comfortable taking those trades as well?"
"do those trades fit the criteria in my personal system/method?"

Dont forget, we are here to learn, not necessarily to copy/trade others' trades. there is a big difference.
Hope this helps
  • #69,706
  • Jul 26, 2010 10:47am Jul 26, 2010 10:47am
Quoting Adilius07
I do not have this PB on my charts since I'm using FxPro not Alpari, but If I saw something like this I would consider it A+. Why it is small? Much wider than surrounding bars, and has some space to move too. IMHO.

I meant to say of course I am not a pro or anything, just learning too
Hey Guys,

Just my opinion to give the flip side. Firstly the bar is in a lot of traffic meaning it has created a good swing low point, a minor one. This means were going to be running right into trouble areas. I showed this with my blue box, notice when that box runs out in the "space" area price is hitting the trouble area. This pinbar went right there. The problem I see is most people will take a smaller bar like this(also notice the poor close not showing a ton of strength), and try to HOLD it and take a full loss on it IF it turns all the way around. It is in my view you can NOT take a full bar loss on a bar like this. What ones criteria is aside these are smaller bars at not the best locations, cover your risk quicker if you are going to play these.

Like always my opinion only
Mike
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  • #69,707
  • Jul 26, 2010 10:51am Jul 26, 2010 10:51am
Quoting aserbfx
same posts before, someone posted this with a H4-pinbar. i 'im in this, too. same fta.
stopped out at BE+1 on gbp/chf. on to the next.
meine augen sind die sterne
  • #69,708
  • Jul 26, 2010 10:51am Jul 26, 2010 10:51am
Hei, Chaos and Sixgun, thanks both of you.
Because of sixgun I believed what I saw and entered the gbpchf and because of chaos I exited with nice 50 pips, trying to be careful enough. I know it might be funny for some of you, but for a new one like me it is nice enough
  • #69,709
  • Jul 26, 2010 10:52am Jul 26, 2010 10:52am
Quoting mbqb11
Hey Guys,

Just my opinion to give the flip side....
Mike, thanks a lot for clarification! To be honest I viewed this one bearish bar (where you've put a blue box) as a space instead. I have to give it more chart time I guess. Thanks.
  • #69,710
  • Jul 26, 2010 11:13am Jul 26, 2010 11:13am
I will share a trade I took today as it shows something which new guys should pay attention to.

Trade

GBPUSD 1 hr BEOB at VBRN which coincided with a small trendline break.

I had the blue ppz mapped out due to the previous swing high at 1.5447. When using these as targets be very carefull of small trouble areas close to the target. Price went down to 1.5450 today (38 fib area coinciding with .50 number) after the beob and if the aforementioned ppz/high was used as a hard target I would be in drawdown/out at BE.

Fortunately through time spent lerarning from James in the pf it was a profit trade. It's the subtle things which make a differencve between win/losses.

Apologies for messy chart. I like floor trader pivots on my chart for intraday.

cheers


fxp
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  • #69,711
  • Jul 26, 2010 11:24am Jul 26, 2010 11:24am
Quoting supremeChaos
just browsing around the members list 'down there',
i see CFII, member since May2006.
Caesar, Dec.2005.
& fire580 Jan.2006.
WOW!

u havent posted in a long while Sirs (Caesar made a few this year; unless some/all of u had many posts 'stripped away' too)

Yeah, long time lurker. Long time Lurker in the PF also. This silly day job gets in the way of me being to active. For some reason they like me working for them not myself when I am here, hmmmm....
Of course reading this thread for the last 4+ years is a full time job :-)
Hope to repay all I have learned some day in the near future.

Brandon(Caesar)
  • #69,712
  • Jul 26, 2010 12:02pm Jul 26, 2010 12:02pm
Quoting Caesar
Yeah, long time lurker. Long time Lurker in the PF also. This silly day job gets in the way of me being to active. For some reason they like me working for them not myself when I am here, hmmmm....
Of course reading this thread for the last 4+ years is a full time job :-)
Hope to repay all I have learned some day in the near future.

Brandon(Caesar)

Caeser, may I please ask. 4+ years trading this method still not enough no leave day job?
  • #69,713
  • Jul 26, 2010 12:43pm Jul 26, 2010 12:43pm
Quoting Jonnyislost
This is the best thing I've seen today so far

GBP/CHF
8Hr timeframe
BEOB, not at a BRN unfortunatly, although the 1.62RN does look significant, in terms of being a price flip

Also I hate fibs, but in this case there is a clear Swing high and low point, and the 1.62 lines up perfectly with the 38.2 retrecement.

FTA is quite close, 1.6170, after that it's trading into a mess
I cut this for -0.29R
Nice bar, shabby location,

Not the first time I have been blinded by a nice bar, and not given the location equal importance.

Trading a bar and forgetting the location is like dating someone because they look hot and completely ignoring the fact that they are a psychopath. it never ends well

For the record I'm re-posting the chart with all the potential trouble areas marked, There are far too many for the trade to be justified, I wouldn't take it again.
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  • #69,714
  • Jul 26, 2010 12:43pm Jul 26, 2010 12:43pm
Quoting Adilius07
Caeser, may I please ask. 4+ years trading this method still not enough no leave day job?
I hope you have a huge pot of cash or your outgoing expenses are very low if you want to quit your day job in 4 years. Apologies if you are already trading full time earning a fortune
  • #69,715
  • Jul 26, 2010 12:48pm Jul 26, 2010 12:48pm
Quoting fxprocessor
I hope you have a huge pot of cash or your outgoing expenses are very low if you want to quit your day job in 4 years. Apologies if you are already trading full time earning a fortune
yes I don't think people realize the commitment/money/living expense funds/health insurance/taxes/and everything else it takes just to quit any job you have. Forex can be very much a means to end but it doesn't mean you have to go from job to end. Build that nest egg up, save and grow. But I think a lot of traders know that it is important to have income coming in, or no pressure for that income(even over the course of a year) otherwise pressure = blowup account. And if your account is big enough to live off and support without that pressure that is great. But I know no trader that does it for a living that says I need to make X% a month or year to survive. Dangerous territory there. Careful all! I think we all get in this for the same, but quickly see the business mentality that we need(james outlines) otherwise trouble can be quickly around the bend. Sorry to crush any 10k to fulltime trading dreams.

Nice post too before Nick

Mike
  • #69,716
  • Jul 26, 2010 12:48pm Jul 26, 2010 12:48pm
Quoting fxprocessor
I hope you have a huge pot of cash or your outgoing expenses are very low if you want to quit your day job in 4 years. Apologies if you are already trading full time earning a fortune

If you are running a business for 4+ years and it gives you no profit.... It is not a business it is just a game or hobby.
Consider those 3+ years of "preparation"...This is defenitely not being a business then...
No offence
  • #69,717
  • Jul 26, 2010 12:48pm Jul 26, 2010 12:48pm
Quoting Jonnyislost
I cut this for -0.29R
Nice bar, shabby location,

Not the first time I have been blinded by a nice bar, and not given the location equal importance.

Trading a bar and forgetting the location is like dating someone because they look hot and completely ignoring the fact that they are a psychopath. it never ends well
you seem to talk from experience ...
meine augen sind die sterne
  • #69,718
  • Jul 26, 2010 12:53pm Jul 26, 2010 12:53pm
Quoting Adilius07
If you are running a business for 4+ years and it gives you no profit.... It is not a business it is just a game or hobby.
Consider those 3+ years of "preparation"...This is defenitely not being a business then...
No offence
what if it takes you 3 years to be profitable? what about 4? 5? how about 8? like it took Jim the man who started this thread.

Just something to ponder

Mike
  • #69,719
  • Jul 26, 2010 12:58pm Jul 26, 2010 12:58pm
Quoting Adilius07
If you are running a business for 4+ years and it gives you no profit.... It is not a business it is just a game or hobby.
Consider those 3+ years of "preparation"...This is defenitely not being a business then...
No offence
If that's how you see it who am I to argue. All the best.

Fxp
  • #69,720
  • Jul 26, 2010 1:06pm Jul 26, 2010 1:06pm
Quoting aserbfx
you seem to talk from experience ...
Chart time, a business like approach and common sense is what builds healthy experience. Johnny knows it, and he sure is traveling at a decent velocity down the road of success.

System hopping, trying out different things simultaneously, over trading are just a few of the common factors that cause the learning to slow down. Been there, done that.

A clean thinking process, and a solid plan built like the steps of a ladder - each stepping a little higher than the preceding one, amazingly works better than trying to be the hero and keeping up with 5 demo accounts, each with a different system (or trade management plan) running on it.

This stuff is unbelievably simple - so simple it can actually hoodwink you to believe "duh! Can't be as simple as that, I gotta throw in some voodoo, to ride the same boat as the big guns in the business"

 It's amazing how some of you guys have clearly "got it" and have been progressing with this stuff.



g.
I believe . . .
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