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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

  • #69,821
  • Jul 27, 2010 7:46am Jul 27, 2010 7:46am
Oh what about this Knife technique, is there a way I can get familiar with it?
At least some general concepts. Or it is only in the PF?
  • #69,822
  • Jul 27, 2010 7:48am Jul 27, 2010 7:48am
Quoting jopollin

The SR is probably the most important thing a trader needs, bar none.

Could not agree more and no statement is more true. Supply/demand is EVERYTHING.

Your posts are all well said Jopollin.

I just prefer PA as confirmation to my S/R analysis. I play breakouts and look for PA on the pullbacks(but I guess you know that lol). My goals/trade plans I guess are more conservative then most.

Do what works!

Mike
  • #69,823
  • Jul 27, 2010 7:52am Jul 27, 2010 7:52am
Quoting Rustam
Anyone long USD/CAD? I entered on the break of the 4H PB. it was on a PPZ and 1.03 BRN. FTA is 1.035. It's always easy to comment in hindsight so I thought i'd post it as soon as I took it I know it's not a great setup but is it one that you can still take as long as youre conservative or is it best to avoid it alltogether an wait for a better one?
Nice Rustam, I passed as I was too busy enjoying the forum exchange/banter, watching my GBP/CAD climb and I had an FTA @ 10325 so exercised caution.

We may get another crack at it.
In retrospect we learn. In perspective we earn.
  • #69,824
  • Jul 27, 2010 7:53am Jul 27, 2010 7:53am
Quoting Rustam
Anyone long USD/CAD? I entered on the break of the 4H PB. it was on a PPZ and 1.03 BRN. FTA is 1.035.
My chart looks a bit different and the 4 hour bar should finish in 10 min, but still with my limited knowledge i see a BUOB. Is this correct?
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  • #69,825
  • Jul 27, 2010 7:53am Jul 27, 2010 7:53am
  •  Jey
  • | Joined Jun 2009 | Status: Market Slave-Overworked/Underpipped | 283 Posts
Quoting mbqb11
Could not agree more and no statement is more true. Supply/demand is EVERYTHING.

Your posts are all well said Jopollin.

I just prefer PA as confirmation to my S/R analysis. I play breakouts and look for PA on the pullbacks(but I guess you know that lol). My goals/trade plans I guess are more conservative then most.

Do what works!

Mike
Here is what works for me. S/R, S/R and more S/Rs...

I used the break of the previous 4 weeks stubborn SR and made a cool 560+
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I have seen the enemy, and it is me.
  • #69,826
  • Jul 27, 2010 7:54am Jul 27, 2010 7:54am
Quoting jopollin
Hang on... you average up to 10% per month using just pins and outside bars on SR?

Would you elaborate?
I must admit I chuckled a good bit at that last question. There's about seventy thousand responses elaborating this.
  • #69,827
  • Edited 9:33pm Jul 27, 2010 7:59am | Edited 9:33pm
Quoting XNAdam
I must admit I chuckled a good bit at that last question. There's about seventy thousand responses elaborating this.
haha

whoops missed that, but yes this is what I do what you see is what you get(I don't go much into my intraday methods or breakouts much here but they are all a form of PA and S/R). I am very picky, My goal is to keep my variance down as much as possible. I don't care if I have a losign month, or a winning month it doesn't change my approach and those are simply broad goals.

Some people are happy with 2% on avg(heck that is going to shatter most funds and can make you some serious cash). Some are not happy with anything less then 20% per month and they don't mind a higher variance. Risk/returns etc such a personal thing and why I stay away from it. Maybe that was a can of worms I should have kept closed lol

Best
Mike
  • #69,828
  • Jul 27, 2010 8:10am Jul 27, 2010 8:10am
Did you go long immediately when price moved above previous resistance, or did you wait for the bar to close above it, then retrace to enter?
  • #69,829
  • Jul 27, 2010 8:13am Jul 27, 2010 8:13am
  •  Jey
  • | Joined Jun 2009 | Status: Market Slave-Overworked/Underpipped | 283 Posts
Quoting manperm
Did you go long immediately when price moved above previous resistance, or did you wait for the bar to close above it, then retrace to enter?
Entered on retrace.
I have seen the enemy, and it is me.
  • #69,830
  • Jul 27, 2010 8:15am Jul 27, 2010 8:15am
I just remembered this post as well:

http://www.forexfactory.com/showpost...ostcount=45536

So it has been discussed in here even by the man himself
  • #69,831
  • Jul 27, 2010 8:35am Jul 27, 2010 8:35am
Quoting jopollin
Mike, my point was that YOU can make that kind of return because you use smaller timeframes.

Newbies sticking to daily/weekly have no chance as there just aren't that many decent pinbars etc in the world of FX.

And most people trade FX because they cannot afford to trade anything else.

You need to drill down to lower timeframe, like you Mike, if you want to really grow an account before you die.
I trade majority of my trades on the 4hr, so how small of a timeframe that is, debatable. I spend very little time trading.

we have beat the living dead horse out of the daily/weekly thing so I won't even go there .

Summary: Daily/weekly will give most the tools to help succeed wherever their trading takes them. Discipline, patience instead of over trading and button clicking. Some will NEVER and have never left those timeframes b/c they do just fine taking a handful of trades. Others watch 100+ markets daily/weekly have full time jobs and grow an account. Others move down every scenario is out there.

Gonna end this whole thing before I get to drained before my webinar(not in a bad way just need to save some energy).

Do whatever works for you guys/gals. If you are happy then I am happy haha

Mike
  • #69,832
  • Jul 27, 2010 9:04am Jul 27, 2010 9:04am
Hey guys

New to the thread. Thanks for all the insightful input from you experienced traders! Going to attempt some of this longer term price action trading. Haven't posted on FF before and I tried to attach an image of the chart I'm talking about but the file size was too big and I'm not sure how to reduce it, so you'll have to look at your own charts. Yesterday a pretty decent 4hr pinbar formed on gby/jpy, it was at what seemed to be a solid resistance level, 135.50-70, if you look it held solid on multiple occasions. Anyways, I shorted the pinbar at a 50% retracement, and as you can see the beast shot up, stopped me out. Would love any thoughts or insight into the position I took.

P.S. - know that time zones/mt4 brokers vary so bars don't print the same, I'm using fxdd as my mt4, 4hr candle closes 1pm, 5pm, est. ect.

Thanks!
  • #69,833
  • Jul 27, 2010 9:06am Jul 27, 2010 9:06am
Quoting mbqb11
I trade majority of my trades on the 4hr, so how small of a timeframe that is, debatable. I spend very little time trading.
you catch this one bro?

1% risk, 0.99R. Stop loss trailing under each 4hr bar low until breakeven.
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Many choose unhappiness over uncertainty.
  • #69,834
  • Jul 27, 2010 9:08am Jul 27, 2010 9:08am
Quoting True777
Anyways, I shorted the pinbar at a 50% retracement, and as you can see the beast shot up, stopped me out. Would love any thoughts or insight into the position I took.

wait for the break of the signal bar. Also, keep an eye on the news releases on the front page of forex factory.

if you can begin to understand news, and price action combined, it's lethal in my opinion.

don't trade news, but definitely watch it so you can understand what's happening.
Many choose unhappiness over uncertainty.
  • #69,835
  • Jul 27, 2010 9:10am Jul 27, 2010 9:10am
Quoting mbqb11
I just remembered this post as well:

http://www.forexfactory.com/showpost...ostcount=45536

So it has been discussed in here even by the man himself

These are those touch trade setups? I wanna learn them too...
  • #69,836
  • Jul 27, 2010 9:10am Jul 27, 2010 9:10am
Quoting True777
Hey guys

New to the thread. Thanks for all the insightful input from you experienced traders! Going to attempt some of this longer term price action trading. Haven't posted on FF before and I tried to attach an image of the chart I'm talking about but the file size was too big and I'm not sure how to reduce it, so you'll have to look at your own charts. Yesterday a pretty decent 4hr pinbar formed on gby/jpy, it was at what seemed to be a solid resistance level, 135.50-70, if you look it held solid on multiple occasions. Anyways, I shorted the pinbar...
Hey True

Welcome to the thread

I went through my 4 timezones and couldn't find any playable pins where I think you are looking. I found a smaller BEOB but my analysis should still apply.

Very sideways market overall, look how choppy price has been. This should be your first hint that price is likely to bounce around at first trouble areas. Directly under us you can see 134.50 is a recent PPZ and round number. And finally the recent momentum was strong to the upside, which means shorting into this with the traffic and overall sideways market is likely to have a bounce at this first area.

Hope that helps
Mike
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  • #69,837
  • Jul 27, 2010 9:11am Jul 27, 2010 9:11am
Quoting Dan Gilbert
you catch this one bro?

1% risk, 0.99R. Stop loss trailing under each 4hr bar low until breakeven.
Nice one Dan, nope I would have needed a lower low on the BEOB into that former double bottom. Good one though
  • #69,838
  • Jul 27, 2010 9:14am Jul 27, 2010 9:14am
Quoting Rustam
Anyone long USD/CAD? I entered on the break of the 4H PB. it was on a PPZ and 1.03 BRN. FTA is 1.035. It's always easy to comment in hindsight so I thought i'd post it as soon as I took it I know it's not a great setup but is it one that you can still take as long as youre conservative or is it best to avoid it alltogether an wait for a better one?
I'm keeping my eye on the daily chart for USDCAD now.

Crude oil looks like it's making a big BEOB on the daily at a potential double top there, so I would definitely consider going long on USDCAD depending on how the markets close up today in the US....

I will kill the trade pretty easily if the momentum dies off quick though. The best offense is a good defense.
Many choose unhappiness over uncertainty.
  • #69,839
  • Jul 27, 2010 9:21am Jul 27, 2010 9:21am
Did anyone catch this ?

This market is playing funny buggers, with heavy traffic overhead i thought best to stay out but its worked into its trouble area quite well.

Tough market we have at the moment ...

Any thoughts on yes or no for this one ?
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  • #69,840
  • Jul 27, 2010 9:28am Jul 27, 2010 9:28am
Quoting mbqb11
Nice one Dan, nope I would have needed a lower low on the BEOB into that former double bottom. Good one though
thanks bro. My confidence has increased 10 fold lately due to reading van tharps book, and how he put into perspective the idea of cutting losers short, and letting winners run. His display of why human beings tend to accept big loss and be resistant to winning was quite an eye opener lol.

We good now
Many choose unhappiness over uncertainty.
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