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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

  • #70,801
  • Aug 7, 2010 11:36am Aug 7, 2010 11:36am
Quoting jdcabona
What is a FTA Line ??

THX!
First Trouble Area.
I believe . . .
  • #70,802
  • Aug 7, 2010 11:44am Aug 7, 2010 11:44am
Quoting Jonnyislost
Wheat 2 Day Pin,

Not sure if it's big enough
I have a thing against extra ordinary bars. And it's definitely not the R:R. Maybe it's got to do with the fact that looking at a bar like this makes me feel "I am trying to create something in an abnormal market situation".

Maybe it's just a superstition but I really just can't take that trade. lol
I believe . . .
  • #70,803
  • Aug 7, 2010 12:28pm Aug 7, 2010 12:28pm
Quoting ghous
I have a thing against extra ordinary bars. And it's definitely not the R:R. Maybe it's got to do with the fact that looking at a bar like this makes me feel "I am trying to create something in an abnormal market situation".

Maybe it's just a superstition but I really just can't take that trade. lol
without reading any other post but yours, i tend to agree with your superstition.

i know in the past i have seen that people have traded hilariously big outside bars as if thats what they spend all day waiting for. to me it would be about RR, and to see someone factor in the huge size of the bar to create their position size and then move their stop up out of being anxious, it seems wasteful and backwards. its like paying 100,000,000 dollars for great live insurance and then living in your panic room. abnormally huge bars are funny to me.
  • #70,804
  • Aug 7, 2010 1:10pm Aug 7, 2010 1:10pm
Quoting pmn100
Attachment

Hmm, wheat.

The harsh weather has destroyed one-fifth of the wheat crop in Russia, which is currently the world's third major exporter of the grain.

Alexander Belyayev, the deputy agriculture minister, said this year's harvest would reach 70-75 million tonnes, compared to the 97 million raised in 2009.
Wildfires are also sweeping the country, threatening to further destroy wheat harvests.

The director of a small state farm outside Moscow said fire destroyed its entire wheat crop one night before they planned to harvest.
"The fruits of the year's labour of the farm went up in smoke - this is very painful," Pavel Grudinin, director of the Lenin State Farm, said on Russian television.
Concerns about Russia, coupled with a drought that has also hit Ukraine and Kazakhstan as well as a low harvest in Canada, have caused concerns about a shortage of wheat and the subsequent food price rises that could cause.
Speaking to Al Jazeera, Caroline Hurford from the UN World Food Programme, said: "Clearly it's very worrying because we're entirely dependant on donations and therefore we can buy less [wheat] with the donations if the prices goes up.
"Wheat is one of the major purchases that we make internationally, it's a third of what we buy in terms of commodities.
"Ninety-five per cent comes from the Black Sea region, that's Russia, Ukraine and Kazakhstan, which are huge wheat producers."


Russian Prime Minister Vladimir Putin announced a temporary ban on grain exports after a drought devastated much of the country's crop, according to media reports.
The Russian ban is slated to take effect Aug. 15 and last through December.
  • #70,805
  • Aug 7, 2010 4:07pm Aug 7, 2010 4:07pm
Quoting mbqb11
Excellent sak!
Hopefully slow and steady with patience it will work out.
  • #70,806
  • Aug 7, 2010 5:51pm Aug 7, 2010 5:51pm
Quoting cprao
I am not sure they really qualify for a trade or not. however, I see a PB on
weekly USDMXN (FXDD) and weekly NZDCHF(IBFX).

Anyways, thank you for the indicator,, that is great.. very helpful.

Thanks for the input.
I stay away from enormous spreads over 7 pips and 54 piups spread is totally unthinkable for me right now.


I see what you mean though.
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  • #70,807
  • Aug 7, 2010 6:16pm Aug 7, 2010 6:16pm
Quoting Pinbar
Thanks for the input.
I stay away from enormous spreads over 7 pips and 54 piups spread is totally unthinkable for me right now.


I see what you mean though.
I am with you on this spreads. I realized that I can't be trading in FXDD except major pairs.

The spread in FXDD for some pairs is very high for ex - AUDNZD it is 11 pips where as in FXCM micro it is 6 pips.

The challenge with this PA method is we need to watch more pairs and trade more pairs. If we need to trade more pairs, we need to have spread to our advantage. Thats the reason, I am looking to trade with couple of brokers depends on the spread.

Edit: USDNXN pin is not tradable, since it is running into weekly resistance. Your chart is also showing the same thing.
  • #70,808
  • Aug 7, 2010 9:13pm Aug 7, 2010 9:13pm
Hi guys.... I hope all of you are in the disco now.. but when you comeback please tell me something about this one..
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  • #70,809
  • Aug 7, 2010 10:50pm Aug 7, 2010 10:50pm
I finished reading your thread Jim. It was very interesting to read about your journey. I was inspired to back test your style of trading (price action usage; such as, double tops, double bottoms, pin tops, etc.) on a gbp/jpy day chart. The results of my price action trading were amazing! I simply scrolled to a random place in the chart and started back testing your theories. After about 100 back test trades, my win to loss ratio stood at 82:18! Nearly 80% win rate, with only using price action! No news, no trend lines, no mvas, emas, or anything of that nature. My human eyes and the PA were my only indicators. I'd like to thankyou for your help and guidance. My knowledge and tools that I can use within my own trading has been greatly advanced.
Keep it simple stupid
  • #70,810
  • Aug 7, 2010 10:55pm Aug 7, 2010 10:55pm
Quoting ghous
The location isn't bad Aserb,

....
thanks for your comment.
let's say we take the trade and short below the beob. that will be at around 12.75 eur. the trouble areas are 0.25 and 0.5 eur away. the beob itself has a range of 0.5 eur. if you put your stop above the beob, this will result in a bad r:r.
so my plan will be as follow: if price breaks the low of beob, i will wait for retrace to the middle of the beob and short there, with a stop above the high of the beob. otherwise move on to the next opportunity...
meine augen sind die sterne
  • #70,811
  • Aug 7, 2010 10:57pm Aug 7, 2010 10:57pm
Quoting Arnaldo
Hi guys.... I hope all of you are in the disco now.. but when you comeback please tell me something about this one..
Hey Arnaldo, I'm new to FF as well. But to respond to your statement I'd like to give you some input about the chart you posted.

The current position will be going up because of the recent double bottom that just occured. Furthermore, the second bottom candle closed higher than the previous. And the current candle is above both of the two candles that make up the double bottom. That's even more verification of an uptrend to go long.

P.S.

What do you think it will do?
Keep it simple stupid
  • #70,812
  • Aug 7, 2010 11:04pm Aug 7, 2010 11:04pm
one more for discussion. to much traffic to the left?
cmcsa on daily.
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meine augen sind die sterne
  • #70,813
  • Aug 7, 2010 11:44pm Aug 7, 2010 11:44pm
Quoting Novak
I finished reading your thread Jim. It was very interesting to read about your journey. I was inspired to back test your style of trading (price action usage; such as, double tops, double bottoms, pin tops, etc.) on a gbp/jpy day chart. The results of my price action trading were amazing! I simply scrolled to a random place in the chart and started back testing your theories. After about 100 back test trades, my win to loss ratio stood at 82:18! Nearly 80% win rate, with only using price action! No news, no trend lines, no mvas, emas, or anything...
I believe . . .
  • #70,814
  • Aug 7, 2010 11:47pm Aug 7, 2010 11:47pm
and what about this?
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meine augen sind die sterne
  • #70,815
  • Aug 7, 2010 11:55pm Aug 7, 2010 11:55pm
Quoting Arnaldo
Hi guys.... I hope all of you are in the disco now.. but when you comeback please tell me something about this one..
Hi Arnaldo,

Assuming you are talking about the 2Month pin bar,

Quite a few things that would deter me from taking a trade on this one.

First you're obviously trying to catch a falling knife in going long on a so-so ( lacking close near the open and the tail isn't long enough) looking bar versus the huge move down.

Secondly you're trading right into the 115 BRN. Combine this with the fact that this month was not able to penetrate this level or close near or at it or better still above it, and you have enough reasons to to doubt the setup.

g.
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I believe . . .
  • #70,816
  • Aug 8, 2010 12:02am Aug 8, 2010 12:02am
Quoting aserbfx
one more for discussion. to much traffic to the left?
cmcsa on daily.
I'd say there is traffic above it.

There is a gap that needs some closing and should the pin bar break you might want to watch out for the bar lows marked, it's where the traffic 'begins'.

just my opinion.

g.
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I believe . . .
  • #70,817
  • Aug 8, 2010 12:12am Aug 8, 2010 12:12am
beob on daily. total.
closed below 40 usd.
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meine augen sind die sterne
  • #70,818
  • Aug 8, 2010 12:14am Aug 8, 2010 12:14am
Ghous!


I notice that you rarely seem to draw horizontal PPZ lines.

And just seem to use the rectangle function to mark off traffic.

Are you just eyeballing the PPZ on weekly and remembering them or just eyeballing the areas on the TF you are working on?

Looks really simple compared to what I am doing but then again, of course you have practiced a lot.




Note in the daily chart I still have that horrifying feeling, I am missing PPZ at the green rectangle areas.

Any tips appreciated.
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  • #70,819
  • Aug 8, 2010 12:21am Aug 8, 2010 12:21am
can someone comment on this? are the fibs not correct?
thanks.

http://www.forexfactory.com/showpost...postcount=7167
meine augen sind die sterne
  • #70,820
  • Aug 8, 2010 12:29am Aug 8, 2010 12:29am
Quoting aserbfx
can someone comment on this? are the fibs not correct?
thanks.

http://www.forexfactory.com/showpost...postcount=7167

Hey, that is my chart....

Where were these comments made?


Ok, I found the thread.
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