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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

  • #72,321
  • Edited 4:15am Aug 20, 2010 4:04am | Edited 4:15am
Quoting Adilius07
Hello Traders,

I have a serious problem here with being picky. That is if you really think about it, there is almost ALWAYS a series of FTA (first, second, third etc) on your way. It is sometimes looks as traders on purpose or not just ignore some FTA levels, so to make the setup tradable... but a better look (being more picky) will reveal many many FTA's being so close that setup would look really foolish.

What am I doing wrong? This is really difficult to be picky for me. Because I either have to skip every trade that is 1) good bar 2) good...
Welcome to being a picky traders Adilius. Your fustrations will pass when you catch a Mike A+ trade with Size, Space and structure, etc and it goes for a 1000 pips.

But it a setup looks good in size, structure but not Space, etc. manage it tightly, move to break even quickly and see what happens . .other than that. the waiting continues. . .


Edit : Nice post Jonny
Indicators show the past. Price Action "Indicates" the future.
  • #72,322
  • Aug 20, 2010 4:08am Aug 20, 2010 4:08am
Thank you Pinbar and Jonny. On your charts (Pinbars' second chart) where there is just one bar prior to setup - this I would consider the perfect setup (no traffic at all) - but man this would happen really really rare. And I would miss on many trades?

Also, Pinbar. I think your are right about monitoring open/closes too. If you think of it - a simple Line chart only shows open/closes, so as I heard from a mentor before those levels are equally important to hi/lo. - but in this case we would have EVEN MORE trouble areas!!!

So either as you and Jonny show in an example ( just one bar prior to setup) or I would have to ignore some FTA's based on my gut feeling and just try to apply MM ( i.e. being quick with BE)....

A lot of thinking to do for me...
  • #72,323
  • Aug 20, 2010 4:09am Aug 20, 2010 4:09am
Quoting Pinbar
Yeah, I have had my eye on this confluence.

Even I saw it......LOL

I was lining up the two consecutive and opposing pins on the Monthly Gbp/Usd back in early 2008 as KissFan stated in his post.
Indicators show the past. Price Action "Indicates" the future.
  • #72,324
  • Aug 20, 2010 4:12am Aug 20, 2010 4:12am
Quoting jarroo
Welcome to being a picky traders Adilius. You fustrations will pass when you catch a Mike A+ trade with Size, Space and structure, etc and it goes for a 1000 pips.

But it a setup looks good in size, structure but not Space, etc. manage it tightly, move to break even quickly and see what happens . .other than that. the waiting continues. . .


Edit : Nice post Jonny
Thank you Jarroo! So you mean that is how it is SUPPOSED TO BE?

Ohh then being picky is much harder than I first thought....
  • #72,325
  • Aug 20, 2010 4:16am Aug 20, 2010 4:16am
Quoting jarroo
I was lining up the two consecutive and opposing pins on the Monthly Gbp/Usd back in early 2008 as KissFan stated in his post.


In 2008? All I can say is, WoooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooW




Jarroo

I think these clear highs 7 lows had something to do with pricce taking off after it tested this area.
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  • #72,326
  • Aug 20, 2010 4:16am Aug 20, 2010 4:16am
Quoting Adilius07
Thank you Jarroo! So you mean that is how it is SUPPOSED TO BE?

Ohh then being picky is much harder than I first thought....
I believe this is just a certain stage/period on your trading path...

What doesn't kill you only makes you stronger!
  • #72,327
  • Aug 20, 2010 4:21am Aug 20, 2010 4:21am
Quoting Adilius07
Thank you Jarroo! So you mean that is how it is SUPPOSED TO BE?

Ohh then being picky is much harder than I first thought....

Hate to break it to you like this Adilius but pretty much.

But there are many ways to skin a cat . .there is multi bar breakout trades and pattern breakout / pullbacks setups and many other thing to look for while waiting for that A++ trade.
Indicators show the past. Price Action "Indicates" the future.
  • #72,328
  • Aug 20, 2010 4:22am Aug 20, 2010 4:22am
Quoting mihazupan1
I believe this is just a certain stage/period on your trading path...

What doesn't kill you only makes you stronger!

Yeah, that is why we demo not till we think we know, but until we KNOW we KNOW!

Right now, I know I don't know, for sure.

I am seeing signs of a few things clicking in but, I am not there yet even with the 3 month demo being positive, it means nothing till it really clicks.

More study, thank the stars that this is so much fun.
  • #72,329
  • Aug 20, 2010 4:23am Aug 20, 2010 4:23am
Quoting jarroo
Oh .. ok Thanks

I guess you could just take the break of the range . .SOn OF a Bi***

Monthly PBs Gbu/Usd
LOL!!! Works huh? What a move! Here is an update to my last chart. Yes, you could take the break of the range if you see room for the trade to run and give you a good reward vs risk. (Like I have to explain that to a veteran like yourself.) LOL!!

K.I.S.S.
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  • #72,330
  • Aug 20, 2010 4:27am Aug 20, 2010 4:27am
Quoting Adilius07
I would have to ignore some FTA's based on my gut feeling and just try to apply MM ( i.e. being quick with BE)....
I like to separate trouble areas into Major one's and Minor ones,
A minor one might just be just a single prior bar high or low, and although they can never be ignored, I think it's reasonable to assume that if the bar is large enough, it should be able to overcome these areas without too many problems.
a Major trouble area might be a specific level or zone that has acted as both multiple support and resistance in the past. It's these levels I think of as "action areas" as usually at these levels I start to reduce risk, or even just take profits.
Obviously we don't want to be taking a trade directly into a Major area, but I think if the PA and location is strong enough, a Minor trouble area wouldn't scare me out of a trade.

Jonny
  • #72,331
  • Aug 20, 2010 4:28am Aug 20, 2010 4:28am
Quoting Pinbar
In 2008? All I can say is, WoooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooW




Jarroo

I think these clear highs 7 lows had something to do with pricce taking off after it tested this area.

wow is right . .lol

Yeah, there wasn't much of a retrace on that BEOB. But yes I think you nailed it where it had trouble retracing or why the retrace was short lived.
Indicators show the past. Price Action "Indicates" the future.
  • #72,332
  • Aug 20, 2010 4:33am Aug 20, 2010 4:33am
Quoting Jonnyislost
I like to separate trouble areas into Major one's and Minor ones,
A minor one might just be just a single prior bar high or low, and although they can never be ignored, I think it's reasonable to assume that if the bar is large enough, it should be able to overcome these areas without too many problems.
a Major trouble area might be a specific level or zone that has acted as both multiple support and resistance in the past. It's these levels I think of as "action areas" as usually at these levels I start to reduce risk, or even just take profits....

Thanks makes perfect sense yes. I was also noticing that prior hi/lo are FTA's but many times could be taken if setups is good. So again I would need to be more picky and quickier with moving my SL.

Space, Structure, Size, Location and Trade and Money management!!!
  • #72,333
  • Aug 20, 2010 4:34am Aug 20, 2010 4:34am
Quoting KissFan
LOL!!! Works huh? What a move! Here is an update to my last chart. Yes, you could take the break of the range if you see room for the trade to run and give you a good reward vs risk. (Like I have to explain that to a veteran like yourself.) LOL!!

K.I.S.S.

Cool stuff Kiss-Man . .I'll definitely check it out.
Indicators show the past. Price Action "Indicates" the future.
  • #72,334
  • Aug 20, 2010 4:39am Aug 20, 2010 4:39am
Looks like KISSFAN is one of those BAKED people.


EDIT! Ooopps...NAKED, that was....Not BAKED!

BAKED, is ME!
  • #72,335
  • Aug 20, 2010 4:41am Aug 20, 2010 4:41am
Quoting mihazupan1
Just kidding

Great example though. It's even more obvious on the lower time frames that you posted.

Price does have a story to tell . . one of the many things I've learned from Mike. The main plot is Support and Resistance, . .PPZ levels.
Indicators show the past. Price Action "Indicates" the future.
  • #72,336
  • Aug 20, 2010 4:44am Aug 20, 2010 4:44am
Quoting Pinbar
Looks like KISSFAN is one of those BAKED people.


EDIT! Ooopps...NAKED, that was....Not BAKED!

BAKED, is ME!

Lol What?? . . time to run through a sprinkler, Pb . .lol
Indicators show the past. Price Action "Indicates" the future.
  • #72,337
  • Aug 20, 2010 4:57am Aug 20, 2010 4:57am
Quoting Pinbar
Looks like KISSFAN is one of those BAKED people.


EDIT! Ooopps...NAKED, that was....Not BAKED!

BAKED, is ME!

LOL!!
  • #72,338
  • Edited 5:37am Aug 20, 2010 5:24am | Edited 5:37am
Hey buddies, your comments are welcome.
Thanks.
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  • #72,339
  • Aug 20, 2010 5:38am Aug 20, 2010 5:38am
I did take this and now at BE. But next time I would skip something like this probably. The FTA was way to close... Or maybe was ok, still not sure...


Quoting Adilius07
This looks like it could be a good candidate for IB long off BRN.
Note the previous bar has failed to break this BRN.
Any comments?
http://www.forexfactory.com/attachme...8&d=1282249576
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  • #72,340
  • Aug 20, 2010 5:50am Aug 20, 2010 5:50am
Quoting xmzhang
How about the BUOB on the daily Loonie ? BUOB closed above PPZ at the 10400 and off the 62 fib. level. FTA is at 10460-ish, last week price got rejected by this level, will price this time succeed to breach this level and then reach the 10500 ? Looking at the big bullish daily bar of today I think it might. Let's see how this plays out.

May the force be with you,
4h chart from yesterday was good entry with a close above 13000, BUOB candle from Low then off to the races
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