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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

  • #72,401
  • Aug 21, 2010 1:55am Aug 21, 2010 1:55am
Quoting dfumagalli
Hello,

I came back, but can't be "responsive" because the new members are locked out off several forum facilities and their posts are manually moderated one by one.

Edit: doh! It looks like I am not new member any more
yes, you are cool now I sent you a PM
  • #72,402
  • Aug 21, 2010 2:25am Aug 21, 2010 2:25am
Quoting Adilius07
yes, you are cool now I sent you a PM
I noticed you included even more than what I asked for. Thank you again.

----------------------------------------------------------------------


I want to tell my little story.

I am YAT, "yet another trader".
Trying to "enter the system" since years, having read gobs of books, having seen a fair share of Youtube tutorials, attended webinars, you know it.

Recently I came in contact with a trader coaching company (excuse me for my horripilant English, they did not teach it at school back then) and they teached me many useful things, but still their "system" was too much reactive and just felt somewhat innatural to me.
They stick to daytrading with no look of larger time frames and employ short term techniques (one of them is scalping, the others are not) that work but...

... I always felt like I was a pawn on The Greater Chess game.

I would be almost enslaved to indicators that would ALWAYS make me lose 30-40% of the big money making rallies because they lag behind.

I would almost feel like a little EA, "look here, it says 80%, now press X, then watch there, it says 70%, press Y".

Sticking religiously to the system indeed brings in small but consistent cash (which is already a GREAT boon considering the garbage seen sold for 10 times as much, all over the Internet), but it's like when you are hired to flip burgers: GREAT if you are unemployed but...

Then by pure random chance - since those coaching guys (correctly) hint people to check news for the day in order to stay on the side and not to get whipsawed - I stumbled upon FF.

At the bottom of a page, a link to "trading naked".

Convinced it was some funny thread about someone reduced in underpants by his trading performance, I clicked and read the thread. And then I don't recall how but I stumbled upon this thread and it was like seeing the Light.

A damn trading system that felt good on my skin, you know those karma things where you just know it's "the" thing you were searching for.

Finally a chance to enter early. Finally a chance not to be "5th Elliot wave pre-destined ignorant victim". Finally something where I could use my brain and plan a Risk-alike tactical game and not just stare at indicators like a monkey.

Now, I might discover I utterly FAIL at this other trading and go down, but at least I'll go down with a smile, doing what I feel natural.
  • #72,403
  • Aug 21, 2010 3:39am Aug 21, 2010 3:39am
Quoting The Lord
Hope you will provide with your update and trade management on this one. Very choppy. I think smaller SL is not a good idea. Rather smaller lot size with SL below the 2-day pin should be considered. Just my idea. I am very keen to see how you manage it.
another bad trade, seems FTA was much earlier as i afraided. Lesson for me - not to take trades when i have any doubts in it.
Actually i repeat that lesson time after time, time to learn something new....

There is a new friday PB, on one hand it's not sticking outside previous bars, on the other hand 60 BRN proves it is still very strong support. On weekly there is also pinnish bar, but i think i will look for other setups...

regards
oromek
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  • #72,404
  • Edited 10:12am Aug 21, 2010 6:56am | Edited 10:12am
Just some observations on weeklies....although I rarely trade them....and I really don't know why...maybe it's because I haven't gained the faith and/or I work and don't have the time to monitor them or stop loss can be large or yada yada yada...I thought I would throw these charts up as a learning experience to support the importance/power of the higher time frames and an earlier discussion we had this past week on BUOB/BEOB's and why I enter the trade on retrace to previous bar(s) sometimes prior to the break.

For the record, i usually play these on dailies, 8H, and 4H and consider myself very picky ---I have realised over my trading experience that this axiom is very important as James and seniors point out here ...for at least for me to be profitable....this may be a function of my past experiences that I did not have skill to to cut my losses short when I was trading less than stellar setups and thereby effecting my profits.

Being the weekend having some time to review the weeklies...there were several...not all pairs are posted but look and you will see where with BEOB's that price retraced to previous bar and then found the first target area...further if the BEOB was very strong that the retrace doesn't necessarily retrace to the prior bar, but to a bar that may be a bar or 2 previous to it.

Further, I know this is taken out of context of S/R, BRN, Confluence, etc. which is extremely important....but I just wanted to show the PA bars and what I have observed.

Oh another thing...the BEOB/BUOB on the weeklies...may not be true by definition...but are very close...I add this degree of leniency when looking at weeklies.

There were other weeklies pairs that show the same pattern...but i thought i tied up the thread enough...take a look if you want.

Any feedback appreciated...enjoy the weekend...cya,

Bill
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  • #72,405
  • Aug 21, 2010 7:30am Aug 21, 2010 7:30am
Hey ATC,
The weekly Eur-Chf did pull back to a previous bar low only this one wasn't quite as obvious as the others you posted. Price encountered during its pull back the low of weekly bar W25 firstly and bounced of this low.http://cdn.forexfactory.com/images/icons/icon10.gif

May the force be with you.
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Pipcrawler
  • #72,406
  • Aug 21, 2010 7:40am Aug 21, 2010 7:40am
Quoting Atc
Just some observations on weeklies....
Atc, this is a really interesting post. Thanks for sharing. I did go through each setup you show and I can see that you waited for weekly to break first and only then initiate trade on ret. So just one setup is missed which is nothing compared to advantage this strategy could give.

I have a question if you don't mind. When you wait for a ret to enter WHERE do you put your entry order? Right on PPZ or some pips before (how many 5-10?)
And how do you choose the right level - you don't know when price would stop to retrace. Or you just use fibo entry like .38 ?

Do you think just setting limit order to enter at .38 would be a good idea? I think I can add this to my trading plan, I like it.
Thank you.
  • #72,407
  • Aug 21, 2010 7:56am Aug 21, 2010 7:56am
Quoting Adilius07
Why don't you put some charts for all to enloy?
Hey Ad,
Here you are, enjoy, enjoy.http://cdn.forexfactory.com/images/icons/icon10.gif
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Pipcrawler
  • #72,408
  • Aug 21, 2010 8:00am Aug 21, 2010 8:00am
Quoting xmzhang
Hey Ad,
Here you are, enjoy, enjoy.http://cdn.forexfactory.com/images/icons/icon10.gif
Hey. Cool, with charts is always better you know
  • #72,409
  • Edited 9:12am Aug 21, 2010 8:18am | Edited 9:12am
Quoting mbqb11
my backside yes

tonight's beers will be for Argentina
cheers then
(a little late response i know )
  • #72,410
  • Aug 21, 2010 9:18am Aug 21, 2010 9:18am


Quoting xmzhang
Hey ATC,
The weekly Eur-Chf did pull back to a previous bar low only this one wasn't quite as obvious as the others you posted. Price encountered during its pull back the low of weekly bar W25 firstly and bounced of this low.http://cdn.forexfactory.com/images/icons/icon10.gif

May the force be with you.
  • #72,411
  • Aug 21, 2010 9:28am Aug 21, 2010 9:28am
I had a question about the pin bar formation. Was the pinbar invented in this thread or is the pin bar a formation that has been found in books or articles.

Thanks in advance
  • #72,412
  • Aug 21, 2010 9:46am Aug 21, 2010 9:46am
Quoting Adilius07
Atc, this is a really interesting post. Thanks for sharing. I did go through each setup you show and I can see that you waited for weekly to break first and only then initiate trade on ret. So just one setup is missed which is nothing compared to advantage this strategy could give.

I have a question if you don't mind. When you wait for a ret to enter WHERE do you put your entry order? Right on PPZ or some pips before (how many 5-10?)
And how do you choose the right level - you don't know when price would stop to retrace. Or you just use...
As an exercise take a look at theAUD/CHF....the retracement went past the past bar on the left...you would have had to absorb heat/drawdown if you had orders setup at the retracement bar to short

It is difficult to answer your question in regards to Fibs....do i use them yes...if they contribute with the retracement bar it lends more support to the trade...do I trade without them...yes but I will also look for the RN or BRN to support the trade .... to answer I look for other factors/confluences...remember though I have not done this on this large a time frame....I believe James and the seniors would say keep the wkly in mind and look to smaller time frames to enter or confirm the wkly setup...recently I believe I have seen Jaroo do this. He explained to someone earlier to wait for the break or not wait....check his posts this week...for you it is personal...do you want confirmation with the break and the retest or do you set your orders on a retrace without break confirmation...back test if you will...I would be interested to see what you think. Remember, a break is validation as they say.

Sometimes I wait for the break and sometimes I don't...look at the previous bars and they shall give clues to the story, set your fibs ...see what they say...look at RN, BRN,and what do they say...any confluence... how about MA's, and so on and so on.

Always trying to learn,

Bill
Hope this helps---maybe someone else can shed some light!
  • #72,413
  • Aug 21, 2010 9:51am Aug 21, 2010 9:51am
Quoting swingtraderf
I had a question about the pin bar formation. Was the pinbar invented in this thread or is the pin bar a formation that has been found in books or articles.

Thanks in advance
Wasn't first indentified here...the focus here is how, when and where to trade off them
  • #72,414
  • Aug 21, 2010 10:06am Aug 21, 2010 10:06am
  •  jdl
  • | Joined Oct 2006 | Status: going to master this or die trying | 101 Posts
Quoting Atc
I thought I would throw these charts up as a learning experience to support the importance/power of the higher time frames and an earlier discussion we had this past week on BUOB/BEOB's and why I enter the trade on retrace to previous bar(s) prior to FTA.

Bill
ATC, Thanks for the great examples, very insightful and helpful!
  • #72,415
  • Aug 21, 2010 10:10am Aug 21, 2010 10:10am
any insight to IPB wkly ?

would be interested in your comments on EUR/GBP wkly

kindly,

Bill
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  • #72,416
  • Aug 21, 2010 10:16am Aug 21, 2010 10:16am
Quoting jdl
ATC, Thanks for the great examples, very insightful and helpful!
Your welcome....remember test, test and retest....then manage, manage, manage

Just noticed a mistake I made on the initial post....i should have said sometimes i enter at the rertracement prior to the break of the signal bar....not the FTA---that was dumb mistake
  • #72,417
  • Aug 21, 2010 10:22am Aug 21, 2010 10:22am
Thank you Atc, for your reply. I will experiment with ret and will let you know. In regards to break I will absolutely wait for buoo/beob to break first, if there is no break it is not a valid setup for me.
  • #72,418
  • Aug 21, 2010 10:29am Aug 21, 2010 10:29am
Atc, sorry cannot put a quote from my iPad. But in regards to your weekly chart. You know I have noticed that IPB that is also an IB fail more. And when an IB has a PB structure (just like in your example) it tends to break to where it points. So in my plan ipb setup is valid only if it is not an IB at the same time. Hope that makes sense. Sorry to jump in, let's wait until Ghous reply.

Edit: I meant that the nose of IPB for me has to stick out above previous bar. Maybe I make too many rules for myself... Just want to learn to be picky.
  • #72,419
  • Aug 21, 2010 10:59am Aug 21, 2010 10:59am
ahhhh....i missed it...not sticking out...i see...still practicing these

Quoting Adilius07
Atc, sorry cannot put a quote from my iPad. But in regards to your weekly chart. You know I have noticed that IPB that is also an IB fail more. And when an IB has a PB structure (just like in your example) it tends to break to where it points. So in my plan ipb setup is valid only if it is not an IB at the same time. Hope that makes sense. Sorry to jump in, let's wait until Ghous reply.

Edit: I meant that the nose of IPB for me has to stick out above previous bar. Maybe I make too many rules for myself... Just want to learn to be picky.
  • #72,420
  • Aug 21, 2010 11:26am Aug 21, 2010 11:26am
Quoting Atc
any insight to IPB wkly ?

would be interested in your comments on EUR/GBP wkly

kindly,

Bill
Hey ATC,

I am looking at the more significant area near the 8000 BRN rather than those 2 bar highs, and this leaves me with a gut feeling that the bears may not have had their complete fun just yet.

I am looking at a long term up trend that entered into a wedge and only recently price broke out of it. It has since been giving lower lows and lower highs and and developing into a decent down trend.

Looking at the IPB itself, you gotta feel a bullish close would have been so much better, as it is now it feels more - like Adilius said - an IBish bar that is looking to break to the down side and test that last swing low price made (low of the pin bar near the 8000)

Again for IPBs specially the over all "mood" of the pair is of immense importance to me and I try and look beyond a single trigger bar and how sexy or ugly it looks.

As I see it price seems dearly interested in hitting that top of the consolidation box range which is roughly the the BRN area.

Just my 2 cents and how I look at the setup.

g.
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I believe . . .
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