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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

  • #74,861
  • Sep 15, 2010 6:16am Sep 15, 2010 6:16am
Quoting Hitchhiker
Just logged on in my lunch break. You would have thought it could have been carried out less transparently?.
The more traders move the market the less they have to spend
  • #74,862
  • Sep 15, 2010 6:27am Sep 15, 2010 6:27am
Quoting dfumagalli
I think I am finally getting in the mindset to "wait for best setups", to observe pairs and so on.
This style should do very well with me as I don't have to babysit trades like a daytrader (plus I don't know a single daytrader who profits enough to earn a living and can prove it).

Still, I have a very pressing question that I don't know how to solve.
Is here anyone living in Europe, that has a regular job and still manages to trade?
Regular jobs have this nasty attitude at overlapping the good trading hours (they fire me if I trade at work)...
Hello, i have a regular job, and trading but i mostly limit myself to the H4 and D1 charts, its true the best or volatile times is when im at work, but it also has a benefit that i stay away from temptation of over-trading and trading at low TF and i can focus at work. I read forex news after work, look at ff calendar, look at H4 and higher charts, place a trade and still enjoy life. I mostly trade EUR/USD and USD/JPY so far and i close trades after 2 3 days.

Well that is my way of trading that fits to my life and priorities. I learned that I should try out what suits my life not the market. The market is there its not going away. But my time is, i should be working now.
  • #74,863
  • Sep 15, 2010 6:49am Sep 15, 2010 6:49am
I recently started charting gold and silver so that I can have another market to observe PA. Does anyone know of any good resources on trading metals or anyone who offers a demo account?
  • #74,864
  • Sep 15, 2010 6:54am Sep 15, 2010 6:54am
Quoting supremeChaos
of course, that's what u think.
(imho) we do not have the luxury or talent to acquire the knowledge which u have acquired/inherently have, at your current age
Ha. Misplaced arrogance and insomnia are easily acquired by anyone

Quoting anderou
Sorry for maybe unintentionally making the mood in here a bit tense.
If we all agreed on everything, none of us would make any progress. As you said, if even one person reads a post and re-examines the way they approach something, it's time well spent imo.

Quoting dfumagalli
Regular jobs have this nasty attitude at overlapping the good trading hours (they fire me if I trade at work) so I end up having from 4pm GMT to 10pm GMT as only times I can start my platform and trade.
I hear a rumour that netbooks and/or smartphones can help with problems like these

I've also seen someone who has their platform set up to export a range of charts into jpgs and email them to his work address, automagically at NY close each day. That kind of IT ninjary is way beyond my sphere of knowledge, but there are some people here that could probably do it without breaking a sweat. Possibly something to look into.

Assuming MT4 lets you do all that - I dont know what platform he was using.
When you have to shoot, shoot. Dont talk.
  • #74,865
  • Sep 15, 2010 7:00am Sep 15, 2010 7:00am
Hello Donkey,
FXPro (among others) has Gold & Silver.
  • #74,866
  • Sep 15, 2010 7:05am Sep 15, 2010 7:05am
Quoting meghasl
Hi,

I'm a newbie learning forex for past 6 months. I have been following this thread for past one month.

James, Mike and Jaroo, I don't have words to thank you for your great and tireless effort.

Megha from Sri Lanka
Welcome Megha, hope to see you posting more
  • #74,867
  • Sep 15, 2010 7:13am Sep 15, 2010 7:13am
Quoting dabbledave
Hi guys/gals,

Question for the experienced/successful PA traders on here:

How many pairs do you scan and trade on day-in, day-out basis?

1, 5, 20, 50?

Cheers,

D
Hey D

I watch roughly 30-35 intraday (4hr and lower) and 60+ on the daily/weekly

You will find a large variance in this answer for sure
Mike
  • #74,868
  • Sep 15, 2010 7:26am Sep 15, 2010 7:26am
Quoting mbqb11
Hey D

I watch roughly 30-35 intraday (4hr and lower) and 60+ on the daily/weekly

You will find a large variance in this answer for sure
Mike
At first glance those might seem like alot but once you realize that majority are filtered out very fast because they don't even come close to being A+ setups those 60+ pairs are significantly decreased and then you zoom in on the ones that might have a A+ setup forming and its filtered even more.
  • #74,869
  • Sep 15, 2010 7:43am Sep 15, 2010 7:43am
Quoting anderou
Here is the exact list that I keep in my journal:

-Follow your rules exactly(rules are kept in different journal)
-Take A+ setups
-Keep my admin of trades updated daily
-Stay positive
-Make x% per week(I daytrade exclusively)
-Handle trade emotion constructively and make notes on it

Joel, I really respect you. Thanks for showing the other side of the coin I tossed.

My little list(minus the x%) can work for everyone. Hope you guys also have a list implemented.

Sorry for maybe unintentionally making the mood in here a bit tense

Quoting joelcf

I have no issues with these goals. They are all beneficial, if somewhat vague. My issue was only with setting arbitary financial performance targets that potentially could cause overtrading - or at the very least, reinforce bad behaviour.

Having goals is all well and good, as long as they are things people can work towards and achieve.

Once I got rid of this "-Make x% per week" from my weekly, monthly goals . . it made all the difference in the world. Concentrating on taking high quality setups ( be it A++ trades or setups having 3 to 4 supportive confluences, etc) . . no matter what the timeline . . is a goal eveyone should strive to achieve.

I got this from Mike, awhlie back, from one of his many posts on this subject . .it was an "AHA Moment" for me.


I do, however, strongly disagree with the statement below . .

Quoting joelcf
. . hell, ive racked up almost 700 posts without sayin much useful at all
Indicators show the past. Price Action "Indicates" the future.
  • #74,870
  • Edited 8:22am Sep 15, 2010 8:09am | Edited 8:22am
Quoting jarroo
I may be already in the 4 hour bar close . . .
Geppy did little better...

Sweet.... .... chocolate...

.
Attached File(s)
File Type: pdf Thank you BoJ.pdf   81 KB | 1,049 downloads
  • #74,871
  • Sep 15, 2010 8:12am Sep 15, 2010 8:12am
Quoting raczekfx
Geppy did little better...

Sweet.... .... chocolate...

.


What a great play Rac!!!

I gotta get my FxPro feed. LOL
  • #74,872
  • Sep 15, 2010 8:17am Sep 15, 2010 8:17am
I'm kicking my own ass over not getting on the GBPJPY.

I saw the set-up right before I went to bed last night, and said to myself "must be BOJ intervention, wild spreads, and can they keep figthing this unbelievable JPY strength".

Just look at the charts and follow what you see, K.I.S.S.!
  • #74,873
  • Sep 15, 2010 8:23am Sep 15, 2010 8:23am
  •  jdl
  • | Joined Oct 2006 | Status: going to master this or die trying | 101 Posts
Quoting raczekfx
Geppy did little better...

Sweet.... .... chocolate...

.
Chocolate for everyone, courtesy of BOJ Governor Shirakawa!!
  • #74,874
  • Sep 15, 2010 8:28am Sep 15, 2010 8:28am
Quoting raczekfx
Geppy did little better...

Sweet.... .... chocolate...

.

Yeah, it sure did . . I like the way the usd/jpy started from new lows.


That geppy 4 hour BUOB (PB looking) sure behaved properly . . hard break and retest of that break, etc.

Could be heading to the 135.00, although the 1.3400 may have something to say about that.
Attached Image(s) (click to enlarge)
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Click to Enlarge Name: gj4hhhdd.jpg Size: 109 KB
Indicators show the past. Price Action "Indicates" the future.
  • #74,875
  • Sep 15, 2010 8:37am Sep 15, 2010 8:37am
Quoting tubguy
What a great play Rac!!!

I gotta get my FxPro feed. LOL
It's just a couple of trades...

September is overall a very good month. Liquidity is back...
.
Attached Image (click to enlarge)
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  • #74,876
  • Sep 15, 2010 8:40am Sep 15, 2010 8:40am
Quoting raczekfx
It's just a couple of trades...

September is overall a very good month. Liquidity is back...
.
Nice results
Is this only today results or the September month?
  • #74,877
  • Sep 15, 2010 8:59am Sep 15, 2010 8:59am
Am i the only one in on this one? Not the strongest BUOB but i like the location and the massive confluence. I also like that the bar closed above brn. Im aware of the trouble areas and im gonna try to move my stop if price stall there. If i can i will try to hold this one for a while, i like the fact that we're now in an uptrend and i belive price just formed its first major swing low in this uptrend.
Attached Image (click to enlarge)
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  • #74,878
  • Sep 15, 2010 9:03am Sep 15, 2010 9:03am
Quoting jarroo
. . I like the way the usd/jpy started from new lows.


.
It was telling a story wasn't it?....

Too bad it didn't go down to 82.60... I had some more limits waiting...



Quoting john225
Nice results
Is this only today results or the September month?
since sept.1 /10
  • #74,879
  • Sep 15, 2010 9:18am Sep 15, 2010 9:18am
Quoting raczekfx
It was telling a story wasn't it?....

Too bad it didn't go down to 82.60... I had some more limits waiting...

since sept.1 /10

82.60 ? . . I can see the 83.60 but not the 82.60 . . hhmmm . .
Attached Image (click to enlarge)
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Indicators show the past. Price Action "Indicates" the future.
  • #74,880
  • Sep 15, 2010 9:40am Sep 15, 2010 9:40am
@Too many to list: a big thank you! I can use some injections of hope

I'd have another question since daily and weekly are not my "usual" 4h thing. How much time would I usually have to react on daily?

I.e. I see a pin bar, A+ setup blah blah. Shall I wait for the right "ear" to form before entering trade? How long would it usually take for that to form? 4-5 hours?

Thanks again
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