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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

  • #76,461
  • Oct 5, 2010 1:11am Oct 5, 2010 1:11am
hey john welcome aboard.

this is not a problem per say its just part of the learning curve.

be patient.

dont get stressed.

give this thread your best for 6 months.

dont hurry things AND DONT TRADE WITH REAL MONEY UNTIL YOU GOT THE HANG OF IT.

THIS CAN BE FUN.

RELAX, TAKE YOUR TIME AND DEMO UNTIL YOUR PROFITABLE FOR A MINIMUM OF 3 TO 6 MONTHS IN A ROW.

Jim



Quoting john225
Hi
I have a problem every time i take a trade and it goes against me i think damn i have taken a PinBar against the Trend. The next time i think damn i have taken a PinBar which is to small.

I think that i need a trading plan like a checklist

Anyone here has a trading plan? If yes on which criterias are you looking for?
  • #76,462
  • Oct 5, 2010 1:12am Oct 5, 2010 1:12am
i like this a lot.

i "see" success coming.

jim

Quoting bee24
Before entering a trade, I think about my son. I think about his future. I ask myself do I want to do this right, or do I want to screw it all up. Might be an unusual thing to do, but it works for me to get my trading psychology in the right direction.

Anyway, here come the rules:

1. Preferably trade in the direction of the main trend (helps a bunch )
2. Take PA (specific bar) which is formed on important support/resistance (usually Big Round Number) or fib retracement. Don't just shoot blindly at any semi-PA bar.
3. Define your Stop Loss...
  • #76,463
  • Oct 5, 2010 1:18am Oct 5, 2010 1:18am
Quoting james16
CHART
Wow, I am matching with the "Big Man" Trades!
Took at the same point.
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  • #76,464
  • Oct 5, 2010 1:23am Oct 5, 2010 1:23am
Hi folks

Sold the Aussie yesterday and woke up to both trades hitting the TP

1. AUD - CAD BEOB at a SW High

2. AUD - NZD TBHLC at a SW High (Weekly PB)

I may consider getting in both again.

Although I think it was news driven both were at a good location and I traded what I saw using BRNs, SW Highs and PPZs.

Just following James' method I have 8 Winners, 2 Losers and 1 BE from a total of 11 trades in the past 4.5 weeks. I have taken the jump from Absolute Beginner to Beginner.

Thanks James 16
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  • #76,465
  • Edited 1:28am Oct 5, 2010 1:28am | Edited 1:28am
I have been following this thread a lot more closely over the past few weeks to really try and understand the concepts being taught here. I like simplicity and was drawn to ideas being discussed in the earlier pages. I feel I know what the helpful people are trying to achieve.

However the more I follow the more I am not certain what the core rules are?!

For example, we are being told to look at price action around key areas. Key areas feel like every point on the chart - Big Round Numbers, 50 or 61.8 Fib, Horizontal or Diagonal Trend Lines, Retrace or Bounce or Break Out. I can open up any chart and effectively find this everywhere!

I thought we were searching out long term trends but it seems there is so much analysis of daily bars with tight stops.

A lot of it feels so subjective - not just the analysis but trade management.

How can I overcome the above?

Can I apply these concepts to weekly charts?

Am I alone in my thinking here?

This is in no way criticism. I am trying my best to learn and apply this in my own trading.
  • #76,466
  • Oct 5, 2010 1:33am Oct 5, 2010 1:33am
Quoting dmuk
I have been following this thread a lot more closely over the past few weeks to really try and understand the concepts being taught here. I like simplicity and was drawn to ideas being discussed in the earlier pages. I feel I know what the helpful people are trying to achieve.

However the more I follow the more I am not certain what the core rules are?!

For example, we are being told to look at price action around key areas. Key areas feel like every point on the chart - Big Round Numbers, 50 or 61.8 Fib, Horizontal or Diagonal Trend Lines,...
You are very right.....because you never know what is going to happen....thats why position sizing and trade management is more important above any setup at any best location....IMHO
Anything can happen - You never know
  • #76,467
  • Oct 5, 2010 1:36am Oct 5, 2010 1:36am
Quoting Pinbar
EUR/GBP

Perhaps we should not let the EUR/CHF trade yesterday influence us in the EG setup.

I mean, look at the strong PPZ just 20 pips below the EP, could this be a retrace in this recent rally upwards?

Monthly bar looks rather authoritative and the weekly chart shows 3 consecutive bullish bars, I believe I read on the PF that 3 high TF bars in a row is an actual PA setup in itself.

I am not convinced somehow, maybe I should be, we shall see.

Demo it Pb . .let's see what happens . .remember to wait for the break with a buffer.
Indicators show the past. Price Action "Indicates" the future.
  • #76,468
  • Oct 5, 2010 1:45am Oct 5, 2010 1:45am
Quoting dmuk
I have been following this thread...
For example, we are being told to look at price action around key areas. Key areas feel like every point on the chart - Big Round Numbers, 50 or 61.8 Fib, Horizontal or Diagonal Trend Lines, Retrace or Bounce or Break Out. I can open up any chart and effectively find this everywhere!
..
A lot of it feels so subjective - not just the analysis but trade management.
.....
Hello dmuk.

just a quick answer:
if u are new to this,
IMHO, the path is
1. objectivity (study the basics)
2. subjectivity (putting in your personal touch;trading based on your personality, comfort level)

yes, u can say "I can open up any chart and effectively find this everywhere", but the question is, will YOU trade EVERYTHING that u see?
here is where objectivity & subjectivity comes in.
objectivity, in the sense that u will find & trade the best setup, as opposed to trading all setups that u see.
then, subjectivity, in the sense that u will choose how u will trade & manage the trade, based on your personal taste, comfort & risk profile.

Something to think about
Continue to ask questions....
  • #76,469
  • Oct 5, 2010 1:47am Oct 5, 2010 1:47am
Quoting spookie94
would you have played this one since the retrace was not on the 1st bar after the BEOB?
Sure . .actually since the BEOB (BEOB by 2 pips more like a DBHLC) broke and hit its target gave more reason that the retrace would occurr. You'll notice this on many setups where the setup will hit its target then retrace to the break and/or a confluenced level.

In this case, to a confluenced PPZ level, .9550.
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Indicators show the past. Price Action "Indicates" the future.
  • #76,470
  • Oct 5, 2010 2:01am Oct 5, 2010 2:01am
Quoting dmuk
I have been following this thread a lot more closely over the past few weeks to really try and understand the concepts being taught here. I like simplicity and was drawn to ideas being discussed in the earlier pages. I feel I know what the helpful people are trying to achieve.

However the more I follow the more I am not certain what the core rules are?!

For example, we are being told to look at price action around key areas. Key areas feel like every point on the chart - Big Round Numbers, 50 or 61.8 Fib, Horizontal or Diagonal Trend Lines,...

From my point of view . if you can understand this chart below . . where Support turns into Resistance once Price breaks through it (and vice versa) and using PA . .either bullish (at Support) or bearish (at Resistance) . . you're ahead of the game. It's a good starting point . .imo


Jim
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Indicators show the past. Price Action "Indicates" the future.
  • #76,471
  • Edited 2:24am Oct 5, 2010 2:09am | Edited 2:24am
Quoting jarroo
Demo it Pb . .let's see what happens . .remember to wait for the break with a buffer.

I am watching it but, leaning towards this being a fake out.
I know there is a lot of confluence & bar size is good but I don't like how this BEOB broke the 0.8700 and came off of the 0.8735. I think the location is odd.

Let's see.
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  • #76,472
  • Oct 5, 2010 2:11am Oct 5, 2010 2:11am
Quoting jarroo
Sure . .actually since the BEOB (BEOB by 2 pips more like a DBHLC) broke and hit its target gave more reason that the retrace would occurr. You'll notice this on many setups where the setup will hit its target then retrace to the break and/or a confluenced level.

In this case, to a confluenced PPZ level, .9550.
Am I right in thinking that you would have taken the break of the BEOB as your first entry and covered at the FTA then waited for a pullback and entered again for a 2nd short targeting the same FTA ?
  • #76,473
  • Oct 5, 2010 2:22am Oct 5, 2010 2:22am
Quoting billm
Am I right in thinking that you would have taken the break of the BEOB as your first entry and covered at the FTA then waited for a pullback and entered again for a 2nd short targeting the same FTA ?
Yes, that's a possibility, if the consolidation area was more clearly defined. This one was a bit choppy.

But it would more like closing out the whole position at the FTA on the first entry. Then re-entering again for a 2nd entry at that confluenced level.
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Indicators show the past. Price Action "Indicates" the future.
  • #76,474
  • Oct 5, 2010 2:24am Oct 5, 2010 2:24am
Quoting Pinbar
I am watching it but, leaning towards this being a fake out.
I know there is a lot of confluence & bar size is good but I don't like how this BEOB broke the 0.8700 and came off of the 0.8735. I think the location is odd.

Let's see.

I agree Pb . .the uptrend on this pair looks real strong.
Indicators show the past. Price Action "Indicates" the future.
  • #76,475
  • Oct 5, 2010 2:27am Oct 5, 2010 2:27am
Quoting jarroo
I agree Pb . .the uptrend on this pair looks real strong.

Oh, you agree? LoL

I thought you were really big on this setup?

The location is odd, the previous bullish bars are bigger than that BEOB and last but not least, this BEOB is trading right into the weekly pivot, I know, we don't trade into weekly PPZ with a daily substandard bar.

I am laughing as I type this because, a week ago, that bar would have been the bees knees, now I am saying it is substandard. LOL
  • #76,476
  • Oct 5, 2010 2:37am Oct 5, 2010 2:37am
Quoting Pinbar
Oh, you agree? LoL

I thought you were really big on this setup?

The location is odd, the previous bullish bars are bigger than that BEOB and last but not least, this BEOB is trading right into the weekly pivot, I know, we don't trade into weekly PPZ with a daily substandard bar.

I am laughing as I type this because, a week ago, that bar would have been the bees knees, now I am saying it is substandard. LOL

I like the location . .at a swing High (Space), off weekly PPZ level, .8700, multi-fib confluence and even a bit of divergence. Size of the bar is not that bad.

Yes . I'm really big on this setup. But it sure is showing its upward strength, meaning it hasn't broke hard yet . .just a bit . .probably because of the time of day. I like its odds of it hitting the FTA, .8600. if not the uptrend is strong.
Attached Image (click to enlarge)
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Indicators show the past. Price Action "Indicates" the future.
  • #76,477
  • Oct 5, 2010 2:44am Oct 5, 2010 2:44am
Quoting jarroo
I like the location . .at a swing High, off weekly PPZ level, .8700, multi-fib confluence and even a bit of divergence. Size of the bar is not that bad.

Yes . I'm really big on this setup. But it sure is showing its upward strength, meaning it hasn't broke hard yet . .just a bit . .probably because of the time of day. I like its odds of it hitting the FTA, .8600. if not the uptrend is strong.
I like to see how it reacts to the .8700, if it gets there.
Attached Image(s) (click to enlarge)
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Indicators show the past. Price Action "Indicates" the future.
  • #76,478
  • Oct 5, 2010 2:50am Oct 5, 2010 2:50am
Quoting jarroo
I like the location . .at a swing High (Space), off weekly PPZ level, .8700, multi-fib confluence and even a bit of divergence. Size of the bar is not that bad.

Yes . I'm really big on this setup. But it sure is showing its upward strength, meaning it hasn't broke hard yet . .just a bit . .probably because of the time of day. I like its odds of it hitting the FTA, .8600. if not the uptrend is strong.
I hope you're right. My sell stop below the daily BEOB got triggered to the pip and currently immersed in water............hope the water recedes soon
  • #76,479
  • Oct 5, 2010 2:54am Oct 5, 2010 2:54am
Quoting ertorque
I hope you're right. My sell stop below the daily BEOB got triggered to the pip and currently immersed in water............hope the water recedes soon
How big of a buffer did you have on that?
Indicators show the past. Price Action "Indicates" the future.
  • #76,480
  • Oct 5, 2010 2:54am Oct 5, 2010 2:54am
Quoting jarroo
I like to see how it reacts to the .8700, if it gets there.
i think it will blow pass through it.
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