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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

  • #76,581
  • Oct 6, 2010 1:31am Oct 6, 2010 1:31am
Quoting Pinbar
Yeah, I saw the small PB then the Jarroo special BEOB PB.

They sure do work well.

Yes, that was nice . . .but the main point was you saw the strong Support level in that consolidation and when Price broke it and then came back, it will usually act as strong Resistance. We just needed some good bearish PA for confirmation and the trigger.
Indicators show the past. Price Action "Indicates" the future.
  • #76,582
  • Oct 6, 2010 2:22am Oct 6, 2010 2:22am
Quoting tehuringa
I got in on that last night....95500 RN, PPZ, off the trend-line on my feed, with the trend, in space....maybe lacked a little weight compared to the previous bar but everything else added up nicely.

Nice . . . .
Indicators show the past. Price Action "Indicates" the future.
  • #76,583
  • Oct 6, 2010 2:36am Oct 6, 2010 2:36am
Quoting jarroo
Yes, that was nice . . .but the main point was you saw the strong Support level in that consolidation and when Price broke it and then came back, it will usually act as strong Resistance. We just needed some good bearish PA for confirmation and the trigger.

I hear you.

Yes, we curse consolidation sometimes, yet I guess it can be utilized to our advantage.
  • #76,584
  • Oct 6, 2010 2:38am Oct 6, 2010 2:38am
Quoting Pinbar
I hear you.

Yes, we curse consolidation sometimes, yet I guess it can be utilized to our advantage.
In time, my friend . .you will cheer consolidation. . . that Cad consolidation was one example.
Indicators show the past. Price Action "Indicates" the future.
  • #76,585
  • Edited 3:32am Oct 6, 2010 2:47am | Edited 3:32am
Quoting jarroo
In time, my friend . .you will cheer consolidation. . . that Cad consolidation was one example.


Yes, Jarroo, I can see that may well be the case.

Actually, I am just watching this mini consolidation on the EUR/CHF daily BEOB but on H4. Just to see if it will provide any hints.


EDIT: GU seems to be a good example of consolidation with, Resistance polarizing into Support.

This is what the whole thing is about!
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  • #76,586
  • Oct 6, 2010 3:27am Oct 6, 2010 3:27am
I got the funds but I haven't finished my 3-6 months learning period. So I wait.

And may I ask, I believe most of you guys here trade demo accounts?
Anyone has any kind of positive outcome after like 3-4 months trading live?

I'm not skeptical or I am... just so many strange thoughts come into my mind sometimes...
  • #76,587
  • Oct 6, 2010 3:34am Oct 6, 2010 3:34am
I had two consecutive positive months, Oct and Nov 09, then December was not profitable. I started again in Jan 10, had 3 consecutive positive months. Then I went live, made 1,7k€ in 2 weeks, only to blow my account 2 weeks later due to overtrading.

So yes, it's demo time again.
  • #76,588
  • Oct 6, 2010 3:35am Oct 6, 2010 3:35am
Quoting Adilius07
I got the funds but I haven't finished my 3-6 months learning period. So I wait.

And may I ask, I believe most of you guys here trade demo accounts?
Anyone has any kind of positive outcome after like 3-4 months trading live?

I'm not skeptical or I am... just so many strange thoughts come into my mind sometimes...

Great....So it won't be long before you are live.


I found things pretty much the same when I switched to a live account.
Money management is the key to stop us freaking out or blowing the account.

As they say, demo as you would live trade and live trade as you would demo.
  • #76,589
  • Oct 6, 2010 3:42am Oct 6, 2010 3:42am
Thanks Bee and Pinbar for replies.
Pinbar, I agree that demo is pretty much like live (after a lot of time demoing) but if one (ok me) demo long enough usually that would end up in failure.

So I was just wondering if there is some one who actually done it.
(besides known seniors I talk about "students")
  • #76,590
  • Oct 6, 2010 3:49am Oct 6, 2010 3:49am
Quoting jarroo
Yes, I believe there was a opportunity there. . .but let's walk through this . . . if you don't mind?

Could you post a Daily chart of the Eur/Gbp and locate the PPZ level . .like mine (green). Its a bit wide. I just want to see how they look on your feed.
No need, it looks exactly the same as yours. I only looked at the 4H-TF and I took it of a 4H-PPZ at the swinghigh of 29 september, when price returned to this swinghigh yesterday I expected it now to act as support. BTW peculiar to see that on some currency pairs my feeds looks the same like yours but on others like the Ozzie yesterday they are not, I didn't receive that beautifull PB yesterday on my feed, what a bummer.
Pipcrawler
  • #76,591
  • Oct 6, 2010 4:09am Oct 6, 2010 4:09am
Quoting Adilius07
I got the funds but I haven't finished my 3-6 months learning period. So I wait.

And may I ask, I believe most of you guys here trade demo accounts?
Anyone has any kind of positive outcome after like 3-4 months trading live?

I'm not skeptical or I am... just so many strange thoughts come into my mind sometimes...
2 months for me, but in fairness I only started live in a serious way 2 months ago.

Up just over 15%.
  • #76,592
  • Oct 6, 2010 4:12am Oct 6, 2010 4:12am
Quoting Albatross
2 months for me, but in fairness I only started live in a serious way 2 months ago.

Up just over 15%.
My most in 3 years was about 4 months in good profit, then account has gone..

15% in two months ? You must be using much more than 2% R per trade? Just curious
  • #76,593
  • Edited 6:25am Oct 6, 2010 4:17am | Edited 6:25am
Pulled the trigger on this one.

Moved to BE and closed 50% after 34.4 pips. Take Profit at the 1.6250 area.

Edit: Broke the 1.63, so closed balance @ +20 pips (1.05% gain)
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  • #76,594
  • Oct 6, 2010 4:25am Oct 6, 2010 4:25am
Quoting xmzhang
FTA is quite nearby @16325-ish, in that case I would like to trade a pullback to the daily PPZ/RNB @ 16400 and look there on the lower TF for PA to see if this level holds as resistance, you could then position yourself well before the actual break of the daily PB. If the break doesn't sustain you could still close your position with some profit.

May the force be with you.
Hey Pack did you took the pullback to RNB @ 16400 ? On the 1H-TF we did get a PA via a DBHLC (not a perfect one the highs were 4 pips off) to go short. If you took the pullback you must have banked about 100 pips by nowhttp://cdn.forexfactory.com/images/icons/icon10.gifhttp://cdn.forexfactory.com/images/icons/pound.gifhttp://cdn.forexfactory.com/images/icons/pound.gifhttp://cdn.forexfactory.com/images/icons/pound.gif

May the force be with you
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Pipcrawler
  • #76,595
  • Oct 6, 2010 4:39am Oct 6, 2010 4:39am
Maybe we will see some PA on Eur/JPY in the not too distant future.

Plenty of confluence for the recipe, now all we need is the PA that will be the final ingredient.
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  • #76,596
  • Oct 6, 2010 4:45am Oct 6, 2010 4:45am
Quoting Adilius07
My most in 3 years was about 4 months in good profit, then account has gone..

15% in two months ? You must be using much more than 2% R per trade? Just curious
Hi Adilius,

My risk is 2.5% per trade, although of course at this stage I am compounding. I'm slightly unusual in that I'm trading futures rather than forex.

15% is good (in my opinion), but there's another member there doing the same thing who beats me hands down (although he's doing everything he can to help me catch up LOL).

That said, I honestly should be up rather more. Like I mentioned, I've only been doing this (live, in a serious way) for two months and I've got two big problems. The first is an excessive eagerness to trade, which has led me to take some shocking (and I do mean shocking) bad trades. This is not hindsight, simply a case of me breaking my rules to trade more than I ought. So I've had to give some back, which is annoying.

The other is trade management. Seeing real cash profit (albeit at that point on paper, or rather on a screen) start to evaporate is hard, for me at least, and I've been far too eager to take profits early. This has cost me over and over.

Again,this is not a hindsight "Oh, I could have sold at the top" kind of nonsense. I mean as before that I broke my rules and ignored my trade plan to secure profit early.

I post all of my trades live (apart from the first few, but I was just getting the hang of things, having never tried futures before, and believe me nobody would claim to have taken those trades who didn't LOL).

This is not to prove anything, but so I can keep a real-time record of feelings, reactions to how price moves etc. Emotion is the hardest part of this by a long way, so that's what I'm working on.

By all means, if you want to know anything else, fire away.
  • #76,597
  • Oct 6, 2010 4:46am Oct 6, 2010 4:46am
Quoting Pinbar
Maybe we will see some PA on Eur/JPY in the not too distant future.

Plenty of confluence for the recipe, now all we need is the PA that will be the final ingredient.
And a touch trade should be the cherry on top! You won't regret it.
Cap
  • #76,598
  • Oct 6, 2010 4:50am Oct 6, 2010 4:50am
Quoting The Captain
And a touch trade should be the cherry on top! You won't regret it.

You are really into these eh captain?

The rising wedge concerns me a little.

Any thoughts on this.
  • #76,599
  • Oct 6, 2010 4:55am Oct 6, 2010 4:55am
Quoting Albatross
Hi Adilius,

My risk is 2.5% per trade, although of course at this stage I am compounding. I'm slightly unusual in that I'm trading futures rather than forex.

15% is good (in my opinion), but there's another member there doing the same thing who beats me hands down (although he's doing everything he can to help me catch up LOL).

That said, I honestly should be up rather more. Like I mentioned, I've only been doing this (live, in a serious way) for two months and I've got two big problems. The first is an excessive eagerness to trade, which...
Albatross, I have traded YM, ES (e-minis) on my second account too. (Which was also blown unfortunately).

However, I think my main mistake was to trade futures intraday. To be honest I could not even think of any other way to trade them since overnight margin was bigger than I had in my account.

My first account was with options, then with futures and I have never had live forex account before. It will be the third.

Those problems you point out, I guess most trades have same errors when they start, that is just part of the LEARNING CURVE. That's ok. The scary part comes when you begin to see that actually you are really doing things RIGHT, according to your plan, to your MM rules, everything is RIGHT, yet your equity curve slowly goes down.... this is where trader begins to twick his system, looking for errors, over analyzes i.e. does everything to comepletly destroy his initial trading system. Well that was my main problem

Thanks for your post. I wish you all the best in your trading.
Btw, what contract do you trade? What platform you use? And you trade intraday?
  • #76,600
  • Oct 6, 2010 4:56am Oct 6, 2010 4:56am
Quoting Pinbar
Maybe we will see some PA on Eur/JPY in the not too distant future.

Plenty of confluence for the recipe, now all we need is the PA that will be the final ingredient.
hey pinbar
just a quetion concerning the fibs in your last post:
you draw the first fib from the upswing. but i think that this fib has to start at the big arrow (a couple of bars back from yours). there the upswing has reached its current high.

maybe someone can comment on this.

sorry, cannot post a chart at the moment.
meine augen sind die sterne
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