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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

  • #79,181
  • Nov 3, 2010 9:19am Nov 3, 2010 9:19am
Quoting mbqb11
Hey Ander

as of right now(as it does change sometimes with the different changes in timezones)

I have FXPro(my main feed for daily only as well)
IBFX
Alpari - UK
FXCM

Mike

So those 4 all have different closing times? If I trade on Oanda but look at those 4 feeds I will have 4 times higher chance of spotting a setup?
  • #79,182
  • Nov 3, 2010 9:33am Nov 3, 2010 9:33am
Quoting cprao
HI xmzhang,

Do you always look for PA bars at lower TF's supporting higer TF PA's or place a touch trade based on the retracement point of higher TF PA. ?
Well, it all depends on the strenght of that level. For instance if that pullback takes price back to a BRN then I would consider a touch trade, but usually I wait for a bullish/bearish PA @ the lower TF's in the direction of the larger TF PA.
Pipcrawler
  • #79,183
  • Nov 3, 2010 9:38am Nov 3, 2010 9:38am
Quoting Adilius07
Mike, may I ask, even if it could have closed above those lows why would you still take it. There is no space, a tight choppy consolidation. Is it ok to take trades like this in consolidation?

Hey Adi

It would create a whole new story. You have major support found at the 1.4. You have a boxing effect above 1.4. The pin which signifies bullish strength closing back IN the box would signify a retest of the high of the box is VERY likely.

Remember always. Bar + location + story.

I take many trades that on first look have zero space. Space is only one concept in the many concepts we use and want to integrate all together. The lack of space would then have me only trade it to the high of the range of the box.

Hope that helps
Mike
  • #79,184
  • Nov 3, 2010 9:40am Nov 3, 2010 9:40am
Quoting Adilius07
So those 4 all have different closing times? If I trade on Oanda but look at those 4 feeds I will have 4 times higher chance of spotting a setup?
right now sub in FXDD for the FXCM feed with the recent time change.

I use multiple feeds to get a different view of the aggregation. It doesn't change how I approach looking for a trade in terms of being picky, location location location

Best
Mike
  • #79,185
  • Nov 3, 2010 9:53am Nov 3, 2010 9:53am
Quoting Pinbar
Hansolo.

This was a hard one, might have been a bit easier if we could see a bit more data on the left. Still, here is a shot at it.

I am just bleeding my eyes with Mike's boxes.
Hey PB, you're getting really good at drawing these boxes. I still got some trouble with choosing highs/lows for the box range. Can you give me an advice on that? Do you draw the boxes around the highest highs and lowest lows or do you rather choose prevalent, often respected levels?

You were right with price further declining. I chose this example because it taught me a lesson other newbies might find valuable, too: Just because price forms nice PA (8h PB) with a near end close above a BRN, PPZ and fib confluence, it doesn't mean that it obeys my wishful thinking and goes right through the roof.

I think it shows what Mike means with trading not just the PA but the whole story behind a setup:
1. Price formed a double top (with the 2nd top not reaching the 1st one) indicating a possible turnaround or at least slow-down of the uptrend.
2. The 8h PB did not happen at a clear swing low.
3. Price did not close strong above the BRN.
4. Price often reacts nervous around big numbers making setups more likely to fail. Especially on noisier lower TFs.
(Any comments appreciated.)

I can only advise new traders to start using the strategy tester frequently. Time lapse trading has taught me a lot about price behaviour lately.

Hans
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Thanks J16, Sam Seiden, Udine and Jacko
  • #79,186
  • Nov 3, 2010 10:01am Nov 3, 2010 10:01am
Quoting spookie94
thanks for your response Jarroo. Does anyone else have a take on this.


I'm just trying to improve my game plan. Lately it seems like I lack direction. When I look at a decent set up on a higher TF but only see 30-40 pips before the FTA I have a hard time judging whether to go for it. Its partly because my SL may be 100+ pips away.

Any response will be greatly appreciated. I'm still trying to develope a trading style. Right now I just started looking at the 4hr. Once I learn how to make quicker decisions I may also look at the 1hr.

Keep in mind I'm a newbie still in demo, but here is something you can try. Chart those set-ups and mark the FTA. How often does price make it there? If you are getting to your FTA and were to take profit and bag 40 pips with 100 pip S/L you would take .4% (- spread) of your risk. If you risk 1% of account value and catch only 3 of these a month you would make 1.2% of account....not bad. Of course you have to take best set ups and have a high win rate.

I tried this for a couple of months and marked a first, second, and third trouble area. I hit the FTA around 90% and the second around 70%. This led me to believe I may be a little conservative at setting FTAs - but that's better than being aggressive.

With that thought here's what I do. If I take a trade (demo mind you) and I am going to be around to watch periodically I am more likely to leave it open and move the stop at FTA. If I am going to be away, I will set a TP at FTA (actually a few pips above) and take full profits.

The best thing that came from my exercise was that my pickiness increased and my discipline increased. Since mid-August I've only taken 5 demo trades . (I'm treataing demo as real money so that I can be more confident that I'm ready to go live at some point). I've I had 3 winners at a total of 2.2R (0.9, 0.9, and 0.4) and 2 losers/Break even at -0.44R (-0.02 and 0.42).

My progress is probably a little slow for some, but it's at a pace that suits me right now.
  • #79,187
  • Nov 3, 2010 10:44am Nov 3, 2010 10:44am
Quoting xmzhang
Price gave me a bullish buy PA, not a standard James PA though, but a so called morning doji star, would have like to see a bigger bullish bar after the indecision bar. But good enough for me to enter with 1/2 of my position, tight stop 20 pips below the RNB @ 8700 from which I expect some protection.
Well finally price has reached FTA, it took E-G about 3 hours to achieve a lousy 15 pip move !
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Pipcrawler
  • #79,188
  • Nov 3, 2010 10:46am Nov 3, 2010 10:46am
Quoting mbqb11
right now sub in FXDD for the FXCM feed with the recent time change.

I use multiple feeds to get a different view of the aggregation. It doesn't change how I approach looking for a trade in terms of being picky, location location location

Best
Mike

Thank you very much Mike for both explanations!
I'm learning slowly but surely
  • #79,189
  • Nov 3, 2010 10:49am Nov 3, 2010 10:49am
What a difference with crude oil today on the 15m-TF, oil generated a grizzly type of PB. This PB smashed price more than 100 pips down in the two following bars, that's what I call easy and quick money. Oil found support @ 8400 as expected.
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Pipcrawler
  • #79,190
  • Nov 3, 2010 12:14pm Nov 3, 2010 12:14pm
Hiya, just picked up some of the previous comments about noticing boxes in price formations/consolodations etc... since I have added PA to the mix I feel my trading really kicking on... Although this is not the sole reason I will take a position it has really helped clear my view... any way enough chat heres a chart.. not sure if any1 else took it... but notice the support at 129... I got lucky again.
trade well
revstar
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  • #79,191
  • Nov 3, 2010 12:55pm Nov 3, 2010 12:55pm
fireworks are starting soon
lowest draw down possible please.
  • #79,192
  • Nov 3, 2010 1:08pm Nov 3, 2010 1:08pm
Some really nice pins showing up on EURUSD and AUDUSD. Anybody daring to trade right before Fed?
  • #79,193
  • Nov 3, 2010 1:25pm Nov 3, 2010 1:25pm
Quoting ehrek
fireworks are starting soon
Insanity......... there's blood on the streets
  • #79,194
  • Nov 3, 2010 1:30pm Nov 3, 2010 1:30pm
My E/U is like the richter scale. What is going on lol
  • #79,195
  • Nov 3, 2010 1:37pm Nov 3, 2010 1:37pm
Quoting lallous
My E/U is like the richter scale. What is going on lol
Hahah that's funny.
If you look at FF first page you'll see that it's FOMC + Fed time right now so the price usually spikes up (or down) when these news hit the market. Nothing wrong with your chart so to speak, it's just the market reaction towards new information.
  • #79,196
  • Nov 3, 2010 1:37pm Nov 3, 2010 1:37pm
Quoting lallous
My E/U is like the richter scale. What is going on lol
nothing special just that Mr Ben have decided to exchange "few" dollars for some government debt
  • #79,197
  • Nov 3, 2010 2:29pm Nov 3, 2010 2:29pm
Quoting Revstar
Hiya, just picked up some of the previous comments about noticing boxes in price formations/consolodations etc... since I have added PA to the mix I feel my trading really kicking on... Although this is not the sole reason I will take a position it has really helped clear my view... any way enough chat heres a chart.. not sure if any1 else took it... but notice the support at 129... I got lucky again.
trade well
revstar
Nice rev

I got in much later then you on that 4hr buob took it to the 131 area
  • #79,198
  • Nov 3, 2010 3:47pm Nov 3, 2010 3:47pm
eur/aud trade close out for 30 at 80% and the remainder got stopped out on the new pin. When will the indecision end?

G/j trade was deleted due to a lack of interest.
  • #79,199
  • Nov 3, 2010 4:07pm Nov 3, 2010 4:07pm
http://i7.photobucket.com/albums/y28...ilverjames.jpg

Similar situation gold . As the market is still indecisive about the USD I would use a smaller TP. Setting up to catch the run up with a 30 pip TP and letting the rest run.
  • #79,200
  • Nov 3, 2010 4:33pm Nov 3, 2010 4:33pm
Cheers Mike,

Quoting mbqb11
Nice rev

I got in much later then you on that 4hr buob took it to the 131 area
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