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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

  • #80,601
  • Nov 22, 2010 10:26am Nov 22, 2010 10:26am
Quoting xmzhang
A nice setup on oil today, PB @ daily PPZ 8270-ish. Also notice this 4H-PB closed as a 1H-BEOB on the 1H-TF. I like to watch price reaction at keylevels on the lower TF, as long as previous support reverses to resistance I'll be staying in the trade, if at a given moment previous resistance reverses to support or if price has moved an ADR then I'll close my trade.
great trade! xmzhang
keep up the good work!
meine augen sind die sterne
  • #80,602
  • Nov 22, 2010 10:47am Nov 22, 2010 10:47am
Good evening everyone,

Two days ago (on Nov 20), I finished my second quarter of live trading, so I thought I could share my results.

On first quarter I took lots of trades, made many mistakes and I haven't captured much data, but I was risking less than 0.5%. My account decreased by 2,23%.

On second quarter I took 6 trades. Earned on 3, lost on 2, and 1 BE. My average S/L was 98,3 pip, and average T/P 91,3. I was risking 1% on every trade, but I must also mention that I have made a mistake once with my position sizing. All in all I earned 1,49% on this quarter.

So those are my numbers. And here goes a joke

Traders and shamans have a lot in common. They mutter incomprehensible words, do strange things and can‘t explain how does it work.
  • #80,603
  • Nov 22, 2010 10:54am Nov 22, 2010 10:54am
Xmzhang,

I'm looking at your charts, then looking at mine, and I don't get it. For example on my chart of Eur/Aud, dot is located right after number 1 (1.3804), and on your char it's after number 3 (13.804). So could you please tell me why is it so?

Thank you for your time,
Albinas
  • #80,604
  • Nov 22, 2010 11:40am Nov 22, 2010 11:40am
Quoting bluetrader
Hi Mike, since it's quiet I have a question.

Does the fact that you passed on this setup (stalling momentum) have any influence on your decision to take a daily setup on the same pair? For instance, NZD/JPY is forming a BEOB on the daily, but on the 4 hour, the bar may have just been a huge BEOB followed by a bunch of chop.

I keep my timeframes separate, but it's hard to forget about what happened intraday while shuffling through the daily charts.

Thanks,

-- Danny
Hey Danny

No it would not influence my decision in the least bit. My analysis would always be separate and specific to that timeframe alone. Although i know in the back of my mind I passed on a 4hr, it won't come back into play for me at least

Best
Mike
  • #80,605
  • Nov 22, 2010 11:59am Nov 22, 2010 11:59am
Quoting nuclear62
This EURCCK was a real test for my patience.. I closed my position a little bit too early but I´m satisfied Stress-free pair!

Lol sorry this little offtopic but I have a big english exam coming and I´m more than thankful if anyone could give some tips or maybe some good structures which are used a lot in America/the UK? It would be so nice to have some phrases/structures that are much cooler than what I can write with my "skills".

Have a great week,
Nuc
Nice job Nuc you are really coming around , great progress

Mike
  • #80,606
  • Nov 22, 2010 12:03pm Nov 22, 2010 12:03pm
Checking the NZD/JPY chart on the daily, ive got few questions shown in the chart...

Thx.
Attached Image (click to enlarge)
Click to Enlarge Name: nzdjpydaily.gif Size: 51 KB
Trade Smart
  • #80,607
  • Nov 22, 2010 12:18pm Nov 22, 2010 12:18pm
Quoting Osman
Checking the NZD/JPY chart on the daily, ive got few questions shown in the chart...

Thx.
Hey Os, I personally don't look for a BEOB to engulf at least 2 bars (although the more the better). It's only 1 criteria in my decision making process.

My concern with the way things look right now (even if it closes below 64.00) would be that the pair is trading into traffic (see chart). Assuming the bar didn't have to contend with the current chop, I currently see 63.75 as a solid FTA. If I were to take this setup, I'd expect a reaction at this level.

Just my thoughts.

-- Danny
Attached Image
  • #80,608
  • Nov 22, 2010 12:29pm Nov 22, 2010 12:29pm
Hi Danny,

I thought it was better to engulf the thursday candle due to the small size of the friday one.. imo it would give me more confidence and also a close below the blue squares high.

Totally with you on the traffic, its a very choppy pair and we are in a sideways market from 60.00 to the 65.00 since June.

Thx for your answer.

Quoting bluetrader
Hey Os, I personally don't look for a BEOB to engulf at least 2 bars (although the more the better). It's only 1 criteria in my decision making process.

My concern with the way things look right now (even if it closes below 64.00) would be that the pair is trading into traffic (see chart). Assuming the bar didn't have to contend with the current chop, I currently see 63.75 as a solid FTA. If I were to take this setup, I'd expect a reaction at this level.

Just my thoughts.

-- Danny
Trade Smart
  • #80,609
  • Nov 22, 2010 12:39pm Nov 22, 2010 12:39pm
Hi Jarroo
Thanks for chart on looking at higher TFs, and chart on bringing the info from higher TFs (PPZs and their behaviour) to lower TFs, it's brilliant to add to my toolbox
Cheers
D
  • #80,610
  • Nov 22, 2010 1:02pm Nov 22, 2010 1:02pm
Hi aserb
just saw your post must have been frightening having a crash like that ,glad your on the mend
All the Best
D
  • #80,611
  • Nov 22, 2010 2:03pm Nov 22, 2010 2:03pm
Two brilliant trades
D
  • #80,612
  • Nov 22, 2010 2:22pm Nov 22, 2010 2:22pm
Nope at moment can't download .keeps saying error in red
D
  • #80,613
  • Nov 22, 2010 2:32pm Nov 22, 2010 2:32pm
Is that a PPZ Trendline ?

BTW EURJPY formed an BEOB what you guys think about it?

Pro: confluence with BRN and EMA

Contra: too much trafic and it is in a sideways market
Attached Image (click to enlarge)
Click to Enlarge Name: ppz trendline.gif Size: 30 KB
  • #80,614
  • Edited 3:32pm Nov 22, 2010 2:41pm | Edited 3:32pm
IMO its a Trendline

EUR/JPY, is a BEOB rite now (we will have to see how it close) but... its a sideways market as you said and I would have liked to see the high of the bar around above the 115 level, to see that the BEOB was created by sell orders on the BRN.

About EMAs, just watch the 365 or 150 EMAs on Alpari, Fxpro, IBFX and FXDD and you´ll see that they are at difference prices, so imo its not a strong confluence for a trade.

113 strong level.. I personally wont take this trade due to the traffic..

My thoughts... I might be wrong.

Maybe senior members can tell us what they see.

Tc.

Quoting john225
Is that a PPZ Trendline ?

BTW EURJPY formed an BEOB what you guys think about it?

Pro: confluence with BRN and EMA

Contra: too much trafic and it is in a sideways market
Attached Image (click to enlarge)
Click to Enlarge Name: ejdaily.gif Size: 78 KB
Trade Smart
  • #80,615
  • Nov 22, 2010 2:49pm Nov 22, 2010 2:49pm
Quoting squeezy
was about to tell u to check the higher timeframe for the story it was telling. the higher the tf the more powerful/stronger the rxn to s/r levels.
fta on that pin was a bit to close and tight mgt as Mike said would have been reqd ..... good thing to always wait for the break
just wanted to pitch in
rac's kaboom trade ( i randomly came across this song )
  • #80,616
  • Nov 22, 2010 2:52pm Nov 22, 2010 2:52pm
Quoting Adilius07
I also think about this a lot. I think maybe I will let them run (without any partial profit just at BE) but only for those setups I see on high TF's like weekly or maybe better monthly. You know, as a long term (profitable) investment... something like this.

I tried to take half of at FTA, but didn't like it that much, as I saw that most of my wins were only of 1/2... and waiting for the runner to happen on the remaining 1/2 is hard for me... I would rather declare it from the start to be either a runner or BE at worst...

But I still work on...
yes i also dont like taking partial profit, but i rather take some profit then nothing (in case of BE)... but hey everyone has its own system, and as long as it works for you its good thats what i like about trading; there's not just one way to make profit
  • #80,617
  • Nov 22, 2010 4:33pm Nov 22, 2010 4:33pm
Jarroo,

Did that candle aggregation indicator work out or was it not very good, in your opinion?
  • #80,618
  • Nov 22, 2010 4:40pm Nov 22, 2010 4:40pm
Quoting Pinbar
Jarroo,

Did that candle aggregation indicator work out or was it not very good, in your opinion?

Hey Pinbar .. .yeah it works OK. The period converter that I use, once you allow DDL imports, is what I'm use to using.

Its cool.
Indicators show the past. Price Action "Indicates" the future.
  • #80,619
  • Nov 22, 2010 4:45pm Nov 22, 2010 4:45pm
Quoting jarroo
Watching . .

Looking for some nice bullish PA on the Eur/Cad.
Attached Image(s) (click to enlarge)
Click to Enlarge Name: eurcad19.jpg Size: 102 KB
Click to Enlarge Name: eurcad22.jpg Size: 102 KB
Indicators show the past. Price Action "Indicates" the future.
  • #80,620
  • Nov 22, 2010 4:45pm Nov 22, 2010 4:45pm
Quoting aserbfx
great trade! xmzhang
keep up the good work!
Thanx As, glad to have you back in one piece and keep your stockcharts coming I love them.
Pipcrawler
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