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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

  • #80,741
  • Nov 24, 2010 5:28am Nov 24, 2010 5:28am
Quoting mattfx
I have open 0.7587 close 0.7583 ibfx 4Hr bar
Previous 4 Hr bar open is 0.7585 and close is 0.7587

Remember you are playing the broker and not the actual market, so as far as I can see they can murder who ever they like....EXCEPT now are required to state such, ALBEIT in the fine print, which I always read unlike many others who could not be bothered....

Many thanks....Bit of a difference here eh?
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  • #80,742
  • Nov 24, 2010 5:29am Nov 24, 2010 5:29am
Quoting forexben
Beautiful confluence PB. If it doesn't break to too much lower, it would be a great place to put a smallish SL behind the TL, 61 fib and PPZ. Hopefully we can find some bullish PA on the H1 or H4.

would be nice if it closed above the 50 fibo.
  • #80,743
  • Nov 24, 2010 5:36am Nov 24, 2010 5:36am
Quoting Pinbar
would be nice if it closed above the 50 fibo.
Yep and at least 1.36
  • #80,744
  • Edited 6:02am Nov 24, 2010 5:37am | Edited 6:02am
Not one to bash brokers as I would leave that to others, yet I note the difference, and we are talking IBFX I see, thats why I left them a long time ago, I keep a little there just for observation, you have confirmed amoungst other reasons such as requotes, slippage the list is endless, that's why I no longer trade with them, tried OANDA instead ?

What you have shown me only confirms some of my theories about client segregation, that massive gap is hard to explain, do you have any thoughts on that or are we looking at a "soon to be re-painting exercise", would like to hear your thoughts ..
Without women, money would have no meaning - Aristotle Onassis
  • #80,745
  • Nov 24, 2010 5:45am Nov 24, 2010 5:45am
Quoting mattfx
Not one to bash brokers as I would leave that to others, yet I note the difference, and we are talking IBFX I see, thats why I left them a long time ago, I keep a little there just for observation, you have confirmed amoungst other reasons such as requotes, slippage the list is endless, that's why I no longer trade with them, tried OANDA instead ?

What you have shown me only confirms some of my theories about client segregation etc

Thanks, I will try an Oanda demo account.
  • #80,746
  • Nov 24, 2010 6:10am Nov 24, 2010 6:10am
AUDCAD short anyone?
Nice pinbar, with a lot of resistance -yellow thin lines [and monthly pivot-yellow thick line] above and nice weekly pivot -blue line[30-40 pips below] as a target. Already triggered, and now return above pinbar low.
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  • #80,747
  • Nov 24, 2010 6:13am Nov 24, 2010 6:13am
Quoting Adilius07
4 demo percents have been lost today...

6. eur/aud -$854.60
8. eur/gpb -$865.29

http://yarchat.chatzme.com/img/muj.gif
I wonder what chaos theorist would say about my demo performance chart:
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  • #80,748
  • Nov 24, 2010 6:54am Nov 24, 2010 6:54am
Quoting geomink
PA is too much difficult to learn for my poor brain, so I'm trying to understand what's wrong with me


I think it’s not PA is too difficult for you, but rather the problem is in yourself, in your psychology, in your approach to trading, risk etc. Maybe also I have to add to that poor risk management. Basically PA is very simple – do not overcomplicate it too much! Also the problem of new people to this material is that when they see PB – just enter. First of all you have to trade locations (ppz’s, round numbers, etc), PB (or any other PA) is just another signal – but most of the times not the primary signal

Quoting geomink
I see my account grow for a period, and fall down in the next one
so, there's no consistent growth, not as need as to live with
The problem looks to me - not trading only A+ setups, maybe too high risk, poor trade management. For example do you move your s/l for the first time to BE or to the level of the eye, or other support/resistance? In such case even if trade will move against you, you won’t loose (let’s assume your risk per trade is 1%) 1%, but only – 0,6-0,4% depending where you have moved your s/l.
Quoting geomink
Quoting geomink
well, I'd try to make the last tentative, after that I will stop for ever

 Try to focus on your own psychology, read some books on that – for example “Trading in the zone”, or “investment psychology explained” by Martin Pring.
Quoting geomink
Quoting geomink
About the setup (pin, buob, beob, etc) what are the TP?
That depends on you! You can use the first support/resistance as your t/p, or you can trail your trade until you will be stopped out. By trailing I mean not simple automatic trailing by some amount of pips, but moving s/l order according to the major and minor PPZ’s, according support and resistance, round numbers.
Quoting geomink
Quoting geomink
And what about the R/R?

 Personally I don’t care about it. The same does James16
Take care
Alex
  • #80,749
  • Nov 24, 2010 7:02am Nov 24, 2010 7:02am
Quoting Pinbar
I will be interested to see how the EUR/CAD daily bar closes.


Looks like EC is hammering out a support right on the TL.
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  • #80,750
  • Nov 24, 2010 7:03am Nov 24, 2010 7:03am
Quoting Krysztau
I wonder what chaos theorist would say about my demo performance chart:
Nice, do you know why your equity curve suddenly became so volitile?
If you only manage to bring back your previous style imho you would be in solid position and slowely accumalate wealth

Wait, what is your %R per trade?
  • #80,751
  • Nov 24, 2010 7:40am Nov 24, 2010 7:40am
Well guys, took a short on EUR/JPY due to breakout of the box, entry @ 111.50 on a retest, it went down till 110.30 had my TP at 110.10, woke up and saw the price @ 110.97 and moved my sl to BE... and stopped out.

Left 120 pips behind.. could have taken 50 at least..but... thought it could do a touch at the 111 and move down again.. but it didnt.

On IBFX and Alpari we had a big PB on the 4hr tf, I was checking FXPRO and didnt saw anything that's why i let the trade run.

Good side: Got out with no loss
Bad side: Left 100 pips on the table...
Trade Smart
  • #80,752
  • Nov 24, 2010 7:42am Nov 24, 2010 7:42am
CT 4H-PB of G-J has hit my final taget @ RNB 13200. Nice PB @ double bottom @ 13100, divergence RSI. 4H-PB closed on the 15m-TF as a 15m-PB, which was also my buy trigger. Quick, nice and easy trade
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Pipcrawler
  • #80,753
  • Edited 8:57am Nov 24, 2010 8:05am | Edited 8:57am
Quoting Pinbar
Jarroo, just reading the previous post but I am a little confused by the Bearish PA, you mention. Did you not mean, we should look for Bullish PA at this resistance level?



EDIT: Maybe you meant bearish PA, before that last daily candle reached the resistance area?

Yeah, maybe you posted the chart later or something after that last candle broke through.

Sorry Pb, maybe I wasn't that clear.

When Price breaks through and closes below a given Support level, we now look to see that Support level turn into Resistance. We want bearish PA at Resistance levels . .(bullish PA at Support levels).



Price is currently testing the Resistance level that was previous Support. Daily chart.

On the 4 Hour we can see that Price hit that level to the pip . .wow, nice. and acted as Resistance. If Price can close today below the .9816ish level it will confirm it (.9816ish) as pontential Resistance. . . bearish PA will confirm it.


I'll show some other real time examples.
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Indicators show the past. Price Action "Indicates" the future.
  • #80,754
  • Nov 24, 2010 8:24am Nov 24, 2010 8:24am
Quoting james16
About four weeks since i last sent out a message and a strange sensation to say the least.

5 years is a long time and the last 5 have been spent pretty much without totally walking away from the group or FF for more than a weekend or so.,

Turning 50 has been a bit "tough" on me and my wife says its manapause which my 12 year old son gets a big kick out of.
"Hormones messed up dad?" has been heard more than once.

"Actually i think any 50 year old guy with a 4 and 12 year old might have a few "interesting" thought process during that...
Your not old. Take for example my birthday card my birthday card to you. In case you missed it im posting it again. And i think its pretty right, since you have looong years of experience.
  • #80,755
  • Nov 24, 2010 8:28am Nov 24, 2010 8:28am
And this is the downside of touch trading... sometimes your SL is too tight,... sometimes even for just one pip! lol

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  • #80,756
  • Nov 24, 2010 8:32am Nov 24, 2010 8:32am
Quoting Pinbar
I will be interested to see how the EUR/CAD daily bar closes.

You got it Pb . .

Now if Price closes below the previous Support level (1.3700), we now look for it (1.3700) to act as Resistance . .bearish PA will confirm it.

So now we wait and see it Price can make its way back up to the 1.3700.
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Indicators show the past. Price Action "Indicates" the future.
  • #80,757
  • Edited 9:08am Nov 24, 2010 8:47am | Edited 9:08am
Quoting jarroo
You got it Pb . .

Now if Price closes below the previous Support level (1.3700), we now look for it (1.3700) to act as Resistance . .bearish PA will confirm it.

So now we wait and see it Price can make its way back up to the 1.3700.

Just like this Daily consolidation on the Eur/Cad. Once Price broke above the consolidation; Resistance, we look at this level to now act as Support. . .bullish PA.

It acted as Support a bit . . but clearly there was no strong bullish PA present.

Note: Yes I see that poodle PB above that consolidation . .was it tradable? . .sure it was . . . but you would have had to ignore its lack of size and the traffic it was heading into . . . which I don't suggest you do . ..an easy pass.

But if you applied James16's "This is Critical" you had a pretty good chance . .
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Indicators show the past. Price Action "Indicates" the future.
  • #80,758
  • Nov 24, 2010 9:06am Nov 24, 2010 9:06am
Quoting ppfx
And this is the downside of touch trading... sometimes your SL is too tight,... sometimes even for just one pip! lol

I can relate, ppfx . . .lol .. . . ..
Indicators show the past. Price Action "Indicates" the future.
  • #80,759
  • Nov 24, 2010 9:14am Nov 24, 2010 9:14am
Quoting geomink
just a few questions

as I'm trying to learn price action with very bad results

two thinks: PA is too much difficult to learn for my poor brain, so I'm trying to understand what's wrong with me

I see my account grow for a period, and fall down in the next one
so, there's no consistent growth, not as need as to live with

well, I'd try to make the last tentative, after that I will stop for ever

I'd really appreciate if anyone can help me please

I'm going crazy for that

For many years my only great desire is living for trading

the failure of...
Hey Geo

You might not like what I have to say but it's the truth as I see it

I know your desire is to trade for a living but this is what most people want out of trading and it destroys them because they put WAY to much pressure on themselves. Trading can do many things for a person it doesn't have to be all or none. Drop all your expectations, open a DEMO account and take it slowly. It may take you 2 years it may take you 10 but the key is to not put this pressure on you or lose money while learning. If you can't trade a demo account you can't trade a real account. Period. Paragraph as Jim says.

As for take profits. There is no one thing. It isn't do this and expect this. It is about understanding and learning and developing as a trader. I personally do a variety of things from over the years that I have grown. Here is a GENERAL post on that.
http://www.forexfactory.com/showthre...an#post2853922

Here is a post on R:R for you as well
http://www.forexfactory.com/showpost...ostcount=70154


I feel your frustration and this is why I am just trying to be honest. Keep at it, but also take all this pressure you are putting on yourself. It will cause many bad decisions and blockage in the learning process which takes time and for most many years.

Take care
Mike
  • #80,760
  • Nov 24, 2010 9:15am Nov 24, 2010 9:15am
Quoting avasfx
[font=Verdana][size=2]I think it’s not PA is too difficult for you, but rather the problem is in yourself, in your psychology, in your approach to trading, risk etc. Maybe also I have to add to that poor risk management. Basically PA is very simple – do not overcomplicate it too much! Also the problem of new people to this material is that when they see PB – just enter. First of all you have to trade locations (ppz’s, round numbers, etc), PB (or any other PA) is just another...
Great post alex! I didn't see this before I posted.

Best
Mike
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