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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

  • #80,761
  • Nov 24, 2010 9:24am Nov 24, 2010 9:24am
Quoting mbqb11
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...

This is sooooo true. When I stopped the anxiousness of, "I gotta trade , I got to make money, got to get in . i gotta get in . ." And then focused I just looking for great locations, great setups ( with great stories ). . . My trading changed dramatically for the better.




Jim

You have a Great Thanksgiving . .brother Mike. . .
Indicators show the past. Price Action "Indicates" the future.
  • #80,762
  • Nov 24, 2010 9:25am Nov 24, 2010 9:25am
Quoting jarroo
This is sooooo true. When I stopped the anxiousness of, "I gotta trade , I got to make money, got to get in . i gotta get in . ." And then focused I just looking for great location, great setups( with great stories ). . . My trading changed dramatically for the better.




Jim

You have a Great Thanksgiving . .brother Mike. . .
Ain't it the truth that's not told

You too brotha!
  • #80,763
  • Nov 24, 2010 9:29am Nov 24, 2010 9:29am
Quoting mbqb11
Ain't it the truth that's not told

You too brotha!

Indicators show the past. Price Action "Indicates" the future.
  • #80,764
  • Nov 24, 2010 9:44am Nov 24, 2010 9:44am
I lied earlier about being done for the week, E/U was too good to pass up. Anyone remember James' trade in late September?

Happy Thanksgiving everyone. I'm thankful that seniors like Mike & Jarroo take time to teach newbies like us.

-- Danny
Attached Image
  • #80,765
  • Nov 24, 2010 9:46am Nov 24, 2010 9:46am
Did anyone take the pinbar on CadChf ?
Wow did that blow me away in around 20 minutes.

It had some nice resistance on the 0.98 BRN.
Plus price faced tough resistance previously as the screenshot shows.

Apparently my 4 hour candles are different as compared to many of the charts posted on the forums here. Platform timezone issue?

Your input is appreciated as always,

Thank you,
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  • #80,766
  • Nov 24, 2010 10:07am Nov 24, 2010 10:07am
Quoting bluetrader
I lied earlier about being done for the week, E/U was too good to pass up. Anyone remember James' trade in late September?

Happy Thanksgiving everyone. I'm thankful that seniors like Mike & Jarroo take time to teach newbies like us.

-- Danny
Wouldn't it be better to wait for a bar close and then enter a buy entry on a break of that pin?
  • #80,767
  • Nov 24, 2010 10:16am Nov 24, 2010 10:16am
Quoting lallous
Did anyone take the pinbar on CadChf ?
Wow did that blow me away in around 20 minutes.

It had some nice resistance on the 0.98 BRN.
Plus price faced tough resistance previously as the screenshot shows.

Apparently my 4 hour candles are different as compared to many of the charts posted on the forums here. Platform timezone issue?

Your input is appreciated as always,

Thank you,
Hey Lallous

Here would be the key points on this one for me

Firstly notice how price keeps knocking up at 9800 in a short time span, the more price does this within such a short time(this also creates that traffic mess below, boxing) it has a better chance or breaking a lot of times when it is with the trend). Notice also how it barely closed with the previous bar(weak closing). Finally notice the bar never broke the low thus not technically a valid pinbar. But even if it did, notice again that mess it is trading into.

Wait for those pinbars/outside bars in space with strong closes they will give you a much easier time then these if you are new to this stuff

Best
Mike
  • #80,768
  • Nov 24, 2010 10:16am Nov 24, 2010 10:16am
Quoting bluetrader
I lied earlier about being done for the week, E/U was too good to pass up. Anyone remember James' trade in late September?

Happy Thanksgiving everyone. I'm thankful that seniors like Mike & Jarroo take time to teach newbies like us.

-- Danny
  • #80,769
  • Nov 24, 2010 10:28am Nov 24, 2010 10:28am
Well what a scary day I have today... 6% lost in one day, trading daily and weekly charts...

6. eur/aud -$854.60
7. cad/jpy -$998.94
8. eur/gpb -$865.29
  • #80,770
  • Nov 24, 2010 10:35am Nov 24, 2010 10:35am
Quoting mbqb11
Hey Lallous

Here would be the key points on this one for me

Firstly notice how price keeps knocking up at 9800 in a short time span, the more price does this within such a short time(this also creates that traffic mess below, boxing) it has a better chance or breaking a lot of times when it is with the trend)....
Thank you Mike for your elaboration
Now I have some additional notes to look at.
  • #80,771
  • Nov 24, 2010 10:37am Nov 24, 2010 10:37am
Quoting Adilius07
Well what a scary day I have today... 6% lost in one day, trading daily and weekly charts...

6. eur/aud -$854.60
7. cad/jpy -$998.94
8. eur/gpb -$865.29...
Adi a few points I'd like to see

Firstly drop down to 1% or less. Way to much exposure for a new trader at 2%. That is very high in my opinion.

As for the trades, I also suggest putting inside bars on hold, they are much trickier. Stick to STAND OUT bars.

For example does cad/jpy scream confluence and stand out bar? To me no. Now again that may to you but IMO you can't ignore this huge wick that is where the last buying pressure came in. See blue box below. But what really makes this bar with selling and trying to hold to your yellow line. We have to be really protective on these bars in traffic. Think James16 this is critical.

As for eur/aud to me this is much much easier to avoid. Look at the freefall this pair is in(zoom your charts out as it's skewing the perspective of these bars as we spoke about before). Look at how teeny tiny pinbar is. To reverse that move. Trading right back into the BRN of 1.4. Again think standout bars that scream trade me. This will at least build confidence and give a much better chance for struggling traders.

Hope this helps off to play a little ball

Mike
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  • #80,772
  • Nov 24, 2010 10:43am Nov 24, 2010 10:43am
Quoting mbqb11
Adi a few points I'd like to see

Firstly drop down to 1% or less....
Mike, thank you very much! As always great advice!!! Yes, I look at my trades now and I don't believe I took them. Really I have this "need" to be in, especially on daily/ weekly I feel like I'm not working when there is no trades for days.

This is my main problem I think - it is the reason I take these poor setups.

I will cool down, and try to change this situation. No more "action" for me. Will wait for stand out bars in good locations, as it was told in the very beginning. And yes will stick to PB, BUOB only for now. Thank you very much Mike.
  • #80,773
  • Nov 24, 2010 10:45am Nov 24, 2010 10:45am
french credit agricole on daily.

i will watch this tomorrow. c&a lost more then 20% in a few days; now touched the 10 usd. will go long above todays high.
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meine augen sind die sterne
  • #80,774
  • Nov 24, 2010 10:48am Nov 24, 2010 10:48am
Quoting Adilius07
Mike, thank you very much! As always great advice!!! Yes, I look at my trades now and I don't believe I took them. Really I have this "need" to be in, especially on daily/ weekly I feel like I'm not working when there is no trades for days.

This is my main problem I think - it is the reason I take these poor setups.

I will cool down, and try to change this situation....
print these out adi, paste them to your screen if you have to. Then next time you get that urge look at them. And remember these feeling you have now. Each time you pass on a so-so setup it gets easier. Cause you still will make mistakes, great trades still will lose, etc. So we want to stay away from the so-so setups to make it a bit easier, it's tough enough as it is

Take care bud
Mike
  • #80,775
  • Nov 24, 2010 11:00am Nov 24, 2010 11:00am
Quoting mbqb11
print these out adi, paste them to your screen if you have to. Then next time you get that urge look at them. And remember these feeling you have now. Each time you pass on a so-so setup it gets easier. Cause you still will make mistakes, great trades still will lose, etc. So we want to stay away from the so-so setups to make it a bit easier, it's tough enough as it is

Take care bud
Mike
Ok thanks, great advice! Already printing all 3 trades! thanks
  • #80,776
  • Nov 24, 2010 11:05am Nov 24, 2010 11:05am
long term support-area on barclays.
fta will be 300.
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meine augen sind die sterne
  • #80,777
  • Nov 24, 2010 11:07am Nov 24, 2010 11:07am
Quoting Adilius07
Yes, glad this is demo. And of course I can blame N. Korea for my unexpected loss
That inside bar on weekly eu/gbp maybe not so good looking at the 3 bars before a nice bearish weekly bar having its influence I guesss!!!

Just my two cents worth! Would I be right saying that ?

Cheers
v
  • #80,778
  • Nov 24, 2010 11:12am Nov 24, 2010 11:12am
Quoting menomoo
That inside bar on weekly eu/gbp maybe not so good looking at the 3 bars before a nice bearish weekly bar having its influence I guesss!!!

Just my two cents worth! Would I be right saying that ?

Cheers
v
I don't know. I saw that BEOB yes. But I assumed that BEOB already "reached its targets" coming to BRN, PPZ. BEOB's power can't last forever right. I do have a rule not to fade immideate PB, BOUB on same or higher TF - that was not immediate in my view.
  • #80,779
  • Nov 24, 2010 11:19am Nov 24, 2010 11:19am
[quote=aserbfx;4196984]french credit agricole on daily.

[quote]As for eur/aud to me this is much much easier to avoid. Look at the freefall this pair is in(zoom your charts out as it's skewing the perspective of these bars as we spoke about before). Look at how teeny tiny pinbar is. To reverse that move. [/QUOTE
mbqb11 said it first and imho this is similar, thats a small pin to counter that big sharp drop. it might work out but an easy pass for me.
PATIENCE... DISCIPLINE
  • #80,780
  • Nov 24, 2010 11:31am Nov 24, 2010 11:31am
[quote=g_j_hook@yah;4197053][quote=aserbfx;4196984]french credit agricole on daily.

Quote
As for eur/aud to me this is much much easier to avoid. Look at the freefall this pair is in(zoom your charts out as it's skewing the perspective of these bars as we spoke about before). Look at how teeny tiny pinbar is. To reverse that move. [/QUOTE
mbqb11 said it first and imho this is similar, thats a small pin to counter that big sharp drop. it might work out but an easy pass for me.
sure, mate. i am more focused on the support-area then the "sucker-pinbar".
meine augen sind die sterne
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