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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

  • #85,321
  • Jan 12, 2011 5:31am Jan 12, 2011 5:31am
Quoting kancha1115
Hello Adilius..
sorry about my bad English ..
hey Ken,
your English is fine, Sir.
please keep on posting.
  • #85,322
  • Jan 12, 2011 5:37am Jan 12, 2011 5:37am
Quoting Osman
On EU we have a BEOB @ 1.30
I just see a BEOB with Div.. but no more confluence..
Os.
Hey Os,
H4 BEOB, right?
what kind of div?
lot of wood to chop around 1.2900 - 1.2960. i would want to see a 'hot knife slicing thru butter' scenario through that area, if i were trading this.
  • #85,323
  • Jan 12, 2011 5:45am Jan 12, 2011 5:45am
Quoting supremeChaos
Hey Os,
H4 BEOB, right?
what kind of div?
lot of wood to chop around 1.2900 - 1.2960. i would want to see a 'hot knife slicing thru butter' scenario through that area, if i were trading this.
Here ya go..

Yeah... im gonna pass on this one as I dont see any story for taking the trade just beob with a nice div.. if we had a rejection of the 1.3060 it will change my views but just as it is.. I dont have enough confluence to take it and as you said we´ve got FTA around 1.29-1.2960

Os.
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Trade Smart
  • #85,324
  • Jan 12, 2011 5:46am Jan 12, 2011 5:46am
Quoting Adilius07
I really think I'm gonna make it even though the reality is that I have never had a winning trade since last Fall

But one thing for sure I am not overtrading anymore!

Hi Adilius,

Simply not over trading doesn't mean you will be successfull. I had a look at your journal and it seems some of your traders try and pick tops/bottoms (counter trend). I believe this is very difficult using just TA alone, maybe if you look at fundamentals a bit and factor that in with order flow understanding.

A couple of your trades made it to the first FTA and then reversed for a loss. To me you didn't manage the trade successfully in these cases.

I also didn't see much confluence marked on your charts, be careful not to just play based on a nice looking bar. You need to understand the context based on the PA around the setup. A pin bar could simply be profit taking or covering at uncle points before continuing on.

Keep trading and also learning about the markets in general.

I am new to this thread but have been researching for years and work in an Investment bank in IT.

PA is a good way to confirm entries but I think you need to look at the whole picture more.

Good luck
Kind Regards Chris
  • #85,325
  • Jan 12, 2011 5:46am Jan 12, 2011 5:46am
Quoting supremeChaos
Hey Os,
H4 BEOB, right?
what kind of div?
lot of wood to chop around 1.2900 - 1.2960. i would want to see a 'hot knife slicing thru butter' scenario through that area, if i were trading this.
ok wots the score!!?? you can read the future yeah!? lol
the beauty of PPZ

jon
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PATIENCE... DISCIPLINE
  • #85,326
  • Jan 12, 2011 5:56am Jan 12, 2011 5:56am
Quoting gladiator123
HI James and other senior members,

thanks a lot for all the informations provided here. I get a lot of knowledge from this thread. I was having trouble with entries and after i waited long enough for good setups now I manage to get good entries but i am not sure how to manage it properly after entering so that I can make profit out of it. the trades that I enter goes for about +50 to 80 pips most of the time but i end up sl, break even of with 10 or 20 pips.I have a question regarding exit and trade management. lets say we enter a standard lot...
Hey Gladiator

Glad to see you are learning from the thread. What you are asking comes up often. Here was a post I made about R:R and very important in my opinion. You don't have to have a set R:R for each trade. After you prove to yourself(through time and testing) that what you do works you will just look to trade smart and let things take care of themselves. THat might mean you win .25R sometimes, or that you win 2R some other times.

http://www.forexfactory.com/showpost...ostcount=70154
http://www.forexfactory.com/showpost...ostcount=70155

Hope this eases some of your concerns

Mike
  • #85,327
  • Jan 12, 2011 5:56am Jan 12, 2011 5:56am
Quoting Ifmyante
Kancha,

it looks like you're really getting the right mentality.

Since finding this thread, I have begun to relax immeasurably.

This week so far has been a massive success for me: No trades at all!

Some may say that's a failure to make a profit, but I don't think so. I'm really happy about it.

I see it as going into my third consecutive day of big wins!



Michael
Hi Ifmyante, thanks for your comment

I think I ve started to feel relax with my trade since that I admitted what I am not capable of.
I did many many failure trades and really did got tired of it(losing) ,then I think, I could changed naturally,, I became trader who never take a counter trade. I could have changed like that , I think, because I m too afraid of losing after I experienced many losing trades. so I did think think think to changed my bottom situation(I did read seniors posts in this thread many many times ,I worried about that I could understand what is written in those seniors posts right way thoughhttp://cdn.forexfactory.com/images/s...m/blushing.gif) and concluded that I`d better only taking a trade with trend.
I think,,that`s one of my turning points.

I think you did great, if you judged there isn`t a trade, which is not worth to play for you and not taken a trade, that means you could have control yourself. as you said in your post, I also think you did great , really.

thanks for reading and sorry for my bad English.

Ken
  • #85,328
  • Jan 12, 2011 5:57am Jan 12, 2011 5:57am
Something instinctively stopped me from trading this pin bar, and I'd like to be sure what it was.

Was it the momentum of the preceding bar? The traffic just beneath?

Or just fear?

Any input would be much appreciated

Michael
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  • #85,329
  • Jan 12, 2011 5:57am Jan 12, 2011 5:57am
Quoting chriskins
Hi Adilius,
...
I am new to this thread but have been researching for years and work in an Investment bank in IT.
....
nice to have u here, Sir.
hopefully u keep posting!

Quoting g_j_hook@yah
ok wots the score!!?? you can read the future yeah!? lol
the beauty of PPZ http://cdn.forexfactory.com/images/s.../yim/happy.gif
..
wait a little while,
that support will break
  • #85,330
  • Jan 12, 2011 5:58am Jan 12, 2011 5:58am
gb/us i decent lookin 4h BEOB...

jon
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PATIENCE... DISCIPLINE
  • #85,331
  • Jan 12, 2011 5:59am Jan 12, 2011 5:59am
Quoting supremeChaos

wait a little while,
that support will break
lol...thanx SC, thats jus what i wanted to hear
PATIENCE... DISCIPLINE
  • #85,332
  • Jan 12, 2011 6:04am Jan 12, 2011 6:04am
Quoting Ifmyante
Something instinctively stopped me from trading this pin bar, and I'd like to be sure what it was.

Was it the momentum of the preceding bar? The traffic just beneath?

Or just fear?

Any input would be much appreciated

Michael
If you compare it to the previous bar it looks small, remember bars are just representations of price movement split by arbitrary time slices, so it looks like just a retracement from a big move up.
Kind Regards Chris
  • #85,333
  • Jan 12, 2011 6:05am Jan 12, 2011 6:05am
Hi Kancha,

If only native English speakers could spell half as well as you, the world would be a much more refined place!

I think you and I may very well be around the same level of the learning curve.

Please post any potential trades you see, and I'll do the same. We can decide, with some help, I hope, how strong they are.

Thanks for your encouragement my friend. I look forward to reading more from you

Best

Michael
  • #85,334
  • Jan 12, 2011 6:08am Jan 12, 2011 6:08am
Quoting kancha1115
Hello Adilius, thanks for your comment.
I have 4 different trading styles now , 3 systems for daily, and 1 for 4hTF.
and for your question , my answer is yes, I ve used 2 systems on live about 6 months now(another 2 systems are still on demo)
For live trading, I use PA&authorized bar with trend system ,which I introduced a little in my last post.
My main system is 4h PA&authorized bar trading system, and I use daily PA&authorized bar trading system for the next(because as you see in my EURUSD chart in my last post, there are not so many oppotunities...
Your english is perfect. Much better than mine, thanks for the clarification! Hope to see more charts from you in the future
  • #85,335
  • Jan 12, 2011 6:10am Jan 12, 2011 6:10am
Quoting chriskins
If you compare it to the previous bar it looks small, remember bars are just representations of price movement split by arbitrary time slices, so it looks like just a retracement from a big move up.
THAT'S IT! It was out of proportion.

A much longer nose was needed to show a turn of the move.

Thanks mate
  • #85,336
  • Edited 6:23am Jan 12, 2011 6:13am | Edited 6:23am
Quoting supremeChaos
hey Ken,
your English is fine, Sir.
please keep on posting.
Hi supremeChaos
thanks for your comment.
though ,I know myself and the reason I had not posted in this thread even once since I`ve started reading this thread about 2 years ago is that I had really worried(and still continue worring) about misunderstanding with members in the thread by my English(in addition to it , I m very very slow English writer
so I think I`d better adding [sorry for my bad English] comment in my post for some time.
anyway , thanks for your kind word(about my English)

Ken

PS plz call me ken or kancha, I`m japanese and I feel strange by be called `sir` Hahaha.
  • #85,337
  • Jan 12, 2011 6:15am Jan 12, 2011 6:15am
One other thing, chriskins,

sorry for taking up so much thread space.

That little PB is just a sign of weakness in the up move, yes?
  • #85,338
  • Jan 12, 2011 6:15am Jan 12, 2011 6:15am
Quoting chriskins
Hi Adilius,

Simply not over trading doesn't mean you will be successfull....
Thank you Chris for your post. Yes, when I was initially analysing my mistakes I thought so too. Not A+, not perfect shape, however on the like 10th circle (analysing same printed out losses) it dawned on me that yes all errors seem really clear after fact..unfortunately.. and same is with wins too, when you look back on any chart how beautiful all those pins and buobs right? Now try and choose one in real time and things will be very different (this is not especially to you, this is me talking to myself too).

So my point is I still hope I could improve my trading by being more picky in real time as I see choosing best setups in historical charts is meaningless for me anymore (because I choose only the best, with 100% win rate, lol).

So again the problem must be within me I agree with you on this, so let's see if I could change the situation. Thanks!
  • #85,339
  • Jan 12, 2011 6:19am Jan 12, 2011 6:19am
I'm off to the pf for a while

Sooooo much to catch up on!

Later
  • #85,340
  • Jan 12, 2011 6:20am Jan 12, 2011 6:20am
Quoting Adilius07
Thank you Chris for your post. Yes, when I was initially analysing my mistakes I thought so too. Not A+, not perfect shape, however on the like 10th circle (analysing same printed out losses) it dawned on me that yes all errors seem really clear after fact..unfortunately.. and same is with wins too, when you look back on any chart how beautiful all those pins and buobs right? Now try and choose one in real time and things will be very different ...

Yeah its easy to look at charts in hindsight you are correct, I think getting something like a simulator would be useful so you can make loads of trades off the daily to practice over weekends rather than wait 2 weeks for a trade. Anyone know of any, something I would like for backtesting?
Kind Regards Chris
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