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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

  • #85,481
  • Edited Jan 13, 2011 12:53am Jan 12, 2011 2:56pm | Edited Jan 13, 2011 12:53am
Quoting lowmach
uchf w2 pin went to first ppz. the d2 pin you show may play out to bar lows. this may be a nice retrace entry of w2 pin as well. just a thought. nice chart!

Yes a retrace into that 2 Week PB is a possibility. . .

. . and you may share the same concerns as Osman . . with that big Bullish move up or 2 Week PB.

The .9450-30 PPZ level is still acting as Resistance since Price broke through and closes below it. . .This is still showing signs of Resistance on the Daily.

Because of this transformation from Support to Resistance . .I still have to view that more down movement is possible and the 2 Day PB can only confirm this.
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Indicators show the past. Price Action "Indicates" the future.
  • #85,482
  • Jan 12, 2011 2:58pm Jan 12, 2011 2:58pm
Quoting Adilius07
Get Ipad man. The most comfortable way to read this thread
Plus if you have oanda you can check your postions too.
Just ordered it today through my one of my friends from college, who's now a manager at an Apple store. 15% off isn't too shabby Cannot wait to get it going, as well as rdp/vnc/logmein for MT4 access on a windows pc.
Price is beautiful. A repetitive method is a competitive method.
  • #85,483
  • Jan 12, 2011 2:58pm Jan 12, 2011 2:58pm
Quoting Adilius07
I was thinking...one of the most important things is being picky, very picky. But for me is really hard to do especially with demo money...
So I went ahead and loaded live account with 3k today.
Risk is going to be 0,5%.
And of course everything is going to be visible. My rise or my fall.
This is almost like demo so of course I don't expect to make my first million out of it...or who knows? ...
wow, good luck!
  • #85,484
  • Jan 12, 2011 2:59pm Jan 12, 2011 2:59pm
Interesting price action in GBPCAD, similar to euro cad. Decent consildation between 15600 and 15300, what looks like is going to be a daily bullish engulfing here. I guess an aggresive entry could be on BUOB retracement to 15500, or wait for the range breakout.

I'll update when the market reveals what it's up to..
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  • #85,485
  • Jan 12, 2011 3:00pm Jan 12, 2011 3:00pm
Quoting nwo-trader
Just ordered it today through my one of my friends from college, who's now a manager at an Apple store. 15% off isn't too shabby Cannot wait to get it going, as well as rdp/vnc/logmein for MT4 access on a windows pc.
This is cool
You won't be disappointed, this is the most used thing in my household for sure!
  • #85,486
  • Jan 12, 2011 3:24pm Jan 12, 2011 3:24pm
Quoting Atc
I'm short into this on retrace to 108.00 RN ...look like good opport. for a few pips

little late on the update...shoveling and plowing out of this snowstorm

took a loss on this one...missed my exit by a pip
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  • #85,487
  • Jan 12, 2011 3:27pm Jan 12, 2011 3:27pm
Quoting Adilius07
This is cool
You won't be disappointed, this is the most used thing in my household for sure!
Adi u went with Oanda at the end ?

Os.
Trade Smart
  • #85,488
  • Jan 12, 2011 3:28pm Jan 12, 2011 3:28pm
Quoting chriskins
I feel the same about demo, I prefer to learn with a small amount. I will start with micro account though as I am just getting going. After 6 months I will add a few thousand if all is well then another 6 months Ill put in the full wack!!.
i do not post often but i would like to mention something here. maybe meaningless or not to you.

I assume your speaking about the 90 day challenge to start with? if not just ignore me...

Jim suggests not only using demo for 90 days but using a balance that you expect to use when going at it for real. Obviously not the same as real dough but your decisions will have to take it in consideration when you may have multiple lots on and your hitting your first PPZ. Some traders say just look at pips....well i can't speak for other traders, but i know exactly whats on the line no matter if i look at dollars, points, or percentage. Also big part of the challenge is to respect the demo account. Which i had never done before. Way too easy to click it and forget it or just reset when soemthing goes wrong... LOL. Am i the only one?

I even traded multiple 1 to 5 K accounts to zero because i showed them little respect and went into gunslinger or martingale mode. The larger demo account i used while going through the 90 day challenge helped my head more than all those minor K accounts i traded to zero. I became SO picky about the trades i take. Of course learning from Jim and Mike didn't suck either. 8)

I know one size doesn't fit all. Still a student here as well. Just thought i would share my thoughts and experience.

best of luck friend!
-Low
  • #85,489
  • Jan 12, 2011 3:50pm Jan 12, 2011 3:50pm
Quoting lowmach
i do not post often but i would like to mention something here. maybe meaningless or not to you.

I assume your speaking about the 90 day challenge to start with? if not just ignore me...

Jim suggests not only using demo for 90 days but using a balance that you expect to use when going at it for real. Obviously not the same as real dough but your decisions will have to take it in consideration when you may have multiple lots on and your hitting your first PPZ. Some traders say just look at pips....well i can't speak for other traders, but i know...
Nice post LM

I agree this is a tricky topic b/c of course there isn't ONE right way as all things in trading. It's interesting I never demoed simply b/c I didn't know about demo accounts when I was learning it just wasn't like it is now(this is over 8 years now). I was also in the camp you need money to feel and learn. But I have to say being on the other side of the coin and looking back I truly see the importance of demo. James says it It is you vs your ego. Fiji explained it as if you can't do it on demo and battle that ego that says things like " i need money online to care" "demo isn't really etc" Maybe you might be right but the ego will show its ugly face with other things and if you can't battle those you most likely won't battle else wise. I think things like a super tiny account to have live conditions(I am talking peanuts) is essentially to me a demo too.

That statement is everything though. You vs your ego. Absolutely everything.

At the end of the day its ones own journey, but if I had to do it all over again I wish I had someone to tell me these things.

Thanks for the post LM

Mike
  • #85,490
  • Jan 12, 2011 4:01pm Jan 12, 2011 4:01pm
Zooming out a bit..
Could it be a Flag Pattern ?


Os.
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Trade Smart
  • #85,491
  • Jan 12, 2011 4:30pm Jan 12, 2011 4:30pm
Pinbar off the PPZ of .9750-.9800 and a close above the .9800. Also off the 150 ema. Longer nose would've been nice.

If it breaks the .9854, I'm looking for the .9900 as the FTA.

Comments..

Most likely a WIPG activity for me or a tight managment.

Thanks!
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  • #85,492
  • Jan 12, 2011 4:45pm Jan 12, 2011 4:45pm
Quoting mbqb11
Broken down after a bit more wedging up, lets see what happens now
Hey Mike,
I found an entry on my demo into a similar trade on that pair, via a daily inside bar. Just wondering where you are targeting for FTA/TP, and or how you plan to manage this trade from here. It seems difficult to pick an FTA for this trade without any near term price action to the left, other than the .9500. Any of your thoughts on this would be appreciated, looking for some insight on this one.
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Price is beautiful. A repetitive method is a competitive method.
  • #85,493
  • Jan 12, 2011 4:45pm Jan 12, 2011 4:45pm
Quoting jarroo
Hey Sgrb1 and Welcome,

Your charts are very suitable here . .especially this one . . ..

Yes a big Weekly/Daily level . . .BRN 85.00, Fib confluence 618 .. yes you can call it a double fib confluence, the more the confluences the better . . .I have the 365 ema lining up with this level too.

You can see the nice consolidation boxes lining up with this level as well.

Now we just need some nice bullish PA to confirm the level as Support.

Good eye, Sgrb1 ..
Is this not sufficient price action?
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  • #85,494
  • Jan 12, 2011 4:46pm Jan 12, 2011 4:46pm
Quoting lowmach
gu heading into weekly ppz. ran right thru h4 tl. trade well all.
It's approaching the 1.58000 ppz as well
  • #85,495
  • Jan 12, 2011 4:56pm Jan 12, 2011 4:56pm
Quoting nwo-trader
Hey Mike,
I found an entry on my demo into a similar trade on that pair, via a daily inside bar. Just wondering where you are targeting for FTA/TP, and or how you plan to manage this trade from here. It seems difficult to pick an FTA for this trade without any near term price action to the left, other than the .9500. Any of your thoughts on this would be appreciated, looking for some insight on this one.
Hey NWO

I use various techniques on my breakout trades as with all my trading

In this case after we re-wedged again under 1.00 then broke I have used the "projection" of the wedge size to arrive at a rough area of 9800. I have moved to breakeven, and will also be watching my volatility trail indicator and decided if I want to lock in profit. For now my take profit is set and my risk has been eliminated

Hope that helps
Mike
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  • #85,496
  • Edited 5:14pm Jan 12, 2011 5:03pm | Edited 5:14pm
Quoting lowmach
i do not post often but i would like to mention something here. maybe meaningless or not to you.

I assume your speaking about the 90 day challenge to start with? if not just ignore me...

Jim suggests not only using demo for 90 days but using a balance that you expect to use when going at it for real. Obviously not the same as real dough but your decisions will have to take it in consideration when you may have multiple lots on and your hitting your first PPZ. Some traders say just look at pips....well i can't speak for other traders, but i...
I'm in agreement, its something I need to think about. Should I demo the amount I will eventually trade? Or step up to it from micro - mini - standard over a year if all goes well?

Decisions, decisions.

Because I wanted to get used to using Oanda for trading alongside MT4 for charts I didnt want to just use MT4 demo. Need to check to see if I can create a demo account with Oanda.

Update - Oanda Practice account, perfect can use my phone to keep track also.
Kind Regards Chris
  • #85,497
  • Jan 12, 2011 5:22pm Jan 12, 2011 5:22pm
Quoting xmzhang
My other pullback trade has worked out better than the pullbacktrade on Cable. Also a 4H-BEOB which broke below RN @ 7600 and engulfing multiple bars, price just slighty broke that BEOB and then gave me in the 15m-TF a buytrigger to enter the pullback trade and to fade that BEOB via a nice 15m-BUOB. Next question would then be, where will the pullback stop ? Several options here, previous 4H-bar lows or RN @ 7600 ......... price told me on the 10m-TF via a 10m-BEOB right @ RN 7600/61.8 fib to close my long and reverse to short for another shot @...
Bummer, stopped out @ BE on my remaining 1/2 position, profit on my first 1/2 was +33 pips. After that pullback price never took another shot @ that 4H-BEOB and just reversed invalidating that 4H-BEOB. Today I traded two 4H-BEOB's (Cable & Kiwi) and both BEOB's got their asses kicked ....... but I still got away with some juicy pips

May the force be with you
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Pipcrawler
  • #85,498
  • Jan 12, 2011 5:37pm Jan 12, 2011 5:37pm
Maybe a breakout on E-G, a 4H-BUOB/PB combo with a not so strong close could spark off a break out of that tight range.
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Pipcrawler
  • #85,499
  • Jan 12, 2011 7:20pm Jan 12, 2011 7:20pm
Good morning to all

USDCHF 2dayPin(2011.1.12(FXDD)

1st Dailychart
USD 2dayPin(2011.1.12)
off 0.9750(SR Dailly)
Fib 61%

2nd 4hchart
If once UCH break TL(white) downward , after that I will wait for a decent bearish PA(or authorized bar) around the Red triangle&Blue horizontal line(0.9675-SR daily) in the LTFs(4h or 1hTF)
I am just setting a trap and waiting for the prey.

thanks for reading.

Ken
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  • #85,500
  • Jan 12, 2011 7:57pm Jan 12, 2011 7:57pm
Quoting mbqb11

In this case after we re-wedged again under 1.00 then broke I have used the "projection" of the wedge size to arrive at a rough area of 9800.
Mike & NWO,

I'm short USDCAD as well. For me the first target is also 9800. I'm convinced it is likely to retest 9900 before getting there. After that we're into levels we haven't seen since 2007. I'm curious to see how relevant the sub-9800 supports will be since it has been so long.

After that, way down at the bottom of that area is 9300. Maybe we'll see that within the next couple months.

Cheers,

Dean
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