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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

  • #88,381
  • Feb 8, 2011 11:52am Feb 8, 2011 11:52am
Quoting Dan Gilbert
Have to see how much momentum this BUOB actually has...
a lot I guess...
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Many choose unhappiness over uncertainty.
  • #88,382
  • Feb 8, 2011 11:58am Feb 8, 2011 11:58am
Quoting mbqb11
Hey Bakko

I'd like to see a bigger bar too as Os said but I think your overall thought process makes sense. We are coming of some recent really strong strength and today was a pretty dead day. I would just be cautious with the trouble areas on the way down trading back into this strength with a smaller bar.

Best
Mike
Hi guys, I'm a long-time reader but a long-time no poster as well.

I just want to make a statement about this trade Mike commented on and decided not to take.
I sat for hours and hours and just thought about it whether I should take it or not, I knew we had FTA pretty close and the size and looks of the bar were really weak. However I decided to take the trade anyway (for now obvious no good reasons at all) except the facts that my mind kept being afraid of missing out the possibility of making money in this trade, I mean if price would make a hard break I had reasons to believe I could cash in a good amount of pips.

I had my sell limit order slightly under the pinbars low (actually not a pinbar) and when I went to bed I just didn't feel comfortable like I'm used to feel when I take price pattern setups. I woke up and found out that that my limit order had not been filled yet. I went to my lecture and after that kept studying but couldn't really focus on studying I made a lot of stupid calculus mistakes lol.
I got mad, went to the closest computer and saw that the market had reach my limit order price and I was actually in the market. I did not hesitate and just closed the trade immediately for a 10 pip loss. After that I could find peace in my mind and continue with zé studies.

Well obviously it was a good decision in the end (look at the chart and see what happened), but never ever will I take a trade again that does not make me feel good slash giving me a good gut feeling. I just compare this feeling I had with the latest EURAUD BEOB we had a week ago approx. When I made my sell limit order after the close of that BEOB D1 bar I just felt the serotonin production in my mind increasing exponentially.

That is how one is supposed to feel (not literally) when seeing a setup in terms of the setup fits in supergood with your pre-formulated tradingplan.

I guess many of you have felt the same at some point.

Regards Shuan Salim
  • #88,383
  • Feb 8, 2011 12:08pm Feb 8, 2011 12:08pm
Quoting Dan Gilbert
a lot I guess...
Indeed... been following this pretty intensely. Maybe we'll see some PA at BRN 30.00???
  • #88,384
  • Feb 8, 2011 12:18pm Feb 8, 2011 12:18pm
Was this taken by anyone? I was in the the trade (demo) and was taken out as it broke my 61.8 fib

But was I wrong in my SL being where it had broken the fib? Should I have entered instead after the BUOB? IT was an H4 though
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DM if you have any questions
  • #88,385
  • Feb 8, 2011 12:19pm Feb 8, 2011 12:19pm
Quoting optimuss
Indeed... been following this pretty intensely. Maybe we'll see some PA at BRN 30.00???
maybe.

I have been sitting on my hands. Not a lot happening anywhere.
Many choose unhappiness over uncertainty.
  • #88,386
  • Feb 8, 2011 1:23pm Feb 8, 2011 1:23pm
Quoting Dan Gilbert
a lot I guess...
Yep this one sure took off! I definitely over thought that situation. Got a bit off the daily gold BUOB with multiple lows.
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  • #88,387
  • Feb 8, 2011 1:25pm Feb 8, 2011 1:25pm
Quoting Wakanapi
Hi guys, I'm a long-time reader but a long-time no poster as well.

I just want to make a statement about this trade Mike commented on and decided not to take.
I sat for hours and hours and just thought about it whether I should take it or not, I knew we had FTA pretty close and the size and looks of the bar were really weak. However I decided to take the trade anyway (for now obvious no good reasons at all) except the facts that my mind kept being afraid of missing out the possibility of making money in this trade, I mean if price would make a...
Good too see you posting Shuan. Yep the old "can I sleep" is a good meter on a trade setup for an individual. If you can't sleep probably shouldn't be in it. You are correct about a few things, but also should always make your own analysis while demoing and learning. It is more important to see that and then learn after. Clearly this trade taught you a lot about your emotions and even if it dropped a thousand points would be a great trade to learn from for you personally.

Hope you will post more here
Mike
  • #88,388
  • Feb 8, 2011 1:25pm Feb 8, 2011 1:25pm
Quoting lallous
Thank you Ifmyante !
It surely looks delicious
happy birthday bud
  • #88,389
  • Feb 8, 2011 1:28pm Feb 8, 2011 1:28pm
Quoting Dan Gilbert
a lot I guess...
It couldn't close above 28.00 so I passed. Pity...
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  • #88,390
  • Feb 8, 2011 2:00pm Feb 8, 2011 2:00pm
Quoting Crane80
It couldn't close above 28.00 so I passed. Pity...
The multiple bars enfulged would be enough for me. But ofc.. its easy to say in second hand like this. But whenever I see sizes of this bar and multiple enfulgs I feel confident enough about the trade. Too bad that I haven't followed gold or silver in quite a while...
  • #88,391
  • Feb 8, 2011 2:15pm Feb 8, 2011 2:15pm
Quoting Wakanapi
The multiple bars enfulged would be enough for me. But ofc.. its easy to say in second hand like this. But whenever I see sizes of this bar and multiple enfulgs I feel confident enough about the trade. Too bad that I haven't followed gold or silver in quite a while...
Another one to watch. But I think the PA should give us confidence that it can break 1,5340.Some juicy beob closing below 1,5340 with a strong close maybe. Appreciate any comments,

Thanks
C80
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  • #88,392
  • Feb 8, 2011 2:22pm Feb 8, 2011 2:22pm
Quoting jkrick33
Was this taken by anyone? I was in the the trade (demo) and was taken out as it broke my 61.8 fib

But was I wrong in my SL being where it had broken the fib? Should I have entered instead after the BUOB? IT was an H4 though

Yup, I took it on break of 4h pin and got out in the 90s before .85000. Of course, it was in demo.

Took another trade on live account and lost.
  • #88,393
  • Feb 8, 2011 2:23pm Feb 8, 2011 2:23pm
Quoting mbqb11
Good too see you posting Shuan. Yep the old "can I sleep" is a good meter on a trade setup for an individual. If you can't sleep probably shouldn't be in it. You are correct about a few things, but also should always make your own analysis while demoing and learning. It is more important to see that and then learn after. Clearly this trade taught you a lot about your emotions and even if it dropped a thousand points would be a great trade to learn from for you personally.

Hope you will post more here
Mike
These trades indeed are priceless in terms of learning curve!
  • #88,394
  • Edited 2:40pm Feb 8, 2011 2:35pm | Edited 2:40pm
I misunderstood your post lol. I should go to bed.
  • #88,395
  • Feb 8, 2011 3:09pm Feb 8, 2011 3:09pm
breakout on irm. candles are weekly.
strong close on dayhigh.
this will very likely run higher...
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meine augen sind die sterne
  • #88,396
  • Feb 8, 2011 3:22pm Feb 8, 2011 3:22pm
Interesting chart on Gold (H4)
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  • #88,397
  • Feb 8, 2011 3:42pm Feb 8, 2011 3:42pm
is james ok?

last activity january 18th...
Many choose unhappiness over uncertainty.
  • #88,398
  • Feb 8, 2011 3:46pm Feb 8, 2011 3:46pm
Quoting Dan Gilbert
is james ok?

last activity january 18th...
Hey Dan

Yep I have spoke to him he got pretty sick the docs got him on a bunch of stuff

Told him not to get out of bed

I think it's cause Texas got a taste of our East coast weather

Best
Mike
  • #88,399
  • Feb 8, 2011 4:40pm Feb 8, 2011 4:40pm
Quoting mbqb11
Hey Dan

Yep I have spoke to him he got pretty sick the docs got him on a bunch of stuff

Told him not to get out of bed

I think it's cause Texas got a taste of our East coast weather

Best
Mike
ah.... highs in the lower 50's make me feel like I have pneumonia these days.



note: I actually spelled pneumonia correctly on the first try without using google.....
Many choose unhappiness over uncertainty.
  • #88,400
  • Feb 8, 2011 4:53pm Feb 8, 2011 4:53pm
Hi guys

I am not seeing any decent setups on the dailies tonight, just wondering if anyone else has spotted something? Always helps to have an extra pair of eyes or two on proceedings!!

Thanks

kal
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