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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

  • #89,441
  • Feb 18, 2011 9:59am Feb 18, 2011 9:59am
Quoting aserbfx
took a touch trade this morning on eur/gbp (0.8360 entry, 1/2 off at 0.8395, last 1/2 still in).
just want to show you the importance of additional confluence on touch trades.
here we got the volume as confirming signal. look at the last three down-bars before the big bullish bar. we have the down-bars but volume is decreasing. so this can only means that the professionels are not interested in lower prices.
so be careful when taking touch trades only based on s/r. look for any other confluence like fibs, price-action-bars, volume, etc.
hth...
Nice...Aserbfx..
"so this can only means that the professionels are not interested in lower prices."..this line was interesting!something to learn!thanks
  • #89,442
  • Feb 18, 2011 10:24am Feb 18, 2011 10:24am
Quoting aserbfx
took a touch trade this morning on eur/gbp (0.8360 entry, 1/2 off at 0.8395, last 1/2 still in).
just want to show you the importance of additional confluence on touch trades.
here we got the volume as confirming signal. look at the last three down-bars before the big bullish bar. we have the down-bars but volume is decreasing. so this can only means that the professionels are not interested in lower prices.
so be careful when taking touch trades only based on s/r. look for any other confluence like fibs, price-action-bars, volume, etc.
hth
Hi Aser,

Nice trade...

Before I found this thread I was learning for a few months trading forex with vsa (volume spread analysis) .. so Ill tell you what I think about volume in forex.

The volume you are receiving is the volume from the transactions done within your broker as forex isnt a centralized market, in this case broco, as you know and results have shown high % of traders lose money so following volume of losers isnt great.
Im sure that you or many of us have heard many people say .. you cant trade forex with volume.. and theyre wrong you can..but the only way you could get real forex volume is by trading currency futures which you can do it by using esignal platform and feed.

From the people ive meet that trade forex with volume, the more realiable mt4 or the nearest to the currency futures volume is IBFX.

Os.
Trade Smart
  • #89,443
  • Feb 18, 2011 10:33am Feb 18, 2011 10:33am
Quoting jarroo
More often then not, Be Cool, these setups are good for a nice run . .like this one on the Eur/Chf back in mid 2010.
Sorry for the late reply. Been out of town for a few days. I apologize if I don't always keep up with current posts. My day job is as a travelling salesman, and when i am home got to assist my wife with her small business or care for our 3 mo baby girl. So my trading time is very limited. Its either early at dawn or very late at night.

Thank you for the pointers, Jim Stop management sure can make the difference between profit and BE/loss -even on A+ setups -lesson learned

Now if i can just tell the difference between A+ setups and the B ones I would know when to do the free trade thing you have so kindly taught us -SWEET

PS: I think you're a genius at managing risk, Jim
  • #89,444
  • Feb 18, 2011 10:41am Feb 18, 2011 10:41am
Quoting Osman
Hi Aser,

Nice trade...

Before I found this thread I was learning for a few months trading forex with vsa (volume spread analysis) .. so Ill tell you what I think about volume in forex.
...
thanks for your input, osman.
i respect your words and am aware of that.
the chart i posted is from fxpro. although it says "broco" in the lower left corner, it is not. i have several mt4 running and this happens often. although i just checked the volume of broco (which is also reliable imho; like ibfx), broco and fxpro showed the same volume. i think it is getting worse when you drop down in timeframes.
anyway, i will end this subject here because it has no relevance with j16-trading.
rock on!
meine augen sind die sterne
  • #89,445
  • Feb 18, 2011 10:41am Feb 18, 2011 10:41am
Quoting DBallerz
ha ha eurusd thread is for the laughs and giggles. I like the level of activity on that thread. Good insight on how other traders think and why the 95% failure rate holds true....
I thought I was the only one that read that thread [EDIT EURUSD THREAD] for the comic releif.....using J I am most times doing the opposite of the consensus over there...are they the liquidity we need for our PA? LOL
  • #89,446
  • Feb 18, 2011 11:32am Feb 18, 2011 11:32am
Ifmyante,

I dont trade copper but here are my thoughts.

We are in a strong uptrend as you can see. The bar is kind of small as well - only engulfing one bar. Also when speaking about FTA's it is important to remember that they are zones.

The 4.26 is undoubtedly more of a major trouble zone because of the high back in 2008, but the zone between 4.38 and 4.26 is the first trouble AREA. I dont really see any divergence.

In my opinion it doesnt scream short. Which is what I would likve to see before outting my money on it. Something I would like to see is a bar close below 4.20 and closing below the steep trendline up.

These are just my thoughts when I look at this. It could very well shoot down. The choice is yours.




Quoting Ifmyante
Weekly BEOB forming on copper. May close below previous highs.

Not sure if FTA would be the open of two weeks ago (c. 4.38) or the more obvious 4.26 area
  • #89,447
  • Feb 18, 2011 12:50pm Feb 18, 2011 12:50pm
Quoting Greenhaze
Now that is something.

Nice one GH . ."fly me to the moon . . . "

Indicators show the past. Price Action "Indicates" the future.
  • #89,448
  • Feb 18, 2011 12:56pm Feb 18, 2011 12:56pm
Quoting mbqb11
the term trader is very loosely used here

I just figured out what you meant by this, Mike . .

We're "Storytellers" .. .
Indicators show the past. Price Action "Indicates" the future.
  • #89,449
  • Feb 18, 2011 1:00pm Feb 18, 2011 1:00pm
FOREX-Euro jumps on ECB rate hike hopes; G20 summit eyed

* Bini Smaghi says rates may have to be raised
* Money market and debt tensions likely to check gains
* China raises bank reserve requirements again
* Focus on U.S. Fed Chairman Bernanke, G20 meeting (Recasts; updates prices, adds quotes, background)
By Julie Haviv
New York, Feb 18 (Reuters) - The euro gained against rival currencies on Friday, bolstered by raised expectations that the European Central Bank will raise interest rates, with more gains likely if geopolitical concerns continue work against the U.S. dollar.

http://www.reuters.com/article/2011/...29694820110218
  • #89,450
  • Feb 18, 2011 1:02pm Feb 18, 2011 1:02pm
Quoting jarroo
Nice one GH . ."fly me to the moon . . . "

I just opened the charts and was greeted by this nice bar ;]...but e/u is the trade of the month 260 pips with 15 pips draw down.
  • #89,451
  • Feb 18, 2011 1:04pm Feb 18, 2011 1:04pm
Quoting Greenhaze
I just opened the charts and was greeted by this nice bar ;]...but e/u is the trade of the month 260 pips with 15 pips draw down.
super!

I was BE though
  • #89,452
  • Edited 1:24pm Feb 18, 2011 1:12pm | Edited 1:24pm
Quoting Greenhaze
I just opened the charts and was greeted by this nice bar ;]...but e/u is the trade of the month 260 pips with 15 pips draw down.

You got me beat on the e/u.

I boxed up th Daily I4B and played a consoldation breakout pull back (no PA) on the 4 hour at the 1.3550.

I liked the 1.3400 that you talked about before, but since Price was below the 1.35 BRN it had me concerned.
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Indicators show the past. Price Action "Indicates" the future.
  • #89,453
  • Feb 18, 2011 1:15pm Feb 18, 2011 1:15pm
Quoting Adilius07
super!

I was BE though

Are you still in the N/U, Adil? Nice catch at the bottom of consolidation, that was a tough one.
Indicators show the past. Price Action "Indicates" the future.
  • #89,454
  • Feb 18, 2011 1:16pm Feb 18, 2011 1:16pm
Quoting Patrick.
FOREX-Euro jumps on ECB rate hike hopes; G20 summit eyed

* Bini Smaghi says rates may have to be raised
* Money market and debt tensions likely to check gains
* China raises bank reserve requirements again
* Focus on U.S. Fed Chairman Bernanke, G20 meeting (Recasts; updates prices, adds quotes, background)
By Julie Haviv
New York, Feb 18 (Reuters) - The euro gained against rival currencies on Friday, bolstered by raised expectations that the European Central Bank will raise interest rates, with more gains likely if geopolitical...

Here is how we looked at it. I pulled my order before it triggered b/c of time of day but many stuck around for the move.

Price found support on the 1.35, Formed a bullish flag. BUOB showing tip off to break out of channel

News smooze, PA rules
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  • #89,455
  • Feb 18, 2011 1:22pm Feb 18, 2011 1:22pm
Re Copper.

I've been away from the computer for a few hours, and couldn't get that post out of my mind. What I wished I had mentioned was the potential opportunity to go long from any form of retracement. I don't know if that dawned on me before I posted, or immediately after.

Another week has flown by, so once again, thanks to all our fine gurus for another week's wisdom and kindness
  • #89,456
  • Feb 18, 2011 1:22pm Feb 18, 2011 1:22pm
Quoting mbqb11
Here is how we looked at it. I pulled my order before it triggered b/c of time of day but many stuck around for the move.

Price found support on the 1.35, Formed a bullish flag. BUOB showing tip off to break out of channel

News smooze, PA rules

Man . .I thought about adding at the previous bar High of that 4 Hour BUOB . .how do you say that again, Mike . .I get in the way of myself sometimes . .


PA Rules!!
Indicators show the past. Price Action "Indicates" the future.
  • #89,457
  • Feb 18, 2011 1:24pm Feb 18, 2011 1:24pm
Quoting mbqb11
Here is how we looked at it. I pulled my order before it triggered b/c of time of day but many stuck around for the move.

Price found support on the 1.35, Formed a bullish flag. BUOB showing tip off to break out of channel

News smooze, PA rules
Indeed, I am long from that buob and looking good so far...will trail my stop by x pips next week once we get to 1.374
Trading is a test match not a Twenty20.
  • #89,458
  • Feb 18, 2011 1:24pm Feb 18, 2011 1:24pm
Quoting DBallerz
Does anyone have any suggestions on how to force myself to take profit out when FTA is hit? I'm having problems of always trying to predict the big move and holding my trades for too long. Since I'm always at the PC, I don't use TP or SL. Would appreciate some help!
Take it one step at a time. Get that take profit in there at the FTA. If a good percentage of your trades hit that target, start looking at taking partial profits and let part of it run. Then look into other exit plans. This is just a simple start to create a positive habit. Every trade will need to be looked at on it's own as to how to manage it. But I built better habits and more confidence taking this one step then adding to it. It is a business not a game.

Also, big believer in getting that Stop loss out there. Do your math set it up and let the market do the work. Just my thoughts YMMV.
  • #89,459
  • Feb 18, 2011 1:32pm Feb 18, 2011 1:32pm
Quoting mbqb11
Here is how we looked at it. I pulled my order before it triggered b/c of time of day but many stuck around for the move.

Price found support on the 1.35, Formed a bullish flag. BUOB showing tip off to break out of channel

News smooze, PA rules

Hey Mike . .was this a similar story on the G/U? Or was the bullish flag to broad?
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Indicators show the past. Price Action "Indicates" the future.
  • #89,460
  • Feb 18, 2011 1:36pm Feb 18, 2011 1:36pm
Quoting jarroo
Hey Mike . .was this a similar story on the G/U? Or was the bullish flag to broad?
Hey Jim

To broad for me and I would want another touch in there(say right in the middle where all that space is). It's not really wrong, it just doesn't fit into the patterns I like. Euro was much more smooth and obvious in my eyes

Have a great weekend bud
Mike
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