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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

  • #91,841
  • Mar 17, 2011 8:52am Mar 17, 2011 8:52am
Quoting mbqb11
Hey G

Yes it was just that, a large move down....
Great help thanks Mike
can you tell me some more of the things not to do to add to my list.
Rgds
G
  • #91,842
  • Mar 17, 2011 8:53am Mar 17, 2011 8:53am
Quoting AvanishDemo
Hey Mike..lets say we got a very quality setup..are u waiting for markets to normal down or u still trade..wat im bit scared is dat since yesterday market is behaving wild..so im afraid if the market disrespect good setups..im bit confused over this..
Hey Avanish

My answer to G here is how I feel

http://www.forexfactory.com/showpost...ostcount=91856

To me I still am approaching the markets the same. Good setups are good setups. I have not seen any fail any different then any other times in my view. There aren't going to be tons of setups if a market is simply blowing out one way then the other so by nature it sidelines me most of the time

Best
Mike
  • #91,843
  • Mar 17, 2011 8:56am Mar 17, 2011 8:56am
here are a couple of other examples which I failed recently. I trade upon retracement of setup, since I don't feel comfortable with breakout, and there are successful traders who trade on breakouts, there is no reason why I could not.

The latest setup is within range market, if I remember correctly James16 ever said if one can trade these type of setups he/she can trade any type of PA.
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  • #91,844
  • Mar 17, 2011 8:57am Mar 17, 2011 8:57am
Quoting grahamec
Great help thanks Mike
can you tell me some more of the things not to do to add to my list.
Rgds
G
The main thing that most people don't do is have a trade plan. It sounds simple but before you pull the trigger(you meaning anyone).

Does it fit into your trade criteria?
What are you going to do for your exits?
What if one thing happens verse another do you have alternative plans?


Simple questions like that need to be answered and covered so you are simply reacting to a market as opposed to getting emotionally involved with a trade. A trade should be a thought process that is a culmination of ones understanding of the tools/concepts you use.

So for most that are new and even some that aren't. Instead they see a pinbar or outside bar and buy/sell. They don't think about it. Why are you buying/selling here? How are you going to exit? Just taking things to that next step gives you something to learn off because you have a full thought process. If you just buy/sell any bar you will have trouble formulating a trade plan.

Just some thoughts
Mike
  • #91,845
  • Mar 17, 2011 9:00am Mar 17, 2011 9:00am
Quoting mbqb11
The main thing that most people don't do is have a trade plan....
Thanks Mike
  • #91,846
  • Mar 17, 2011 9:02am Mar 17, 2011 9:02am
Quoting jeurre
here are a couple of other examples which I failed recently. I trade upon retracement of setup, since I don't feel comfortable with breakout, and there are successful traders who trade on breakouts, there is no reason why I could not.

The latest setup is within range market, if I remember correctly James16 ever said if one can trade these type of setups he/she can trade any type of PA.

Well I am VERY glad to see you recognize the ranging market. But it doesn't mean you can trade it with any PA. And it's more important to recognize it and say "well this market is so heavily consolidated it's not worth trading" then taking it

My thoughts on my chart

setup 1 to me is a very weak setup with no confluence and poor bar. This should be an easy pass if we are being picky

setup 2 - you know exactly the type of environment and can easily pass here too.

These are simply my approach

Mike
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  • #91,847
  • Mar 17, 2011 9:05am Mar 17, 2011 9:05am
Quoting mbqb11
Well I am VERY glad to see you recognize the ranging market. But it doesn't mean you can trade it with any PA. And it's more important to recognize it and say "well this market is so heavily consolidated it's not worth trading" then taking it

My thoughts on my chart

setup 1 to me is a very weak setup with no confluence and poor bar. This should be an easy pass if we are being picky

setup 2 - you know exactly the type of environment and can easily pass here too.

These are simply my approach

Mike
continued
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  • #91,848
  • Mar 17, 2011 9:08am Mar 17, 2011 9:08am
Quoting mbqb11
continued
and last one even more simplified(my favorite). Why play within those very tight ranges when we can wait for more open areas with stronger confluence
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  • #91,849
  • Mar 17, 2011 9:09am Mar 17, 2011 9:09am
Quoting mbqb11
Does it fit into your trade criteria?
What are you going to do for your exits?
What if one thing happens verse another do you have alternative plans?


Simple questions like that need to be answered and covered so you are simply reacting to a market as opposed to getting emotionally involved with a trade. A trade should be a thought process that is a culmination of ones understanding of the tools/concepts you use.
Mike
This sounds fairly reasonable for me to develop as my next step. thanks a lot, Mike !
  • #91,850
  • Mar 17, 2011 9:10am Mar 17, 2011 9:10am
Quoting mbqb11
My thoughts on my chart
Great explanations as ever Mike, and thanks so much for putting in the time.

One other note is about the second bar on the chart. It was an entry on the close rather than a break.

I've learned from you how important this is
  • #91,851
  • Mar 17, 2011 9:15am Mar 17, 2011 9:15am
Quoting Ifmyante
Great explanations as ever Mike, and thanks so much for putting in the time.

One other note is about the second bar on the chart. It was an entry on the close rather than a break.

I've learned from you how important this is
Can you please show this on chart? You too entered on second BUOB? I think I misunderstand.
  • #91,852
  • Mar 17, 2011 9:16am Mar 17, 2011 9:16am
Can you help list a few number of points you are looking for in this case to qualify a stronger confluence please?

Quoting mbqb11
and last one even more simplified(my favorite). Why play within those very tight ranges when we can wait for more open areas with stronger confluence
  • #91,853
  • Mar 17, 2011 9:21am Mar 17, 2011 9:21am
Quoting jeurre
Can you help list a few number of points you are looking for in this case to qualify a stronger confluence please?
Confluence is simply what multiple factors line up to make a trade stronger. Or what I call the story.

This case is simple. We have a very significant CLEAR(the key) trendline. The market was pretty much consolidating above this trendline for a long time. Price broke out and pulled back to the trendline as well as a round number of 1.27. Trendline is acting as our PPZ. This is confluence, this is story, this is a location to watch for PA in my book. Price action is our trigger point into a trade. PA still has to look good for me, but location is everything.

Now trade number 2 isn't the worst, but I think taking it on the retrace and such a tight range box is SUPER tough. I would suggest just looking for nice clean PA at a nice area. PA that jumps out and screams buy/sell. Adi know what I am talking about, right adi? We just showed some of these

off to the gym take care
Mike
  • #91,854
  • Mar 17, 2011 9:33am Mar 17, 2011 9:33am
Quoting mbqb11
I would suggest just looking for nice clean PA at a nice area. PA that jumps out and screams buy/sell. Adi know what I am talking about, right adi? We just showed some of these

off to the gym take care
Mike
Hi Mike! Yes, but those that scream are super rare. The one I see is this. I think it would be easy to spot it in real time too. The problem is how to manage it now, the FTA is clear too ( I think ) so I would just take full profits at FTA I think, as I have not yet developed any other rule for my book...

EDIT: But if we zoom out we may see that it was quite possible to catch this whole move up with that screaming BUOB.... (if we have a good trade management skill and follow it....)
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  • #91,855
  • Mar 17, 2011 9:44am Mar 17, 2011 9:44am
Quoting Ifmyante
Yeah, go for it.

Meanwhile here's a nice EG IPB from a supply line doing its thang!

Edit: Still fighting the daemon Bias. I saw this and left it. I saw short but was still thinking long.
Lots of daemons to vanquish in this business, and all in the most dangerous arena - the mind!

Edit again: I did have the good sense though to exit my long at the end of the day!
Hi Ifmyante,

IMHO leaving it was a wise decision, for me horizontal lines have more power than trendlines, so 87 was for me "the wall" you can see that it has been a nice ppz in the past, a close above it would cancel the IPB.

Also as Ghous and Jaroo have teached us, I would want a previous rejection of that ("the wall") area, something like a double top or something like that.

Just my 2cents.

Os.
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Trade Smart
  • #91,856
  • Mar 17, 2011 10:53am Mar 17, 2011 10:53am
Which one is better PS3 or Xbox?

I need something to help me stay more picky....
  • #91,857
  • Mar 17, 2011 11:22am Mar 17, 2011 11:22am
Quoting Adilius07
Which one is better PS3 or Xbox?

I need something to help me stay more picky....
Yeah that is a nice idea
For me personal PS3. Xbox is cheaper then PS3 but i heard that you have to pay for xbox 360 per year to play online but i donīt know how much ;-)
  • #91,858
  • Mar 17, 2011 11:36am Mar 17, 2011 11:36am
Quoting Adilius07
Which one is better PS3 or Xbox?

I need something to help me stay more picky....

LOL Adi you made me laugh

I would go with PS3 ... just dont buy the one with bigest HD i heard that those owerheat lol
  • #91,859
  • Mar 17, 2011 11:40am Mar 17, 2011 11:40am
Quoting Adilius07
Hi Mike! Yes, but those that scream are super rare. The one I see is this. I think it would be easy to spot it in real time too. The problem is how to manage it now, the FTA is clear too ( I think ) so I would just take full profits at FTA I think, as I have not yet developed any other rule for my book...

EDIT: But if we zoom out we may see that it was quite possible to catch this whole move up with that screaming BUOB.... (if we have a good trade management skill and follow it....)
They are not as rare as people think. Most people think its rare cause they trade too much during the month.

I always say would you rather take 2-3 trades a month and win, or take 20-30 trades and lose. Most would choose the former, but then they do the latter
  • #91,860
  • Mar 17, 2011 11:49am Mar 17, 2011 11:49am
I think PS3 looks cooler. Anyway I need it for GTA IV only.
I will record video and then show you my driving skills soon.
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