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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

  • #93,821
  • Edited 12:03pm Apr 16, 2011 11:49am | Edited 12:03pm
Quoting mbqb11
Your English is great V! Welcome

These levels sure are important. Ghous will see this an let you know I am sure

Best
Mike
Wow)
Talking with u this is as to the ordinary man to communicate with the president.
You, James & Jarroo like a Buddha for the Buddhists for me.
This may heard funny, but it is so.

May you answer the question?
In one of your videos, you talking about BUOB of continuation of the trend on NZDUSD.
Last week I saw a similar example, but don't trade it because i newbie in PA and don't experienced a similar situation. I trade demo, like James says, but i try not to risk.
Can you say a few words about criteria which you trade this setup?
This is A? A+? or A++ setup at my chart?
Thanks, V.
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  • #93,822
  • Apr 16, 2011 12:05pm Apr 16, 2011 12:05pm
Quoting mbqb11
Just gonna snowball off some of this good stuff cause I enjoy it too and use these very simple concepts in my chart reading/teaching too.

Yep Some refer to a lot of this as stop hunting(order hunting) and it works in numerous ways like anything else....
Never thought I would say this Mike, but I think you guys are making this sound a lot more difficult than it is.

All this talk about flushing and stop hunting is IMHO trying to read too much into the market.

Just go with the flow - drop down a couple of timeframes and you can see that there is a very clear trend line - If price bounces off the tl, buy it, if it breaks thru - sell it. Thats the way I trade but maybe I'm missing something

In essence I don't care if its stop hunting or flushing I just follow price. Trying to analyse what it means just does my head in - but I always was a simple soul - K.I.S.S.

The other thing I try to do is always have a bias and my bias on this is long bcos the trend is up - so I would only look for long trades - I only ever trade with the trend.

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  • #93,823
  • Edited 12:18pm Apr 16, 2011 12:07pm | Edited 12:18pm
helli,mike and others ,can you explain why is this PA failed ? thank you .
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A chart helps those who can read it.
  • #93,824
  • Apr 16, 2011 12:13pm Apr 16, 2011 12:13pm
what i like is your not afraid to take a profit. the next step is to not let a position put you into a large loss.

its a learning process. your doing fine.

the key is always the quality of the set up. recognizing those come with time and practice.

jim

Quoting NSGoh
Hi James16, seniors and all

The following attached pictures are of the trades which I have taken for this week. Please feel free to comment on them.

Thanks and regards
NS
  • #93,825
  • Apr 16, 2011 12:16pm Apr 16, 2011 12:16pm
no hangover mike?





Quoting mbqb11
Welcome Grinder+EV

Ha I can tell by your poker name. Man I feel for you online poker players now. I feel like an old man talking about my online days LONG AGO(I think like 7 years now) the landscape was so different, it was like the wild west and it was full of donkeys. I got real lucky I guess. I see Pstars and FT just got slammed pretty bad, so I hope it works out for you guys(eventually it will).

Hang around here a few months at least. We aren't going anywhere in the PF, were as active as ever, but it's better to familiarize yourself, there...
  • #93,826
  • Apr 16, 2011 12:20pm Apr 16, 2011 12:20pm
Quoting james16
no hangover mike?

no drinking last night

I think I went to bed at like 11 oclock last night, talk about being an old man. I was wiped

LOL
  • #93,827
  • Apr 16, 2011 12:20pm Apr 16, 2011 12:20pm
Quoting stewrigh
Never thought I would say this Mike, but I think you guys are making this sound a lot more difficult than it is.

All this talk about flushing and stop hunting is IMHO trying to read too much into the market.

Just go with the flow - drop down a couple of timeframes and you can see that there is a very clear trend line - If price bounces off the tl, buy it, if it breaks thru - sell it. Thats the way I trade but maybe I'm missing something

In essence I don't care if its stop hunting or flushing I just follow price. Trying to analyse what it means...

Hey Stew

This was actually what I was trying to show by posting a chart. That once you learn to read the chart you don't care what its called but you understand the situation. Hence why I posted the eur/gbp chart. Someone who has no knowledge of that "lingo" can still analyze the chart and understand it from just a pure price perspective. I don't go much into depth in the public thread on that stuff because this thread is aimed at mostly helping new traders escape the hell they are in.

If what you describe works for you then it works. No need to change a thing. The thing is that doesn't work for most people. That is the stuff that eats people up. They draw random lines, have no rules to enter on a bounce and just end up back in forth in the market. Instead of being picky and patient and waiting for the good ones that jump out. I for one try NOT to have a bias, and trade what I see. Sometimes it's against the trend, sometimes worth the trend. But it is ALWAYS the context in which things are happening. For example I don't short a small pin vs a strong trend, most here do and don't protect themselves and take losses. Then most say I'll trade with the trend, and the same thing happens because their reasons for entries or bars they take are at bad locations or so-so setups.


Developing a story and having a why to enter will greatly increase ones odds for success. That isn't complicating it, it's keeping it simple. Here is the most recent trade I took.

This is a story, but it is as SIMPLE as it gets from a chart perspective. Hope that clears up the difference.



Take care
Mike
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  • #93,828
  • Apr 16, 2011 12:21pm Apr 16, 2011 12:21pm
Quoting james16
no hangover mike?

Go Texiera
  • #93,829
  • Apr 16, 2011 12:26pm Apr 16, 2011 12:26pm
Quoting stewrigh
Just go with the flow - drop down a couple of timeframes and you can see that there is a very clear trend line - If price bounces off the tl, buy it, if it breaks thru - sell it. Thats the way I trade but maybe I'm missing something
I in no way, whatsoever, mean this with any disrespect but buying off a TL or selling if it breaks through has to be, imho one of the simplest ways to lose money over time for the reasons that Mike explains above.

I sat with a guy that had this same strategy in the Dax. He used to sit there and say "why does everyone read the book - you guys sit there like loons all day watching numbers, I just buy a touch of a TL or I sell a break of one as long as it's a significant TL. Simple!"

He was at that for 2 years. Made money. Lost money. But on the whole he bled money slowly away over time. He was one of my friends there. It was actually sad to see him go. I think to give up on the dream after that amount of time hit him pretty bad.

Please bear in mind that I'm not saying YOU don't make money. One thing I have learnt is that what works for you, WORKS. I don't like indicators. Are there some traders making money using them? Yes I am sure they are. But to suggest that TLs are a simple way to make money...well, each to their own but there is simple. And then there is too simple.

My 2 pence!
  • #93,830
  • Apr 16, 2011 12:26pm Apr 16, 2011 12:26pm
Quoting geniusztc
helli,mike and others ,can you explain why is this PA failed ? thank you .
Hey G

My answers on chart

Best
Mike
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  • #93,831
  • Apr 16, 2011 12:35pm Apr 16, 2011 12:35pm
Quoting mbqb11
Hey G

My answers on chart

Best
Mike
great ,got it .thank you . good night .
A chart helps those who can read it.
  • #93,832
  • Apr 16, 2011 12:41pm Apr 16, 2011 12:41pm
DAMN DAY GAMES.

i like my baseball for dinner.

Quoting mbqb11
Go Texiera
  • #93,833
  • Apr 16, 2011 12:44pm Apr 16, 2011 12:44pm
Quoting mbqb11
Hey Stew

This was actually what I was trying to show by posting a chart....

Hope that clears up the difference

Yep thanks Mike - I'm maybe over simplifying things a bit - but you get the idea.

And when I say bias - my bias can change on a dime depending on PA(pinbars for instance), location, BRN's etc lol.
  • #93,834
  • Apr 16, 2011 12:53pm Apr 16, 2011 12:53pm
Quoting james16
DAMN DAY GAMES.

i like my baseball for dinner.
yep I am with you gonna miss most of this one.

Least we got sunday night tomorrow
  • #93,835
  • Apr 16, 2011 12:53pm Apr 16, 2011 12:53pm
Quoting ghous
Chris!

Good to see you stop by bud.

How great would it be to get the good ol' gang back. The Chrissies, and the Jiggies, and Tias, and the Bundies and all the other great souls...

g.

let's not forget the racscavnies and last but not least trigernies

oh almost forgot jamesnies

all the best!
  • #93,836
  • Apr 16, 2011 12:57pm Apr 16, 2011 12:57pm
Quoting stewrigh
Hope that clears up the difference

Yep thanks Mike - I'm maybe over simplifying things a bit - but you get the idea.

And when I say bias - my bias can change on a dime depending on PA(pinbars for instance), location, BRN's etc lol.

I'm with ya brotha
  • #93,837
  • Apr 16, 2011 1:03pm Apr 16, 2011 1:03pm
Quoting the_wizard
I in no way, whatsoever, mean this with any disrespect but buying off a TL or selling if it breaks through has to be, imho one of the simplest ways to lose money over time for the reasons that Mike explains above.

I sat with a guy that had this same strategy in the Dax. He used to sit there and say "why does everyone read the book - you guys sit there like loons all day watching numbers, I just buy a touch of a TL or I sell a break of one as long as it's a significant TL. Simple!"

He was at that for 2 years. Made money. Lost money. But on...
No offence taken - it works for me and it suits my attitude to trading.

I also think it is the most profitable way to trade so on that we must agree to disagree. - picking tops and bottoms is a mugs game and I lost a lot of money trying.

The chart below is one example of trades I took last year, I was shorting the DF for months and just kept adding on the pullbacks, but as Mike said 'if it works don't change it' - I know it may not work for everyone but to me its as simple as it gets and totally stress free.

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  • #93,838
  • Apr 16, 2011 1:05pm Apr 16, 2011 1:05pm
Quoting mbqb11
Here is an example for people to use practically with regards to PA. I prefer PA. I do touch trade minimimally at this point but it's really no different then PA. It's about undersatnding the situation as opposed to early on when someone says "oooo a pinbar". Once you spend 6 months + learning this stuff you will realize the bar is a small part of the 'story' we are trying to create with them.
Nice points.

- Lightning boy
  • #93,839
  • Apr 16, 2011 1:16pm Apr 16, 2011 1:16pm
Quoting stewrigh
No offence taken - it works for me and it suits my attitude to trading.

I also think it is the most profitable way to trade so on that we must agree to disagree. - picking tops and bottoms is a mugs game and I lost a lot of money trying.

The chart below is one example of trades I took last year, I was shorting the DF for months and just kept adding on the pullbacks, but as Mike said 'if it works don't change it' - I know it may not work for everyone but to me its as simple as it gets and totally stress free.

Attachment
Nice trades stewrigh keep going

As i remember Dr.Alexander Elder is trading like you too. The only difference is that he is using i think an 21 EMA the Force Index and he is watching in two time frames (W1, and D1). And he is very profitable with it.

I tried many Expert Advisors and Trading systems. While others made many money others like me lost on this system because it doesn´t fit to my style. If it works for others it doesn´t mean that it has to work for you.
  • #93,840
  • Edited 1:56pm Apr 16, 2011 1:16pm | Edited 1:56pm
Quoting geniusztc
helli,mike and others ,can you explain why is this PA failed ? thank you .
Hi Gen

I see why you might think that bearish PA failed there.

You're right, it was bearish PA.

But it didn't fail, really. It did what it was supposed to do.

Good PA can only be expected to bring price back to the last area where a decision was made on whether an asset was too cheap or too expensive (FTA).

I know price didn't reach the bar closes to the pip, but it certainly got to bar highs. On the Daily it was clear that a BullFlag was forming into that area.

This, however, is purely academic, as you won't in future (I hope) be selling at a price which has been established to be too cheap.

Best

If
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