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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

  • #96,141
  • Jun 7, 2011 3:58pm Jun 7, 2011 3:58pm
Quoting AvanishDemo
Any1 gotta problem of broken EMAs??
i have posted two samples of it..

I also have found that right clicking the chart and choosing refresh will sometimes help as well. Don't know why it doesn't load quite right, but sometimes it just doesn't for me as well. I try to be careful about increasing the number of bars because it seemed to increase ram usage of an already very ram hungry program...
  • #96,142
  • Jun 7, 2011 4:19pm Jun 7, 2011 4:19pm
Quoting TransPorter
Guys I'm confused here... Given a scenario when you see a nice size BUOB (engulf few bars) and in a nice location (swing low, major ppz, space and etc) but the BUOB closed just below a BRN, some trader's consider it tradeable just put your buy entry few pips above the BRN and some trader's like myself pass on it due to the close of the bar and saying how I wish the bar closed above that BRN. Any thoughts guys?! Sorry if I'm lacking of visual example.
The more and more that I get into trading the more that I see it as Mike seems to teach, and that is to go for only the most quality of trades. It does mean that you will trade less, but to only go for the most quality bars did increase my win loss ratio. It also increases the peace of mind factor- my ability to close the platform and walk away without worry. That was huge for me. To learn to trade less seemed very counter intuitive at first and took much more mental discipline than I thought it would. That having been said I am a much better trader for implementing the strategy. I just remember that we are not in it to trade, but to trade ONLY the best. Trading to trade is why most people fail in this.
  • #96,143
  • Jun 7, 2011 4:43pm Jun 7, 2011 4:43pm
Quoting gungriffin
The more and more that I get into trading the more that I see it as Mike seems to teach, and that is to go for only the most quality of trades. It does mean that you will trade less, but to only go for the most quality bars did increase my win loss ratio. It also increases the peace of mind factor- my ability to close the platform and walk away without worry. That was huge for me. To learn to trade less seemed very counter intuitive at first and took much more mental discipline than I thought it would. That having been said I am a much better trader...
Hey griff

Agree with what you say here........and whenever Mike speaks we should all pay attention! The present time illustrates your point perfectly......there are virtually NO A+ Trades around(in ones i watch anyway) at the moment so the best thing is to stay out of the market. This can be difficult at times especially when you see others taking trades but in the long run it makes sense because you are not risking anything on riskier setups.

What i have found is that the good quality setups ebb and flow...sometimes they are just not there but then a few come along together! I agree with you that overtrading just leads to failure and frustration.

Kal
  • #96,144
  • Jun 7, 2011 5:22pm Jun 7, 2011 5:22pm
Thanks KAL and Gunggriffin for your quick response. Lesson learned here, "When this kind of scenario happen, it's only you as trader can answer because every trader has a different risk appetite."
  • #96,145
  • Jun 7, 2011 6:36pm Jun 7, 2011 6:36pm
Quoting TransPorter
Guys I'm confused here... Given a scenario when you see a nice size BUOB (engulf few bars) and in a nice location (swing low, major ppz, space and etc) but the BUOB closed just below a BRN, some trader's consider it tradeable just put your buy entry few pips above the BRN and some trader's like myself pass on it due to the close of the bar and saying how I wish the bar closed above that BRN. Any thoughts guys?! Sorry if I'm lacking of visual example.
hey TransPorter, i think what we are talking about here is uncharted territory. the bars that close through these areas are more indicative of how price might behave. Taking a break through the area doesnt mean it will close there, there might be a strong reaction apposing your trade...
thats the way i see it anyway..

jon
PATIENCE... DISCIPLINE
  • #96,146
  • Jun 7, 2011 9:23pm Jun 7, 2011 9:23pm
Entered long at 1.4306 and placed SL at 1.4270.

After a surgery operation, I looked at this chart pretty close. There was solid resistance at 1.4300. Price closed above that area last Friday -- not by much but it did. Price then formed a tiny pinbar that barely closed under 1.4300.

Today's IB told me that the tiny pinbar was price merely breaking above 1.4300 and then moving back down to re-test 1.4300 before moving higher.

SL currently at break-even; hoping to see 1.4400.

Scott
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  • #96,147
  • Jun 7, 2011 10:33pm Jun 7, 2011 10:33pm
i liked the story but just couldn't pull my trigger on this one..ah!
Break of TL,150EMA,came of 1.3650 PPZ...good level..with a fine sized BUOB which had close at 1.3701..
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  • #96,148
  • Jun 7, 2011 10:39pm Jun 7, 2011 10:39pm
Thanks, AD

I just was about to post the same chart...
I took this trade at the break of BUOB at 1.3720 with FTA/TP at 1.3795

Cheers
Andreas


Quoting AvanishDemo
i liked the story but just couldn't pull my trigger on this one..ah!
Break of TL,150EMA,came of 1.3650 PPZ...good level..with a fine sized BUOB which had close at 1.3701..
  • #96,149
  • Jun 7, 2011 10:46pm Jun 7, 2011 10:46pm
Quoting AvanishDemo
i liked the story but just couldn't pull my trigger on this one..ah!
Break of TL,150EMA,came of 1.3650 PPZ...good level..with a fine sized BUOB which had close at 1.3701..
Not sure you missed a Boatload.
{There's more of this ICCE stuff "Over There"}

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I'll Play 1.32 Before 1.40
But that's just me.

B
  • #96,150
  • Edited Jun 8, 2011 12:46am Jun 7, 2011 10:46pm | Edited Jun 8, 2011 12:46am
Hi Masters,

I've been staying in this FF for quite a long time since last Oct and just keep studying silently with respect to all masters here. must say that it's really a treasure for all retail traders like me, thank you very much.

But in another point, studying silently may not a good method, hv been demoing for more than 7 months, now I just reached a stage---> continuously loosing...LOL, really frustrating sometimes, I just posted 2 my typical trade here, would you masters diagnoze it please?
Attached Image(s) (click to enlarge)
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----------------------------- Discipline makes the difference.
  • #96,151
  • Jun 7, 2011 10:54pm Jun 7, 2011 10:54pm
Hey Scott,

I must be missing something here or maybe I've just drawn some bad lines but it looks to me that this pair is about to take a dive down give the resistance it's about to hit?

-Shaun

Quoting phpscott
Entered long at 1.4306 and placed SL at 1.4270.

After a surgery operation, I looked at this chart pretty close. There was solid resistance at 1.4300. Price closed above that area last Friday -- not by much but it did. Price then formed a tiny pinbar that barely closed under 1.4300.

Today's IB told me that the tiny pinbar was price merely breaking above 1.4300 and then moving back down to re-test 1.4300 before moving higher.

SL currently at break-even; hoping to see 1.4400.

Scott
Attached Image (click to enlarge)
Click to Enlarge Name: Picture 4.png Size: 32 KB
  • #96,152
  • Jun 7, 2011 11:04pm Jun 7, 2011 11:04pm
It could... you never know. I seldom use trendlines as they fail too often. Nothing wrong with a break-even trade.

Scott

Quoting shaun365
Hey Scott,

I must be missing something here or maybe I've just drawn some bad lines but it looks to me that this pair is about to take a dive down give the resistance it's about to hit?

-Shaun
  • #96,153
  • Jun 8, 2011 12:34am Jun 8, 2011 12:34am
Quoting phpscott
Entered long at 1.4306 and placed SL at 1.4270.

After a surgery operation, I looked at this chart pretty close. There was solid resistance at 1.4300. Price closed above that area last Friday -- not by much but it did. Price then formed a tiny pinbar that barely closed under 1.4300.

Today's IB told me that the tiny pinbar was price merely breaking above 1.4300 and then moving back down to re-test 1.4300 before moving higher.

SL currently at break-even; hoping to see 1.4400.

Scott
Closed my short early for -0.8% and -0.47R. I think I was so blinded by that level after putting it on my watchlist on Sunday I was pretty much prepared to take a touch trade on a bounce. So when I saw a pinbar I just went for it regardless or previous bar strength.

What happens now remains to be seen but I'm glad I'm not short EUR anymore, in hindsight my initial thought when I saw the weekly level was "Thins looks like a PBT&CA"
Anything can happen.
  • #96,154
  • Jun 8, 2011 12:51am Jun 8, 2011 12:51am
Mike,
thank you for your contribution to this thread and kind help when guys in need. could you please give me some URL I can learn how to draw PPZ?

best regards, Joey
  • #96,155
  • Jun 8, 2011 1:00am Jun 8, 2011 1:00am
Quoting CavinK
Hi Masters,

I've been staying in this FF for quite a long time since last Oct and just keep studying silently with respect to all masters here. must say that it's really a treasure for all retail traders like me, thank you very much.

But in another point, studying silently may not a good method, hv been demoing for more than 7 months, now I just reached a stage---> continuously loosing...LOL, really frustrating sometimes, I just posted 2 my typical trade here, would you masters diagnoze it please?
Here's one more chart I am confusing about...
Attached Image (click to enlarge)
Click to Enlarge Name: 44.gif Size: 30 KB
----------------------------- Discipline makes the difference.
  • #96,156
  • Jun 8, 2011 1:12am Jun 8, 2011 1:12am
Quoting CavinK
Here's one more chart I am confusing about...
I took this regardless of being warned off it by several seniors. Just closed it manually for 0.8% loss rather than risk a full bar hit.

I was watching the level so when I saw the pin I got too trigger happy.

reason for not taking this one is the size of the bar compared to the previous bars and move. It's better to see a bigger bar with a stronger close vs smaller/weaker previous bars. This signals a change in direction as opposed to what this one looks like which is a stop and pause at the PPZ level then possibly a breakthough, retest and continuation.
Anything can happen.
  • #96,157
  • Jun 8, 2011 1:16am Jun 8, 2011 1:16am
Quoting g_j_hook@yah
hey TransPorter, i think what we are talking about here is uncharted territory. the bars that close through these areas are more indicative of how price might behave. Taking a break through the area doesnt mean it will close there, there might be a strong reaction apposing your trade...
thats the way i see it anyway..

jon
Thank you Jon. Just to be safe and less risky, we want a convincing close above/below the BRN. http://www.forexfactory.com/images/icons/icon14.gif
  • #96,158
  • Jun 8, 2011 1:19am Jun 8, 2011 1:19am
Quoting hotjoey
Mike,
thank you for your contribution to this thread and kind help when guys in need. could you please give me some URL I can learn how to draw PPZ?

best regards, Joey
Check this out..

Quoting mbqb11
This is a big problem, what a lot of people do is have all their PPZs drawn on their chart and then it looks like Grid Paper. Also remember the PPZs are zones(so my interpretation is below). So you got them right just one line often is misleading when interpreting the "area".

I personally only draw the ones relevant. Example say i get into a trade based off of Price action at a PPZ. I would then draw in the relevant minor PPZs that may effect THAT trade. Not every trade to come. I need my charts as clean as possible. For this reason...
  • #96,159
  • Edited 1:36am Jun 8, 2011 1:22am | Edited 1:36am
Quoting Bemac
Not sure you missed a Boatload.
{There's more of this ICCE stuff "Over There"}
B
Oh Ok...not sure about ICCE stuff though.i think Aserb uses it as well.
about BUOB,i just skipped it


Quoting AndreasF
Thanks, AD

Andreas
Only thing was BUOB was at swing high..its kinda unconventional..but there were additional confluence.so i liked it..lol,either ways i skipped...
not sure how experts view it as..
  • #96,160
  • Jun 8, 2011 1:32am Jun 8, 2011 1:32am
Quoting ddinnov
I took this regardless of being warned off it by several seniors. Just closed it manually for 0.8% loss rather than risk a full bar hit.

I was watching the level so when I saw the pin I got too trigger happy.
Thank you Ddinnov for your quick response, so would you please kindly visit check my below chart also?
Attached Image (click to enlarge)
Click to Enlarge Name: 33.gif Size: 29 KB
----------------------------- Discipline makes the difference.
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