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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

  • #98,261
  • Jul 12, 2011 1:55pm Jul 12, 2011 1:55pm
Quoting Adilius07
Hi Ryan,

Thanks for your post. And yes I totally agree, that's what I do at this exact moment! Searching for the answer, yes but the stress is the same with demo if I take it seriously. This my small live account is like demo for me, even little better as it makes me a little more picky than if I would be trading truly virtual money... my goal is to make 3 consecutive winning months, gain confidence and then finally put some money into the account!
Good points from both you. Adilius I am like you, I just struggle to take a demo account seriously and keep taking dumb trades. Better off trade a small account until you get consistent results, you are just more likely to take it seriously and try harder.
  • #98,262
  • Jul 12, 2011 1:58pm Jul 12, 2011 1:58pm
Quoting Sgrb1
That's one hell of a daily pin bar on Euro, pierced and closed above 1.4 VBRN, previous level flip at 1.3855 and off the 365, and it's looking likely to be a strong close. Wonder what Mike or any of the other seniors think?

I reckon it's got room to move to at least 1.4150..

SG
I like this one too, one day bearish the next day bullish. I want to see a stronger close then where it is at currently. Above 4050 would be nice.
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  • #98,263
  • Jul 12, 2011 1:59pm Jul 12, 2011 1:59pm
did someone take that H4 PB on EUR/USD ? And would it be wis to stay in now that there is a PB forming on daily too ? Thanks
  • #98,264
  • Jul 12, 2011 2:12pm Jul 12, 2011 2:12pm
Quoting Knight Rider
Okay, thanks for that.

You know Supreme, you were a little unfair on me the other day.

I would just say that I see no reason not to play a buob on a retracement with smaller stop loss (below support) before it triggers. I've done the same with AUD/USD weekly buob. Notice the brn at 1.05. The trend line is catching up to this level too.

Anyway, I was unlucky with the euro pairs (like some other people too), but didn't lose as much as I could have. Experience taught me to get out with a small loss and go with the trend for a bigger profit....
Jim also has about as much ability as all of us combined here... I would never take to being as brazen as to even attempt to compare my trading to his. In addition, I would imagine that in the event of a loss he does not take to blaming external factors such as the system. He would instead take a look at the factors that lead to the loss (IE his decisions and if the original decision was wise give the imput factors). That was not a good way to start off a constructive post with the goal of learning from your errors in trading.

Your need to justify and take things personally is very indicitive of where you currently are as a trader (again do not personalize this, instead just think about it for a moment). Once you reach a point where you believe in your trading, the affore mentioned statement will make sense. Instead of doing what the 95% that don't make it do (justify, personalize, and rationalize), take a look at why he may have said some of the things that he did. Try not to filter the advice that the seniors in this thread are giving. Remember that it is not by accident that they achieved this status (read earned every bit of it). Just take a look at what the info is and where it can be used to improve your trading.

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Ryan
  • #98,265
  • Jul 12, 2011 2:16pm Jul 12, 2011 2:16pm
Quoting J.W. Holmes
I like this one too, one day bearish the next day bullish. I want to see a stronger close then where it is at currently. Above 4050 would be nice.
Looks like a decent pin to me but personally i will skip that one and wait for short entry at the lower TL retest. There is no value in eur imo at the moment and shorts on usdcad look more appealing. Just my 2c. Cheers!
  • #98,266
  • Jul 12, 2011 2:16pm Jul 12, 2011 2:16pm
Quoting g_j_hook@yah
the gb/us pin looks good also...

jon
usd/cad doesn't look like PB anymore so I was looking at this one too. The bar is just perfect, plus the RSI Div. Maybe we can draw a box so it is a valid setup, BUT the location is still kind of scary, no? All those multi bar lows before the RN.

I will pass on this one.
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  • #98,267
  • Jul 12, 2011 2:20pm Jul 12, 2011 2:20pm
Quoting J.W. Holmes
I wonder if it has something to do with the fact that they aren't taking U.S. customers anymore. I tried to open a demo with them a month ago and the only way I could get past the information set up screen was to say that I lived elsewhere. I couldn't log in after installing the MT4 so I gave up. I was wondering if they could somehow recognize that my IP address didn't match the country I was claiming to be from.

Ha ha yeah I had to give them a phone number to the first UK number that I could find on Google I live in the US, but have not had this issue yet. I believe that Mike also uses FXPro for one of his feeds as well. You may just want to retry setting up an account. All I do when I need a new one now is set up a dummy account on Gmail and use that for the address that they send information to. Make sure that you are logging into the correct demo server as well. I think they have 2 or 3 and they assign you to one.

Ryan
  • #98,268
  • Jul 12, 2011 2:24pm Jul 12, 2011 2:24pm
Quoting gungriffin
Ha ha yeah I had to give them a phone number to the first UK number that I could find on Google I live in the US, but have not had this issue yet. I believe that Mike also uses FXPro for one of his feeds as well. You may just want to retry setting up an account. All I do when I need a new one now is set up a dummy account on Gmail and use that for the address that they send information to. Make sure that you are logging into the correct demo server as well. I think they have 2 or 3 and they assign you to one.

Ryan
Thanks for the tips Ryan. I will try that. I'd really like to have demo for charting with Fxpro for the closing time they use. I have been using fxdd but they don't offer as many pairs.
  • #98,269
  • Jul 12, 2011 2:29pm Jul 12, 2011 2:29pm
Quoting Adilius07
Hi Ryan,

Thanks for your post. And yes I totally agree, that's what I do at this exact moment! Searching for the answer, yes but the stress is the same with demo if I take it seriously. This my small live account is like demo for me, even little better as it makes me a little more picky than if I would be trading truly virtual money... my goal is to make 3 consecutive winning months, gain confidence and then finally put some money into the account!
Cool. If this is what you are looking for then roll with it partner! The real key as I see it is that you have a plan. That is gold.
  • #98,270
  • Jul 12, 2011 2:29pm Jul 12, 2011 2:29pm
Quoting biDc
This is making me rethink my short position...I was gonna see if I can ride it out lower but maybe I should just take profit. Hrm
my fxpro daily bar ends in 1,5 hours. at the moment it looks like the close is weak...
meine augen sind die sterne
  • #98,271
  • Jul 12, 2011 2:33pm Jul 12, 2011 2:33pm
Quoting Sgrb1
That's one hell of a daily pin bar on Euro, pierced and closed above 1.4 VBRN, previous level flip at 1.3855 and off the 365, and it's looking likely to be a strong close. Wonder what Mike or any of the other seniors think?

I reckon it's got room to move to at least 1.4150..

SG
you folks plan to be long eur these days?
  • #98,272
  • Jul 12, 2011 2:40pm Jul 12, 2011 2:40pm
Quoting Greenhaze
Looks like a decent pin to me but personally i will skip that one and wait for short entry at the lower TL retest. There is no value in eur imo at the moment and shorts on usdcad look more appealing. Just my 2c. Cheers!
Thanks for the advice Green. I am not seeing a lot of value in the Euro or the dollar. They are both a mess from my point of view. Probably why the chart is sideways as of late. That .4000 area holds weight with me, if we get a good close this would be a quick trade back to the tl, 50 fib, .4200 area for me. However, by the looks of it now, I am guessing that this pin isn't going to close like I would like.
  • #98,273
  • Jul 12, 2011 2:40pm Jul 12, 2011 2:40pm
Quoting Adilius07
usd/cad doesn't look like PB anymore so I was looking at this one too. The bar is just perfect, plus the RSI Div. Maybe we can draw a box so it is a valid setup, BUT the location is still kind of scary, no? All those multi bar lows before the RN.

I will pass on this one.

You seem spot on with G/U. The bar lows were the biggest thing that Mike was pointing out on the webinar today. I feel the exact same way. Does not mean that it is not tradeable, but it does mean that it is not something that I would was to trade.

Ryan
  • #98,274
  • Jul 12, 2011 2:45pm Jul 12, 2011 2:45pm
Quoting J.W. Holmes
Thanks for the tips Ryan. I will try that. I'd really like to have demo for charting with Fxpro for the closing time they use. I have been using fxdd but they don't offer as many pairs.
I feel you there. I love having so many pairs to trade. I don't use about half of them for one reason or another, but the option to trade them is always nice. I have not tried any other broker other than FXPro and that was mainly due to the fact that I like that it closes at the end of the (usually) higher volume trading period (5PM New York time). Just made sense to have this as my dividing line for days.

Ryan
  • #98,275
  • Jul 12, 2011 2:53pm Jul 12, 2011 2:53pm
Quoting Adilius07
usd/cad doesn't look like PB anymore so I was looking at this one too. The bar is just perfect, plus the RSI Div. Maybe we can draw a box so it is a valid setup, BUT the location is still kind of scary, no? All those multi bar lows before the RN.

I will pass on this one.
yeah totally agree. the FTA is around 1.5970 and the BRN at 1.6000
One to baby sit for sure but i like the strong reaction from 1.5800 currently capped by them bar lows. Not an A+ set up because of the lack of space but i think 1.6100 is possible and 1.6000 likely ?? would rather be short this pair though, maybe we get some nice bearish PA up at those levels??

imho non of the bars are A+ today...the usd cad is a nice bar but not much of a swing high, the 4H looks as bullish as it does bearish to me??there is a bullish pin forming on the 4H chart....
and the eu/us is a very poor close atm and not really a pinbar at all, again it looks to be forming a BEOB on the 4H chart...

p.s. we finally got that volitility on the yen xxx!! some good moves this week.

jon
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PATIENCE... DISCIPLINE
  • #98,276
  • Jul 12, 2011 3:16pm Jul 12, 2011 3:16pm
Quoting Adilius07
usd/cad doesn't look like PB anymore so I was looking at this one too. The bar is just perfect, plus the RSI Div. Maybe we can draw a box so it is a valid setup, BUT the location is still kind of scary, no? All those multi bar lows before the RN.

I will pass on this one.
mega pin if you look more closely(and move up stopped at 61.8 of last move - doesn't show on this graphic); glad I hoped off with good profit.

Question is where it'd go? 95.5 - 95.7 is pretty solid.

And qe3 was only discussed(and for the time being, noone has a clue how many were for and how many were against it). While european crisis is very real.

Quoting Adilius07
Was reading some articles of Austin Passamonte, never heard of him before, but James in his first post mentions him.

Here is an paragraph:

Make More
Cut losses short, let winners run. To me that sounds a lot like keeping losses smaller than wins. Do you interpret that aged adage any other way? Can it be interpreted any other way. No, but aspiring traders try mightily to do so.
You cannot and absolutely will not create lasting, sustained success from a core foundation where average losses in relative $ size exceed average wins....
sorry for bumpin' in(usually everyone figures out for themselves), but... my 2 cents:

what's your question? If you want an answer, you need a question.

Write down before you take a trade: target/stop(assuming you use stop). Or whatever - where you add, where you subtract, etc. Before, not after.

Then fire away; if you mess with your trade during that time, see how results differ from the initial plan.

If you screwed up because of failing to stick to plan, your problem is psychological. Reduce the size(1st thing that comes to mind... sure it isn't necessarily the only one)

If your plan is poor, then you have a technique problem. Read more TA, read more news, etc(no clue exactly, that it's up to you to figure out - you should know yourself better then someone over the internet), but then definitely it's a matter of system.

If you're chicken("takes courage to be a pig") than adapt to that(at least that's what I did). Sure, you won't have the same success as someone who has the courage to, but you started this to make some money, not to be Soros #2.

This type of psychology you posted above brings more harm than good imho if you're the type that is risk averse. You won't change because you want; ppl. seldom change, if ever. Let your stops loose and pay more attention to news/market conditions - that way when "evolving market conditions will eventually roll around to the most adverse degree possible for awhile." you'll be in position to stay on the sidelines so you won't soak up a string of losses augmented by a poor r:r.

Plus, markets do change; test something like the "turtle" system and see if you get anywhere nowdays with it. Look at how primitive was the information 50 years ago; look at how volatility dramatically changed(and that's vital if you try to keep losers short - you'll be constantly tripped out).
Or look at oanda news flow(the ifr one) and see how those ppl. try to ride the trend ad infinitum and constantly fail...

and if you try to work with... 10:1 r:r(ok, beats me how, but...) then make sure you at least adjust the stop for volatility and you're aware of current market conditions or you'll be stopped ad nauseam and then it'll turn in your direction.

but again - either technique or psychology. Less risk or more studying.
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  • #98,277
  • Jul 12, 2011 3:26pm Jul 12, 2011 3:26pm
Quoting snowly
mega pin if you look more closely(and move up stopped at 61.8 of last move - doesn't show on this graphic); glad I hoped off with good profit.

Question is where it'd go? 95.5 - 95.7 is pretty solid.

And qe3 was only discussed(and for the time being, noone has a clue how many were for and how many were against it). While european crisis is very real.



sorry for bumpin' in(usually everyone figures out for themselves), but... my 2 cents:

what's your question? If you want an answer, you need a question.

Write down before you take a trade:...
Hi Snowly, thanks for your post! I need to think about all of this.
  • #98,278
  • Edited 3:50pm Jul 12, 2011 3:33pm | Edited 3:50pm
Quoting Adilius07
Hi Snowly, thanks for your post! I need to think about all of this.
think it's your question and unfortunately(or not, really) your answer.

and what I said some pages ago, that I paste from my .doc for a certain trade, I really meant(and it helped me a lot). I write down, think about where to load, where to unload, write down the 5-10 most probable scenarios and what I'll do in each case; ~ 2 pages long .doc.

Usually all that while the price hover around a certain key area and my mind goes "it'll take off before you finish writing"(and guess what, sometimes it does). But at least it worked for me(doesn't mean it'd work for everyone); especially writing down in advance what I'd have as loss(% and plain figures wise) at certain subsequent entries/exits. Writing down in advance the negative numbers helped me stop panicking so much when they show up on the screen(I still hate red, obviously, but at least I know in advance and I've accepted in advance I could see a certain figure at a certain time so I panic less and most importantly I know exactly the % lost in worst case scenario - I add and unload on my positions alot so keeping track is hard when the interface averages your entry level).

That because I know I have a panic problem; you could as well have a totally different one - but the idea is the same. I've noticed my problem(panic exit due to risk aversion) and searched for a solution for that specific problem.

That being said, I now keep track of the times I exit before my target(I have this pathetic habit of exiting 2-3 pips in advance); I know that I've lost so far thousand of pips this way - it's all written down(taking in acct. obviously the times when I was right in exiting in advance too - but those times are 1 in 84.42 right now). For the time being, apparently I'm still dense on this issue... but at least I know about it and try to fix it. Hopefully one day I'll manage - but at least I subconsciously partially incorporate it in my plan for the time being.
  • #98,279
  • Jul 12, 2011 3:38pm Jul 12, 2011 3:38pm
Hi all,

Just quick question regarding the potential PB on cable.

On my chart the 365 EMA is sitting just above the bar at 1.59770, if i was to take this bar long would it be advisable to play a break of the EMA or just play a break of the bar and ignore the EMA.

Now that I have written this I think I have answered my own question as I would not normally ever play straight into a major EMA, however please advise if there is a way that this bar could be played e.g wait for retest of EMA etc.

Many thanks
  • #98,280
  • Jul 12, 2011 3:45pm Jul 12, 2011 3:45pm
Quoting Gpfx
Hi all,

Just quick question regarding the potential PB on cable.

On my chart the 365 EMA is sitting just above the bar at 1.59770, if i was to take this bar long would it be advisable to play a break of the EMA or just play a break of the bar and ignore the EMA.

Now that I have written this I think I have answered my own question as I would not normally ever play straight into a major EMA, however please advise if there is a way that this bar could be played e.g wait for retest of EMA etc.

Many thanks
With the 365, the .6000 BRN and space issues. I think a break of that bar puts you immediatly at an FTA. This is a really quick trade or a babysitter IMO. I am not liking any of these setups anymore. Unless crazy stuff happens in 15 minutes, I will be on the sidelines today. Good news is I have a comfortable seat and I am quite content being there

Jacob
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