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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

  • #101,821
  • Sep 16, 2011 6:05am Sep 16, 2011 6:05am
Quoting Pinbar
Take a look at this area on the weekly.

Yes, there is a weekly BEOB forming but it has yet to close and look how this area has been former strong support.

If that weekly BEOB closes below this area, sure, if it doesn't, forget it.
lol. i am confused .there are always S&R everywhere ,big or small .
and i think no one can be sure which S&R level will be effective ,so having a comfortable SL zone is the most important thing .
A chart helps those who can read it.
  • #101,822
  • Sep 16, 2011 6:06am Sep 16, 2011 6:06am
My view on USDCAD.
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Victory Loves Preparation
  • #101,823
  • Sep 16, 2011 6:17am Sep 16, 2011 6:17am
It might be a nice and quick trade on h4. Price triggered buy stop orders above that small range and that fakeout keep some traders in with some stop orders below the range which is very well defined. I would like to see a break with price hitting your marked area on the same h4 bar. The bigger picture is favouring shorts aswell with the beobs and H&S pattern. Lets see...
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  • #101,824
  • Sep 16, 2011 6:29am Sep 16, 2011 6:29am
Quoting geniusztc
lol. i am confused .there are always S&R everywhere ,big or small .
and i think no one can be sure which S&R level will be effective ,so having a comfortable SL zone is the most important thing .

Don't you see these two concrete blocks of consolidation and where the lows & highs are are? The blue thing in the middle is called a PPZ. LOL

We don't trade into PPZ now, do we? We trade away from them.
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  • #101,825
  • Sep 16, 2011 6:45am Sep 16, 2011 6:45am
Anyone notice the USDCAD daily chart look like a inverted Head and shoulder pattern?
"Nature's law" is called "Reason". When perfectly understood by human it is
  • #101,826
  • Sep 16, 2011 6:53am Sep 16, 2011 6:53am
Maybe it is just me but, I see it as a band like PPZ area.
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  • #101,827
  • Sep 16, 2011 6:56am Sep 16, 2011 6:56am
Quoting geniusztc
lol. i am confused .there are always S&R everywhere ,big or small .
and i think no one can be sure which S&R level will be effective ,so having a comfortable SL zone is the most important thing .
yeah..there seem to have S/R everywhere whether it is PB or BOVB that makes many trades not worth while.
  • #101,828
  • Sep 16, 2011 6:58am Sep 16, 2011 6:58am
4h chart usd chf, what do u think guys..will history repeat it self again...,,, any idea
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  • #101,829
  • Sep 16, 2011 8:29am Sep 16, 2011 8:29am
Quoting fascist
yeah..there seem to have S/R everywhere whether it is PB or BOVB that makes many trades not worth while.
Well it depends on the situation and story. I very much agree with pinbars post, but also Greehazes. This could give one final breakout down but the area that PB has marked should not be ignored. The usd/cad between 1
and .9500 is in a HUGE consolidation and choppy range. This makes FTA and smaller S/R in general have a larger effect(or continue the choppiness). This is not always the case. Take the other extreme example the usd/chf weekly pinbar in tons of space and huge bar. There are degrees of everything in trading, from our entries to degrees in s/r. Someone who is trading in a tight range should utilize that information and it should come into play differently then say you are breaking OUT of a range

Just my thoughts
MIke
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  • #101,830
  • Sep 16, 2011 8:56am Sep 16, 2011 8:56am
Quoting snowly

depends very much on starting capital(I'm still captain obvious); if you have both pressure of making a living from it and high expectations due to low capitalization... it won't be pretty. High required ROI - very high chance to break your neck. If 1-2%, tops 3%/month needed... very hard, but not impossible. If 10% - forget it.

also, it ain't such a big philosophy(trading), but experience helps(and that you gain while doin' it).

another thing - are you sure you want to do this(I consider your approach the sane one - it's a job, nothing else)? You sure you like this job(no, you won't be next Soros, so dreams aside)? And even if you'll be the next whoever, I remember reading an interview with Druckenmiller in market magicians or somethin' like that - who mentions the 1st quarter when he made more then his secretary to be two years after he started Duquesne(and that guy was damn good and Duquesne had quite a track record). It's pretty lonely - a reason I love it, but if you're the social type, you won't like it. Do you work better when stressed or when calm(I work better under stress for sure - I'm very lazy - however majority works better in normal conditions)? Do you have a backup case you won't succeed(contrary to most jobs, here you can also lose money, beside "getting fired")? You understand "hope" ain't a plan(as bad as it might sound)? You understand you'll need some backup cash/do you have some backup cash? There are months without opportunities, there are months when, gasp, you'll lose - bills keep comin'.

How did you come up with this? If it's a "last chance" plan, I'd ditch it. It's the wrong field to try "chance".
Could someone pass the razors blades please
  • #101,831
  • Sep 16, 2011 9:02am Sep 16, 2011 9:02am
Quoting Pinbar
Hi, you spent 8-10 hours a day reading the thread for nine months?

I read the entire thread, in just over 3 months doing 10-15 hours a day 7 days a week.

There again, reading it and understanding everything were also, two different things, in my experience.

Happy learning to you.
No Pinbar I meant that I'd spent 8/10 hours a day, five days a week for the last nine months either demo trading, trading a micro account or reading threads, books, etc, so basically I have nine months of trading experience, good, bad or indifferent, under my belt at this present point in time
  • #101,832
  • Sep 16, 2011 9:34am Sep 16, 2011 9:34am
failed pinbar trade. the top wick of the bar after pinbar came right to my pending order just to stop me out the next day lol
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  • #101,833
  • Sep 16, 2011 9:40am Sep 16, 2011 9:40am
i would love to see today's bar close like this! Then it will certainly give us one of those rare I4B that Jim talks about. I4B on a bull flag near demand zone hmmm
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  • #101,834
  • Sep 16, 2011 9:52am Sep 16, 2011 9:52am
Quoting stochman
Could someone pass the razors blades please
I think what he is saying is that you don't want to find yourself in a situation where you're under pressure to make money from your trading. It's far better to be in a situation where you have a large account with low risk per trade and very few A++ trades/month than to be in a situation where you have a small-ish account and you're taking more risks and overtrading trying to reach certain financial targets because you need to to make ends meet.

As soon as any kind of pressure gets into the mix your decision making process changes and you end up making mistakes, then trying to chase the losses to make it back which results in more mistakes ultimately resulting in a blown account. I've been there and done that and plenty of other people have as well. In fact I think most successful traders have been there and done that and the ones that have made it have been the ones that have bounced back.

So how do we get to the point where we can take 3 trades a month on a 6 figure account and coast through with a steady 5%/month with very little risk and losing trades not being a problem? That's where a lot of us are and what took James about 26 years to get to.

For me I'm upping my day rate for my day job/business and putting as much aside into financial assets as I can. I'm building a buffer of 0 bad debt, a 3 month emergency fund (which I add a bit to each month), some steady Eddy stocks/bonds/funds and of course my trading account.

I htink it's a matter of expectations and how much pressure you put on yourself. To quote James - "It's a marathon not a sprint"

But don't let that put you off going full time, we're all here to achieve that goal and most of the seniors in the thread have already achieved it. Just don't pressure yourself because there's enough pressure in this business already. Just keep on keeping on and you'll get there.. and have a plan B
Anything can happen.
  • #101,835
  • Sep 16, 2011 11:14am Sep 16, 2011 11:14am
is anybody surprised that eur/aud turned here?
no not really, no...
fib, brn, s/r...
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meine augen sind die sterne
  • #101,836
  • Sep 16, 2011 11:41am Sep 16, 2011 11:41am
Quoting stochman
No Pinbar I meant that I'd spent 8/10 hours a day, five days a week for the last nine months either demo trading, trading a micro account or reading threads, books, etc, so basically I have nine months of trading experience, good, bad or indifferent, under my belt at this present point in time
that's great bud, I can remember those days myself. They are very important. No ones getting on you in a bad way believe me. We just want to give a heads up for the timeline thing. Keep the marathon mentality and it will help greatly

Best
Mike
  • #101,837
  • Sep 16, 2011 11:45am Sep 16, 2011 11:45am
Quoting stochman
Could someone pass the razors blades please
not at all; it's an equation - or however you want to call it - you have an hypothesis. You plan to get a new job - you should weight pros and cons and see if you like, can do it, etc... Nothing different.

g/c seems more interesting for a short now on retest(though I'd wait for 1.557 for an entry).
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  • #101,838
  • Sep 16, 2011 11:47am Sep 16, 2011 11:47am
Quoting aserbfx
is anybody surprised that eur/aud turned here?
no not really, no...
fib, brn, s/r...
where did you short it ? the breaking of the up trend line on h4 is my answer.

and the same thing on USDCAD .
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A chart helps those who can read it.
  • #101,839
  • Sep 16, 2011 11:51am Sep 16, 2011 11:51am
Quoting geniusztc
where did you short it ? the breaking of the up trend line on h4 is my answer.

and the same thing on USDCAD .
no short, because i was away from the charts and got a long-position to close.
but anyway there is a bearish engulfing on h4 about three bars back which closed below a h4-rectangle. this would be a good opportunity.
see chart...
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meine augen sind die sterne
  • #101,840
  • Sep 16, 2011 11:53am Sep 16, 2011 11:53am
What time does the forex market close? is it in 2 or hours' time? I live in asia and it is friday night. Wanna take some profits and let the rest ride next week.
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