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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

  • #102,321
  • Sep 27, 2011 11:38am Sep 27, 2011 11:38am
Quoting supremeChaos
it may (or may not) take time for u to get confident when/in taking a setup. (confidence from experience)

but IMHO, it would help immensely if u have self-confidence to start with.
feel good about yourself; think positive.
think of &/or list all of your best attributes, successes, good past experiences - this will help u draw/accumulate self-confidence....
I'm sure I've said it before, but love your posts, man. Please always keep 'em coming.
When the going gets weird, the weird turn pro.
  • #102,322
  • Sep 27, 2011 11:46am Sep 27, 2011 11:46am
Thank you, Sir stark1! just sharing my view.
  • #102,323
  • Sep 27, 2011 11:48am Sep 27, 2011 11:48am
Quoting supremeChaos
Thank you, Sir stark1! just sharing my view.
And it's always appreciated, you know.
When the going gets weird, the weird turn pro.
  • #102,324
  • Sep 27, 2011 11:52am Sep 27, 2011 11:52am
Quoting supremeChaos
it may (or may not) take time for u to get confident when/in taking a setup. (confidence from experience)

but IMHO, it would help immensely if u have self-confidence to start with.
feel good about yourself; think positive.
think of &/or list all of your best attributes, successes, good past experiences - this will help u draw/accumulate self-confidence.

trading is a personal battle &/or journey. IMHO, success in it depends on, & is directly proportional to, one's personal outlook.
just imagine... an athlete who has a gloomy personal outlook...
Hey Supremo

Thanks for your encouragement and a great, as always, post. You are definitely right about it being a personal battle/journey - I am finding that out right now! Your advice is spot on and I will try and incorporate it into my thinking a much as I can. Definitely and totally agree with what you are saying here.

Kal
  • #102,325
  • Sep 27, 2011 12:27pm Sep 27, 2011 12:27pm
Quoting jarroo
Sure thing, Ace . .

Let's take this Nzd/Usd trade and look at all the possible trade management styles once our 1st target is hit. Move to break even, take full profit, move your Stop up a little, etc. You should do all of this on a demo trade or on paper to help find what fits your style.

James16 will say it depends on your account size and I have to agree with him there . .taking full profit at the 1st target with a large account and calling it a day makes sense. . .but looking for that runner makes sense as well.
Thanks Jaroo. Sorry for the late reply. What I did yesterday was I took the trade in Demo above the Pin Bar. I saw the weekly chart and saw that its down.

So I put the TF to .7997 Why this number is because its 50% of the previous weekly bar.

But after reading you post I see what you mean and will try to follow it.
I have the SL at BE right now. I was going to move it to just below 50% of todays bar once the day is over.

Let it run till it can. In general I want to try if this works. After BE, keep the SL a little below 50% of the last candle.

let me what you think.

Other senior members please give me ur feedback
  • #102,326
  • Sep 27, 2011 12:39pm Sep 27, 2011 12:39pm
Quoting stark1
Mike (mbqb11) made a fantastic post the other day, saying something like 'it's all about location and confluence'. Just those few words really galvanised my thinking about pins, which really are only part of the story.



EDIT: Just re-read your post and I obviously missed your sentiment entirely - apologies. I'll leave this here in case it helps anyone else. Plus I wanted to thank Mike for his little bit of genius!
yep it sure is

glad it clicked

Take care
Mike
  • #102,327
  • Sep 27, 2011 1:01pm Sep 27, 2011 1:01pm
Quoting mbqb11
yep it sure is

glad it clicked

Take care
Mike
Hey Mike, it's funny how those tiny little things can click isn't it? I already knew what you were trying to say, but somehow when you put it like that, a lightbulb just went on. So thanks - really appreciate all the time you put in to give others the benefit of your experience.

When the going gets weird, the weird turn pro.
  • #102,328
  • Sep 27, 2011 1:20pm Sep 27, 2011 1:20pm
stop is now at BE! Anyone think this will reach 1.002?
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  • #102,329
  • Sep 27, 2011 2:10pm Sep 27, 2011 2:10pm
Quoting mbqb11
Hey SarasR

The logic is that you are using the past historical flow to make speculative decisions about the future movement of price. It's basically reading the orderflow, the supply and demand/market sentiment/flow/psych and trying to go with that "flow". Past price is helpful in prediction of future price movements. Patterns occur in the market place on many levels. This is why S/R works , price action works etc enough to give us an edge

So at the end of the day we are using the aggregation of that in bars to see what we see. Many...
Hey Mike, thanks for this input. I had been reading over and over again and rereading this part that you are expressing. I often ponder the similar question as well regarding the WHY part on why does PA work. Mike if you don't mind can you shed some light about psychology? Ie, a general guideline about attitude on playing pinbars and price action?

Thanks
  • #102,330
  • Sep 27, 2011 2:36pm Sep 27, 2011 2:36pm
Quoting ~Kel~
Hey Mike, thanks for this input. I had been reading over and over again and rereading this part that you are expressing. I often ponder the similar question as well regarding the WHY part on why does PA work. Mike if you don't mind can you shed some light about psychology? Ie, a general guideline about attitude on playing pinbars and price action?

Thanks
Hey Kel

That paragraph really sums up my personal beliefs. THe psychology we are playing based on the flow of the market. Trying to read it and find pockets of exploitable information. No more no less. The psychology to me comes into the forming of a story, not the bar, not one level by itself, but all the pieces together that come together where I believe I have the upper hand to be putting my money on the line. I really don't think about things TOO deeply or it can make you go crazy. Just think about things simply and logically and that has the best effect for me

Hope that helps
m ike
  • #102,331
  • Sep 27, 2011 3:13pm Sep 27, 2011 3:13pm
Quoting mbqb11
Hey Kel

That paragraph really sums up my personal beliefs. THe psychology we are playing based on the flow of the market. Trying to read it and find pockets of exploitable information. No more no less. The psychology to me comes into the forming of a story, not the bar, not one level by itself, but all the pieces together that come together where I believe I have the upper hand to be putting my money on the line. I really don't think about things TOO deeply or it can make you go crazy. Just think about things simply and logically and that...
Hi Mike, the part you mentioned on "Trying to read it and find pockets of exploitable information and The psychology to me comes into the forming of a story, not the bar, not one level by itself, but all the pieces together that come together" kind of feels to me piecing pieces of jigsaw puzzle together to see a "Picture/Story" , but what bothers me is the subjectivity of interpretation.

I remembered James once said something like "You can give two traders the exact same chart and they see different things." (Or is it "you can have 2 traders trading the same setup but one lose$ and one make $") And this to me implies that one must refine one's own perception of Price Reading. Which begs the next question, what can one do to accelerate the perception refinement part? Backtesting and sufficient chart time?

I'm really grateful to your wisdom, thanks my friend~

Regards

Kel
  • #102,332
  • Sep 27, 2011 3:21pm Sep 27, 2011 3:21pm
Quoting ~Kel~
Hi Mike, the part you mentioned on "Trying to read it and find pockets of exploitable information and The psychology to me comes into the forming of a story, not the bar, not one level by itself, but all the pieces together that come together" kind of feels to me piecing pieces of jigsaw puzzle together to see a "Picture/Story" , but what bothers me is the subjectivity of interpretation.

I remembered James once said something like "You can give two traders the exact same chart and they see different things." (Or is it...
That is exactly correct Kel. Most people are just not wired to handle all the different aspects of trading from start to finish. This subjectivity scares most people b/c they are so used to all other things in life that are so straight forward. Do ABC, and get result of Y. The way most of us trade here is using our discretion which is a good thing. I don't fear my discretion I embrace it to give me the edge I need. Because I can tell what a bad situation is verse a situation that I believe can make me money.

And you are also correct, it's just time and practice and chart time. There are many similarities in the concepts taught here at least. How you decide to piece them together may vary but the concepts are the same.

Here is my chart yesterday, and Jarroos. Same exact chart. Now what someone chooses to do with that information lies on them and THEIR methods and beliefs.

Then read this post by Jarroo it is DEAD On
http://www.forexfactory.com/showthre...26#post4990226

So yes what do you do to get over this hurdle. Time , more time and more time. It's how those of us have done it. Most give up or don't get to that point and then go search for the next thing, then the next thing, and eventually they just have things but nothing that they can call their own. But think about the first day you tried to learn about trading, and then where you might be now. It's just progress, and you have to continue to try to make that progress. Most it won't happen, but those that do will all tell you it was simply time and practice.

Hope that helps
Mike
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  • #102,333
  • Sep 27, 2011 4:02pm Sep 27, 2011 4:02pm
Quoting mbqb11
That is exactly correct Kel. Most people are just not wired to handle all the different aspects of trading from start to finish. This subjectivity scares most people b/c they are so used to all other things in life that are so straight forward. Do ABC, and get result of Y. The way most of us trade here is using our discretion which is a good thing. I don't fear my discretion I embrace it to give me the edge I need. Because I can tell what a bad situation is verse a situation that I believe can make me money.

And you are also correct, it's...
Hey Mike, I appreciate the extra mile you took and care to explain to me with examples. I'm curious about the BLUE THICK LINE on your chart, where do you get that line? I don't see any confluence there, my guess is maybe you had some "invisible fib" lines?

I don't worry so much about in-trade management though of course I understand that that's one of the important element. Because to me that part will reflect our personality and our personality/style influence the subjectivity on in-trade management and decision making during in-trade.

What I'm more concerned about is PRICE READING and TRADE PICKING, as that is determined by our Chart Reading abilities and perspective. I'm not at the level yet to distinguish A+ setups, A setups, B+ setups etc. Like you said, experience will be the best teacher in this aspect of chart reading and distinction.

Come to think of it, sometimes this trading game seems like a meteor that penetrates deep within us to reveal our personality/character etc. This can be a gift as well as a curse! LOL
  • #102,334
  • Sep 27, 2011 4:07pm Sep 27, 2011 4:07pm
Quoting ~Kel~
Hey Mike, I appreciate the extra mile you took and care to explain to me with examples. I'm curious about the BLUE THICK LINE on your chart, where do you get that line? I don't see any confluence there, my guess is maybe you had some "invisible fib" lines?

I don't worry so much about in-trade management though of course I understand that that's one of the important element. Because to me that part will reflect our personality and our personality/style influence the subjectivity on in-trade management and decision making during in-trade.

What...
sorry about that blue line ignore that, that was from a different pair at the same price level so it copied over and lazy me didn't delete it.

Trade picking is like anything else. Think about when you didn't even know what a pinbar was, or an outside bar. Then you determine oh now I know what a pinbar or outside bar looks like. Then you learn what a better one vs a worse one looks like. This same progression occurs on all levels. It's a 2 step forward 1 step back process. It's not over night you go :" aha! I know how to trade profitably now". It's a slow and long process.

We all only share our experiences and techniques that work for us. You may find over time you take pieces from here and there that work for you. This is where different strokes for different folks comes into play.

But don't let discretion, or this process of trial and error be a bad thing. It's where you are doing your learning. Those that continue to search for the "key" will never make it. So take it as a good thing that you have a process to work on.

Best
Mike
  • #102,335
  • Sep 27, 2011 5:22pm Sep 27, 2011 5:22pm
Does anyone think that gold heading north again, or is it possibly just a retrace?

There are nice looking pinbars on the daily & the weekly, I've put a couple of demo orders in but I'm not so sure that I'd be as confident if my trades were on a live platform
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  • #102,336
  • Sep 27, 2011 8:00pm Sep 27, 2011 8:00pm
I took a long demo position on the break of the pinbar (yellow arrow), with no confluences, just on a swing low. Well as of now it moves in our favor. But all of a sudden it let me think that somehow I took the trade aggressively, am I trying to catch a falling knife here in this trade?
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  • #102,337
  • Sep 27, 2011 10:03pm Sep 27, 2011 10:03pm
Quoting TheFutureAce
Thanks Jaroo. Sorry for the late reply. What I did yesterday was I took the trade in Demo above the Pin Bar. I saw the weekly chart and saw that its down.

So I put the TF to .7997 Why this number is because its 50% of the previous weekly bar.

But after reading you post I see what you mean and will try to follow it.
I have the SL at BE right now. I was going to move it to just below 50% of todays bar once the day is over.

Let it run till it can. In general I want to try if this works. After BE, keep the SL a little below 50% of the last candle....
Quoting jarroo
I like the Daily confluences too, facs . .. Weekly PPZ, Daily 365 ema , 7800 RN. Although the PB is a bit small. Tight S/L under the 365 ema works for me.
I forgot to add the Weekly Fib level (61.8) with the other confluences.

So this was more of a Locational Confluence trade . .the Daily PB was pretty small compared to the strong move down . .it was an important part of the over all story here, but its part was small. The level, .7800ish, and its supportive confluences was the main story. Where have we heard this before: Location, Location, Location . .

Even though the level had alot of strength, the size of the PB was still a concern . . meaning, if the PB was bigger I would give it more room to move upward. Strong Level . . Strong PA (Size) is the ideal. I got out of most of my position at the 1st target.

Not sure if I understand your "50%" S/L placement . .maybe with a chart you can show this?

I like to place my S/L by what the chart is telling me . .meaning, let the chart tell you where to put your S/L. Many ways to manage this trade.

Jim
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Indicators show the past. Price Action "Indicates" the future.
  • #102,338
  • Sep 27, 2011 10:04pm Sep 27, 2011 10:04pm
Quoting stochman
Does anyone think that gold heading north again, or is it possibly just a retrace?...but I'm not so sure that I'd be as confident if my trades were on a live platform
hello stochman,
to be honest, north or south, doesnt matter as u can trade both ways &/or plan accordingly.
apart from having self-confidence, confidence comes from experience. so do lots of practice & study.

Quoting TransPorter
I took a long demo position on the break of the pinbar (yellow arrow), with no confluences, just on a swing low. Well as of now it moves in our favor. But all of a sudden it let me think that somehow I took the trade aggressively, am I trying to catch a falling knife here in this trade?
hello Kabayan,
depends on your perception of 'aggressive' & 'conservative'.
i guess u say it's an 'aggressive trade' because u dont trade a setup like this, or at least u are unfamiliar of such a trade setup.

candle size-wise, the PB was better than average or 1 of the biggest in your chart. i also like it being at a swing low with tons of space.
in such a trade setup, IMHO the issue would be trade management (having a logical exit & plan... versus expecting a big, 'to-the-moon' move & no/mediocre plan)
  • #102,339
  • Sep 27, 2011 10:25pm Sep 27, 2011 10:25pm
Quoting mbqb11
That is exactly correct Kel. Most people are just not wired to handle all the different aspects of trading from start to finish. This subjectivity scares most people b/c they are so used to all other things in life that are so straight forward. Do ABC, and get result of Y. The way most of us trade here is using our discretion which is a good thing. I don't fear my discretion I embrace it to give me the edge I need. Because I can tell what a bad situation is verse a situation that I believe can make me money.

And you are also correct, it's just...
Great post Mike . . It does take time and practise . . and what I found that as you progress your trading evolves . .

For instance, I known that keeping a full position is the best way to go when managing my trades. . .but I still take partial profits (positions) at given targets. I'm comfortable doing this even though I know a full position is better.

Over time, I will probably change this approach and move to managing my trades with a full position. .but for now, I'll do it the way that's comfortable for me. . .
Indicators show the past. Price Action "Indicates" the future.
  • #102,340
  • Sep 27, 2011 10:40pm Sep 27, 2011 10:40pm
usd/cad i was stopped out at BE. Could I have taken partial profit? Yes. But it did reach my designated area. And also, as j16 said its very dependent upon account size. Because I trade with small account I did this...if I was trading full lots, TP would be a lot more different.
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