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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

  • #105,181
  • Dec 14, 2011 9:32am Dec 14, 2011 9:32am
Hey Mike ,
could you throw some thoughts on this one , please ?

Price is pushed more and more to 1.5500 BRN , which is very respected ppz in the past . There is a plenty of space to run upwards. Count the gap , and it looks tempting for a breakout and pullback setup .
But overall it's a sideways market and my asking is : Is this is a good reason to pass ?
I know it's nice to see big momentum followed by a breath taking consolidation , and then going with the flow on the breakout ... but how about this scenario ?
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  • #105,182
  • Dec 14, 2011 9:36am Dec 14, 2011 9:36am
Quoting Rust
Hey Mike ,
could you throw some thoughts on this one , please ?

Price is pushed more and more to 1.5500 BRN , which is very respected ppz in the past . There is a plenty of space to run upwards. Count the gap , and it looks tempting for a breakout and pullback setup .
But overall it's a sideways market and my asking is : Is this is a good reason to pass ?
I know it's nice to see big momentum followed by a breath taking consolidation , and then going with the flow on the breakout ... but how about this scenario ?
Hey Rust

I just don't see enough of a well formed patter for me personally. I do like the BRN and the resistance that formed there so a PPZ this area is for sure. price finally closed above this area and it's hold as support. I would watch for a story of price action more then I would call it a breakout the way I trade. I would say in terms of trading it as a breakout then I would say yes the sideways action would have me passing. In terms of looking at it as a PPZ with a wide area to move towards the gap makes more sense and could be a good play. There is also a triple bar high at the 1.55(on 4hr) that is breaking which is a good sign of a continuation.

Best
MIke
  • #105,183
  • Dec 14, 2011 9:59am Dec 14, 2011 9:59am
Thank You Mike

Yeah my observations were pretty similar . I don't know why I call everything a breakout ... seems I love the term
What I was thinking in general was -

- space above
- very nice PPZ at BRN
- 1.5500 held many times
- price pushing higher lows after every bounce ot 1.5500 (should be in the first place )

So in the end I see more pressure and a lot of orders right above 1.5500 .

Didn't played it , couse i have a headache and try not to sit here , but there wasn't PA confirmation anyway .

Thanks for the input . I listen every time
  • #105,184
  • Dec 14, 2011 10:10am Dec 14, 2011 10:10am
Sometimes its just about the location

orange lines->trouble areas.
took major profit here.
rest is for free lunch.
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  • #105,185
  • Dec 14, 2011 10:27am Dec 14, 2011 10:27am
Hello

What do you think about this one? Short trade for a quick profit. After the fact, I think maybe I could have stayed longer, because of the location, but little space, in traffic.

Best wishes

Hector
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  • #105,186
  • Dec 14, 2011 10:31am Dec 14, 2011 10:31am
Quoting mbqb11
Hey BC
Great setups are not as rare as people make them out to be. If you are watching say 60+ fx markets( finding 3-5 trades a month is no stretch to me).
Yes, i understand your point, Mike -however i have no issue with small $-most of the time i only think in pips. I know the same no of pips will mean big $ once i trade a big account. The issue for me is watching 40 fx markets and can only settle for 1-2 trades a month. Most of the time i end the month breakeven, but sometimes for 2-3%. I had to pass on many good setups either because FTA is near or the PA Bar is small or the close is not strong. Uh by the way i currently only trade the daily.

Best,
Danny
  • #105,187
  • Dec 14, 2011 10:43am Dec 14, 2011 10:43am
Quoting Be Cool
Yes, i understand your point, Mike -however i have no issue with small $-most of the time i only think in pips. I know the same no of pips will mean big $ once i trade a big account. The issue for me is watching 40 fx markets and can only settle for 1-2 trades a month. Most of the time i end the month breakeven, but sometimes for 2-3%. I had to pass on many good setups either because FTA is near or the PA Bar is small or the close is not strong. Uh by the way i currently only trade the daily.

Best,
Danny
Hey Danny

I am confused on what you are asking? Is it that you can't resist taking trades? There is nothing wrong with only taking a few trades a month. Most people would do much better if they did that. Heck one good trade a month would blow 99.9% of people out of the water. Just most people see that that one trade =50$ or something that's irrelevant to them, so they over trade trying to make more money instead of building their account slowly and realizing the effect of compounding over time.

Mike
  • #105,188
  • Dec 14, 2011 10:52am Dec 14, 2011 10:52am
Quoting mbqb11
Hey Danny

I am confused on what you are asking? Is it that you can't resist taking trades? There is nothing wrong with only taking a few trades a month.
Mike
No Mike, but if i only take 1-2 trade for the month and end up with 2% -not to mention if the month end up as breakeven -that's pretty frustrating
  • #105,189
  • Dec 14, 2011 11:03am Dec 14, 2011 11:03am
Quoting Be Cool
No Mike, but if i only take 1-2 trade for the month and end up with 2% -not to mention if the month end up as breakeven -that's pretty frustrating
Hey BC

I think this is where people get themselves in trouble. I think people forget the true power of compounding and realistic expectations because 2% of a small account is peanuts. Where as 2% of a large account is a lot of freaking money. If you AVG 2% a month do you know people would literally KILL for those types of returns.

2% a month compounded on say a small 50k account in terms of trading


year 1 = 63,404
2 = 80,396
3 = 101,498
4 = 129,280
5 = 163,942
6 = 207,908
7 = 263,666
8 = 334,480
9= 424,058
10 = 537,796

I did it quick so numbers might be off. But that's a half mil from 50k in just 10 years. Now imagine you expand your watch list to double the amount of FX pairs, add in a few hundred(at least) equities, futures, commodities etc

To me the above says it all and more about how we as traders should stay and keep focused during our trading journey.


I firmly believe this is the exact thing that gets most people into trouble. I am not saying more then this is not possible(or less isn't amazing too). But understanding the power of the above is pretty much overlooked by most people too. And then most people blow up trying to do too much. I am just trying to speak realistically here and also get others to understand that a little goes a long way if we are willing to put in the time in the long run.

Best
Mike
  • #105,190
  • Dec 14, 2011 11:18am Dec 14, 2011 11:18am
nice pin forming at 1.0400 USDCAD 4H....
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all is eternal - this is good news for people who loves bad news
  • #105,191
  • Dec 14, 2011 11:36am Dec 14, 2011 11:36am
Hi guys ...

Any one watching Gold ? To me it looks like a nice place to take some quick profit on a "pull back" in case its gona keap faling down lol

On 4h it might close as a PB ... didnt closed yet
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  • #105,192
  • Dec 14, 2011 3:36pm Dec 14, 2011 3:36pm
Quoting mbqb11
Hey BC

I think this is where people get themselves in trouble. I think people forget the true power of compounding and realistic expectations because 2% of a small account is peanuts. Where as 2% of a large account is a lot of freaking money. If you AVG 2% a month do you know people would literally KILL for those types of returns.

2% a month compounded on say a small 50k account in terms of trading


year 1 = 63,404
2 = 80,396
3 = 101,498
4 = 129,280
5 = 163,942
6 = 207,908
7 = 263,666
8 = 334,480
9= 424,058
10 = 537,796

I...
Hero calls followed by margin calls...
  • #105,193
  • Dec 14, 2011 4:43pm Dec 14, 2011 4:43pm
Quoting Donkey
Do you need a live account with FXPro for their app?
Should work on a demo account too. I've used it for a while and had to prompt an account type on startup.

Nice program, bar formations work with NY close only the interface is a bit clunky. I still use it

Quoting AvanishDemo
Sometimes its just about the location

orange lines->trouble areas.
took major profit here.
rest is for free lunch.
Nice one brother
  • #105,194
  • Dec 14, 2011 5:39pm Dec 14, 2011 5:39pm
Quoting Donkey
Shorted NU .....

We'll see how it plays out.
So today price continued to move down testing the waters at the BRN. Couldn't close below, but it was just barely above and the rejection wasn't all that strong.....for now. It did close strongly below a key level for me...the LCS at 1.7523, which I define the top of the strong ppz at .7500.

I've decided to go ahead and lock in a small profit (basically BE) and give this one room to breathe a little. After going over 1R in profit today, I just can't take any loss on the trade. I'm really going to watch the ppz there at the blue rectangle, and the swing low marked with the arrow and the bar low at the top of the gap (another red arrow). The gaps a concern at the moment, so I'll hawk this one a little more than normal. My ultimate plan is to try to get a close below the rectangle, get my stop to 1.7550 and trail out from there.
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  • #105,195
  • Dec 14, 2011 6:33pm Dec 14, 2011 6:33pm
Quoting meshka
nice pin forming at 1.0400 USDCAD 4H....
Did you take this one? It's still valid, but this one looks very small to me compared to the up move...like price was taking a break before moving higher. A lot of the USD pairs seemed to pin up on 4H charts after some decent movement today. FTA looks to be really close too. Just some thoughts.
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  • #105,196
  • Dec 14, 2011 7:38pm Dec 14, 2011 7:38pm
Quoting mbqb11
Hey BC

I did it quick so numbers might be off. But that's a half mil from 50k in just 10 years. Now imagine you expand your watch list to double the amount of FX pairs, add in a few hundred(at least) equities, futures, commodities.
I understand,Mike - will watch stocks too just for the sake of practicing.
Thanks Bud
  • #105,197
  • Dec 14, 2011 8:12pm Dec 14, 2011 8:12pm
Quoting mbqb11
nice brotha, I am at breakeven now but think we are in line for a lot more/ But you know how it goes, things can change quick so gotta stand at attention as always


parity is the major level for me


Best
Mike
minor update. No stop loss change for me, but this area I do expect a reaction. Notice the box at the BRN. The scale of the box is small to me compared to the size move we are coming off. BUT the information we get here is still important. So while I want to hold it for a larger move I will watch and see what the market reaction is here/

For those of you who are new and just finding this thread understand how very simple we can get with this stuff. It's a great starting place. Simple side to side s/r as James says, and nice big clear bars. It's in my view the BEST place to build your foundation.

Best
Mike
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  • #105,198
  • Dec 14, 2011 8:13pm Dec 14, 2011 8:13pm
Quoting Donkey
Did you take this one? It's still valid, but this one looks very small to me compared to the up move...like price was taking a break before moving higher. A lot of the USD pairs seemed to pin up on 4H charts after some decent movement today. FTA looks to be really close too. Just some thoughts.
yep spot on D

These are those pins that suck people in and can be troublesome. Not b/c they can't work but b/c in a scenario like this more likely it is weak selling or profit taking that causes a reaction rather then what I call TRUE selling.

Good reminder here D , thanks for helping out

Mike
  • #105,199
  • Dec 15, 2011 12:12am Dec 15, 2011 12:12am
Quoting mbqb11
yep spot on D

These are those pins that suck people in and can be troublesome. Not b/c they can't work but b/c in a scenario like this more likely it is weak selling or profit taking that causes a reaction rather then what I call TRUE selling.

Good reminder here D , thanks for helping out

Mike
These are the PB that used to get me in trouble when I was so hungry for a trade! Good tips as to why we may have a PB here as per Mike's comments. I'm still long with my last lot......
  • #105,200
  • Dec 15, 2011 2:21am Dec 15, 2011 2:21am
Quoting mbqb11
minor update. No stop loss change for me, but this area I do expect a reaction. Notice the box at the BRN. The scale of the box is small to me compared to the size move we are coming off. BUT the information we get here is still important. So while I want to hold it for a larger move I will watch and see what the market reaction is here/

For those of you who are new and just finding this thread understand how very simple we can get with this stuff. It's a great starting place. Simple side to side s/r as James says, and nice big clear bars. It's...
Hello Mike,

Always get impressed by your magic setups, your chart is always so clear and nice. here I got two problems and would like to get your kindly advice on this.

1. I am always get tangled with some micro views, it's quite hard to see the chart from the overall picture, by looking at your chart, those setup is just like coming from a bird eye, like a big map, everything is so clear.
I do not know if I described myself clear due to my poor English, what I am trying to say is that I always tend to be focus on those small bar forms, small waves etc, trying to avoid this but again, slowly and slowly moved to micor chart again..

2. Another problem is about money management, how do you manage your TP? Do you have fixed TP point or you just move the SL and just let the price to trigger your trailing SL? As I always being scared out at the FTA, and the result is the account is getting shrinked little by little.

Best regards!
CK
----------------------------- Discipline makes the difference.
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