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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

  • #105,201
  • Dec 15, 2011 6:35am Dec 15, 2011 6:35am
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 I took it but it is a sucker one You're right guys.. I am at breakeven now.... Thank You for reminder.
all is eternal - this is good news for people who loves bad news
  • #105,202
  • Dec 15, 2011 7:16am Dec 15, 2011 7:16am
Quoting CavinK
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,...

Hey CK

I would recommend making sure firstly your charts aren't too zoomed in. I always cringe a bit when I see people too zoomed in on their charts because I think that is the easiest way to miss the overall picture and context of a bar setup/story within that larger picture. Other then that I would say it just takes time. You just begin to see things easier as you go along. This is basically going to be my answer for question 2. There is no set way I move my stop loss. EVERY situation is unique to me. Sometimes I trail, sometimes I close out quick, sometimes I go to b/e, other times I don't. I don't try to fit the market into a one size fits all, because to me the market is not one size fits all. Instead I look at the situation at hand, same as I would develop a story for why to enter. I develop that same story for how I might manage the trade. I am flexible to the market and I believe instead of being scared about that aspect of discretionary trading, embrace it as the best part of discretionary trading.

Wish I had more direct answers but that just isn't the case here, it's a time thing

Best
Mike
  • #105,203
  • Edited 10:55am Dec 15, 2011 7:19am | Edited 10:55am
Quoting CavinK
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...
Its totally natural to get lured into the micro analysis/bar to bar analysis. After all that's how price moves (bar by bar) and if you're watching a live chart you are obviously watching action unfold at that level.

Another factor which causes this is often linked with our rather erroneous mindsets where we want to have "fun" trading. Analyzing even a 1H chart at Mike's level can lead you to develop a picture of what price is doing at a level that sucks life (and fun and excitment) out of analyzing charts bar by bar.

For example, Mike would zoom out and notice Eu is in a tight consolidation box. Now this chart to him means nothing until price breaks out, this might take days or maybe even weeks. Its the boring way of doing business, and yes its the correct way of doing it. This business is boring.

As a trader progresses in his career he eventually settles down and understands that its more about treating it as a business than a video game where you want to tackle something on corner of the maze.

Most newbies make a lot of the common mistakes centered around this flawed approach. Over trading, jumping to lower TFs without proving skill on the higher TFs first, taking the iffy setups, all can somehow or the other be linked back to this very problem.

The solution:

Mark areas on your chart, and wait for price to hit one of your areas, instead of getting back to your chart every bar close to see if a pin bar jumps out. Remember the 'jumping out' of a pin bar or a setup is largely the output of your approach to the market, if you're getting pulled to your charts every 1H bar close a pin bar or maybe even a bar that looks like one is 'likely' to jump out. See the point?

g.
I believe . . .
  • #105,204
  • Dec 15, 2011 7:44am Dec 15, 2011 7:44am
Quoting ghous
than a video game where you want to tackle something round with every corner of the maze.
man its odd but gotta say i like your english..lol..
  • #105,205
  • Dec 15, 2011 7:58am Dec 15, 2011 7:58am
Hallo Everyone

I´m pretty new at forex and love this thread. I have a question? In a situation like the one on the chart, would you consider buying or just stay out. I wouldn´t, just because I don´t want to fight through the previous ranging area.
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  • #105,206
  • Dec 15, 2011 8:00am Dec 15, 2011 8:00am
looks like this will not break..
i cancel out my order..
it was against the trend..but given the huge moves on CHF pairs i was expecting a down move here..but never got materialised.

(TBHLC,Triple Top,Divergence)
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  • #105,207
  • Dec 15, 2011 8:03am Dec 15, 2011 8:03am
Quoting riandouma
Hallo Everyone

I´m pretty new at forex and love this thread. I have a question? In a situation like the one on the chart, would you consider buying or just stay out. I wouldn´t, just because I don´t want to fight through the previous ranging area.

Hey Riandouma

Welcome to the FX world and this thread

In my view the better bar is going to the BUOB 3 bars back. It's the deepest swing low point(where your other bar is now sideways). Also that bar doesn't quite look like a pinbar on your chart. The open and close must be within the previous bar. But the BUOB engulfs 3 prior bars. And of course has the confluence of your rising TL , can throw fib retracements in there and a nice PPZ area.

Again welcome hope this helps

Mike
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  • #105,208
  • Dec 15, 2011 8:26am Dec 15, 2011 8:26am
GBPCHF looks quite tasty.. BEOB at a 365 EMA

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  • #105,209
  • Dec 15, 2011 9:25am Dec 15, 2011 9:25am
Quoting mbqb11
Hey Riandouma

Welcome to the FX world and this thread

In my view the better bar is going to the BUOB 3 bars back. It's the deepest swing low point(where your other bar is now sideways). Also that bar doesn't quite look like a pinbar on your chart. The open and close must be within the previous bar. But the BUOB engulfs 3 prior bars. And of course has the confluence of your rising TL , can throw fib retracements in there and a nice PPZ area.

Again welcome hope this helps

Mike
still holding mike? .... nice entry .... Ill buy around 0.9300 again,

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R turned S, trend up ... lets see
Hero calls followed by margin calls...
  • #105,210
  • Dec 15, 2011 9:26am Dec 15, 2011 9:26am
waiting for 1.3300 area to buy this baby

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Hero calls followed by margin calls...
  • #105,211
  • Dec 15, 2011 9:36am Dec 15, 2011 9:36am
Quoting fascist
GBPCHF looks quite tasty.. BEOB at a 365 EMA

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thats my view.... i wouldnt sell here into support, i expect 1.4500 to be defended

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Hero calls followed by margin calls...
  • #105,212
  • Dec 15, 2011 9:46am Dec 15, 2011 9:46am
would like to sell this one...but dont have a reasonable supply level or s.th else and dont just wanna trade the channel itself....

ill better pass this one

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Hero calls followed by margin calls...
  • #105,213
  • Dec 15, 2011 10:15am Dec 15, 2011 10:15am
Quoting PhAnTi'
thats my view.... i wouldnt sell here into support, i expect 1.4500 to be defended

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well, based on the daily setup, if it closes like this, i plan to short 15 pips below today's low (assuming it dosen go lower) at 1.4539.
  • #105,214
  • Dec 15, 2011 10:18am Dec 15, 2011 10:18am
Quoting fascist
well, based on the daily setup, if it closes like this, i plan to short 15 pips below today's low (assuming it dosen go lower) at 1.4539.
nahhh, dont sell into this area.... better wait for a break and sell the retest / correction wave...

gl
Hero calls followed by margin calls...
  • #105,215
  • Dec 15, 2011 10:22am Dec 15, 2011 10:22am
Quoting PhAnTi'
still holding mike? .... nice entry .... Ill buy around 0.9300 again,

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R turned S, trend up ... lets see
Great charts!!! And I agrree 100%. I tried to get in at 9340 earlier this week looking for 9500, ....order missed by a pip. I'm likely a buyer at 9300 as well.
  • #105,216
  • Dec 15, 2011 10:40am Dec 15, 2011 10:40am
Quoting Donkey
Great charts!!! And I agrree 100%. I tried to get in at 9340 earlier this week looking for 9500, ....order missed by a pip. I'm likely a buyer at 9300 as well.
well the 9300 area is one of the most important ones for usdchf. if this one holds at least on the daily ( or if we even get a close above on the weekly) we should be ok for a run to 9750 and this will be my line.

check out the last 2 month bars linked to the importance of the 9300 area.

have to leave, catch ya later !

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Hero calls followed by margin calls...
  • #105,217
  • Dec 15, 2011 10:51am Dec 15, 2011 10:51am
Quoting Donkey
Great charts!!! And I agrree 100%. I tried to get in at 9340 earlier this week looking for 9500, ....order missed by a pip. I'm likely a buyer at 9300 as well.
This stuff is great right? If you short we know exactly where to watch. If we want to buy we also know where to watch. All one has to do then is wait till things meet their criteria and run with it

good charts Phanti, make sure you guys see how clean he is marking his levels. Look for those obvious ones no matter if you want to sell or buy they can't be ignored, but use the information logically


Love this stuff

Mike
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  • #105,218
  • Dec 15, 2011 10:51am Dec 15, 2011 10:51am
Quoting AvanishDemo
man its odd but gotta say i like your english..lol..
Time away from home takes the toll on you

lol
I believe . . .
  • #105,219
  • Dec 15, 2011 10:56am Dec 15, 2011 10:56am
Quoting PhAnTi'
thats my view.... i wouldnt sell here into support, i expect 1.4500 to be defended

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Nice charts ! Especialy agree with GBP/CHF and i like the angry Bull
Same toughts on Cad allso ...
  • #105,220
  • Dec 15, 2011 2:59pm Dec 15, 2011 2:59pm
closed all my positions. if there will be any setup will trade it with reduced risk of 0.5% per contract. lets meet the Christmas and happy New Year to all you guys and girls
all is eternal - this is good news for people who loves bad news
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