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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

  • #105,581
  • Jan 4, 2012 3:26pm Jan 4, 2012 3:26pm
Quoting Mrgreener
Hi People,

Just spotted this AUD USD Daily chart and wondered if there is any mileage in a potential Buy trade or not.

I know discussion before has focused on Pin location (Pins at swing highs/ or lows). My question is this Pin is within a continuation of the Dailly trend but at resistance. There seems to be alot of buying pressure here and if the pin is broken could be a nice opportunity?. What do you think guys? just thought I would throw this one in.

Regards
Steve
Hey Steve

Careful on this one as this is not a pinbar(don't let the shape fool you). It's actual just an inside bar. A break of 1.04 should see 1.045 and then the BRN comes back into play.

Let me know if you are confused about the inside bar

Best
Mike
  • #105,582
  • Jan 4, 2012 3:34pm Jan 4, 2012 3:34pm
Quoting sniper012
That's fantastic. obviously you're the one who isn't reading my posts and not minding your business. All I asked initially is why don't I see more trades posted, win or lose, with the pnL showing on the chart. Obviously that's a lot to ask for some reason. I wonder why? Of course I know why but I'll keep quiet and leave all the posting to you trading gurus.
register an account (demo or live) at http://www.mt4pips.com and you can put your trading on show. i'm going to update my sig to have a link to my trading blog plus all my trades for whoever wants to look at it.
It's all small time test trades to help me learn so none of it will blow anyone away - but it's more for me than anyone else to be honest, so i can track what i do and if anyone wants to offer advice or ask questions, they can.
  • #105,583
  • Jan 4, 2012 3:35pm Jan 4, 2012 3:35pm
Hi Mike,

Thanks for the clarification. I thought afterwards about the Daily Candle looking more like a hanging man, but in this scenario the Inside Bar is observed.

Thanks
Steve
Enter Signature
  • #105,584
  • Jan 4, 2012 3:45pm Jan 4, 2012 3:45pm
Quoting sniper012
That's fantastic. obviously you're the one who isn't reading my posts and not minding your business. All I asked initially is why don't I see more trades posted, win or lose, with the pnL showing on the chart. Obviously that's a lot to ask for some reason. I wonder why? Of course I know why but I'll keep quiet and leave all the posting to you trading gurus.
3 things.....

1. You have a point. Sometimes it'd be nice to see who did what and when and how much they made. But that's private and we need to respect that.

2. There are some very experienced people here so you'd be unwise to suggest that this thread is for people who only talk a good game.

3. Do we need to know? I've learned loads from these guys without knowing their balance sheets.
  • #105,585
  • Jan 4, 2012 3:52pm Jan 4, 2012 3:52pm
Quoting mbqb11
Hey GP

Nicer size beob here which is nice. The factors that come into play on a short are the previous lows just as you said. What's interesting is if we can break those lows it's nearly a 4 bar low that could be a good continuation. Just like you though what would have made this the real A+ for me to take myself is if we tested that underside of that massive support area. That's when things are REALLY in our favor

Keep us posted if you take it

Mike
Hi Mike,

Many thanks for the comments. It is encouraging for me to know that I am seeing this set up in the same way as you.

I think in the interest of discipline and taking only A+ trades live (a new years resolution), I will pass on this one, however I will play it on demo so that I will pay more attention to how the price behaves in this area and wait to see if the lows can be broken.

I will still post the trade as a demo and how I manage it.

Thanks again

GP
  • #105,586
  • Jan 4, 2012 5:10pm Jan 4, 2012 5:10pm
Quoting sniper012
I don't have any idea what you're talking about in the first part of your response. Secondly, what's not FXCM? Lastly, it has nothing to do with modesty. If I'm looking at a chart for tomorrow and I post it on here, I can so easily come back on this forum on thursday and say "yeah, I took this trade that I was telling you guys about" if it happens to go my way. if it doesn't go my way, I can come back and say, "Nah, i didn't take this trade that I was telling you guys about because..." Where's the proof either way if I don't post trades with...

I agree with pinbar you need to go away. We all get along here just fine. If you were a part of this thred what would you bring to the table. I see nothing good. If you are trying to sell something you're going about it the wrong way.
  • #105,587
  • Jan 4, 2012 5:29pm Jan 4, 2012 5:29pm
Hey everyone , new trader to FX here. Traded stocks for a few years but like FX better. Just wanted to say hi and I have really learned allot from this thread. I have been following it for a while.
"Greed is good,greed is right,greed works"
  • #105,588
  • Jan 4, 2012 5:56pm Jan 4, 2012 5:56pm
Quoting Gpfx
Hi Mike,

Many thanks for the comments. It is encouraging for me to know that I am seeing this set up in the same way as you.

I think in the interest of discipline and taking only A+ trades live (a new years resolution), I will pass on this one, however I will play it on demo so that I will pay more attention to how the price behaves in this area and wait to see if the lows can be broken.

I will still post the trade as a demo and how I manage it.

Thanks again

GP

I like where your heads at GP. I try very hard to always look at my trades and take the ones I know I would take each and every time. It's one of the hardest things most of us need to learn to do. A fresh year and start is a good way to get in that groove

Best
Mike
  • #105,589
  • Jan 4, 2012 5:56pm Jan 4, 2012 5:56pm
Quoting Gekko78
Hey everyone , new trader to FX here. Traded stocks for a few years but like FX better. Just wanted to say hi and I have really learned allot from this thread. I have been following it for a while.
Hey G

Welcome hope to see you posting more

Best
Mike
  • #105,590
  • Jan 4, 2012 6:16pm Jan 4, 2012 6:16pm
I just wanna share my first possible demo trade for this year. Looking for a BO + retest on the upside or downside but preferably on the upside.
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  • #105,591
  • Jan 4, 2012 6:25pm Jan 4, 2012 6:25pm
Quoting Gekko78
Hey everyone , new trader to FX here. Traded stocks for a few years but like FX better. Just wanted to say hi and I have really learned allot from this thread. I have been following it for a while.
Hey Gekko, Take off your Slippers & get yer Workboots on:
This is a 'Job', you can Leave for a while but does have a consequence of Ramp Up tied to it.

Looking forward to Your Next Post.

B
  • #105,592
  • Jan 4, 2012 6:49pm Jan 4, 2012 6:49pm
Quoting mojo6911
What do you guys think about this bearish candle on the daily?

http://img828.imageshack.us/img828/8662/eurusdq.jpg

Uploaded with ImageShack.us
Quoting mbqb11
There really isn't a ton of information other then it being a bearish bar down at a deep swing low. Although the trend may continue we still want to wait for the setups that tip in our favor.
Hi Mojo

If I may add, (and this is only how I see it), we are skipping around quite a significant area in and around the BRN 1.3000. See how strong a flip zone it is on the monthly chart.

Although I have a bearish view, there is a conflicting story here. The bearish bar is straddling around the 1.3000BRN, has closed below it as well as the PPZ at 1.29819 which is all good. Failure to close below the trend line, however, renders this a too weak a close on the daily, for a daily trade.

I'm no expert, only my interpretation of the material that is available here. Hope this makes some sense.
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  • #105,593
  • Jan 4, 2012 8:43pm Jan 4, 2012 8:43pm
That's all I'm saying. If someone isn't comfortable disclosing that, it's cool. But what would you say the percentage is of traders on this forum who post with PnL on the chart? I know there are good traders on this thread and believe me, I'm never too cocky to learn something valuable. I just don't know why some members got bent out of shape at the mere mention of posting charts with the PnL on them.
Quoting beebolbod
3 things.....

1. You have a point. Sometimes it'd be nice to see who did what and when and how much they made. But that's private and we need to respect that.

2. There are some very experienced people here so you'd be unwise to suggest that this thread is for people who only talk a good game.

3. Do we need to know? I've learned loads from these guys without knowing their balance sheets.
  • #105,594
  • Edited 10:38pm Jan 4, 2012 10:32pm | Edited 10:38pm
Just a quick mention regarding time frames and length of time in a trade.

The major consensus here, especially for beginners like myself, is to stick to the longer time frames...daily, weekly...maybe working towards pin pointing an entry on a 4hr.

And I know there are lots of successful traders working the 4h and lower while intraday trading...but I wanted to show you a graph I found from my broker that I think, all things being equal, really reinforces the message of trading longer timeframes, choosing legitimate stops, and trading a position size that allows you to stay in a trade comfortably.

This chart shows the "Best Trades of the Day" from Oanda. Over the past 24 hours, these pairs and trades covered the greatest range from low to high, and shows you how many pips of that move the best trader caught, and how many pips the average trader caught.

Using EUR/USD as an example.....trading short...the max total move was 169 pips and the best trade on Oanda caught 98% of that move, or 165 pips.

BUT the average trade caught only 11 pips out of a potential 169.

That is a massive difference to say the least.

The big winner held the short trade for 7 hours, while the average trade time for those capturing 11 pips was 0.9 hours.

I'm sure there are lots of variables that effect those numbers, that's why they are just averages and snapshots of activity.

But I'd be willing to bet many of the people catching only 11 pips are in and out of the market multiple times, paying spreads and/or commissions, and probably churning their accounts...spinning their wheels.

All the while, some calm, cool and collected James16 type trader was waiting for an entry...set his SL and walked away until the next day.

Pretty cool.
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  • #105,595
  • Jan 4, 2012 10:40pm Jan 4, 2012 10:40pm
Quoting uBERpIP
Just a quick mention regarding time frames and length of time in a trade.

The major consensus here, especially for beginners like myself, is to stick to the longer time frames...daily, weekly...maybe working towards pin pointing an entry on a 4hr.

And I know there are lots of successful traders working the 4h and lower while intraday trading...but I wanted to show you a graph I found from my broker that I think, all things being equal, really reinforces the message of trading longer timeframes, choosing legitimate stops, and trading a position...
& the Old Bull Said...
"Let's Walk down & have them all...."
  • #105,596
  • Jan 4, 2012 11:46pm Jan 4, 2012 11:46pm
These 4 bar lows at 1.3085 seem to be what is preventing this continuation BEOB from going on its way.

Very interesting.
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  • #105,597
  • Jan 5, 2012 2:07am Jan 5, 2012 2:07am
AUD/JPY is going to be interesting, when it breaks.
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  • #105,598
  • Edited 2:45am Jan 5, 2012 2:34am | Edited 2:45am
Like the look of this in real time.

Going to watch what price does at the 150 on H1.
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  • #105,599
  • Jan 5, 2012 4:21am Jan 5, 2012 4:21am
Here is a nice Jarroo setup that we can see how it hinted which way it wanted to go. Love it, when the going gets tough, setups like these keep me going.

Great stuff Jim.
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  • #105,600
  • Jan 5, 2012 6:13am Jan 5, 2012 6:13am
Quoting mbqb11
Hey GP
Nicer size beob here which is nice. ..
Mike
Hey Mike,
interesting chart... live or demo chart?
on the extreme left side, red bearish candles went up
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