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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

  • #106,421
  • Jan 26, 2012 7:46pm Jan 26, 2012 7:46pm
Quoting Pinbar
Good job.


Note how Jarroo was prompting me about not taking any SH or SW but the deep ones. It is easy to get distracted with the Swing Points in the middle.

(Talking to myself here)

We don't want to mess around in the middle.
Ok. Now I'm down off my high horse because I have no idea what you're talking about.
Where I've been, Ive been. Where I'm going, I'll go. I'm here now.
  • #106,422
  • Jan 26, 2012 8:13pm Jan 26, 2012 8:13pm
Quoting Greenhaze
I believe MT4 doesn't get any real volume from broker. The thing you are looking at is probably just tick volume which doesn't tell much about real volume. Anyway your broker probably would not show its tier 2 volume.
Hello Greenhaze

Actually it is just a visual of the volume that you can see on the data window of mt4.

Now that you write it, i think it is tick volume, too. Then this can be an indication of volatility, that also is an indicator of volume.

I dont know, i just watch it everytime i see a trade, lol

This is another example that caught my attention. Maybe i am just dumb to think this can tell me anything, but anyway, here it goes

Any comment is appreciated

Best wishes

Hector
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  • #106,423
  • Jan 26, 2012 8:23pm Jan 26, 2012 8:23pm
Quoting Pinbar
Not yet but, plan to.
Working on the 50K account.
Is this the magic number?, i only need like 7% monthly profit for..... maybe 5 years!!!, lol

Wow, the COMPOUNDING POWER Mike mentioned, if instead of 7% monthly, you make 12% monthly, in 5 years you can get 900k...

Best wishes

hector
  • #106,424
  • Jan 26, 2012 8:35pm Jan 26, 2012 8:35pm
Quoting PinWing
Is this the magic number?, i only need like 7% monthly profit for..... maybe 5 years!!!, lol

Wow, the COMPOUNDING POWER Mike mentioned, if instead of 7% monthly, you make 12% monthly, in 5 years you can get 900k...

Best wishes

hector

I am thinking more like 3% profit, living like a king on 2% and compounding the rest.

It is all relative to where on the planet you live.

But for now, back to the hard work.
  • #106,425
  • Jan 26, 2012 9:48pm Jan 26, 2012 9:48pm
Quoting stockEX
... About trading the 30min chart :its just penny trades,so no danger there,and I thougt I should take trades on all timeframes to get more experience.
Thanks again
Hello stockEX

Higher timeframes is what big players watch. You may think, you dont care what they watch (like i did), but reality is that those guys are the ones that make price go up or down. Actually we all want to see what they see, and we all want to think what they think. And when they take a position, you want to be riding the move with them, not trading a small bulish pinbar on 30 min against a pitbul daily bearish pinbar those guys could be taking.

Those lower timeframe setups doesnt worth the (hopefully) "demo pennys" you are risking/taking.

Besides, every timeframe has its own dynamics. My "experience" trading 15 min and 30 min worth the losses i took, maybe more (with the minus sign on that number, lol)

I think management is different on each timeframe, price behaviour, and you have to build and know your own statistics, but you cant have any reliable statistic mixing timeframes. Compare pinbar results on 15 min with daily, or monthly, to me, doesnt make sense.

Only wanted to share my view. Sometimes is good to mix the waiting mode with the writing mode, lol

Best wishes

Hector
  • #106,426
  • Jan 26, 2012 9:56pm Jan 26, 2012 9:56pm
Quoting Pinbar
I am thinking more like 3% profit, living like a king on 2% and compounding the rest.

It is all relative to where on the planet you live.

But for now, back to the hard work.
Hello Pinbar,

Location always is important. But it is also the story (family, kids, debt). I will have to take a higher risk, to get a higher return, lol

Best wishes

Hector

PD: Back to waiting, searching, looking mode, stoping the writing mode, lol
  • #106,427
  • Edited 10:36pm Jan 26, 2012 10:12pm | Edited 10:36pm
NZD/USD is behaving rather unpredictably, and this is causing me to search the reasons for this.

It appears that the DHCR in the swing high is what is stalling price. That said, it is not stalling it enough to make price do a U-turn and take a dive.

So, we are in limbo, till price makes up its mind as to which way it wants to go and tips its hand.

This limbo state is the killer.

Ok, I am starting to get frustrated with this, but thinking about it, the only logical approach to the situation is to take a breakout and pullback of the consolidation box that has now formed.
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  • #106,428
  • Jan 26, 2012 10:17pm Jan 26, 2012 10:17pm
Quoting Pinbar
An SL above that daily HCR would have worked out well.

Did you take it Hector?

Good for you
Hello PinBar

Actually i didnt, ;-(. I posted because price was getting closer to that level, but i thought it could take at least 1 more day to get there, and it was only a few hours.

Trade plan was kinda "good"?, but execution was a total failure!!!, in fact nonexistent!!!

Still kicking my self to miss it, hope at least anyone else took it, this way the post wasnt a total waste of time!!!, lol

Best wishes

Hector
  • #106,429
  • Jan 26, 2012 10:23pm Jan 26, 2012 10:23pm
Quoting PinWing
Hello PinBar

Actually i didnt, ;-(. I posted because price was getting closer to that level, but i thought it could take at least 1 more day to get there, and it was only a few hours.

Trade plan was kinda "good"?, but execution was a total failure!!!, in fact nonexistent!!!

Still kicking my self to miss it, hope at least anyone else took it, this way the post wasnt a total waste of time!!!, lol

Best wishes

Hector
I wouldn't worry too much about the ones that get away.
There will always be more.
  • #106,430
  • Jan 26, 2012 11:46pm Jan 26, 2012 11:46pm
Quoting luca m.
Hi all guys,
I am new here, and this is my very first post on forexfactory and on j16 treadh.
First of all let me say a massive thank you for this post (great stuff), thanks a lot, i'am learning and learning and learning [newbie here], day after day, and it's all thanks to you, so thanks james, thanks guys.

Now let's back to work.
I have noticed that pinbar on the monthly EURJPY.. well we aren't yet in february, but let's assume it.
What i like about the pinbar: well, not the best pinbar that i have ever seen in my life, the nose is small,...
Hey Luca

Firstly welcome

But secondly I am very impressed with your first post. I can clearly tell you have been studying this thread. By the way you describe this potential bar and the surrounding areas for a new poster is very impressive. While I wouldn't take this one cause of the negatives you brought up, the fact you brought up those negatives and where price may stall etc is great.

Welcome and I hope you do post more in the future
Mike
  • #106,431
  • Jan 26, 2012 11:48pm Jan 26, 2012 11:48pm
Quoting stockEX
Another interesting post fromyou,
I think iŽll see that I limit myself to higher timeframes for now,maybe 4 hour.
Taking 2 trades a month is really limiting but I see what it could do for me, if I limit myself to two trades a month I would have to be veeeery picky to not blow my 2 opportunities out in the first couple of days.Maybe IŽll try this experiment but probably with a higher number of trades maybe 6 or so, that would still keep me out of most trades. I just hope I donŽt get paralyzed by that if you understand what I mean with that.
Hey Stock

Glad it helped in some way. I do understand what you mean because I also do get people who say they are so picky they don't even trade. I do truly believe the person who is more reluctant to pull the trigger is easier to teach then the person who can't not pull the trigger. But you are right there is a balancing act and certainly trial and error is part of it. Many of the things I did or tracked I no longer use directly, but indirectly have played a huge role in shaping me as a person and a trader

Thanks again for letting me springboard here

Mike
  • #106,432
  • Jan 26, 2012 11:50pm Jan 26, 2012 11:50pm
Quoting DropThumb
Great post Mike. I've only been around this thread for a little over a week, and the wisdom it offers is clear for anyone who's been trading for a few years and beating their head against the wall just to keep their nose above water. I think the plan that Jim outlines in post 1, and what you reiterate above are as important as learning the setups, etc.

Since I read page 1 I literally have not looked at a chart under the D1 time frame. Tough to do given that I was introduced to FX through a tiny prop firm watching 1M charts. 15M charts seemed...
Just awesome DT. Every month we get new folks to the thread like yourself. And I swear to you guys hearing stuff like this, or just hearing the thought process from new folks makes it so much fun for me and I know everyone else. We were all there and also probably came from similar backgrounds in terms of trading. Just keep this mentality and keep at it. That's all you can really do. Learn, progress, learn some more.

Thanks for sharing DT
Mike
  • #106,433
  • Jan 27, 2012 12:28am Jan 27, 2012 12:28am
AUD/JPY was a nice setup.
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  • #106,434
  • Jan 27, 2012 1:26am Jan 27, 2012 1:26am
Quoting Pinbar
NZD/USD is behaving rather unpredictably, and this is causing me to search the reasons for this.

It appears that the DHCR in the swing high is what is stalling price. That said, it is not stalling it enough to make price do a U-turn and take a dive.

So, we are in limbo, till price makes up its mind as to which way it wants to go and tips its hand.

This limbo state is the killer.

Ok, I am starting to get frustrated with this, but thinking about it, the only logical approach to the situation is to take a breakout and pullback of the consolidation...
Hi PB,

It appears you are trying to buy a possible top there. This October high might cause long position liquidation. It might aswell not happen but after this prolonged move the probability of correction increases.

It would be nice to see some kind of fake out where all those longs could unload into the buystops just above this level. That would provide easiest way to short it. Interesting level all in all. Cheers!
  • #106,435
  • Jan 27, 2012 1:36am Jan 27, 2012 1:36am
Quoting Greenhaze
Hi PB,

It appears you are trying to buy a possible top there. This October high might cause long position liquidation. It might aswell not happen but after this prolonged move the probability of correction increases.

It would be nice to see some kind of fake out where all those longs could unload into the buystops just above this level. That would provide easiest way to short it. Interesting level all in all. Cheers!
Yeah, GJ, I know it is a top I was buying into.
The thing is, price closed above this area on the daily TF so, I was supposed to be buying the top. If you see what I mean.
  • #106,436
  • Jan 27, 2012 1:41am Jan 27, 2012 1:41am
Quoting Pinbar
Yeah, GJ, I know it is a top I was buying into.
The thing is, price closed above this area on the daily TF so, I was supposed to be buying the top. If you see what I mean.
I dont see any close above on daily in reference to this recent october high.
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  • #106,437
  • Jan 27, 2012 2:38am Jan 27, 2012 2:38am
Quoting Greenhaze
I dont see any close above on daily in reference to this recent october high.

I mean the daily close above this weekly HCR.
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  • #106,438
  • Jan 27, 2012 3:31am Jan 27, 2012 3:31am
Too much divergence to consider this as a real breakout on the H1 TF.

Probably going to break back inside the consolidation area.
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  • #106,439
  • Jan 27, 2012 3:49am Jan 27, 2012 3:49am
Quoting Pinbar
I mean the daily close above this weekly HCR.
I think that the weekly level didn't act as clearly resistance as it should have and compared to daily level. So I my mind the daily level is now better. It will be interesting to see how this week will close.

Btw. I think that you have great plan to trade NZDUSD. I mean wait for the break and retest. Now we just wait and see what the chart will offer us.... and this is the hard part of traiding .
  • #106,440
  • Jan 27, 2012 4:04am Jan 27, 2012 4:04am
This area is going to be interesting, if we get a nice bearish bar.
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