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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

  • #109,521
  • Mar 28, 2012 7:42am Mar 28, 2012 7:42am
watching Aussie. have 80 pips from yesterday downmove, but would like to break under 1.3400 for more...
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all is eternal - this is good news for people who loves bad news
  • #109,522
  • Mar 28, 2012 8:13am Mar 28, 2012 8:13am
I have just finished my 1st month of trading daily charts based on PA and confluence zones.

I acctualy made 767 pips which is way above expectations, as this month was more an adaptation period.
Maybe it was just noob luck

Just wanted to share this to show that this way of trading is suitable for novice traders and delivers results as long as you dont force trades.

Big tnx to all the people who participate and share their knowledge!
Thoughts are things
  • #109,523
  • Mar 28, 2012 9:14am Mar 28, 2012 9:14am
I started learning about FX over a year ago. I ruined my first FX account half a year ago. i'm finally getting over it and starting to look at FX again. did some more learning with books but I am glad that I found this thread/ forum.

what first got me excited about FX was a MA crossover method. i saw $$$ and failed miserably because i lacked discipline and a good trading mentality. I must say that I have the same good feelings that i had initially about FX for this PA system! this system added to a new trading mentality should be very useful..

i hope that this is a useful long term trading method.. for the next year i will not be able to look at charts very often. I will have to place my orders, set a stop loss and let the orders ride out, I will only be able to check back maybe once a month.
  • #109,524
  • Mar 28, 2012 9:18am Mar 28, 2012 9:18am
Quoting Fx7877
Hi Bee,
I'm also watching this, but from bearish view. Looking like H&S, retested unsuccesfully the broken neckline. Watching for break at 1.277. Wkly view is a wedge, now in mid of it.
Hey Bee,
Did u get into the AUDNZD short trade? Its panning out nicely, wish I had a leg in...broke out when its in my sleep time zone

Ur little boy is so cute. He is around the same age as mine
  • #109,525
  • Mar 28, 2012 9:19am Mar 28, 2012 9:19am
Quoting Quezoy
I have just finished my 1st month of trading daily charts based on PA and confluence zones.

I acctualy made 767 pips which is way above expectations, as this month was more an adaptation period.
Maybe it was just noob luck

Just wanted to share this to show that this way of trading is suitable for novice traders and delivers results as long as you dont force trades.

Big tnx to all the people who participate and share their knowledge!
Great ! Keep up the good work
  • #109,526
  • Mar 28, 2012 9:31am Mar 28, 2012 9:31am
Quoting Rust
Great ! Keep up the good work
ditto to that, well done


Mike
  • #109,527
  • Mar 28, 2012 9:35am Mar 28, 2012 9:35am
Quoting jarroo
Yeah beebo . .why not try this . .LCS level lining up with muliple Lows . .PBT&CB . .Support to Resistance . . .Bam! . . Bam! . . .

Hi Jaroo
I love the simpleness of your charts, would your entry be a touch trade if so what would your stop be on a trade like this or would you go to a lower time frame and if no price action occurs you would not enter

thanks
Haircut
  • #109,528
  • Mar 28, 2012 10:45am Mar 28, 2012 10:45am
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Hi guys, please guide me along with this chart.

I have observed that price have closed above the resistance area and is now testing it as support. My thought is that if indeed its confirmed as support. I will be looking to buy by either dropping down a timeframe and looking for PA or after it break the previous bar high. Bearing in mind the FTA and the 150MA as resistance.

If if fails as support and plunge down, I will look to see if the area holds as resistance again and sell with a PA confirmation.

Is my thought process and the areas I listed accurate? Thanks alot once again =)
  • #109,529
  • Mar 28, 2012 11:09am Mar 28, 2012 11:09am
Quoting arteious
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Hi guys, please guide me along with this chart.

I have observed that price have closed above the resistance area and is now testing it as support. My thought is that if indeed its confirmed as support. I will be looking to buy by either dropping down a timeframe and looking for PA or after it break the previous bar high. Bearing in mind the FTA and the 150MA as resistance.

If if fails as support and plunge down, I will look to see if the area holds as resistance again and sell with a PA confirmation.

Is my thought...
Hey Art

Your thought process is solid. It's important to remember the type of environment this pair is currently in. So to do that I always take a bit of a step back. Generally a market is consolidating(in some manner) or trending. To keep things simple that is.

In this case price is in a box(see chart) and stuck b/w our two BRNs of 1.3 and 1.35. So we must understand this to understand that this past behavior is likely to continue for now. The midpoint of our box and the levels you marked are also a PPZ(midpoints almost always are). So now we have a box and we have a pair in the middle of that range deciding it's next step. So now if price does break down there is a good chance it holds as resistance but there is also a good chance price continues to remain choppy.

Just some more info on my take hope it helps and keep it up
Mike
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  • #109,530
  • Mar 28, 2012 11:24am Mar 28, 2012 11:24am
Quoting mbqb11
Hey Ralph

You are close the problem is the box to me isn't formed on the top side yet. We would be trading right back into the BRN of 1.6 as well as the most recent swing high point that has capped price. I would prefer our top of the box to NOW begin to form and take shape around the BRN. If we buy the buob here we are buying right back into that area and that's not something I am willing to do myself. I drew how I want to see the box now form. That doesn't make it wrong, just like every setup it's hard to ever give a flat out wrong or...
updated chart

There is a lot of info on this chart but we can always keep it simple when analyzing that info when starting out.

Like the euro above we are in a box, and I always go with that until proven otherwise.

So that's why trading that BUOB on the euro and gbp/usd to me was not a proper place for a continuation bar and why they get new traders into trouble. Just like most things it's not until you really understand your support/resistance and other concepts that those types of situations become easier to grasp. But by doing the simple things it helps bring clarity to some situations that seem less clear and can get us into trouble. It's also why we tell new traders to start slow with the basics and build your foundation. Then you can begin to add new things and explore what is comfortable for you.

Just thought this was a fun chart to expand on

Mike
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  • #109,531
  • Mar 28, 2012 12:07pm Mar 28, 2012 12:07pm
Quoting mbqb11
Hey Ralph

You are close the problem is the box to me isn't formed on the top side yet. We would be trading right back into the BRN of 1.6 as well as the most recent swing high point that has capped price. I would prefer our top of the box to NOW begin to form and take shape around the BRN. If we buy the buob here we are buying right back into that area and that's not something I am willing to do myself. I drew how I want to see the box now form. That doesn't make it wrong, just like every setup it's hard to ever give a flat out wrong or...
Your explanation was very helpful. Thank you Mike.

Cheers
Ralph
SNR with Price Action...
BitCrossNG Return Today: na
  • #109,532
  • Mar 28, 2012 1:18pm Mar 28, 2012 1:18pm
Quoting Fx7877
Hey Bee,
Did u get into the AUDNZD short trade? Its panning out nicely, wish I had a leg in...broke out when its in my sleep time zone

Ur little boy is so cute. He is around the same age as mine
Thanks. I love kids. I have 4. What life is really about for me - family and having fun .

Yes i'm in that one. this i liked. A lot. More so to get long at my TG really but that's another thing PA will talk to me about in a week or so. Or not.
Took minimal DD and went to profit v quickly. Same with NZDCHF i posted similar time. Easy trades.
  • #109,533
  • Mar 28, 2012 1:20pm Mar 28, 2012 1:20pm
Quoting 4tiger
I started learning about FX over a year ago. I ruined my first FX account half a year ago. i'm finally getting over it and starting to look at FX again. did some more learning with books but I am glad that I found this thread/ forum.

what first got me excited about FX was a MA crossover method. i saw $$$ and failed miserably because i lacked discipline and a good trading mentality. I must say that I have the same good feelings that i had initially about FX for this PA system! this system added to a new trading mentality should be very useful.....
This should now be your home

Welcome.
  • #109,534
  • Edited 1:46pm Mar 28, 2012 1:29pm | Edited 1:46pm
Quoting haircut
Hi Jaroo
I love the simpleness of your charts, would your entry be a touch trade if so what would your stop be on a trade like this or would you go to a lower time frame and if no price action occurs you would not enter

thanks
Haircut
Hey HC, . .There are many different types of trade managaement approaches you can use on a setup like this. You answered one of them . .. You could take these levels to a lower time frame and wait and see it there is any bearish PA (as in this case) on the 4 Hour, Hourly or even lower that lines up with this Daily level. If no PA is presented . .no trade.

For Touch Trade, I like to let the chart to tell where to place my S/L. This Lowest Close of Support level just above my entry always looks good. There are other approaches too.


I'll tell you a little secret that James16 and Mike told me about having simplicity or simpleness in my trading and in my charts . . .. .
. . .its the only thing that works . ..


Jim
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Indicators show the past. Price Action "Indicates" the future.
  • #109,535
  • Mar 28, 2012 1:32pm Mar 28, 2012 1:32pm
Quoting haircut
Hi Jaroo
I love the simpleness of your charts, would your entry be a touch trade if so what would your stop be on a trade like this or would you go to a lower time frame and if no price action occurs you would not enter

thanks
Haircut
i'm not Jim (although i do say BAM! sometimes) but i posted this trade originally so i'll give you my take on it.

My charts show a zone which is the flip zone. Jim has it nailed to the pip with LCS/HCR etc. His charts are pure clarity .
I was looking for a retrace up to our zone and some PA at whatever TF to confirm the entry.

I saw LOTS of reasons to enter this one and in the end my DD was 5 pips (although not a TT) HOWEVER lower TF have bitten me more times than fed me at this stage so have to be careful.

EDIT - he beat me to it (but i spent the time typing so i'm posting!)
  • #109,536
  • Mar 28, 2012 2:19pm Mar 28, 2012 2:19pm
i posted this pair a while ago. Thought it'd go up (above 1.45) and was looking to get in north. Didn't lose anything but got it wrong... trading in consolidation is very tricky.

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Providing we trade PA we can enter not such great trades and walk away without loss BUT much better to wait for a tighter setup.
  • #109,537
  • Mar 28, 2012 3:10pm Mar 28, 2012 3:10pm
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Hi everyone, I've learned a great deal since I've found this thread a few months ago. This is the chart I have for EURUSD. I just wanted to thank everyone for their time and effort and for posting so much amazing information.
  • #109,538
  • Mar 28, 2012 3:28pm Mar 28, 2012 3:28pm
Quoting ForexForLife
Attachment

Hi everyone, I've learned a great deal since I've found this thread a few months ago. This is the chart I have for EURUSD. I just wanted to thank everyone for their time and effort and for posting so much amazing information.
Hi,

It may well go to the top of the box as you say. We need to confirm the intention with PA bars and look for clear indication of where we think price will go along with good confluence. We need many reasons to enter.
This new level may hold as support now.

Remember - the MA is not a real thing so price wont react to that per se, but it's a good indicator to keep an eye on and many find them (EMA's) very useful. I keep the 365 and 150 on my charts.
  • #109,539
  • Mar 28, 2012 3:39pm Mar 28, 2012 3:39pm
Quoting jarroo
Hey HC, . .There are many different types of trade managaement approaches you can use on a setup like this. You answered one of them . .. You could take these levels to a lower time frame and wait and see it there is any bearish PA (as in this case) on the 4 Hour, Hourly or even lower that lines up with this Daily level. If no PA is presented . .no trade.

For Touch Trade, I like to let the chart to tell where to place my S/L. This Lowest Close of Support level just above my entry always looks good. There are other approaches too.


I'll tell...

Cheers Jarroo you are most definitely the man!
  • #109,540
  • Mar 28, 2012 3:40pm Mar 28, 2012 3:40pm
I see, so I probably should have waited for PA to confirm the direction before I entered the trade. Or I could wait until we hit the top of the box and see what the PA is in that area. Thanks for the advice
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