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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

  • #110,401
  • Apr 17, 2012 11:57am Apr 17, 2012 11:57am
Quoting Chanya
EUR NZD and NZD CHF , both pairs seems to be inversely correlated ... NZD CHF H4 if forming Head and shoulders , and Eur NZD on H4 is forming Inverse head and shoulders .....

Both seems to be moving with the flow ... Help me out people , if price action occurs , then thats good . But if it does not appear , Then WHAT ? Because it seems like both are going to work out !!!
I think you need to relax.

When a toddler first learns to stand up he'll fall multiple times just in the zeal to do all the exciting stuff he grew up so far watching people do with their feet. It takes some time for him to realize they are just feet and there are only so many things one can do with them.

I guess traders go through a similar process. Its natural to want to trade everything that's out there and moving at first. The trick lies in keeping these emotions aside and going by your system that you know works for you and that you also know isn't made to extract every move in the market. It works for you because it picks out certain situations and weighs them on a scale of validity.

You're going to be extremely vulnerable if you go by "WOW! A H&S!!!" Now obviously if H&S was a primary base for your trades then maybe you could do that, but do you realize by asking the question you did (i.e if price action occurs , then thats good . But if it does not appear , Then WHAT ? Because it seems like both are going to work out), you are actually wanting to choose between two very different trading approaches i.e trading with PA and trading without it only to find a way to ride a move you can foresee. Discipline is an integral part of a successful trader. Ask Mike how many time he will look at a chart and know what price is going to do yet its a "watch from the side lines" thing for him cuz there is no strong signal provision from the methods he uses for his trading.

Maybe the next time you'll see a great pin bar and you'll want to take it because.."WOW A SUPER PIN BAR"....

And later you'll see the 365 lining up with the 61.8 fib and a PPZ and you'll say "HEY!! I GOT A TRADE THAT'S MONEY IN THE BANK"

Maybe you'll be fortunate enough to lose money in some trades so it serves like a wake up call, or maybe you are not so fortunate and end up making money in all of them which will serve as a reinforcement of the idea of "being free like the wind". Guess what? That's not how this business works. With such a mindset you're anything but successful in the long run.



g.
I believe . . .
  • #110,402
  • Apr 17, 2012 1:10pm Apr 17, 2012 1:10pm
Quoting ghous
I think you need to relax.

When a toddler first learns to stand up he'll fall multiple times just in the zeal to do all the exciting stuff he grew up so far watching people do with their feet. It takes some time for him to realize they are just feet and there are only so many things one can do with them.

I guess traders go through a similar process. Its natural to want to trade everything that's out there and moving at first. The trick lies in keeping these emotions aside and going by your system that you know works for you and that...
Human
  • #110,403
  • Apr 17, 2012 1:39pm Apr 17, 2012 1:39pm
EUR/CAD took this one CT, strong demand zone , i zoomed in and saw a pinbar on H1 and went in...SL to BE

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  • #110,404
  • Apr 17, 2012 1:41pm Apr 17, 2012 1:41pm
Quoting ghous
I think you need to relax.

When a toddler first learns to stand up he'll fall multiple times just in the zeal to do all the exciting stuff he grew up so far watching people do with their feet. It takes some time for him to realize they are just feet and there are only so many things one can do with them.

I guess traders go through a similar process. Its natural to want to trade everything that's out there and moving at first. The trick lies in keeping these emotions aside and going by your system that you know works for you and that...
great stuff ghous
  • #110,405
  • Apr 17, 2012 1:42pm Apr 17, 2012 1:42pm
thets the best i heve found , i dont like the wick but never the less.

what do u saying?
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Iam just A pips on the rode :nerd:
  • #110,406
  • Apr 17, 2012 1:44pm Apr 17, 2012 1:44pm
Quoting goldfish3
Taken the 4 our pin bar off the trendline and just below the daily HCR 1.9544

Half off the table with 1.9382 and SL to BE.

Going well.
well done
  • #110,407
  • Apr 17, 2012 3:35pm Apr 17, 2012 3:35pm
Quoting mbqb11
Hey Zee

I use many brokers, and trade FX and equities mostly


I watch roughly 80 or so FX pairs. I never really counted the actual number, but if it moves I probably watch it

The more the merrier

Best
Mike
Oh Mike, its a very very valuable information for me... THANKS!
I dont know why, but i didnt think that, i can trade 60-70 forex pairs, because my forex broker is the Oanda, there is a very high spread some pairs. What brokers do you use? I think, you registrated yourself many brokes, you trade the pairs by different brokers, where the lowest spread...
  • #110,408
  • Apr 17, 2012 3:50pm Apr 17, 2012 3:50pm
Quoting goldfish3
Taken the 4 our pin bar off the trendline and just below the daily HCR 1.9544

Half off the table with 1.9382 and SL to BE.

Going well.
Its formed a pretty sweet daily PB with a long protruding wick. Swing high off the upper TL. Would be even sweeter if it closes below the 1.93772 support.

How awesome if my free trade turns out to be a massive move.

The spread is horrendous on this pair with Hantec.
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  • #110,409
  • Apr 17, 2012 4:04pm Apr 17, 2012 4:04pm
what do you guys think about this beob off trendline?
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  • #110,410
  • Apr 17, 2012 4:12pm Apr 17, 2012 4:12pm
Quoting R3ta
what do you guys think about this beob off trendline?
Caught my eye but going to give it a miss. It never closed above the 84.00 BRN but more importantly it looks like a test of the downward trendline. Also if it did break through there is some tough areas to get past around the 84.50-84.75 area. Also I prefer OB at extreme highs/lows.

Just my opinion though
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  • #110,411
  • Apr 17, 2012 4:35pm Apr 17, 2012 4:35pm
Quoting Zeee86
Oh Mike, its a very very valuable information for me... THANKS!
I dont know why, but i didnt think that, i can trade 60-70 forex pairs, because my forex broker is the Oanda, there is a very high spread some pairs. What brokers do you use? I think, you registrated yourself many brokes, you trade the pairs by different brokers, where the lowest spread...
Hey Zeee

Most brokers spreads(including Oanda) are very good. It's that people are used to seeing say a 2pip spread on the gbp/usd and when they see a spread of 15 pips assume that spread is too high. Most(not all) pairs with a higher spread also have a higher avg range(the amount the pair moves). While some of it is attributed to being lower liquidity and more volatile this often translates to bigger moves in relationship. So it often is all relative and that is why most pairs are tradeable. At least from a daily/weekly perspective.

Hope that helps
Mike
  • #110,412
  • Apr 17, 2012 4:44pm Apr 17, 2012 4:44pm
Quoting R3ta
what do you guys think about this beob off trendline?
I wouldnt take it. To much traffic to the upside around BRN 0.85.
Thoughts are things
  • #110,413
  • Apr 17, 2012 4:50pm Apr 17, 2012 4:50pm
Quoting willf
Caught my eye but going to give it a miss. It never closed above the 84.00 BRN but more importantly it looks like a test of the downward trendline. Also if it did break through there is some tough areas to get past around the 84.50-84.75 area. Also I prefer OB at extreme highs/lows.

Just my opinion though
VERY GOOD! Looks like we are boxing right under that bigger box. Not too surprising to see that. These are up and down up and down markets. Careful out there

Best
Mike
  • #110,414
  • Apr 17, 2012 5:08pm Apr 17, 2012 5:08pm
Quoting willf
Caught my eye but going to give it a miss. It never closed above the 84.00 BRN but more importantly it looks like a test of the downward trendline. Also if it did break through there is some tough areas to get past around the 84.50-84.75 area. Also I prefer OB at extreme highs/lows.

Just my opinion though
thanks for advice. that is what i was thinking about it but i wanted to know your opinions about it.

sometimes you come up with these so-so setups and you find yourself in doubt for a moment. i know it's way more better to miss a move than to go in when you're not 100% confident about your entry. don't ask me how i know it
  • #110,415
  • Apr 17, 2012 8:05pm Apr 17, 2012 8:05pm
heavily confluenced area for both potential shorts and longs. BRN is the back bone of this right now

Will be watching this area closely
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  • #110,416
  • Edited 8:41pm Apr 17, 2012 8:11pm | Edited 8:41pm
http://i.imgur.com/JP8ev.gif
GBPNZD Daily
Just to add to the pinbar goldfish posted, it has resistance at the 150ema, two trendlines, 1.95000 level, with the 38.2 fib level just above. Would look to enter 10 pips under the 1.93500 level.
  • #110,417
  • Apr 17, 2012 9:05pm Apr 17, 2012 9:05pm
Quoting mbqb11
thanks tiger!, also I know James watches much more than ten fx pairs nowadays.

Best
Mike
You're welcome! I would have thought that he was happily retired by now, I would hate to be in a trade opposite of his! lol ^^

Quoting Zeee86
Thanks Tiger the fast answer. He is watching the forex pairs by citifx, and what about the others??? Which broker does he use? ANd you??? You are trading only with forex pairs??
Haha I meant to say that I personally use citifx!

An update to what I am doing right now:
I've been hammering away with short trades on EURUSD since Monday, hit S/L multiple times (although the amounts are negligible). Still watching for a break of the 1.3100. Well, if done enough times I'm sure it will work once... lol. Not recommended, although, I have learned something:

By just focusing on one chart I am zoned in on the movement, and my losses make me concentrate on why the price is moving the way it is (and my thought process). It's sort of an "in retrospect" look on the prices, but in the midst of a losing battle, it is easy for me to look for ways to justify why my trade is right and ignore other signs that show otherwise. I have been able to set my most recent short to BE.
  • #110,418
  • Apr 17, 2012 9:51pm Apr 17, 2012 9:51pm
EU Breakout from a triangle?
On the 4H there is 4 candles failed to make higher highs and the current candle is below last 7 candles close. Is there a name for this pattern?
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" The fool who never traded Demo "
  • #110,419
  • Apr 18, 2012 12:16am Apr 18, 2012 12:16am
Quoting ghous
I think you need to relax.

When a toddler first learns to stand up he'll fall multiple times just in the zeal to do all the exciting stuff he grew up so far watching people do with their feet. It takes some time for him to realize they are just feet and there are only so many things one can do with them.

I guess traders go through a similar process. Its natural to want to trade everything that's out there and moving at first. The trick lies in keeping these emotions aside and going by your system that you know works for you and that...
Thanks Ghous.

I registered for the PF 2 days ago and keep learning. It is really good for me to read such wisdom from you.

Best,
John
  • #110,420
  • Apr 18, 2012 2:10am Apr 18, 2012 2:10am
Quoting Chanya
EUR NZD and NZD CHF , both pairs seems to be inversely correlated ... NZD CHF H4 if forming Head and shoulders , and Eur NZD on H4 is forming Inverse head and shoulders .....

Both seems to be moving with the flow ... Help me out people , if price action occurs , then thats good . But if it does not appear , Then WHAT ?

Note : There are big round numbers in both of their ways if they do work out !!!
hey m8, just to add to what Ghous said (i hope you dont mind me sticking my nose in). If you went live a few days ago and are asking stuff like this then you REALLY need to slow down.
I have a live account but MOSTLY i trade demo. I am giving myself (on top of the existing several months) ANOTHER 6 months before i load up a serious account, and even then i have profit criteria i MUST reach before i stick the big money in. If i dont make the cut i'll wait longer.
Currently i trade a small account to understand how to deal with the emotions of REAL money and i trade a larger demo to understand the dynamics and numbers associated with a large account.

In all honesty i could probably go live now as my P&L is very good right now but i want to be 100% sure i make this work for months and months and months. I still make mistakes and am learning all the time and i want to try and come across as many scenarios as possible so nothing surprises me.

Perhaps you should do something similar to me? Have a demo to play out things you're unsure of and only take the live trades you have a ton of confluence, PA etc to go with.

I wish you all the best.
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