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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

  • #113,361
  • Jun 18, 2012 8:10pm Jun 18, 2012 8:10pm
Anybody with thoughts on the USDCHF daily BUOB?
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Price is beautiful. A repetitive method is a competitive method.
  • #113,362
  • Jun 18, 2012 9:29pm Jun 18, 2012 9:29pm
Quoting mbqb11
Hey Fox

I recommend watching everything you can really. If we are starting on daily/weekly and learning to rifle shot our trades having just a handful of pairs is going to mean most days/weeks no trades. What happens though is people watch 5-10 pairs and force so-so trades because one gets antsy. I think it's much easier to scan a LOT of stuff and just wait for those standout situations. I still do the same, just have more tools to trade with at this point.

Mike
I'm watching all the majors and exotics on Oanda and fxpro. I started looking at stocks on Thinkorswim as recommended by you, which is an awesome platform once you learn it. Its been quite an education blowing through 2000 charts and selecting my perfect PA setups. I'm still trying to figure out how to place my stops, position sizing and what to look at over there. Do you have any suggestions for what I should be watching. I remember you saying you look at a thousand stocks a week on the weekly because it shows the trends smoothed out the most. I'v been looking at the Russell 3000 because thats where I saw the most charts. What do you think I should be looking at? Can you also please explain when and how long it takes you to flip through those thousand charts.

Thank's Mike
  • #113,363
  • Jun 18, 2012 10:05pm Jun 18, 2012 10:05pm
Quoting Dan Gilbert
I'm going to chime in on this if you don't mind.

I like analyzing the pairs on Sunday and just placing lines at vital areas for the next week. I look at weekly and daily, then just plot a couple spots on the pairs where something sticks out most.

A good example right now on GBP/USD I have a horizontal line placed @ 1.5600 because I am anticipating price to find good support there.
Thanks Dan, I went through a bunch of charts today and did re-mark them. It is much better to keep it clean, keeps your few on the price flexible as well.

R
  • #113,364
  • Jun 19, 2012 12:21am Jun 19, 2012 12:21am
Quoting equivestor12
I'm watching all the majors and exotics on Oanda and fxpro. I started looking at stocks on Thinkorswim as recommended by you, which is an awesome platform once you learn it. Its been quite an education blowing through 2000 charts and selecting my perfect PA setups. I'm still trying to figure out how to place my stops, position sizing and what to look at over there. Do you have any suggestions for what I should be watching. I remember you saying you look at a thousand stocks a week on the weekly because it shows the trends smoothed out the most....
Hey Equi

Yeah I will scan the russell 3000 too. I just open up two charts in thinkorswim and use down arrow to just flick through them pretty quick. Can take a bit of time, never timed it since I've never just sat there and done it straight through in one sitting.

Best
Mike
  • #113,365
  • Jun 19, 2012 12:25am Jun 19, 2012 12:25am
Quoting nwo-trader
Anybody looking at or considering the EURCAD BEOB?

Pros: Interesting location, BRN, TL, engulfing two days worth of PA preceding it. Trend? Failed attempt at 1.30?
Cons: Average size, traffic, not located a major swing point high
yep this ones in a LOT of traffic, very sideways. Sitting just above some major support/ppz area. I prefer the break out if we can get it to the topside still
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  • #113,366
  • Jun 19, 2012 3:29am Jun 19, 2012 3:29am
Quoting mbqb11
updated chart


Best
Mike
Hey Mike, this was maybe the most beautiful setup lately. Too sad there was no good trigger bar setup, as you already said.
Sometimes i wonder if maybe i could make a living only with this pattern
It's almost easy as cheating
  • #113,367
  • Jun 19, 2012 3:38am Jun 19, 2012 3:38am
Quoting Rust
Hey Mike, this was maybe the most beautiful setup lately. Too sad there was no good trigger bar setup, as you already said.
Sometimes i wonder if maybe i could make a living only with this pattern
It's almost easy as cheating
Hi,

Maybe I've been very lucky on this one, but I entered this trade at 1.004 at the break of a daily DBLHC that broke 1.00. Rapidly moved my SL to 0.995. I was first targeting the monthly HCR, but took profit at 1.02, by the daily PPZ.
Managed the trade by monitoring the H4, and moved by SL little by little, according to the H4 S/R areas.

Please let me know if I've made any mistake in reading the chart!
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Slow & steady
  • #113,368
  • Jun 19, 2012 3:52am Jun 19, 2012 3:52am
Quoting Rust
Hey Mike, this was maybe the most beautiful setup lately. Too sad there was no good trigger bar setup, as you already said.
Sometimes i wonder if maybe i could make a living only with this pattern
It's almost easy as cheating
One more example :
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  • #113,369
  • Jun 19, 2012 4:06am Jun 19, 2012 4:06am
Quoting patapouer
Hi,

Maybe I've been very lucky on this one, but I entered this trade at 1.004 at the break of a daily DBLHC that broke 1.00. Rapidly moved my SL to 0.995. I was first targeting the monthly HCR, but took profit at 1.02, by the daily PPZ.
Managed the trade by monitoring the H4, and moved by SL little by little, according to the H4 S/R areas.

Please let me know if I've made any mistake in reading the chart!
Hi P,
what Mike shows on his chart is based on the H1 dynamics. So in my book it's a different setup. What you have traded is an BUOB at swing high, which is generally not what you are looking for. Anyway if you took it because the the reasons below, it's not that devoid of sense.
If think if you can find that much confluence in every setup you take, you could have interesting findings
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  • #113,370
  • Jun 19, 2012 4:22am Jun 19, 2012 4:22am
Quoting Rust
Hi P,
what Mike shows on his chart is based on the H1 dynamics. So in my book it's a different setup. What you have traded is an BUOB at swing high, which is generally not what you are looking for. Anyway if you took it because the the reasons below, it's not that devoid of sense.
If think if you can find that much confluence in every setup you take, you could have interesting findings
Rust,

Thanks for your time...

yeah, I certainly need to clarify my thoughts and the way I write them on a screen...

I decided to enter that trade after I saw the 1.00 BRN / parity / strong resistance being broken.
What may be confusing in my head is that I was looking for a PA setup that would have confirmed the price movement. I was considering the BUOB as a sign of strong upward movement, even if at a swing high.
Am I wrong with that?

thanks again,

have a nice day
Slow & steady
  • #113,371
  • Jun 19, 2012 4:49am Jun 19, 2012 4:49am
One at watch - AUD/USD

Incoming.....

50 Fib
S/R Zone
BRN (1.0200)
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  • #113,372
  • Jun 19, 2012 4:50am Jun 19, 2012 4:50am
Quoting patapouer
Rust,

Thanks for your time...

yeah, I certainly need to clarify my thoughts and the way I write them on a screen...

I decided to enter that trade after I saw the 1.00 BRN / parity / strong resistance being broken.
What may be confusing in my head is that I was looking for a PA setup that would have confirmed the price movement. I was considering the BUOB as a sign of strong upward movement, even if at a swing high.
Am I wrong with that?

thanks again,

have a nice day
I think you are not wrong Breaking a resistance/support with a nice PA bar is what i am looking for every day. It works for me

Best
  • #113,373
  • Jun 19, 2012 4:57am Jun 19, 2012 4:57am
Quoting Rust
I think you are not wrong Breaking a resistance/support with a nice PA bar is what i am looking for every day. It works for me

Best
Here is an example i just put an order on.
Using the former support zone to watch for a reaction. The reaction is a BEOB. So i presume it's time to continue down.
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  • #113,374
  • Jun 19, 2012 5:15am Jun 19, 2012 5:15am
Quoting Rust
Here is an example i just put an order on.
Using the former support zone to watch for a reaction. The reaction is a BEOB. So i presume it's time to continue down.
Attachment
I have got to ask , If one watches 50 crosses and just give them a go through once on dailies , it normally takes about 2-3 hours if done thoroughly .... Now i see you are not bound to timeframe , How much time do you spend in front of the charts Rust ???? Are you on glasses ??? I am sure you are !!!
Human
  • #113,375
  • Jun 19, 2012 5:33am Jun 19, 2012 5:33am
Looks like something is coming ... And given the history of this stupid cross , it largely stays in range , BUT , when it does breaks out , it breaks out with great momentum ...
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Human
  • #113,376
  • Jun 19, 2012 5:48am Jun 19, 2012 5:48am
Quoting Chanya
I have got to ask , If one watches 50 crosses and just give them a go through once on dailies , it normally takes about 2-3 hours if done thoroughly .... Now i see you are not bound to timeframe , How much time do you spend in front of the charts Rust ???? Are you on glasses ??? I am sure you are !!!
I am on glasses since 4th grade Partially heritable, but of course a lot of monitor time (back in the day there were all 14 inch tube monitors... not good).
Scanning through charts in the morning - about an hour maybe. Sometimes less, sometimes more, i can't tell exactly. But afterwards i spend more time if there is something interesting to watch. Sometimes all day.
But it's not that bad. I make my own meals healthy, i workout 3-4 times a week. A lot better than a 9:00 to 17:00
  • #113,377
  • Edited 6:48am Jun 19, 2012 6:20am | Edited 6:48am
I am still not so good on touch trading, but i am practicing with very low risk %.
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EDIT : seems like this one turns to be a good one
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  • #113,378
  • Jun 19, 2012 6:51am Jun 19, 2012 6:51am
Quoting Rust
I am still not so good on touch trading, but i am practicing with very low risk %.
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EDIT : seems like this one turns to be a good one
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yes, looks like sellers lost major TL (au,4H chart)
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  • #113,379
  • Jun 19, 2012 6:53am Jun 19, 2012 6:53am
Quoting nwo-trader
I am still long from the daily BUOB I pointed out last week, bought on a retrace of it. I feel like it's finding support right now between 1.56 and 1.565 after breaking above the multiple bar highs on Friday.
Watching for the 4HR bar close in a couple minutes :-)
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Price is beautiful. A repetitive method is a competitive method.
  • #113,380
  • Jun 19, 2012 6:57am Jun 19, 2012 6:57am
Maybe will be interesting to someone my view of managing this.

I'm trying to escort it to my TP. Have no idea if it reaches it, but I have only 1/5 of the trade left on the table. Managing is a key now. Draw some additional minor lines as Mike suggests while managing. Will look very carefully on 4h candles and their close. Before day close i'm going to move my SL below marked area, if everything is fine.
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If not up, then down, otherwise sideways :-)
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