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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

  • #119,481
  • Oct 6, 2012 1:58am Oct 6, 2012 1:58am
Quoting Pinbar
On second thoughts, I think it is more about the FTA than how good a setup it was. Knowing just where it is most likley to reach.
I think that is what Mike is trying to tell you, rather than it being an AAA+ setup.
Yep, it looks like a WIPG question, and how do we weight the probability price will pass through all trouble areas.
I'm not experienced enough to find the exact words.
to me, a risk has to be taken: am I ready to lose x% of my account on the bet that price will reach the next level ?
IMO, such a decision has to be taken not on the putative gain, but on the putative loss.
then, experience will say whether price reach its final target or not... I like this "R&D" feature: it all comes down to experimentation and result analysis.
Slow & steady
  • #119,482
  • Oct 6, 2012 2:45am Oct 6, 2012 2:45am
Quoting dan89
Here is the same level on the same chat. Price has dropped very fast from the long trade I took. Now looking for a short. Chart:

Edit: Another chart on AU this time. Hope it makes some sense.

Edit: another chart on GU this time. 2 options depending on what happens at the level

Edit: Added another area im looking at on EU

Mike, would really apprecaite your opinion on each of these levels.

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Thank you
Dan
Ok so ive edited this post to include all the charts and levels im watching
  • #119,483
  • Oct 6, 2012 2:57am Oct 6, 2012 2:57am
honeywell (hon) is waiting for a breakout around the 62 usd mark...
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meine augen sind die sterne
  • #119,484
  • Oct 6, 2012 3:59am Oct 6, 2012 3:59am
Quoting patapouer
Yep, it looks like a WIPG question, and how do we weight the probability price will pass through all trouble areas.
I'm not experienced enough to find the exact words.
to me, a risk has to be taken: am I ready to lose x% of my account on the bet that price will reach the next level ?
IMO, such a decision has to be taken not on the putative gain, but on the putative loss.
then, experience will say whether price reach its final target or not... I like this "R&D" feature: it all comes down to experimentation and result analysis.
Yes, you hit the nail right on the head there.
Gamblers tend to wager on how much they can win, while traders, at least real ones stack the odds in their favor and work out how much they could lose.
  • #119,485
  • Oct 6, 2012 4:51am Oct 6, 2012 4:51am
Hi Pinbar, I was just wondering if your a member of the PF. I think ive read somewhere that you are. Just wondering what your FX journey has been like, how long have you been trading for, and are you now trading profitably, what are you methods etc ?

Cheers
Dan
  • #119,486
  • Oct 6, 2012 5:07am Oct 6, 2012 5:07am
Quoting dan89
Here is the same level on the same chat. Price has dropped very fast from the long trade I took. Now looking for a short. Chart:

Edit: Another chart on AU this time. Hope it makes some sense.

Edit: another chart on GU this time. 2 options depending on what happens at the level

Edit: Added another area im looking at on EU

Mike, would really apprecaite your opinion on each of these levels.

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Attachment

Attachment

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Thank you
Dan
Dan, I think you could potentially take limit orders on some of these levels or wait for a rejection bar on a lower level (M15/M30). Waiting for price action on a larger timeframe like H4 or D1 pin can limit the potential reward (distance to FTA).
  • #119,487
  • Oct 6, 2012 5:24am Oct 6, 2012 5:24am
Quoting C-12
Dan, I think you could potentially take limit orders on some of these levels or wait for a rejection bar on a lower level (M15/M30). Waiting for price action on a larger timeframe like H4 or D1 pin can limit the potential reward (distance to FTA).
By limit order you mean, setting a pending order, as a touch trade at the level ?
  • #119,488
  • Oct 6, 2012 5:45am Oct 6, 2012 5:45am
Quoting dan89
By limit order you mean, setting a pending order, as a touch trade at the level ?
Yes, there are traders on this forum who only trade those support turns into resistance trades using limit orders placed on the level. This allows you to possibly enter at the source of the move as opposed to trading the effect.

I personally trade on a much lower level with PA confirmation but using supply and demand as my areas of interest.
  • #119,489
  • Oct 6, 2012 6:09am Oct 6, 2012 6:09am
Quoting jarroo
Classic one, Peter . .very nice . .much like the Gbp/Jpy . .
I'm glad you like it Jim - It was fun to watch EURGBP this week, it behaved really nice so I decided to squeeze it to the max this is how it looks right now:


Regards,
Peter

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  • #119,490
  • Oct 6, 2012 9:25am Oct 6, 2012 9:25am
Quoting dan89
Thanks for the reply. I dont have time right now to go though all i want to go through on this chart. But that BEOB (9) would of looked very good to me in real time of course. Price closed below the resistance level, retraced back up formed a BEOB on the level (and could not close above), I would of taken that trade as I see nothing bad about it at all. Of course later on we find out that price reversed as soon as we enter, and would of stopped us out.

Dan
That beob is the first place james says not to trade them when learning. We want them up at swing high points, that's not at a swing point or in other words traffic, within a larger traffic.

Lot of little things you gotta remember and keep practicing, you learn by making mistakes.

Best
Mike
  • #119,491
  • Oct 6, 2012 9:45am Oct 6, 2012 9:45am
Quoting mbqb11
Hey Slider

These are EMAs James has used for a long time. For me the number is not as important as understanding that it is a length of time and using that length of time as a dynamic S/R(It is simply an average of price over a certain period of time). Others commonly used are the 50 100 200 etc. I personally don't use EMAs anymore but I think it's more important to understand if you are using a short term, medium term, long term EMA and combining it with confluence or seeing where it is playing a role. As you can see in Sanil's chart clearly...
Took me a while to get back to you here. Thank you for the response. So is there anything wrong with using MAs in addition to price action? I'm finding I tend to miss out on most of my money when price starts to trend and I bail early (which is odd, because it seems trending should be the easiest time to make money). But a trailing MA, like SMA10 or 20, seems to help me keep in my trade if I move my stop along it.

Or am I just trying to band-aid a lack of knowledge?
  • #119,492
  • Oct 6, 2012 9:56am Oct 6, 2012 9:56am
What do you think of DBHLC for Silver on the daily? Its at a swing high and at a 50% fib level. There was a pin bar a few sessions back that was not triggered. Thanks.
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  • #119,493
  • Oct 6, 2012 9:57am Oct 6, 2012 9:57am
Quoting mbqb11
That beob is the first place james says not to trade them when learning. We want them up at swing high points, that's not at a swing point or in other words traffic, within a larger traffic.

Lot of little things you gotta remember and keep practicing, you learn by making mistakes.

Best
Mike
How do you define what a swing point is. It looks like a swing high point to me.

Cheers
Dan
  • #119,494
  • Oct 6, 2012 10:15am Oct 6, 2012 10:15am
Quoting dan89
How do you define what a swing point is. It looks like a swing high point to me.

Cheers
Dan
Hey Dan

My answers on a chart. That beob is sideways. CHeck out my free videos on the guest section for a deeper understanding of traffic vs space.


Best
Mike
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  • #119,495
  • Oct 6, 2012 10:16am Oct 6, 2012 10:16am
Quoting Slider20
Took me a while to get back to you here. Thank you for the response. So is there anything wrong with using MAs in addition to price action? I'm finding I tend to miss out on most of my money when price starts to trend and I bail early (which is odd, because it seems trending should be the easiest time to make money). But a trailing MA, like SMA10 or 20, seems to help me keep in my trade if I move my stop along it.

Or am I just trying to band-aid a lack of knowledge?
Hey Slider

You should test and track multiple entries and exits. This is what I did to evolve my trading. See how it tests and runs in real time. Using a fast MA is a common way to trail trades. I don't use them but if it works for you and your application of PA trading then by all means go for it

Best
Mike
  • #119,496
  • Oct 6, 2012 10:34am Oct 6, 2012 10:34am
Quoting mbqb11
Hey Slider

You should test and track multiple entries and exits. This is what I did to evolve my trading. See how it tests and runs in real time. Using a fast MA is a common way to trail trades. I don't use them but if it works for you and your application of PA trading then by all means go for it

Best
Mike
That's a great idea. Would be a good way to keep a journal. Thanks!
  • #119,497
  • Oct 6, 2012 11:09am Oct 6, 2012 11:09am
Quoting dan89
Hi Mike .... Another thing is I can find FTA absolutly every where (not just on this particular setup), I just have to look to the left of current price action to find it. There is always something in the way to stop a trade from running. How do we dertermine whether the FTA chosen is relevant and how much weight it carries....
Quoting dan89
I can always find trouble areas close by where price can reverse on you even if there is 'space'. Unless its at an all time high or low. How do we decide whether or not to take a trade where there is a TA nearby which there almost always is ... ?

Dan
Hi Mike, not sure if you saw these post but was wondering if you could offer any advice ?
  • #119,498
  • Oct 6, 2012 11:11am Oct 6, 2012 11:11am
Quoting dan89
Here is the same level on the same chat. Price has dropped very fast from the long trade I took. Now looking for a short. Chart:

Edit: Another chart on AU this time. Hope it makes some sense.

Edit: another chart on GU this time. 2 options depending on what happens at the level

Edit: Added another area im looking at on EU

Mike, would really apprecaite your opinion on each of these levels.

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Thank you
Dan
Would apprecaite it if you could give me some advice on each of those charts that I attatched if you have some time.

Thanks
Dan
  • #119,499
  • Oct 6, 2012 11:16am Oct 6, 2012 11:16am
A chart I am watching for this week. Seems like a good location to watch out for.

Entry could be on market based on how it opens or on a retrace to the 1 VBRN.

Ganesh
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  • #119,500
  • Oct 6, 2012 11:42am Oct 6, 2012 11:42am
Quoting dan89
Would apprecaite it if you could give me some advice on each of those charts that I attatched if you have some time.

Thanks
Dan
I would say that your areas are great and strong. I think that the best what you can do is to go through all james16 and Mike´s charts. I think that after that you shoud be able to recognize great ones.
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