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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

  • #120,901
  • Nov 15, 2012 5:29pm Nov 15, 2012 5:29pm
Quoting TheLastCoke
EUR/JPY It looks like it's gonna close under because it was unable to test the opening level at 101.27 but counting on the rejection at 38% fib + CLTL I am expecting a test to green level where my TP is.

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EUR/JPY Amazing what a simple confluence can do

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  • #120,902
  • Nov 15, 2012 11:42pm Nov 15, 2012 11:42pm
Quoting swissforex
just a quick thought about the Brokers :nerd:

on this thread many users are watching many charts from different Broker platforms ..FxPro,Alpari,Fxdd,Ibfx,Fxcm..
this is good,but what is clear on a Daily Chart with Fxcm could not be so clear on Ibfx
Wouldn't be better if every trader could write down on the posts which Broker is running,if not visible in the left bottom corner of the img?

I hope this makes sense...
yeah i get, i use tradefort
  • #120,903
  • Nov 15, 2012 11:56pm Nov 15, 2012 11:56pm
Quoting carbonado
yeah i get, i use tradefort

This post is directed to Mike.

Mike, this has been going through my mind a lot recently.

You know Location of PA is tantamount to a successful trade, as indeed you and others teach us.
Well, if we reverse this logic, in the sense that, if we find a successful PA setup, even based on crappy setups like a not so good PB etc, but just PA that price went in the direction of considerably. Does this not mean that, we can put a level where the PA came of as, it should be a good level as the setup was successful, and also a level at the break of the bar. Does this not automatically give us solid PPZ levels that will show PA on lower TFs?
If you see what I mean from these charts.

Just wanted to ask you about this as it has been bugging me.

So which came first, the PA or the Egg? Haaaa (Level) that was.
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  • #120,904
  • Nov 16, 2012 12:39am Nov 16, 2012 12:39am
Quoting ForexFrog
Hi Zamfir,

Please Mike&others correct me if I am wrong. From my point of view, and what I little know of FOREX, it is not correct.

Regarding account size 1% is 1%. So if someone is doing 10%/month with his method, with 100€ or with 100000€ you will still do 10%/month (Sorry I live in a country with € )
James16 is writing about account size at the beginning of the thread because if you have 100 on your account, you will be more frustrated with your income and tend to take more risks and make mistakes. It is psychological factor.

Regarding...
Hey Frog

Yes you are absolutely correct. Risk = risk. What Zamfir is referring to is the small account mentality as you also allude to. That is someone who is trading 1% risk on a $1000 account doesn't really care if they win $10 so they over trade. Where as someone trading 1% risk on a large account does care. So the money does matter. But I also agree that it's better to be smart and build slowly then try to trade more and risk large amounts and blow account after account. Again that's ultimately for the individual to decide. It doesn't change the material which is what I was getting at.

As for timeframes. No timeframe is more reliable. They are in my opinion simply separate entities with their own ebb and flows. This is why you will see many of us like James do all our trading on the same timeframe we enter. That is because we make our decisions based on the ebb and flow of that timeframe alone. Another thing I see many traders do that give them issues(not saying it is wrong ) is finding daily/weekly PA then dropping down to a 15m timeframe or such and looking for any old PA bar in the direction of the daily PA. IMO you lose the scope of the daily timeframe/location etc and must analyze that timeframe separately and most traders do not and they take loss after loss.

I believe firmly in being very picky no matter what my timeframe. Applying the same logic no matter what my timeframe. I also believe in conservative expectations that make the psyche aspect of trading manageable and believe in taking this business of mine and slowly growing. Even if it takes me decades. Some people may choose to approach trading and their business differently. I sincerely respect that as well.

Of course this is very much my opinion as well

Best
Mike
  • #120,905
  • Nov 16, 2012 12:39am Nov 16, 2012 12:39am
Quoting VitorNutzz
DBLHC on EURAUD...
any comments?

Tks!
Vitor
Hey Vitor

You killed it my friend. Perfect job

Best
Mike
  • #120,906
  • Nov 16, 2012 12:40am Nov 16, 2012 12:40am
Quoting VitorNutzz
Touch trade on GBPUSD after a breakout + pullback....
two great charts in a row

well done

Mike
  • #120,907
  • Nov 16, 2012 12:42am Nov 16, 2012 12:42am
Quoting carbonado
thanks Mike for the assistance.please couldyou check this E/CAD pinbar out,
Hey C

THis one is trickier in my opinion . Price is very much stuck in traffic. Nice pivot but traffic and weak closing bar. Yours closed better then mine because you have a later close time but hopefully my chart shows you what I mean by traffic. We are boxing on boxes here.

Tricky here I would want to see a better pin at a more clear swing point

Best
Mike
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  • #120,908
  • Nov 16, 2012 12:48am Nov 16, 2012 12:48am
Quoting Pinbar
This post is directed to Mike.

Mike, this has been going through my mind a lot recently.

You know Location of PA is tantamount to a successful trade, as indeed you and others teach us.
Well, if we reverse this logic, in the sense that, if we find a successful PA setup, even based on crappy setups like a not so good PB etc, but just PA that price went in the direction of considerably. Does this not mean that, we can put a level where the PA came of as, it should be a good level as the setup was successful, and also a level at the break of...
Hey Pin

Absolutely. This is a good way for a technical trader to find levels of historical support/resistance or demand/supply

Now I wouldn't mark every single level. But when we start using levels with other forms of confluence, pulling in other concepts then we can start building that story for next time price gets there

Hope that helps
Mike
  • #120,909
  • Nov 16, 2012 12:55am Nov 16, 2012 12:55am
Quoting mbqb11
Hey Pin

Absolutely. This is a good way for a technical trader to find levels of historical support/resistance or demand/supply

Now I wouldn't mark every single level. But when we start using levels with other forms of confluence, pulling in other concepts then we can start building that story for next time price gets there

Hope that helps
Mike

Thanks Mike, appreciate it.
Certainly interesting almost like as Jarroo always says, which came first the level or the close.

Thanks again
  • #120,910
  • Nov 16, 2012 4:26am Nov 16, 2012 4:26am
Recently, I went short a stock based on a flag pattern and rules that Mike and J16 have advised. After my entry, the price went into a sideways direction for three days. I immediately covered my position. The next day price zoomed downwards and now I feel like kicking myself for exiting early.
So my question is how you guys decide when to exit a position if the price starts moving sideways after entry. Are there a specific number of days that I should wait before exiting the position or should I wait for my stoploss to be taken out? What is the correct procedure that has to be followed?

Recently, GOOG crashed within few seconds and I am pretty sure those who placed stoploss orders would have got extremely bad fills and must have had tremendous loss. Those who placed stop limit orders (many websites advise so) are also trapped because out of all probability their orders would not have been triggered. Price has not rebounded as it does in flash crashes and I think it has been disastrous for traders.
So what is the right approach to follow so that such an occurrence wont destroy your account?
BTW - What happened to GOOG is one of the main reasons that I wanted to exit my position as soon as the price starts moving sideways. I have a small account and a limit move will be disastrous for my account.

Mike - you said you track thousands of equities. How do you that? Its so tiring clicking on each symbol and dragging it to the window. I mean doing it 1000 times everyday hurts. Is there specific software that helps you to move through the charts (like powerpoint slides)?
  • #120,911
  • Nov 16, 2012 6:42am Nov 16, 2012 6:42am
hello

2 quick trades
copy of the post:

this morning I’ve found sometime to watch my charts,here are the examples of 2 simple trades made on H1 TimeFrame.This is Price Action Trading in its simpliest form,Pinbar and Daily Pivots.Few nice pips for the Weekend ,EURNZD and NZDCHF,this setup can be traded when fundamentals and News are quiet…

comments on the charts

http://mytradesontheblog.files.wordp...6-nov-2012.gif

http://mytradesontheblog.files.wordp...6-nov-2012.gif
Account deleted
  • #120,912
  • Nov 16, 2012 7:27am Nov 16, 2012 7:27am
Don't know if I posted this yesterday but here's update. Took half off early for only about 10 pips. This second half running at 45 pips. SL moved as shown
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  • #120,913
  • Nov 16, 2012 8:15am Nov 16, 2012 8:15am
Quoting giggles
Recently, I went short a stock based on a flag pattern and rules that Mike and J16 have advised. After my entry, the price went into a sideways direction for three days. I immediately covered my position. The next day price zoomed downwards and now I feel like kicking myself for exiting early.
So my question is how you guys decide when to exit a position if the price starts moving sideways after entry. Are there a specific number of days that I should wait before exiting the position or should I wait for my stoploss to be taken out? What is the...
Hey Giggles

Firstly i assume you are on demo, just want to make sure. That is very important to me for those learning the material

As for what I do when a market goes sideways the real answer is. It depends. Each situation is unique to me and needs that evaluation based on what the chart is telling me. A good thing I often do on a breakout is begin to trail my stop.

As for orders that are marketable YES they can be skipped. Yes this can lead to both bad fills or larger losses(or greater wins). One thing I do and it answers your other question about scanning, is watch FLUID stocks on weekly. I don't or very very rarely trade them on less than the weekly charts. This smooths things out and when you don't see the gaps on a weekly chart it's generally not something you have to worry about. Even if it is gapping on the daily/hourly etc it's irrelevant to the scope of the weekly. If you notice all the stock charts I do post you will see they look very much like an FX chart which means that the flow is good and you don't have to worry as much. One example for you to see is GOOG on the weekly. The gaps are irrelevant and we can trade it like any other chart.

So to answer your last question I scan 2-3000 stocks only once a week on the weekend(weekly charts). And once a month for the monthlies. I don't trade equities intraday

Hope that helps
Mike
  • #120,914
  • Nov 16, 2012 8:41am Nov 16, 2012 8:41am
Quoting mbqb11
Hey Giggles

Firstly i assume you are on demo, just want to make sure. That is very important to me for those learning the material

As for what I do when a market goes sideways the real answer is. It depends. Each situation is unique to me and needs that evaluation based on what the chart is telling me. A good thing I often do on a breakout is begin to trail my stop.

As for orders that are marketable YES they can be skipped. Yes this can lead to both bad fills or larger losses(or greater wins). One thing I do and it answers your other...
I saw GOOG weekly now. Its looks so easy now Also, I am only trading demo. Mike, I am trying to plan my trades based on what you have taught in this forum. Mike - your and words of advice have helped me so much.Thanks so much.
  • #120,915
  • Nov 16, 2012 8:48am Nov 16, 2012 8:48am
Quoting giggles
I saw GOOG weekly now. Its looks so easy now Also, I am only trading demo. Mike, I am trying to plan my trades based on what you have taught in this forum. Mike - your and words of advice have helped me so much.Thanks so much.
That's fantastic I am so glad


Best
Mike
  • #120,916
  • Nov 16, 2012 9:10am Nov 16, 2012 9:10am
fast approaching this beauty
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  • #120,917
  • Nov 16, 2012 9:18am Nov 16, 2012 9:18am
Quoting mbqb11
here is my updated chart as we got a nice move last week
closed this one out just now
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  • #120,918
  • Nov 16, 2012 9:26am Nov 16, 2012 9:26am
Support here at the 50% fibo. Putting second half in the bank + 70.
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  • #120,919
  • Nov 16, 2012 9:51am Nov 16, 2012 9:51am
Quoting aserbfx
yes, still holding, with stop at break even.
usd/chf stopped out at break even. will short again higher at the 50% fib.
meine augen sind die sterne
  • #120,920
  • Nov 16, 2012 9:52am Nov 16, 2012 9:52am
Nice confluence here at the 50% fibo.
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