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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

  • #121,181
  • Nov 27, 2012 10:03am Nov 27, 2012 10:03am
Quoting mbqb11
Hey Sura I like all your questions i'm gonna start jumping in here too

Yes forex is very hard. It is a business and most business do fail. That is why we need to take a business approach and protect our business. Just because it is a zero sum game(and reality it's a negative zero sum game with spread) does not mean we can't gain an edge on it. It is still a market place with inefficiencies to be exploited. Some are harder to find then others. The goal for you is to demo till you can find an edge that you can repeat. They are there

Best
Mike...
LOVE this, it should be on 1. page.
  • #121,182
  • Nov 27, 2012 11:05am Nov 27, 2012 11:05am
Thoughts on this set up?
EURCAD 4H
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  • #121,183
  • Nov 27, 2012 11:20am Nov 27, 2012 11:20am
Hi guys, anyone been watching the current area in EU? Was looking to get short on a breakout retrace yesterday but didnt see anything I liked on smaller tf before bed. Maybe an engulfing bar will form on the daily today.
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May all your fits be loose.
  • #121,184
  • Nov 27, 2012 12:08pm Nov 27, 2012 12:08pm
Hey Mike , what do you think of this setup on USDCAD if it closes like that ?.
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  • #121,185
  • Nov 27, 2012 12:33pm Nov 27, 2012 12:33pm
Quoting ghous
There are no true volumes in forex as you have in stocks and other centralized markets where real volumes are actually published.

Volumes in forex are taken to be "tick activity per time period". So for instance the mt4 volumes indicator works by measuring the number of times price moves a pip in either direction during the time period of the price bar and then prints it as a volume bar.

While its not true volumes, its a rough estimation of it and hence useful to an extent.

Those who use Volumes for their trading refer to their methods...
thanks again for your help! i am from your neighbouring country! and good to see a guy of 22 years here tading succesfully!
  • #121,186
  • Nov 27, 2012 12:38pm Nov 27, 2012 12:38pm
Quoting mbqb11
Forex is zero sum so there is ALWAYS someone on the other side of your transaction. But the difference is this market is so huge and there are so many buyers/sellers for different reasons. It doesn't mean because you buy at X price someone is selling at X price for the same reasons. Thus both players COULD potentially come out as winners and both can come out as losers. The smaller a market place the more likely for the zero sum to play a larger role. Again you are correct that someone is taking the other side of your trade but it's not the...
thanks a lot! i will try to find my edge while demoing! hopefully in next two months!
  • #121,187
  • Nov 27, 2012 12:49pm Nov 27, 2012 12:49pm
Quoting surajkincity
thanks again for your help! i am from your neighbouring country! and good to see a guy of 22 years here tading succesfully!
I picked that from the name.

We have quite a few Indians here and that's very good to see...unfortunately not many from Pakistan.

g.
I believe . . .
  • #121,188
  • Nov 27, 2012 3:42pm Nov 27, 2012 3:42pm
Quoting ghous
I picked that from the name.

We have quite a few Indians here and that's very good to see...unfortunately not many from Pakistan.

g.
no that dosen matter at all! India-Pakistan Same only..
  • #121,189
  • Nov 27, 2012 3:50pm Nov 27, 2012 3:50pm
Quoting endo77
Hi guys, anyone been watching the current area in EU? Was looking to get short on a breakout retrace yesterday but didnt see anything I liked on smaller tf before bed. Maybe an engulfing bar will form on the daily today.
Hey endo,

i like this one too ...yesterday an IB, today an BEOB , also a falling TL on weekly and solid resistance, failed on BRN 1.3000..looks good overall
  • #121,190
  • Nov 27, 2012 3:53pm Nov 27, 2012 3:53pm
Quoting bullzeye
Hey endo,

i like this one too ...yesterday an IB, today an BEOB , also a falling TL on weekly and solid resistance, failed on BRN 1.3000..looks good overall
There is some divergence as well just to throw in another positive.
  • #121,191
  • Nov 27, 2012 3:54pm Nov 27, 2012 3:54pm
USD/SEK

this one is looking sexy ....i love fibs

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  • #121,192
  • Nov 27, 2012 3:58pm Nov 27, 2012 3:58pm
EUR/TRY

took this one yesterday after bearish H4 PA...double top on daily and BEOB as well...

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  • #121,193
  • Nov 27, 2012 4:09pm Nov 27, 2012 4:09pm
EUR/GBP

a good example not to take every BEOB blindly even its on a minor swing...you see this PPZ on daily and S/R flip? i took this one short on H4 (nice pin BTW) and closed this fast after i see the S/R action (called FTA)

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  • #121,194
  • Nov 27, 2012 4:14pm Nov 27, 2012 4:14pm
Quoting Demi-molle
Hey Mike , what do you think of this setup on USDCAD if it closes like that ?.
Hey Demi

This is a tricky one. The pinbar sits real high up and is trading into a lot of traffic. We really want that pinbar to sit down more on the bars so the nose is protruding far away. It's a tricky situation with the bar lows around 9950. I'll watch if we pullback to the 1.0 parity level or break out of that TL you have drawn

Best
Mike
  • #121,195
  • Nov 27, 2012 4:16pm Nov 27, 2012 4:16pm
SGD/JPY

strange pair, but it looks most clearer to me for a fall...

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  • #121,196
  • Nov 27, 2012 5:37pm Nov 27, 2012 5:37pm
Hi there

posting 2 charts just published on my blog,I was not sure about showing you 2 NO trade setups
but I think it can be useful after all

Market will say if I've been too careful

we need to be picky with our trades and we're facing a strange Market behavior
many pairs are ranging
waitin' for some strong price action in the next 24 hrs
btw,only Daily Timeframe trading for me this week
I'm busy at work

I've just missed 2 super easy tradable setups on H4 for this reason ( CADJPY H4 PINBAR,CADCHF H4 DOUBLE LOW_broker FxPro)


take care

http://mytradesontheblog.files.wordp...-28-nov-12.gif
http://mytradesontheblog.files.wordp...-28-nov-12.gif
Account deleted
  • #121,197
  • Nov 27, 2012 10:19pm Nov 27, 2012 10:19pm
Quoting bullzeye
SGD/JPY

strange pair, but it looks most clearer to me for a fall...

Attachment
You feel the NEED to be in a trade at all times no matter what?
I don't need easy. I just need possible.
  • #121,198
  • Nov 27, 2012 10:35pm Nov 27, 2012 10:35pm
I thought this was a pretty nice setup triple bar high lower with lower close, with strong resistance with the 150ema and double fib confluence. EUR/AUD daily
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  • #121,199
  • Nov 28, 2012 12:20am Nov 28, 2012 12:20am
Quoting bullzeye
Hey endo,

i like this one too ...yesterday an IB, today an BEOB , also a falling TL on weekly and solid resistance, failed on BRN 1.3000..looks good overall
EUR/USD Are you in? there was a massive confluence at that level

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  • #121,200
  • Nov 28, 2012 3:08am Nov 28, 2012 3:08am
Hi all,

I’ve have a query about written rules, and how traders using the methods discussed in this thread utilise them. Generally in every trading book it states that you need to have written rules and then you need to make sure you follow these rules. However generally these rules tend then to be based on indicator based systems, such as price above MA20 and RSI oversold, etc. As what is taught/ discussed in this thread is a method rather than a system how do people in this thread formulate their written rules, if indeed they do.

Are the rules just more fluid than they would be for an indicator based trading system? It seems this would need to be the case as each trade is managed on an individual basis rather than just mechanical entrees and exits.

If I give an example below what would people think of this as a checklist for taking a trade?

Entry
On a daily chart price breaks through a clear resistance level.
Price returns to the level and gives PA signal to go long (pin, outside bar, etc)
Entry above PA bar and stop below.
Only take the trade if the possible risk: reward is worthwhile (so the distance to the FTA is not smaller than the size of the stop needed)

Exit
Take full profit at FTA
Trail stop using logical points on 1 HR chart.

Any feedback appreciated
Bryan
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