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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

  • #121,201
  • Nov 28, 2012 4:45am Nov 28, 2012 4:45am
Quoting bullzeye
SGD/JPY

strange pair, but it looks most clearer to me for a fall...
Hi bullzeye
I would be carefull ! All we have are only some dojies that are telling us some indecision or taking profit to be more precise rather than a sell information. The price is close to the range market's resistence level at an important level but definitely is not a sell against all that strong bullish momentum.
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Nothing personal,just business
  • #121,202
  • Nov 28, 2012 4:54am Nov 28, 2012 4:54am
Quoting erublycuris
Hi all,

[size=3][font=Calibri]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...
Hey Bryan,

That is an interesting question. I think you will hear other traders within this thread saying that they utilise trading methods and rules that are highly discretionary which might not be feasible to put onto a checklist.

Having said that a good link which was posted quite some time back is quite useful and summarises the ethos of this method very well.

http://www.forexfactory.com/showthre...14#post3523414

I think that is what is frustrating and at the same time great with this method. It is difficult to recognize what is an excellent setup while you get to grips with the concepts and after you get good at it, you have unlimited creativity with it (provided you have the patience to stick to the good ones)!

Hope this is useful..

Best
Ganesh
  • #121,203
  • Nov 28, 2012 5:17am Nov 28, 2012 5:17am
Quoting erublycuris
Hi all,

[size=3][font=Calibri]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...

Hi Bryan,

Well, as far as I can say, I do use quite strict rules for entering a trade.

I tend to spend as little time as possible scanning charts. Sort of a training for me: am I able to identify clear cut PA setups that ask to be traded?
So I draw all my TL, PPZ, etc on my charts, and then scan them daily for the presence of price action bars (OB and PB mainly). The set up should really jump at me within the 2 seconds the chart is open. Sort of a Mike bar, so to say, if you know what I mean , but relatively to the shape mostly (http://www.forexfactory.com/showthre...12#post5997812 ), bit less regarding the rest of Jarroo's definition (http://www.forexfactory.com/showthre...57#post5984557)...

Then comes the review. PA bars MUST share strict aspects. They must be at clear swing points and/or (B)RN and/or TL and/or PPZ - HCR - LCS and/or Fib retracements. A particular though process takes place in case of pattern break out, but I'm not good at that right now...
Then, if both the set up and the location are OK, comes the question of confluence: at least 2 of the above criteria should be met.

Finally I try and address the question of trade management: where to exit. This is another question on its own... still practicing

OK, and also give a look at Ganesh's link, didn't know that pdf but quite interesting, especially the first two questions
Slow & steady
  • #121,204
  • Nov 28, 2012 8:01am Nov 28, 2012 8:01am
Quoting ksganesh100
Hey Bryan,


Hope this is useful..

Best
Ganesh

Yes it was. Thanks
  • #121,205
  • Nov 28, 2012 8:08am Nov 28, 2012 8:08am
Quoting patapouer
Hi Bryan,

Well, as far as I can say, I do use quite strict rules for entering a trade.

I tend to spend as little time as possible scanning charts. Sort of a training for me: am I able to identify clear cut PA setups that ask to be traded?
So I draw all my TL, PPZ, etc on my charts, and then scan them daily for the presence of price action bars (OB and PB mainly). The set up should really jump at me within the 2 seconds the chart is open. Sort of a Mike bar, so to say, if you know what I mean , but relatively to the shape mostly (http://www.forexfactory.com/showthre...12#post5997812...
Thanks as well Patapouer.

It would seem that people have rules to the thought process they go through when taking trades to make sure they are being disciplined, rather than just strict inflexible rules regarding the entry and exit. I think this probably fits in with it being a discretionary method of trading as well.
  • #121,206
  • Edited 8:56am Nov 28, 2012 8:16am | Edited 8:56am
Quoting erublycuris
Hi all,

[size=3][font=Calibri]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...

Hey Erublycuris

I think that each person will be different but for me personally writing down all my rules into a neat little sheet is simply impossible. I know this especially now because it takes me thousands of posts/videos/etc to get my ideas across because as you said it is a fluid thing. That doesn't mean I think trying to write a general trade plan is bad. In fact I think those struggling its a good idea to get your thoughts more coherent and down on paper so you can see and then make corrections. But I believe most discretionary traders over time simply memory bank that and then its not only the rules but how the rules then interact with a specific situation and then ones experience comes in and overlaps it making it hard to describe in a few trading rules.

Just my thoughts on it all
Mike
  • #121,207
  • Nov 28, 2012 8:52am Nov 28, 2012 8:52am
Quoting mbqb11
But I believe most discretionary traders over time simply memory bank that and then its not only the rules but how the rules then interact with a specific situation and then ones experience comes in and overlaps it making it hard to descerive in a few trading rules.
Just my thoughts on it all
Mike
I am going to steal this post if you don't mind!
  • #121,208
  • Nov 28, 2012 8:56am Nov 28, 2012 8:56am
Quoting TheLastCoke
I am going to steal this post if you don't mind!
well then I wish I spell checked and grammar checked it LMAO
  • #121,209
  • Nov 28, 2012 9:04am Nov 28, 2012 9:04am
Hi everybody!
am new to this thread, so I want to say hello as I was only reading it for some time.
This what you guys are teaching and showing is very much to my liking!
Am demoing only, trying to get these things "right" in my trades.

Thank you very much for sharing the information in this thread. Thank you for all the efforts, energy and commitment.

Wishing successful trades!
obmepa
  • #121,210
  • Nov 28, 2012 9:19am Nov 28, 2012 9:19am
Quoting obmepa
Hi everybody!
am new to this thread, so I want to say hello as I was only reading it for some time.
This what you guys are teaching and showing is very much to my liking!
Am demoing only, trying to get these things "right" in my trades.

Thank you very much for sharing the information in this thread. Thank you for all the efforts, energy and commitment.

Wishing successful trades!
obmepa
Hey Obmepa

Welcome to the thread ,glad you are learning a lot and demoing!

Best
Mike
  • #121,211
  • Nov 28, 2012 9:58am Nov 28, 2012 9:58am
EURUSD: In long term,bearish is still under control.
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A chart helps those who can read it.
  • #121,212
  • Nov 28, 2012 11:57am Nov 28, 2012 11:57am
Hey Mike , what do you think of this setup on CADJPY?
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  • #121,213
  • Nov 28, 2012 12:02pm Nov 28, 2012 12:02pm
Quoting geniusztc
EURUSD: In long term,bearish is still under control.
How you are drawing these skewed rectangels ?
  • #121,214
  • Nov 28, 2012 12:17pm Nov 28, 2012 12:17pm
still think bearish Mike ?
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  • #121,215
  • Nov 28, 2012 12:25pm Nov 28, 2012 12:25pm
Quoting long2339
Hey Mike , what do you think of this setup on CADJPY?
I think you reach at least 50% of your TP so in my strategy it is at least BE+ something.
  • #121,216
  • Nov 28, 2012 12:40pm Nov 28, 2012 12:40pm
Quoting tinkerbelle
still think bearish Mike ?
not if price gets above this TL then we could be headed higher 12500 was tough nut to crack it seems
  • #121,217
  • Nov 28, 2012 12:41pm Nov 28, 2012 12:41pm
Quoting long2339
Hey Mike , what do you think of this setup on CADJPY?
Hey Long

I don't have any beob on my chart but based on your chart I like that little retracement sell. I would have looked to get to b/e quicker or even take profit where price has already been. Without more confluence it's hard to hold a smaller beob against a dominating trend like that.

Best
Mike
  • #121,218
  • Nov 28, 2012 1:00pm Nov 28, 2012 1:00pm
these markets are relatively quick and consolidated on lots of pairs

be careful these markets tend to eat people up. I got a lot of messages about bars like this one(see chart)

Remember don't be fooled by your bar alone recognize the location of these bars. ESPECIALLY when starting out finding them at the proper locations will keep you out of a lot of painful trades. Don't be so excited to be trading if nothing great is showing itself.
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  • #121,219
  • Nov 28, 2012 1:16pm Nov 28, 2012 1:16pm
Quoting bullzeye
USD/SEK

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

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USD/SEK

50 fib and nice BEOB...target almost hit

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  • #121,220
  • Nov 28, 2012 1:18pm Nov 28, 2012 1:18pm
Quoting fxgroup
Hi bullzeye
I would be carefull ! All we have are only some dojies that are telling us some indecision or taking profit to be more precise rather than a sell information. The price is close to the range market's resistence level at an important level but definitely is not a sell against all that strong bullish momentum.
thanks fxgroup for your analysis i love your thread
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