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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

  • #121,241
  • Nov 29, 2012 3:45am Nov 29, 2012 3:45am
Quoting bullzeye
mmmhh, the King of cheese...looks like a nice setup, i would take this one
I think i can see a TL in the mold. Haaa

Apart from the Stilton, this has got my attention.
Also, I think this may have solved my problem of making it possible to view so many pairs and not forget about them.
All due to the Stilton.
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  • #121,242
  • Nov 29, 2012 3:53am Nov 29, 2012 3:53am
Here is another interesting one, in the sense that, the weekly also has a nice consolidation area at this area.
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  • #121,243
  • Nov 29, 2012 3:56am Nov 29, 2012 3:56am
GBP/JPY also
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  • #121,244
  • Nov 29, 2012 4:14am Nov 29, 2012 4:14am
I like how no H4 bar seems to be able to close above the weekly close Above.
Going to wait and see how the daily closes.
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  • #121,245
  • Nov 29, 2012 6:40am Nov 29, 2012 6:40am
Quoting j16rules
Hi Mike, everybody

I'm wondering now - what about mini dow now?

Prize crossed descending trend line... does it mean it's time to close it as a loss or we can still expect that it will go down?

Thanks

regards,
Marcin
Hey Marcin

I am out personally at less then a half bar loss. At this point we could see a move much higher. THe next key is if the trendline wants to hold again from the wedge. But that is not worth keeping all that risk on the table for me.

Best
Mike
  • #121,246
  • Nov 29, 2012 6:44am Nov 29, 2012 6:44am
Quoting patapouer
Hi Mike,

yep indeed, there has been quite a lot of OB on many pairs yesterday, some of which with price kept in tight range, but others at a location my newbie, naive eye would have qualified as "not too bad"... EURUSD and USDCHF are some examples of OB at swing points with at least some room on their left.
Both were triggered, both are now in the red.
Not that I am angry about that, but I'd like to have your and other's opinion about the reason these setup would have fail....
Learning from my mistakes, sort of.

Thanks for your help...
Hey Pat

Actually this can be eye opening if you really read what I am writing here. These actually worked PERFECT. We need to think about the situation and understand where is price going. In this case price goes EXACTLY to the FTA and reverses. Now many would say but mike I expected a bigger move. This is where we must blend in all the information. Is this small beob worth holding? I don't see a reason to hold fighting the larger up move that just happened. So IF one takes this trade that FTA we must do something. For me generally the stronger I believe in a story the more room I give my stop. The less I believe in it the quicker I move stops or take profit.

Hope this helps!
Mike
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  • #121,247
  • Nov 29, 2012 7:01am Nov 29, 2012 7:01am
Quoting surajkincity
using support and resistense zones is beter or using pivot zones is beter? can anybudy tell with a strong reason or logic behind that.
thanks in advance.
Hey Surajkincity

They are both very important. The best way to approach your chart is by looking at each situation as a unique situation. Then we use the tools(we have many) and process the situation with those tools in what we think is the best approach at the time. Sometimes it's pivots, sometimes just support etc etc. But side to side S/R and Pivot points are some of the strongest tools at our hands

Best
Mike
  • #121,248
  • Nov 29, 2012 7:58am Nov 29, 2012 7:58am
Quoting mbqb11
Hey Pat

Actually this can be eye opening if you really read what I am writing here. These actually worked PERFECT. We need to think about the situation and understand where is price going. In this case price goes EXACTLY to the FTA and reverses. Now many would say but mike I expected a bigger move. This is where we must blend in all the information. Is this small beob worth holding? I don't see a reason to hold fighting the larger up move that just happened. So IF one takes this trade that FTA we must do something. For me generally the...
Hey Mike,

First of all, thanks A LOT for your response and your comments.

Guess I need to open my second eye
With practice may come the ability to discriminate between short term changes and bigger ones...

I'm a bit angry at myself, I was almost at the end of the demoing period
well, better learn this with fake money than with real - now back on tracks!
Slow & steady
  • #121,249
  • Nov 29, 2012 9:15am Nov 29, 2012 9:15am
Quoting Pinbar
What do you guys think about this one?
http://www.cheesyplace.com/UserFiles...on-325x400.jpg

Looks rather delicious.
Stilton with a nice bottle of Bordeaux. Oh Yeah

Well, it is a VERY nice symmetrical wedge. However, in this market it'll probably get eaten alive. I'd enter at around $11.99/lb and hope for a quick finish.
  • #121,250
  • Nov 29, 2012 10:59am Nov 29, 2012 10:59am
Quoting mbqb11
Hey Surajkincity

They are both very important. The best way to approach your chart is by looking at each situation as a unique situation. Then we use the tools(we have many) and process the situation with those tools in what we think is the best approach at the time. Sometimes it's pivots, sometimes just support etc etc. But side to side S/R and Pivot points are some of the strongest tools at our hands

Best
Mike
thankyou for your reply!
well i have another question!
As trading in daili chart is a well given advice,
and one more advice is to not trade during news session!
but if you see the economic calander there is almost every next day a red news. so that makes every second bar doubtful to trade!
if i skip all those red news days and also skip all those bad setup days! when should a trader trade?
thanks in advance!
  • #121,251
  • Nov 29, 2012 11:05am Nov 29, 2012 11:05am
Quoting surajkincity
thankyou for your reply!
well i have another question!
As trading in daili chart is a well given advice,
and one more advice is to not trade during news session!
but if you see the economic calander there is almost every next day a red news. so that makes every second bar doubtful to trade!
if i skip all those red news days and also skip all those bad setup days! when should a trader trade?
thanks in advance!
Hey S

James recommends to completely ignore the news. I do as well. Some will argue till they are blue in the face you have to watch the news(and if it works for them great many ways to trade). I personally pay very little attention to the news. You will see how reliable areas on the chart are, PA etc. It's all you really need a chart. Takes a lot of extra decision making away too.

Best
Mike
  • #121,252
  • Nov 29, 2012 2:24pm Nov 29, 2012 2:24pm
I didn't find any reason for NOT taking this Long trade on EURJPY..so I entered Long
break of the Box,retest of BigRoundNumber,Pinbar..not a perfect setup(strong Resistance ahead),but really a good one


http://mytradesontheblog.files.wordp...bar.gif?w=1176
Account deleted
  • #121,253
  • Nov 29, 2012 8:33pm Nov 29, 2012 8:33pm
Hello friends,

I would really appreciate if Mike or someone else can throw some light on FTAs. I understand that we are looking at bar highs and lows that can act as potential S/R. When I go through some of the posted charts it seems easy but when faced with a real time situation it can be tricky in that I find potential trouble areas every few pips. From what I understand we are looking for 2 or 3 bar highs/lows to line up in the same area. A few chart examples could be helpful.
  • #121,254
  • Nov 29, 2012 8:37pm Nov 29, 2012 8:37pm
Quoting mbqb11
Hey S

James recommends to completely ignore the news. I do as well. Some will argue till they are blue in the face you have to watch the news(and if it works for them great many ways to trade). I personally pay very little attention to the news. You will see how reliable areas on the chart are, PA etc. It's all you really need a chart. Takes a lot of extra decision making away too.

Best
Mike
i will ignore them too!
  • #121,255
  • Nov 29, 2012 10:42pm Nov 29, 2012 10:42pm
Ok, it is almost the weekend so, here is a J16 "Where is price going, where did it go" exercise, for anyone to join in.
Just post a chart with the area you think, this BEOB went to before it started having trouble.

This is how you work out your FTA so while it is a game, it is very constructive.

Don't be shy, new people are welcome to have a try.

I shall post the answer in the actual chart with the bars I removed, 24 hours from now.
This is a Daily time frame chart and, remember, we always look for big bars like this one, at a clear swing high and engulfing many other bars.
I bet Mike saw this bar when it formed, for SURE.
Have fun
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  • #121,256
  • Nov 29, 2012 10:56pm Nov 29, 2012 10:56pm
This area?
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  • #121,257
  • Nov 29, 2012 11:00pm Nov 29, 2012 11:00pm
Quoting Sujith
This area?

Good job but, did you also take into consideration the size of the bar?
I mean, it engulfed 22 daily bars!
  • #121,258
  • Nov 29, 2012 11:13pm Nov 29, 2012 11:13pm
Quoting Pinbar
Good job but, did you also take into consideration the size of the bar?
I mean, it engulfed 22 daily bars!
I don't expect price to stop there, just a brief halt maybe. That bar seems to have the potential to trigger a major reversal. How far, don't know.
  • #121,259
  • Nov 29, 2012 11:47pm Nov 29, 2012 11:47pm
Maybe like this

Quoting Pinbar
Ok, it is almost the weekend so, here is a J16 "Where is price going, where did it go" exercise, for anyone to join in.
Just post a chart with the area you think, this BEOB went to before it started having trouble.

This is how you work out your FTA so while it is a game, it is very constructive.

Don't be shy, new people are welcome to have a try.

I shall post the answer in the actual chart with the bars I removed, 24 hours from now.
This is a Daily time frame chart and, remember, we always look for big bars like this one, at a clear swing high...
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  • #121,260
  • Nov 30, 2012 12:04am Nov 30, 2012 12:04am
Quoting Pinbar
Good job but, did you also take into consideration the size of the bar?
I mean, it engulfed 22 daily bars!
How about this?
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