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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

  • #123,361
  • Feb 21, 2013 1:28am Feb 21, 2013 1:28am
Quoting Magestic
Yesterday I was staring on it for 20 minutes. I decided ti demo it, but not open a real trade. Because this TL bothers me. See the chart.
I am still staring at it. I took it on demo as well. Lets see what happens. I should of seen the TL
  • #123,362
  • Feb 21, 2013 1:56am Feb 21, 2013 1:56am
Quoting mbqb11
Hey LT it was a breakout play of the BEOB from the weekly wedge

Here were some charts I sent the group

Best
Mike
Thanks Mike. You are awesome (just as always)
Thank you!
It's all psychology...
  • #123,363
  • Feb 21, 2013 3:05am Feb 21, 2013 3:05am
Quoting Flamegs23
I am still staring at it. I took it on demo as well. Lets see what happens. I should of seen the TL
Looks like, RED TL is working well. Now I regret I demoed only. LOL. I'll let it go
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If not up, then down, otherwise sideways :-)
  • #123,364
  • Feb 21, 2013 3:49am Feb 21, 2013 3:49am
Pinbar @ GBP USD. Possible buy entry? even it haven't close yet.
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  • #123,365
  • Feb 21, 2013 6:32am Feb 21, 2013 6:32am
Wish I wouldn't of backed out of that eu trade. Oh well no worries I did learn ( thanks to you mike )not to exit atrade without clear confirmation. Thankyou sir! Would entering at the low of the previous breakout candle been a good entry as well ?
  • #123,366
  • Edited 7:12am Feb 21, 2013 6:55am | Edited 7:12am
Quoting ping-ping
Pinbar @ GBP USD. Possible buy entry? even it haven't close yet.

Look at the size of the previous bearish bar compared to that PB.
It could be a pit bull but, I would pass on it because of the previous bar.
Unless it matches it in size by the close.
You don't want to take PA that has not closed unless, you have another story going.

Notice I have a sell limit at the 1.53150 area as, I am looking at this is a breakout of the weekly consolidation
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  • #123,367
  • Feb 21, 2013 8:11am Feb 21, 2013 8:11am
Quoting Nick1
Mike hi!

I am complicating about EURUSD - can't choose where to locate an enter point?

In one hand we have 1.3340 - as closing before gap, in other hand - 1.3316, this level was also good treated in a past.
Would you explain me your point of view, I would be very appreciated.

P.S. I remember as James was saying in the very first pages of the thread - enter is bit lower/higher of the low/high , but , I saw your chart on GBPUSD you located your SL under low of a previous pin bar, right? Could you please explain this...
great job guys

I see a bunch of you looked to play the continuation bars on the USD pairs. Again I must say remember that if you can't trade a BEOB at a swing high learning continuations should be put off. But you nailed it nick

I personally took the usd/dkk as I believe the levels were more well defined and confluence better. But of course it's literally the same thing so I knew both would work out together or not work

Here was my usd/dkk chart

well done for you guys


As for my gbp/usd stop loss. The intiial stop was above the BEOB and then I moved it down above the neutral bar after price continued in my favor

Best
Mike
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  • #123,368
  • Feb 21, 2013 8:15am Feb 21, 2013 8:15am
Quoting Pinbar
Look at the size of the previous bearish bar compared to that PB.
It could be a pit bull but, I would pass on it because of the previous bar.
Unless it matches it in size by the close.
You don't want to take PA that has not closed unless, you have another story going.

Notice I have a sell limit at the 1.53150 area as, I am looking at this is a breakout of the weekly consolidation
On the other hand if it explode, we'll finish the week above LCS that we had. And support will prove itself again. And this pintrade would be A+ Very intrtresting situation. We need to wait a day end.
If not up, then down, otherwise sideways :-)
  • #123,369
  • Feb 21, 2013 8:29am Feb 21, 2013 8:29am
Quoting iuliu00
Hey Michael,
how about this one?
thank you very much
EURUSD daily
http://img841.imageshack.us/img841/2041/eurusdd1.gif
Looks good iuliu(see above post)

I put my FTA as the midpoint of the first box, and first major area as the bottom(top for me)

Best
Mike
  • #123,370
  • Feb 21, 2013 8:36am Feb 21, 2013 8:36am
Quoting aserbfx
gold is coming to a support-area.
unbelievable zone to watch on this one for sure. Opportunities both ways, love it

Mike
  • #123,371
  • Feb 21, 2013 9:05am Feb 21, 2013 9:05am
Quoting str8
Attachment

I played this BUEB from GBP JPY daily and I lost it.
I don't know if it was bad luck or if I shouldn't have take it.
What do you think?
Hey Str8

Be careful here this buob is in heavy traffic(see my video called traffic vs space). This leaves very little room to move. So there isn't really any confluence here but it's easy to get excited because we see a strong uptrend(this happens to new traders a lot I see).

I'd recommend zooming your chart out a bit or it skews a lot of this great information


Hope that helps
Mike
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  • #123,372
  • Feb 21, 2013 10:48am Feb 21, 2013 10:48am
Quoting Magestic
Looks like, RED TL is working well. Now I regret I demoed only. LOL. I'll let it go
My S/L hit at least for a bit of profit. I should of put the S/L on top of the TL I would of have been safe and my TP would of hit. I learned a bit from this trade. I used a BEOB for continuation and I could of have had a low risk. Next time.
  • #123,373
  • Feb 21, 2013 10:49am Feb 21, 2013 10:49am
Quoting 4xjoema
Wish I wouldn't of backed out of that eu trade. Oh well no worries I did learn ( thanks to you mike )not to exit atrade without clear confirmation. Thankyou sir! Would entering at the low of the previous breakout candle been a good entry as well ?
I learned that too. Not to exit without a clear confirmation.
  • #123,374
  • Feb 21, 2013 12:34pm Feb 21, 2013 12:34pm
Thank you guys for your comments!
  • #123,375
  • Feb 21, 2013 12:58pm Feb 21, 2013 12:58pm
Quoting mbqb11
great job guys

I see a bunch of you looked to play the continuation bars on the USD pairs. Again I must say remember that if you can't trade a BEOB at a swing high learning continuations should be put off. But you nailed it nick

I personally took the usd/dkk as I believe the levels were more well defined and confluence better. But of course it's literally the same thing so I knew both would work out together or not work

Here was my usd/dkk chart

well done for you guys


As for my gbp/usd stop loss. The intiial stop was above the...
Thank you, Mike. As always exhaustive commentary!
  • #123,376
  • Feb 21, 2013 1:22pm Feb 21, 2013 1:22pm
Quoting Flamegs23
I learned that too. Not to exit without a clear confirmation.
I watch Mike's approach and try to move my SL logically. I'm still in. Do not rush.
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If not up, then down, otherwise sideways :-)
  • #123,377
  • Feb 21, 2013 6:34pm Feb 21, 2013 6:34pm
Quoting Kwikchot
Alright, first 100 pages of this thread read, and keeping up with this side as well now. Just finished Prings book on price action and I see he referenced Magees price action book a lot(which I just so happened to get a day before Prings book showed up). I will read Magees book then re-read Prings to make sure I have a good textbook understanding of Price Action. While I am doing that I will read the pages 101-200 or so and once I finish the second read I think it will be time to dive into the PF.

With that, a few questions if I may.

I...
Hey Kwik

Welcome to the thread glad to have you

I like to look at things in this way

We have all types of individual concepts to learn. From patterns(larger to smaller) from bars themselves, to s/r, to confluence, and the list goes on and on. By themselves these concepts are powerful and can be at times enough(ex a big old pinbar with nothing else). But more often the true power is combining the above. That's the concept of confluence or story. Building the pieces together and making them into something stronger.

But again I always say each situation is unique so their are times when you can have one thing and that's enough for a trade and times when you can have many things but still not good enough for a trade. I always like to tell people to learn the individual concepts and slowly you can start to put all the pieces together into a workable method.

There is no such thing as volume in FX. That is because FX is not a centralized market place so these numbers can no exist like they do in a centralized market. Now some people use it. I don't find any use for it. From a spot FX broker like oanda these numbers are either tick data(ie every time price goes up or down they count it as a "volume" or they are the individual brokers volume which is so negligible to the huge market that is Spot FX). Futures has volume data(since futures is centralized) but in terms of the real FX market it makes up a very very small amount. Again I would say if you find it to add value then by all means. For most it will not from my experience.

Hope this helps
Mike
  • #123,378
  • Feb 21, 2013 6:36pm Feb 21, 2013 6:36pm
Quoting Nick1
Thank you, Mike. As always exhaustive commentary!
you are quite welcome brotha
  • #123,379
  • Feb 22, 2013 2:18am Feb 22, 2013 2:18am
Quoting Magestic
On the other hand if it explode, we'll finish the week above LCS that we had. And support will prove itself again. And this pintrade would be A+ Very intrtresting situation. We need to wait a day end.
And if, your aunt had the spherical things, she would be your uncle.
The weight was staked against that small PB, at least for the short term.
Closed out half and moved to BE.
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  • #123,380
  • Feb 22, 2013 2:44am Feb 22, 2013 2:44am
Quoting Pinbar
And if, your aunt had the spherical things, she would be your uncle.
The weight was staked against that small PB, at least for the short term.
Closed out half and moved to BE.
Good play.
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