james16 Chart Thread | Page 6360 | Forex Factory

Options

Go to
Permalinks
Print Thread

Similar Threads

Where can I learn more about Price Action like those in James16 charts? 9 replies

Attachments: james16 Chart Thread
Exit Attachments

james16 Chart Thread

  • #127,181
  • Edited 11:57am Aug 8, 2013 11:44am | Edited 11:57am
Quoting mbqb11
{quote} This plays off Z's above. Their are many many ways to do this folks. None of us who trade just technicals, claim or will ever claim it's the only way. Anyone who tells you this is the ONLY way to trade is just blowing smoke. PERIOD. These are the markets. They involve many different players making different decisions. As a trader my goal is to be logical and consistent. In the long run my proven edge will play out. I could develop methods based around many different concepts. Truly this is the beauty of the markets. But trading has much...

This is IMHO a Great, Great Post and really resides with what I have recently been learning or rather I should say, Ghous has taught me.

It is not only the system but our belief in the system that makes any of them work.

This also resonates with the OF. People are entering and exiting trades in different TFs with different account sizes, draw-down margins & Tps all the time, this is the only reason the market moves.
Recently, it appears to me that, the only way to be profitable in the business is to work out where the short term traders get in and get out, and utilize the momentum or liquidity created by the entries and exits in the context of the bigger picture.

I totally agree that PA does this without the need for really understanding the who's and whys. Rather like most people who drive cars really have none or little understanding of Induction, Compression, Ignition & Exhaust. They just need to get to where they are going and really don't give a care as to the mechanism of the vehicle.

Thanks again Mike.
  • #127,182
  • Aug 8, 2013 11:47am Aug 8, 2013 11:47am
Quoting Martin600
{quote} I donīt think that you are true. I was never interested in news and I never watch it. Everything what I do is pure PA as Mike teaches it here and in the PF and I am profitable. Last 5 months on my demo I had 23 trades and only 3 were slightly loosing. Recently I moved to live because I see that pure PA works
I don't think there is any need to say that this person is not true.
Different opinions are good and create diversity, without which, there would be no market.
  • #127,183
  • Aug 8, 2013 12:00pm Aug 8, 2013 12:00pm
Quoting Pinbar
{quote} I don't think there is any need to say that this person is not true. Different opinions are good and create diversity, without which, there would be no market.
I think Martin is right though. Z said it's not possible to trade just technicals. Martin is saying that's not true. I have to agree.

Plus I am very happy for you most importantly Martin


I agree discussions are good!

Best
Mike
  • #127,184
  • Aug 8, 2013 12:38pm Aug 8, 2013 12:38pm
There are some pin bars on multiple time frames on natural gas looks like there's gona be a rally

Chris,
  • #127,185
  • Aug 8, 2013 12:52pm Aug 8, 2013 12:52pm
Imo fundamentals are important only if you know some secret news that aren't available to the public (and for most of us this is impossible).
However I personally am afraid to trade before big announcements (this doesn't mean that I trade fundamentals, I don't trade at all before those announcements).
  • #127,186
  • Aug 8, 2013 1:08pm Aug 8, 2013 1:08pm
Quoting LamerTrader
{quote} Literally I tried to trade every single breakout and failed at most, only because I wanted to take the steps too fast. 1) Learn the system. 2) Look back in time and get a hang of it. 3) Test it in forex tester 4) Futuretest demo 5) Go live. I wanted to skip steps 2 and 3... Now im back to 1, and grounding my knowledge. Cheers, Stephen
That puts us in more or less the same boat. I didn't try to skip step 3, but step 3 and step 4 were made rather useless by the fact that I did skip step 2 (and wasn't intelligent enough to realize I was skipping anything until 3 and 4 suddenly stopped working as expected). I also tried to trade every breakout except the ones I "intuitively" thought were bad (and they often were). Now I realize that intuition was probably grounded in what little I did unconsciously understand about context and location--but it wasn't reliable because I didn't really understand and know how to apply it.

So yep, back to the drawing board - and steps 1 and 2.
  • #127,187
  • Aug 8, 2013 1:43pm Aug 8, 2013 1:43pm
Quoting mbqb11
{quote} stop reduced on this one {image}
locked in profit under the weeks low

Take profit still at 66 but will watch tomorrows open or a bit later today to possibly close if we push a bit higher
Attached Image (click to enlarge)
Click to Enlarge Name: a.gif Size: 35 KB
  • #127,188
  • Aug 8, 2013 3:32pm Aug 8, 2013 3:32pm
Quoting mbqb11
just wait for the good areas to watch for PA. Keep it simple folks! {image}

Hi Mike,

i've a situation i don't know how to manage....

As you showed a good short setup is forming on AUDCAD, but i'm short on EURAUD.

Since they're related i don't know what to do!
I was thinking to place an order on AUDCAD and wait for any signal sfter weekly close on EURAUD.

Thanks.
Attached Image(s) (click to enlarge)
Click to Enlarge Name: gare.png Size: 46 KB
Click to Enlarge Name: gera.png Size: 40 KB
  • #127,189
  • Aug 8, 2013 4:21pm Aug 8, 2013 4:21pm
Quoting aioico
{quote} Hi Mike, i've a situation i don't know how to manage.... As you showed a good short setup is forming on AUDCAD, but i'm short on EURAUD. Since they're related i don't know what to do! I was thinking to place an order on AUDCAD and wait for any signal sfter weekly close on EURAUD. Thanks. {image} {image}

Hey Aioico

One thing I do is keep all trades independent from one and another. Unless I feel here is VERY heavy correlation than I sometimes am cautious about doubling up on risk. THat diminishes for example if I am in a trade that's heavily reduced risk or locked in profit

THe aud/cad is till not ready for any orders in my view. The stall here is a good sign a break higher could be coming. We need more distinct PA.

The more picky you are the less you will also encounter correlation situations

Hope that helps
Mike
  • #127,190
  • Aug 8, 2013 4:38pm Aug 8, 2013 4:38pm
Hi Mike,

I understand that you don't look at fundamentals and so does James and thats how he teaches it and sure enough you have become consistent with this method and its application.

My point was that its the fundamentals that break a technical setup and then you start wondering what went wrong. Everything was in place and yet the setup did not work. that is because of fundamentals.

Everyone knows that markets are moved by the big boys here. But the big boys don't trade just technicals, they have a view, they have very good understanding of the fundamentals and then they move the markets and yes they also use technicals.

Every trend up or down is because of a fundamental reason and we as traders must know or at least try to know the reason behind it. News is not a secret anymore. Retail traders have just as much access to the latest news as the big boys these days with the internet.

When price consolidates , it means most of the big boys are not sure where to move and they wait for some news to come out and then they move it. This is why we see the consolidate-breakout and repeat pattern all the time. I m sure most of the people know that here.

All i m saying is that people need to know the fundamental reasons behind a move and then confirm with technicals. This IMO will make you a better trader. Sure its hard to deduce and make sense of the news , but combined with J16 it is nothing less than gold.

Bottom line , take the best from everything and incorporate it in your business.
  • #127,191
  • Aug 8, 2013 4:40pm Aug 8, 2013 4:40pm
Quoting zamfir
Hi Mike, I understand that you don't look at fundamentals and so does James and thats how he teaches it and sure enough you have become consistent with this method and its application. My point was that its the fundamentals that break a technical setup and then you start wondering what went wrong. Everything was in place and yet the setup did not work. that is because of fundamentals. Everyone knows that markets are moved by the big boys here. But the big boys don't trade just technicals, they have a view, they have very good understanding of the...

Hey Z

Again I respect what works for you and I love that you have found your sweet spot. But I gotta stick to my original point that it's not necessary for many of us and that my main point is to go with what works. One is not a better trader by having them, just as one is not a better by ignoring the. THey make me a worse trader because they add no value. It's the opposite for you and that's great. That to me makes the most sense to say whatever that is. No news, with news, without technicals a combo of all etc. Heck some people use neither fundamentals or technicals. If it works it works

ALl about getting to profitability

Mike
  • #127,192
  • Aug 8, 2013 4:55pm Aug 8, 2013 4:55pm
Quoting mbqb11
{quote} Hey Z Again I respect what works for you and I love that you have found your sweet spot. But I gotta stick to my original point that it's not necessary for many of us and that my main point is to go with what works. One is not a better trader by having them, just as one is not a better by ignoring the. THey make me a worse trader because they add no value. It's the opposite for you and that's great. That to me makes the most sense to say whatever that is. No news, with news, without technicals a combo of all etc. Heck some people use neither...

In theory, couldn't you have a purely technical system that doesn't trigger trade entries during times of economic upheaval (i.e. report times), and get around it that way? Though I could see that falling apart if market conditions changed enough over time.
  • #127,193
  • Aug 8, 2013 5:11pm Aug 8, 2013 5:11pm
Quoting Haadiyah
{quote} In theory, couldn't you have a purely technical system that doesn't trigger trade entries during times of economic upheaval (i.e. report times), and get around it that way? Though I could see that falling apart if market conditions changed enough over time.

Hey H

Yep you could although that's not really what I am getting at personally. I ignore everything 99% of the time. News often provides the volatility to get a trade moving. But that doesn't mean knowing more about that report will help or not. For example

Say I take a buob for xyz reasons. It triggers than 4 hours later a news report comes out and helps move my trade. What about knowing that news report helps me? For me it means nothing. It's just part of the overall trade.

Chicken and the egg thing almost

Again don't want to discourage or encourage one verse the other. I just see so many try to "read" news and it just confuses them more. Myself included. SO my point is just that not one way is right or wrong. It's simply what works.

Hope that helps!
Mike
  • #127,194
  • Aug 8, 2013 5:45pm Aug 8, 2013 5:45pm
Quoting mbqb11
{quote} Hey Aioico One thing I do is keep all trades independent from one and another. Unless I feel here is VERY heavy correlation than I sometimes am cautious about doubling up on risk. THat diminishes for example if I am in a trade that's heavily reduced risk or locked in profit THe aud/cad is till not ready for any orders in my view. The stall here is a good sign a break higher could be coming. We need more distinct PA. The more picky you are the less you will also encounter correlation situations Hope that helps Mike

If i've understood clearly: being picky in this case would mean not to take the trade on AUDCAD because the pinbar has a good shape but the location is not good.

Thanks Mike.

Cheers
Attached Image (click to enlarge)
Click to Enlarge Name: audcaddaily.png Size: 37 KB
  • #127,195
  • Edited 8:29pm Aug 8, 2013 6:04pm | Edited 8:29pm
Quoting Pinbar
{quote} Why did you use PA as the entry in this trade? H1 PA is not really a factor in this type of trade, the entry is a pure TT of the level. Mixing these systems on the H1 tf will, IMHO not really do you any service. I also did a similar thing and regret it, greatly. You are better off using PA on the Higher TFs and at least the Daily TF because, PA on these levels will get you in too late and too close to the FTA. The order flow is working against you. {image}
Hi pinbar, thank you for your reply,
actually I didn't use the PA as a trigger, I touch traded the LCS but left ≈10 pips buffer (is it called so? :/ ) and only after the order was triggered I saw that on 1H price had formed a signature which also was a BEOB and instead of moving to BE I thought that moving the stop above the signature/BEOB would have been better. Regarding the TP I'm trying to use HCR/LCS as triggers for longer term trades but for that I must be much more picky...
I was too optimistic on this trade, got stopped out a few hours ago.
In the attached chart I indicated the entry point and where I got stopped out.
As for order flow I'm not very familiar with it.

PS: great posts mike
Attached Image (click to enlarge)
Click to Enlarge Name: EURJPY2013-08-09 a 03.28.46.png Size: 23 KB
  • #127,196
  • Aug 8, 2013 6:14pm Aug 8, 2013 6:14pm
Quoting aioico
{quote} If i've understood clearly: being picky in this case would mean not to take the trade on AUDCAD because the pinbar has a good shape but the location is not good. Thanks Mike. Cheers {image}
bingo

MOre times this is just weak selling or the market slowing up near the important area. THe major orders and action will set near the more confluenced areas

Best
Mike
  • #127,197
  • Aug 8, 2013 6:16pm Aug 8, 2013 6:16pm
hi guys

been reading a long the last few weeks again. not getting much chart time because of work. a few of the senior guys have mentioned a 5 step process lately so i have sat down today and i'm looking back through some charts specifically for pinbars to get a clear picture in my own mind of what makes a good pinbar and what doesn't.

in doing so i have found these 'interesting' bars on the euro which are not pinbars by my understanding because they dont open in the bottom 10-20% of the bar. the things i like about these bars is that they are big bars, they have a long nose, and a strong close.

any1 with any thoughts?

Attached Image


ps. mike - ive still got to work harder on being picky!!
Learning for Earning and Trading for Freedom
  • #127,198
  • Aug 8, 2013 6:28pm Aug 8, 2013 6:28pm
Quoting mbqb11
{quote} Hey H Yep you could although that's not really what I am getting at personally. I ignore everything 99% of the time. News often provides the volatility to get a trade moving. But that doesn't mean knowing more about that report will help or not. For example Say I take a buob for xyz reasons. It triggers than 4 hours later a news report comes out and helps move my trade. What about knowing that news report helps me? For me it means nothing. It's just part of the overall trade. Chicken and the egg thing almost Again don't want to discourage...
If it tests and works, I guess that's what most relevant! All I know is, apparently I'm having a hard enough time just learning how to become an expert on simple bars on a chart--pretty sure I couldn't handle the task of becoming an expert in economics on top of that. There are so many factors and complexities underlying everything.
  • #127,199
  • Aug 8, 2013 11:12pm Aug 8, 2013 11:12pm
Quoting lenrod
{quote} Hi pinbar, thank you for your reply, actually I didn't use the PA as a trigger, I touch traded the LCS but left ≈10 pips buffer (is it called so? :/ ) and only after the order was triggered I saw that on 1H price had formed a signature which also was a BEOB and instead of moving to BE I thought that moving the stop above the signature/BEOB would have been better. Regarding the TP I'm trying to use HCR/LCS as triggers for longer term trades but for that I must be much more picky... I was too optimistic on this trade, got stopped out...
You really had no reason to take a loss on this trade, apart from hoping it would run.
As Niche said, "Hope is comfortable companion but a very bad ally.
Attached Image(s) (click to enlarge)
Click to Enlarge Name: eurjpydaily.png Size: 71 KB
Click to Enlarge Name: eurjpyh1.png Size: 62 KB
  • #127,200
  • Aug 9, 2013 2:52am Aug 9, 2013 2:52am
Does anyone make sense of 2-day pinbar formed on EURCAD? What do you guys think?

Attached Image (click to enlarge)
Click to Enlarge Name: eurcaddaily.png Size: 40 KB
44 traders viewing now