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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

  • #127,901
  • Sep 24, 2013 6:53pm Sep 24, 2013 6:53pm
Quoting ddinnov
{quote} I'm starting to completely agree about the point about forums. I'm finding they can cloud my judgement and mess with my trade ideas. Apart from this thread and the PF of course! This will always be my home
you're not alone this is home to many of us for as long as FF is around , it's the start of it all!

Mike
  • #127,902
  • Sep 24, 2013 6:54pm Sep 24, 2013 6:54pm
Quoting makwana
{image}
Hey Mak

You got great answers from the guys. I can't really add much . I think we'll move higher with the gap as a draw but all the traffic makes it one I'd stay away from myself since we can find better ones

Keep asking questions
Mike
  • #127,903
  • Sep 24, 2013 6:56pm Sep 24, 2013 6:56pm
Quoting KissFan
{quote} Hi aioico, Fudd might give you a bit more detailed analysis but that is not a pin on your weekly chart. The open and close must be within the range of the previous bar. If you do buy off that daily pin, your first area of resistance (FTA)will be at 1.60645. One more detail, my chart does not show a pin bar on the daily because my Sunday bar and Monday bar are not combined like yours. This is not a high probability set up IMHO. I saw this and passed on it without much more thought. K.I.S.S. {image} {image}
Kiss! good to see you


Yep you are righto

Be careful aioico. Remember we want that pinbar at a swing low with a nice long tail. But because the pullback was so sharp it's not really a good swing low. That just looks more like a "bounce". I wouldn't be surprised to see price continue down


Best
Mike
  • #127,904
  • Sep 24, 2013 9:29pm Sep 24, 2013 9:29pm
Quoting mbqb11
{quote} Kiss! good to see you Yep you are righto Be careful aioico. Remember we want that pinbar at a swing low with a nice long tail. But because the pullback was so sharp it's not really a good swing low. That just looks more like a "bounce". I wouldn't be surprised to see price continue down Best Mike
Hey Fudd! Life happens and I had to step away for a while. I think I'll be lurking here on a regular basis again. Of course I'll be keeping it simple. Thanks for the shout out! Blessings to you and yours.

K.I.S.S.
  • #127,905
  • Sep 25, 2013 2:31am Sep 25, 2013 2:31am
Quoting mbqb11
{quote} great job again Jib, few great trades from you recently looks like you are making good progress with your trading Notice the boxing effect can be used to manage your trade. At the time of posting I would even have moved my stop under that current bar low. you can look to the boxes for targets and trade mgmt Great job jib! Mike {image}


Thanks for the encouraging words Mike. i Know I'm no where near my trading aspiration i just wish i could cut down my learning curve to say a year. I was first introduced to Forex in late 2007. Most tutors around here in my country then, don't have the full understanding of what Forex trading is all about so i was only given Basic intro to Forex trading with a couple of web ad including FF but all i do then was just checking News signals. I stopped trading early in 2008 for more concentration on my education since both requires a great deal of my time but i never traded with real money.


Now that i am through with my 1st degree (studied Civil Engineering), i want to get into the business of forex trading fully. During the course of my literature studies, i came across this lovely thread on same FF web that was given to me long ago. Since then i have been studying the materials here and i must confess, it has changed my approach to trading, i sometimes forget there are tools called indicators.

Now my Request: Mike pls i will really appreciate if i can get links to more of your videos, i have done a dozen futile searches and seems its better i ask you. I have being watching and re-watching those in the guest materials including James videos at the Private forum. i have also seen some of Ghous videos since you both have similar approach to trading. These helps me in the simulation of my thought process and also keeps me consistent.


Lastly i must say this, thanks to james16, mike you are a great mentor, what i have been looking out for in a while, i Know you will be part of my strong story. Thank you mike
Still trying to get to meet myself...
  • #127,906
  • Sep 25, 2013 4:53am Sep 25, 2013 4:53am
Hi.

I'd like to point out another aspect of trading I consider important.

For me leverage is my friend. The key point for me is not how much leverage I use but who much margin I have.

I think it's important foreseeing the expected price ranges within the time I will have a trade open and calculating if my margin will be enough to handle it.

I can use a leverage of 20, 50, 100, 200; no matter how much, as far as I am able to maintain my margin positive.

And usually the higher timeframe, the more margin is required.
  • #127,907
  • Sep 25, 2013 5:08am Sep 25, 2013 5:08am
hi mike,

just wanted to know ur input on aud/usd daily and why didn't the BEOB near a minor swing high (with an arrow) didn't work out. it is near the good zone and round number. Ur input will be much appreciated.


Regards

Den
Attached Image (click to enlarge)
Click to Enlarge Name: audusddaily.png Size: 31 KB
  • #127,908
  • Sep 25, 2013 6:57am Sep 25, 2013 6:57am
Nice pin bar followed by bullish bar:

Attached Image (click to enlarge)
Click to Enlarge Name: usoildaily.png Size: 58 KB
  • #127,909
  • Edited 7:42am Sep 25, 2013 7:27am | Edited 7:42am
Quoting dennis4u15
hi mike, just wanted to know ur input on aud/usd daily and why didn't the BEOB near a minor swing high (with an arrow) didn't work out. it is near the good zone and round number. Ur input will be much appreciated. Regards Den {image}
Den-

I also considered trading this bar even though the formation of it isn't all that impressive. This is a great question though. First thing I want to know is WHERE that bar is and did it close in such a fashion as to show me some potential running room for profit once price breaks the low of the bar. This bar's lowest price was at best 5 pips above a very established price flip as illustrated by my enclosed weekly and daily charts. Look at my yellow arrows. They show nearly "to the pip" flips. The very first FTA is 5 pips below the low of this bar. Furthermore, even if price trades through the FTA then you will deal with a substantial zone of price pivots. I know that hindsight is 2020 but after looking at this, I realized that on that side of the flip, I would much rather have had a set up showing BUY instead of SELL. In this case the SELL R/R was stingy. I'll admit, the way I trade as illustrated in the charts below, you are probably thinking DANG, I'll rarely get a trade if I look at this that way. Yep, I have only 1 trade this week. I may go two more weeks without getting another. J16 often speaks of rifle shots when trading. This one was not one a sniper would have shorted. Stay patient.

K.I.S.S.
Attached Image(s) (click to enlarge)
Click to Enlarge Name: Weekly AUDUSD.jpg Size: 110 KB
Click to Enlarge Name: Daily 1.jpg Size: 54 KB
Click to Enlarge Name: 9220.jpg Size: 122 KB
  • #127,910
  • Sep 25, 2013 9:44am Sep 25, 2013 9:44am
Quoting mbqb11
{quote} Kiss! good to see you Yep you are righto Be careful aioico. Remember we want that pinbar at a swing low with a nice long tail. But because the pullback was so sharp it's not really a good swing low. That just looks more like a "bounce". I wouldn't be surprised to see price continue down Best Mike
Thanks a lot to you, Mike and to you, Kiss!

Cheers!
  • #127,911
  • Sep 25, 2013 2:39pm Sep 25, 2013 2:39pm
Quoting KissFan
{quote} Hey Fudd! Life happens and I had to step away for a while. I think I'll be lurking here on a regular basis again. Of course I'll be keeping it simple. Thanks for the shout out! Blessings to you and yours. K.I.S.S.
always good to have an old friend hanging around

Wishing the same to you and yours
  • #127,912
  • Sep 25, 2013 2:44pm Sep 25, 2013 2:44pm
Quoting jibson007
{quote} Thanks for the encouraging words Mike. i Know I'm no where near my trading aspiration i just wish i could cut down my learning curve to say a year. I was first introduced to Forex in late 2007. Most tutors around here in my country then, don't have the full understanding of what Forex trading is all about so i was only given Basic intro to Forex trading with a couple of web ad including FF but all i do then was just checking News signals. I stopped trading early in 2008 for more concentration on my education since both requires...
THanks for the kind words Jib and glad to hear you working hard

I know I have mentioned it before but the new site IS coming it's just many things are going into it. WIth that new site will be more free videos for you guys so just hang in there and there will be more freebies to come as we begin to release the new site.

Keep practicing and working hard!
Mike
  • #127,913
  • Sep 25, 2013 2:47pm Sep 25, 2013 2:47pm
Quoting scherzi
Hi. I'd like to point out another aspect of trading I consider important. For me leverage is my friend. The key point for me is not how much leverage I use but who much margin I have. I think it's important foreseeing the expected price ranges within the time I will have a trade open and calculating if my margin will be enough to handle it. I can use a leverage of 20, 50, 100, 200; no matter how much, as far as I am able to maintain my margin positive. And usually the higher timeframe, the more margin is required.
Hey Scherzi

I find leverage important for margin as well. But a bit different

If you use a %R MM your position size will increase with a decrease in stop size. So actually the higher the timeframe the lower the position size(generally cause stop size increases) and thus less margin required

THe best benefit of margin in my view is that with a reasonable %R implemented it's very hard to ever com close to needed all those funds that just sit there. So instead it can give protection by not needing to keep a full bankroll in any one broker. So it's not that you become over leveraged it's just a matter of protection of funds.

In my view most new traders get hurt because they don't properly position size based on a % equity they are willing to lose on each trade.

Just another view point i thought I would share


Best
mIke
  • #127,914
  • Sep 25, 2013 3:00pm Sep 25, 2013 3:00pm
Quoting dennis4u15
hi mike, just wanted to know ur input on aud/usd daily and why didn't the BEOB near a minor swing high (with an arrow) didn't work out. it is near the good zone and round number. Ur input will be much appreciated. Regards Den {image}
Hey Den

From a daily standpoint it's a small bar that closed weak. But I do like the resistance location. Under us the FTA is very close at 9200 bar highs so I didn't like playing it from a daily standpoint. With that said I did play it from the hourly/4hr standpoint that made much more sense and bar size was stronger. Price did break and unfortunately we did have those large gaps that occurred(rare occurrence( and I actually got stopped out for a partial loss(much bigger than expected with stop moved down but price gapped over). The 1hr/4hr trade in my view was A++ and would take again.

So you aren't too far off. Also notice the daily never broke the low so that would keep you out also from a daily point of view. But timeframe can make a difference in many cases. So here the bar is way to small even though story is similar but the 1hr and 4hr much better

Hope that helps
Mike
  • #127,915
  • Sep 25, 2013 8:28pm Sep 25, 2013 8:28pm
One thing you can be assured of is the fact you where not alone on that one.....we all need a draw down once in awhile to keep us "honest"..lol
  • #127,916
  • Sep 26, 2013 1:04am Sep 26, 2013 1:04am
thanks mike,

i kind off missed the 9200 RN which was the FTA...yeh i did look at the 4hr tf and it looked a really good set up but in trading it can never be 100%....i am now using strong S&R zones and looking for round numbers around them and then trying to locate the BEOB, BUOB and pinbars for trigger.

Thanks again


Regards

den
  • #127,917
  • Sep 26, 2013 1:54am Sep 26, 2013 1:54am
Mike pls examine my thought process on the AudUsd failed BEOB on 1H and 1D chart. Just tryn to knw if i may be thinking correctly.
Attached Image (click to enlarge)
Click to Enlarge Name: audusd failed BEOB 9-26-2013 7-10-30 AM.jpg Size: 91 KB



Jibson
Still trying to get to meet myself...
  • #127,918
  • Sep 26, 2013 2:52am Sep 26, 2013 2:52am
Attached Image (click to enlarge)
Click to Enlarge Name: XAUUSD SEPT 25 2013.JPG Size: 202 KB


I think this is a nice pinbar but it lacks space and yesterday's bar failed to break Fib Ret - Pivot confluence which I think is a strong resistance. Managed to take almost 1 % from this trade so I can sit tight for now. If it manages to break that barrier, it will probably become another good trade.
  • #127,919
  • Sep 26, 2013 8:27am Sep 26, 2013 8:27am
Mike,


I see possible trend up to next level for NzdUsd, if it closes above previous open. But somehow I find there is no story, and it may not work it out.

What's your take for these?


Steven
Attached Image (click to enlarge)
Click to Enlarge Name: 49-nzdusddaily.png Size: 49 KB
  • #127,920
  • Sep 26, 2013 8:36am Sep 26, 2013 8:36am
Quoting 0rPhioZ
{image} I think this is a nice pinbar but it lacks space and yesterday's bar failed to break Fib Ret - Pivot confluence which I think is a strong resistance. Managed to take almost 1 % from this trade so I can sit tight for now. If it manages to break that barrier, it will probably become another good trade.

I am not sure of that is a pb. The nose is not long enough; neither at low swing; the daily long bar last week completely engulfed this pb of yours. It is between 38 and 50%, most likely consolidating between these 2 levels, in traffic over there.
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