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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

  • #128,241
  • Oct 22, 2013 11:32am Oct 22, 2013 11:32am
Quoting jibson007
Mike and Ghous pls examine the chart i attached. i was watching this setup and it broke with a BEOB but a very weak close so i was scared to take it. Pls comment on this type of setup, if you were in my shoes will you also pass on this one or what should i expect if i had taken it. Jibosn {image}
Hey Jibson,

Ideally we like good strong closes on our outside bars so this would have been a pass for me personally.

That wick was always pretty likely to get filled like it did due to the close still being below the trend line but the outside bars we execute our trades on need to be perfect.

g.
I believe . . .
  • #128,242
  • Oct 22, 2013 11:52am Oct 22, 2013 11:52am
Quoting jibson007
I took this one hope i am not wrong. I want to see how it turns out, am holding it over night. jibson {image}
Hey bro,

That looks like a fairly tricky trade. Always is when you're trying to buy at an extreme high following a bullish rally. Notice how price has actually just accelerated through a prior swing high. These are literally the favorite times for major opposing orders to come into the market thereby creating a fake out.

Attached Image (click to enlarge)
Click to Enlarge Name: ej.jpg Size: 241 KB


Not saying a fake out has to necessarily form here, and I hope it doesn't but you're seriously vulnerable to being on the wrong side of the fence by taking a long at an extreme swing high without a major support story from under (such as a box/pattern breakout or other sources of confluence).

hope this helps.

g.
I believe . . .
  • #128,243
  • Oct 22, 2013 12:00pm Oct 22, 2013 12:00pm
Quoting Neytiri
{quote} Hey Meshka, I posted that few posts ago. Post 128,232 Glad that we are on the same page with respect to that pair. I have decided to take full profit at 1.37. Neytir
Boom! So fast

N
  • #128,244
  • Oct 22, 2013 12:00pm Oct 22, 2013 12:00pm
Quoting ghous
{quote} Hey Neytiri, yes it is albeit a tricky one due to the minor swing high that its off and also because its headed into a big block of consolidation. I am glad you identified that consolidation box high as the FTA. g.
The FTA holding as support to the pip! No surprises.

Attached Image (click to enlarge)
Click to Enlarge Name: fakeout.jpg Size: 185 KB


g.
I believe . . .
  • #128,245
  • Oct 22, 2013 12:06pm Oct 22, 2013 12:06pm
Quoting ghous
{quote} These are one of those times when the patience really gets tested. You need to hang on there. Just too much uncertainty around to plug in the action in the fx markets these days. Not the first time, and certainly not the last. Remember, anybody could be boasting about 300% gains accumulated in a period of 2 months because the market was in a favorable condition. What completes a trader is the ability to see through ALL phases. Rake in the cash during the fruitful months and learn to sit on the the hands and preserve capital during the rough...

g

I have realized that there are two difficult challenges for new comers with the trading approach here. The first is to sit and watch for A + trades and the second is to build a huge trading capital to be able trade this successfully. Personally I feel that it is better to take trades on LTF also on DEMO account till you get a hang of the method without sacrificing the quality of the setups. After you get the confidence that this can be traded successfully we can limit our setups to Daily and Weekly and build the trading capital while we demo this. I am going back to US to get a consulting assignment. But this time around I am getting into market to build the trading capital.

Coming to the trading capital that is another huge challenge one has to deal with. James says in one of his video that there is the risk of over trading with small accounts and that can lead to failure. This needs to be treated as business at all times. If we cannot do that it is better to opt out of this before it is too late.
  • #128,246
  • Oct 22, 2013 1:29pm Oct 22, 2013 1:29pm
Quoting dan89
{quote} Just closed this one out for around 4% ish. price could not close below that bullish bar and is not struggling to break past below it again. {image} Take care Dan
Have a feeling that price is likley to shoot back up. Price is really struggling to close below the open of that bullish bar ...

Take care
Dan
  • #128,247
  • Oct 22, 2013 1:31pm Oct 22, 2013 1:31pm
Quoting dan89
{quote} Have a feeling that price is likley to shoot back up. Price is really struggling to close below the open of that bullish bar ... Take care Dan
For some reason I cant edit my posts ... get a messege saying I dont have premission or something .. anyway wanted to add a chart

Attached Image (click to enlarge)
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  • #128,248
  • Oct 22, 2013 1:40pm Oct 22, 2013 1:40pm
Quoting ghous
{quote} The FTA holding as support to the pip! No surprises. {image} g.


Neytiri
  • #128,249
  • Oct 22, 2013 7:25pm Oct 22, 2013 7:25pm
Quoting jibson007
Hi everyone. Just this two quick request. Maybe Mike, Ghous or anyone can help: 1. I need the back testing software for MT4. Though i got one (MT4i Trading Simulator) sometimes ago but i could not really get my way around it and i have not being chanced to work on it. I will be glad if i can get heads up on using the package. 2. I also like to have a trading journal software to keep my trading log. I got this one (Forex Control Center) and its working fine but maybe there could be something better. Thanx Jibson
Hey Jib

There are two things I know of

One is free and is a plugin for mt4 called Vhands . I have no experience with this but I know many members in our group have used it and loved it

The other is forextester which costs money and I have no affiliation with but have bought myself many many years ago and thought it was a really cool program for the small price tag.


As for journal software I am kinda old fashion and say just use excel or something simple. Track the categories you like and that's all you need. Other than that you may want to consider a journal either private or public as I know many like to do that as well too

Hope that helps
mike
  • #128,250
  • Oct 22, 2013 7:26pm Oct 22, 2013 7:26pm
Quoting Martin600
A trade on equities from previous week. Nice pop up. Target around 29. And a few things to watch {image} {image} {image}

G is right, I am a diehard simplistic trading fan and these charts all sum that up. I just hope those new people that wander into our little corner of FF see this and realize that's all you need



Mike
  • #128,251
  • Oct 23, 2013 1:48am Oct 23, 2013 1:48am
Quoting prasad99
{quote} g I have realized that there are two difficult challenges for new comers with the trading approach here. The first is to sit and watch for A + trades and the second is to build a huge trading capital to be able trade this successfully. Personally I feel that it is better to take trades on LTF also on DEMO account till you get a hang of the method without sacrificing the quality of the setups. After you get the confidence that this can be traded successfully we can limit our setups to Daily and Weekly and build the trading capital while we...
Couldn't agree with you more.

I think its unfair to think of trading as a business that requires very little investment. Just like any other business there are some solid basic requirements to make it in this business. Access to trading capital that gets you the money you want after affording losing months and flat periods in between and after adjusting for tax and other relevant deductions is a must. Unfortunately the retail FX market is tainted with scammers proposing outrageous monthly returns and you've got bucket shop brokers offering crazy leverage (which the newbies are tempted to use in the wrong way) and bonuses and stupid trading competitions all of which promote the notion that you can actually make it in this business even when you have a very small account.

Now of course over the short term anything's possible but the biggest, most challenging aspect of this business is the long term survival and that is going to be the easiest to achieve when you have sizable trading account.

Almost all the major mistakes that new people (and even the more seasoned traders) will make somehow connect with the under capitalized trading accounts if that's the case. Over trading, over leveraging, not being patient, screwing up trade management - you name it.

Not to say that the HUGE account is the only way to make it, just that its the easiest. For the rest, they need to at least have a sizable account that they can eventually grow over time by retaining some of the profits.

g.
I believe . . .
  • #128,252
  • Oct 23, 2013 2:21am Oct 23, 2013 2:21am
Quoting ghous
{quote} Hey bro, That looks like a fairly tricky trade. Always is when you're trying to buy at an extreme high following a bullish rally. Notice how price has actually just accelerated through a prior swing high. These are literally the favorite times for major opposing orders to come into the market thereby creating a fake out. {image} Not saying a fake out has to necessarily form here, and I hope it doesn't but you're seriously vulnerable to being on the wrong side of the fence by taking a long at an extreme swing high without a major support...
Hey Jibson,

We actually did end up with a fake out. Just looked so much on the cards seeing how price suddenly accelerated into that major former swing high so late in the day.

Attached Image (click to enlarge)
Click to Enlarge Name: chart.jpg Size: 271 KB


I think you need to frame that trade and use it for reference all the time. Literally. Worry not that it displays a mistake. The ability to cherish and acknowledge your mistakes and be willing to do whatever it takes to learn from them is a profound skill in this business.

I think this is a great example of why going long at a well defined former swing high can be deadly if you don't have a very strong bullish story to support that kind of an assault.

g.
I believe . . .
  • #128,253
  • Oct 23, 2013 5:44am Oct 23, 2013 5:44am
Quoting ghous
{quote} Hey Jibson, We actually did end up with a fake out. Just looked so much on the cards seeing how price suddenly accelerated into that major former swing high so late in the day. {image} I think you need to frame that trade and use it for reference all the time. Literally. Worry not that it displays a mistake. The ability to cherish and acknowledge your mistakes and be willing to do whatever it takes to learn from them is a profound skill in this business. I think this is a great example of why going long at a well defined former swing high...
Excellent example of very important things to bear in mind :-)
every Saint has a past. Every Sinner has a Future
  • #128,254
  • Oct 23, 2013 6:36am Oct 23, 2013 6:36am
Quoting ghous
{quote} Couldn't agree with you more. I think its unfair to think of trading as a business that requires very little investment. Just like any other business there are some solid basic requirements to make it in this business. Access to trading capital that gets you the money you want after affording losing months and flat periods in between and after adjusting for tax and other relevant deductions is a must. Unfortunately the retail FX market is tainted with scammers proposing outrageous monthly returns and you've got bucket shop brokers offering...

G

Thanks for validating my points written above. All the requirements put together it makes trading a tough business to master and flourish and no doubt about that. However I am so fed up with corporate jobs and that combined with my passion for trading gives me the courage to overcome the toughest challenges. I don't mind building a large account if that is what it takes to make it in trading. I am not in trading just because of money but the freedom it offers to live my life. I would be willing to take those jobs once again if there is hope to start trading at some point of time. I just want to be my own person and that is the biggest motivation for me to trade.

I am taking this very seriously so even though I have been dabbling with it since three years I have not invested a single penny into this. I have read very early in my trading life somebody saying "double you demo account and establish your strategy before putting real money" and I have stuck to that since then. I know there are no emotions when there is NO money involved......but you have to handle imperfect strategy and emotions both if you enter trading without proving yourself on demo. And that does not work...it will be another blown account.

This thread has been like god sent to me so that I can practice trading as my temperament is not suitable for corporate jobs in the long term. Though I have come across lots of books , traders and strategies I could like only a few of them. There may be a great strategy that makes money but if I don't feel comfortable with it...I cannot follow it. Luckily I have found your writings and videos on PF by James and Mike very helpful. I have to practice a lot with these setups but I think I am getting somewhere with this.
  • #128,255
  • Oct 23, 2013 6:55am Oct 23, 2013 6:55am
Quoting ghous
{quote} Couldn't agree with you more. I think its unfair to think of trading as a business that requires very little investment. Just like any other business there are some solid basic requirements to make it in this business. Access to trading capital that gets you the money you want after affording losing months and flat periods in between and after adjusting for tax and other relevant deductions is a must. Unfortunately the retail FX market is tainted with scammers proposing outrageous monthly returns and you've got bucket shop brokers offering...

I have a trading question. I have a taken a trade on the Daily chart of CAD/CHF pair. It is in a nice downtrend with lots of space to the left but I could not get any PA trigger. I don't see any nearby support points nearby though there a couple based on what price respected on weekly.

Now my question is ...do you consider this a A setup or what grade you give for this trade. Is it ok to take the trade without a PA signal if it is trending and there is space. What are the chances of winning such a trade.

Now how do we manage this trade as support points are quite at a distance. Let me attach the screenshot.
Attached Image (click to enlarge)
Click to Enlarge Name: CADCHF.png Size: 113 KB
  • #128,256
  • Oct 23, 2013 7:17am Oct 23, 2013 7:17am
Quoting prasad99
{quote} I have a trading question. I have a taken a trade on the Daily chart of CAD/CHF pair. It is in a nice downtrend with lots of space to the left but I could not get any PA trigger. I don't see any nearby support points nearby though there a couple based on what price respected on weekly. Now my question is ...do you consider this a A setup or what grade you give for this trade. Is it ok to take the trade without a PA signal if it is trending and there is space. What are the chances of winning such a trade. Now how do we manage this trade as...
This is not a trade I would take. I don't know what your entry was. There are too many good trade set ups with PA confirmation to look at in a weeks time to trade this way. On CAD/CHF since August, there are three set ups worth trading on the D1 and one would have stopped me out for a loss. I hope this helps you.


K.I.S.S.
Attached Image (click to enlarge)
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  • #128,257
  • Oct 23, 2013 7:44am Oct 23, 2013 7:44am
Quoting ghous
{quote} Hey Jibson, We actually did end up with a fake out. Just looked so much on the cards seeing how price suddenly accelerated into that major former swing high so late in the day. {image} I think you need to frame that trade and use it for reference all the time. Literally. Worry not that it displays a mistake. The ability to cherish and acknowledge your mistakes and be willing to do whatever it takes to learn from them is a profound skill in this business. I think this is a great example of why going long at a well defined former swing high...
I think I did the same what Jibson did with one of my trades , the only difference is I went on short on this one. But the one I took is trending and is at the swing low. I just put a 15 pip trailing stop loss on this one. However unlike before where I used to follow a trend line , this time around I am using PA to manage the trade. Not going to lose much on this trade.
  • #128,258
  • Oct 23, 2013 8:04am Oct 23, 2013 8:04am
Quoting dan89
{quote} Have a feeling that price is likley to shoot back up. Price is really struggling to close below the open of that bullish bar ... Take care Dan
Hey guys,

Its always nice to see price do what you expect it to do. It provides reassurance and confidence in future trades. This seems to happen more and more often to me now Still got work to do though - but now its leaning more to the psych side of trading rather then the technical aspect of it. Chart below

Attached Image (click to enlarge)
Click to Enlarge Name: 23-10-2013 13-57-56.png Size: 5 KB


Take care
Dan
  • #128,259
  • Oct 23, 2013 8:13am Oct 23, 2013 8:13am
Quoting KissFan
{quote} This is not a trade I would take. I don't know what your entry was. There are too many good trade set ups with PA confirmation to look at in a weeks time to trade this way. On CAD/CHF since August, there are three set ups worth trading on the D1 and one would have stopped me out for a loss. I hope this helps you. K.I.S.S. {image}

Kiss

How about this one on the weekly chart of AUD /CAD. Do you think that it is a tradable pinbar....do we need to wait till the break of pin bar to take a trade..
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  • #128,260
  • Oct 23, 2013 9:01am Oct 23, 2013 9:01am
Quoting prasad99
{quote} Kiss How about this one on the weekly chart of AUD /CAD. Do you think that it is a tradable pinbar....do we need to wait till the break of pin bar to take a trade.. {image}
This is not a pinbar yet. I will not be finished forming until Sunday. If you want to short this after it becomes a pinbar then you would wait for the break. If you execute a short, you need to know where the first area of support you will encounter is.

K.I.S.S.
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