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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

  • #128,841
  • Nov 20, 2013 8:35pm Nov 20, 2013 8:35pm
Quoting zohaib
Ghous Eur/jpy making BEOB and also a fake out according to me but there is still time to daily close and also FOMC so it can reverse but if it close as it is will you trade it? It has already reached FTA. {image}
Hey Zohaib,

It closed a little off the 134 RN. Being in the side ways market that we're in I am not willing to take on the traffic underneath.

This one's a pass for me.

If it breaks the low of the BEOB hard it might just push through but not something I want a bet on.

Attached Image (click to enlarge)
Click to Enlarge Name: ej.png Size: 53 KB


g.
I believe . . .
  • #128,842
  • Nov 20, 2013 10:13pm Nov 20, 2013 10:13pm
I think everyone can learn so much from the way that Ghous is super picky about the set ups he enters. No great suprise given the overall message of this amazing thread but to see him come on and explain why so many set ups that people post are not A+ is a real eye opener.

Many thanks G please keep it up!
  • #128,843
  • Edited Nov 21, 2013 12:05am Nov 20, 2013 11:47pm | Edited Nov 21, 2013 12:05am
GBPJPY buy setup. Tested 20 and 55 EMA twice.

Update: TP hit +30 pips
Attached Image(s) (click to enlarge)
Click to Enlarge Name: GBPJPY buy.png Size: 58 KB
Click to Enlarge Name: GBPJPY buy TP hit.png Size: 38 KB
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  • #128,844
  • Nov 21, 2013 1:31am Nov 21, 2013 1:31am
Quoting ghous
{quote} The swing low is pretty minor. It does borrow some strength from the PPZ in the region, but I personally prefer deeper stronger swing points and a story buildup that is highly suggestive of a fake out scenario. {image} For example here's a trade that I am in. A very strong support region (trend line + EMA + PPZ) and price created a bullish pin bar off of it. The wick of the pin bar pretty much held confirming that this really just wasn't weak buying. If that was the case, we would have seen price completely fill the pin bar's wick and continue...
I closed the CHF/SGD yesterday for about 1R on account of no momentum.

The added benefit of taking trades with very obvious target areas and space in between those, is the ability to use momentum to your advantage. As Jarroo once put it "A high quality setup is a high momentum setup". When you have your target areas nice and conspicuous there is every reason to expect price to attack them. When it doesn't do so you have a logical reason to worry.

With my fake out setups, I know its normal for price to take a breather for a bar or two immediately after creating the fake out setup as obviously the fake out activity requires a lot of doing and represents retail carnage. With this setup, the prolonged consolidation despite a clear path to the marked FTA had me on my toes. The 1.36 did a good job initially to hold price from under during that "breather phase" and when it finally decided to break north (about the time I wrote the quoted post and attached my chart) I was anticipating a smooth move to the first target area. Instead we had a weak close on that bar and the next bar had real trouble breaking past the prior bar. Now again if price was actually at resistance the holdup would have made sense but this was in a different context altogether.

The fundamentalists would want to now jump in and claim price was really waiting for the FOMC speeches and I'll nod in agreement but was that really all that important to know if you know what your chart is telling you? The sentiment, regardless of whatever's causing it is right in front you embedded in your price bars. Leaving aside those, who really do extract a lot of pleasure from being able to know the exact motives behind every move in the market, there is nothing wrong in being on the side that's really only worried about what price did and what can you do to benefit from it leaving the "why" question for the hair skin peelers.

Attached Image (click to enlarge)
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g.
I believe . . .
  • #128,845
  • Nov 21, 2013 1:32am Nov 21, 2013 1:32am
Quoting iwillsurvive
GBPJPY buy setup. Tested 20 and 55 EMA twice. Update: TP hit +30 pips {image} {image}
You've dressed your charts real nice. We're all perverts and prefer them naked

g.
I believe . . .
  • #128,846
  • Nov 21, 2013 1:38am Nov 21, 2013 1:38am
Quoting ghous
{quote} You've dressed your charts real nice. We're all perverts and prefer them naked g.
Hehe. I used to trade naked and I got raped. Prefer to wear some clothes now.

Another trade. Sorry I didn't capture it when I first got in

Spotted another EURAUD buy
Reasons for buying:

  1. tested 20 EMA twice (blue line) in a higher low fashion
  2. tested mid pivots together with 20 EMA
  3. Made a higher low at VWAP line (khaki coloured line)

Result +17pips. TP at daily R1

Attached Image (click to enlarge)
Click to Enlarge Name: EURAUD +17pips.png Size: 59 KB
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  • #128,847
  • Nov 21, 2013 1:46am Nov 21, 2013 1:46am
Quoting iwillsurvive
{quote} Hehe. I used to trade naked and I got raped. Prefer to wear some clothes now. Another trade. Sorry I didn't capture it when I first got in Spotted another EURAUD buy Reasons for buying: tested 20 EMA twice (blue line) in a higher low fashion tested mid pivots together with 20 EMA Made a higher low at VWAP line (khaki coloured line) Result +17pips. TP at daily R1 {image}
I am trying to hint that this is not an advertising platform for your "flashy system". We encourage a great deal of flexibility with regards to the methods people use to to trade here but at their core they are all price action based systems that are built on the basics taught here at this thread.

Your posts are encouraged if they are somewhat in line with what we teach here and have no commercial motives attached. Its apparent that you fulfill neither of these requirements.

Kindly please gather the eyeballs you need on a separate thread and really best of luck with your endeavors. Just that using a popular thread to gather some attention is something that has been attempted in the past too and isn't pretty or acceptable.

Hope you understand

g.
I believe . . .
  • #128,848
  • Nov 21, 2013 1:57am Nov 21, 2013 1:57am
I apologise.
Forex brokers real time discount - visit Abundance trading group. com
  • #128,849
  • Nov 21, 2013 2:00am Nov 21, 2013 2:00am
Quoting iwillsurvive
I apologise.
Gladly accepted. Thanks for understanding.

g.
I believe . . .
  • #128,850
  • Nov 21, 2013 2:13am Nov 21, 2013 2:13am
Quoting ghous
{quote} I closed the CHF/SGD yesterday for about 1R on account of no momentum. {image} g.
This month performance so far....

GBPJPY - SL hit by 1 pip but hit the 3R target
CHFSGD - Ended up in BE (2R winner but I was waiting for 3R)
EURNZD - Ended up in BE (2R winner but I was waiting for 3R)

3 Trades are cooking now. Let us see what is happenning.
  • #128,851
  • Nov 21, 2013 3:52am Nov 21, 2013 3:52am
Quoting ghous
{quote} Very strong down trend and compared to that an insignificant swing low. Also THERE IS NO MACD DIVERGENCE. In situations like these (taking counter trend trades against a decently established trend) adequate and extremely obvious divergence is a very important factor to consider. We've pulled right back to the LLS price, and this would really be the make or break time if I were in this trade. Already the bar touching the LLS on the pullback closed strongly bearish and if the LLS decides to give way here then this could be a major sign that...
"Every factor needs to stand out individually" - and this is what I am failing to do on a regular basis. I feel just before placing the trade that I have taken all factors into consideration. But now I realize that I did not. I have to some how make sure that I take all factors into consideration

Neytiri
  • #128,852
  • Nov 21, 2013 4:17am Nov 21, 2013 4:17am
Quoting mbqb11
{quote} Hey Ney careful with this, remember we want buobs at swing lows. Notice the lowest point of the BUOB is not a swing low so that can be tricky. Also notice you are buying right into the last swing low. This is tricky. You really want to trade away from these potential flip areas(like when price can close above that area) Hope that helps Mike {image}
Thanks Mike.

Neytiri
  • #128,853
  • Edited 7:49am Nov 21, 2013 5:19am | Edited 7:49am
Quoting mbqb11
{quote} Hey Ney careful with this, remember we want buobs at swing lows. Notice the lowest point of the BUOB is not a swing low so that can be tricky. Also notice you are buying right into the last swing low. This is tricky. You really want to trade away from these potential flip areas(like when price can close above that area) Hope that helps Mike {image}
.
  • #128,854
  • Nov 21, 2013 5:22am Nov 21, 2013 5:22am
Quoting mbqb11
{quote} Hey Ney careful with this, remember we want buobs at swing lows. Notice the lowest point of the BUOB is not a swing low so that can be tricky. Also notice you are buying right into the last swing low. This is tricky. You really want to trade away from these potential flip areas(like when price can close above that area) Hope that helps Mike {image}
What is buobs ?
  • #128,855
  • Nov 21, 2013 5:48am Nov 21, 2013 5:48am
Quoting andyhardwick
I think everyone can learn so much from the way that Ghous is super picky about the set ups he enters. No great suprise given the overall message of this amazing thread but to see him come on and explain why so many set ups that people post are not A+ is a real eye opener. Many thanks G please keep it up!
I agree - pictures by Mike, Jim and Ghous etc. are worth a thousand words. If you keep going back over their posts you may find such repitition alters your behaviour (as a trader) for the better
every Saint has a past. Every Sinner has a Future
  • #128,856
  • Nov 21, 2013 5:50am Nov 21, 2013 5:50am
Quoting trexy123
{quote} What is buobs ?
Bullish Outside Bar - read this thread from the beginning and you will be better informed re-terminology etc.
every Saint has a past. Every Sinner has a Future
  • #128,857
  • Nov 21, 2013 6:43am Nov 21, 2013 6:43am
I ended up taking the Eur/Jpy on a retrace with a reduced risk. Looks like the eur rallied over night. Oh well.
  • #128,858
  • Nov 21, 2013 7:02am Nov 21, 2013 7:02am
Quoting SeanyTsunami
I ended up taking the Eur/Jpy on a retrace with a reduced risk. Looks like the eur rallied over night. Oh well.
Sorry to hear that. JPY is loosing ground, EUR has stabilised and is pretty much where it was yesterday at NY close.
I have placed 2 orders, one for EURUSD and other for EURJPY. None of them has triggered as I enter trade on bar breakout +10% of bar's size. Looks like EURJPY will be canceled as it might break upside of BEOB. I'm still waiting what EURUSD will do.
  • #128,859
  • Nov 21, 2013 9:35am Nov 21, 2013 9:35am
Quoting whynotnaveen
{quote} This month performance so far.... GBPJPY - SL hit by 1 pip but hit the 3R target CHFSGD - Ended up in BE (2R winner but I was waiting for 3R) EURNZD - Ended up in BE (2R winner but I was waiting for 3R) 3 Trades are cooking now. Let us see what is happenning.
Was it a full bar loss on Gj?

This is obviously only partial information so my assumption maybe totally incorrect but are you actually shooting for fixed "R" targets for your trades?

g.
I believe . . .
  • #128,860
  • Nov 21, 2013 9:45am Nov 21, 2013 9:45am
Quoting Neytiri
{quote} "Every factor needs to stand out individually" - and this is what I am failing to do on a regular basis. I feel just before placing the trade that I have taken all factors into consideration. But now I realize that I did not. I have to some how make sure that I take all factors into consideration Neytiri
Yup it does take some time for the mind to look beyond emotions and identify the true merit behind a setup every time. About half a decade of being at it I can sometimes end up missing out important information to a setup myself. It's more likely to happen for me following a streak of winners or losers.

The occasional mistake will always be there, the trick is to use the resulting hit to quickly re-learn the lesson for a lasting period and then moving forward instead of living with it. Easier said then done but time is a great teacher.

g.
I believe . . .
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