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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

  • #130,061
  • Feb 24, 2014 3:58am Feb 24, 2014 3:58am
Quoting hginvestor
Hi guys, USDCAD - I see possible entry on d1 chart, {image} We have nice pin good level double top MACD divergency One thing that is telling me to not take this trade is - trend. On d1 and w1 there is an up trend. Please share your point of view about my perspective
Hey there,

Technically regular divergence counts when you're looking at extreme swing highs and swing lows. Here the pin bar isn't at a swing high. Also notice how the trade is headed straight into a price flip.

Far too many pit falls there for me.

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g.
I believe . . .
  • #130,062
  • Feb 24, 2014 4:34am Feb 24, 2014 4:34am
This is a quote from way back on page 550-odd of this thread! Think it's worth repeating as it's something that I am struggling with a lot at the moment - taking trades that aren't the best, feeling like I 'know' which way the market is going, wanting to be in a trade... Sure I can't be the only one who struggles with these issues. Hope this helps - cheers Bundyraider, wherever you've gone!

Quoting bundyraider
{quote} See.... trading with preconceived ideas of direction is "trying to be right". Just not worth it. Price action and Confluence rules ...and not just any confluence. (I said it myself in the posts. It could go any way.) You have to zoom out and look at the complete picture. ...And, wait if it has more hurdles to a clearer run. There was mixed information everywhere and I took a trade (even if was small) just to have something on in the market. ...and to do that, I used my thoughts on where things "should" go. "Should" is a no-no...
EDIT - Repeated the quote in full below ( not sure how to stop the text being cut when I requote. )

"See.... trading with preconceived ideas of direction is "trying to be right".
Just not worth it.

Price action and Confluence rules ...and not just any confluence. (I said it myself in the posts. It could go any way.) You have to zoom out and look at the complete picture. ...And, wait if it has more hurdles to a clearer run.

There was mixed information everywhere and I took a trade (even if was small) just to have something on in the market. ...and to do that, I used my thoughts on where things "should" go. "Should" is a no-no word when trading. All that matters is the probability. The best probability trades are the A++ trades.

I know there are a lot of people out there thinking that Price action is the Holy Grail. It's not. It a tool that has to be coupled with patience and self protection. ...You wait for the trades that give you the best chance of success, and you enter them with a position size that takes into account that NOTHING IS EVER a sure thing, even the best setup ever!"
We are what we repeatedly do. Excellence, then, is not an act, but a habit
  • #130,063
  • Feb 24, 2014 5:15am Feb 24, 2014 5:15am
Quoting Neytiri
pinbar off vbrn 9.0 which is a key ppz. Neytiri {image}
.
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  • #130,064
  • Feb 24, 2014 5:21am Feb 24, 2014 5:21am
Quoting ehrek
{quote} Totally understand where you are coming from, and at the end of the day I realize I'm barking in someone else's backyard. Just felt like I needed to comment, not sure why.. Happy trading!
I know why.

Nice to see you pop up mate.
.
  • #130,065
  • Feb 24, 2014 6:04am Feb 24, 2014 6:04am
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  • #130,066
  • Feb 24, 2014 8:50am Feb 24, 2014 8:50am
Quoting ghous
{quote} If you think Mike took that trade and was actually "biting his nails off for 2 hours" you don't know him and you definitely don't know (or have misconstrued) what we do here. That was a Bullish Outside Bar trade, as good as it gets. Its probably ok to be bragging about your low draw down - high gain trades provided you're willing to respect alternate approaches. At the end of the day it's never about that one trade anyway is it? g.
Don't worry buddy we have some folks that think their is only one way to trade. It's a sign of immaturity in knowing the markets for me. I see it all the time. I simply provide a way that works for me and share my experience. You can't help those that don't want to be. In fact I even address the issue at hand in the video I shared for free, but usually someone doesn't want to dig that far and its back to the ego and to get that "jab" in. Ego is the worst thing to have in the markets and people always figure that out sooner rather than later

Appreciate you trying to help as always G

Mike
  • #130,067
  • Feb 24, 2014 9:01am Feb 24, 2014 9:01am
Quoting Berserker
This is a quote from way back on page 550-odd of this thread! Think it's worth repeating as it's something that I am struggling with a lot at the moment - taking trades that aren't the best, feeling like I 'know' which way the market is going, wanting to be in a trade... Sure I can't be the only one who struggles with these issues. Hope this helps - cheers Bundyraider, wherever you've gone! {quote} EDIT - Repeated the quote in full below ( not sure how to stop the text being cut when I requote. ) "See.... trading with preconceived ideas of direction...
Bundy was one of the good ones we miss around these parts

Glad to see you digging into everything B I have been reading many of your posts. You gotta just keep demoing and demoing and learning from each experience. It really doesn't matter what we think price is going to do if we can't develop a good trade plan(or story as I call it). Many many times I have a good idea where price is going and might even find a "decent" setup but it's still not worth it in my book. The only time I truly care is when I put my money into the market and that's when you learn it's worth being extra picky when doing this. Sort of springboards off my last post about ego. James says it all the time to. It's what kills most traders. You gotta leave it at the door and just sit and be picky for the best setups. And yes we want to take all "hope" out of it and play the situations logically

Take good notes of your trading and always be honest with yourself and you will continue to make good progress

Mike
  • #130,068
  • Feb 24, 2014 10:29am Feb 24, 2014 10:29am
Quoting mbqb11
{quote} Hey FX Can you show us your entries? Usd/cad had a couple nice entries that worked out well. Here was mine I posted last week http://www.youtube.com/watch?v=xxhdn...ature=youtu.be eur/aud is stuck in a pretty choppy box {image}
sir,,
thanks for ur response i notice it late ...anyway my deals closed as sl was hitted
my entery was usdcad 1.5345 sl was 1.5254
..is there posibility it wil go down to fibo 61 @1.1017 then head up to @1.1194 correspondinf fibo 0
3nx
  • #130,069
  • Feb 24, 2014 10:43am Feb 24, 2014 10:43am
Quoting forexer11
{quote} ..is there posibility it wil go down to fibo 61 @1.1017 then head up to @1.1194 correspondinf fibo 0 3nx
hi forexer. anything can happen in the market. 1.1017 is not significant IMO. yes it might go to 1.1017 but it "might also" dip far below that level.
  • #130,070
  • Feb 24, 2014 10:48am Feb 24, 2014 10:48am
Quoting jerbersoftfx
{quote} hi forexer. anything can happen in the market. 1.1017 is not significant IMO. yes it might go to 1.1017 but it "might also" dip far below that level.
yep we are just boxing now

The 3 most imporatant levels for me are the tops/bottoms of the box and midpoint(which is going to be a PPZ). This is more the beginning stages of a box but it will let you know price is consolidating
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  • #130,071
  • Feb 24, 2014 11:45am Feb 24, 2014 11:45am
Quoting mbqb11
{quote} Don't worry buddy we have some folks that think their is only one way to trade. It's a sign of immaturity in knowing the markets for me. I see it all the time. I simply provide a way that works for me and share my experience. You can't help those that don't want to be. In fact I even address the issue at hand in the video I shared for free, but usually someone doesn't want to dig that far and its back to the ego and to get that "jab" in. Ego is the worst thing to have in the markets and people always figure that out sooner rather than later...
lowest draw down possible please.
  • #130,072
  • Feb 24, 2014 12:41pm Feb 24, 2014 12:41pm
Quoting mbqb11
{quote} I like where you are at with this one. I want it to break hard though as this is on the border of a strong close under this area. So we can ditch out early too if price doesn't do what we expect. I love levels like that Nice to see how you are doing M Mike
Hi, Mike. Is it time to run away?
If not up, then down, otherwise sideways :-)
  • #130,073
  • Feb 24, 2014 12:48pm Feb 24, 2014 12:48pm
Quoting Magestic
{quote} Hi, Mike. Is it time to run away?
Hey M

I moved my stop above last weeks high when we initially broke down and got stopped out already. I think at worst your stop should have gone above last weeks high if you hung on last week. Small loss for me on this one for me posted in PF

Hope you had a nice weekend

Mike
  • #130,074
  • Feb 24, 2014 1:12pm Feb 24, 2014 1:12pm
Mike could you please elaborate on the reason for placing the order at a PPZ for your USDCAD 4hr trade. Thanks
  • #130,075
  • Feb 24, 2014 1:18pm Feb 24, 2014 1:18pm
Quoting albus999
Mike could you please elaborate on the reason for placing the order at a PPZ for your USDCAD 4hr trade. Thanks
Hey A

This is what I wrote to someone who asked that question in the PF when I posted my trade

Quoting mbqb11;
i'm upset i lost audio from yesterdays webinar as this concept of knowing if you are trading into or away from a PPZ is coming up in this case
the bar far trumps that area BUT I was/am looking to use this area as protection. But I consider it more part of the larger ppz that exists around the BRN
and another from the pf

Quote
Hey M
Quote

You'll see in my video i speak about the drawdown. There is no way I would let it test the TL, THat doesn't mean it's not playable we just have to utilize the information. This was a very clear wedge pattern over a BRN. Great big buob after failing to make a new low is just money in the bank in this situation for me. What I was looking for is the more immediate area of the BRN to hold us more then anything. So in reality it should be a high momentum setup. Consider adding the ones that seem more complicated to you trade mgmt wise later on. So if you are only comfortable with setups where your pattern is close stick to those till you observe more behavior of the patterns you are playing.

PPZs are a good thing for trades. IF you have them to your back. Again mad I lost yesterdays webinar because I touched on that topic. This one had no strong PPZ in it's way but rather smaller areas that we could use for trade mgmt. We know that BUOB can break a minor area but the LARGER PPZ created by the BRN is actually to our back. THat's big.

This setup was as good as they get for me personally, but spend time observing different setups and it will teach you a great deal. Start playing only the ones you are comfortable with and you can add over time


The idea is that the larger zone exists around our BRN, that minor area just above I use the bar and setup to far trump that. But then we want to use that area for protection against our trade. This is why I wanted to see a strong break and my actual drawdown is in check. Cause if price breaks and taht BRN zone can't hold we can get out.

Hope that helps
Mike
  • #130,076
  • Feb 24, 2014 2:12pm Feb 24, 2014 2:12pm
mike i cant see the ppz around the BRN but only the one ahead of it. hope you don,t mind showing me on a chart though.sorry cant post a chart right now though. Thanks a mil

Al
  • #130,077
  • Feb 24, 2014 2:27pm Feb 24, 2014 2:27pm
Quoting albus999
mike i cant see the ppz around the BRN but only the one ahead of it. hope you don,t mind showing me on a chart though.sorry cant post a chart right now though. Thanks a mil Al
Hey Al

Did you get a chance to watch the video. I think that will help the best. Let me know


best
mike
  • #130,078
  • Feb 24, 2014 3:37pm Feb 24, 2014 3:37pm
Quoting mbqb11
{quote} Hey Al Did you get a chance to watch the video. I think that will help the best. Let me know best mike
no not yet but will watch it as soon as i can. thanks mike

AL
  • #130,079
  • Feb 25, 2014 5:36am Feb 25, 2014 5:36am
pls, somebody should help me out with the indicator that draws these trendlines. thanks
Allow the Market to get to your target entry...
  • #130,080
  • Feb 25, 2014 5:38am Feb 25, 2014 5:38am
Quoting sexypips
pls, somebody should help me out with the indicator that draws these trendlines. thanks
Well you don't really need an indicator to draw trend lines. Unless you spotted something special?

g.
I believe . . .
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