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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

  • #131,641
  • Aug 3, 2014 4:36am Aug 3, 2014 4:36am
Quoting dvimix
{quote} so, i take it. with proper MM of course. {image}
Hi dvimix,
First target 93,50 will be the lower TL of the daily up-channel...so far ok for my opinion.
Second target perhaps waiting how price reacts at this resistance? Remember you are trading against the main trend!
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Have a nice day
  • #131,642
  • Aug 3, 2014 9:36am Aug 3, 2014 9:36am
USDCAD seems interesting..

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Whether you can or you can't, you are both right.
  • #131,643
  • Aug 3, 2014 2:02pm Aug 3, 2014 2:02pm
Quoting doerpn
{quote} Hi dvimix, First target 93,50 will be the lower TL of the daily up-channel...so far ok for my opinion. Second target perhaps waiting how price reacts at this resistance? Remember you are trading against the main trend! {image}
Hi doerpn, hope that can get BE as minimum. Unfortunatly, im not good in trendlines, so your snapshot give me some thoughts. Also think if tomorrow day close above 94, may be it will be good decision to close trade manually.
And about indi, moretti12 gave you right link. Sorry, that cant answer earlier.
  • #131,644
  • Aug 3, 2014 2:28pm Aug 3, 2014 2:28pm
Quoting FxLester
{quote} I also think it is a very good idea to also take screenshots of all of your trades. Going back to my ICU/emergency experiences, they would always record our simulations and play them back to us. They would also play sims we did from several months ago. This is all based on that neuro researched I mentioned in my last post. I still go and flick through my old screenshots some times..
recently i also do this. in the graphical editor on screenshot i write why i take this trade(reasons). And after exit i do new screenshot , write results and some thoughts, mistakes. from time to time i look through my pictures and see my mistakes or i may be occur new ideas how i can play similar situations. I keep my records and screenshots in evernote. so when I want to take a trade, I think what can I write in my journal, what reasons,may be it only emotion trade. Hope that I can be disciplined and further.
  • #131,645
  • Edited 11:26pm Aug 3, 2014 5:10pm | Edited 11:26pm
Quoting dvimix
{quote} recently i also do this. in the graphical editor on screenshot i write why i take this trade(reasons). And after exit i do new screenshot , write results and some thoughts, mistakes. from time to time i look through my pictures and see my mistakes or i may be occur new ideas how i can play similar situations. I keep my records and screenshots in evernote. so when I want to take a trade, I think what can I write in my journal, what reasons,may be it only emotion trade. Hope that I can be disciplined and further.
Brilliant mate! Great to hear.

As I alluded to earlier, the most consistent traders share a number of similar traits. One of these is regular personal reflection.

If you have read books like the Market Wizards series by Schwagger (or Kathy Lien's book I mentioned earlier); what I find compelling about these interviews are the consistent themes and character traits that arise over and over again from so many different traders who are successful despite using completely different strategies or trading different markets. Really basic concepts and trading axioms continue to arise over and over again in all of these different traders such as personal reflection, discipline, capital preservation and risk management.

As for myself, my favourite part of the week (whether it has been a profitable one or not) is at the market close, which in Sydney, Australia is about Saturday morning. I'll make myself a cup of tea and get to analysing every trade I took during the week, good and bad. I record some thoughts in a similar fashion to yourself and take a few screenshots. If I took a trade out of any emotion or if I did not stay disciplined in my pre-trade plan (e.g. I moved a stop because I read something silly on Bloomberg), I make great note of this and identify the factors which may have led up to this and reflect upon what I can do to prevent this again. This exercise, really did start to make me more disciplined.
Follow me on twitter @FxLester
  • #131,646
  • Aug 3, 2014 9:49pm Aug 3, 2014 9:49pm
Quoting FxLester
{quote} As for myself, my favourite part of the week (whether it has been a profitable one or not) is at the market close, which in Sydney, Australia is about Saturday morning. I'll make myself a cup of tea and get to analysing every trade I took during the week, good and bad. I record some thoughts in a similar fashion to yourself and take a few screenshots. If I took a trade out of any emotion or if I did not stay disciplined in my pre-trade plan (e.g. I moved a stop because I read something silly on Bloomberg), I make great note of this and...
Hi FxLester. Its very interesting to know what do other traders, how they think. To make records is imortant component. Without it trading is rambling. To watch only history in terminal is not very usefull, there are only digits in it and I cant see what hide by them.
  • #131,647
  • Aug 4, 2014 8:09am Aug 4, 2014 8:09am
serial backtesters, does anyone or has anyone taken screen grabs of JUST the price action candle and one or two candles either side for every trade
i am thinking of doing this and attaching it against each line within my spreadsheet
the point will be to learn VISUALLY and reflect on the type of candle (mainly the size)
does this seem like a fruitless task as it will be all relative for each pair?
  • #131,648
  • Aug 4, 2014 10:18am Aug 4, 2014 10:18am
Quoting flash4
serial backtesters, does anyone or has anyone taken screen grabs of JUST the price action candle and one or two candles either side for every trade i am thinking of doing this and attaching it against each line within my spreadsheet the point will be to learn VISUALLY and reflect on the type of candle (mainly the size) does this seem like a fruitless task as it will be all relative for each pair?
Hey Flas

I used to screen grab but I wouldn't just grab the candle or two. It won't give you a visual representation of the entire situation. Screen grab the entire picture. You can even attach them to a spreadsheet in a link which excels is nice for, or just in a folder if it's easier for you. I think that's a great idea so you can go back over the entire chart. I would also jot notes on that chart too of what your thoughts were at the time. Many have with the ease of access to the software use even screen recording software like I use for my videos/webinars

Best
mike
  • #131,649
  • Aug 4, 2014 10:19am Aug 4, 2014 10:19am
i'm mostly involved in equities but here is a ncie FX chart I am watching. Picture perfect resistance area. If price can give us some nice PA on a break or pullback to this area it would be nice!

Great area to continue to hold as resistance or my preferred would be a flip to a PPZ

Mike
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  • #131,650
  • Aug 4, 2014 10:23am Aug 4, 2014 10:23am
Quoting flash4
serial backtesters, does anyone or has anyone taken screen grabs of JUST the price action candle and one or two candles either side for every trade i am thinking of doing this and attaching it against each line within my spreadsheet the point will be to learn VISUALLY and reflect on the type of candle (mainly the size) does this seem like a fruitless task as it will be all relative for each pair?
hey flash

Reading a professional trader journal is a very useful exercise, there are only few out there that are detailed enough to my liking. However, you may find this book interesting http://www.amazon.com/gp/product/085...=eauciuen0a-20
  • #131,651
  • Aug 4, 2014 1:12pm Aug 4, 2014 1:12pm
Quoting dvimix
{quote} Hi doerpn, hope that can get BE as minimum. Unfortunatly, im not good in trendlines, so your snapshot give me some thoughts. Also think if tomorrow day close above 94, may be it will be good decision to close trade manually. And about indi, moretti12 gave you right link. Sorry, that cant answer earlier.
Hi dvimix,
doesn`t close above 94 but no down momentum....I`d tighten my stopp
And I`d learn about trendlines
Indi looks fine, thanks.
Have a nice day
  • #131,652
  • Edited 1:39pm Aug 4, 2014 1:29pm | Edited 1:39pm
First trade for me in a week. Nice to get some action. This has triggered and moved to (net) B/E while I slept (4:30am Sydney time now). You're looking at the GBP/DKK 4H here.

I've written some notes on my trade management.

Cheers
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Edit: Thought I'd add some notes about entry as well. Trendline, support/resistance zone + trending market. Trendline is longterm and shallow (the shallower the better!). We have what I nickname the lonely pinbar. That is, this is a pinbar with a stack of space to the left at a logical pull back in trend. Really high probability stuff here.
Follow me on twitter @FxLester
  • #131,653
  • Aug 4, 2014 3:03pm Aug 4, 2014 3:03pm
Quoting FxLester
First trade for me in a week. Nice to get some action. This has triggered and moved to (net) B/E while I slept (4:30am Sydney time now). You're looking at the GBP/DKK 4H here. I've written some notes on my trade management. Cheers {image} Edit: Thought I'd add some notes about entry as well. Trendline, support/resistance zone + trending market. Trendline is longterm and shallow (the shallower the better!). We have what I nickname the lonely pinbar. That is, this is a pinbar with a stack of space to the left at a logical pull back in trend. Really...
Hi Lester,
may I show you my view on GBPDKK?----nice spread however
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Have a nice day
  • #131,654
  • Aug 4, 2014 3:43pm Aug 4, 2014 3:43pm
Quoting doerpn
{quote} Hi Lester, may I show you my view on GBPDKK?----nice spread however {image}
I think you guys are seeing the same thing really. Lester traded a pinbar, which has gone the FTA (which is zone you marked). He reduced his risk by scaling out and moving his stop....basically putting himself in a risk free trade. If it goes up he catches a nice return at a zone higher up. If it goes down he has Break Even or better. I think it's a great trade plan.
  • #131,655
  • Aug 4, 2014 3:57pm Aug 4, 2014 3:57pm
Quoting doerpn
{quote} Hi Lester, may I show you my view on GBPDKK?----nice spread however {image}
Wonderful chart doerpn. We're on the same page here as Donkey said above.

I'll show you another from the same.
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I took this trade on the same chart 2 weeks ago. Stopped at BE. Invalidation of a steeper trendline.

Now I thought about this trade trade I'm in now a lot before I set my orders. In the end, I was happy to take the long I'm in and also happy to consider any shorts from the same area you have marked. I'll explain my reasoning below.

I considered the prospect of shorts (from the 40000 level) as it does look like price is turning over to me for a number of reasons:
1. GBP/DKK is clearly trending. We've for the first time since March 2014 we have failed to make a new higher low. This is significant.
2. We've broken through a trendline respected since May 2014

Now the reason I still took this long:
1. To me, the trend has not reversed until we see a 1-2-3 i.e. price action carving out a lower high.
2. The signal was at a fantastic spot. PA+TL+SR+trending market=deadly combo to me and I saw that there was a logical spot (the first area) where I could mitigate my risk fairly quickly and easily - this is the most important thing to me.

New traders, please read this next part!
Whenever I enter a trade, my thinking is always "if I am triggered, what I can I do, and when can I start minimising or completely mitigate my risk?"
The thinking of new traders with dollar signs in their eyes and dreams of yatchs are thinking "if I am triggered, how much money am I going to make?"

Now, the second line of thinking is still obviously important i.e. how much money will this trade make me. However, if that is your focus, you will lose sight of the most important things in trading which are mitigating risk and capital preservation. If you do not identify and acknowledge your risk going into it, you will never survive in this business.
Follow me on twitter @FxLester
  • #131,656
  • Aug 4, 2014 7:33pm Aug 4, 2014 7:33pm
Quoting FxLester
New traders, please read this next part! Whenever I enter a trade, my thinking is always "if I am triggered, what I can I do, and when can I start minimising or completely mitigate my risk?" The thinking of new traders with dollar signs in their eyes and dreams of yatchs are thinking "if I am triggered, how much money am I going to make?" Now, the second line of thinking is still obviously important i.e. how much money will this trade make me. However, if that is your focus, you will lose sight of the most important things in trading which are mitigating...
amen brotha, this is the whole truth
  • #131,657
  • Aug 4, 2014 10:52pm Aug 4, 2014 10:52pm
thanks all again for the help
fantastic thread
back testing has begun on one pair
finished one year last night
another 9 to go for that pair
and then another 90 across other pairs!
looking forward to it
before that though, i will go back and review tonight to see if my notes were adequate and if i did anything "stupid" even if it resulted in a profit
  • #131,658
  • Aug 4, 2014 11:33pm Aug 4, 2014 11:33pm
Quoting FxLester
{quote} Wonderful chart doerpn. We're on the same page here as Donkey said above. I'll show you another from the same. {image} I took this trade on the same chart 2 weeks ago. Stopped at BE. Invalidation of a steeper trendline. Now I thought about this trade trade I'm in now a lot before I set my orders. In the end, I was happy to take the long I'm in and also happy to consider any shorts from the same area you have marked. I'll explain my reasoning below. I considered the prospect of shorts (from the 40000 level) as it does look like price is turning...

Completely agree with FXLester, As soon as i enter i always look to BE ASAP. Don't care if it takes me out at BE and then moves. Best example of this is on GOLD, took me out at BE , but don't matter another trade is just around the corner.

My understanding is that if the institutions are going to move the price they will and should not hit my BE. This is how i know that I m going with the institutions. Best examples of this is my GBPUSD and USDCHF entries.

But the most important thing is you need to BE and NOT take a loss after it goes in your direction because those losses eat away the profits in long term and newbies will perceive this as having no edge and jump to the next stragtegy, while all the time you did have an edge. you just did not learn to manage the trade well enough.IMO this is what separates the boys from men.
  • #131,659
  • Aug 5, 2014 3:58am Aug 5, 2014 3:58am
Thought I'd give an update on the GBP/DKK which helps me bring up a price action concept I haven't seen mentioned on this thread called "Night Attack".

I'm in profit now and have some locked in. My 4H bar is about to close in 12 minutes and we've just seen the bulls take over. Certainly this has to be a major financial institution i.e. Smart Moneys, Big Moneys, Big Boys. They have lots of nicknames in the trading world, but they are the people that move the markets as Zamfir mentioned.

Here's the story so far:
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Now we're hitting a major resistance and depending on the price action I would either scale out, hold or liquidate my position.

I've opted to ratchet my stop to lock in profit under this bull bar and wait to see what happens because I see a "Night Attack". The term was coined by Steve Nison. If you don't know who that is, he is the reason why every Western trader knows about Japanese candlesticks. The Japanese termed a huge buy or sell order (from an institution) towards the close of a candle a Night Attack. Pretty cool name! Now institutions want to defend areas or suck up order flow where they see it stacking up. Because they have both the financial and mental fortitude, they can even sometimes manipulate the way a candle closes by stacking a buy or sell close to where a candle closes which can do a number of things I won't go into right now. Take note if you watch charts live, how many times a daily pinbar will actually form during the last hours of the day! This is a combination of profit taking as well as sometimes night attack.

Now, because I am not a stock trader, and Fx does not have a centralised dealing desk which would enable me to see the true trading volume, Night Attack just happens to be another price action piece of information I use which can indicate volume.

As a result, I'll see how this candle closes. Which at this point in time will likely be very bullish and then see what further price action takes place. I will likely at this point bury my stop beneath some support with a buffer or find a psych level that is confluent with support to give my stop more protection.

Hope this makes sense!
Cheers,
Lester

PS. I think the forum might be buggy. I've got a yellow flag next to my name but I only have about 30 posts! Is it based on number of posts/day? Maybe I should give it a break for a bit!
Follow me on twitter @FxLester
  • #131,660
  • Edited 6:34am Aug 5, 2014 6:20am | Edited 6:34am
Quoting FxLester
PS. I think the forum might be buggy. I've got a yellow flag next to my name but I only have about 30 posts! Is it based on number of posts/day? Maybe I should give it a break for a bit!
It's a FF feature called Impact Ranking System and you can read more about it here.
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