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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

  • #132,621
  • Oct 14, 2014 8:51am Oct 14, 2014 8:51am
Quoting Neytiri
{quote} Mike, Was this your logic behind the ymz4 trade entry? -price crashes down and closes below the ppz and the trendline -place a lmt sell order at 38 -50% fib retrace of the bearish bar that closed below the trendline? Thanks, N
Yep you got it N. I don't look much at fib retraces but the logical area is the massive PPZ and TL are either going to hold or the entire bearish outlook is jeopardized. So it becomes a critical area and thus a nice area to look for both PA or a touch trade. Both actually occurred. If you watch my first mini dow touch trade video here below notice I say I would rather take profit near this area because it's such a substantial area. BUT I would be willing to evaluate if we got a BEOB as a breakout type bar.

Here is that video:
Inserted Video


Well it really played out perfect in that I took profit, price then bounced which I bought in at that area.(which was the second touch trade I posted) and then it broke the daily beob and broke out to the major trouble area(my target of the 3rd touch trade in reference to your question).

So you can see really that it's all about finding this critical area on the chart. A lot of times it's the area where price can go BOTH ways. So you want that extra piece of information to get in. Be it PA, or touch trading etc. It's all the same thing it's just how you go about getting the last few pieces to construct a trade plan

Best
Mike
  • #132,622
  • Oct 14, 2014 9:11am Oct 14, 2014 9:11am
Awesome video and trade Mike.

If it is not too much trouble, can you please send me the link to the post where you uploaded the touch trade introductory video?

Thanks,

N
  • #132,623
  • Oct 14, 2014 9:22am Oct 14, 2014 9:22am
Quoting Neytiri
Awesome video and trade Mike. If it is not too much trouble, can you please send me the link to the post where you uploaded the touch trade introductory video? Thanks, N
Hey N

That's in the PF I uploaded that live trade video here as an aside for you guys since I can't get here as much as I'd like recently

Check out my last post on the mini dow hopefully gets ya started

Best
Mike
  • #132,624
  • Oct 14, 2014 9:48am Oct 14, 2014 9:48am
Quoting Neytiri
Zamfir, I know you always take your stop to breakeven once the trade goes in your favor. Do you wait for an arbitrary number of pips to be in profit for doing that? What is your logic? Your thoughts will be very helpful because I am struggling doing that. Thanks, N
when you enter and price goes in your favor by 1:1 and you break even, three things can happen

1. you get taken out and price goes against you. you are safe.

2. you get taken out and price moves strongly in you favor again. No worries , look for a new entry.

3. prices doesn't come to your entry and it trends, then you manage SL at major PPZ. When price trends it has to break major PPZ and you put your stops behind them and manage your trades.

Bottom line - DO NOT LOSE MONEY. don't hope and pray that price will always go your way.

EURJPY demonstrates point 3.

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  • #132,625
  • Oct 14, 2014 10:01am Oct 14, 2014 10:01am
Quoting mbqb11
{quote} Hey N That's in the PF I uploaded that live trade video here as an aside for you guys since I can't get here as much as I'd like recently Check out my last post on the mini dow hopefully gets ya started Best Mike
It was indeed very helpful. Thanks so much.

N
  • #132,626
  • Oct 14, 2014 10:05am Oct 14, 2014 10:05am
Quoting zamfir
{quote} when you enter and price goes in your favor by 1:1 and you break even, three things can happen 1. you get taken out and price goes against you. you are safe. 2. you get taken out and price moves strongly in you favor again. No worries , look for a new entry. 3. prices doesn't come to your entry and it trends, then you manage SL at major PPZ. When price trends it has to break major PPZ and you put your stops behind them and manage your trades. Bottom line - DO NOT LOSE MONEY. don't hope and pray that price will always go your way. EURJPY...
Brilliant. I hope this figure and explanation takes me to the next level.

N
  • #132,627
  • Oct 14, 2014 10:36am Oct 14, 2014 10:36am
Quoting mbqb11
{quote} Yep you got it N. I don't look much at fib retraces but the logical area is the massive PPZ and TL are either going to hold or the entire bearish outlook is jeopardized. So it becomes a critical area and thus a nice area to look for both PA or a touch trade. Both actually occurred. If you watch my first mini dow touch trade video here below notice I say I would rather take profit near this area because it's such a substantial area. BUT I would be willing to evaluate if we got a BEOB as a breakout type bar. Here is that video: https://www.youtube.com/watch?v=dmSNBQ72_IM...
Thanks again Mike for your useful vids!
One question: in your charts there is sometimes an indi showing the High or Low of a swing. Would you be so nice sharing this indi shown in the screen below?
Attached Image
Have a nice day
  • #132,628
  • Oct 14, 2014 11:41am Oct 14, 2014 11:41am
Quoting zamfir
{quote} when you enter and price goes in your favor by 1:1 and you break even, three things can happen 1. you get taken out and price goes against you. you are safe. 2. you get taken out and price moves strongly in you favor again. No worries , look for a new entry. 3. prices doesn't come to your entry and it trends, then you manage SL at major PPZ. When price trends it has to break major PPZ and you put your stops behind them and manage your trades. Bottom line - DO NOT LOSE MONEY. don't hope and pray that price will always go your way. EURJPY...
this trade is simply a work of art.
Market can stay irrational longer than you can stay solvent.
  • #132,629
  • Oct 14, 2014 4:14pm Oct 14, 2014 4:14pm
Quoting doerpn
{quote} Thanks again Mike for your useful vids! One question: in your charts there is sometimes an indi showing the High or Low of a swing. Would you be so nice sharing this indi shown in the screen below? {image}

Hey D

That's just a function of that platform. That's my thinkorswim platform which has a lot more customization than MT4

Mike
  • #132,630
  • Oct 14, 2014 5:47pm Oct 14, 2014 5:47pm
Hi Mike,

you have posted this a couple of days ago. Your ideas were shown in orange.
Could you please if have some time to just very briefly explain, why not like I have showed in red color? As we have broke the up trend line and made a pattern.
Thank you so much
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  • #132,631
  • Oct 14, 2014 5:56pm Oct 14, 2014 5:56pm
Hi Zamfir,

could you please advise on the below

Thank you
Cheers )
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  • #132,632
  • Oct 14, 2014 10:41pm Oct 14, 2014 10:41pm
Quoting Poinson
Hi Zamfir, could you please advise on the below Thank you Cheers ) {image}
Dear Poinson,

I repeat again, do not focus on patterns but on location. PB or any other PA by in itself is meaningless. Not every PB is going to work. PB has to come at the right location for it to work.

  • #132,633
  • Oct 15, 2014 1:28am Oct 15, 2014 1:28am
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  • #132,634
  • Oct 15, 2014 1:39am Oct 15, 2014 1:39am
Quoting Winston Reed
{image}
Nice, I was thinking/hoping that PA will test the resistance and long......
  • #132,635
  • Oct 15, 2014 2:58am Oct 15, 2014 2:58am
Quoting zamfir
{quote} Dear Poinson, I repeat again, do not focus on patterns but on location. PB or any other PA by in itself is meaningless. Not every PB is going to work. PB has to come at the right location for it to work.
Hi Zamfir ! Thank you!

Did these two highest bars form a 2-day bearish PB? Why did not go short there ?

Thanks man!
  • #132,636
  • Edited 4:05am Oct 15, 2014 3:08am | Edited 4:05am
Quoting zamfir
{quote} Dear Poinson, I repeat again, do not focus on patterns but on location. PB or any other PA by in itself is meaningless. Not every PB is going to work. PB has to come at the right location for it to work.
Zamfir,

Just have been looking to this graph on my computer and I have absolutely different bars. I dont have any of these PB which I showed on the image above.
I thought that daily charts should be the same with all brokers.
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  • #132,637
  • Oct 15, 2014 5:16am Oct 15, 2014 5:16am
Quoting zamfir
{quote} Dear Poinson, I repeat again, do not focus on patterns but on location. PB or any other PA by in itself is meaningless. Not every PB is going to work. PB has to come at the right location for it to work.

Hi All,
can we spend a little be more time about LOCATION of the PinBars and other patterns ?
I watched several vides from Mike and I learnt several concepts (example: Price action figures definitions, means of "traffic", general concepts, etc..)
but not still clear few points:

1 - swing H/L : ok clear
2 - support/resistance: ok claear
3 - PPZ "pivot price zone": not totally clear
4- confulence area: what does it means ? protical example (form good samaritans)
5 - divergence MACD: means we need to find pinbars when there is divergence between mcad and price ? example link to chart ?
6- and then final points ( 1mln $): what about the set up ?

I leant a lot by my first PA trades in the summer, and I think I improved a bit , but I'm very far from the "3 Months prof trading" in DEMO (that is my first goal)

Cheers
Xam
  • #132,638
  • Oct 15, 2014 5:18am Oct 15, 2014 5:18am
Among many opportunities there days, here are two im watching
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  • #132,639
  • Oct 15, 2014 5:37am Oct 15, 2014 5:37am
Quoting Winston Reed
{image}
Was wondering can you share how you get into this trade? buy stop on the break etc? Just want to l learn your thought process.

Thanks Winston.
  • #132,640
  • Oct 15, 2014 5:55am Oct 15, 2014 5:55am
closed half
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