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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

  • #132,801
  • Oct 30, 2014 7:00pm Oct 30, 2014 7:00pm
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I may pull the trigger on this one. We'll see.
  • #132,802
  • Oct 30, 2014 7:32pm Oct 30, 2014 7:32pm
Quoting prasad99
I wonder if anybody is watching this pair. I am watching for some PA....on this one. {image}
Yeah, this resistance looks quite nice. With good PA setup it should go for about 100 pips to nearest support.

Quoting jr241
Hey guys I'm also a newbie to this method and have spent the past few weeks digesting the material of this thread. Just wanted to begin by saying thanks to those that have contributed to the thread over the years with all the excellent learning material that's in here. I definitely agree with the points raised about the importance of patience and discipline when trading with small accounts. Like Adhavan, I had hopes of building up a small account into a reasonable size within a few months and consequently risked more than 2.5% on trades; taking...
I think we all lost some money when we were starting trading, it is part of learning
I find money managment far more difficult than reading charts. Being really greedy always ends in loosing money but from the other side greed is part of this job.

Quoting prasad99
I want to apply money management once the account gets to 5k
You will lose everything without proper money managment before you will get to 5k, trust me. MM is not something you can use when it is ok for you, MM is really essential.

Someone said EUR/AUD. An important note. In my book price is not anymore in downtrend since last swing high is higher than previous swing high. We are now at least in range. It doestn't mean price can't go lower but it means previous low in swing low will be hard to break and break of high in last swing high will mean uptrend. Here are some supports and resistance I see.

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  • #132,803
  • Oct 31, 2014 1:24am Oct 31, 2014 1:24am
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  • #132,804
  • Oct 31, 2014 2:06am Oct 31, 2014 2:06am
I want to share one of my profit trades. I entered on pin (i posted my chart later), and price go up, i trailed my SL under bars lows, and hide it under level 96.00 which was broken. On retrace i have SL and earning 118 pips, but if i trailed my SL on 1bar lows, i can earn a lot more. But I am not disappointed. Mike said: We can not drink every drop in the ocean.
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  • #132,805
  • Oct 31, 2014 5:03am Oct 31, 2014 5:03am
Superb move on JPY pairs thanks to BOJ....

GBPJPY 600+ pips

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  • #132,806
  • Oct 31, 2014 5:31am Oct 31, 2014 5:31am
Quoting Dovilo
{quote} Yeah, this resistance looks quite nice. With good PA setup it should go for about 100 pips to nearest support. {quote} I think we all lost some money when we were starting trading, it is part of learning I find money managment far more difficult than reading charts. Being really greedy always ends in loosing money but from the other side greed is part of this job. {quote} You will lose everything without proper money managment before you will get to 5k, trust me. MM is not something you can use when it is ok for you, MM is really essential....
Dovilo

I think you are right about that. This should be treated as a business from day one. I will stick to the 2 percent rule.
  • #132,807
  • Oct 31, 2014 5:36am Oct 31, 2014 5:36am
Quoting Dovilo
{quote} Yeah, this resistance looks quite nice. With good PA setup it should go for about 100 pips to nearest support. {quote} I think we all lost some money when we were starting trading, it is part of learning I find money managment far more difficult than reading charts. Being really greedy always ends in loosing money but from the other side greed is part of this job. {quote} You will lose everything without proper money managment before you will get to 5k, trust me. MM is not something you can use when it is ok for you, MM is really essential....

From the above chart I scored 50 pips on the AUD/NZD pair and scored 200 pips on the USD/YEN pair. However I did it on the practice account.
  • #132,808
  • Edited 6:03am Oct 31, 2014 5:41am | Edited 6:03am
Quoting Winston Reed
{quote} Hi Verbal. My feed is a bit different. My daily candle won't close until 1000pm MST. But I though I'd comment. Your pinbar is just ok. There is some traffic below with the RN of 95.500 and that FTA. {image}
Winston and michal7,
I took the trade anyway and it gave me back 80 points loss (with R/R < 1 not that great trade). I sold at 95.55 and expected the price to go down to 95 at least. I don't know if I missed something or it's part of the game. I'd appreciate any constructive comments!
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  • #132,809
  • Oct 31, 2014 7:27am Oct 31, 2014 7:27am
Quoting Verbal
{quote} Winston and michal7, I took the trade anyway and it gave me back 80 points loss (with R/R < 1 not that great trade). I sold at 95.55 and expected the price to go down to 95 at least. I don't know if I missed something or it's part of the game. I'd appreciate any constructive comments! {image}
Hey V,
My prior comments still stand. The pinbar was "just ok" not great. There was a pretty good prior up trend with some pretty large bullish candles. Your pinbar was a little on the small side. These are good learning experiences. Mike says over and over be picky, very picky.
  • #132,810
  • Oct 31, 2014 7:42am Oct 31, 2014 7:42am
Quoting Verbal
{quote} Winston and michal7, I took the trade anyway and it gave me back 80 points loss (with R/R < 1 not that great trade). I sold at 95.55 and expected the price to go down to 95 at least. I don't know if I missed something or it's part of the game. I'd appreciate any constructive comments! {image}
Look into my comment about AUDJPY in post 132,797. There is nothing wrong with this pinbar, moreover for me it's great pinbar on resistance but important sloped support is just under it. You could expect a bounce there and Risk to Reward ratio in this trade was very bad like 90/30.
  • #132,811
  • Oct 31, 2014 9:07am Oct 31, 2014 9:07am
All news consumed for USD. Good moves on USD pairs.

EUR/USD - BE

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USD/CHF - BE

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  • #132,812
  • Oct 31, 2014 9:12am Oct 31, 2014 9:12am
Quoting Verbal
{quote} Winston and michal7, I took the trade anyway and it gave me back 80 points loss (with R/R < 1 not that great trade). I sold at 95.55 and expected the price to go down to 95 at least. I don't know if I missed something or it's part of the game. I'd appreciate any constructive comments! {image}
Hey Verbal

Maybe these charts will help you. A few others got caught on the aud/jpy pinbar and here was my response and charts

"here is how I see this area

If you can see the larger story and the shorter story together this may help you a great deal. What happens is all to often seeing a pinbar and getting over excited about it without thinking about the context of that pinbar. That can happen especially on days like yesterday where we had nice movements.

Let me know if this makes sense, spend some time with this chart"

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also here was todays buob that I was watching for on previous chart. Bought on a pullback but didn't catch that whole move unfortunately. Just to the FTA as I was looking to catch up on sleep for friday

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  • #132,813
  • Oct 31, 2014 9:46am Oct 31, 2014 9:46am
Quoting Verbal
{quote} Winston and michal7, I took the trade anyway and it gave me back 80 points loss (with R/R < 1 not that great trade). I sold at 95.55 and expected the price to go down to 95 at least. I don't know if I missed something or it's part of the game. I'd appreciate any constructive comments! {image}
Hi Verbal,
I don't have any smart explanation for you. In my original post I said:

Quoting michal7
{quote} what worries me are those bar highs right below the entry(marked in purple on my chart). If those will be broken we have a great chance to see 95. {image}
Those bars highs(marked in purple) were not broken, actually price bounced just 5 pipse above them. I'm glad I didn't take the trade because of this and I'm sorry that you did.
Few months ago I'd probably took this trade but I'm forcing myself to be more and more picky and this trade just didn't feel good enough for me. Probably nobody wants to hear this but it's probably just matter of experience, chart time and pickiness. Sorry for lack of better explanation. I think Mike's answer is better for that.
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  • #132,814
  • Oct 31, 2014 10:56am Oct 31, 2014 10:56am
Quoting michal7
{quote} Hi Verbal, I don't have any smart explanation for you. In my original post I said: {quote} Those bars highs(marked in purple) were not broken, actually price bounced just 5 pipse above them. I'm glad I didn't take the trade because of this and I'm sorry that you did. Few months ago I'd probably took this trade but I'm forcing myself to be more and more picky and this trade just didn't feel good enough for me. Probably nobody wants to hear this but it's probably just matter of experience, chart time and pickiness. Sorry for lack of better...
Your chart is great Michal and that FTA is crucial with a bar like this

So my point was basically to this member that if you are going to trade say a small bar against a bigger trend you MUST put a HUGE amount of weight in that FTA> A lot of bars get to their FTA. In fact prob 90% ish . But that doesn't mean a lot of bars then become worth taking.

Another way I try to explain it is that a lot of the time I have a VERY good idea where price is going. But most situations aren't worth trading. That is getting involved with my money because things like the FTA being so close, or needing to babysit a trade. Or lack of mgmt ability on a trade. Those are how I deal with the psyche side of trading. But if one took this aud/jpy pinbar and knew that the FTA could easily reverse us. Whatever decision you make after that is your personality as a trader. That's what needs to be demoed

Best
Mike
  • #132,815
  • Oct 31, 2014 12:04pm Oct 31, 2014 12:04pm
Quoting mbqb11
{quote} Your chart is great Michal and that FTA is crucial with a bar like this So my point was basically to this member that if you are going to trade say a small bar against a bigger trend you MUST put a HUGE amount of weight in that FTA> A lot of bars get to their FTA. In fact prob 90% ish . But that doesn't mean a lot of bars then become worth taking. Another way I try to explain it is that a lot of the time I have a VERY good idea where price is going. But most situations aren't worth trading. That is getting involved with my money because...
Yep. Knowing where price is going to (or at the very least having a pretty good idea to where it may stop and reverse) is really a game changer.it made things incredibly easier to me and I sure can't thank this thread enough for that.this knowledge really is priceless
Slow & steady
  • #132,816
  • Oct 31, 2014 1:26pm Oct 31, 2014 1:26pm
Hi All,
below a good example of how a mistake (my mistake) can compromise an Yearly result ;
for a manual wrong calcultation based on the SL my trade was oversized of 4 times
and the loss was around 100 euro instead of 25 euro (max 3% of my trading captial). Without that mistake my
results would have been of around 14% in 5 months instead of the real current result of 6% (in 5 month).

I would like to thanks all the contributors of these Thread for the high value guidance, in particular
Mike for the first deep analysis of my trades in september. My learning path on the way of the PA is only at the very beginning but the journey with that team is very exciting.

Cheers
Xam
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  • #132,817
  • Oct 31, 2014 5:47pm Oct 31, 2014 5:47pm
Quoting patapouer
{quote} Yep. Knowing where price is going to (or at the very least having a pretty good idea to where it may stop and reverse) is really a game changer.it made things incredibly easier to me and I sure can't thank this thread enough for that.this knowledge really is priceless
it's the game changer
  • #132,818
  • Oct 31, 2014 5:47pm Oct 31, 2014 5:47pm
Quoting Xamarass
Hi All, below a good example of how a mistake (my mistake) can compromise an Yearly result ; for a manual wrong calcultation based on the SL my trade was oversized of 4 times and the loss was around 100 euro instead of 25 euro (max 3% of my trading captial). Without that mistake my results would have been of around 14% in 5 months instead of the real current result of 6% (in 5 month). I would like to thanks all the contributors of these Thread for the high value guidance, in particular Mike for the first deep analysis of my trades in september....
couldn't be happier for you Xam

Keep it up bud
  • #132,819
  • Edited 1:23pm Nov 1, 2014 1:11pm | Edited 1:23pm
Thanks all for your posts and great explanation. It's needless to say that the sole reason for posting the result and "announcing" the loss was to understand what went wrong and analyse where I didn't pay enough attention. We learn from our mistakes.
A question which still remains (although it's been addressed at least in charts implicitly as far as I know) would be: when a PPZ gets broken does it lose its significance? Maybe I need to go a little deeper to understand what creates those PPZ in the first place.
  • #132,820
  • Nov 2, 2014 1:20am Nov 2, 2014 1:20am
On monthly Nzd/Usd we have almost matching lows,price broke through trend line and retested it from BRN .8000. Short term trend down and also have strong bearish candle in Sep but price is ranging in big box, price is now sitting on support area and also dynamic support of 365EMA on weekly tf. So can we play break of matching lows to down side? Comments will help
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