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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

  • #133,021
  • Nov 18, 2014 7:51am Nov 18, 2014 7:51am
Quoting protuberanec
Thanks Mike, Winston, Phanti, you posts are super useful! I trde 3 month on demo D1, W1 with profit! EURCAD H4 big BUOB from ppz 1.405 +divergence.i think it moves on 1.44, but we have not much of space, and i don't want be a hero {image}
Hey P. I don't want to be critical so please don't take offense. This trade is obviously working out for you but please consider my thoughts:
This is the larger daily picture. The bottom of the box is not well-defined so I would have a difficult time gauging the importance of a PA bar anywhere near the bottom of the box. Current daily action is really sideways.
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On the H4 there is an area of support as highlighted by the thick blue rectangle. The thicker I need to make my horizontal lines to encompass bar lows to define the area of support the less accurate I take that area of support to be. So the appearance of PA in this area can again be difficult to gauge. You traded a fairly small BUOEB in a support zone and I'm not saying your wrong. But since the bottom of the zone was not tested here this PA bar could easily have failed and price gone down to test the bottom of the zone and in that case depending on your SL you might have been nicked out for a loss. This one is working out . I sould
ve liked to see a more accurate support zone in this case and a bigger PA bar. The other thing to remember is that when you trade a bounce you will always be trading back into a box and thus traffic so the magnitude of the PA bar becomes more important.
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  • #133,022
  • Nov 18, 2014 8:43am Nov 18, 2014 8:43am
Quoting protuberanec
Thanks Mike, Winston, Phanti, you posts are super useful! I trde 3 month on demo D1, W1 with profit! EURCAD H4 big BUOB from ppz 1.405 +divergence.i think it moves on 1.44, but we have not much of space, and i don't want be a hero {image}
Hey P

Congrats on your achievement that's something most people out there can't do and i'm glad to see you taking the proper steps to treating this as the business it is

Keep it up!

Mike
  • #133,023
  • Nov 18, 2014 10:05am Nov 18, 2014 10:05am
Thanks Winston! I love critical think, so don't be shy! we have different charts(closes), on my chart it's really big BUOB. blue rectangle - important area on W1.
Thanks Mike I try to make it better.
  • #133,024
  • Nov 18, 2014 10:21am Nov 18, 2014 10:21am
Quoting protuberanec
Thanks Winston! I love critical think, so don't be shy! we have different charts(closes), on my chart it's really big BUOB. blue rectangle - important area on W1. Thanks Mike I try to make it better.

Super P! That must be why price moved up so nicely. Good work!
  • #133,025
  • Nov 18, 2014 2:02pm Nov 18, 2014 2:02pm
Quoting doerpn
{quote} I thought a gap is closed if touched, no? {image}
Gap is filled when the "close" is touched.
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Keeping it Simple
  • #133,026
  • Nov 18, 2014 2:17pm Nov 18, 2014 2:17pm
Quoting mbqb11
{quote} Hey P I'm not sure if you meant to direct this at me or Elena I don't really look at this situation as taking a breakout trade yet. For me this is a nice support area until broken. We would really want to be sellers UNDER 1.4 for me to feel confident and that area would need to hold. That's not really how I approach breakout trades though. As for your main question about touch trading PPZs, this is also something that is a bit too abstract for me. I look to touch trade highly confluenced areas. My aud/usd is really a touch trade that I just...
Mike

thanks for your perspective on this one. I was actually responding to your post with 1 hr chart.
  • #133,027
  • Nov 18, 2014 2:48pm Nov 18, 2014 2:48pm
Quoting habeeb
{quote} Gap is filled when the "close" is touched. {image}
Habeeb like Habeeb in the very first pages of this thread??
Slow & steady
  • #133,028
  • Nov 18, 2014 3:02pm Nov 18, 2014 3:02pm
Hi, everyone, it my first post here, I've been reading James's thread chart during last 2 days and for me this chart is just like a [highlight=rgba(255, 255, 255, 0)]Treasure Chest i[/highlight]n the ocean of information and I'm really happy, that I found it. So, I really want to say THANK YOU for Jim and others, who are helping newbies like me, here. Your posts are priceless.

I need an advise - how can i do my studying (this type of trading) maximum efficiently? How it is better to organize? I have some experience trading on demo using PA, s/r, Fibo. Now, I just read this thread chart and practice knowledge from here on a history and on a demo real-time trading.

P.s. Sorry about my English, sometimes it could be unclear)

Thanks
Nik
  • #133,029
  • Nov 18, 2014 3:05pm Nov 18, 2014 3:05pm
Quoting habeeb
{quote} Gap is filled when the "close" is touched. {image}
Wow, nice to see you around! Hope all is well!
  • #133,030
  • Nov 18, 2014 3:18pm Nov 18, 2014 3:18pm
A few weeks back I was having a discussion with my broker as I opened a micro account to trade Forex. While discussing the platform features and stuff and conversation veered around profitability and I asked how many traders actually are profitable. Immediately he doled out some stats and said " Per our accounts we see that 30 percent of Fx traders are profitable last year and 70 percent were not and I am telling you this because we provide these figures to the tax authorities or government." I am like "what wait a minute...30 percent are successful"

Now that got me thinking if 35 percent make it in Fx trading it must be easy to trade. I was a little skeptical about those stats because I have some idea of the skill level one needs to have in Fx to be consistently profitable. Note my words "consistently profitable" ....say for example in a particular month 50 percent of traders are profitable another 50 percent lost and then in another let us say the reverse happened one set of 50 percent gained another set lost..so the result is break even ...all of them lost. A successful trader has to be profitable consistently and that is the holy grail of trading.

And then I happened to read something else on this forum and people have come out with a lot of creative ideas to explain that 30 percent like only profitable traders add to that percent while rest of them fail....and that 30 percent is a cumulative figure of consistently profitable traders that may grow every year etc. And another idea was if 3 people are trading and one is successful by luck then the stats will give out 33 percent etc so the bottom line is that 33 percent means nothing....it is just a stat.

And finally I liked this statement by a gentleman and that gave all my answers

Who actually cares whether 5% make it or 95% do, because what it boils down to is the self - do you want success badly enough to prioritize it over everything else in your life and are you prepared to do whatever it takes to achieve it. This applies to any endeavor in life, but what makes forex so hard is that it is totally unforgiving, you just cannot wing it, either you put the work in, however long it takes, or it kills you off very quickly. I have no idea what the real success rate is, ie, those who do it for a living year in year out, but I reckon its not very high. Most people find out within a relatively short period that there are few ways of losing money faster than trading forex, and many more ways of making it."

And that is precisely I am in Forex because it is totally unforgiving and you cannot just wing it....you have to put the work required for that. Forex is kind of spirituality for me as I am tired of hypocrisy and make believe shit in other areas of life. It is simply too real and takes out all the fluff out of life. For example whether I productive or not I have to sit in the office till 6pm and you have to always say nice things to the boss. And suddenly they will have a meeting early in the morning at 5Am and you have to take that call.....the story goes on.
  • #133,031
  • Nov 18, 2014 4:12pm Nov 18, 2014 4:12pm
Hey guys. A couple of setups catching my eye tonight. Bearish outside bar on GBPCHF & a pin bar on AUDNZD. I'm setting some limit orders to get in on the retrace of both.

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  • #133,032
  • Edited 11:33pm Nov 18, 2014 9:41pm | Edited 11:33pm
I've done my fair share of Equity option trading. Of the 4 brokers I have option accounts with, all automatically close any "in the money" options a few minutes before expiration if account is insufficient and give you the cash. If you wanted to buy the stock, you have to call them in advance and notify them of your decision provided your account has the capital for it. Call your Broker in advance for their policy. IMO, option trading because of time decay is a sham for those with little capital. You may have a chance if you know how to use more advanced trading methods such as an Iron Condor to name one. Buying options strategically pre-earnings and dumping them right before the release as the price of the option gets more expensive is also another strategy.

Visit The Fool's thread if you have questions. He's really into it.

Off topic but wanted to answer your question. Peace


Quoting prasad99
{quote} thanks for your response. I still dont think I understand this. My question was what happens if we dont sell put or call options that we bought before the expiry date. What I learned from a friend who trades options is if I buy a call option and that one appreciates in my favor then I should sell that before the expiry data and failing to do so may force me to buy the entire underlying stock. Now if I am doing a software job and then trading options and then put a few holidays in the mix it is possible that sometimes there may be a slip...
SPC * Swollen PocketZ Crew!
  • #133,033
  • Nov 19, 2014 1:27am Nov 19, 2014 1:27am
Very interesting to watch.
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If not up, then down, otherwise sideways :-)
  • #133,034
  • Nov 19, 2014 3:54am Nov 19, 2014 3:54am
Using 8/21 EMA.... SHORT EURGBP based on Monthly Chart - Pin Bar and Down ward Channel...
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  • #133,035
  • Nov 19, 2014 5:12am Nov 19, 2014 5:12am
Quoting jr241
Hey guys. A couple of setups catching my eye tonight. Bearish outside bar on GBPCHF & a pin bar on AUDNZD. I'm setting some limit orders to get in on the retrace of both. {image} {image}
apologies - meant to say DBHLC on the GBPCHF - not a bearish outside bar (as it clearly doesn't have a higher high, but the highs were only a few pips apart). Closed half of the trade at 1.495 and moved SL to B/E ahead of BoE minutes release. SL immediately triggered off the back of this release

Entered long on AUDNZD on the retrace to Monday's bar low. Where do others see this one going?

Regards
JR
  • #133,036
  • Nov 19, 2014 6:42am Nov 19, 2014 6:42am
I planned to buy a retest of pole level last week.... didnt test it anytime more ...^^

anyway this is a nice example of a breakout/retest trade similar to the statements in my e-book.

If price breaks an entire flipzone, we wait for price to retest the breakout area (=pole level) and follow the trend. stops below pole area.

Example:

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Take care and be patient.
Hero calls followed by margin calls...
  • #133,037
  • Nov 19, 2014 8:29am Nov 19, 2014 8:29am
Quoting jr241
{quote} apologies - meant to say DBHLC on the GBPCHF - not a bearish outside bar (as it clearly doesn't have a higher high, but the highs were only a few pips apart). Closed half of the trade at 1.495 and moved SL to B/E ahead of BoE minutes release. SL immediately triggered off the back of this release Entered long on AUDNZD on the retrace to Monday's bar low. Where do others see this one going? Regards JR
I thought the aud/nzd was a tricky one that had more pitfalls then positives.

I see the better S/R area a bit under us. If you had shifted the entire pinbar down so it sat where the open and close were just above this area we would have a much more ideal situation.

Here is a screenshot from my webinar last night showing what I mean


Mike
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  • #133,038
  • Nov 19, 2014 8:33am Nov 19, 2014 8:33am
Quoting mbqb11
{quote} I thought the aud/nzd was a tricky one that had more pitfalls then positives. I see the better S/R area a bit under us. If you had shifted the entire pinbar down so it sat where the open and close were just above this area we would have a much more ideal situation. Here is a screenshot from my webinar last night showing what I mean Mike {image}
as well as I thought price might stall at that sharp descending TL. A lot of iffier things about this one that kept me away personally. Enough things here to give trouble. I really think the best entry would have been had price initially retraced to the left eye and then you get your stop to b/e QUICK. Price is only really testing that area now and I wouldn't want to jump in now either

Best
Mike
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  • #133,039
  • Nov 19, 2014 10:48am Nov 19, 2014 10:48am
Quoting habeeb
{quote} Gap is filled when the "close" is touched. {image}
Ok, thanks habeeb....
Have a nice day
  • #133,040
  • Nov 19, 2014 11:35am Nov 19, 2014 11:35am
Quoting mbqb11
{quote} as well as I thought price might stall at that sharp descending TL. A lot of iffier things about this one that kept me away personally. Enough things here to give trouble. I really think the best entry would have been had price initially retraced to the left eye and then you get your stop to b/e QUICK. Price is only really testing that area now and I wouldn't want to jump in now either Best Mike {image}
Perhaps the pin is a false break down and the next move is up ?
every Saint has a past. Every Sinner has a Future
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