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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

  • #133,421
  • Dec 17, 2014 11:17am Dec 17, 2014 11:17am
Hi Berserker,

Quote
The PA itself isn't as important when I'm taking a trade compared to what's going on around the trade

I Agree with your valuable word ...

But still i couldn't match it with your trade..As you told, the pair has been trending down for the past 6 weeks, but currently the pair is right near to Major PPZ zone and BRN 1.05, where lot of Buy orders placed in.

As of my understanding, you see the chart by different angle than others point of view..If you share your knowledge, we ( especially I am) also add one more bullet to our learning list.

Adhav
  • #133,422
  • Dec 17, 2014 1:38pm Dec 17, 2014 1:38pm
on my watchlist
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  • #133,423
  • Edited 4:19pm Dec 17, 2014 4:13pm | Edited 4:19pm
Quoting Adhavan
Hi Berserker, {quote} I Agree with your valuable word ... But still i couldn't match it with your trade..As you told, the pair has been trending down for the past 6 weeks, but currently the pair is right near to Major PPZ zone and BRN 1.05, where lot of Buy orders placed in. As of my understanding, you see the chart by different angle than others point of view..If you share your knowledge, we ( especially I am) also add one more bullet to our learning list. Adhav
Hi Adhavan!

I just look for stronger signals or longer period of consolidation before taking a trade against the trend. There's absolutely nothing to say that it may turn right round and race up for a few hundred pips - indeed, it is a very strong SR line that has held for 10 years!

I've found that trades with the trend work out better for me than those against the trend - this is just something personal to me, and not something that James16 or Mike talk about, I believe. I don't see anything in the chart that tells me it will go one way or another - I will just wait and see what PA says, with a personal preference to take trades that go with the trend. I hope that makes sense!

And remember I'm a novice at this too, so don't take anything I say with as much weight as more experienced posters on here!

One last thing before I go to bed - I also find it useful to look at the longer time frames - for example if you look at the monthly chart you will see this pair has actually be trending down since May 2011! So maybe we are in for a trend change

Cheers!
We are what we repeatedly do. Excellence, then, is not an act, but a habit
  • #133,424
  • Dec 17, 2014 7:22pm Dec 17, 2014 7:22pm
Personally I'm long AUD/NZD after today's false move off long term lows...but of course this is trading and anything can happen.
  • #133,425
  • Edited Dec 18, 2014 2:37am Dec 17, 2014 7:22pm | Edited Dec 18, 2014 2:37am
Quoting Berserker
{quote} Hi Adhavan! I just look for stronger signals or longer period of consolidation before taking a trade against the trend. There's absolutely nothing to say that it may turn right round and race up for a few hundred pips - indeed, it is a very strong SR line that has held for 10 years! I've found that trades with the trend work out better for me than those against the trend - this is just something personal to me, and not something that James16 or Mike talk about, I believe. I don't see anything in the chart that tells me it will go one way...
Well if you look even more into past you will see that pair is in range since 1993. And we are getting to the lower boundry of that range.

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  • #133,426
  • Dec 18, 2014 4:40am Dec 18, 2014 4:40am
Quoting Dovilo
{quote} Well if you look even more into past you will see that pair is in range since 1993. And we are getting to the lower boundry of that range. {image}
Indeed it has, and indeed we are! It's a very strong line alright.
We are what we repeatedly do. Excellence, then, is not an act, but a habit
  • #133,427
  • Dec 18, 2014 7:20am Dec 18, 2014 7:20am
Any thoughts about the pin bar forming on the weekly oil?
It is at a resistance level (but not a horizontal one)
  • #133,428
  • Dec 18, 2014 12:32pm Dec 18, 2014 12:32pm
Such a nice pin bar tested the big round number and bounced up. I should have been on this trade but I simply dont watch properly or still lack the skill to see the obvious on the charts. It is just a text book move...after the price breaks the first FTA. Anybody could not have noticed this pin bar.
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  • #133,429
  • Dec 18, 2014 12:44pm Dec 18, 2014 12:44pm
I am personally amazed at my ability of not being able to do the obvious...we know the right thing but we dont it. Just for example one has to scan the weekly charts first and if one finds a good setup on weekly charts then one can stay in the trade for a couple of weeks and let the market work for us. It is just that the horse keeps travelling for two weeks (two candles) on a weekly chart. BUt I never do that...I jump in looking to find an opportunity in a very disorganized and irregular way ....

That is the hardest part for me in trading. Trading is who we are. As it is generally very hard for us to change our nature so it is difficult to trade also. Trading is not thing something that exists "out" there. We bring our own nature and attitudes to trading. A lot of it is within us.
  • #133,430
  • Dec 18, 2014 12:50pm Dec 18, 2014 12:50pm
Quoting prasad99
I am personally amazed at my ability of not being able to do the obvious...we know the right thing but we dont it. Just for example one has to scan the weekly charts first and if one finds a good setup on weekly charts then one can stay in the trade for a couple of weeks and let the market work for us. It is just that the horse keeps travelling for two weeks (two candles) on a weekly chart. BUt I never do that...I jump in looking to find an opportunity in a very disorganized and irregular way .... That is the hardest part for me in trading. Trading...

hmm it is all about waiting for price to approach to key areas... hopefully Im at work in the morning, so Im not 24/7 in front of my screen.

You rly need to be reeeeally patient.

-> be patient
-> sell high, buy low.... thats the key.
Hero calls followed by margin calls...
  • #133,431
  • Dec 18, 2014 1:01pm Dec 18, 2014 1:01pm
Here is another obvious trade I think and I am not on this one too.
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  • #133,432
  • Dec 18, 2014 1:07pm Dec 18, 2014 1:07pm
Quoting PhAnTi'
{quote} hmm it is all about waiting for price to approach to key areas... hopefully Im at work in the morning, so Im not 24/7 in front of my screen. You rly need to be reeeeally patient. -> be patient -> sell high, buy low.... thats the key.
I understand work is the biggest block for a lot of folks including me but we need to check Daily and Weekly twice a day and set up alerts and then we should be able to place the trades I suppose. But then work is a blessing also because it is stressful to watch the trade moment by moment and when we do that we have a tendency to tweak the trade, go to lower time frames and try to do all the funny stuff. It is more rational when you place the trade and get out.
  • #133,433
  • Dec 18, 2014 3:53pm Dec 18, 2014 3:53pm
Quoting prasad99
Here is another obvious trade I think and I am not on this one too. {image}
well, it sure is just me, but I wouldn't have taken this trade.

First, I spend more time trading off the weekly chart than off the sdaily. I often don't have time at night (Paris time) to scan charts and enter trades. Two kids, winter, cold weather and bacteria / viruses = short nights (special message for Berserker )

Then, even if I had seen this PB, I am not sure I would have taken it. Its low is too close from the FTA for my liking.
So, ok sure it blasted throught it, but there was no way knowing it before the fact. Price could also have bounce back withut giving me a chande to move my SL to break even = a loss.
And I don't like losses

Take care
Slow & steady
  • #133,434
  • Edited 4:23pm Dec 18, 2014 4:22pm | Edited 4:23pm
Quoting patapouer
{quote} well, it sure is just me, but I wouldn't have taken this trade. First, I spend more time trading off the weekly chart than off the sdaily. I often don't have time at night (Paris time) to scan charts and enter trades. Two kids, winter, cold weather and bacteria / viruses = short nights (special message for Berserker ) Then, even if I had seen this PB, I am not sure I would have taken it. Its low is too close from the FTA for my liking. So, ok sure it blasted throught it, but there was no way knowing it before the fact. Price could also...
I saw this trade but didn't take it for similar reasons to Patapouer - there was too much going on around it- lots of traffic. Look to the left. Easy to beat myself up about it now as it's blasted through that, but as P says, there's no way to know that, so no worries.

I had some trendlines marked on my chart for this pair - we have a nice wedge forming. What I would like to see is for price to come back to test the bottom of the wedge, reject it, and then I would look to go short to the next S/R line marked at 0.77621.

And thanks for the message Patapouer, looking forward to all the sleepless nights and dirty nappies

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We are what we repeatedly do. Excellence, then, is not an act, but a habit
  • #133,435
  • Dec 19, 2014 10:07am Dec 19, 2014 10:07am
Quoting Berserker
{quote} I saw this trade but didn't take it for similar reasons to Patapouer - there was too much going on around it- lots of traffic. Look to the left. Easy to beat myself up about it now as it's blasted through that, but as P says, there's no way to know that, so no worries. I had some trendlines marked on my chart for this pair - we have a nice wedge forming. What I would like to see is for price to come back to test the bottom of the wedge, reject it, and then I would look to go short to the next S/R line marked at 0.77621. And thanks for the...
I have not checked the trade chart right now but I agree it is more safer to trade that space. It is not an A plus trade but it is daily chart and I still believe that there was space to move the stop loss to break even.
  • #133,436
  • Dec 19, 2014 10:13am Dec 19, 2014 10:13am
If the trade setup allows for room to move the stop loss to break even we can just take any trade. IT does not matter what kind of blocks it faces or traffic as the price moves along the market will take it where ever it has to. We just see what the market does and how it behaves after we have covered our risk.
  • #133,437
  • Dec 19, 2014 2:30pm Dec 19, 2014 2:30pm
learning
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  • #133,438
  • Dec 20, 2014 11:29am Dec 20, 2014 11:29am
CAT chart in my WatchList
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  • #133,439
  • Dec 20, 2014 12:25pm Dec 20, 2014 12:25pm
how does one analyze a chart like this ....there is a pin bar at a price high and full of space around it.
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  • #133,440
  • Dec 20, 2014 12:56pm Dec 20, 2014 12:56pm
and here is a weekly chart for accenture looks good
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