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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

  • #133,441
  • Dec 20, 2014 11:13am Dec 20, 2014 11:13am
I think so
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  • #133,442
  • Dec 21, 2014 6:15am Dec 21, 2014 6:15am
Hello guys

It is sunday and i do my FX homework like every weekend. And i ponder about this and that.
My own strugle in trading was the emotional site so far. And i am wondering why charts are only discussed by the technial view.
I've postet two charts. After a trade played out, don't matter positive or negative, i noted a few thaughts about. Something like, Was it a good entery or was it a non sense emotional incentive "just wana be in a Trade". How was my menthal state duering the trade? Do i felt like hope or fear? and at witch point of the trade take this bad emotions controll over me?
When you're hones with your self, you find the most trading mistakes by your self. And to confess your own weeaknes is the hardest part of all. But if you allow your self this thoughts, you've a wery good chance to eliminate the allways returning emotional traps.

Thanks for reading.
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  • #133,443
  • Dec 21, 2014 10:30am Dec 21, 2014 10:30am
Quoting prasad99
how does one analyze a chart like this ....there is a pin bar at a price high and full of space around it. {image}
Hey P

One thing I do with equities is trade them only on the weekly. I don't like trading charts with large gaps like this. I don't like the way technicals play out when this is the case. In most cases the weekly will smooth out these daily gaps and make things much easier to read from a technical standpoint

Best
Mike
  • #133,444
  • Dec 21, 2014 10:31am Dec 21, 2014 10:31am
Wishing you all a very happy holidays
  • #133,445
  • Dec 21, 2014 10:51am Dec 21, 2014 10:51am
Quoting prasad99
how does one analyze a chart like this ....there is a pin bar at a price high and full of space around it. {image}
maybe Parabolic Blow off !?
cheers
  • #133,446
  • Dec 21, 2014 10:56am Dec 21, 2014 10:56am
Quoting mbqb11
Wishing you all a very happy holidays
Hi Mike and All,
marry Christmas and happy new year !
cheers
Xam
  • #133,447
  • Dec 21, 2014 1:02pm Dec 21, 2014 1:02pm
Quoting MrWeiss
Hello guys It is sunday and i do my FX homework like every weekend. And i ponder about this and that. My own strugle in trading was the emotional site so far. And i am wondering why charts are only discussed by the technial view. I've postet two charts. After a trade played out, don't matter positive or negative, i noted a few thaughts about. Something like, Was it a good entery or was it a non sense emotional incentive "just wana be in a Trade". How was my menthal state duering the trade? Do i felt like hope or fear? and at witch point of the trade...
I agree with you MrWeiss, the phsycological part of trading is the hardest for me - especially when to exit!

Anyway, Merry Christmas everyone, happy holidays
We are what we repeatedly do. Excellence, then, is not an act, but a habit
  • #133,448
  • Dec 22, 2014 2:26pm Dec 22, 2014 2:26pm
Hello all,

I have recently seen a set up on the weekly USDTRY pair that is based on the principle of James16 and MBQB1. According to the monthly timeframe we have been in a long term uptrend for a while, yet in the short term the pair is currently trading in a box, and has formed a double top with a pin bar displaying. There appears to be divergence between price and MACD suggesting the uptrend may discontinue. In terms of the actual trade signal, the size of the pin bar is reasonably large relative to other price action bars. Yes it's an exotic pair but that shouldn't matter to price action traders such as us. Perhaps one negative is that there is limited space to the left of the signal but there is enough until the first trouble area. Overall, to me, the positive aspects outweigh the negative, yet I am still hesitant. I would appreciate hearing of anyones interpretations of this set up and whether they too would take it.

In terms of entering and managing the trade, I would enter of the break of bar, or possibly enter on a retrace to the nearest bar high. The first trouble area is not to far from entry but is smack in your face. The risk would be based on the full bar, but break even would occur very early on, almost as soon as the trade executed.
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  • #133,449
  • Dec 22, 2014 10:34pm Dec 22, 2014 10:34pm
Quoting lmccormick
Hello all, I have recently seen a set up on the weekly USDTRY pair that is based on the principle of James16 and MBQB1. According to the monthly timeframe we have been in a long term uptrend for a while, yet in the short term the pair is currently trading in a box, and has formed a double top with a pin bar displaying. There appears to be divergence between price and MACD suggesting the uptrend may discontinue. In terms of the actual trade signal, the size of the pin bar is reasonably large relative to other price action bars. Yes it's an exotic...
Although its preatty beautiful, it sits too far inside the box, that makes it difficult to manage. FTA if too close now. If it sits at the top of the upper border it would be exelent setup.
If not up, then down, otherwise sideways :-)
  • #133,450
  • Edited 7:38am Dec 23, 2014 5:34am | Edited 7:38am
Quoting lmccormick
" Overall, to me, the positive aspects outweigh the negative, yet I am still hesitant. " {image}
The Setup is good but why do you hesitate? I could tell you 5 - 10 reasons why this setup is valid and 100 reasons why do you hesitate and at least ONE reason why you MUST take a domo or simulation trade on this.
You must trade this signal to get the right experience. If you got signals like that 50 - 100 times you become more safety. Practice is the best tool aginst hesitation like the devil hates the truth.

I don't pick this trade because the weekly timefreme do not suit to my personal patience.
  • #133,451
  • Dec 23, 2014 6:11am Dec 23, 2014 6:11am
good pin
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  • #133,452
  • Edited 12:43pm Dec 23, 2014 8:03am | Edited 12:43pm
Quoting andrej.
good pin {image}
No, not really. This pinbar means only indecision of the market since it's not on any support. If you would look on smaller TFs you would see that price actually made triple top and was moving somehow in ascending triangle. You could trade break of that resistance.

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  • #133,453
  • Dec 23, 2014 8:18am Dec 23, 2014 8:18am
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  • #133,454
  • Dec 23, 2014 8:50am Dec 23, 2014 8:50am
Quoting Dovilo
{quote} No, not really. This pinbar means only indecision of the martket since it's not on any support. If you would look on smaller TFs you would see that price actually made triple top and was moving somehow in ascending triangle. You could trade break of that resistance. {image}
I have the same opinion
  • #133,455
  • Dec 23, 2014 9:05am Dec 23, 2014 9:05am
thank you
  • #133,456
  • Dec 23, 2014 10:03am Dec 23, 2014 10:03am
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  • #133,457
  • Dec 23, 2014 10:19am Dec 23, 2014 10:19am
Quoting mbqb11
{quote} Hey P One thing I do with equities is trade them only on the weekly. I don't like trading charts with large gaps like this. I don't like the way technicals play out when this is the case. In most cases the weekly will smooth out these daily gaps and make things much easier to read from a technical standpoint Best Mike
Mike

I agree with your take on trading on the weekly. Once we have a setup confirmed on weekly I find that I still have to check the Daily for entries. To place a option trade that has time span of say 4 weeks checking the PA on weekly is great but then we should check daily for entries. I have found it hard to place a trade solely based on weekly chart because we need a tight stop loss to minimize risk.

Thanks for your opinion on trading charts with large gaps. I am not comfortable trading gaps. I am not sure if normal PA rules apply with gaps.
  • #133,458
  • Dec 23, 2014 10:30am Dec 23, 2014 10:30am
Quoting lmccormick
Hello all, I have recently seen a set up on the weekly USDTRY pair that is based on the principle of James16 and MBQB1. According to the monthly timeframe we have been in a long term uptrend for a while, yet in the short term the pair is currently trading in a box, and has formed a double top with a pin bar displaying. There appears to be divergence between price and MACD suggesting the uptrend may discontinue. In terms of the actual trade signal, the size of the pin bar is reasonably large relative to other price action bars. Yes it's an exotic...

That is good analysis. The price might have already moved giving you the result but my opinion is that there is nothing wrong in taking this trade. The issue is the FTA seems close to me so you have to watch the trade like a hawk once you place and move it to break even.
  • #133,459
  • Dec 23, 2014 10:44am Dec 23, 2014 10:44am
For someone who is getting started in trading getting to the break even is the most critical thing I suppose. The PA, the story and the confluence and all factors put together if one gets the ability to get to break even trades , that indicates success to me. Once you get to break even it is just that you have to stay in the trade as long as possible using PA or FIB to be more aggressive.

It is amazing it takes so much effort to select trades that get someone to break even. There are small nuances and points that one gets to learn each and every time. There is no substitute to chart time and patience I suppose.
  • #133,460
  • Dec 25, 2014 4:08pm Dec 25, 2014 4:08pm
just wanted to wish those celebrating a very merry christmas today, and happy holidays to you all

I'm very excited about what we have planned for the coming year and this is a great time to get some relaxation and family time in

Enjoy guys

Mike
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