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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

  • #3,661
  • May 15, 2007 12:15pm May 15, 2007 12:15pm
Quoting lstd
Looks like a nice bearish pin bar off the 61.8% Fibo Exp of the last upswing. Currently though the price does not seem to correspond. What do you think, is it worthwhile putting an order in at the retracement below the pin bar? Thanks!
I am just a fan of playing a break of the low of the pin, but if you want to put an order on a retracement you can, if that is how you are comfortabletrading. Just remember the pin isn't vaild till it breaks the low.

Best
m
  • #3,662
  • May 15, 2007 12:52pm May 15, 2007 12:52pm
Quoting MIG
No problem Jim, i completely understand

Here's a nice trade i made yesterday and just closed this morning. Pin off the 50 fib and profit taken at the 365ema!! lovely jubbly!!
Nice trade. But every time I put in a trade like that against prevailing support, it fails.

I'd like to hear James' view on that trade. I wouldn't have taken it because the pin was dead into support.
Mr. Trend
  • #3,663
  • May 15, 2007 12:53pm May 15, 2007 12:53pm
Quoting vasyuta
Nice PB formed on 4H EUR/CAD
That's a nice setup. I'd set my PT for 5045.
Mr. Trend
  • #3,664
  • May 15, 2007 1:04pm May 15, 2007 1:04pm
Here's your money trade of the day. You could play it short now, or set your sell limit at a 382 or 500...
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Mr. Trend
  • #3,665
  • May 15, 2007 1:15pm May 15, 2007 1:15pm
Here's money trade #2 of the day... rifle shots folks...

Set your target for the yellow dotted brick road...
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Mr. Trend
  • #3,666
  • May 15, 2007 1:22pm May 15, 2007 1:22pm
Quoting Mr Trend
Here's money trade #2 of the day... rifle shots folks...

Set your target for the yellow dotted brick road...
Came off a 1h PB, too (right on the top of the former 4h channel we were descending in on my charts). Coincides with EURCAD 4h PB.

If EURUSD sits still => this one would pull up both.

Me, I'd be cautious due to the 100 pips already moved. But I'm also a scaredycat
Trust price. Know yourself.
  • #3,667
  • May 15, 2007 1:28pm May 15, 2007 1:28pm
Quoting SeekingLight
Me, I'd be cautious due to the 100 pips already moved. But I'm also a scaredycat
Hey, they don't call me Darth Fader for nothin' ya know...
Mr. Trend
  • #3,668
  • May 15, 2007 1:33pm May 15, 2007 1:33pm
Quoting Mr Trend
Hey, they don't call me Darth Fader for nothin' ya know...

May the pips be with you!

I'm more Oh b', when can ah' retire, b' ;p
Trust price. Know yourself.
  • #3,669
  • May 15, 2007 7:25pm May 15, 2007 7:25pm
Quoting Mr Trend
Here's money trade #2 of the day... rifle shots folks...

Set your target for the yellow dotted brick road...
My charts don't look anything like yours do, I am not showing any of these setups.
I do have the pb on eur/cad. but not the others
I am using interbank

Ric
  • #3,670
  • May 15, 2007 7:30pm May 15, 2007 7:30pm
Quoting rcthkd
My charts don't look anything like yours do, I am not showing any of these setups.
I do have the pb on eur/cad. but not the others
I am using interbank

Ric
That's why the title of my post says, "Alpari Feed".
Mr. Trend
  • #3,671
  • May 15, 2007 7:54pm May 15, 2007 7:54pm
Quoting Mr Trend
That's why the title of my post says, "Alpari Feed".

Hi,

You able to tell me what makes the USD/JPY such a good trade?
  • #3,672
  • May 15, 2007 8:12pm May 15, 2007 8:12pm
Quoting Mr Trend
That's why the title of my post says, "Alpari Feed".
Didn't see that lol

Rick
  • #3,673
  • May 15, 2007 9:13pm May 15, 2007 9:13pm
Quoting dimmi
Hi,

You able to tell me what makes the USD/JPY such a good trade?
It formed a Bearish Outside Bar (BEOB) at resistance, which is indicative of a change in the market to a bearish sentiment.
Mr. Trend
  • #3,674
  • May 15, 2007 9:58pm May 15, 2007 9:58pm
Quoting Mr Trend
That's a nice setup. I'd set my PT for 5045.

I traded this on Demo, I had a SL of 40pips.. got stopped out.. is that SL too big for that timeframe, or too small.. u reckon?


Tnx
  • #3,675
  • May 15, 2007 10:00pm May 15, 2007 10:00pm
Quoting dimmi
I traded this on Demo, I had a SL of 40pips.. got stopped out.. is that SL too big for that timeframe, or too small.. u reckon?


Tnx
remember it isn't the size of the SL that matters. Just adjust your position size accordingly

Best,
Mike
  • #3,676
  • May 15, 2007 10:02pm May 15, 2007 10:02pm
Quoting dimmi
I traded this on Demo, I had a SL of 40pips.. got stopped out.. is that SL too big for that timeframe, or too small.. u reckon?


Tnx
I don't have the same feed -- did it break the pin's high? If not, you should've never took it. Also, if it did, your stop can be either a) halfway or the low of the pin. I prefer the low.
Mr. Trend
  • #3,677
  • May 15, 2007 10:05pm May 15, 2007 10:05pm
Quoting Mr Trend
I don't have the same feed -- did it break the pin's high? If not, you should've never took it. Also, if it did, your stop can be either a) halfway or the low of the pin. I prefer the low.

It broke it by 2 pips, which is where I had my entry

Also I realised my SL was a bit higher, so it was more like 32 pips and not near the bottom, more about half way down.

We see how it goes anyway.
  • #3,678
  • May 15, 2007 10:34pm May 15, 2007 10:34pm
different feeds will do this. play em like you see em.

jim

Quoting rcthkd
My charts don't look anything like yours do, I am not showing any of these setups.
I do have the pb on eur/cad. but not the others
I am using interbank

Ric
  • #3,679
  • May 16, 2007 3:51am May 16, 2007 3:51am
Quoting razldazl
Check this out, pin number 1, two consec matching lows 2. and now dbhlc, all on daily, its like a roadmap pointing SOUTH
So have a look at eur now, it went the completely opposite way after all those signals pointing to a continuation down. I think if I had played it from the beginning pin those new pa signals would have kept me in, but I would have at least had my sl at b/e (pin entry would have been just below 1.3587)by the time it turned around. But what about those people that add when they get a pa signal which suggests their trade is going to continue in the right direction, how long would one stick with it? Comments please? Raz
Never say never.
  • #3,680
  • Edited 4:23am May 16, 2007 4:09am | Edited 4:23am
Quoting razldazl
So have a look at eur now, it went the completely opposite way after all those signals pointing to a continuation down. I think if I had played it from the beginning pin those new pa signals would have kept me in, but I would have at least had my sl at b/e (pin entry would have been just below 1.3587)by the time it turned around. But what about those people that add when they get a pa signal which suggests their trade is going to continue in the right direction, how long would one stick with it? Comments please? Raz

To be honest, I never saw that as a DBHLC (the continuation you are referring to). In my eyes it was an IB break to the downside. Then that 50% fib brought us back and we closed back inside the prior range. COULD be construed as a PB if one merges the two bars visually.
That's why we moved up afterwards in my opinion.


Things have been ugly on EURUSD on that corrective move, there were quite a few "fakes"...

As for when to exit - probably would have been a good idea to reconsider things once price came back above 1.3525. It's never easy to foresee the future, but if things had moved out 30+ pips from the last IB breakdown, moving stop to near the breakout point probably wouldn't have hurt. Tricky, because sometimes breaks come back once for a retest before moving out for good, but in this case I would have preferred a break-and-go if at all, since it's counter-trend in the first place...Danger Mouse stuff

Assuming you shorted that small PB in the middle, a possible course coulda been: enter at retrace, move stop to break even once it broke the pin by 10+ pips, then adjust to 15 pips above the IB high, then to near the IB low. Stopped out on the move back up. Optionally TP somewhere along the way as well.
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Trust price. Know yourself.
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