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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

  • #3,681
  • May 16, 2007 4:19am May 16, 2007 4:19am
Quoting SeekingLight
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"...
Yes, I can see that move now from the 50...I guess I should be wary on these counter trend moves as well, ie tighten up stops, go for less etc. The original pin isnt "dead" though until the high is broken is it? I personally wouldnt want to go back into losing territory though after being up 100+ pips, but the high is 1.3627...lets see where it goes, currently TBH on daily although day is definitely not over yet! Raz
Never say never.
  • #3,682
  • May 16, 2007 4:41am May 16, 2007 4:41am
Quoting razldazl
The original pin isnt "dead" though until the high is broken is it? I personally wouldnt want to go back into losing territory though after being up 100+ pips, but the high is 1.3627...lets see where it goes, currently TBH on daily although day is definitely not over yet! Raz

If a pin moves out > 50 pips and price turns around and moves back inside (inside. that retrace bus I've mentioned before usually barely scratches the surface of it when it does come back and by then you most likely will have already taken a bit of profit) of it, that's usually not such a good thing

IMHO, once a pin breaks (and doesn't immediately fake back), then it is confirmed, but also goes "passive". It's like nudging off a boat from the shore...and you don't want to land back at the beach when heading out to sea.

This is my personal opinion.
Everyone always says there's never a good reason to let a winning trade turn back into a loser (this doesn't mean moving your stop out or closing after 10 pips, but it does mean protecting valid junction points, which I tried to outline at the previous post example. Whether those are the best or even right spots, I don't know. Just something that looked logic to me).
Trust price. Know yourself.
  • #3,683
  • May 16, 2007 6:25am May 16, 2007 6:25am
james, you never addressed this one as far as i remember, at least in the public forum.
what would you recommend: to trace as many securities as possible, looking for a setup one is comfortable with, or to concentrate on fewer securities (not only currencies) but develop a better feel for them?
it looks like most people here are tracking as much stuff as possible. i somehow starting to feel uncomfortable by doing it this way. it is almost like generally talking to too many people without actually getting to know any of them individually.
i have met different opinions regarding this matter.
Definitely, each security has its own personality and once you learn it in depth, your gut feel will lead you through. from this point of view restricting the number of the pairs tracked may speed up the process of getting into the success zone.
i would say that by tracking more pairs you develop a better feel for the setup irrelevant to what you trade (a pin for example), and by tracking less pairs you develop a better feel for the underlying security, given the same amount of time and effort spend. both ways might work. maybe it depends on who we are? say, a social butterfly in general life would feel more comfortable trading more pairs, same way as they relate to people?
what would you recommend?
Mike, what is your take on it?
thanks.
  • #3,684
  • May 16, 2007 6:47am May 16, 2007 6:47am
I like to scan as much as possible and take the best setups.. This prevents one from getting antsy or makinga trade out of boredom.

But if you feel uncomfortable with this, then stick to a few pairs. There is nothing wrong with either way. You have to develop a method that fits your needs,or you will never be comfortable trading it.

There is an important point that you shouldn't trade a pair if you don't know how it moves. An example is someone who trades the euro and all of a sudden wants to apply the same knowledge to a pair like the gbp/jpy.

So i think it is a combo of what you are describing.

Best,
Mike



Quoting zzz
james, you never addressed this one as far as i remember, at least in the public forum.
what would you recommend: to trace as many securities as possible, looking for a setup one is comfortable with, or to concentrate on fewer securities (not only currencies) but develop a better feel for them?
it looks like most people here are tracking as much stuff as possible. i somehow starting to feel uncomfortable by doing it this way. it is almost like generally talking to too many people without actually getting to know any of them individually.
i have met different opinions regarding this matter.
Definitely, each security has its own personality and once you learn it in depth, your gut feel will lead you through. from this point of view restricting the number of the pairs tracked may speed up the process of getting into the success zone.
i would say that by tracking more pairs you develop a better feel for the setup irrelevant to what you trade (a pin for example), and by tracking less pairs you develop a better feel for the underlying security, given the same amount of time and effort spend. both ways might work. maybe it depends on who we are? say, a social butterfly in general life would feel more comfortable trading more pairs, same way as they relate to people?
what would you recommend?
Mike, what is your take on it?
thanks.
  • #3,685
  • May 16, 2007 7:35am May 16, 2007 7:35am
Thanks Mike,
Yeah, I will probably concentrate on fewer pairs but will try to get much deeper feel for their behavior and relationship.
It is funny – you became a successful trader to escape working 9-5, and now you are trading more in order to fight with boredom. Time to get back to work?
  • #3,686
  • May 16, 2007 8:35am May 16, 2007 8:35am
Quoting zzz
It is funny – you became a successful trader to escape working 9-5, and now you are trading more in order to fight with boredom. Time to get back to work?
I know this is not directed at me but I'd like to answer.

I don't think one becomes a trader to escape working 9-5.

When I left work to trade my own account, I went from working 9.30 - 5.30 to working from 6am - Midnight.

I can honestly tell you from the bottom of my heart, that now I am currently back at work on a temporary freelance project, going into the office, sitting there on stuffy public transport only to work the usual day, feels like a holiday.

I guess some people trade more in order to fight boredom but for me, I traded more because invariably, most of us take our profits too quickly. As a result, we need to trade more frequently to pay our salary. And I don't need to tell you that is very dangerous for anyone that doesn't have a huge deal of experience.
  • #3,687
  • May 16, 2007 11:02am May 16, 2007 11:02am
Dont you just hate it when this happens... price went back up to the exact place my stop was took me out then reversed right back down to where i was thinking it would go!! grrrr
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  • #3,688
  • May 16, 2007 11:40am May 16, 2007 11:40am
Quoting zzz
Thanks Mike,
Yeah, I will probably concentrate on fewer pairs but will try to get much deeper feel for their behavior and relationship.
It is funny – you became a successful trader to escape working 9-5, and now you are trading more in order to fight with boredom. Time to get back to work?
Don't fall into that trap. I did awhile back, and I went back to trading too much on the smaller timeframes and coming out breakeven. The better my trading gets the less time I trade. Trading becomes routine, and from routine comes boredom. Instead I fill my extra hours with doing stuff I enjoy. Plenty of stuff to fight the boredom, especially when you are making $$



Also regarding learning a few pairs. Once you learn a few pairs and go live with them(so demo to micro first!) So say you are live on the euro pound and u/jpy. Then run on demo a few pairs to learn those while you trade micro live. Then keep that progression. Slow and steady. and as James always stresses, treat this like a business, your baby and watch it grow!

Best,
Mike
  • #3,689
  • May 16, 2007 11:44am May 16, 2007 11:44am
Quoting MIG
Dont you just hate it when this happens... price went back up to the exact place my stop was took me out then reversed right back down to where i was thinking it would go!! grrrr
yeah that feeling always stinks, but as long as you can shake it right off and not let it change any decisions in the future it is ok

Interesting enough, how I always stress our charting packages are just a way to view the market through a box.

Your feed the first pin showed, my feed showed the second pin.. Both pins exist, just how we view it
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  • #3,690
  • May 16, 2007 11:51am May 16, 2007 11:51am
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
You couldnt make it up could you???LOL
Never say never.
  • #3,691
  • May 16, 2007 6:44pm May 16, 2007 6:44pm
The daily view of potential GBP/USD support, resistanceand fib confluence, what say you..
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  • #3,692
  • May 16, 2007 7:11pm May 16, 2007 7:11pm
We also have a DBHLC on the EURUSD.
Any thoughts on this?
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  • #3,693
  • May 16, 2007 7:31pm May 16, 2007 7:31pm
Quoting moneybags
We also have a DBHLC on the EURUSD.
Any thoughts on this?
yep euro is getting interesting. I will look to play a break of the TBL from a few days ago or the TBH break.
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  • #3,694
  • May 16, 2007 10:43pm May 16, 2007 10:43pm
Quoting Mr Trend
Here's your money trade of the day. You could play it short now, or set your sell limit at a 382 or 500...

Stopped out?
  • #3,695
  • May 16, 2007 10:43pm May 16, 2007 10:43pm
Quoting Mr Trend
Here's money trade #2 of the day... rifle shots folks...

Set your target for the yellow dotted brick road...


This one worked out well..
  • #3,696
  • May 16, 2007 11:24pm May 16, 2007 11:24pm
EURGBP 4H

Pinbar, seems to be around 38.2 Fib,.. not sure on this one.. what's everyone else think?

I'm messing around on Demo with it anyway, not sure exactly on SL and targets for this one (yet)...
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  • #3,697
  • May 16, 2007 11:28pm May 16, 2007 11:28pm
Quoting dimmi
EURGBP 4H

Pinbar, seems to be around 38.2 Fib,.. not sure on this one.. what's everyone else think?

I'm messing around on Demo with it anyway, not sure exactly on SL and targets for this one (yet)...
Stick to always placing your stop at the low of the pin. This really is the best spot, some choose to have them higher, but don't try to finesse themtoo much, until you get real good at them. Even then you will probably end up leaving your SL at the bottom. I still do.

Best,
Mike
  • #3,698
  • May 18, 2007 3:49pm May 18, 2007 3:49pm
Quoting moneybags
We also have a DBHLC on the EURUSD.
Any thoughts on this?
I'll be shorting it Monday due to the dollar index COT report, US is coming off extremes.
  • #3,699
  • May 20, 2007 6:36am May 20, 2007 6:36am
is it a valid dbhlc
could the target be at 89 ema & 38 fibo ??
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  • #3,700
  • May 20, 2007 12:32pm May 20, 2007 12:32pm
Quoting shamstec
is it a valid dbhlc
could the target be at 89 ema & 38 fibo ??
That's not a DBHLC - it's an IB4.

You could play it either long or short on the break.

I personally don't trade with targets but the ones you mention appear valid enough.
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