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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

  • #4,441
  • Jul 10, 2007 4:21am Jul 10, 2007 4:21am
Take the PA setup and ignore the news.

Good advice.

None the less, has anyone else gone long USD/CAD off this pin and in the face of the Interest Rate announcement later this afternoon?
  • #4,442
  • Jul 10, 2007 5:01am Jul 10, 2007 5:01am
Hi Wizard,
I guess thats the best thing in trading off these longer TF's of daily + that it eliminates the noise (news) factor.
What pin are you trading off pin 1 or pin 2 ?
The trend is for the bears at the moment and cannot see any obvious S/R, so would not be a trade for me but best of luck on this one.
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  • #4,443
  • Jul 10, 2007 5:28am Jul 10, 2007 5:28am
I'm long off Pin 2 but not in my account - this is a managed one.

If it comes off more I will probably hedge it in the futures market.
  • #4,444
  • Jul 10, 2007 5:57am Jul 10, 2007 5:57am
Looks like a TBHLC off GBP_CHF there's 2 pips difference, guess will need to wait till end of the day.
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  • #4,445
  • Jul 10, 2007 6:01am Jul 10, 2007 6:01am
Quoting mimas
Hi Dan,

Can I ask what Timeframe are you working off...?
I can see the pin on GBP/USD for PA, but what has made you jump on the EUR/USD, USD/JPY ?

Stay Lucky Mimas.
I work mostly with the 4H and the Daily. The Jpy on the Daily shows a tunnel move and the direction suggests an up move to the top of the channel.
So far it's working against it but I will let it play and if it doesn't trigger my stop, I assume that I will be riding it up.
The Eur/Us I was most unsure of, I thought that there was there a PB (07/05) that would have suggested a change in direction, it was also fairly close to a top from 04/27 ( I am looking at a Daily chart ) but the weekly didn't support this view but I decided to take the chance here and it was a wrong move ....... my stop was triggered. I should wait for a better signal I was not using a good judgment on this one. Dan
  • #4,446
  • Jul 10, 2007 6:41am Jul 10, 2007 6:41am
Quoting the_wizard
Hi Dan,

GBP/USD had a good looking pin bar friday which would have triggered a long yesterday. I hope this works out for you

I am looking to time an entry short on NZD/USD, EUR/JPY and long USD/CAD.

Tom
Hi Tom,
I am looking at the USD/CAD and just wondering what am I missing. My weekly chart shows a continuation of "down" move (see chart) and the RSI and the WLR indicators support this too. Am I missing something here and did you already gone long with this pair? Regards, Dan
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  • #4,447
  • Jul 10, 2007 6:53am Jul 10, 2007 6:53am
Dan,

There was a pin on the daily charts which is the reason this caught my attention.

I am not in it yet though.

Tom
  • #4,448
  • Jul 10, 2007 6:53am Jul 10, 2007 6:53am
Hi Wizard, just wanted to say be careful with the usd/cad pair. I played the first PB and took a pretty good loss last week. And it's not the first time I've seen this pair fool a trader. Although last week price never really broke above the PB to make it valid, so I shouldn't have really traded it, keep an eye on it if you take it! Happy trading!

Quoting the_wizard
Take the PA setup and ignore the news.

Good advice.

None the less, has anyone else gone long USD/CAD off this pin and in the face of the Interest Rate announcement later this afternoon?
  • #4,449
  • Jul 10, 2007 7:04am Jul 10, 2007 7:04am
Tw0eleven,

Sorry to hear about your loss on the USD/CAD pin - it looked like a done deal but you were right - it didn't trigger and then the price fell.

I always place my orders just one tick above the high/low of PA setups and by rights I should have been filled on USD/CAD this morning but for some reason I wasn't. Which means I will no doubt be on the sidelines until the rate decision.

Others may not agree with me but the one thing I would say from my own experience is that you should take every setup in a pair (as long as it fits your entry/exit criteria) with consistency. If you take a pin and it fails, make sure you don't get put off taking the next one because of it.

Sometimes it is the second or third pin that makes the huge win.
  • #4,450
  • Jul 10, 2007 7:09am Jul 10, 2007 7:09am
Quoting the_wizard
Dan,

There was a pin on the daily charts which is the reason this caught my attention.

I am not in it yet though.

Tom
Thanks Tom. Dan
  • #4,451
  • Jul 10, 2007 7:37am Jul 10, 2007 7:37am
Thanks Wizard,

I am still finding my trading style or fine tuning it I should say. But I am taking most PB's as you say, just trying to pick them out a little better so they aren't in any "traffic."

Keep us updated on your u/cad trade if you enter...I'd be curious to see how it works out.

Quoting the_wizard
Tw0eleven,

Sorry to hear about your loss on the USD/CAD pin - it looked like a done deal but you were right - it didn't trigger and then the price fell.

I always place my orders just one tick above the high/low of PA setups and by rights I should have been filled on USD/CAD this morning but for some reason I wasn't. Which means I will no doubt be on the sidelines until the rate decision.

Others may not agree with me but the one thing I would say from my own experience is that you should take every setup in a pair (as long as it fits your entry/exit criteria) with consistency. If you take a pin and it fails, make sure you don't get put off taking the next one because of it.

Sometimes it is the second or third pin that makes the huge win.
  • #4,452
  • Jul 10, 2007 7:55am Jul 10, 2007 7:55am
PB's have not worked well for me with USDCAD for a long time. When first going through this thread I demo traded the USDCAD and PB's did not work well then either.

I think you have to acknowledge fundamentals once in awhile even when using PB's, and each pair is different. For USDCAD look at oil prices, since the US imports a lot of oil from Canada, going long right now doesn't work IMO. I've looked at this pair many times for weeks, the charts are just beggin to go long, but fundamentals have kept me out. If oil prices drop below 60$ a barrel I would start looking for long opportunities. Perhaps some of the analyst are right and the looney will achieve par with the dollar and stay there?

I still ignore fundamentals when working with PB's and the EURUSD, though, I will just have to see how that works over the long term.
Redefining Reality
  • #4,453
  • Jul 10, 2007 8:12am Jul 10, 2007 8:12am
Quoting Tw0eleven
Thanks Wizard,

I am still finding my trading style or fine tuning it I should say. But I am taking most PB's as you say, just trying to pick them out a little better so they aren't in any "traffic."

Keep us updated on your u/cad trade if you enter...I'd be curious to see how it works out.
Hi 211, when you talk about PB, what a time frame/or time frames do you use with these. Just curious. Regards, Dan
  • #4,454
  • Jul 10, 2007 8:37am Jul 10, 2007 8:37am
I've been using the daily and weekly charts. Over time, I'd like to get good enough to switch down to the 4hr or 1hr charts for better entries based on the daily/weekly charts.

Quoting dltvn
Hi 211, when you talk about PB, what a time frame/or time frames do you use with these. Just curious. Regards, Dan
  • #4,455
  • Jul 10, 2007 8:39am Jul 10, 2007 8:39am
Quoting Tw0eleven
I've been using the daily and weekly charts. Over time, I'd like to get good enough to switch down to the 4hr or 1hr charts for better entries based on the daily/weekly charts.
Thanks 211. Dan
  • #4,456
  • Jul 10, 2007 12:11pm Jul 10, 2007 12:11pm
Quoting Tw0eleven
Keep us updated on your u/cad trade if you enter...I'd be curious to see how it works out.
Hey Tw0eleven,

This was closed earlier today for breakeven. I took this in an account I am managing for a friend. I went long at 105.07 and when it was +36 I decided to put a stop in at BE so it didn't turn into a loss.

I know a lot of people trade this way and yet still, everytime I do it, I regret it.

I think there has to be a reason for your stop placement. e.g. behind a S/R point or a trailing MA - that kind of thing and most importantly on the same timeframe as the one you entered the trade on.

Putting a stop at BE just because its "safe" is usually a terrible mistake. Or at least it always has been in my experience.

Still, I had a very good day today. I caught an absolutely stunning breakout trade in the Bund that soared 55 points from a position with a stop of just 9.

Hope you had a good day.

Wiz
  • #4,457
  • Jul 10, 2007 3:06pm Jul 10, 2007 3:06pm
Yes, I agree, we all have to have a plan and stick to it. Its all very well to say do this and do that, but how many of us actually stick to what we say we are going to do? Let alone what we tell everyone else to do...Lets be realistic with ourselves and our goals, work day by day to accomplish those same goals and not try so hard to be superstars trading millions of markets at the same time. One step at a time isnt so bad, first get profitable,(on a regular basis) and THEN get artistic I say. Im having a good week so far, I dont know what lucky star is shining on me lately but Im making a lot of good decisions, and it feels great. I wish you all the same good fortune.Have a good night everyone, Raz
Never say never.
  • #4,458
  • Jul 10, 2007 3:33pm Jul 10, 2007 3:33pm
Two words for you all:

Razl

Dazl
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  • #4,459
  • Jul 10, 2007 3:38pm Jul 10, 2007 3:38pm
Quoting the_wizard
Two words for you all:

Razl

Dazl
Lucky Raz
Never say never.
  • #4,460
  • Jul 10, 2007 3:41pm Jul 10, 2007 3:41pm
LOL. yeah baby!!!

jim

Quoting the_wizard
Two words for you all:

Razl

Dazl
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