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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

  • #5,141
  • Edited 3:01am Aug 1, 2007 2:51am | Edited 3:01am
Quoting the_wizard
I'm still trying to pin down (pin, get it?) the movement in EUR/CHF.

First I was long and got stopped out, then I tried to go long again and got stopped out again. Now I have reversed and gone short...stubborness is never good for your account balance. lol
still 10 mins over here till close but this pin would coincide with the 200 on the daily

wait and see

Mike

edit* oh well close but no cigar on the close
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  • #5,142
  • Edited 4:07am Aug 1, 2007 2:51am | Edited 4:07am
Quoting lava
Another:
There are just too many!!! All the JPY pairs have PBs.
That GBPJPY pin was good and perfect, a pin at retracement and a "must take" due to weekly BEOB. EURUSD as well. Cable wasn't a PB(on the picture on your feed, IBFX had one) and USDCAD was just not in the right place. Imagine it at the bottom of a swing low, then it'd be perfect.

Hope everyone got long JPY last night =)
Trust price. Know yourself.
  • #5,143
  • Aug 1, 2007 3:17am Aug 1, 2007 3:17am
Hi Lava,
Nice work, but the reason that Cable was not a PB is that the close is far too high. It is more like halfway up the bar rather than in the lower 1/3rd.

Hope this helps you recognise them,
Ian
  • #5,144
  • Aug 1, 2007 3:18am Aug 1, 2007 3:18am
Quoting the_wizard
I'm still trying to pin down (pin, get it?) the movement in EUR/CHF.

First I was long and got stopped out, then I tried to go long again and got stopped out again. Now I have reversed and gone short...stubborness is never good for your account balance. lol
Why were you long?
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Trust price. Know yourself.
  • #5,145
  • Aug 1, 2007 3:20am Aug 1, 2007 3:20am
Weekly
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Trust price. Know yourself.
  • #5,146
  • Aug 1, 2007 3:21am Aug 1, 2007 3:21am
4h

Raczekfx must have LOVED this one
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Trust price. Know yourself.
  • #5,147
  • Aug 1, 2007 3:49am Aug 1, 2007 3:49am
A small or a big reprieve for the USD?

The funnymentals call it flight to safety, we'll just call it BUOB
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Trust price. Know yourself.
  • #5,148
  • Aug 1, 2007 3:49am Aug 1, 2007 3:49am
Quoting ianf0ster
Hi Lava,
Nice work, but the reason that Cable was not a PB is that the close is far too high. It is more like halfway up the bar rather than in the lower 1/3rd.

Hope this helps you recognise them,
Ian
Looks fine on my feed, Raz
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Never say never.
  • #5,149
  • Aug 1, 2007 3:50am Aug 1, 2007 3:50am
PB off perfect retracement spot - picture perfect chart building blocks. Stacking bars basically.

Doesn't have to run forever but makes a perfect example for how textbook retraces should look like for me.

.382 and former lows will most likely pause or reverse
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Trust price. Know yourself.
  • #5,150
  • Aug 1, 2007 3:55am Aug 1, 2007 3:55am
It's the usual trouble with timezones and data feeds for GBPUSD. I got a perfect mini retracement pin bar on IBFX for GBPUSD but GBPJPY wasn't a PB, on North Finance it's the other way around. Go figure.

Loss of 2.0180 will both trigger the BEOB as well as break down that s/r.
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Trust price. Know yourself.
  • #5,151
  • Aug 1, 2007 4:04am Aug 1, 2007 4:04am
Quoting SeekingLight
PB off perfect retracement spot - picture perfect chart building blocks. Stacking bars basically.

Doesn't have to run forever but makes a perfect example for how textbook retraces should look like for me.

.382 and former lows will most likely pause or reverse
thanks for this sl, its great to see good examples so we can get it right, or as close to when we are looking for pullback trades, take care, Raz
Never say never.
  • #5,152
  • Aug 1, 2007 4:31am Aug 1, 2007 4:31am
Quoting razldazl
thanks for this sl, its great to see good examples so we can get it right, or as close to when we are looking for pullback trades, take care, Raz
No prob. These s/r flips occur so much they will just start to stand out to you at some point. It's like before crossing the road - always look to your left first.

You've already amazed me with a lot of your previous trading. I think I was nowhere near as fast a learner as you seem to be


Don't fall prey to the overcomplication I love so much, stick to the simple charts (Jim's, Raczekfx, Mike's and some of my clean ones and so on) and some basic PA and confluence logic and you'll do exceedingly great, I'm sure =)

Wishing you the best of luck for your "live" time
Trust price. Know yourself.
  • #5,153
  • Aug 1, 2007 5:34am Aug 1, 2007 5:34am
Quoting SeekingLight
Why were you long?
Seeking,

I was long when it first broke overhead resistance. I then got stopped out when it came right back through and hit the bottom of the range.

I then went long again off a daily pin bar right at the bottom of the range. This went into profit too and then came straight back and stopped me out for a loss.

Now, I have gone short on a monthly pin bar break.
  • #5,154
  • Aug 1, 2007 7:06am Aug 1, 2007 7:06am
Quoting SeekingLight
It's the usual trouble with timezones and data feeds for GBPUSD. I got a perfect mini retracement pin bar on IBFX for GBPUSD but GBPJPY wasn't a PB, on North Finance it's the other way around. Go figure.

Loss of 2.0180 will both trigger the BEOB as well as break down that s/r.
Well looky here...LOL looks like I might be getting the hang of this after all. I have also seen this PB and snap a picture of my setup before looking at yours. I would like to say great minds think alike but my mind is not so great yet

Ok so we have a PB bouncing off of a minor PPZ and the 38.2 Fib looks like it is headed to the second PPZ below.

I took this PB and I am watching closely for a stall near the 2.0190 area.

As so it goes. Let us see where it takes us.

Steve
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Nothing is impossible, with a willing mind!
  • #5,155
  • Aug 1, 2007 9:02am Aug 1, 2007 9:02am
Quoting SeekingLight
4h

Raczekfx must have LOVED this one
Indeed...
I posted quite a few of my setups and trades in James thread on PF side and this was one of them... My entry long was 1.6360.... (limit buy was hit while hibernating). It would be very nice to see a pin today.
  • #5,156
  • Aug 1, 2007 9:46am Aug 1, 2007 9:46am
Quoting SeekingLight
It's the usual trouble with timezones and data feeds for GBPUSD. I got a perfect mini retracement pin bar on IBFX for GBPUSD but GBPJPY wasn't a PB, on North Finance it's the other way around.
Question for SL, Jim, Mike or other experienced guys:

How do you handle the situation where in volatile conditions, different brokers show different PBs etc. ?

Is there a recommended close time for Daily bars?

(I am spread betting with IGINDEX in the UK - they have useless charts - max 1Hr and close FX bars at 10pm local time = 5pm EST. For charts I use MT$ a demo account with a broker whose server time is GMT+2 , but they again close bars at 5pm EST. Neither of them have any bar fror a sunday except from 5pm EST onwards).

Is it recommended to use or to ignore/avoid Sunday bars?

Thanks,
Ian
  • #5,157
  • Aug 1, 2007 11:15am Aug 1, 2007 11:15am
Quoting SeekingLight
No prob. These s/r flips occur so much they will just start to stand out to you at some point. It's like before crossing the road - always look to your left first.

You've already amazed me with a lot of your previous trading. I think I was nowhere near as fast a learner as you seem to be


Don't fall prey to the overcomplication I love so much, stick to the simple charts (Jim's, Raczekfx, Mike's and some of my clean ones and so on) and some basic PA and confluence logic and you'll do exceedingly great, I'm sure =)

Wishing you the best of luck for your "live" time
Thanks a lot, good advice, I especially like the look left when you cross the road bit...Im wondering what my first live j16 trade will be, and how long it takes me to pull the trigger....well keep trucking everyone, its worth it. Take care all, Raz
Never say never.
  • #5,158
  • Aug 1, 2007 11:17am Aug 1, 2007 11:17am
Quoting JoshDance
So I went short on the USDCAD pinbar, was up about 45 pips, then it turned back up. Now, the daily has not closed, but right now I'd be -10 if I closed the trade. I don't WANT to close the trade, but my gut says this will not go back down. Any experienced folks want to offer a rationale (not a recommendation, I understand) for staying in, or closing with a small loss? (by the time you read, it may have turned into a big loss lol!)

I'll give a rationale for staying in... I'm trading daily charts, so stick to them and let the trade run! :-) Anything else?
Hope you held on to your CAD pinbar, now at 1.0560. Good things come to those who wait....
  • #5,159
  • Aug 1, 2007 11:59am Aug 1, 2007 11:59am
Quoting charlies
Hope you held on to your CAD pinbar, now at 1.0560. Good things come to those who wait....
I, on the other hand, took the 4hr pinbar long, held onto it when it formed into a daily pin, and broke the weekly bullish outside bar. It should have went on to break the monthly pin. And instead I was just stopped out.

Similar thing happened on the USD pairs and some yen pairs.

Gold and Silver had nice retracement pins, and who knows what will become of them now.

So much for the larger timeframe taking precedence.
Very depressing.
I don't know how much more of this I can take.

-Paul
  • #5,160
  • Aug 1, 2007 12:15pm Aug 1, 2007 12:15pm
Quoting isitrue
I, on the other hand, took the 4hr pinbar long, held onto it when it formed into a daily pin, and broke the weekly bullish outside bar. It should have went on to break the monthly pin. And instead I was just stopped out.

Similar thing happened on the USD pairs and some yen pairs.

Gold and Silver had nice retracement pins, and who knows what will become of them now.

So much for the larger timeframe taking precedence.
Very depressing.
I don't know how much more of this I can take.

-Paul

Know just how you feel. These wild and wacky periods are also where I do the worst in. It's really annoying transitioning from 2-3 days of really knowing what is going on and where things are heading to to totally having to second guess EVERYTHING because after every impulsive move this corrective chop arrives.
But as always there will be an eventual ending to it and one has to keep on trucking in order to catch that next 1000 pip run eventually.

Prudent money management and waiting until everything lines up in your favor and simply not trading until you again feel you KNOW what's going on will help ensure that you get through it alright

Learned that from pretty much doing the opposite most of the time

It's the "it's going up! oh wait, no, down! err, up! no wait! ach DARNIT!" that costs one most of the account. Once that happens 2-3 times, put aside the the trading, go do something else.
Come back after the daily/weekly has closed, see if it makes more sense then, if not wait until it does.
Or the daily/weekly bars after that.
Will very likely save a lot of loss and frustration.

If in doubt - stay out. Another simple slogan that's easily disregarded but will spare a lot of pain. And like the waiting part it's sooooooooooo much easier written and said than done.

Again - know how you feel, you've got my heartfelt sympathy. I spent most of today just going "wtf what is going on here" as well ;p

Best to let it play out, make some sort of sensible setup at some point and THEN rejoin the fun.

Just some rambling on my part, 'scuse me I'm back off into my cave again..
Trust price. Know yourself.
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