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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

  • #5,181
  • Aug 2, 2007 3:58am Aug 2, 2007 3:58am
Quoting razldazl
Hi Mimas,
Well, we all know its all going to go back up again, but I personally see this ............................drop wouldnt be impossible imho. Anyway Friday is NFP and anything can happen with NFP, lets just say Im dollar bullish for the time being, and now that Ive said that watch usd strength go to helllllll. Take care, Raz.
Hi Raz,
Thanks for your comments on this apprecited, I can see what you mean by the weekly we have BEOVB on both USD (GBP & EUR)........
Stay Lucky
  • #5,182
  • Aug 2, 2007 4:41am Aug 2, 2007 4:41am
Quoting mimas
Hi Raz,
Thanks for your comments on this apprecited, I can see what you mean by the weekly we have BEOVB on both USD (GBP & EUR)........
Stay Lucky
Nevermind NFP - how about the GBP interest rate statement in a couple of hours?

I am still short the GBP.

I am sure that, sometime soon, the pins will start working again
  • #5,183
  • Aug 2, 2007 7:56am Aug 2, 2007 7:56am
Did anyone else watch the Dow/Dax into the close last night and wonder what in the hell was going on?

I thought world peace had been declared!!!

After a day of indecision with price basically going nowhere there was the most insane rally in the dow which saw it rise almost 200 points in the last half an hour of the close.

It was all over the news but no one seemed to know why but now I just got this from a reputable source:

The SP500 rally last night was apparently due to an error. A US house made a mistake and bought 5400 futures when they should have bought just 54 futures. This turned all long var players, who were going to sell the close, into buyers. Since you cannot cancel MOC orders in the last 10 minutes, these var swap delta buyers had to buy back their MOC amount plus more to get the right hedge.

This amounted to $5billion worth of fake buying, causing the Dow to rally 250 points in 20 minutes...
  • #5,184
  • Aug 2, 2007 8:04am Aug 2, 2007 8:04am
Quoting the_wizard
The SP500 rally last night was apparently due to an error. A US house made a mistake and bought 5400 futures when they should have bought just 54 futures. This turned all long var players, who were going to sell the close, into buyers. Since you cannot cancel MOC orders in the last 10 minutes, these var swap delta buyers had to buy back their MOC amount plus more to get the right hedge.

This amounted to $5billion worth of fake buying, causing the Dow to rally 250 points in 20 minutes...
Hi,
If this report were true then surely the Dow would have dropped like a stone today - yet it has not.

Go figure!
Ian
  • #5,185
  • Aug 2, 2007 8:33am Aug 2, 2007 8:33am
Quoting ianf0ster
Hi,
If this report were true then surely the Dow would have dropped like a stone today - yet it has not.

Go figure!
Ian
well didnt the market just open now? so it may still dropppp, Raz
Never say never.
  • #5,186
  • Aug 2, 2007 9:23am Aug 2, 2007 9:23am
Quoting JoshDance
USDCAD BEOB daily. Man, my TP keeps getting poked at but missed by 3 pips this last time. Daily BEOB, so I may just optimistically move the TP down some more. Or not :-)
Well, the first trade got stopped out for a 35 pip profit by 2 pips, then went south for another 50 before my other order got triggered. So, had that stop been better placed (a few pips above the 00 level), then I would have been holding on to 120 pips on the original short plus about 20 on the second right now, but as it is I'm up a total of 35 + 20 right now. Hey, I'm not complaining. Just saying that this trade has been SL and TP placement hell. ;-)
  • #5,187
  • Aug 2, 2007 9:58am Aug 2, 2007 9:58am
Quoting the_wizard
Did anyone else watch the Dow/Dax into the close last night and wonder what in the hell was going on?
Dunno, always see those commentaries and find em pretty funny ;p (the misplaced orders I mean)

I can supply this chart and the previously "stopping out lows"(the last 3 bars before the rise). They staggered lower only a handful of pips each, so I assume each new low was met with demand until finally some decisive point was reached for either side.

Could be a broadening top sort of thing.
Attached Image
Trust price. Know yourself.
  • #5,188
  • Aug 2, 2007 10:59am Aug 2, 2007 10:59am
I know this has been covered alot in the forum, but the hardest thing I find is staying in a trade when the profit is there........!!!!!!!!
I went long on the pins on GBP_JPY, GBP_CHF and EUR_CHF, I had an order to open short on GBP_USD but it never got triggered.
Anyway I stuck with my orders till I had the best part of 100pips in profit from these three trades but I just cannot help but think I have come out too early.....both EUR_CHF and GBP_CHF seemed to be reaching some resistance levels, I had moved my stops to BE and GBP_JPY was in loss most the day so I cut my losses with a tiny profit on this one, as it is a wild one !
Anyway can I have any thought on how you guys stop yourselves from cashing in too early.......I know I probably should put in a trailing stop and I know I am going to kick myself when I see how much these have moved by tommorow.......
  • #5,189
  • Aug 2, 2007 11:04am Aug 2, 2007 11:04am
Ok I gotta ask...

Is anyone else looking at the markets thinking "what the heck is going on?"

I mean it seems as if almost all pairs are ranging as if they are waiting for something to happen. Most decent setups that I have seen based on S/R fib points and other confluence seem to fail lately.

I can't be the only one seeing this so I would like to hear others views about current market conditions as well. Or then again yes it could just be me... but I am really hoping it isn't ...LOL

Steve
Nothing is impossible, with a willing mind!
  • #5,190
  • Aug 2, 2007 12:13pm Aug 2, 2007 12:13pm
Quoting mimas
Anyway can I have any thought on how you guys stop yourselves from cashing in too early.......I know I probably should put in a trailing stop and I know I am going to kick myself when I see how much these have moved by tommorow.......


Well you could just take the simple way out.
Same thing I said about timeframes before.
Stick to the same timeframe for everything.

If you enter a daily trade, do not touch it again before the next daily close.
If you enter a weekly trade, do not touch it again before the next weekly close.
If you enter a monthly trade, do not..well you get the idea.


I mean, would you close a 1h trade before the next hour is over and you know for sure how much more or less it may or not move?
Then why do it on a daily bar?

Just food for thought, not a "must". Obviously everyone trades differently.

But that sort of thing will most likely keep you sanest and keeps things simple.


I do not believe there is one "right" way. You need to figure out what works for YOU and then consistently employ that very thing.
Trust price. Know yourself.
  • #5,191
  • Aug 2, 2007 12:19pm Aug 2, 2007 12:19pm
Quoting Trader_V
Ok I gotta ask...

Is anyone else looking at the markets thinking "what the heck is going on?"

I mean it seems as if almost all pairs are ranging as if they are waiting for something to happen. Most decent setups that I have seen based on S/R fib points and other confluence seem to fail lately.

I can't be the only one seeing this so I would like to hear others views about current market conditions as well. Or then again yes it could just be me... but I am really hoping it isn't ...LOL

Steve
*points to*
http://forexfactory.com/showpost.php...postcount=5162
http://forexfactory.com/showpost.php...postcount=5182

Ahem

If in doubt - stay out!

As for things not working anymore - certain things I have on my chart are working all too well, which is cause for all this to and fro ;p

Conflict of interest one might say

Tricky stuff it is indeed =)
Trust price. Know yourself.
  • #5,192
  • Aug 2, 2007 12:35pm Aug 2, 2007 12:35pm
Quoting SeekingLight
*points to*
http://forexfactory.com/showpost.php...postcount=5162
http://forexfactory.com/showpost.php...postcount=5182

Ahem

If in doubt - stay out!

As for things not working anymore - certain things I have on my chart are working all too well, which is cause for all this to and fro ;p

Conflict of interest one might say

Tricky stuff it is indeed =)
Oh no please don't get the impression that I feel as if things don't work anymore

I am only making reference to the current market status. I know that things will eventually return to some form of normality (if there is such a thing)

It is as you have said "Tricky stuff indeed.

Good posts by the way.

And if you don't mind sharing; what is it that you are using that is giving you such clarity?

Curious I am
Nothing is impossible, with a willing mind!
  • #5,193
  • Aug 2, 2007 12:54pm Aug 2, 2007 12:54pm
Explained via PM.


USDX chart. Basket of the majors, shows why we're doing the sideway dance quite well I guess ;p
(r -> s, prior highs => lows)

Trying to decide where to go...
Attached Image
Trust price. Know yourself.
  • #5,194
  • Aug 2, 2007 1:56pm Aug 2, 2007 1:56pm
Quoting SeekingLight
Well you could just take the simple way out.
Same thing I said about timeframes before.
Stick to the same timeframe for everything.
.................................................................................................
I do not believe there is one "right" way. You need to figure out what works for YOU and then consistently employ that very thing.
Hi Seeking Light,
Thanks for your help on this one, your post is as informative as ever I'm not kicking myself just yet but I could have netted another 100 pips but GBP_JPY is a bit scarry ....LOL's...so what you say goes a long way......many thanks, the people on here really are one of the most friendly bunch I have come across, the are no pre-madonnas even the most experienced help out thanks.
Stay Lucky
  • #5,195
  • Aug 2, 2007 2:07pm Aug 2, 2007 2:07pm
Hi all,
well I give up, Ive had enough, I took a b-e on cable and plus 15 on eur and Im closing up shop...tomorrow is nfp. Its been a hard week, and I really want to go live even if I start mini micro on oanda, so Im shutting down...take care all, speak next week. In fact Im going to watch sunday night see if any sense out of your gap trading hehe. Fingers crossed, Raz
Never say never.
  • #5,196
  • Aug 2, 2007 2:10pm Aug 2, 2007 2:10pm
Quoting mimas
Hi Seeking Light,
Thanks for your help on this one, your post is as informative as ever I'm not kicking myself just yet but I could have netted another 100 pips but GBP_JPY is a bit scarry ....LOL's...so what you say goes a long way......many thanks, the people on here really are one of the most friendly bunch I have come across, the are no pre-madonnas even the most experienced help out thanks.
Stay Lucky
Im sorry Mimas,
I am rolling on the floor with your pre-madonna comment. You have made my day Im sorry its prima dona, Im not laughing at you its just very funny sometimes our little spelling mistakes are very hilarious speak later hahahaha Raz
Never say never.
  • #5,197
  • Aug 2, 2007 2:11pm Aug 2, 2007 2:11pm
Hi Mimas,

I have the same fear of profit loss/reduction ......most times, when I have looked in at the charts during the day and seen the price going the wrong way after recording a substantial move in my favour, I reacted emotionally and hit the close button.....just to see at the end of the day that the price has moved back even more in my favour!
So, I have decided that, come what may, if I have carefully planned a trade with stoploss, then I do NOT manually close it. I agree with SL re letting the trade run the daily course (or whatever TF is traded) and then re-evaluating my position and either closing at that point or trailing the stoploss and letting the stop close the trade eventually.....that way, it seems, more often than not, you will maximise the profit realised.
This is my intended approach.....I am seriously trying to keep my fingers OFF the close button!!

  • #5,198
  • Aug 2, 2007 2:52pm Aug 2, 2007 2:52pm
Raz,
And I pride myself on my spelling LOL's.....my wife would kill herself over this as I am always saying she cannot spell for toffee or is that tooooffiii

Attictrader,
Agree I'm gonna tie my hands behind my back on my next trade and see where it takes me !!! Thanks for your input.
Will be staying well clear tomorrow with NFP on the agenda.
Stay Lucky.
  • #5,199
  • Aug 2, 2007 2:59pm Aug 2, 2007 2:59pm
Quoting razldazl
Hi all,
well I give up, Ive had enough, I took a b-e on cable and plus 15 on eur and Im closing up shop...tomorrow is nfp. Its been a hard week, and I really want to go live even if I start mini micro on oanda, so Im shutting down...take care all, speak next week. In fact Im going to watch sunday night see if any sense out of your gap trading hehe. Fingers crossed, Raz

Yeah... let's hope I could at least get the GAP right... not much else going right...
  • #5,200
  • Aug 2, 2007 3:14pm Aug 2, 2007 3:14pm
Quoting Tiki Trader
Yeah... let's hope I could at least get the GAP right... not much else going right...
Its been a tough week for everyone from the sounds of it, just keep plugging, Ive been there so many times myself, keep the faith, Raz
Never say never.
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