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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

  • #5,341
  • Aug 9, 2007 1:04pm Aug 9, 2007 1:04pm
Quoting raczekfx
I'm probably going to start a journal with setups I see (kind of like yours) on PF side and limit my posting here.
It's more fun on the other side and ... 'more' room
hehe ... that'll be nice. Another "signal" journal.
Keeping it Simple
  • #5,342
  • Aug 9, 2007 1:14pm Aug 9, 2007 1:14pm
hi there

would you enter the break of the BEOB/TBHLC forming on the gj from fib 50, 4h 150 ema, crossing down the resistance level (Lime horizontal line) ??

if not - why not??

Michael
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  • #5,343
  • Aug 9, 2007 1:41pm Aug 9, 2007 1:41pm
Quoting mamutot
hi there

would you enter the break of the BEOB/TBHLC forming on the gj from fib 50, 4h 150 ema, crossing down the resistance level (Lime horizontal line) ??

if not - why not??

Michael
Hey Michael

If it closes as is(mine doesn't close till 8pm eastern so i find no reason to start looking at dailies till 730). You play the trade both ways. My preference would be a break of the TBH getting us back into the carry trade the right way, although shorts are the preferred direction(not sure how long that will actually last)
  • #5,344
  • Aug 9, 2007 1:46pm Aug 9, 2007 1:46pm
Quoting Tw0eleven
What timeframe are you looking at may I ask? And I take it you went short, but what caused you to go short? I don't see any bar formations on the daily or 4hr charts. Cheers.
Hi Tw0eleven, I've been looking at the hourly a lot lately.

As raczekfx said, it has offered some great opportunities in the last few days with regards to r:r ratio.

Here is a trade I just closed. I entered on the bar with the arrow (next to the pin).

The reason I took this is as much to do with an ema system I like to use as with the pin (the emas are not shown on this chart).

My spread for USD/JPY is very poor - 4 pips. But I managed to get short this with a total risk of 20 pips and targeted the low of the day which it just hit for a profit of 35 pips net of spread.

Wiz
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  • #5,345
  • Aug 9, 2007 1:55pm Aug 9, 2007 1:55pm
Quoting mbqb11
Hey Michael

If it closes as is(mine doesn't close till 8pm eastern so i find no reason to start looking at dailies till 730). You play the trade both ways. My preference would be a break of the TBH getting us back into the carry trade the right way, although shorts are the preferred direction(not sure how long that will actually last)

so you are actually saying that in your opinion it won't go short and if it does it wont last long?? but either way - you put entry on both sides?


thanks.
  • #5,346
  • Aug 9, 2007 1:58pm Aug 9, 2007 1:58pm
Quoting mamutot
so you are actually saying that in your opinion it won't go short and if it does it wont last long?? but either way - you put entry on both sides?


thanks.
I never like to be short that much on the carry trade pairs, so for me this is a Trade setup(if occurs) that I would not take short...rather wait for the long entry only

Again just in my opinion

Mike
  • #5,347
  • Aug 9, 2007 6:56pm Aug 9, 2007 6:56pm
Wow... what happened to the JPY pairs, EUR/GBPUSD, and EUR/GBPCHF today? They just keep falling.

I'm taking a beating folks.....
I wonder what's going to happen tomorrow. More of the same or a bounce back up?

Tom
  • #5,348
  • Aug 9, 2007 9:02pm Aug 9, 2007 9:02pm
Again, sorry for my ignorance... but why such a big secret about certain ma's ??? I have never seen anything in the PF saying that certain ma's should not be talked about on the Public forum...

GBP/JPY fell like a rock today... and to think I actually almost took a trade there... I was going to put orders 20 pips above the fib line and a sell order 20 pips below the "*" ema for a target down to the next fib line... I actualy would have made at least a couple of hundred pips that way... just can't believe I did not do it !!!

Can a few of you guys PLEASE give me some opinions on the monthly PB for AUD/USD about to trigger off a trade... I am inclined to take it...

Someone this morning mentioned that PBs are most often a compressed head and shoulders pattern... this is something I have noticed all along... if I look at the daily on AUD/USD I see kind of a head and shoulders there... Taking the monthly PB like this will not net me much profit since the stop will have to be so far away and my trade size so small... but is it not the principle of the matter that counts too ???
  • #5,349
  • Aug 9, 2007 9:26pm Aug 9, 2007 9:26pm
OK well I went ahead and made the short trade on the AUD/USD... on my tiny account I made two trades short... at 2 cents a pip... first target .8160 and second target .7960 STOP at .8880 I believe these are regular PB rules...

Means the most I can lose is about $ 20 ( 1 % of my account ) and if I hit the jackpot... I get $ 24 ( or so ) I suspect the trade will be open for 3 -5 months !!!! Planning my Las Vegas trip already...

Yes I can trade other PA for more trade size... but this is first time for a monthly PB for me... just wanted to celabrate...
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  • #5,350
  • Aug 9, 2007 9:31pm Aug 9, 2007 9:31pm
Quoting Tiki Trader
Again, sorry for my ignorance... but why such a big secret about certain ma's ??? I have never seen anything in the PF saying that certain ma's should not be talked about on the Public forum...

GBP/JPY fell like a rock today... and to think I actually almost took a trade there... I was going to put orders 20 pips above the fib line and a sell order 20 pips below the "*" ema for a target down to the next fib line... I actualy would have made at least a couple of hundred pips that way... just can't believe I did not do it !!!

Can a few of you guys PLEASE give me some opinions on the monthly PB for AUD/USD about to trigger off a trade... I am inclined to take it...

Someone this morning mentioned that PBs are most often a compressed head and shoulders pattern... this is something I have noticed all along... if I look at the daily on AUD/USD I see kind of a head and shoulders there... Taking the monthly PB like this will not net me much profit since the stop will have to be so far away and my trade size so small... but is it not the principle of the matter that counts too ???
AUD/USD pin bar on monthly at a resistance point and a 127% extension. Could drop back to old resistance, now support at 0.8000.
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  • #5,351
  • Aug 9, 2007 9:34pm Aug 9, 2007 9:34pm
Personally, I like the AUDUSD monthly Pin bar.
I'll take it too if it triggers my order. It's a nice Pin at an extreme high and it's time this pair takes a breather.
The swap will be against us, but it's nice to get in on some monthly trades. It helps build patience.

PS: If you really zoom out on the monthly charts, you'll see that this area is a good resistance/support zone. At least it was back in the 80's...

Tom
  • #5,352
  • Aug 9, 2007 10:12pm Aug 9, 2007 10:12pm
I also read this morning in this forum that if a PB does not break on the next bar, the order should be cancelled... is this true ? Is this the rule ? It does make sense to me... I think MBQB11 said that...

Thoughts... ????
  • #5,353
  • Aug 9, 2007 10:15pm Aug 9, 2007 10:15pm
Quoting Tiki Trader
I also read this morning in this forum that if a PB does not break on the next bar, the order should be cancelled... is this true ? Is this the rule ? It does make sense to me... I think MBQB11 said that...

Thoughts... ????
up to the trader, But the conservative way is to wait for a break of the pinbar on the next bar. Without the break we then cancel the order. The next bar then is most likely an IB, which can still be played or wait for then Pin to break also. Up to you, I wait for a braek, and it doesn't occur on the next bar I cancel any pending orders

M
  • #5,354
  • Aug 10, 2007 12:48am Aug 10, 2007 12:48am
Quoting Tiki Trader
OK well I went ahead and made the short trade on the AUD/USD... on my tiny account I made two trades short... at 2 cents a pip... first target .8160 and second target .7960 STOP at .8880 I believe these are regular PB rules...

Means the most I can lose is about $ 20 ( 1 % of my account ) and if I hit the jackpot... I get $ 24 ( or so ) I suspect the trade will be open for 3 -5 months !!!! Planning my Las Vegas trip already...

Yes I can trade other PA for more trade size... but this is first time for a monthly PB for me... just wanted to celabrate...
Hi Tiki,
and yesterday you got a BEOB, which broke today so thats a nice confirmation, in case you wanted a smaller stop too....good work! Raz
Never say never.
  • #5,355
  • Aug 10, 2007 1:23am Aug 10, 2007 1:23am
Quoting Tiki Trader
Again, sorry for my ignorance... but why such a big secret about certain ma's ??? I have never seen anything in the PF saying that certain ma's should not be talked about on the Public forum...
There's a gigantic sticky must read introduction on not copying or distributing any of the PF material at the beginning of the PF threads and for me that goes for the EMAs / systems as well.

Quote

Can a few of you guys PLEASE give me some opinions on the monthly PB for AUD/USD about to trigger off a trade... I am inclined to take it...

Taking the monthly PB like this will not net me much profit since the stop will have to be so far away and my trade size so small... but is it not the principle of the matter that counts too ???


This is how I solved that problem for me - but it's not a monthly trade...just another intraday toss...


Daily BEOB, entry on TL loss.
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Trust price. Know yourself.
  • #5,356
  • Aug 10, 2007 1:24am Aug 10, 2007 1:24am
Quoting razldazl
Hi Tiki,
and yesterday you got a BEOB, which broke today so thats a nice confirmation, in case you wanted a smaller stop too....good work! Raz
Exactly

for razl =)
Trust price. Know yourself.
  • #5,357
  • Aug 10, 2007 2:29am Aug 10, 2007 2:29am
I think we are going to see some serious downside in the carry pairs and market indexes today...key support has just been lost on the Dax and the Dow is barely managing to keep its head above it...GBP/JPY is literally sitting on it too...good luck everyone.
  • #5,358
  • Aug 10, 2007 2:46am Aug 10, 2007 2:46am
Quoting the_wizard
I think we are going to see some serious downside in the carry pairs and market indexes today...key support has just been lost on the Dax and the Dow is barely managing to keep its head above it...GBP/JPY is literally sitting on it too...good luck everyone.
...and jappy sitting on ma365...
Never say never.
  • #5,359
  • Edited 6:53am Aug 10, 2007 4:39am | Edited 6:53am
Quoting the_wizard
I think we are going to see some serious downside in the carry pairs and market indexes today...key support has just been lost on the Dax and the Dow is barely managing to keep its head above it...GBP/JPY is literally sitting on it too...good luck everyone.

I got psychological s/r at 7300 DAX, 50%, real prior low s/r. It might either pause, hold or bounce a bit. But DOW futures are DOWn and the rejection was ugly and I think we could be in for quite some contest, yes...

237.50 togglepoint for GJ I think, but there's always risk of that fakeout..

BTW it's no coincidence this chart looks exactly like AUDUSD, NZDUSD, DJI....
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Trust price. Know yourself.
  • #5,360
  • Edited 6:17am Aug 10, 2007 5:57am | Edited 6:17am
Please, i 'm getting the concept of trailing stop mixed up everytime i want to apply it, can someone explain it to me better?

Thanks

currently i'm Short on CAbble and Euro with good pips and i want to trail my profit.
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