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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

  • #5,501
  • Edited 9:43pm Aug 17, 2007 9:09pm | Edited 9:43pm
With james16 there no longer nay need to worry about the top or bottom... just forget about it... just follow the signs... learn what the candles are telling you, and do what they say... not saying I am so great at that... but getting better. Best pips are not at the top or bottom... they start about 10 pips after a break of the pin bar !!!


Quoting razldazl
Hi guys,
well, eur has saved me this week, Ive taken three losers and today the eur pin saved me...Ive been doing what I havent done for months, trying to find the bottom, damn me! I will definitely be joining the pf asap, prolly next month though...congrats to all of you who made big pips this week it was a crazy one! have a great weekend all, Raz
  • #5,502
  • Aug 17, 2007 9:29pm Aug 17, 2007 9:29pm
Quoting mbqb11
lol look at this monster
looks like the stratosphere in vegas what goes up must come down
  • #5,503
  • Aug 17, 2007 9:52pm Aug 17, 2007 9:52pm
Hey ther folks. I know we talk a lot about money management and proper stop placement and the mantra "Cut your losses short and let your winners run". Well I remembered reading something somewhere that really hit home for me and it took me a while to find it.

Below is a paragraph from Jack D. Schwager "Getting Started In Technical Analysis"

Great book by the way for those who have not read it.

"The novice traderwill ignore a failed signal, riding a position into a large loss while hoping for the best. The more experienced trader, having learned the importance of money management, will exit quickly once it is apparent that he or she has made a bad trade. However, the truly skilled trader will be able to do a 180-degree turn, reversing a position at a loss if market behavior points to such a course of action. In other words, it takes great discipline to capatalize on failed signals, but sich flexibility is essential to the effective synthesis of chart analysis and trading".

For some who read this it will really hit home and make a lot of sense. It did for me and has helped my trading as well.

Have a great weekend. Now I gotta get on another plane

Steve
Nothing is impossible, with a willing mind!
  • #5,504
  • Aug 18, 2007 10:41am Aug 18, 2007 10:41am
hi there folks

i entered earlier this week on the break of USDCAD monthly PB, the problem i see coming is this weekly pin bar in the other direction came off the daily TL,and pretty much of the 150ema, would like to read your comments and thoughts, thanks


http://i17.tinypic.com/4kcp306.gif

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  • #5,505
  • Aug 18, 2007 10:58am Aug 18, 2007 10:58am
I'm not expert, but my first thoughts were Higher timeframes mean more. And with the US Feds cuting rates on Friday, that's not good for the dollar. But it's up to you to decide according to what you see and your trading style. Goodluck!

Quoting mamutot
hi there folks

i entered earlier this week on the break of USDCAD monthly PB, the problem i see coming is this weekly pin bar in the other direction came off the daily TL,and pretty much of the 150ema, would like to read your comments and thoughts, thanks
  • #5,506
  • Aug 18, 2007 11:03am Aug 18, 2007 11:03am
Mamutot,

My advice would be to pay the most attention to the TF you entered on.

I admit, this weekly setup doesn't look particularly good for your position but that doesn't mean it won't work.

To limit risk, you could move your stop to just beneath the weekly pin but then again, it's not far from there to your orginal stop anyway (under the right eye) so it may be best to keep it where it is.

Good luck,

Wiz
  • #5,507
  • Aug 18, 2007 12:34pm Aug 18, 2007 12:34pm
Quoting Tiki Trader
I too had to choose sides... and for me it is technical... How in the world could anyone gather enough info on fundamentals at any given moment ???

In that vein:
Just as a small subtle chart "nyer" to the funnymentals...here's what my side of the fence has to say about the sudden EURJPY rescue.

Can anyone imagine how many pants will get ruined when that goes?
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Trust price. Know yourself.
  • #5,508
  • Aug 18, 2007 12:41pm Aug 18, 2007 12:41pm
Quoting james16
if the commercials are heavy short he will wait until the talking heads are in mass agreement to go long and then he follows the commercials in. its funny as hell to watch him wait until 90 percent of the analyst community says one direction and then by following the commercials he bucks them and wins time after time. he actually has an indicator that shows when the analysts are strong in a certain direction so he can trade the other way. LOL. its way cool.

jim


Sounds exactly right

Nice to see you posting Jim!
Trust price. Know yourself.
  • #5,509
  • Aug 18, 2007 12:47pm Aug 18, 2007 12:47pm
Quoting mamutot
hi there folks

i entered earlier this week on the break of USDCAD monthly PB, the problem i see coming is this weekly pin bar in the other direction came off the daily TL,and pretty much of the 150ema, would like to read your comments and thoughts, thanks


Hi Mamutot.

Easiest way to deal with this sort of thing is to say: I start off entering a trade assuming I am wrong and I will allow the market to prove me right.

You entered the trade for a reason which was worth your stop to you - that in turn means if it goes sour then oh well, you gave it a shot.
Any sort of manual intervention in the "early stage" of any trade for me has just turned into loud cursing and regret when I used to do it 99% of the time, making me realize that if a trade is meant to fail it will and when it's meant to work it will, too.
Trying to stop it before it can do either simply means you're trying to fight the same "self" of you that entered the trade in the first place.

As soon as we stop expecting every trade ever to win and let go of the fear of some actually failing and move on to the next setup instead; the more detached we get, the more "mechanic" the whole "see, react, allow" process becomes, the less painful and in the end irrelevant a loss becomes and the more one realizes that it isn't singular trades but a trading path that is what matters.


Just some of my thoughts, not sure if this is "the" answer, but it is something that goes around in my head.

Take care.

SeekingLight
Trust price. Know yourself.
  • #5,510
  • Aug 18, 2007 2:28pm Aug 18, 2007 2:28pm
Quoting SeekingLight
Yea, thought something like that, too.


Hey RACZEKFX, where are you!

I realized too late that that was a short entry, but I was at least smart enough to close out my last long for a bit over +200

I think I just don't expect to make 200 up, >130 down just like that...more a mind problem than anything.

Waiting to see what happens at 1.07.
That would've been a nice entry SL... (on touch).

I took only a few days off away from world's madness to sail in the solitude of the northern hemisphere .... and the market hell broke loose ...
I can tell by recent volatility, many folks made money, but even more lost some fortunes. Unfortunately, I get that feeling we haven’t seen the end of it yet
I thought of keeping some of my longer term limit orders open but decided to cancel them all and enjoy the journey. This one could’ve paid for all my expenses… But who cares, even few days away from this world is priceless….

.
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  • #5,511
  • Aug 18, 2007 4:01pm Aug 18, 2007 4:01pm
Quoting raczekfx
That would've been a nice entry SL... (on touch).

I took only a few days off away from world's madness to sail in the solitude of the northern hemisphere .... and the market hell broke loose ...
I can tell by recent volatility, many folks made money, but even more lost some fortunes. Unfortunately, I get that feeling we haven’t seen the end of it yet
I thought of keeping some of my longer term limit orders open but decided to cancel them all and enjoy the journey. This one could’ve paid for all my expenses… But who cares, even few days away from this world is priceless….

.
Personally I would rather long GBPJPY at this moment if I see a right pa setup.
Take a report.
  • #5,512
  • Aug 18, 2007 6:07pm Aug 18, 2007 6:07pm
Maybe now a chance to long again soon. target up to the ema.
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  • #5,513
  • Aug 18, 2007 6:08pm Aug 18, 2007 6:08pm
Maybe here too
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  • #5,514
  • Aug 18, 2007 6:10pm Aug 18, 2007 6:10pm
And heeeeeeeeeeere too... after a break above the ema.
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  • #5,515
  • Aug 18, 2007 6:32pm Aug 18, 2007 6:32pm
Quoting Tiki Trader
I am going to be studying up on Larry Williams this weekend !!!

And I DID study !!! I guess I am a few pips behind him ... !
  • #5,516
  • Aug 18, 2007 6:46pm Aug 18, 2007 6:46pm
Quoting CateFul
Personally I would rather long GBPJPY at this moment if I see a right pa setup.
I was referring to TL, touch setup in SL's post # 5456.
Chart I posted refers to my short g/j setup I posted in my journal on Aug. 13
And as for going long on yen crosses, sure, but I think we'll see quite a few large swings in days to come before dust settles, so choose the right PA before jumping in...
  • #5,517
  • Aug 19, 2007 11:28am Aug 19, 2007 11:28am
I posted charts of PBs above... but are they really PBs ?? Maybe not since open and closes are not within 1/3 or 1/4 of the bottoms of the previous bar. Am I catching my own mistakes here, or maybe cutting myself out of pips if I don't trade them ???
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  • #5,518
  • Aug 19, 2007 1:58pm Aug 19, 2007 1:58pm
Quoting Tiki Trader
I posted charts of PBs above... but are they really PBs ?? Maybe not since open and closes are not within 1/3 or 1/4 of the bottoms of the previous bar. Am I catching my own mistakes here, or maybe cutting myself out of pips if I don't trade them ???
Hey tiki
thats what i thought to myself - these are not PB's!!! i wouldn't trade them while having other wonderfull ones..
such as:

EURAUD

AUDUSD

EURUSD - already in movement

AUDCAD - better than jpy's

i won't trade them all but i will sure trade 1 or 2 of them

hope that helps
  • #5,519
  • Aug 19, 2007 2:09pm Aug 19, 2007 2:09pm
What do you all think of the cadjpy.
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  • #5,520
  • Aug 19, 2007 2:15pm Aug 19, 2007 2:15pm
I do not trade the AudUsd but a 4hr look at the daily pin show some strong resistance above the close.
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