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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

  • #6,081
  • Sep 14, 2007 1:32pm Sep 14, 2007 1:32pm
Quoting Tiki Trader
OK... is this the correct ABC ??? ( did my own research for a change ) Seeking... is this what you were saying ???
While looking at my USDCAD chart your ABC question popped up in my mind so I thought to draw this for you. After seeing this I closed all my USDCAD short positions... *back in the bush with my trusty sniper now.
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  • #6,082
  • Sep 14, 2007 2:04pm Sep 14, 2007 2:04pm
Quoting SeekingLight
P.S. who else here hates the fact MT4 isn't worth s...t for across timeframe TL drawing? Draw one on 4h, it's in the desert on daily, draw one on daily, it's completely elsewhere on 4h.....arghhhhhhh....
Hey Seeking,

I've noticed that as well. On the weekly, I'll see that price was rejected by a TL, then go down to daily or 4H and see that it's gone right through. But hey, doesn't get much better than MT4 for free, right?
  • #6,083
  • Sep 14, 2007 2:34pm Sep 14, 2007 2:34pm
Quoting Goozman
While looking at my USDCAD chart your ABC question popped up in my mind so I thought to draw this for you. After seeing this I closed all my USDCAD short positions... *back in the bush with my trusty sniper now.
Heya...yea I posted this in my journal as first target, roughly 1.0285 or so it was, TP was set for the round number...but USDCAD is tricky, when it trends it tends to just gogogogogogogo since it's so darn "soft" (read: apparently illiquid) and the squeezes are even more fierce....I guess any bigger retrace will prolly be worth shorting, but the tricky part is distinguishing the short ones from the ones that take a week or two.

Mh.

I think I've done more damage than good posting stuff with those projections..

I'm currently in the process of trying to get better at what I do - I still get "paid" far too little for what I trade in time and effort and part of the reason is cutting my profits short and scaling out instead of in.

Will do some soul searching and attempt to make me a new ruleset.

Old way "works", but it needs coupling with PA - i.e. don't leave the party if nobody told you to get out(no reversal setup). Only get out if you're thrown out

Just trying not to cause any harm here and I think there's a risk for that...raczekfx already showed how to do it right on cable: large targets, far, far away, dare to dream, don't be shy.

I wouldn't be holding 40$ Gold if I hadn't allowed for it to happen(first: I'd like to see 700$. Okay, saw it, how about another 20$?...etc).
Or those last few EURUSD 1.36 longs(again, terrible trade management, didn't scale in properly enough, only had some small interim trades. Still, a start.). Or the 100 pip EURGBP I closed out - again, prematurely. Still might have soooooooo much juice left in it - the big 0.7 awaits.

Or or or....I've had so many positions which showed insane pips and had squazillions of "waymarks" where I could have added and doubled or tripled+++ the profit.

This needs to change and it needs to change soon. I am not nearly making the most out of my trades. There's being safe and there's being stupid and I don't like even coming close to the latter.

Take care y'all, think about it

Have a great weekend!

SeekingLight
Trust price. Know yourself.
  • #6,084
  • Sep 14, 2007 3:29pm Sep 14, 2007 3:29pm
Quoting raczekfx
.. a bounce off 4hr support and now we have a 4hr PB
Hi, raczekfx.

I assume you really understand how pb works.

As a newbie, I would want to understabd it too.
I'd seen the self explain pino chart, But seem cvomplicated to me.
Would you mind to explain about the pino bar?

1. Is there any particular number of pips between the High/Low and Open/Close of the bar to qualify such bar as Pinochio ?

2. I assume we are watching the current Bar (next bar after pino bar)
to break over of what bar before the pino bar ?

Will appreciate any help. Sorry for the English, it's not my native.

Thanks You in Advance.

More Power and Pips to Jim.

Thank You All,

Renefx
  • #6,085
  • Sep 14, 2007 4:07pm Sep 14, 2007 4:07pm
Quoting Renefx
Hi, raczekfx.

I assume you really understand how pb works.

As a newbie, I would want to understabd it too.
I'd seen the self explain pino chart, But seem cvomplicated to me.
Would you mind to explain about the pino bar?

1. Is there any particular number of pips between the High/Low and Open/Close of the bar to qualify such bar as Pinochio ?

2. I assume we are watching the current Bar (next bar after pino bar)
to break over of what bar before the pino bar ?

Will appreciate any help. Sorry for the English, it's not my native.

Thanks You in Advance.

More Power and Pips to Jim.

Thank You All,

Renefx
Hey Renefx

It is a bit confusing in the beginning, but keep reviewing and reading this thread from the start and you will get the hang of it. There are so many examples throughout this thread that it will become clear.

Also I am attaching a file(not written by me), but seems to help a lot of people get the gist of things in the beginning

http://www.forexfactory.com/attachme...753&d=08-21-07

Maybe this will help you.

Mike
  • #6,086
  • Sep 14, 2007 7:55pm Sep 14, 2007 7:55pm
Quoting mbqb11
Hey Renefx

It is a bit confusing in the beginning, but keep reviewing and reading this thread from the start and you will get the hang of it. There are so many examples throughout this thread that it will become clear.

Also I am attaching a file(not written by me), but seems to help a lot of people get the gist of things in the beginning

http://www.forexfactory.com/attachme...753&d=08-21-07

Maybe this will help you.

Mike

Yes, you're right, I'm beginning to understand it now.

The PDF is very helpful.

Thanks,

Renefx
  • #6,087
  • Sep 14, 2007 8:35pm Sep 14, 2007 8:35pm
Quoting Renefx
Hi, raczekfx.

I assume you really understand how pb works.
Hi Rene,
I'm starting to put pieces together slowly, but I'm stil learning.
This thread really pushed me to the next level a couple of years ago.

Quoting Renefx
As a newbie, I would want to understabd it too.
I'd seen the self explain pino chart, But seem cvomplicated to me.
Would you mind to explain about the pino bar?

1. Is there any particular number of pips between the High/Low and Open/Close of the bar to qualify such bar as Pinochio ?
Mike provided you with a very good document on PBs. I may only add that for slow moving pairs e.g. eur/chf, I look for less pips in a nose then for more volitile like cable or gbp/chf. For example 30pips nose is good enough on eur/chf, but I'd like to see 60 and more on gbp/chf.

Quoting Renefx
2. I assume we are watching the current Bar (next bar after pino bar)
to break over of what bar before the pino bar ?
That's probably most conservative way of playing PBs. I am a bit more aggressive and tend to enter on PB close or retracement (50-61fib, like in post #6076 )

Quoting Renefx
Will appreciate any help. Sorry for the English, it's not my native.

Thanks You in Advance.
Not a problem and don't worry about your English. It's not my first language either... It's my 4th...
Wishing you many PBs and pips

R
  • #6,088
  • Sep 15, 2007 3:17am Sep 15, 2007 3:17am
Quoting SeekingLight
Heya...yea I posted this in my journal as first target, roughly 1.0285 or so it was, TP was set for the round number...but USDCAD is tricky, when it trends it tends to just gogogogogogogo since it's so darn "soft" (read: apparently illiquid) and the squeezes are even more fierce....I guess any bigger retrace will prolly be worth shorting, but the tricky part is distinguishing the short ones from the ones that take a week or two.

Mh.

I think I've done more damage than good posting stuff with those projections..

I'm currently in the process of trying to get better at what I do - I still get "paid" far too little for what I trade in time and effort and part of the reason is cutting my profits short and scaling out instead of in.

Will do some soul searching and attempt to make me a new ruleset.

Old way "works", but it needs coupling with PA - i.e. don't leave the party if nobody told you to get out(no reversal setup). Only get out if you're thrown out

Just trying not to cause any harm here and I think there's a risk for that...raczekfx already showed how to do it right on cable: large targets, far, far away, dare to dream, don't be shy.

I wouldn't be holding 40$ Gold if I hadn't allowed for it to happen(first: I'd like to see 700$. Okay, saw it, how about another 20$?...etc).
Or those last few EURUSD 1.36 longs(again, terrible trade management, didn't scale in properly enough, only had some small interim trades. Still, a start.). Or the 100 pip EURGBP I closed out - again, prematurely. Still might have soooooooo much juice left in it - the big 0.7 awaits.

Or or or....I've had so many positions which showed insane pips and had squazillions of "waymarks" where I could have added and doubled or tripled+++ the profit.

This needs to change and it needs to change soon. I am not nearly making the most out of my trades. There's being safe and there's being stupid and I don't like even coming close to the latter.

Take care y'all, think about it

Have a great weekend!

SeekingLight
Hey Seeking,
I see where youre coming from but nobody goes broke being conservative...we start where we start period. You know what baggage you do or dont carry with you, first get over that, then get to breakeven, then get profitable and lastly jazz it up. Whats the rush? I think youre doing great, and yes you give more than you get, but I suppose half the time you are talking to the rest of us you are really talking out loud...just my impression. Keep it up you will be fine, fine fine. Personally I think we all spend too much time beating ourselves up unnecessarily...nm, rambling again, take care, Raz
Never say never.
  • #6,089
  • Edited 7:25am Sep 17, 2007 2:58am | Edited 7:25am
Quoting SeekingLight
Or the 100 pip EURGBP I closed out - again, prematurely. Still might have soooooooo much juice left in it - the big 0.7 awaits.
Seeking, you said yourself in your journal that the price was hitting many reasons to take profit - a confluence of factors including fib extensions etc

In my opinion, there are two ways to trade. You either get in and get out when price hits your target whether it be PPZ, fib extension, TL etc or you get in and you trail your stop and ride it out for the larger move.

If your plan is to trade in the former way then you made an excellent trade with EUR/GBP and you should not think about it any longer.

If you want or aim to trade in the latter way, then exiting this was a mistake. That's just the way I see it.

My problem for a long while was that I wanted to catch the huge moves. And if you trend follow and hold large stops, you can do this but I found that my trading didn't improve until I set targets and got out at them no matter where the market went after.

This is still something I am battling with.

What I want to do and what I have found I am good at doing are two very different things.
  • #6,090
  • Sep 17, 2007 6:30am Sep 17, 2007 6:30am
  •  zinc6
  • | Joined May 2007 | Status: don't just do something, sit there! | 54 Posts
Quoting the_wizard
In my opinion, there are two ways to trade. You either get in and get out when price hits your target whether it be PPZ, fib extension, TL etc or you get in and you trail your stop and ride it out for the larger move.
Excellent post wizard... particularly the above. A very clear explanation of exit options, and something I have been struggling with also.

Thanks for the insight...

zinc6
  • #6,091
  • Edited 10:28am Sep 17, 2007 7:23am | Edited 10:28am
Quoting zinc6
Excellent post wizard... particularly the above. A very clear explanation of exit options, and something I have been struggling with also.

Thanks for the insight...

zinc6
Thanks zinc6 - glad I could be of help.

I struggled with this for a long while but really it comes down to what you as a trader are comfortable with.

As far as exits go, if you want to catch the big moves then you have to be prepared to ride a trend through all the areas where you think it may turn against you. A longer term trend trader will not be forced to close his position because the market is heading into a fairly decent support area or because it bounces at a fib extension level.

Having said that, being a good trend trader takes deep pockets and most people think this simple means deep enough to have a large stop - it doesn't. It also means deep enough to be comfortable watching maybe 50% of your profit evaporate when the move turns against you because you are trading a longer term trend.

The crucial difference is this: If you trade with pre-defined targets you are predicting where the trend will stall or turn and anticipating it. If you trend trade, you are admitting you cannot know what the market will do and instead you simply follow it.

This is what I would love to be able to do, as I said. But I have only found success with the target approach so far.

When I trade, I take a pin (or other price action setup) off a decent PPZ or EMA (the more confluence the better) and I watch it as it comes into the next area I have marked on the charts that it could turn at. When it gets to this level, if I see any sign of reversal I get out. If it goes cleanly through it without hardly a pause, then I move my stop to that area.

It really is the exits that matter.
  • #6,092
  • Sep 17, 2007 7:39am Sep 17, 2007 7:39am
Quoting raczekfx
not sure about ABC (it's been a while since my last english class), but I have a question..
Suppose I was short cable since yesterday and was looking for opportunities to take some profit (I could take some now ~2.0180). I was also thinking of taking some at 2.0060 and the rest around 1.9960/80. Does that make sense?
Thanks.
R
I'm beginning to wonder if we'll hit 1.9850 and 1.9750 again soon..
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  • #6,093
  • Sep 17, 2007 12:25pm Sep 17, 2007 12:25pm
what do you say about entering long on the break of this BUOB?

pretty nice on the ema and fib 50%

????
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  • #6,094
  • Sep 17, 2007 12:29pm Sep 17, 2007 12:29pm
Quoting mamutot
what do you say about entering long on the break of this BUOB?

pretty nice on the ema and fib 50%

????
could be another great entry just be aware of the resistance to the top if we stay in this channel

a lot of PFers seem to have got in on the 4hour pin(blue box) at the lower channel ema fib etc

Take care
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  • #6,095
  • Edited 12:39pm Sep 17, 2007 12:33pm | Edited 12:39pm
Quoting mbqb11
could be another great entry just be aware of the resistance to the top if we stay in this channel

a lot of PFers seem to have got in on the 4hour pin(blue box) at the lower channel ema fib etc

Take care


YES - i am aware of the are where the PB occured..

but you find it as a good trade to try out?


EDIT*** - where would you place your stop in such case??

i think of 1.6600 as a good place according for it being a PPZ in the 4h and sort of on the daily - agree?

thanks
  • #6,096
  • Sep 17, 2007 12:43pm Sep 17, 2007 12:43pm
Quoting mamutot
what do you say about entering long on the break of this BUOB?

pretty nice on the ema and fib 50%

????
shoot and I wouldn't.. but everyone has a different style.
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  • #6,097
  • Sep 17, 2007 1:13pm Sep 17, 2007 1:13pm
This little party is almost 61.8 over:
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  • #6,098
  • Sep 17, 2007 1:52pm Sep 17, 2007 1:52pm
hi guys,

been now watching and reading this thread for a while. I love it!

Saw today this weekly aussie BUOB from 38.2 with a retrace to the englufed bar high and thought about what Seeking was writing a few weeks ago. What do you think?

Take care
Kpt
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  • #6,099
  • Sep 17, 2007 2:04pm Sep 17, 2007 2:04pm
Quoting kptMisiu
hi guys,

been now watching and reading this thread for a while. I love it!

Saw today this weekly aussie BUOB from 38.2 with a retrace to the englufed bar high and thought about what Seeking was writing a few weeks ago. What do you think?

Take care
Kpt
If it appeared where your 61 fib is (swing low) I'd love it, now I'm not so sure.... but it's testing support alright.
  • #6,100
  • Sep 17, 2007 2:12pm Sep 17, 2007 2:12pm
Quoting BeachBum
This little party is almost 61.8 over:
Give it more time BB, will you...
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