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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

  • #6,641
  • Sep 28, 2007 10:51pm Sep 28, 2007 10:51pm
Just my opinion,
But I agree with you on the gbp/jpy. I think it is making its way up. I've been watching & waiting for a while & I have jumped in at 234.60.
My opinion on this currency is that it needs a lot of room for daily stops at the same time is good for scalps. But my feeling for the gbp is up. Just looking at the charts & feel up. I wouldn't bank on this but i get itchy thinking about it. Anyway made a bunch on the euro & gj today so i'm having a good weekend. Good fortune to you.
Jeff
  • #6,642
  • Sep 29, 2007 12:18am Sep 29, 2007 12:18am
Quoting Tiki Trader
OK, I am open to explanations as to today's market action... I am clueless as usual..

I see nothing in the way now of EUR/USD heading straight to it's all time high of 1.4532
As far as I can see tiki, nothing more than a weak USD... everything trended up strongly against it. FWIW, the "all-time high" you refer to is just a composite value of nation's currencies at the time that comprise the euro currently, as at that time the euro did not exist. So, officially, we are at an all-time high right now.
  • #6,643
  • Sep 29, 2007 10:03am Sep 29, 2007 10:03am
Quoting rustyjeff
Just my opinion,
But I agree with you on the gbp/jpy. I think it is making its way up. I've been watching & waiting for a while & I have jumped in at 234.60.
My opinion on this currency is that it needs a lot of room for daily stops at the same time is good for scalps. But my feeling for the gbp is up. Just looking at the charts & feel up. I wouldn't bank on this but i get itchy thinking about it. Anyway made a bunch on the euro & gj today so i'm having a good weekend. Good fortune to you.
Jeff
I will not be heart broken if we see a gap down next open. DJI sell offs and any corrections for GBP/USD. Large stops at BE for me.
  • #6,644
  • Sep 29, 2007 12:52pm Sep 29, 2007 12:52pm
I seem to have spent the last few days concentrating on the down channel I had drawn... instead of putting attention to bouncing off the main trend line... I should obviouly have been long since that bounce... almost two weeks ago !!!

Well, I wasn't, I hope you were !!

GBP/USD weekly



Quoting SeekingLight
Chronology of events according to El Seeko:

http://forexfactory.com/showpost.php...postcount=6519
http://forexfactory.com/showpost.php...postcount=6598
http://forexfactory.com/showpost.php...postcount=6599
http://forexfactory.com/showpost.php...postcount=6607


Not that I didn't try to wish it so ahead of time enough times
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  • #6,645
  • Edited 1:30pm Sep 29, 2007 12:58pm | Edited 1:30pm
Hi,
I need some advice from you chaps ............I'm approx 100pips up on NZD_USD late friday night and am trailing my stop, what do you guys do over weekends to avoid the possible gapping from close Friday to open on Sunday night, do you close your stop to say 50 pips......or do you just take your profit on Friday and close the trade ??????
Or just leave all as is ?????

Cheers Mimas.
  • #6,646
  • Sep 29, 2007 6:38pm Sep 29, 2007 6:38pm
Quoting mimas
Hi,
I need some advice from you chaps ............I'm approx 100pips up on NZD_USD late friday night and am trailing my stop, what do you guys do over weekends to avoid the possible gapping from close Friday to open on Sunday night, do you close your stop to say 50 pips......or do you just take your profit on Friday and close the trade ??????
Or just leave all as is ?????

Cheers Mimas.
This depends on your broker. Is it a hard stop or actual trailing stop? Maybe your aware of this but, some brokers honor your stop exactly where you have it, and others stop you out at the bottom of the gap potentially causing you more loss. The reasononing is that price does not esentially exhist inside the gap. No buyers or sellers in this area, and no price value to honor. In light of this you need to answer for yourself: What is the risk of leaving it open. Risk/Reward ratio. Are you looking long term or short term and have you reached your profit target yet? Profit taking is hard for me because I lately have been erroring on letting it ride too long and then loosing all said profits. Some say this is just sticking to the plan and ok. For me, I think it would be foolish to have a target at 120 pips and then let it turn around when you are up 100 and watch it go to BE. I actually did this on my last GJ short trade and think it would have been better with this kind of move to at least get out with 1:1. My sL was not that big so if price actually came that close to my entry it might as well have hit me at BE. Getting at least my risked pips would not have broke that trade. Its all personal though, and you need to figure out your own MM. I left my long GJ trade open also, and it may well gap and keep going down. On the other hand, many times it will just fill that gap heading back to where it was. Mimas, I hope I gave you some usefull info. Dion
  • #6,647
  • Sep 29, 2007 9:24pm Sep 29, 2007 9:24pm
A possibilty to go long again on CHF soon ??? Or we break the trend line here...??
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  • #6,648
  • Sep 30, 2007 5:13am Sep 30, 2007 5:13am
Quoting Tiki Trader
A possibilty to go long again on CHF soon ??? Or we break the trend line here...??
Didn't I write just some days ago about looking at the charts and seeing whether or not they make one feel USD bullish or bearish?

Same answer now

"Bottom pickers will be cotton pickers" - at least without strong daily / weekly PA. ;p

No setup = no trade

But my looking long USDCAD nagging still remains after seeing some xxxCAD crosses.

There's no pleasing you - trying to buy USD on USDCHF, wanting to
sell it on USDCAD....decide! Love or hate for the USD! ;p

I'm looking for the exact opposite direction setups, at least on the CAD crosses..actually saw one on Friday..which I botched due to impatience ;p
(all patience had already gone towards GBPUSD hehehe)
Ah well, there's always daily left. Not sure whether I'll put any more "real" risk on anything CAD however, it's just not very rewarding...literally. I guess I just don't "understand" the CAD.

So I'm just as torn
Trust price. Know yourself.
  • #6,649
  • Sep 30, 2007 6:11am Sep 30, 2007 6:11am
GBP/JPY down 96 pips from the close...
  • #6,650
  • Sep 30, 2007 6:30am Sep 30, 2007 6:30am
Quoting HipsterPipster
This depends on your broker. Is it a hard stop or actual trailing stop? Maybe your aware of this but, some brokers honor your stop exactly where you have it, and others stop you out at the bottom of the gap potentially causing you more loss. The reasononing is that price does not esentially exhist inside the gap. No buyers or sellers in this area, and no price value to honor. In light of this you need to answer for yourself: What is the risk of leaving it open. Risk/Reward ratio. Are you looking long term or short term and have you reached your profit target yet? Profit taking is hard for me because I lately have been erroring on letting it ride too long and then loosing all said profits. Some say this is just sticking to the plan and ok. For me, I think it would be foolish to have a target at 120 pips and then let it turn around when you are up 100 and watch it go to BE. I actually did this on my last GJ short trade and think it would have been better with this kind of move to at least get out with 1:1. My sL was not that big so if price actually came that close to my entry it might as well have hit me at BE. Getting at least my risked pips would not have broke that trade. Its all personal though, and you need to figure out your own MM. I left my long GJ trade open also, and it may well gap and keep going down. On the other hand, many times it will just fill that gap heading back to where it was. Mimas, I hope I gave you some usefull info. Dion
Hi Dion,
Thanks so much for your detailed reply.......it really is apprecited.....I will go away now and think about what you have wrote and how I will implement a strategy for next time I'm in this position.
Thanks again.
  • #6,651
  • Sep 30, 2007 8:35am Sep 30, 2007 8:35am
Quoting the_wizard
GBP/JPY down 96 pips from the close...
I may add to this trade. Of course it depends on PA.
  • #6,652
  • Sep 30, 2007 10:31am Sep 30, 2007 10:31am
Quoting HipsterPipster
I may add to this trade. Of course it depends on PA.
Adding to a loser?
  • #6,653
  • Sep 30, 2007 11:39am Sep 30, 2007 11:39am
Ha !! I do that all the time !!!

Quoting the_wizard
Adding to a loser?
  • #6,654
  • Sep 30, 2007 12:16pm Sep 30, 2007 12:16pm
Quoting the_wizard
Adding to a loser?
Maybe he's short on it, and it's in profit.
  • #6,655
  • Sep 30, 2007 4:18pm Sep 30, 2007 4:18pm
Quoting Unforeseen
Hi Ian,

Several good and valid points My response was partially in jest, but mostly not. The reason being most can identify with Jacko's rule.. I take the underlying concept or idea, and turn it into something that works for me. While for Jacko, he has his specific rules about AH, I take it as the concept of getting back in after being stopped, when price and conditions tell me to.

Since exactly that scenario played out for me (stops were hit), I employed my own AH, which isn't based on set rules of trend, but on pure price action. The resistance was already set above that triangle, and when I seen price violently shoot back up after touching near the top of the triangle again, I jumped back in after my stop, recouping around 75 pips on the way back up - most of my loss.

AH like most tactics, is a concept identified with a label. Make it your own
Hi,
I was concerned in case either you, or some newbie reading your post, though that Jacko's AH could just be applied blindly.
I now see from your reply that you are far too experienced to make that mistake. Though incredibly there was somebody last week in Jacko's thread asking for advice on using AH when shorting the Euro. They obviously did not read much of the thread, certainly not the first few posts!

I like your idea of using a PA based form of AH to get back in a trade, since getting stopped out and then seeing it take off for 100s of pips in one's direction is one of the most frustrating things that can happen to a trader. I really need to work on formalising my thoughts on this one.
I am finding that your 2 posts are really educational for me, in that they have really got me thinking about some areas I have been neglecting.

Thanks,
Ian
  • #6,656
  • Sep 30, 2007 4:36pm Sep 30, 2007 4:36pm
Quoting mimas
Hi,
I need some advice from you chaps ............I'm approx 100pips up on NZD_USD late friday night and am trailing my stop, what do you guys do over weekends to avoid the possible gapping from close Friday to open on Sunday night, do you close your stop to say 50 pips......or do you just take your profit on Friday and close the trade ??????
Or just leave all as is ?????

Cheers Mimas.
Heya Mimas.
If you decide to keep a longer term(more than 12 hours hehehe ) trade then know why and where you expect things to go / what areas are decisive "to watch out for" spots. Then you have a plan of action and a way of dealing with things should they materialize.

I've not yet had any paranoia about this whole "the world could end on weekends" thing any more than it happening any other two days in the year.

It helps of course not to have your whole life and fortune resting on the open trades - which is how it sometimes seems to me it must be for some people when these FUD things are proposed.

If things gap - FX gaps are usually closed. So I don't really see the big scare either way.


Just my 2 cents.

Take care and good luck in the coming week.

SeekingLight
Trust price. Know yourself.
  • #6,657
  • Edited 4:50pm Sep 30, 2007 4:47pm | Edited 4:50pm
Quoting the_wizard
Adding to a loser?
I am not in a loser, I entered at 233.00 and if I would have been home for market open and gap, I would have added. Oh well, still up 200.
  • #6,658
  • Sep 30, 2007 5:23pm Sep 30, 2007 5:23pm
Quoting HipsterPipster
I am not in a loser, I entered at 233.00 and if I would have been home for market open and gap, I would have added. Oh well, still up 200.
I just took profit and am positioning myself for a short. I don't have much confidence that price will continue to climb without a small drop.
  • #6,659
  • Sep 30, 2007 5:53pm Sep 30, 2007 5:53pm
Quoting HipsterPipster
I just took profit and am positioning myself for a short. I don't have much confidence that price will continue to climb without a small drop.




I'm off to bed...n8n8 & good luck to everyone this week...


And I hope you all(and I, myself, too)remember some of the things in my signature..or at least one line...you know which one...
Trust price. Know yourself.
  • #6,660
  • Sep 30, 2007 8:46pm Sep 30, 2007 8:46pm
Hey guys. I have been sifting through systems and i am back to basing my trades on pa. Mark Douglas mentioned being in the flow is kinda like swimming in a school of fish, when they move they move in unison. To me pa is the best way to join and be one with the collective consciousness cult of forex.

Anyway this is my first chart that i am posting. I entered based on:

1) pin bar
2) dbhlc
3) break of trend line (td tl)
4) fozzy indicator encouraging me

Entry is .6975. My stop loss is .7027 (top of pinbar) and my tp is .6900 (even number and above 50 fib). Guess i will see what happens. Hope the chart attaches.
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