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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

  • #7,001
  • Oct 15, 2007 11:22am Oct 15, 2007 11:22am
I took 100 pips from GBP Pin bar... I did not wait for break of the PIN... and since it really is not a good place for the PB, I took profit at about the length of the previous bar... But I would be super happy if mbqb's thoughts on flag pole were to come through... and I am looking for signs on GBP that we might get a break UP...


Quoting unlv_tj
Did anyone take the Pin Bar on the Daily GBPUSD?

I took it, and was up 50 pips. This is my first demo trade, so I could not decide if I should cash out at a 50 pip game, when my target still had another 30 pips to go. For now I am letting it ride.
  • #7,002
  • Oct 15, 2007 11:26am Oct 15, 2007 11:26am
Quoting Tiki Trader
I took 100 pips from GBP Pin bar... I did not wait for break of the PIN... and since it really is not a good place for the PB, I took profit at about the length of the previous bar... But I would be super happy if mbqb's thoughts on flag pole were to come through... and I am looking for signs on GBP that we might get a break UP...

I had read here and agreed it was not the best Pin bar possible. So I was not certain if I should take the quick profit (which was up to about 60 pips) or ride it out to my target at the top of the recent range.

I am riding it out for now. Live and learn. All paper trading anyway.

Thanks man!
  • #7,003
  • Oct 15, 2007 11:34am Oct 15, 2007 11:34am
OK, how 'bout if I undraw the triangle then !!!

Quoting the_wizard
Tiki,

The general thinking goes that breakouts close to the apex are less likely to work for obvious reasons.

Wiz
  • #7,004
  • Oct 15, 2007 11:35am Oct 15, 2007 11:35am
If you are still in this trade, then I agree with you, keep it... but maybe now you can move yoru stop up past break even and lock in some pips...

Quoting unlv_tj
I had read here and agreed it was not the best Pin bar possible. So I was not certain if I should take the quick profit (which was up to about 60 pips) or ride it out to my target at the top of the recent range.

I am riding it out for now. Live and learn. All paper trading anyway.

Thanks man!
  • #7,005
  • Oct 15, 2007 11:42am Oct 15, 2007 11:42am
Quoting Tiki Trader
If you are still in this trade, then I agree with you, keep it... but maybe now you can move yoru stop up past break even and lock in some pips...
Most definitely Tiki, one of the main aspects of trading is learning to make each trade a winner instead of letting winners turn into losers.
I dream, therefore I become.
  • #7,006
  • Oct 15, 2007 11:51am Oct 15, 2007 11:51am
Quoting mike w
Most definitely Tiki, one of the main aspects of trading is learning to make each trade a winner instead of letting winners turn into losers.
Thanks guys!

I am using Oanda's FX Game simulation (I plan to use Oanda as my broker, so I wanted to get familiar with their software, even if I use MT4 as my primary tool).

I locked in my pips at a minimum of at least 40 pips made on the trade. The last I check I was now up 53 pips.
  • #7,007
  • Oct 15, 2007 12:01pm Oct 15, 2007 12:01pm
Quoting HipsterPipster
You meen you never pick a T or B on your timeframe, right? I must comment further, who said anything about taking a T or B or even longing GBP/AUD? A correction is what we all look for if we are thinking of getting any PA at some PZ that will be our supposed blessed entry with the trend. Without any corrections, consolidations, market farts… whatever you call them, we don’t have PZ. Best trading to you.
Timeframe plays a huge part in what I am doing. I think we all know that you can have an uptrend on the 1hour and a downtrend on the daily.

I never said anythign about not wanting/looking for market corrections. I simply said trying to find a long in a pair like the gbp/aud is not worht MY money. Then I also said I do play corrections, but it would be in a pair like the GBP/USD. We both can agree that even though the GBP is in overall uptrend, it can't make its mind up for awhile where it wants to go.

A pair liek the GBP AUD is like a hot knife falling. I don't want to catch it. SO my point was, I just look for retracements, to play to the short side. That certainly doesn't mean there aren't plays long. But for me to take a trade I have to be really really comfortable.

I hope that clarified my thinking. Also don't get me wrong, when price moves so hard and fast, I know a correction is coming. I personally just can never time them right. I tried in the past with mixed results. So now I only do what works for ME(this is the key anway, I am sure with both agree here )

Take it easy
Mike
  • #7,008
  • Oct 15, 2007 12:52pm Oct 15, 2007 12:52pm
Double Top on EUR/USD 4 Hour ???
Attached Image (click to enlarge)
Click to Enlarge Name: eurusd.gif Size: 11 KB
  • #7,009
  • Oct 15, 2007 12:55pm Oct 15, 2007 12:55pm
Wow, looks like it Tiki.

Think it will retrace all the way back to your Fib line?

Interesting.
  • #7,010
  • Oct 15, 2007 12:57pm Oct 15, 2007 12:57pm
As many already know here... Tiki gets in trouble when thinking... !!!


Quoting unlv_tj
Wow, looks like it Tiki.

Think it will retrace all the way back to your Fib line?

Interesting.
  • #7,011
  • Oct 15, 2007 1:45pm Oct 15, 2007 1:45pm
Hi
can anyone tell me if thereare other payment methods available to join the private forum (i dont possess a credit card...cash only kinda guy)..

Have emailed james but as yet no reply.

anyone help

Rye
  • #7,012
  • Oct 15, 2007 2:00pm Oct 15, 2007 2:00pm
Quoting Ryecatcher
Hi
can anyone tell me if thereare other payment methods available to join the private forum (i dont possess a credit card...cash only kinda guy)..

Have emailed james but as yet no reply.

anyone help

Rye
I know of no other way, unless he is willing to recieve bank certified checks or wire transfers.
  • #7,013
  • Oct 15, 2007 2:02pm Oct 15, 2007 2:02pm
Quoting mbqb11
Timeframe plays a huge part in what I am doing. I think we all know that you can have an uptrend on the 1hour and a downtrend on the daily.

I never said anythign about not wanting/looking for market corrections. I simply said trying to find a long in a pair like the gbp/aud is not worht MY money. Then I also said I do play corrections, but it would be in a pair like the GBP/USD. We both can agree that even though the GBP is in overall uptrend, it can't make its mind up for awhile where it wants to go.

A pair liek the GBP AUD is like a hot knife falling. I don't want to catch it. SO my point was, I just look for retracements, to play to the short side. That certainly doesn't mean there aren't plays long. But for me to take a trade I have to be really really comfortable.

I hope that clarified my thinking. Also don't get me wrong, when price moves so hard and fast, I know a correction is coming. I personally just can never time them right. I tried in the past with mixed results. So now I only do what works for ME(this is the key anway, I am sure with both agree here )

Take it easy
Mike
Hot knife falling with a whole lot o weight! Cheers Mike.
  • #7,014
  • Oct 15, 2007 2:17pm Oct 15, 2007 2:17pm
Quoting Ryecatcher
Hi
can anyone tell me if thereare other payment methods available to join the private forum (i dont possess a credit card...cash only kinda guy)..

Have emailed james but as yet no reply.

anyone help

Rye
I would send James a PM. I believe(don't quote me here) that he accepts Western Union as an alternative.

Mike
  • #7,015
  • Oct 15, 2007 2:36pm Oct 15, 2007 2:36pm
does anyone trade those 4h PB on NorthFinance on AUDUSD/NZDUSD/NZDJPY/EURAUD?

AUDCAD? - it is the one with better open/close but bad location...
  • #7,016
  • Oct 15, 2007 3:14pm Oct 15, 2007 3:14pm
Will try and Pm again

cheers

Rye
  • #7,017
  • Oct 15, 2007 3:16pm Oct 15, 2007 3:16pm
what do you think of this observation - is it something tradeable?
i believe that this is what we are supposed to learn from this thread - PA that gives us very good reason to go either direction in a trade.


that would also be after a break of a weekly I13B - i have counted..

i am aware of the monthly PB - but currently it seems to ignore it - so unless i get a differnet PA for a short - i would say it is going up if it break those TBH+DBLHC

what do you say????
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  • #7,018
  • Oct 15, 2007 3:26pm Oct 15, 2007 3:26pm
mamutot, do you ever use Fib lines?

If so, it might give a better picture of conflusion at the drawn Trend Line.
  • #7,019
  • Oct 15, 2007 3:27pm Oct 15, 2007 3:27pm
Quoting mbqb11
here is my problem with this bar. yes it is technically a pinbar

But look what we are trapped within. This range tends to limit these types of bars

So the positive. A pinbar at the bottom of a temporary channel. This may move to the top(most likely.)

The negative. The potential to get out of this channel to me is as good as a coin flip.. Is getting your money in on a coin flip scenario worth it. For me no. I would rather wait for a breakout, and a confirmation.

Please make your own analysis and stick to it. This is simply my view
I took this trade on the daily at the break of the pb. I know it is not in an ideal setup however i am confused why you talk about the potential of getting out of the channel? I was happy to trade in the channel and take my 50 pips. Are you thinking breakout and lots of pips?
  • #7,020
  • Oct 15, 2007 3:29pm Oct 15, 2007 3:29pm
Quoting unlv_tj
mamutot, do you ever use Fib lines?

If so, it might give a better picture of conflusion at the drawn Trend Line.
\yes i often really do - this time i didnt for some reason - it looks even more of a resistance building up there - what is your opinion? do you think that the Fib makes it stronger/weaker?

thanks.
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