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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

  • #7,321
  • Oct 31, 2007 2:02am Oct 31, 2007 2:02am
My inbox should have more space now...
  • #7,322
  • Oct 31, 2007 4:11am Oct 31, 2007 4:11am
Thanks for the answers. The USDCAD setup worked out for some pips but generally I agree with you that entering at historical highs/lows is more dangerous than entering after retracements. Unfortunenately I have no internet connection at home at the moment but I am watching this thread instead.

Another question:

What do you guys do if a price action setup (PB,...) works and takes of for a few pips and then comes down to your entry point lurking there for several days. Would you close out the position manually or wait for the move to take off again.

Get well soon seeking

Chris
  • #7,323
  • Oct 31, 2007 4:51am Oct 31, 2007 4:51am
Quoting creeper
What do you guys do if a price action setup (PB,...) works and takes of for a few pips and then comes down to your entry point lurking there for several days. Would you close out the position manually or wait for the move to take off again.
Wait and hold.
  • #7,324
  • Oct 31, 2007 5:00am Oct 31, 2007 5:00am
Quoting creeper
What do you guys do if a price action setup (PB,...) works and takes of for a few pips and then comes down to your entry point lurking there for several days. Would you close out the position manually or wait for the move to take off again.
Not sure..got a chart example? Usually if price comes back on a setup I don't expect it to I end up being stopped for +0...or a slight loss if the stop is still "out there" because of allowing for some deviation..

Usually it never hurts to be an aggressive stop mover, because if you master your entries / wait for the really really right setup, there's a very low chance of being kicked back out...most of the time if you get sloshed for +0 you just weren't in at the right place..

And here's another important thing: I've noticed a lot of times when I've been too lenient with my stop and allowed a loss instead of +0 it's because I am in some messed up way "afraid" I won't get another entry into the market, EVER AGAIN. Irrational. Also I am afraid I won't ever be able to make another single good, working trade in my life and putting on risk again and over again is both work and "a risky endeavor"...
That is why it is so tempting to not move stops properly or too leniently or too late...which is why Mike's way of having a fixed criteria / mechanical way of doing it can really help solve these sort of problems(explained in his thread over in the PF).

Just wanted to write this out loud because I am DEAD CERTAIN other people make / have made the same mistake in their thinking and feeling with the not-moving-stops-behavior

Quote
Get well soon seeking

Chris

Thanks Chris Working on it...tons of Vit C rich orange juice flowing here =)
Trust price. Know yourself.
  • #7,325
  • Oct 31, 2007 6:12am Oct 31, 2007 6:12am
Quoting SeekingLight
although a lot of people might argue this (and point to books, turtles, stock operators or other random really old people that got published
Many of the randomly old people that got published were doing what we are doing now without the benefits of charting. It was all done on paper or mentally.

Livermore and Darvas' theories are, imo, the foundation of this whole methodology.

Livermore looked for price pivot areas. Darvas looked for boxes or steps as I think Seeking calls them. These were only the basics but it mirrors what we are doing.

Reading about their experiences is invaluable to any trader, especially ones that are learning this way of trading. This is again in my opinion.

I am certainly willing to learn what I can from someone that made $100m from nothing regardless of what happened to them in the end.
  • #7,326
  • Oct 31, 2007 6:22am Oct 31, 2007 6:22am
Quoting the_wizard
Many of the randomly old people
I think getting old is linear rather than random ;p

Quote
that got published were doing what we are doing now without the benefits of charting. It was all done on paper or mentally.
So they DID chart and DID have the benefit of charting. A thin film transistor or a thin paper over a table..it's still a chart.
A mouse click and drag or a ruler n pencil, it's still a trendline / s/r line.

Quote
Livermore looked for price pivot areas. Darvas looked for boxes or steps
And I argued FOR using those and using these as kickoff points.
What I argued AGAINST was that some of these people are quoted as saying "oh I only buy if prices are constantly going higher hyuck hyuck".

Well, yea, because that defines a trend, higher highs, lower lows, but you don't buy THE high, you buy BECAUSE of the higher highs(because of the uptrend). And when? On dips and retraces to those aforementioned pivots / s/r areas WITH a setup.
At least that's what I try to do.

Just to make clear again what my point was here.
Trust price. Know yourself.
  • #7,327
  • Oct 31, 2007 11:32am Oct 31, 2007 11:32am
almost entered on this PB formed in a very nice spot - but i passed just because it was getting crazy with the announment, 1st time i am aware of it, didnt want to mess with it so i passed...good enough.


and now it is kinda going to make a 1h pb... lets see...
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  • #7,328
  • Oct 31, 2007 11:39am Oct 31, 2007 11:39am
Quoting mamutot
almost entered on this PB formed in a very nice spot - but i passed just because it was getting crazy with the announment, 1st time i am aware of it, didnt want to mess with it so i passed...good enough.


and now it is kinda going to make a 1h pb... lets see...
Good call, most likely just chatter for now.
  • #7,329
  • Oct 31, 2007 11:44am Oct 31, 2007 11:44am
Quoting HipsterPipster
Good call, most likely just chatter for now.

who know - maybe it will become an BUOB - huge one....and it is in a nice place to enter that long - i might sound too confused - a sec ago i was ready to enter that pb - but i once heard that i should trade what i see and not what i feel....

not sure i will take that BUOB if it ends up as one..just thinking out written loud
  • #7,330
  • Oct 31, 2007 12:18pm Oct 31, 2007 12:18pm
how wonderfull is this stuff of PA - i am using another system that is based on a 4h chart and retracing of fib levels and stuff, doesnt really matter - the thing is that i didnt enter on the PB formed few days ago on the AUDUSD - wasnt great in my opinnion, it did work well though as everyone can see.

i entered with my other system because i got an entry signal from it, and saw the the PB broke nice - did i lose some pips? sure i did, i entered about 60 pips after the break of it, but it is worth it - still. i am currently on a 330 pips up in this trade. can any one argue with it?

btw - same thing on GBPUSD - entered on break of multiple highs - and that same system, and curently up 290 pips, now thats profit.

go PA!!!



(if i post too much - let me know.. )
  • #7,331
  • Oct 31, 2007 1:56pm Oct 31, 2007 1:56pm
Quoting mamutot
how wonderfull is this stuff of PA - i am using another system that is based on a 4h chart and retracing of fib levels and stuff, doesnt really matter - the thing is that i didnt enter on the PB formed few days ago on the AUDUSD - wasnt great in my opinnion, it did work well though as everyone can see.


go PA!!!



(if i post too much - let me know.. )
Certainly don't post too much, I for one enjoy your posts as I am sure others do.

That is the beauty of PA, and what James tries to say. PA can be traded by itself with simple s/r, but combine PA with your favorite system and it can only be better!

Happy Halloween!
  • #7,332
  • Oct 31, 2007 2:29pm Oct 31, 2007 2:29pm
Quoting mamutot
Are we going to see some special PA in the near time?

i mean - are AUDUSD and USDCAD planning on meeting at the same price and then reverse????



i would love that to happen..


0.9555 - here we go! which one? both - hahahah

now thats price action

i guess that it is getting closer now...

lets see who gets to its higher level or lower level. they are fighting for it now..

maybe at 0.9400 - who knows..

thats just a joke - yes?

good.
  • #7,333
  • Oct 31, 2007 2:49pm Oct 31, 2007 2:49pm
Looking at the EUR/JPY weekly chart there is an almost text book perfect pin bar forming.. I know the week has to close but right now it looks beautiful..

Shaimus
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  • #7,334
  • Edited 3:18pm Oct 31, 2007 2:57pm | Edited 3:18pm
Man what a run !!! I am supremely jealous !!! I will never let another one of these pass me by again !!!

I count 400 pips or so... would have been VERY good for my account balance... and still more upto go maybe after today's rate announcment...
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  • #7,335
  • Oct 31, 2007 4:10pm Oct 31, 2007 4:10pm
Quoting Tiki Trader
Man what a run !!! I am supremely jealous !!! I will never let another one of these pass me by again !!!

I count 400 pips or so... would have been VERY good for my account balance... and still more upto go maybe after today's rate announcment...
Have to agree with you there Tiki it is a nice run so far. will see how far it goes before it runs out of steam. You are also missing the AUD/JPY PB that is running in parallel.

The re-entry i would not recommend anyone new to PB try, but when you have proven you can trade the primary PB profitably, then you should be able with some practice to learn to be able to pick which ones to trade and which to let pass.

Enjoy
Ademac
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  • #7,336
  • Oct 31, 2007 4:55pm Oct 31, 2007 4:55pm
Yes, you are exactly right !! And I can even see on both pairs where I should have jumped in after I had failed to take the PB... however now, I think I would be too late... My charts shows the AUD/JPY as a very good PB...


Quoting ademac
Have to agree with you there Tiki it is a nice run so far. will see how far it goes before it runs out of steam. You are also missing the AUD/JPY PB that is running in parallel.

The re-entry i would not recommend anyone new to PB try, but when you have proven you can trade the primary PB profitably, then you should be able with some practice to learn to be able to pick which ones to trade and which to let pass.

Enjoy
Ademac
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  • #7,337
  • Oct 31, 2007 6:55pm Oct 31, 2007 6:55pm
Quoting shaimus
Looking at the EUR/JPY weekly chart there is an almost text book perfect pin bar forming.. I know the week has to close but right now it looks beautiful..

Shaimus
Hi Shaimus,

Just to give my thoughts here on your chart formation, this pin has already triggered and is on its way. Most people around here don't really pay too much attention to the right eye of the pin formation.
Although I see what you mean about it being beautiful, I'm not sure why you said that this week still needs to close.
Once that pin bar is broken you're in the trade.

I hope what I said here makes sense. Maybe I missunderstood your post.

Tom
  • #7,338
  • Nov 1, 2007 4:41am Nov 1, 2007 4:41am
Quoting moneybags
Hi Shaimus,

Just to give my thoughts here on your chart formation, this pin has already triggered and is on its way. Most people around here don't really pay too much attention to the right eye of the pin formation.
Although I see what you mean about it being beautiful, I'm not sure why you said that this week still needs to close.
Once that pin bar is broken you're in the trade.

I hope what I said here makes sense. Maybe I missunderstood your post.

Tom
I understand what your saying.. I use a different method for trading but have read through this thread and thought that it wasn't a PIN until the close of the right eye.. Have already taken over 200 pips on this currency during this move, but am currently out and was waiting for the upcomming week and the close of the right eye to get back in...

My misunderstanding..

Shaimus
  • #7,339
  • Edited 5:51am Nov 1, 2007 5:11am | Edited 5:51am
just saw this breakout, and tried it in my demo account - just practicing..

it was nice in the 1h and 4h as well.


1h: pb right in the PPZ area

4h: very nice BUOB going through the PPZ - went long on the break of the BUOB.

already moved SL to BE after taking some of the position out - i cant watch the trade too much, so i preffer taking some.. which is the reason i didnt trade it live - no time=>> no trade.







EDIT:

WHAT THE??????????????????????????????????????????????????

sky diving????
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  • #7,340
  • Nov 1, 2007 8:24am Nov 1, 2007 8:24am
There are a bunch of 1H Buy Pins that have formed on all the JPY pairs. Most are off a trendline. I don't know why that sudden drop happened (almost looked like profit taking/ stop hunting )
Watch yourselves.

Tom

Example
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