james16 Chart Thread | Page 372 | Forex Factory

Options

Go to
Permalinks
Print Thread

Similar Threads

Where can I learn more about Price Action like those in James16 charts? 9 replies

Attachments: james16 Chart Thread
Exit Attachments

james16 Chart Thread

  • #7,421
  • Nov 5, 2007 8:44pm Nov 5, 2007 8:44pm
Unfortunately as chf has been going, if we get a retrace, it might only get up to your next fib line or the S-2 line, or if lucky, to around 1.600... when would your idea of getting in on the trade occur?? By Arizona rules, the indicator would be telling me go long about the time the move is most of the way over and then I am stuck with only a few pips or trying to find a way out at break even as price turns back towards the trend... and of coarse all this would happen at night while I am snoozing away...

Hey, I think I've convinced myself not to look at this trade idea anymore !!!

Quoting Wall_Street
Mike & Tiki,
I agree with both of you on this pair. I agree with Mike that I want to stay with the overall downtrend but I also agree with Tiki that a retracement is warranted. I show devergence with RSI and we have strayed a bit away from the downward TL. So I would like to see a retrace to around 1640/79 area and then some PA to show me a bounce back with overall trend. I will attach a chart. As always this is just my opinion and Mike could be right about the break lower without a retrace. Happy trading all.
  • #7,422
  • Nov 5, 2007 9:15pm Nov 5, 2007 9:15pm
Quoting Tiki Trader
Unfortunately as chf has been going, if we get a retrace, it might only get up to your next fib line or the S-2 line, or if lucky, to around 1.600... when would your idea of getting in on the trade occur?? By Arizona rules, the indicator would be telling me go long about the time the move is most of the way over and then I am stuck with only a few pips or trying to find a way out at break even as price turns back towards the trend... and of coarse all this would happen at night while I am snoozing away...

Hey, I think I've convinced myself not to look at this trade idea anymore !!!

This is the problem with fighting the trend. You have to have big balls to keep on holding(or at least strong convictions). This isn't to say counter trend trading isn't worthwhile or possible. It is just more difficult and thus I stay away from it for the most part.

The fact that you are so torn tells me you should just stay away from either side. It just isn't worth it, if you aren't really comfortable with pulling the trigger. The opportunities will be endless. Wait for the one that fits everything you want, then pull the trigger. This will give you the confidence to hold your trades. Put it another way, you pull the trigger to go long here, but now you have this internal dilemma in your head about it. So you get up a few pips, and it starts turning on you so you close, only to see it go another hundred pips. You have cut your winner short. Scenario 2 you pull the trigger long, the trade goes immediately against you, you take a full loss. You have rode your loser.

I think you can see my point. Again this isn't a recommendation long or short, or what you should do. It has more to do with having thought out trade plans.
  • #7,423
  • Nov 5, 2007 9:17pm Nov 5, 2007 9:17pm
AUD/USD

Looked like it was going to come down... as I think you said to me it ought to.... but now what... interest rate increase tomorrow sending AUD higher ???

Now we have Inside Bar indecision while we wait.... hmmmmm do I dare place and order for break up of the inside bar ??? No, break up first and some other confirmation too ??? Oh Oh, I don't know the answer...

Alright, I've finished posting for tonight... bored everyone stiff at this point I suppose...
Attached Image (click to enlarge)
Click to Enlarge Name: audusd.gif Size: 8 KB
  • #7,424
  • Nov 5, 2007 9:23pm Nov 5, 2007 9:23pm
Right, and as I said above, I have actually convinced myself not to do anything here !!!

But I also know one of my main problems is that it is easy to try and look for price turning the other direction... and I still don't know how to get in on the trend... it seems harder to do, though I don't know why. This is a problem I have now for two full years... it is probably the crux of all my trading problems...

Quoting mbqb11
This is the problem with fighting the trend. You have to have big balls to keep on holding(or at least strong convictions). This isn't to say counter trend trading isn't worthwhile or possible. It is just more difficult and thus I stay away from it for the most part.

The fact that you are so torn tells me you should just stay away from either side. It just isn't worth it, if you aren't really comfortable with pulling the trigger. The opportunities will be endless. Wait for the one that fits everything you want, then pull the trigger. This will give you the confidence to hold your trades. Put it another way, you pull the trigger to go long here, but now you have this internal dilemma in your head about it. So you get up a few pips, and it starts turning on you so you close, only to see it go another hundred pips. You have cut your winner short. Scenario 2 you pull the trigger long, the trade goes immediately against you, you take a full loss. You have rode your loser.

I think you can see my point. Again this isn't a recommendation long or short, or what you should do. It has more to do with having thought out trade plans.
  • #7,425
  • Nov 5, 2007 9:45pm Nov 5, 2007 9:45pm
Mike & Tiki,
Maybe I mis-spoke. I would only be looking to short the USD/CHF. I was just mentioning that I wouldn't be surprised if we got some retracment based on my oversold and devergent RSI. But Tiki brings up a good point about oversold and overbought conditions on trending pairs. The market can stay overbought or oversold in the direction of the trend longer than most traders can hang on. Also picking pure tops and bottoms in trending markets is a losing game anyways. I mean how many people have been trying to say the USD/CAD was bottoming out only to be wrong again and again. Big money decides when trends are over, not retail traders. I agree with Mike, wait for great set-ups with the trends that just scream at you to take the trade. They are there if your patient. Good luck all.
  • #7,426
  • Nov 5, 2007 9:48pm Nov 5, 2007 9:48pm
USD/CAD hasn't bottomed out ???



Quoting Wall_Street
Mike & Tiki,
Maybe I mis-spoke. I would only be looking to short the USD/CHF. I was just mentioning that I wouldn't be surprised if we got some retracment based on my oversold and devergent RSI. But Tiki brings up a good point about oversold and overbought conditions on trending pairs. The market can stay overbought or oversold in the direction of the trend longer than most traders can hang on. Also picking pure tops and bottoms in trending markets is a losing game anyways. I mean how many people have been trying to say the USD/CAD was bottoming out only to be wrong again and again. Big money decides when trends are over, not retail traders. I agree with Mike, wait for great set-ups with the trends that just scream at you to take the trade. They are there if your patient. Good luck all.
  • #7,427
  • Nov 5, 2007 9:49pm Nov 5, 2007 9:49pm
Quoting Tiki Trader
USD/CAD hasn't bottomed out ???
LOL

MY RSI SAYS IT IS OVERSOLD SO I BOUGHT 30 standards
  • #7,428
  • Nov 5, 2007 10:02pm Nov 5, 2007 10:02pm
Quoting mbqb11
LOL

MY RSI SAYS IT IS OVERSOLD SO I BOUGHT 30 standards

Gutsy!!
  • #7,429
  • Nov 5, 2007 10:09pm Nov 5, 2007 10:09pm
Quoting dunningduke
Gutsy!!
I got 8 indicators lining up for the long, just added another 10



PS this is a joke for those that are wondering(nothing else to do at this time of night) :


OK OK i won't derail this amazing thread anymore
Attached Image (click to enlarge)
Click to Enlarge Name: eeee.gif Size: 27 KB
  • #7,430
  • Nov 5, 2007 10:18pm Nov 5, 2007 10:18pm
Quoting mbqb11
I got 8 indicators lining up for the long, just added another 10
PS this is a joke for those that are wondering(nothing else to do at this time of night) :
OK OK i won't derail this amazing thread anymore
When I read that you were adding a 1/3 of your original position again, I felt my heart pump blood faster.

Sorry for not realizing it was a joke.
  • #7,431
  • Nov 6, 2007 2:26am Nov 6, 2007 2:26am
Quoting mbqb11
LOL

MY RSI SAYS IT IS OVERSOLD SO I BOUGHT 30 standards
Ha ha,
I KNEW you were joking, btw that chart you posted looks something like mine did a couple of years ago...., take care, Raz
Never say never.
  • #7,432
  • Nov 6, 2007 2:43am Nov 6, 2007 2:43am
Missed this one(last IB break up)

AUDNZD finally moved back down a bit, helping this one along...still has a lot of catching up to do, but might not get to. We'll see.

Some okay setups here if one ignores all the articles written about how since the DJI is so low it really should be 500 pips lower

All that unwind thinking stuff has proven a lot more hindrance to me than helped. Trading the chart "stupidly" woulda been so much nicer than waiting for case x to happen while it never does.
Attached Image
Trust price. Know yourself.
  • #7,433
  • Nov 6, 2007 8:21am Nov 6, 2007 8:21am
Be a nice cable now, and make a pretty pin bar for us.
  • #7,434
  • Nov 6, 2007 10:13am Nov 6, 2007 10:13am
I haven't taken a position in days now...

I just don't see anything that looks good out there even on the lower TFs...
  • #7,435
  • Nov 6, 2007 10:56am Nov 6, 2007 10:56am
Quoting Tiki Trader
AUD/USD

Looked like it was going to come down... as I think you said to me it ought to.... but now what... interest rate increase tomorrow sending AUD higher ???

Now we have Inside Bar indecision while we wait.... hmmmmm do I dare place and order for break up of the inside bar ??? No, break up first and some other confirmation too ??? Oh Oh, I don't know the answer...

Alright, I've finished posting for tonight... bored everyone stiff at this point I suppose...
Just long it, you know you want too.
  • #7,436
  • Nov 6, 2007 2:27pm Nov 6, 2007 2:27pm
Hope everyone is gaining as much as i have from James' teaching and words of inspiration. I joined the PF briefly as I was unemployed at the time, but hope to return when I get back on my feet. I'm still in demo and will stay there until I double my account twice.

Just wanted to say that I'm beginning to read the charts the way James said I would with time. Not that I have it down but I have managed 70% since August. Lately I've been asking myself whether it can really be this easy?

I hope so, I have my first child on the way and I want to be able to tell her that she can do whatever she wants in life....and I want it to be the truth
"Whether you think you can or can't, you're right." Henry Ford
  • #7,437
  • Nov 6, 2007 2:28pm Nov 6, 2007 2:28pm
Quoting blueruby
Be a nice cable now, and make a pretty pin bar for us.
Well, it was worth 22 at one point, but I did the deer in the headlights until it got to 5 and clicked out. Had my t/p down near the 840 support, looking for 30 pips.

But, hey, 5 pips is 5 pips. I'll take all of those I can get, until I get better at exit techniques & / or setting t/p. Or until you guys kick me off this forum for trading short timeframes and taking 5 pips!!!

  • #7,438
  • Nov 6, 2007 2:30pm Nov 6, 2007 2:30pm
Quoting Scot Pippin'
Hope everyone is gaining as much as i have from James' teaching and words of inspiration. I joined the PF briefly as I was unemployed at the time, but hope to return when I get back on my feet. I'm still in demo and will stay there until I double my account twice.

Just wanted to say that I'm beginning to read the charts the way James said I would with time. Not that I have it down but I have managed 70% since August. Lately I've been asking myself whether it can really be this easy?

I hope so, I have my first child on the way and I want to be able to tell her that she can do whatever she wants in life....and I want it to be the truth
That is same great results keep it up! Congrats on having a new baby girl on the way
  • #7,439
  • Nov 6, 2007 2:44pm Nov 6, 2007 2:44pm
Quoting Scot Pippin'

Just wanted to say that I'm beginning to read the charts the way James said I would with time. Not that I have it down but I have managed 70% since August. Lately I've been asking myself whether it can really be this easy?

I hope so, I have my first child on the way and I want to be able to tell her that she can do whatever she wants in life....and I want it to be the truth
Truly awesome, and very encouraging and inspirational!

Keep pippin', Scot!
  • #7,440
  • Nov 6, 2007 3:23pm Nov 6, 2007 3:23pm
keep it up sp. great job and congrats on the baby.

jim

Quoting Scot Pippin'
Hope everyone is gaining as much as i have from James' teaching and words of inspiration. I joined the PF briefly as I was unemployed at the time, but hope to return when I get back on my feet. I'm still in demo and will stay there until I double my account twice.

Just wanted to say that I'm beginning to read the charts the way James said I would with time. Not that I have it down but I have managed 70% since August. Lately I've been asking myself whether it can really be this easy?

I hope so, I have my first child on the way and I want to be able to tell her that she can do whatever she wants in life....and I want it to be the truth
63 traders viewing now