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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

  • #7,681
  • Nov 18, 2007 12:58pm Nov 18, 2007 12:58pm
nice formation, would like to see it bounce up a hair first thatn short thei ^&*$&%^* out of it
  • #7,682
  • Edited 2:15pm Nov 18, 2007 2:11pm | Edited 2:15pm
Ok been awhile since i posted a setup. Not quite an A trade but worth taking in my view. BUOVB on the daily chfjpy. Significant resistance at 98.50ish with the 50 fib sitting there as well. This is on FXDD. Now i may be cheating but on IBFX weekly chart it is a pin off the 50 fib. (FXDD does not quite pin on the weekly).

Now comes the hard part for me, entry, stops and targets. My buy stop entry will be placed at 99.50 which is not the break of the BUOVB but rather the break of the previous bar. My stop will be at 98.50. My tp is at 100.50. I guess that would be a 1:1 ratio.
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  • #7,683
  • Nov 18, 2007 3:57pm Nov 18, 2007 3:57pm
IMHO one of the biggest signs of riskyness is when you try to look for a setup / "put" a setup onto your chart.

IMHO if there isn't something jumping / screaming out at you, stay away. It's the safest thing you can do.

Last week seemed chock full of opportunity compared to this one.

Not addressed to anyone in particular, just something I wanted to write since my chart review very much reminded me of this phenomenon.
Trust price. Know yourself.
  • #7,684
  • Nov 18, 2007 6:50pm Nov 18, 2007 6:50pm
the big story over the week end was the discussion at opec of taking the dollar off of oil. if that does not cause a bear dollar , then the bull dollar is intact.
  • #7,685
  • Nov 19, 2007 2:18am Nov 19, 2007 2:18am
Quoting Thexder
I'm new to this site and this thread, so I've only jumped in at the last few pages
I thought I'd stop and quote myself - this message was written Oct 10 and now it's Nov 19 and I've finally caught up to it after starting this thread from page 1. My post was page 459 of 513.

It's funny, I was asking about pins, and after reading the thread I would have been able to reply and answer myself.

Well I'll keep plugging away at it, shouldn't take more than a week to get caught up now. When I can afford it I guess I'll be in the PF but until then, here's what I've learned:

Pins are very good
IBs are good but watch out sometimes
Wiz is Raiden
There is no holy grail
TBH/TBL/BUOVB/BEOVB will take more experience to master
The first time Jim drank as a teen he took out the garbage to his bedroom.
Confluence is good
Fibs are good
Some people here saw some good rock shows over the years
"Support and Resistance either holds or it doesn't." -Anonymous hillbilly
  • #7,686
  • Nov 19, 2007 2:30am Nov 19, 2007 2:30am
Quoting Thexder
When I can afford it I guess I'll be in the PF but until then, here's what I've learned:

Pins are very good
IBs are good but watch out sometimes
Wiz is Raiden
There is no holy grail
TBH/TBL/BUOVB/BEOVB will take more experience to master
The first time Jim drank as a teen he took out the garbage to his bedroom.
Confluence is good
Fibs are good
Some people here saw some good rock shows over the years
LOLMAO at this list

What/who is Raiden?!
  • #7,687
  • Nov 19, 2007 2:37am Nov 19, 2007 2:37am
Quoting the_wizard
LOLMAO at this list

What/who is Raiden?!
The god of thunder and lightning, of course!
See Wikipedia and/or Mortal Kombat.
"Support and Resistance either holds or it doesn't." -Anonymous hillbilly
  • #7,688
  • Nov 19, 2007 2:42am Nov 19, 2007 2:42am
Quoting Thexder
The god of thunder and lightning, of course!
See Wikipedia and/or Mortal Kombat.
Got it...time for a brand new avatar
  • #7,689
  • Nov 19, 2007 2:44am Nov 19, 2007 2:44am
Quoting the_wizard
Got it...time for a brand new avatar
It's good to know I'm already able to contribute!
I was so envious when I was on post 200 and saw people say "I just read the entire thread" and I wasn't even half way yet.
"Support and Resistance either holds or it doesn't." -Anonymous hillbilly
  • #7,690
  • Nov 19, 2007 2:53am Nov 19, 2007 2:53am
Quoting Thexder
It's good to know I'm already able to contribute!
I was so envious when I was on post 200 and saw people say "I just read the entire thread" and I wasn't even half way yet.
Yep, I got to it fairly early, thankfully. It's a truly great thread. The only thing I would say against it was that there were too many posts that showed potential setups but never showed what happened after. I got round this by going back to the appropriate date across my markets and then moving forward one day at a time so I could see what all the people posting were seeing and what happened to the setups they showed. Habeebs gold call was one of the most memorable for me. It's a tentative "I think this could go higher but where should I get out" kind of post right on the verge of a massive rally that sent the price rocketing. Anyway, doing this really helped me. Although I found myself wishing I could warn everyone when there were large moves on the horizon...
  • #7,691
  • Nov 19, 2007 3:06am Nov 19, 2007 3:06am
Had to actually dig this out again I loved it so much.

Habeebs post in this thread: http://www.forexfactory.com/showpost...&postcount=591

Most of us get that great moment when something clicks and it really alters your trading. This call really taught me that we never know where the market is going and that we shouldn't be too quick to look for a place to exit.

This is illustrated by the fact that he has a target only a handful of ticks above his entry at the first place that the move might stall (the R2 pivot) but look what the market does after he suggests going long (red arrow is the date of his post)
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  • #7,692
  • Nov 19, 2007 3:17am Nov 19, 2007 3:17am
Quoting the_wizard
Had to actually dig this out again I loved it so much.

Habeebs post in this thread: http://www.forexfactory.com/showpost...&postcount=591

Most of us get that great moment when something clicks and it really alters your trading. This call really taught me that we never know where the market is going and that we shouldn't be too quick to look for a place to exit.
You and your calls
I make mine on the phone! (btw Habeeb's PB failed - price made a new low 2 days later/fell the day after his post - so no holding dilemma ;p The two IBs that came the week after woulda been alright though)

It shows me both how far you can go in just 1-2 years and how you can go from ugly(omg those indicators!) to beautiful(his journal is so pretty now) with the power of salvation that is Jim's Price Action!

Halleluja brother! You have been saved!

Many pips be with you! Amen! ;p

*hands out free icecream*

Habeeb also was the first one to help me with PA and sorta got me hooked. He's mah hero =)
Trust price. Know yourself.
  • #7,693
  • Nov 19, 2007 4:31am Nov 19, 2007 4:31am
Quoting SeekingLight
Hey Chris...

until there actually is one, it's all intraday noise. Don't panic
And if one does form, you can always adjust your stops accordingly.

This is my current AUDCAD chart including that TL I posted ages ago and the s/r from it and the reactions we had at it in the meantime (chart remained preeeeeetty valid over the last 2-6 weeks, I like it when they do that - I did add the upper blue box swab just now, but the TL second touch and rejection was all the chart on it's own)

And it's still got orders placed at that s/r area - price bounced one more time.

Don't know if you TP at the s/r area or are holding or closed out, but this is a pretty good example of where it's tricky to decide ahead of time whether this time is the one time it will go or not after so many tests

I don't like these oddball crosses much.
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Trust price. Know yourself.
  • #7,694
  • Nov 19, 2007 6:48am Nov 19, 2007 6:48am
Hey Wiz, do you still feel this way about people not coming back to show outcomes on trades ??? I will try to make sure I follow up on mine... I think it is a valid point that I too have thought..

BTW, I'll have some ideas for your new avatar soon...... !!

Quoting the_wizard
Yep, I got to it fairly early, thankfully. It's a truly great thread. The only thing I would say against it was that there were too many posts that showed potential setups but never showed what happened after. I got round this by going back to the appropriate date across my markets and then moving forward one day at a time so I could see what all the people posting were seeing and what happened to the setups they showed. Habeebs gold call was one of the most memorable for me. It's a tentative "I think this could go higher but where should I get out" kind of post right on the verge of a massive rally that sent the price rocketing. Anyway, doing this really helped me. Although I found myself wishing I could warn everyone when there were large moves on the horizon...
  • #7,695
  • Nov 19, 2007 8:27am Nov 19, 2007 8:27am
Triple resistance on small TF?
Where are we going from here....
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  • #7,696
  • Nov 19, 2007 9:12am Nov 19, 2007 9:12am
Quoting raczekfx
Triple resistance on small TF?
Where are we going from here....
... and first intraday target.....
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  • #7,697
  • Nov 19, 2007 10:36am Nov 19, 2007 10:36am
Quoting SeekingLight
And it's still got orders placed at that s/r area - price bounced one more time.

Don't know if you TP at the s/r area or are holding or closed out, but this is a pretty good example of where it's tricky to decide ahead of time whether this time is the one time it will go or not after so many tests

I don't like these oddball crosses much.
I was stopped out prematurely for +30something because I set my trailing stop much too tight. It was at least a 1:1 R:R trade.

GBPAUD sell stop has not been triggered yet. It has retraced to the 38.2 fib of the 2 day pinbar. If my sell stop doesn't trigger today or tomorrow I'll consider deleting it.

Chris
  • #7,698
  • Nov 19, 2007 1:02pm Nov 19, 2007 1:02pm
Quoting SeekingLight
All good things come to an end..but the bad ones seem to take their time..

I'm not one bit in a hurry to buy a weekly bearish bar and crediting this pair with the power to stem the complete monthly BEB(fell 1350 pips so far) into a PB from here on out is optimistic(as in I'd need a reason to think this pair will turn around for GOOD from here on out - I am not looking for a quick scalp). Not impossible, naturally, but I'm not gonna look for excuses to take this one long if it's done a fall in 300+ pip steps and then makes a measly 150 pip bounce off of a trendline that's 12 years long.

If the DAX and DJI stage a staggering rally, then okay. DAX is pretty much at a similiar TL as GBPCHF (what a surprise).
They(DJI & DAX) both decided to fall instead.

Not so sure about the trendlines anymore, the charts are all screwy and MT4 for TLs is as reliable as fundamental analysis is for precise entries(= not at all), but the main points I felt pertinent to GBPCHF seem to have come through today (massive bearish momentum overpowering the mini-bounce that made the PB - low just was violated by 4 pips).

To be honest - I didn't expect everything to crash down today already...I would have thought a lot more retrace pain was due first and THEN a proper push...huh...oh well, not complaining, still got seeds growing elseplace.


Imho I think that taking your surroundings into account as well helps to gauge what's what better. It does have the risk of overcomplicating - but I guess that what suits my personality

Mike would prolly just shrug and say "order cancelled, moving on", I write little essays ;p
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Trust price. Know yourself.
  • #7,699
  • Nov 19, 2007 1:58pm Nov 19, 2007 1:58pm
Quoting SeekingLight

Imho I think that taking your surroundings into account as well helps to gauge what's what better. It does have the risk of overcomplicating - but I guess that what suits my personality

Mike would prolly just shrug and say "order cancelled, moving on", I write little essays ;p
I didn't even have a pending order on this one. Me and Tom had a talk about this one yesterday. But yes order canceled moving on is a good theme
  • #7,700
  • Nov 19, 2007 2:27pm Nov 19, 2007 2:27pm
Quoting mbqb11
I didn't even have a pending order on this one. Me and Tom had a talk about this one yesterday. But yes order canceled moving on is a good theme
I also didnt have a pending order on this one or the EURCHF.
I pass on these types of pins. They look good at first glance but you gotta look at the big picture. That pair had dropped like a rock and has been in a downtrend overall for quite some time. One little daily pin (that came on a Friday no less *cough* profit taking *cough*) probably wouldnt turn this thing around. Seeking talked about this a few posts back. (http://www.forexfactory.com/showpost...postcount=7668)

It didnt even trigger which I'm sure saved a lot of people (assuming you played the break and not a retrace).

Next.

Tom
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