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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

  • #7,741
  • Nov 21, 2007 4:18am Nov 21, 2007 4:18am
Quoting SeekingLight
Just wanted to clarify in case it was misunderstood(since you wrote "agree").
Yes it made a BUOB, yes there's a channel / supportish stuff.

But I don't think it will rise much. (If it does and it makes a bearish setup - then I'll take a look again)

I think it will eventually lose that channel. I'm very pessimistic about anything carryish at the moment and EURGBP is pushing it's luck. The tide will eventually turn again I suspect. Currently not much to go on more than a feeling, but hey, everyone gets a guess

EURCHF is about to violate the BUOB's low. If it goes below it it's a goner. This is why it's a good idea to use "on break" orders if unsure. I personally wouldn't have placed a buy for the above reasons.

----

Just wanted to post an update on USDJPY along the lines of "it pays to hold and be bold sometimes".

Still in the shorts from the original 117.xx BEOB. I made the trade my birthday present to myself and it worked out really well =)

I'm happy as it was to prove to myself I could trade a swing(and my own plans - which I've had trouble with in the past) properly.

Took a bit of profit from some of the lower entries, but really waiting to see whether the long term TL goes or not.
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Trust price. Know yourself.
  • #7,742
  • Nov 21, 2007 7:44am Nov 21, 2007 7:44am
Wait a minute Seeking.....
Are you telling me you're still short on the UJ from 117.XX till now?
So you've made like 900 pips on that trade (aside from some earlier profit taking). That's f*&^$n awesome!
Great trade and impressive patience.
Nicely done.

Tom
  • #7,743
  • Nov 21, 2007 7:46am Nov 21, 2007 7:46am
That is his birthday present to himself.. along with GBP/JPY I suspect...

Probably still has some on the table with USD?JPY because he's been talking about numbers like 101....

He should now not be in such a """"Foul Mood""""

And hopefully not so """"confused"""" anymore... !!!!!!!!!!!!!!!!

Quoting moneybags
Wait a minute Seeking.....
Are you telling me you're still short on the UJ from 117.XX till now?
So you've made like 900 pips on that trade (aside from some earlier profit taking). That's f*&^$n awesome!
Great trade and impressive patience.
Nicely done.

Tom
  • #7,744
  • Nov 21, 2007 7:47am Nov 21, 2007 7:47am
Finally broke through............
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  • #7,745
  • Nov 21, 2007 8:52am Nov 21, 2007 8:52am
Quoting moneybags
Wait a minute Seeking.....
Are you telling me you're still short on the UJ from 117.XX till now?
So you've made like 900 pips on that trade (aside from some earlier profit taking). That's f*&^$n awesome!
Great trade and impressive patience.
Nicely done.

Tom
Thanks Tom.

I flipped out / completely snapped this morning and posted part of my open positions in Mr. Trend's journal publicly here
http://forexfactory.com/showpost.php...9&postcount=65

Still short from 117.xx, also still short on some of the others as you can see. It was all part of a bigger plan as discussed in my journal.

Jumped out of EURAUD far too soon yesterday(mentioned in my journal, too, btw, hidden between all those charts ;p), that'd be well above 1000 pips now as well
Didn't think it'd surpass 1.7 so soon. Oh well, live and learn.

Warper really blew my fuse(the things I have to read 20 minutes after waking up) and I don't like myself for being so ugly to anyone - and I have never had to be mean or insulting to anyone either here or in the PF.
But after being told twice that I lie and can't trade larger timeframes worth poop I thought I was allowed an outburst.

It's still something I have to work on real hard - detachment and simply ignoring all those people with their head up somewhere dark and lonely.

--
If you can't recognize what is in front of you, then either open your eyes or look inside of yourself for the reason you can't see even with eyes wide open.

I really don't like being an ass. And I'd rather never see myself get so stupid myself as to stoop to those levels, but about the worst thing someone can do to me is to tell me "who I am" / that I am someone I am not / that I lie - when it is my fiercest conviction that I am only trying to help people with what I do and say and mean it.

All fuses blow and system sorta shuts down at that point. You go out of your way to try and show people some help and they go "nah you suck, you can't even interpret your own advice, I understood it better than you so now I can tell you what you really meant and why you can't say what you are saying now, hah".

Call me a drama queen.

But hey.
It's a good thing - I've already started cutting subscriptions of other threads than this one and am focussing more than ever on my plans for my corner of the new PF/site.
I'll give my best to ensure that people that want to learn and like a friendly and communicative environment will get the best one on the planet(including this thread) - and those that thrive on conflict and knowing things better get all of the rest of FF to play in.

I'll just move on.

Sorry for the rant, but the the things put forth by some people at times just completely blows my mind.

I'm gonna go write a "will chart for hugs" signpost now.
Trust price. Know yourself.
  • #7,746
  • Nov 21, 2007 10:08am Nov 21, 2007 10:08am
Quoting creeper
There a two ok PA-setups I have on my daily charts today.

Both are in the direction of the longer term trend. EURAUD has a pinbar off resistance but it is not a beautiful one like the ones mike posted many times before. EURCHF is a BEOB off resistance. Both setups are backed up by fibonacci levels in the near but I won't call these setups *A trades*. I'll probably take them with my demo account as trend continuation bars.

What do you guys think?

Chris
just as an update: cancelled both orders today since EURAUD moved above the top of the pinbar and EURCHF retraced to the low of the second bar of the DBLHC. Will post tonight again if any new setups show up.

Chris
  • #7,747
  • Nov 21, 2007 11:32am Nov 21, 2007 11:32am
TL, ppz, fibs.....
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  • #7,748
  • Nov 21, 2007 12:07pm Nov 21, 2007 12:07pm
SL, Don't worry about it man. There will always be people out there that want to bring you down. The reason they do that is because they are jealous. Your pip totals are awesome indeed. I personally have not been able to reach those levels yet. I still have a long way to go. I too am in the beginning stages of trying to see the bigger swings (500-1000 pip moves) and having the courage to stay in them long term. I would be interested in learning more about how you managed your emotions and your stops on the USD/JPY trade. I too saw this 118.00 area as the best spot to sell but didn't stay in the trade nearly long enough. Your an inspiration to all of us. Don't stop posting. Take care All.
  • #7,749
  • Edited 1:59pm Nov 21, 2007 1:44pm | Edited 1:59pm
Quoting Wall_Street
SL, Don't worry about it man. There will always be people out there that want to bring you down. The reason they do that is because they are jealous. Your pip totals are awesome indeed. I personally have not been able to reach those levels yet. I still have a long way to go. I too am in the beginning stages of trying to see the bigger swings (500-1000 pip moves) and having the courage to stay in them long term. I would be interested in learning more about how you managed your emotions and your stops on the USD/JPY trade. I too saw this 118.00 area as the best spot to sell but didn't stay in the trade nearly long enough. Your an inspiration to all of us. Don't stop posting. Take care All.

Thanks Wall Street.

There's not that much to it, I just had a plan and a belief and stuck to it, come hell or high water(I was of course doubtful often and took it out on my journal and basically any news release even remotely related to indices or UJ).
The original 117 stops I didn't move past break even until the second 115 swing started breaking down I think..the other stuff I just moved risk free once we were 300 pips or so further away. It's been a while.

Here's an example I bailed out of for no reason and way too early but which would have been just as excellent - I hope someone takes these type of trades (was in the second 1.17xx IB, left it for under 200 pips because I watched the chart and observed low timeframes too much) - it's also an update to the example chart I posted. Also a good example of how allowing winners to run in a trending market really can pay off:
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  • #7,750
  • Nov 21, 2007 4:53pm Nov 21, 2007 4:53pm
Oh hey, found an August discussion about 109 USDJPY.

Coolies

That's why I love forums ;p

http://forexfactory.com/showpost.php...3&postcount=46

Also mention of the 128xx level on the DJI futures which we hit today.

I admit - we took a detour! We made a second top! But hey, I blame the perma bulls.

Also I may have been sorta right about EURCHF and GBPCHF dying off a bit, but some of the others are being a bit stubborn ;p
I hope I get more humble over time

Anyway. Much bigger props go to Clusterwise though who started that thread and used Elliot Waves to aim for the same 109 and 101.7 area I've looked for.
http://forexfactory.com/showpost.php...2&postcount=48
Now THAT is persistance!

We took 8 weeks and quite some yank and tank to get to the next step, now I wonder what that monthly TL is going to do to us

Just wanted to "follow up" since it's always nice to see how far ahead you can actually chart stuff or not
Trust price. Know yourself.
  • #7,751
  • Nov 21, 2007 8:19pm Nov 21, 2007 8:19pm
Hipster, you have not checked in lately !!! Was it a paved road to Paraguay ? Or a dirt road ??? Over the Andes, or through the canyons ??? I know those buses really are confortable... unless you have to sit back by the bathroom... !!!


Quoting HipsterPipster
Just checking in on you guys, Tiki I am still alive after the 7 plus ricter earthquake in northern Chile. I was actually on the bus in the Andes on my way to Paraguay. So, could anyone tell me if I am still in my GY trade. I placed a stop above last Mondays gap and let in run.
  • #7,752
  • Nov 22, 2007 2:40am Nov 22, 2007 2:40am
Quoting SeekingLight
Thanks Wall Street.

There's not that much to it, I just had a plan and a belief and stuck to it, come hell or high water(I was of course doubtful often and took it out on my journal and basically any news release even remotely related to indices or UJ).
The original 117 stops I didn't move past break even until the second 115 swing started breaking down I think..the other stuff I just moved risk free once we were 300 pips or so further away. It's been a while.

Here's an example I bailed out of for no reason and way too early but which would have been just as excellent - I hope someone takes these type of trades (was in the second 1.17xx IB, left it for under 200 pips because I watched the chart and observed low timeframes too much) - it's also an update to the example chart I posted. Also a good example of how allowing winners to run in a trending market really can pay off:
Hi Seeking!

Congratulation to your good work. It looks like if you have read the post I have sent to you about the Stoptechnik. Did you?
It looks like you did, because so I am also very long in my trades.

Kind Regards Erkro
  • #7,753
  • Nov 22, 2007 3:40am Nov 22, 2007 3:40am
Sry but I wonder if you could tell me what "IB" is on your charts, and what it says about the price?


Quoting SeekingLight
Thanks Wall Street.

There's not that much to it, I just had a plan and a belief and stuck to it, come hell or high water(I was of course doubtful often and took it out on my journal and basically any news release even remotely related to indices or UJ).
The original 117 stops I didn't move past break even until the second 115 swing started breaking down I think..the other stuff I just moved risk free once we were 300 pips or so further away. It's been a while.

Here's an example I bailed out of for no reason and way too early but which would have been just as excellent - I hope someone takes these type of trades (was in the second 1.17xx IB, left it for under 200 pips because I watched the chart and observed low timeframes too much) - it's also an update to the example chart I posted. Also a good example of how allowing winners to run in a trending market really can pay off:
  • #7,754
  • Nov 22, 2007 3:54am Nov 22, 2007 3:54am
Quoting NowAndLater
Sry but I wonder if you could tell me what "IB" is on your charts, and what it says about the price?
IB means Inside Bar, which is a price bar inside the previous bar. It means price is consolidated and is a good time to look for a breakout

take care
mike
  • #7,755
  • Nov 22, 2007 4:23am Nov 22, 2007 4:23am
Quoting erkro
Hi Seeking!

Congratulation to your good work. It looks like if you have read the post I have sent to you about the Stoptechnik. Did you?
It looks like you did, because so I am also very long in my trades.

Kind Regards Erkro
Hi Erkro.

I think I looked at it briefly, but didn't read it in detail. I did all the planning and stop managing basically based on my "belief" of what I expected to come.
Instead of the fear based "mustn't lose a single pip" attitude one has when starting to trade I chose to go the "minimize exposure and leave as much leeway as possible" route. Basically I just moved stops to break even once price had moved out far enough and then looked for new entries without having to worry about how many pips it would cost me on a bounce.

This was "risky" as in I risked what open profit I had, but I had a firm belief of where price was headed and how and I chose to take it and trade it.

Also I was only risking open profit => the market's money. It still cost a "shot" and spread of course, but as price progressed further out stops got moved up ever so slightly again and things moved on.
It's a completely different style compared to the "bar hugging" I used to do, but I never would do it / have done it without having a concrete outline and plan for the weeks ahead(target areas and s/r). It was also of the utmost importance that I felt I knew what I was doing.
Had I had doubts or not "felt" it then I would have screwed up the trade many times along the way. I still made a lot of bad mini-addon attempts during some periods of the retrace, but since their risk sizes were so tiny they didn't matter much. And those addons that stuck in turn grew to a few hundred pips and compensated.
Had I just used the daily IBs things would have been perfect.

You know, it's ironic. I am seeing more and more how the right timing will make DAILY MORE ATTRACTIVE THAN SMALLER TIMEFRAMES, simply because of it being pretty reliable and you just can see where you are more clearly. Things are more "compressed" whereas the lower TF(1h - 4h) are pretty noisy.

And as you can see from the last 2-3 trade chart examples I posted the last 2-3 weeks and how they progressed - daily is just fine for making insane amounts of % if you just manage the trades properly. And perhaps use one or two chances to add to the trade. But even if not - it will grow if you LET IT.

I'm still learning

As for stop management techniques, I'm currently toying with some ideas for stop management myself. If it turns out feasible I'm going to expand on it, check different timeframes about it and do some videos / tests on it. But I'm going to keep it PF exclusive since I'll be building it on something used in there. Avid journal readers already know

It might end up being a bogus idea however. I'm considering it for those trades where I have no idea whatsoever what is going to happen next and desperately need a mechanical element to help me out.

Otherwise I still favor discretion a lot...which sort of screws up reliability, but I'm just not built for very mechanical in-and-outs I think
I like to improvise and be creative too much

Thanks for the input and material though Erkro, I appreciate it.
I currently have 2-3 things like your material I am keeping on the side for when I have some leisure time to go over.
It's sort of an ever growing "to do" list

I just feel it'd be unfair to Jim's stuff and my own progress if I continued to try and do 50 things at once and I am constantly at risk of that
Currently trying to constrict and focus myself more and perfect that what I have, because I know there's Gold in them thar hills.

Once I feel that's settled in more, I will look to expand on it and see what other useful stuff I can add. There's so much out there.

Anyway. Thanks again and I hope you're doing well on that EJ, too.
Just don't forget there's a sell button for it, too!

Take care,

SeekingLight
Trust price. Know yourself.
  • #7,756
  • Nov 22, 2007 5:35am Nov 22, 2007 5:35am
Thank you! Do any of you know when the pf will be open again, I wan't in !!

Quoting mbqb11
IB means Inside Bar, which is a price bar inside the previous bar. It means price is consolidated and is a good time to look for a breakout

take care
mike
  • #7,757
  • Nov 22, 2007 5:38am Nov 22, 2007 5:38am
Quoting NowAndLater
Thank you! Do any of you know when the pf will be open again, I wan't in !!
Looks like the launch date is the 3rd of Dec. But it might be a bit before it is reopened. James really just wants to make the transition as smooth as possible for everyone.

Won't be long now
  • #7,758
  • Nov 22, 2007 5:51am Nov 22, 2007 5:51am
Quoting NowAndLater
Thank you! Do any of you know when the pf will be open again, I wan't in !!
It might take a bit I think.

Jim is basically doing everything at once and could probably use 25 hours in a day

Current considerations are to at least leave the first month of the new site to existing members for now to get settled in and iron out bugs, improve what's there, port over the material, structure new sections, get things running, etc pp.

I think he's absolutely right about making sure everything is polished and at least settled in before we open the gates, since I believe everyone wants to make it the best thing possible.

It might be early 2008 before subs are reopened(since the site opens for current subscribers around December and a month at least is planned for testing), but I really can't say.
I think it's going to be an adventure we will have to take step by step.
There are going to be tons of new features and those take a bit of getting used to.

I think whatever Jim does he wants to do it the best way possible as he has stated many times before and that takes a bit of time.
Please be patient with us
Trust price. Know yourself.
  • #7,759
  • Nov 22, 2007 5:52am Nov 22, 2007 5:52am
Considering it's Thanksgiving I'd like to give thanks for all that Jim and the other people of the PF done for me and my trading.

It's been over a year since I joined FF and started perusing various things and threads and met people that eventually got me set on the right track with price action.

Without them I would probably still be in total desperation and never have quit system hopping, blowing money and hope into the vast black broker hole

So I give thanks and I hope I get to see many more years with these kind and experienced people.

Happy Thanksgiving!
Trust price. Know yourself.
  • #7,760
  • Nov 22, 2007 11:29am Nov 22, 2007 11:29am
Quoting SeekingLight
Considering it's Thanksgiving I'd like to give thanks for all that Jim and the other people of the PF done for me and my trading.

It's been over a year since I joined FF and started perusing various things and threads and met people that eventually got me set on the right track with price action.

Without them I would probably still be in total desperation and never have quit system hopping, blowing money and hope into the vast black broker hole

So I give thanks and I hope I get to see many more years with these kind and experienced people.

Happy Thanksgiving!
Seeking,
Sometimes you just seem to catch the moment & have a way with words.
I allways look for your posts & enjoy reading them, sometimes i even manage to learn myself something.
So cheers, & happy thanksgiving to all the J16 crew....
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