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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

  • #7,801
  • Nov 26, 2007 2:29pm Nov 26, 2007 2:29pm
Quoting 3cent
I just wanted to thank you Jim from the bottom of my heart for all the most valuable info and trade setups you shared here

And for those silent as me here you can take your number ( 30-40) and multiply by ( I think ) at least 10 times

Thank You!
Only 10?!? You must be crazy lol This is the most sought after thread in the forex world. I guarantee it.


As for the thoughts on the Eur/Chf, we have an exact opposite pin bar forming on today's close and so I think price will drop a little to fall exactly on the trendline and then we would see the upmove begin after that. If your already in the trade, expect to have a wide stop loss as this pin from today will push price lower in my opinion. What are anyone else's thoughts on this?

Well, it's not necessarily a pin anymore.
I dream, therefore I become.
  • #7,802
  • Nov 26, 2007 2:55pm Nov 26, 2007 2:55pm
In this case I think it is still too early to say... price can still close above the tremdline...

I know as far as I am willing to go... my stop is at the bottom of the Pin where it should be... if the PB is negated, perhaps we are heading down some more... but by then the trendline will clearly have been broken and I would have to rethink the whole thing...

MBQB says the next lower line of support is a better place to BUY and HOLD... I agree it would be better support... but what about the whole idea of the trend line...????

Also remember, there is not much to move the markets today in the way of news...

Quoting mike w
Only 10?!? You must be crazy lol This is the most sought after thread in the forex world. I guarantee it.


As for the thoughts on the Eur/Chf, we have an exact opposite pin bar forming on today's close and so I think price will drop a little to fall exactly on the trendline and then we would see the upmove begin after that. If your already in the trade, expect to have a wide stop loss as this pin from today will push price lower in my opinion. What are anyone else's thoughts on this?

Well, it's not necessarily a pin anymore.
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  • #7,803
  • Nov 26, 2007 3:02pm Nov 26, 2007 3:02pm
Quoting Tiki Trader
In this case I think it is still too early to say... price can still close above the tremdline...

I know as far as I am willing to go... my stop is at the bottom of the Pin where it should be... if the PB is negated, perhaps we are heading down some more... but by then the trendline will clearly have been broken and I would have to rethink the whole thing...

MBQB says the next lower line of support is a better place to BUY and HOLD... I agree it would be better support... but what about the whole idea of the trend line...????

Also remember, there is not much to move the markets today in the way of news...
I agree with you entirely Tiki. I didn't really make my post too clear though and so I'm sorry for that. If price were to close in the area that it is now in, that would be the breach of the trendline. This would tell me that we will indeed see more downwards movement. I think the pin from friday has already posed it's upward movement, but could not sustain the higher price. I haven't seen MBQB's post on this and so I am going to go and read it and then post my thoughts on the subject.
As for the idea of the trendline, remember all things break at one point or another. If it does, it will just act as resistance once we get back to that point.
I dream, therefore I become.
  • #7,804
  • Nov 26, 2007 3:12pm Nov 26, 2007 3:12pm
However, price continues dropping quickly... we will be lucky at this point if the PB is not negated.... even if it gets saved... price is no longer moving in the way it should if it were a good PB... I think I may be looking to get out... hopefully price moves back up a bit...

Same goes for USD/CHF if it gets any lower,,, just not the way price should move for a PB...
  • #7,805
  • Nov 26, 2007 3:39pm Nov 26, 2007 3:39pm
There is a support right at the bottom of the PB... perhaps it will have a chance to turn price around... will be very close with my stop...

But if we close below that... I will agree with seeking... more down to come...
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  • #7,806
  • Nov 26, 2007 4:37pm Nov 26, 2007 4:37pm
Personally I think everyone is trying to salvage a broken trade on a pair that is currently moving downwards.(See my last post about the last bullish setup about this pair in turn. Nothing has changed, we just made another lower low.)
Trust price. Know yourself.
  • #7,807
  • Nov 26, 2007 5:05pm Nov 26, 2007 5:05pm
Common seeking, there is still two minutes until end of the day... anything could happen...!!! Coldn't it ????

Well, you might be right... but it is close to my stop... I am going to let it hit... what's the difference... .8999% or a full 1% !!!

Actualy I am thinking to move my stop down and extra 10 pips just in case the support line at 1.6290 decides to hold.... nothing worse than getting stopped out by 2 pips and then price swings the other way...

But either way, we are closing below the trend line.... so more points for seeking... or are they pips ???

Quoting SeekingLight
Personally I think everyone is trying to salvage a broken trade on a pair that is currently moving downwards.(See my last post about the last bullish setup about this pair in turn. Nothing has changed, we just made another lower low.)
  • #7,808
  • Nov 26, 2007 5:17pm Nov 26, 2007 5:17pm
A sliver of hope still....
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  • #7,809
  • Nov 26, 2007 5:20pm Nov 26, 2007 5:20pm
Quoting SeekingLight
Personally I think everyone is trying to salvage a broken trade on a pair that is currently moving downwards.(See my last post about the last bullish setup about this pair in turn. Nothing has changed, we just made another lower low.)
I agree. There is no reason to create a worse loss for yourself than needed. Instead, you should reevaluate the situation and try to understand why it came out as a loser.

In this case, as I said before, the pin bars only came about because a retracement was formed and finished right at the day's close. A closer look on the 4 hour or 1 hour timeframe and you could clearly see that it was just the retracement. I must admit, I think a lot of people just got caught with their pants down because of lacking the thought process to look and see why they formed, myself included. It's a new day however and price action is, yet again, giving us some solid trade opportunities. I will post a trade I've taken on the Aud/Usd.

Price couldn't break resistance and ended up closing as a bearish bar. This gave me the reasoning to go short. I think we will at least attempt a break of the first support down which is at .8600 based upon the methodology that I am currently applying.
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I dream, therefore I become.
  • #7,810
  • Nov 26, 2007 5:21pm Nov 26, 2007 5:21pm
Those are IBs there folks... now if I can just huff and puff and huff and puff and blow it all the other way... Dear heavenly pip father... I will never sin again if you will just...

hey at least I can cough up charts in a flash... !!!
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  • #7,811
  • Nov 26, 2007 5:25pm Nov 26, 2007 5:25pm
Awwwww shucks... I just wanted to trade a PB !! And now it's stickin me !!!

Quoting mike w
I agree. There is no reason to create a worse loss for yourself than needed. Instead, you should reevaluate the situation and try to understand why it came out as a loser.

In this case, as I said before, the pin bars only came about because a retracement was formed and finished right at the day's close. A closer look on the 4 hour or 1 hour timeframe and you could clearly see that it was just the retracement. I must admit, I think a lot of people just got caught with their pants down because of lacking the thought process to look and see why they formed, myself included. It's a new day however and price action is, yet again, giving us some solid trade opportunities. I will post a trade I've taken on the Aud/Usd.

Price couldn't break resistance and ended up closing as a bearish bar. This gave me the reasoning to go short. I think we will at least attempt a break of the first support down which is at .8600 based upon the methodology that I am currently applying.
  • #7,812
  • Nov 26, 2007 5:37pm Nov 26, 2007 5:37pm
Quoting Tiki Trader
Awwwww shucks... I just wanted to trade a PB !! And now it's stickin me !!!

Just like a dishonoured samurai will take his own life, you will close that trade! hehe.
  • #7,813
  • Nov 26, 2007 5:46pm Nov 26, 2007 5:46pm
I know I know... !!!! Hope Hope Hope

Quoting dimmi
Just like a dishonoured samurai will take his own life, you will close that trade! hehe.
  • #7,814
  • Nov 26, 2007 5:48pm Nov 26, 2007 5:48pm
I took this pig too, and came back today from work to the current mess.

I read something about yet another round of panic-trading in NY today.....some bank is going to write off a ton of bad debt.

Is this still news?

Sooner or later, apathy will set in, and we won't see this kind of behavior. Maybe, who knows.

Well, I am still alive, but not holding my breath.

Someone said something about holding on to a loser, but hell.....I lose trades all the time, why would this be any different? I could jump out now, or rely on my original analysis, and go have a life. Either this trade will be live or not in the morning.

And sitting at my computer, I cannot make this thing move at all. No matter how hard I try, and trust me, I have tried before.

Clockwork
  • #7,815
  • Nov 26, 2007 5:48pm Nov 26, 2007 5:48pm
Quoting Tiki Trader
Awwwww shucks... I just wanted to trade a PB !! And now it's stickin me !!!
hahaha I had the same outlook on it. I thought, "OOhhhhh Yay Hooray for me, I see a Pin bar!" and then it got me, the dreaded loss. lol
I dream, therefore I become.
  • #7,816
  • Nov 26, 2007 5:58pm Nov 26, 2007 5:58pm
I'm not out yet !!! There IS a support line there !!! I am huffing and puffing... it's working !!!

I don't know who will be right..... I am down 1% on it, that is what I was willing to risk... ( you know lots of time I risk more... everyone here knows... this time I risked less... )
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  • #7,817
  • Nov 26, 2007 5:58pm Nov 26, 2007 5:58pm
Quoting Tiki Trader
I'm not out yet !!! There IS a support line there !!! I am huffing and puffing... it's working !!!

I don't know who will be right..... I am down 1% on it, that is what I was willing to risk... ( you know lots of time I risk more... everyone here knows... this time I risked less... )
Quick, add more positions to average down !!
  • #7,818
  • Nov 26, 2007 6:01pm Nov 26, 2007 6:01pm
Quoting Tiki Trader
I'm not out yet !!! There IS a support line there !!! I am huffing and puffing... it's working !!!

I don't know who will be right..... I am down 1% on it, that is what I was willing to risk... ( you know lots of time I risk more... everyone here knows... this time I risked less... )
Yep, I am out until I see a reason to get back into this, which I doubt will happen anytime soon.
I dream, therefore I become.
  • #7,819
  • Nov 26, 2007 6:07pm Nov 26, 2007 6:07pm
Ok Ya Ya !!!! Before it goes up too much !!!


Quoting dimmi
Quick, add more positions to average down !!
  • #7,820
  • Edited 6:14pm Nov 26, 2007 6:09pm | Edited 6:14pm
So much excitement

Maybe it'd help anxiety levels to only look at the charts once every 24 hours - lord knows that would have saved me from a lot of stupidity myself very often.

As for the ponderings of intervention:
Don't manually intervene with a trade that you're sposed to leave up to the market to decide!

99% of the trades I close out 10% from their stop losses do something completely unexpected!

Okay, I lie, but seriously, the only thing worse than admitting defeat is to admit it when it turns out it really wasn't

Don't meddle in the affairs of market after having analysed, decided and placed the ORDERs. At least not randomly in between things.

Late for bed, stupid FX addiction and 24/5 market

N8
Trust price. Know yourself.
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