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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

  • #8,841
  • Jan 22, 2008 1:18pm Jan 22, 2008 1:18pm
Quoting Tiki Trader
In your case... the PB is in a good place on the EUR/GBP HNS... might be a sign of the expected down coming...
Tiki, what does "HNS" stand for?
  • #8,842
  • Jan 22, 2008 1:21pm Jan 22, 2008 1:21pm
Quoting Betard
We have what looks to me to be a good setup on EU/GBP. 4 hour pin after failing to make a 3rd lower high. We might be in a triangle though so I'm going to be careful around .7415. Any opinions on this one?
It's going sideways. Look at where the ask/bid line is and where all the prior highs are..ew, messy.

You want to buy/sell into empty space preferably, not into clogged areas..yesterday's IB got double-faked as price first appeared to lose 0.7420, but really did not as 0.74 catapulted it back..and now it's a pinball machine between .75-.74...is this where you get an ideal entry?
And to which side?

Now, I have my suspicion where this will end up, but I'm just trying to outline some thoughts of this vs other, much cleaner setups (say, didn't some bloke post a weekly chart just the other day...that one looked a lot more cleanish where it pinned, dinnit?).

I'm just saying - do you have things you look for before considering a trade a good trade?
If not, why not, if so, which things? Why these things? Why do they matter to the setup? Why do they matter to the trade if it triggers? How do they integrate into your trade management?

Etc...these are some of the thoughts you should be having and have considered BEFORE putting the first dipper of live money in ideally...well, we're not in an ideal world, but you know what I'm driving at, ya?

Or maybe I just didn't sleep enough and you get to be my grouchyness victim now

Just kicking around some thoughts..I'm trying to draw a blueprint for the ideal myself all the time, trying to perfect it..

(HNS = head and shoulders - probably what Tiki sees on the EURGBP 4h chart)
Trust price. Know yourself.
  • #8,843
  • Jan 22, 2008 2:29pm Jan 22, 2008 2:29pm
Thanks for the input guys, don't worry about criticizing my trades, that's why I posted I'm trying to get better at this! Seeking, I'm still pretty green, so I don't think of all of the things you brought up before I trade or my head would probably explode. I'll try to explain my thought process though.

I'm basically looking to sell after a lower high is made in a downtrend. On the E/U 4 hour charts we are in a downtrend. This pin bar seem to be an indication that the a correction is over,a new lower high has been made, and we're going down again. So ideally, I want to ride the price down to .74 and beyond. Resistance has been seen around the .74 area so it might not be easy, but even if it just makes it to the bottom of the channel around .7415 it's still better than 1:1 R:R. If I'm totally wrong, then I'm totally wrong and I learn from it (well hopefully I learn from it)...
  • #8,844
  • Jan 22, 2008 4:09pm Jan 22, 2008 4:09pm
Looooooots of PA out there on the daily charts of USD pairs using 5pm EST closing time.....
  • #8,845
  • Jan 22, 2008 4:30pm Jan 22, 2008 4:30pm
Guess I have some learning to do from this one lol!

Quote
If I'm totally wrong, then I'm totally wrong and I learn from it (well hopefully I learn from it)...
  • #8,846
  • Jan 22, 2008 10:17pm Jan 22, 2008 10:17pm
hi all,

sign of retracement ?

http://i222.photobucket.com/albums/d...07/gubuovb.gif

thnx
  • #8,847
  • Jan 23, 2008 3:07am Jan 23, 2008 3:07am
hi all,

any comment are welcome.

http://i222.photobucket.com/albums/d...07/ujbuovb.gif

thnx
  • #8,848
  • Jan 23, 2008 4:33am Jan 23, 2008 4:33am
Quoting CandlePower
hi all,

any comment are welcome.



thnx
Hey CP

The GBP/USD bar is definitely the nicer looking BUOB of the two.


Mike
  • #8,849
  • Jan 23, 2008 4:52am Jan 23, 2008 4:52am
i really dont trust the last two daily bars - one hapenned with no trading in the US, and the other just reversed it all as if we started the week today..so - i am continuing with the minor downtrend in the EURUSD, USDJPY, GBPUSD (those three because i am in a trade with these pairs)
  • #8,850
  • Jan 23, 2008 4:55am Jan 23, 2008 4:55am
Quoting mamutot
i really dont trust the last two daily bars - one hapenned with no trading in the US, and the other just reversed it all as if we started the week today..so - i am continuing with the minor downtrend in the EURUSD, USDJPY, GBPUSD (those three because i am in a trade with these pairs)
Yeah I haven't quite added BUOB as a staple to my trading yet, so I would rather wait for a retracement and miss it and get back in on the short side if things set up. But James put out a video recently on how deadly this OBs can be. I have to do more work with them before adding them to my toolbox
  • #8,851
  • Jan 23, 2008 4:59am Jan 23, 2008 4:59am
Here is a more aggressive daily trade I am in.

Price broke the descending TL, and came back to retest it and form a pinbar.


We are also at a Price Pivot Zone.

This pair can be choppy as hell, but things set up how I had been waiting on them for awhile.
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  • #8,852
  • Jan 23, 2008 7:09am Jan 23, 2008 7:09am
Quoting mbqb11
Yeah I haven't quite added BUOB as a staple to my trading yet, so I would rather wait for a retracement and miss it and get back in on the short side if things set up. But James put out a video recently on how deadly this OBs can be. I have to do more work with them before adding them to my toolbox
Have been trading OBs A LOT recently. A real killer in shares and commodities.

When switching back to candles you can see the best ones straight away.
They stick out like dogs balls!

Of course, they work best when coming off support/resistance/MAs and so on. Which seems to be more critical with currency pairs.
Bundy's status today: "Waiting..."
  • #8,853
  • Jan 23, 2008 7:27am Jan 23, 2008 7:27am
Anyone trading weekly USD-CHF PB?
Must be because trading against trend that cause this one fail.
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  • #8,854
  • Jan 23, 2008 7:35am Jan 23, 2008 7:35am
Yeah... I just got stopped out... actually I was trading divergence / break of last weeks Friday IB... Oh well.... lost less than 1%... nothing to faint over...

Quoting jatis
Anyone trading weekly USD-CHF PB?
Must be because trading against trend that cause this one fail.
  • #8,855
  • Jan 23, 2008 7:42am Jan 23, 2008 7:42am
Quoting jatis
Anyone trading weekly USD-CHF PB?
Must be because trading against trend that cause this one fail.
Yeah, I was trading it Jatis.
Everyones buying Yen at the moment. I've just put it down to correlations and moved on to other trades.

If it's going to get dragged down, you can't do anything about it.
Bundy's status today: "Waiting..."
  • #8,856
  • Jan 23, 2008 7:55am Jan 23, 2008 7:55am
Well.. yee haaaa... at least Tiki wasn't trading alone for a change !!!

Quoting bundyraider
Yeah, I was trading it Jatis.
Everyones buying Yen at the moment. I've just put it down to correlations and moved on to other trades.

If it's going to get dragged down, you can't do anything about it.
  • #8,857
  • Jan 23, 2008 8:09am Jan 23, 2008 8:09am
Tiki Trader & bundyraider

Don't we suppose to set cut loss below last week PB? (around 1.0800)
Why you already cut loss then?
  • #8,858
  • Jan 23, 2008 8:23am Jan 23, 2008 8:23am
Because for me... I was trading divergence ( shown in my journal ) and also looking more at the IB which I put my stop under instead of the weekly PB... either way... at this moment, I don't have much faith price is coming back up right now...

Quoting jatis
Tiki Trader & bundyraider

Don't we suppose to set cut loss below last week PB? (around 1.0800)
Why you already cut loss then?
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  • #8,859
  • Jan 23, 2008 8:47am Jan 23, 2008 8:47am
Quoting jatis
Tiki Trader & bundyraider

Don't we suppose to set cut loss below last week PB? (around 1.0800)
Why you already cut loss then?
Sorry Jatis. Was trading another idea earlier this evening on swissy. Mixed up where I was trading a pin!
Bundy's status today: "Waiting..."
  • #8,860
  • Jan 23, 2008 10:58am Jan 23, 2008 10:58am
Quoting Tiki Trader
Because for me... I was trading divergence ( shown in my journal ) and also looking more at the IB which I put my stop under instead of the weekly PB... either way... at this moment, I don't have much faith price is coming back up right now...
Yes, I also see yesterday bar was BEOB.
Why I kept this trade is because like previous fail PB (CAD-JPY daily, 16 Jan'08). when there was weekly PB and daily PB, then we "should" ignore daily PB and go with higher TF.
That is why I ignore every PB/BEOB/IB in daily TF.

Am I missing something? is it because of trend again?
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