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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

  • #2,041
  • Jan 10, 2007 1:13am Jan 10, 2007 1:13am
Quoting goodthings
Post 2054 calls the cable a daily pin. Some one brought up that that is not a pin because today has not finished out. Technically correct?
That was yesterdays bar so it was a PB. It had some good confluence on my charts so I played it on the break.
  • #2,042
  • Jan 10, 2007 1:13am Jan 10, 2007 1:13am
Yes I was thinking the right eye but focus left eye for pin formation Notice his left eye is open. Thats the focus
  • #2,043
  • Jan 10, 2007 3:57am Jan 10, 2007 3:57am
Previous fiber long stopped out. This week starting bad. DBHLC on 1hr, same direction as the weekly. Went short targetting 1.2870.
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Keeping it Simple
  • #2,044
  • Edited 5:27am Jan 10, 2007 4:21am | Edited 5:27am
osHello
http://silatpusakagayong.com/gujan10pb.gif

This setup give me 15 pips, i close it because i feel it did not have enough strength to go below trendline. phew..

That was inside bar right? the last bar... can someone give me opinion about this setup?
  • #2,045
  • Jan 10, 2007 5:33am Jan 10, 2007 5:33am
God, what a mess this week has been.

It's times like these that really test your nerves and patience I guess....

Best time to step back and look at the bigger picture....here's USDCHF weekly. We see a clear dollar recovery and s/r spots we stopped at and moved past. Should kept this in mind and only traded pro-dollar setups, would have saved a LOT of nerves. Trend is your friend and all that.
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Trust price. Know yourself.
  • #2,046
  • Jan 10, 2007 7:03am Jan 10, 2007 7:03am
Hi Seeking the light 4hr pin here and on £/$ and ib break up $/yen could be $ strenth about to take off on news in 30 mins
swami s
Quoting SeekingLight
God, what a mess this week has been.

It's times like these that really test your nerves and patience I guess....

Best time to step back and look at the bigger picture....here's USDCHF weekly. We see a clear dollar recovery and s/r spots we stopped at and moved past. Should kept this in mind and only traded pro-dollar setups, would have saved a LOT of nerves. Trend is your friend and all that.
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GOD IS NOT SHORT OF CASH
  • #2,047
  • Edited 7:39am Jan 10, 2007 7:06am | Edited 7:39am
Quoting sergen
osHello
http://silatpusakagayong.com/gujan10pb.gif

This setup give me 15 pips, i close it because i feel it did not have enough strength to go below trendline. phew..

That was inside bar right? the last bar... can someone give me opinion about this setup?
yes that is correct, but really really be careful playing inside bar on thes elower time frames. I don't play IB on anything less than daily charts.

Best,
Mike

I took this postition also, but have held it through the news too bad the numbers came out so close
  • #2,048
  • Jan 10, 2007 8:14am Jan 10, 2007 8:14am
Is it me or has this week been kinda hard to trade so far?

It's funny how you have weeks sometimes where you feel like quitting your job (if you have one ) cuz the pips seem to come so easily, and then other weeks you feel like quitting trading (and thank God that you have a job)...
I guess it's these times that separate the strong from the weak.
  • #2,049
  • Jan 10, 2007 8:19am Jan 10, 2007 8:19am
Quoting moneybags
Is it me or has this week been kinda hard to trade so far?

It's funny how you have weeks sometimes where you feel like quitting your job (if you have one ) cuz the pips seem to come so easily, and then other weeks you feel like quitting trading (and thank God that you have a job)...
I guess it's these times that separate the strong from the weak.
As long as you follow the same system day in and day out, and you have proven you have the edge on the market, the rest is psychology. It can suck when its a tough day or week, but having faith in whatever system/method you use is what gets you through this.

No weak around these parts right
  • #2,050
  • Jan 10, 2007 8:25am Jan 10, 2007 8:25am
euro chart retraced to 50%fib level from yesterday and bounced, isnt this a good indication for heading to -138% fib level?
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Ghost Swoopen in for my pips while no one is lookin !!
  • #2,051
  • Jan 10, 2007 8:31am Jan 10, 2007 8:31am
Quoting Ghostpipper
euro chart retraced to 50%fib level from yesterday and bounced, isnt this a good indication for heading to -138% fib level?
It's price action around these areas that is important, At the 50% retrace we had a tbh on the euro on the hour and a mini pin on the 15 min. Just playing a touch of the ret level is very aggressive. Find some price action around these levels and confluence and now your odds are really improving
  • #2,052
  • Jan 10, 2007 8:53am Jan 10, 2007 8:53am
Massive pin on GbpChf. I'm gonna give this "funny pair" a swing. Stop is small from here. 100pip limit should be okay.
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Keeping it Simple
  • #2,053
  • Jan 10, 2007 8:55am Jan 10, 2007 8:55am
Quoting mbqb11
As long as you follow the same system day in and day out, and you have proven you have the edge on the market, the rest is psychology. It can suck when its a tough day or week, but having faith in whatever system/method you use is what gets you through this.

No weak around these parts right
Absolutely Mike. I really have faith in Price Action and all the other methods we discuss in this thread. I know in the long run if you keep at it you'll end up ahead.

Only strong folks here in the James16 area.

Tom
  • #2,054
  • Jan 10, 2007 9:03am Jan 10, 2007 9:03am
Sold EurAud at 1.6688 based on touch of the trendline on 4 hour chart. 1.6713 stop, 1.6627 TP

Craig
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  • #2,055
  • Jan 10, 2007 9:36am Jan 10, 2007 9:36am
Wow, dropped like a rock, closed with +35 and will look to short again on a retrace...

Craig
  • #2,056
  • Jan 10, 2007 9:41am Jan 10, 2007 9:41am
Quoting pitsarge
Wow, dropped like a rock, closed with +35 and will look to short again on a retrace...

Craig
nice trade bro i had a stop order at 2930 to go long on eur/usd for retracement but it didnt get hit, same thing eur just hit trend line and the close of thanksgiving bullish run
Ghost Swoopen in for my pips while no one is lookin !!
  • #2,057
  • Jan 10, 2007 10:32am Jan 10, 2007 10:32am
Bailed out of USDJPY too early on a small 15M pin against the trendlines, silly me...

But was still short cable from quite a bit earlier on today and entry off yesterday's pin reason...

Just wanted to show that middle between the two fibs I keep mentioning as we once again got a classic middle retrace for that pin there.
Seen it happen a lot of times and since it's high enough to spook some people into thinking oh no it will go up instead of down it's worth keeping a look out for price action in this fib area roughly. Todays 1H pin confirmed the daily pin pretty much I guess, although it's all been chop suey.
Was originally aiming for 1.9160-80, but the next higher s/r toggle is 1.9240-275 so I'll look what happens near the low. FE projection as well as small swing 127.2% line up there, but the big swing 127.2% is still lower. But nobody knows the future, ey?

To me this all looks like a wave 3 rapid move down, then 2 days of correction with wave 4 ending in the pin and now today the start of wave 5 maybe if we fall back under those trendlines connecting the 1H lows.

But I've really got no idea, especially concerning wave counts =)
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Trust price. Know yourself.
  • #2,058
  • Jan 10, 2007 10:41am Jan 10, 2007 10:41am
EURCAD also broken 61.8 fibo along with very nice H1 trendline. Target 1.5100. 5095 is very solid resistance.

(hey, my first james16 post!)
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TRADE FOR SWAP
  • #2,059
  • Jan 10, 2007 11:00am Jan 10, 2007 11:00am
Just wanted to do a quick flashback to my original trade back on the 4th of January this year. We were still sliding down that descent from 1.9750.
There was only a short pause before price continued on down and I had re-entered short at 1.9495. Looking at the daily charts I made some price projections and set myself two targets, the first at 1.9350 which had heavy confluence and the second lower at around 1.9180 for an outside shot.

I just wanted to go back and see how the chart filled in after I made the projections, since I kept one variant of it around (yea, I'm like a chart collector...).

I got spooked out of the trade when price was bounced up to 1.9472 from the first touch of 1.9400. I mean come on, it went 70 pips against me, right?
But in the end, the very next day it hit 1.9350 to the pip after never having come back past my entry. Can you imagine how annoying that was to see?
This is the sort of thing I'm still having trouble coping with. I have a very well laid out plan and well thought out targets and then I get jostled about and abandon ship without so much as a handful of pips instead of the full trade.

What I'm trying to say here is that
1. You need to stick to your trading plan and
2. It's the psychology, not the system that makes the trader and trades work

It's something I'm still struggling to get past and I can't emphasize enough how important it is to keep things in perspective.


Hope I'm not just clogging the thread with cries of self pity and woe is me
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Trust price. Know yourself.
  • #2,060
  • Jan 10, 2007 11:09am Jan 10, 2007 11:09am
USD/JPY triggered system trade, sell at 119.55.

Not enjoying this pair in 2007. Will give it some room to maneuver.
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