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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

  • #2,061
  • Jan 10, 2007 11:10am Jan 10, 2007 11:10am
I feel your pain there Seeking Light. To me the hardest part of trading is letting a trade play out. Once I see pips in profit my fingers get real twitchy to close them out. My best bet is usually to place stops and just walk away.....


Craig
  • #2,062
  • Jan 10, 2007 11:14am Jan 10, 2007 11:14am
Hopefully got this right using PA learnt from this thread

Went short on EURJPY due to PB on 4H and 2H charts
I think previous weekly bar was also a BEOVB
Price seemed to retrace to 38.2 fibo from low of 8/1 to high 9/1, hopefully price now going back down again to confirm weekly bar? and my trade!

Sorry no posting of chart, got my proper job work to do!!!!

H
  • #2,063
  • Jan 10, 2007 11:17am Jan 10, 2007 11:17am
Quoting pitsarge
I feel your pain there Seeking Light. To me the hardest part of trading is letting a trade play out. Once I see pips in profit my fingers get real twitchy to close them out. My best bet is usually to place stops and just walk away.....


Craig
It is absolutly the hardest part, I watched my gbp go up and down today before finally taking out 55 pts and still have 1/4 of my position out there. Patience and Faith tape it to your monitor, i did awhile ago.

  • #2,064
  • Edited 11:34am Jan 10, 2007 11:20am | Edited 11:34am
Quoting H103EFA
Hopefully got this right using PA learnt from this thread

Went short on EURJPY due to PB on 4H and 2H charts
I think previous weekly bar was also a BEOVB
Price seemed to retrace to 38.2 fibo from low of 8/1 to high 9/1, hopefully price now going back down again to confirm weekly bar? and my trade!

Sorry no posting of chart, got my proper job work to do!!!!

H
just watch the 200 as support i have learned to becareful shorting anything with jpy(the carry trades pairs to clarify) in it lol.

good luck!

Mike
  • #2,065
  • Jan 10, 2007 11:58am Jan 10, 2007 11:58am
Quoting H103EFA
Sorry no posting of chart, got my proper job work to do!!!!

H

Here's one

If 154.55 goes you should get at least another 50 pips short term and if the drop is for real, who knows, we might revisit 151.60-80 at some point
Never a bad idea to keep the last tiny fraction running as long as possible
Attached Image
Trust price. Know yourself.
  • #2,066
  • Jan 10, 2007 1:01pm Jan 10, 2007 1:01pm
Mike - Thanks for the advice - took it
Seeking - Thanks for chart.

Decided to close trade after pin formation on 1 H chart for a very small profit.


Quoting mbqb11
just watch the 200 as support i have learned to becareful shorting anything with jpy(the carry trades pairs to clarify) in it lol.

good luck!

Mike
  • #2,067
  • Jan 10, 2007 8:43pm Jan 10, 2007 8:43pm
The daily pin played out for some pips on the short side
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  • #2,068
  • Jan 10, 2007 8:48pm Jan 10, 2007 8:48pm
Quoting mbqb11
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
Thanks for you opinion mike..
  • #2,069
  • Jan 10, 2007 9:16pm Jan 10, 2007 9:16pm
Just noticed there was a 4hr pin that closed at 6am that played out for the rest of the day
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  • #2,070
  • Edited Jan 11, 2007 1:57am Jan 10, 2007 9:56pm | Edited Jan 11, 2007 1:57am
yes i admit i have some sort of weird love for this pair

edit* closed for -25 this thing looks like its gonna continue down i'll hop back on soon, cause when this thing runs its great!
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  • #2,071
  • Jan 11, 2007 2:03am Jan 11, 2007 2:03am
Yesterday's 4hr pin turned into a Daiy Pin. I'm in already. Got a nice retrace today to the level of the first eye. I've changed my target to the weekly pivot.
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Keeping it Simple
  • #2,072
  • Jan 11, 2007 2:06am Jan 11, 2007 2:06am
Quoting habeeb
Yesterday's 4hr pin turned into a Daiy Pin. I'm in already. Got a nice retrace today to the level of the first eye. I've changed my target to the weekly pivot.
hey habeeb was wondering if you held on, its at a retrace spot now to jump in but I can say this is one pair that i never do well with. I stopped trading it pretty much. It has been teasing a nice down move for awhile now!
  • #2,073
  • Edited 2:35pm Jan 11, 2007 10:56am | Edited 2:35pm
Quoting habeeb
Yesterday's 4hr pin turned into a Daiy Pin. I'm in already. Got a nice retrace today to the level of the first eye. I've changed my target to the weekly pivot.
This isn't our week, is it Habeeb?
Got burnt on almost all the same trades as you, ended up cutting the really good ones for 15 pips and then seeing them go hundreds (I was long USDJPY at 118.98 and 119.20, left both for < 30 pips, now we're at 120.50)...
Alternatively I shorted cable, went to bed, saw it had moved out 50 then come back and stopped me out for a small loss.
Today again up 60, then a sudden hike and the stop disappears while I'm out.
Lovely to have a broker without trailing stops...

Then again the old malaise, I shorted EURUSD for +39 pips only to cut it before the real dive went through :S
*sighs* Can't catch a break here....always end up net negative or even on trades that could have increased my account by 20-33% this week total on really tiny stakes, it's mindnumbing.

Anyway, here's the breakdown of what I looked at while I shorted EURUSD in the aftermath. I simply went with the flow there and the classic newsfade.
I have also been telling a friend for a week now that USDCHF will hit 1.2350 and then 1.2500 and I guess I was right.
Can someone please tell me to simply trade what I talk, too? I would have been so much better off if I did that...
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Trust price. Know yourself.
  • #2,074
  • Jan 11, 2007 11:03am Jan 11, 2007 11:03am
And since I was bored a few minutes ago I wanted to post this minichart I made to illustrate how to deal with BUOBs once again...
This time on a more "evil" pair, the GBPJPY.

Try not to look at the timeframe

I should have blended that out....well, it's all about illustration, anyway
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Trust price. Know yourself.
  • #2,075
  • Jan 11, 2007 2:21pm Jan 11, 2007 2:21pm
It’s time to add smth. to this legendary thread. :-)
there is a small 1h PIN, sitting on 61.8 fib retracement.
I'll take it.
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  • #2,076
  • Jan 11, 2007 3:49pm Jan 11, 2007 3:49pm
Quoting SeekingLight
And since I was bored a few minutes ago I wanted to post this minichart I made to illustrate how to deal with BUOBs once again...
This time on a more "evil" pair, the GBPJPY.

Try not to look at the timeframe

I should have blended that out....well, it's all about illustration, anyway
I like this chart better....much easier to trade...less noise
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  • #2,077
  • Jan 11, 2007 3:54pm Jan 11, 2007 3:54pm
and good re-entry on pull back...
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  • #2,078
  • Jan 11, 2007 4:09pm Jan 11, 2007 4:09pm
raczekfx,

Is it ema on gbpjpy chart? which period?

thanks!
  • #2,079
  • Jan 11, 2007 4:28pm Jan 11, 2007 4:28pm
Makes me wonder if this is how the day would have played out with out the the interest rate raise. Seems like news announcements that are extreme like this causes a bump(big bump here) and then trend continues.
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  • #2,080
  • Jan 11, 2007 8:25pm Jan 11, 2007 8:25pm
Quoting denonline
raczekfx,

Is it ema on gbpjpy chart? which period?

thanks!
yes, 55
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