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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

  • #9,541
  • Mar 12, 2008 5:22pm Mar 12, 2008 5:22pm
what do you think about this dblhc...
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  • #9,542
  • Mar 12, 2008 6:07pm Mar 12, 2008 6:07pm
Quoting shayb
what do you think about this dblhc...
hey guys,

look at the 4h PB almost on the 61.8 fib ret of the daily dblhc....
  • #9,543
  • Mar 13, 2008 2:46am Mar 13, 2008 2:46am
anyone knows if there is anybody/any service that sends out trade signals based on PA, pinbars and so?



thanks
  • #9,544
  • Mar 13, 2008 9:08pm Mar 13, 2008 9:08pm
I have a question on trailing stop. Could someone please guide. Thanks.

Let's say I buy Eur at 1.5500 with a 50 stop loss at 1.5450 I also set up trailing stop loss at 70 pips. Now,


1. Does the trailing stop loss take effect
a) as soon as it moves 1 pip in my favor, say to 1.5501 OR
b) Trailing stop does not kick in until it moves 70 pips

2. Will the trailing stop always look for 70 pip reversal from the highest point reached so far ?

3. If the hard stop is above the trailing stop, hard stop will be still be executed when hit. right?

I know these are basics, I get confused due to varied inputs.

Thanks in advance for the response.

TradeStar
Haste not to Enter AND Haste not to Exit !-TradeStar
  • #9,545
  • Mar 13, 2008 11:23pm Mar 13, 2008 11:23pm
This is the first trade I've entered since Mon/Tue. If it reaches the blue line I'm taking some profits and setting B.E. on the remainder. ...from there we'll see.

Seems quiet here. :
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Bundy's status today: "Waiting..."
  • #9,546
  • Mar 13, 2008 11:36pm Mar 13, 2008 11:36pm
Quoting TradeStar
I have a question on trailing stop. Could someone please guide. Thanks.

Let's say I buy Eur at 1.5500 with a 50 stop loss at 1.5450 I also set up trailing stop loss at 70 pips. Now,


1. Does the trailing stop loss take effect
a) as soon as it moves 1 pip in my favor, say to 1.5501 OR
b) Trailing stop does not kick in until it moves 70 pips
Both.

'Trailing stop' is a general term with many techniques. It just means to move your stop along with the trade. Wether you move it pip for pip, or trail below swing lows /support etc. If it's a broker feature it could be any of these. Depends on the broker. It may even move every 10 pips in a stepped fashion etc.

Which trailing stop method is better is up to your system/ money management or experience. I try not to trail too early on in the trade.

Forex is tricky. Volatile on occasions and can take you out before finally heading the way you want it. Takes a while to get an idea on stops.

Quote
3. If the hard stop is above the trailing stop, hard stop will be still be executed when hit. right?
Your hard stop over rides . Yes. Well it should anyway.
Bundy's status today: "Waiting..."
  • #9,547
  • Mar 14, 2008 1:36am Mar 14, 2008 1:36am
Quoting bundyraider
This is the first trade I've entered since Mon/Tue. If it reaches the blue line I'm taking some profits and setting B.E. on the remainder. ...from there we'll see.

Seems quiet here. :
Nice Bundy. I see it already moved nicely.

Everything on daily EURAUD looks kinda bearish, too, yet I have this sort of suspicion that if those carry trades go bonkers it'll be a fierce competition between who can drop faster, EUR or AUD

Both AJ and EJ have been ridiculously(spelling?) resilient, whereas CJ and GJ have already fallen to pretty devastating levels.
EJ is QUITE skewed. I wonder whether the EJ unwind will coincide with a larger EURGBP correction as well.

As for quiet - thrashy mess, but the weekly close will possibly make next week VERY interesting if those "tops" everywhere complete / trigger.
Trust price. Know yourself.
  • #9,548
  • Mar 14, 2008 3:01am Mar 14, 2008 3:01am
Quoting SeekingLight
yet I have this sort of suspicion that if those carry trades go bonkers it'll be a fierce competition between who can drop faster, EUR or AUD
Yeah, I know, but I'm trying to ignore correlations on trades like this. Just look at USD/CAD. lol Don't know. Mindful of it though.

Quote
Both AJ and EJ have been ridiculously(spelling?) resilient, whereas CJ and GJ have already fallen to pretty devastating levels.
EJ is QUITE skewed. I wonder whether the EJ unwind will coincide with a larger EURGBP correction as well.
I haven't entered on these for a while. Missed all the good entries.

Quote
As for quiet - thrashy mess...
I'm Sooo glad you said that. I thought it was just me being out of sync! LOL


Just took profit @ 1.6490 (1.6498 buy) ...two thirds closed. Just happened to walk in from Xmas breakup at the right time to catch it! . lol
Bundy's status today: "Waiting..."
  • #9,549
  • Mar 14, 2008 4:14am Mar 14, 2008 4:14am
Quoting bundyraider

Just took profit @ 1.6490 (1.6498 buy) ...two thirds closed. Just happened to walk in from Xmas breakup at the right time to catch it! . lol
Xmas breakup?

There's a 4h EURUSD PB triggered this morning that I wonder whether it will initiate the whole EURxxx story, including a retrace for the USD to fiercely sell again

And yea, USDCAD has been whacky and I completely missed the one nice EURCAD long entry of this week (at 1.5150)

Hmm I'm pondering whether there's any chart I could post, but there's really nothing much out there atm..I'd post the EURUSD, but due to the intervention along the way any kind of "normal" progression just got screwed, else there'd be at least 1-2 things to show, but meh.
I'll make one or maybe two(if I can manage) new videos for the J16 site though.
On the carry/YEN pairs, of course
Trust price. Know yourself.
  • #9,550
  • Mar 14, 2008 4:27am Mar 14, 2008 4:27am
Quoting SeekingLight
Xmas breakup?
Yeah. Why? ...What month are we in??

The two gorgeous babes said: "We're going to make all your Christmases come at once!"

...That's the last thing I remember.
Bundy's status today: "Waiting..."
  • #9,551
  • Mar 14, 2008 4:37am Mar 14, 2008 4:37am
Looking at the big picture, there is a lot of danger to both sides and IMHO we may retrace a few hundred pips lower than 1.5 if it's a genuine correction setting in eventually.

The question to me simply is - will the great EJ crash come through USD weakness or through a "proper" panic based super-unwind like we had before. With massive melting of almost any and all pairs alongside.

One thing is for sure - massive rallies bring with them massive weakness as well (look at Gold in 2006 -> 730$ peak, 544$ crash, 10$ above where it began).
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Trust price. Know yourself.
  • #9,552
  • Mar 14, 2008 4:38am Mar 14, 2008 4:38am
Quoting bundyraider
Yeah. Why? ...What month are we in??

The two gorgeous babes said: "We're going to make all your Christmases come at once!"

...That's the last thing I remember.


So that's the life one lives once one trades the 15M!

Maybe I should reconsider my trading approach..
Trust price. Know yourself.
  • #9,553
  • Mar 14, 2008 5:34am Mar 14, 2008 5:34am
I guess I could also post an updated CJ chart to show how things went and where the next big areas of s/r / potential breakdown targets are.
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Trust price. Know yourself.
  • #9,554
  • Mar 14, 2008 5:41am Mar 14, 2008 5:41am
Last leg....?
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  • #9,555
  • Mar 14, 2008 9:22am Mar 14, 2008 9:22am
Quoting raczekfx
Last leg....?
probably..
when the street starts talking about.." Collective Interventions by Central Banks" you better tighten your stops... . And when it's a better time to intervene than now?
I'm telling you.... when your house keeper going $ short and talking about $$$ demise, you can almost be sure the TOP is near..
good weekend to all.
.
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  • #9,556
  • Mar 14, 2008 11:39am Mar 14, 2008 11:39am
Quoting SeekingLight
Xmas breakup?

There's a 4h EURUSD PB triggered this morning that I wonder whether it will initiate the whole EURxxx story, including a retrace for the USD to fiercely sell again

And yea, USDCAD has been whacky and I completely missed the one nice EURCAD long entry of this week (at 1.5150)

Hmm I'm pondering whether there's any chart I could post, but there's really nothing much out there atm..I'd post the EURUSD, but due to the intervention along the way any kind of "normal" progression just got screwed, else there'd be at least 1-2 things to show, but meh.
I'll make one or maybe two(if I can manage) new videos for the J16 site though.
On the carry/YEN pairs, of course
I usually keep quite so i don't admit my ignorance however i must say that i don't understand your statement at all about EurUsd intervention. I thought that the reason why this pair is on such a tear (beyond the fact that USD appears to be unwinding as the worlds trusted financial currency) is that there was no intervention by ECB to sell Euros or the Americans to prop up the dollar. If there had been then one could have expected a sharp retrace down before it continues in inevitable movement up?
  • #9,557
  • Mar 14, 2008 11:44am Mar 14, 2008 11:44am
Quoting raczekfx
probably..
when the street starts talking about.." Collective Interventions by Central Banks" you better tighten your stops... . And when it's a better time to intervene than now?
I'm telling you.... when your house keeper going $ short and talking about $$$ demise, you can almost be sure the TOP is near..
good weekend to all.
.
Again long term the charts scream bullish. I am guessing you are talking about short term trades and not weekly or monthly? I don't know much fundies but what little i do know states that there is no expected strength in the USD on the horizon. Any intervention would impact the market on a daily chart and below but long term are you really thinking a reverse in the trend?
  • #9,558
  • Mar 14, 2008 11:55am Mar 14, 2008 11:55am
Quoting saskgui
I usually keep quite so i don't admit my ignorance however i must say that i don't understand your statement at all about EurUsd intervention. I thought that the reason why this pair is on such a tear (beyond the fact that USD appears to be unwinding as the worlds trusted financial currency) is that there was no intervention by ECB to sell Euros or the Americans to prop up the dollar. If there had been then one could have expected a sharp retrace down before it continues in inevitable movement up?
There was that one concerted action a couple of days back with the $200 bln story or some other liquidity injection/concerted bank action I believe. Trout / Jay Norris had a news post on it as well, I think that was the one.

The spike / distortion I meant was on the 11th March with the 150 pips up, 200 pips down thrash into 1.55.

Otherwise it would have been a nice diagonal decline over which one coulda drawn a TL and then on TL break and retest taken the trade.

This is what I mean/meant (maybe I'm just wrong, that could be as well, but except for that spike move it woulda looked really nice on a technical level to me):
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Trust price. Know yourself.
  • #9,559
  • Mar 14, 2008 7:33pm Mar 14, 2008 7:33pm
I Think Eur/aud Is Going Down...someone Can Confirm It....
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  • #9,560
  • Mar 15, 2008 3:59am Mar 15, 2008 3:59am
Quoting shayb
I Think Eur/aud Is Going Down...someone Can Confirm It....
In my opinion there is a possibility to go up (beginner opinion). If you take the 2 bars on your daily chart, so you get a 2 bar pinbar, which has never been broken to the downside. The price right now is to high for the pinbar to work, in my opinion. the weekly shows no reversal sign. The only resistance seems the trendline. I am not saying, we are going up, but just to be careful. There seems to be a strong support around 1.6500.

kpt
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