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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

  • #9,761
  • Mar 30, 2008 10:27pm Mar 30, 2008 10:27pm
Some very nice PBs do fail.. even if taken off monthly pivot...
This is why it's important to only take be best PA setups and demo them first...
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  • #9,762
  • Mar 30, 2008 10:52pm Mar 30, 2008 10:52pm
hi,

from yur experience guys,

http://i279.photobucket.com/albums/k...o/ejweekly.gif

1- how far this price action (beob & dbhlc) will bring the market down ?...
2- or the downtrend stuck by the MA150 support ?
3- or to go further down, price need to close below that MA150

any comment much appreciated.

thnx
  • #9,763
  • Mar 30, 2008 10:57pm Mar 30, 2008 10:57pm
Quote
Some very nice PBs do fail.. even if taken off monthly pivot...
This is why it's important to only take be best PA setups and demo them first..
and implement proper money management!


Tyler
skype: ststroud. let's talk trading.
  • #9,764
  • Mar 31, 2008 2:59am Mar 31, 2008 2:59am
Quoting Bones
Im a little confused as to the fact we have had 2 daily pins in such a short space of time and both still active? I mean it’s a bit unusual looking at the past bars in this pair.
Could any one say one was better than the other or should we wait until one is broken?
Hi Bones,

It's best to empty your mind of which direction you think things are going.
We got a great bull pin (off of a PPZ). We went long. We got great bear pin and reversed our position. ...Now we hold until we get great opposing PA. ...maybe off the PPZ? Maybe waaaaaay further down? Or maybe reverse today? We don't need to know.

Every trade is different. Every trend has a unique length.
Trade what is offered. With no expectations.
Bundy's status today: "Waiting..."
  • #9,765
  • Mar 31, 2008 3:59am Mar 31, 2008 3:59am
Quoting bundyraider
Hi Bones,

It's best to empty your mind of which direction you think things are going.
We got a great bull pin (off of a PPZ). We went long. We got great bear pin and reversed our position. ...Now we hold until we get great opposing PA. ...maybe off the PPZ? Maybe waaaaaay further down? Or maybe reverse today? We don't need to know.

Every trade is different. Every trend has a unique length.
Trade what is offered. With no expectations.
Nice post!

Could I add that if you must look for directional reference, look into higher time frame. However, that should only serve as a reference. Many proficient traders in this thread, especially mpq11, have recommended to focus on one time frame only. So bundyraider is right! Take the PA as is and watch for PPZ in the path.
  • #9,766
  • Mar 31, 2008 4:34am Mar 31, 2008 4:34am
Thanks guys that helps.
On-site guru & also FF member's' psychiatrist, when not drinking tea
  • #9,767
  • Mar 31, 2008 7:20am Mar 31, 2008 7:20am
..
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  • #9,768
  • Mar 31, 2008 1:21pm Mar 31, 2008 1:21pm
Quoting raczekfx
Some very nice PBs do fail.. even if taken off monthly pivot...
This is why it's important to only take be best PA setups and demo them first...
Or give up fighting strong trends and enter PA trades only with the trend. It is the only thing that i really disagree with what Jim teaches and that is the trend is at the top of my check list and not in the middle somewhere. Just my opinion.
  • #9,769
  • Edited Apr 1, 2008 7:15am Mar 31, 2008 1:49pm | Edited Apr 1, 2008 7:15am
Quoting saskgui
Or give up fighting strong trends and enter PA trades only with the trend. It is the only thing that i really disagree with what Jim teaches and that is the trend is at the top of my check list and not in the middle somewhere. Just my opinion.

You see, It all depends on your trading style. I’m a price pivot trader, so when that pin broke south, I was already some 140ps in profit. Unfortunetly my ego kicked in, looking for exit at 0.76 and refused to take some profit. Trading with a trend has adventages, no question, but a setup is a setup… And that was one hell of a pin imho. There is no sure thing in trading, we’re trading odds, so picking the best of them will let you enjoy this business a little longer. .

Onto the next one...Let's enjoy free fall on fiber over the next few days..

BTW. that pin was a loss for me..
  • #9,770
  • Mar 31, 2008 2:03pm Mar 31, 2008 2:03pm
Quoting raczekfx

BTW. that pin was a loss for me..
Why embarrassed Rac??

Losses are the fee we need to pay !!

Bundy's status today: "Waiting..."
  • #9,771
  • Mar 31, 2008 2:13pm Mar 31, 2008 2:13pm
Quoting bundyraider
Why embarrassed Rac??

Losses are the fee we need to pay !!

... cause you never, ever let your winner become a loser!!!

It was just a few pip loss, but when you think about the amount of pips allowed to let go, it's just not acceptable. One day, we get to trade 10 lot (and more)/trade and this is .... #@#@$.
  • #9,772
  • Mar 31, 2008 2:32pm Mar 31, 2008 2:32pm
check out the open and close on cable's monthly bars highlighted... very interesting.. . We should get one more bar like that before significant drop lower.

just kidding of course..
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  • #9,773
  • Mar 31, 2008 5:33pm Mar 31, 2008 5:33pm
Is anyone interested in the Pin bar/double top formed on the daily EURUSD?
  • #9,774
  • Mar 31, 2008 6:41pm Mar 31, 2008 6:41pm
Quoting raczekfx
check out the open and close on cable's monthly bars highlighted... very interesting.. . We should get one more bar like that before significant drop lower.

just kidding of course..
Hi raczekfx

When u see the 2 pins and a inverted pb from last month, what do you "see" in terms of price action. How do u make use of that info on the charts to help in your trading decision?
I too was looking at it for some time but all i know of is to use it to enter trades in that direction (e.g. a bullish PB means i have full lots on long). But is a little caution now as it seems to me that the market for cable is a little directionless but with a bias on short side now.

Thanks
  • #9,775
  • Mar 31, 2008 7:00pm Mar 31, 2008 7:00pm
Quoting ellipses
Hi raczekfx

When u see the 2 pins and a inverted pb from last month, what do you "see" in terms of price action. How do u make use of that info on the charts to help in your trading decision?
I too was looking at it for some time but all i know of is to use it to enter trades in that direction (e.g. a bullish PB means i have full lots on long). But is a little caution now as it seems to me that the market for cable is a little directionless but with a bias on short side now.

Thanks
Let's start with 2 PBs that broke out higher. If you're conservative trader you go long at 1.9970 and If you're like me, you look for the next ppz with some kind of confluence to exit. In attached example the move was good for 300+ pips.
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  • #9,776
  • Mar 31, 2008 7:06pm Mar 31, 2008 7:06pm
Quoting raczekfx
Let's start with 2 PBs that broke out higher. If you're conservative trader you go long at 1.9970 and If you're like me, you look for the next ppz with some kind of confluence to exit. In attached example the move was good for 300+ pips.
Thanks!
  • #9,777
  • Mar 31, 2008 7:24pm Mar 31, 2008 7:24pm
Quoting raczekfx
Let's start with 2 PBs that broke out higher. If you're conservative trader you go long at 1.9970 and If you're like me, you look for the next ppz with some kind of confluence to exit. In attached example the move was good for 300+ pips.
We now have another monthly pin and conservative short entry would be around 1.97 with possibility to go down to 1.90 if US were to stop its cycle of lowering rates, and GB and Europe started cutting. Monthly is very long TF and not my favorite so I always look for opportunities on weekly and daily TFs. If you look on weekly, you'll see weekly PPZ around 1.97, and I would say that area would give you some hard time if you're anticipating short trade. From a daily TF you should still be short if you took a daily PB around 2.0.
I only look at monthly to get the bigger picture and since it appears that cable reversed its uptrend, I will trade accordingly. Contrary to what Kate and Boris are saying, I tend to see stronger $$ in months to come. Canada’s economy is very good yet they’ve already announced easing cycle. I know that Canadian economy is very close related to US, but I’d be seriously surprised if Europe, Australia and New Zealand continued their tightening policy.
From the past I noticed that it take a bit longer to turn around European titanic, but it will eventually happen. The most money is being lost when ship is turning around. Let's see.
Happy trading.
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  • #9,778
  • Mar 31, 2008 8:17pm Mar 31, 2008 8:17pm
We have a monthly PIN on EMA(365) for EUR/JPY cross.
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  • #9,779
  • Apr 1, 2008 12:32am Apr 1, 2008 12:32am
Hi!
I use ODL Meta for charting and this morning saw GBP/JPY PIN...
, but in Oanda (where is my micro live) there is nothing like that

1. Could someone verify GBP/JpY Ping
2. Why there is so big difference in broker's data feeds?
3. Do you ignore weekend data (I mean Asian session on Sunday)
4. How do u get pictures here???
  • #9,780
  • Apr 1, 2008 1:30am Apr 1, 2008 1:30am
Quoting initex
Hi!
I use ODL Meta for charting and this morning saw GBP/JPY PIN...
, but in Oanda (where is my micro live) there is nothing like that

1. Could someone verify GBP/JpY Ping
2. Why there is so big difference in broker's data feeds?
3. Do you ignore weekend data (I mean Asian session on Sunday)
4. How do u get pictures here???
1. Well on ODL, the left eye is a sunday bar. Should be ignored in the analysis. So by right, the 2 previous bar before the pin has a higher high than the pin high.
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