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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

  • #9,781
  • Apr 1, 2008 3:30am Apr 1, 2008 3:30am
USD/CHF daily looks really interesting. Price just dances around the PPZ.

The latest "dollar strength" seems just a retracement to the PPZ. We may see the price get rejected here for the first touch.
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  • #9,782
  • Apr 1, 2008 3:35am Apr 1, 2008 3:35am
Quoting unlv_tj
Is anyone interested in the Pin bar/double top formed on the daily EURUSD?
Yes, it was absolutely crying out to be taken.
  • #9,783
  • Apr 1, 2008 4:03am Apr 1, 2008 4:03am
Quoting the_wizard
Yes, it was absolutely crying out to be taken.
bearish divergence, too!

RM
  • #9,784
  • Apr 1, 2008 6:23am Apr 1, 2008 6:23am
Hi, All!
After yesterday EU pin I sold the Euro (half), and took in 30pips higher a sell orther (other half). The second half was not triggered.
Now I am in +140 about. I moved my SL to breakeven. My TP is 1,5434.
Should I take partial profit in this case, or not?
Suggestions apprichiated,
THX, Laszlo
  • #9,785
  • Edited 6:39am Apr 1, 2008 6:36am | Edited 6:39am
Quoting lacika
Hi, All!
After yesterday EU pin I sold the Euro (half), and took in 30pips higher a sell orther (other half). The second half was not triggered.
Now I am in +140 about. I moved my SL to breakeven. My TP is 1,5434.
Should I take partial profit in this case, or not?
Suggestions apprichiated,
THX, Laszlo
I went short 3 lots on EUR/USD yesterday at 1.5879.
I am holding all three lots with 150 pips locked in on each lot.
That's about 100 pip SL as I write.

I've locked in a very nice profit already and am prepared to let the rest ride out whatever the market brings.
I'm optimistic of a further drop but who knows.

Here's my analysis from a week ago in case it's of interest:
http://www.forexfactory.com/showpost...postcount=1865

Good luck!

Rob
  • #9,786
  • Apr 1, 2008 7:03am Apr 1, 2008 7:03am
Double Bar Low Higher Close off that PPZ now.
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Bundy's status today: "Waiting..."
  • #9,787
  • Edited 8:17am Apr 1, 2008 8:02am | Edited 8:17am
Waiting for an entry on 1hr, but last bar closed bearish. <Tch>

Edit: Mini cyclone heading our way in the morning! ....'spose I'd better turn everything off. ...Happy trading everyone.
Bundy's status today: "Waiting..."
  • #9,788
  • Apr 1, 2008 8:48am Apr 1, 2008 8:48am
Quoting raczekfx

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

out half at 1.5603, rest at BE+100
  • #9,789
  • Apr 1, 2008 11:57am Apr 1, 2008 11:57am
Quoting raczekfx
out half at 1.5603, rest at BE+100
same with me (roughly). learning quickly from you, rac!

RM
  • #9,790
  • Apr 1, 2008 12:43pm Apr 1, 2008 12:43pm
Quoting Rainmaker
same with me (roughly). learning quickly from you, rac!

RM
I'm very glad you're doing well... RM.

As much as I love B/S on ppz touches they eventually break. We've had a good run for the last three days. Cable usually reverse after 4/5 days of losses so let's see if get to 1.9640 by tomorrow morning. PPZ at 97xx is significant imo and if it goes we might see a drop of couple hundred pips... But this is prediction and predictions have no place in this business, so let's stick to PA....

ps. as for the euro I wish it bounces to 57 so I get a chance to reload, but I'm not as optimistic as MPP from jacko's thread..
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  • #9,791
  • Apr 1, 2008 12:54pm Apr 1, 2008 12:54pm
Quoting the_wizard
Yes, it was absolutely crying out to be taken.
I took the EURUSD Daily Pin bar yesterday.

It was bitter sweet.

I was correct, and made 65 pips real quick. But I set my TP too low and with Oanda I don't have a trailing stop, so I cut my profit short.
  • #9,792
  • Apr 1, 2008 1:44pm Apr 1, 2008 1:44pm
Quoting raczekfx
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..
Yes quite true. It is what you are comfortable with. However to trade the way you do requires alot more skill and experience. If i screw up with trend trading there is a reasonable chance that i may be saved by the trend or a AH. However if i screw up with just PA and PPZ well.... it ain't pretty. I will leave price pivot trading where it belongs... to the professionals.
  • #9,793
  • Apr 1, 2008 6:00pm Apr 1, 2008 6:00pm
Quoting goodtiding5
We have a monthly PIN on EMA(365) for EUR/JPY cross.
What is the use of a 365 EMA on a monthly chart..that is more than 30 years long period...
  • #9,794
  • Apr 1, 2008 8:00pm Apr 1, 2008 8:00pm
Quoting saskgui
Yes quite true. It is what you are comfortable with. However to trade the way you do requires alot more skill and experience. If i screw up with trend trading there is a reasonable chance that i may be saved by the trend or a AH. However if i screw up with just PA and PPZ well.... it ain't pretty. I will leave price pivot trading where it belongs... to the professionals.
I think you're doing the smart thing for now Saskui. The trend is always your friend, as you say.

Drawing in Pivot Zones has supercharged my trading even further.

Why not draw them in anyway and learn to trade them on demo?

It's worth the effort, as they can help you understand the beginning and end of trends as they slowly unwind and change directions. In my opinion. :
Bundy's status today: "Waiting..."
  • #9,795
  • Apr 1, 2008 9:10pm Apr 1, 2008 9:10pm
Quoting bundyraider
I think you're doing the smart thing for now Saskui. The trend is always your friend, as you say.

Drawing in Pivot Zones has supercharged my trading even further.

Why not draw them in anyway and learn to trade them on demo?

It's worth the effort, as they can help you understand the beginning and end of trends as they slowly unwind and change directions. In my opinion. :
PPZs can be used so many ways in trading, I agree that they are extremely valuable. I tend to use them for managing my trades once in, as they provide great areas to move stops

Mike
  • #9,796
  • Apr 1, 2008 10:40pm Apr 1, 2008 10:40pm
  •  krue
  • | Joined Mar 2008 | Status: finger scares cat, power of illusio | 410 Posts
Hi, Jim

Thanks first of all for your effort leading this fabulous thread, I have been learning quick and lot, though in a pretty short period of time, and I am sure there will be tons of more to coming into my knowledge base through your generous teaching, I am so grateful to your help.

I just arrived at this post trying reading through the entire thread from the earliest. what I am doing trying to build up the whole concept of your strategy is to think through the connection with some candlestick setups. it seems very promising.

With regarding to the breakeven stoploss, I could logically understand the point why there is an urge to move stop up to breakeven quick, given trading is a losing game as being mentioned by Phantom,therefore, his rule is to clean positions as soon as possible if the position has not been proved correct by the market. I feel this shares the similar logic as you are emphasizing here ,if I am not wrong.

However, my dumb question could be,how often a good trade pontential be missed by adopting this type of MM strategy. probably, this question comes more from the sychology side, but, at least, I am thinking, there be some statistic significance doing so. I had very short forex trading experience,but, most of my experience came from trading futures where I quite often be pissed off noticing a good trend missed by sticking to a strict stoploss rule, mostly the Phantom Rule 1( clean position if not being proved correct by market,don't wait till the market to prove your position being wrong).

Add another point, I will strictly follow your rule of profit taking,yours gives me good sychological implication. I ever experienced turning a 200% into loss,of course messed up with wrong pyramiding strategy ( add heavy position at the point where the bear bite big). since then, I never recover from this bad situation, and even worse, due to market condition, my strong desire of wanting to recover led me to more desperate situation. so, I had the lesson not to turn a profitable position into a loss one. thanks for your wisdom, Jim !






Quoting james16
well there are many money monagement strategies and if there is one area of my trading i still feel inadequate at its this. lets take an example. you are playing a pin bar and its on a 60 min chart. the move has run 20 pips in your favor. here are just a couple of possibilities. move your stop to breakeven and keep the whole position hoping for more. move the stop to be and sell half of your lots. move the stop to be and sell a third or 25 percent of your lots. you can do it anyway you want i just personally think its important to get your stop to BE asap. others do it differently. jim
  • #9,797
  • Apr 1, 2008 10:49pm Apr 1, 2008 10:49pm
Hi,

Does anybody have a pivot ind that i can use on all time frames without changing settings. i'm working through the confulence part of this thread and could use some advice.

cheers.
  • #9,798
  • Apr 1, 2008 11:14pm Apr 1, 2008 11:14pm
  •  krue
  • | Joined Mar 2008 | Status: finger scares cat, power of illusio | 410 Posts
Hi, Again, Jim

Probably my question weren't a question for many of us in this forum, but, obviously I am the one who needs more light to see the truth. I am scared of support and resistance, I have experienced so many times when a seemingly support area was so weak, seems not exist, in a bearish trend. my way of identifing support or resistance are the way introduced in many tech books, the way I have been using is to identify the big preceeding peaks or valleys. but, most of time, I lost my defence line.

Still not pracitce the pivot levels and the fib levels, may I say the pivot and fib is more reliable than the support and resistance using peaks and valleys in most of occassions? this seems silly question,but, this is something puzzling me a lot. thanks again for your help



Quoting james16
........... the bars should be used in conjunction with support and resistance areas and at swing highs and lows. i have said that its possible to trade better than 60/40 with just the bars and nothing else and i am serious. but it takes practice, a lot of practice. the practice is worth it because when you reach a point where you can do it with price only you then have a much better chance of being succesful with your system/s. i have found nothing as accurate as the pin bar when it shows up IN THE RIGHT PLACE. welcome to the forum. jim
  • #9,799
  • Apr 2, 2008 12:12am Apr 2, 2008 12:12am
The price stopped in the Resisteance line and Pin bar.
Any comments?
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Rhythm, Motion, Emotion and Risk Reward.
  • #9,800
  • Apr 2, 2008 12:46am Apr 2, 2008 12:46am
Quoting krue
Still not pracitce the pivot levels and the fib levels, may I say the pivot and fib is more reliable than the support and resistance using peaks and valleys in most of occassions? this seems silly question,but, this is something puzzling me a lot. thanks again for your help
Hi Krue,

Not really. Each one is just as valid as the other. Pivots, Pivot Zones, Fibonacci levels, whatever! The real key is when a level has proven to be significant twice or more.

I've drawn some charts... ...You owe me a beer!!
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Bundy's status today: "Waiting..."
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