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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

  • #9,921
  • Apr 8, 2008 8:42pm Apr 8, 2008 8:42pm
this post isnt so much to contribute to discussion of price action methods but i feel compelled to boast of, brag about or otherwise praise the methods in this thread. i'm in my third month of demoing price action techniques, first month i was down 9% due to accidentally entering a trade in the wrong size (if it had been properly sized i'd be up 3% that month) second month was 25% up, this month is looking almost as good. joining the PF was the best education i've found in trading so far.

go go gadget price action!

edit: and thats on 2% risk, i'm thinking of toning it down a bit if 20% happens much more
  • #9,922
  • Apr 8, 2008 9:37pm Apr 8, 2008 9:37pm
Quoting raczekfx
What happens next....
Hi Rac. My answer is to short on the break of the PIN

Three reasons:

1. It's sitting on the PPZ.
2. There is a MACD divergence (you told us already in your chart ); and
3. There is a DBHL formation on the 4HR chart, which also signals downward movement tendancy.
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  • #9,923
  • Apr 9, 2008 12:04am Apr 9, 2008 12:04am
  •  krue
  • | Joined Mar 2008 | Status: finger scares cat, power of illusio | 410 Posts
I have been reading through almost every single posting of this thread these days, still on the page of 188,long way to catch up. the more read, the more I realise the power of being humble, the more humble, the more one's mind opens up to wisdom. therefore, I ever decided to sit quietly and learn from everyone of you. but, I really had some trouble with below charts, and this made me could not sit silently anymore.so, here is my post, not for sure if I may have the honor to share with your insight. my question is if the lastest Pin Bar of EC H4 worth the distance of being short to the dotted red trendline given the blue area of fib confluence as potential resistance.

the second question is regarding the method of drawing fib. my approach is to draw from bottom up if it's a uptrend and wanted to locate a retracement from the top; I may draw the fib from top down if it's a downtrend and wanted to find a pullback from the bear bottom. is this a correct way to draw the fib?

I thank you in advance for help
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  • #9,924
  • Apr 9, 2008 12:58am Apr 9, 2008 12:58am
WHAT FORMAT TIME FRAME ARE YOU USING??

a) AlpariUS-Demo
b) InterbankFX-Demo
c) InterbandFX-MT4 Mini Account
d) InterbankFX-MT4 Standard Account

my charts don't quite match up to yours..

thanks
  • #9,925
  • Apr 9, 2008 1:35am Apr 9, 2008 1:35am
  •  krue
  • | Joined Mar 2008 | Status: finger scares cat, power of illusio | 410 Posts
I guess you are responding to my query, if I am not wrong, and thanks for the response.

I am using north finance demo account,the first one is a 4 hour chart, the below one is a weekly.

Kindest Regards

Quoting dread
WHAT FORMAT TIME FRAME ARE YOU USING??

a) AlpariUS-Demo
b) InterbankFX-Demo
c) InterbandFX-MT4 Mini Account
d) InterbankFX-MT4 Standard Account

my charts don't quite match up to yours..

thanks
  • #9,926
  • Apr 9, 2008 2:23am Apr 9, 2008 2:23am
Quoting krue
I have been reading through almost every single posting of this thread these days, still on the page of 188,long way to catch up. the more read, the more I realise the power of being humble, the more humble, the more one's mind opens up to wisdom. therefore, I ever decided to sit quietly and learn from everyone of you. but, I really had some trouble with below charts, and this made me could not sit silently anymore.so, here is my post, not for sure if I may have the honor to share with your insight. my question is if the lastest Pin Bar of EC H4 worth the distance of being short to the dotted red trendline given the blue area of fib confluence as potential resistance.

the second question is regarding the method of drawing fib. my approach is to draw from bottom up if it's a uptrend and wanted to locate a retracement from the top; I may draw the fib from top down if it's a downtrend and wanted to find a pullback from the bear bottom. is this a correct way to draw the fib?

I thank you in advance for help
Hi Krue.

You are drawing the fibs correct. Yes.

I'm not sure I understand your first question though.

If you are asking if it is worth taking a short trade in that situation, I would say no. The amount you are risking is too much compared to the expected reward.
Bundy's status today: "Waiting..."
  • #9,927
  • Apr 9, 2008 3:01am Apr 9, 2008 3:01am
  •  krue
  • | Joined Mar 2008 | Status: finger scares cat, power of illusio | 410 Posts
Hi, Bundy

thanks so much for your comment again, it is so nice of you!
yes, you are absolutely correct, I was stopped out, though only on the demo account,but, you know, I am taking the demo as if a live trading. anyhow, I am so grateful for your comment, and learnt a good lesson to evaluate risk reward trade off before shotting the gun.

thanks man



Quoting bundyraider
Hi Krue.

You are drawing the fibs correct. Yes.

I'm not sure I understand your first question though.

If you are asking if it is worth taking a short trade in that situation, I would say no. The amount you are risking is too much compared to the expected reward.
  • #9,928
  • Apr 9, 2008 9:40am Apr 9, 2008 9:40am
Quoting lacika
Hi!
On the friday GBP/USD pin I sold this pair at 1,9958. Now(after+90pips) my SL is at BE.
TP: 1,9770 (I see there strong support)
How would You manage this trade? Would You take partial profit somewhere? Would You move Your Stop on different way?
I am curious Your solution!
THX, Laszlo
Price, Bundy, Raczek!
Thank You for Your replies!
Laszlo
  • #9,929
  • Apr 9, 2008 10:21am Apr 9, 2008 10:21am
so much for euro pb in a consolidation area....
.
crude is hitting new high with divergence. Let's see if we get some PA in the next few days..
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  • #9,930
  • Apr 9, 2008 10:28am Apr 9, 2008 10:28am
gu's testing ppz after its break...
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  • #9,931
  • Apr 9, 2008 1:06pm Apr 9, 2008 1:06pm
Hi

I took the Monday pinbar on CADJPY. It was close to the 60ema and there was a divergence as you can see so I found it a pretty ok trade. Tuesday (day after) there was a pin against it...... so today I took half the profit and moved the SL to break even.... It will be fun to see what´s the strongest force, the pinbar moving from ema and with divergence or the one from yesterday pointing against ema and against the divergence......
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  • #9,932
  • Apr 9, 2008 5:59pm Apr 9, 2008 5:59pm
  •  krue
  • | Joined Mar 2008 | Status: finger scares cat, power of illusio | 410 Posts
Hi, Mike

I am going through these old postings, and came across this one by your, pretty interesting,and not for sure if could have your comment on it? if forget the last bar, we have a breakout of a TBH long, immediately followed by a bearish Pin Bar. in this type of situation, how do you usually plan your trade with all of these conflicting market information? I copy your chart below

Quoting mbqb11
another good setup
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  • #9,933
  • Apr 9, 2008 6:53pm Apr 9, 2008 6:53pm
Quoting krue
Hi, Mike

I am going through these old postings, and came across this one by your, pretty interesting,and not for sure if could have your comment on it? if forget the last bar, we have a breakout of a TBH long, immediately followed by a bearish Pin Bar. in this type of situation, how do you usually plan your trade with all of these conflicting market information? I copy your chart below
Hey krue

If you haven't already taken profit on this trade, then I would move my stop to under the pin. This would reduce your risk and cut your loss if it broke down again.


Hope that helps
Mike
  • #9,934
  • Apr 9, 2008 6:59pm Apr 9, 2008 6:59pm
where do you get the cadjpy chart from? ibfx doesnt offer it.... they said its not a widely used pair... hmmm.

Quoting rob4u
Hi

I took the Monday pinbar on CADJPY. It was close to the 60ema and there was a divergence as you can see so I found it a pretty ok trade. Tuesday (day after) there was a pin against it...... so today I took half the profit and moved the SL to break even.... It will be fun to see what´s the strongest force, the pinbar moving from ema and with divergence or the one from yesterday pointing against ema and against the divergence......
  • #9,935
  • Apr 9, 2008 7:14pm Apr 9, 2008 7:14pm
hi,

what yur oppinion guys about this ?

http://i279.photobucket.com/albums/k...to/ujdaily.gif

thnx for yur comments.
  • #9,936
  • Apr 9, 2008 7:28pm Apr 9, 2008 7:28pm
Quoting jeffmelvin
where do you get the cadjpy chart from? ibfx doesnt offer it.... they said its not a widely used pair... hmmm.
Alpari has it.

Cheers

Matt
  • #9,937
  • Apr 9, 2008 11:10pm Apr 9, 2008 11:10pm
Quoting raczekfx
gu's testing ppz after its break...
just for once,
I'm ahead of of you Racze on the pin a few days ago
  • #9,938
  • Apr 10, 2008 12:58am Apr 10, 2008 12:58am
Great thread, thank's James!
I don't say
  • #9,939
  • Apr 10, 2008 1:12am Apr 10, 2008 1:12am
  •  krue
  • | Joined Mar 2008 | Status: finger scares cat, power of illusio | 410 Posts
I see what you mean now, the Pin Bar was not a good one. I take this point from your answer, correct me if I am wrong. thank you, Sir


Quoting mbqb11
Hey krue

If you haven't already taken profit on this trade, then I would move my stop to under the pin. This would reduce your risk and cut your loss if it broke down again.


Hope that helps
Mike
  • #9,940
  • Apr 10, 2008 3:26am Apr 10, 2008 3:26am
there was a divergence on the 4h chart so I took the daily USDCHF pinbar. Took back half the profit today and moved stop to break even.
Will try to close it @ 0.9897
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