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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

  • #2,301
  • Jan 23, 2007 10:18pm Jan 23, 2007 10:18pm
Quoting cipher4d
Missed that GBPUSD 4hr pin because I don't like trading near the end of the US session but maybe I should change this. I just anticipate the action thinning out but I guess after a busy session iI should expect the action to continue. Anybody have any thoughts on this? Maybe it will change my silly superstitious thinking (not like I have much proof backing up my thinking, heh).
I used to think the same way ciph. I would totally miss out on a lot of good trades on the 4hr. Then I realized I have spent countless days and weeks backtesting, and paying NO attention to the time. So why should I do that now? Made sense to me lol

Best,
Mike
  • #2,302
  • Jan 23, 2007 10:52pm Jan 23, 2007 10:52pm
Beautiful picture of the USDJPY Daily Inside Bar in early Dec., Jim.

The Weekly DBH Break looked just as pretty. (Inside bar would have gotten you in earlier. )

Looking forward to the new web site. Keep up the great work.

Jim
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Indicators show the past. Price Action "Indicates" the future.
  • #2,303
  • Jan 23, 2007 11:20pm Jan 23, 2007 11:20pm
thanks j.

Quoting jarroo
Beautiful picture of the USDJPY Daily Inside Bar in early Dec., Jim.

The Weekly DBH Break looked just as pretty. (Inside bar would have gotten you in earlier. )

Looking forward to the new web site. Keep up the great work.

Jim
  • #2,304
  • Jan 24, 2007 1:37am Jan 24, 2007 1:37am
this is my 1st post on FF....'n i want to thanx James for sharing a great stuff...anyway i want to ask u guys is this DBHLC on GBP/JPY TF D1 ???the previous bar high is 241.47 it has 11 pip different from the last bar (which is still running) the last bar high is 241.36....so can it be a DBHLC if it have 11 pip different ????

nb. sorry for my bad english n for james there's a lot stuff that i want to ask u but my english is not very good.....but i'm very grateful i can read your thread...thanx a lot James
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  • #2,305
  • Jan 24, 2007 1:51am Jan 24, 2007 1:51am
Well 11 pips seem a long distant to me.

Quoting audi4_20
this is my 1st post on FF....'n i want to thanx James for sharing a great stuff...anyway i want to ask u guys is this DBHLC on GBP/JPY TF D1 ???the previous bar high is 241.47 it has 11 pip different from the last bar (which is still running) the last bar high is 241.36....so can it be a DBHLC if it have 11 pip different ????

nb. sorry for my bad english n for james there's a lot stuff that i want to ask u but my english is not very good.....but i'm very grateful i can read your thread...thanx a lot James
  • #2,306
  • Jan 24, 2007 2:52am Jan 24, 2007 2:52am
Quoting mbqb11
i am in other positions but closed eur/aud...will look for retrace to enter

Best,
Mike
Mike,

That's what I am talking about :-) I have been trying to go for the first retracement as that will give less stress and better movement. I am still trying to get a feel for this and will appreciate to read your further notes on the EUR/AUD pair.

Ken
  • #2,307
  • Jan 24, 2007 10:05am Jan 24, 2007 10:05am
here is a oppinion kind of question i guess. looks like euro broke thru its trendlind to the upside for about a day but fell way back into the channel now. My question is do u expect euro to respect this lower trend line or it almost doesnt matter anymore? I know PA is key but what do u expect? Whats yer experiences?
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Ghost Swoopen in for my pips while no one is lookin !!
  • #2,308
  • Jan 24, 2007 11:31am Jan 24, 2007 11:31am
We had a nice bearish beov daily bar, which triggered my short on ret.
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  • #2,309
  • Jan 24, 2007 11:34am Jan 24, 2007 11:34am
Quoting raczekfx
We had a nice bearish beov daily bar, which triggered my short on ret.
I trade gbp/chf together with yen crosses, especially gbp/jpy.
when gbp/chf is falling (or rising), it usually triggers my yen trades as well and last night we had a nice correction in carry trades...
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  • #2,310
  • Jan 24, 2007 12:14pm Jan 24, 2007 12:14pm
Very cool stuff raczekfx, I was trying to figure out why you went short on the gbpjpy?
Was it based off the gbpchf trade? or price reaching the outer fibs?
  • #2,311
  • Jan 24, 2007 1:17pm Jan 24, 2007 1:17pm
Quoting cipher4d
Very cool stuff raczekfx, I was trying to figure out why you went short on the gbpjpy?
Was it based off the gbpchf trade? or price reaching the outer fibs?
Thanks cipher, but the credit mainly goes to the owner of this thread

To be absolutely honest, I was also observing gbp/jpy behavior very closely during cable break out yesterday. Cable shoot up 150+ pips, yet gbp/jpy only managed to gain some 60pips. That's very unusual; add gbp/chf PA to the mix and you have more pieces of a puzzle ....When bottom falls out of pound/yen, it usually pulls other yen crosses along, so why not short them all at the same time? MM still applies though

p.s. I have a friend, who only trades gbp/jpy and chf/jpy (mainly as a carry trade) and uses gpb/chf as a control chart. I was very fortunate to meet him.
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  • #2,312
  • Jan 24, 2007 11:16pm Jan 24, 2007 11:16pm
hello james

i've been joining here for along time ago but i just knew your thread for about 2 days ago, and this is so fantastic

thanks for sharing this great method here
  • #2,313
  • Jan 24, 2007 11:29pm Jan 24, 2007 11:29pm
Here was a nice quick one for 120+
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  • #2,314
  • Jan 25, 2007 12:56am Jan 25, 2007 12:56am
Quoting mbqb11
Here was a nice quick one for 120+
nice trade, but i'll take a break of the double bottom instead of the pin
much safer unless you feel like babysitting the trade
  • #2,315
  • Jan 25, 2007 1:13am Jan 25, 2007 1:13am
I don't babysit any of my trades on the 4hr charts and even the 1 hour charts. THere are a few who trade with me outside of the charts and they know this. If you babysit your trades too much emotion comes into play. Remove the emotion was what has allowed me to make pips!

Keep on pipin all!
Mike
  • #2,316
  • Jan 25, 2007 1:27am Jan 25, 2007 1:27am
Hi everyone my family and i are new at trading, and we would appreciate if you guys answer our dumb questions !! thanks before hand
Regarding the gbp/jpy , lets say i would like to take a position in it, if my currency is dollars how do i convert dollars to it?? i understand the gbp/jpy has about 9 pips spread(in my case)
Whatever you do, just keep doing it in a dicipline manner.
  • #2,317
  • Jan 25, 2007 2:16am Jan 25, 2007 2:16am
well support held and was a good exit for the short, now we have 4 hr pin I am in on the break.
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  • #2,318
  • Jan 25, 2007 2:17am Jan 25, 2007 2:17am
Quoting zazafamily
Hi everyone my family and i are new at trading, and we would appreciate if you guys answer our dumb questions !! thanks before hand
Regarding the gbp/jpy , lets say i would like to take a position in it, if my currency is dollars how do i convert dollars to it?? i understand the gbp/jpy has about 9 pips spread(in my case)
I am not sure if you are asking how you can trade this pair? You dont have to do any converting. You simply execute the order with your broker. So just cause you trade in USD$ doesn't limit the pairs you can trade to USD.

Is this what you were asking or is it my bedtime again!

Mike
  • #2,319
  • Edited 4:47am Jan 25, 2007 3:22am | Edited 4:47am
Quoting zazafamily
Hi everyone my family and i are new at trading, and we would appreciate if you guys answer our dumb questions !! thanks before hand
Regarding the gbp/jpy , lets say i would like to take a position in it, if my currency is dollars how do i convert dollars to it?? i understand the gbp/jpy has about 9 pips spread(in my case)
If you're asking about how to calculate your position size when Usd is not the terms currency (in this case, gbp is the base currency and jpy is the terms currency), I do the following. Please note that there are many other ways of determining position size, however this is simply to show the currency effects.
If you use a 1% risk method of a US$10000 account, you are willing to risk US$100.
If your stop loss including the 9pip spread is 50pips on the Gbp/Jpy chart, it represents 50Jpy pips = 0.50Jpy.
As you want to calculate your position based on Usd ($100), you need to convert 0.50Jpy to Usd:
Current Usd/Jpy price=120.62 ($1Usd=120.62Jpy)
Therefore 0.50Jpy stop loss = 0.50/120.62 = 0.00415Usd
Position size = Risk (in Usd)/stop loss (also in Usd)=100/0.00415=24096 (ie: you could place a buy or sell order for 24096, approx 0.24 of a standard 100,000 lot).
You don't have to worry about converting it to GBP because your account is based on Usd, and this calculation has converted your risk to Usd terms.
Cheers
John
  • #2,320
  • Jan 25, 2007 3:50am Jan 25, 2007 3:50am
Quoting mbqb11
well support held and was a good exit for the short, now we have 4 hr pin I am in on the break.
Hi Mike,
Is this just a quick trade? I'd be looking to short, targetting 234.85-235.00 before going long. Looks like Weekly pivot acting as resistance.
Keeping it Simple
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