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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

  • #10,341
  • Apr 28, 2008 12:48pm Apr 28, 2008 12:48pm
same on cadjpy, also confluence with MAs and double top.
will have to wait till bar closes 2200GMT.
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  • #10,342
  • Apr 28, 2008 12:58pm Apr 28, 2008 12:58pm
Quoting lacika
CHFJPY, today. Would You take this? If not, why not?
L
Hey lacika,

Interesting... The monthly might be showing a pin, and the pair is at historical highs. In the daily TF I see PPZ and fib ret support @ around 100.33... I would personally like to see how the price interacts with this support. Having said that I also see a recent DBHLC in H4 and the daily PB (despite not creating the space I'd like to see) is perfectly valid. I wouldn't be surprised if it tested support again.

My personal decision would be not to take this. I'd be interested to see where it is come the end of the month though. Damn that's 2 more days... how time flies!

Take care,

Carlos
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  • #10,343
  • Apr 28, 2008 3:59pm Apr 28, 2008 3:59pm
Quoting lacika
Nice, Jaroo!
Where was Your SL when You took the trade?
THX, L
My stop loss was 50 to 60 pips from my entry. Ideally, you would put your stop loss above or below the Price Action that triggered your entry.

Meaning if you took the break of the bottom of an Inside Bar, your stop loss would be placed on the top of the Bar (or a little bit higher).

Jim
Indicators show the past. Price Action "Indicates" the future.
  • #10,344
  • Apr 28, 2008 4:33pm Apr 28, 2008 4:33pm
Quoting jcsmesquita
Hey lacika,

Interesting... The monthly might be showing a pin, and the pair is at historical highs. In the daily TF I see PPZ and fib ret support @ around 100.33... I would personally like to see how the price interacts with this support. Having said that I also see a recent DBHLC in H4 and the daily PB (despite not creating the space I'd like to see) is perfectly valid. I wouldn't be surprised if it tested support again.

My personal decision would be not to take this. I'd be interested to see where it is come the end of the month though. Damn that's 2 more days... how time flies!

Take care,

Carlos
Yes, the Monthly (potiential) Pin Bar looks good. Sorry I can't post a chart, not at home right now. It is definitely on the watch list.
Indicators show the past. Price Action "Indicates" the future.
  • #10,345
  • Apr 28, 2008 5:20pm Apr 28, 2008 5:20pm
Did anyone take this off the retrace to 50% or around 9400 level?
  • #10,346
  • Apr 28, 2008 5:24pm Apr 28, 2008 5:24pm
I have learned the hard way.... I will wait until the Pin breaks... even though I don't disagree with the idea of getting in earlier.... I just seem to lose more often that way...

Quoting lastchance
Did anyone take this off the retrace to 50% or around 9400 level?
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  • #10,347
  • Apr 28, 2008 5:30pm Apr 28, 2008 5:30pm
TKS Tiki
  • #10,348
  • Apr 28, 2008 5:31pm Apr 28, 2008 5:31pm
Quoting Angel65
Hello Jarroo and all,

Sorry for my question which is out of the topic ..........

My charting capabilities with my broker (TWS from Interactive Brokers) is HORRIBLE. Each time, it's a real pain for opening charts, shifting TF to another TF, not enough historical data...etc.....

Now, I'm seriously thinking to find another ECN broker providing (why not but not obligatory) the MT4 trading platform because she is very easy and confortable to use.

I would need your feed back concerning :

1) A solid and honest ECN Forex broker using MT4 ?
2) Is MT4 a very secure trading plateform as TWS from IB is ?

Thanks for your help,

Happy and fun trading,

Cheers

Angel65
There are no such ECN brokers that are able to use MT4 as it uses different protocols and will not work with ECN's. Maybe MetaQuotes will make a special ECN version one day but I wouldn't hold my breath.

As far as MT4 I believe it is safe and reliable as long as the broker isn't playing tricks on you (stick with a well regulated broker)...
  • #10,349
  • Apr 28, 2008 5:41pm Apr 28, 2008 5:41pm
Quoting Tiki Trader
I have learned the hard way.... I will wait until the Pin breaks... even though I don't disagree with the idea of getting in earlier.... I just seem to lose more often that way...

Hey Tiki,
where you been?
Good to see you back. I got in @ 50 & am looking to sell more @ 61 & break of pin. I actually like the .9430 area, (thanks to Racze).
I got to send some money home so it has to break. In fact all the expat ausies over here are waiting for it to fall (correct, whatever) . :
Cheers
  • #10,350
  • Apr 28, 2008 5:50pm Apr 28, 2008 5:50pm
Well, everyone should be happy I did not get in yet too... if I did, price would surely be shooting up right now...

Quoting rustyjeff
Hey Tiki,
where you been?
Good to see you back. I got in @ 50 & am looking to sell more @ 61 & break of pin. I actually like the .9430 area, (thanks to Racze).
I got to send some money home so it has to break. In fact all the expat ausies over here are waiting for it to fall (correct, whatever) . :
Cheers
  • #10,351
  • Apr 28, 2008 5:55pm Apr 28, 2008 5:55pm
would you set your first target around 9185 level?
  • #10,352
  • Apr 28, 2008 6:29pm Apr 28, 2008 6:29pm
Quoting jarroo
Yes, the Monthly (potiential) Pin Bar looks good. Sorry I can't post a chart, not at home right now. It is definitely on the watch list.
Ok I won't beat u to posting that chart then hehe I like ur colour theme anyway I find it refreshing.. On that theme mmm I wonder to what degree colour themes affect one's psychology in trading...... hehe deep stuff man....
  • #10,353
  • Apr 28, 2008 6:31pm Apr 28, 2008 6:31pm
I like to make all my candles green,,, and then I just buy.... always works...


Quoting jcsmesquita
Ok I won't beat u to posting that chart then hehe I like ur colour theme anyway I find it refreshing.. On that theme mmm I wonder to what degree colour themes affect one's psychology in trading...... hehe deep stuff man....
  • #10,354
  • Apr 28, 2008 6:34pm Apr 28, 2008 6:34pm
Quoting lastchance
Did anyone take this off the retrace to 50% or around 9400 level?
Yea... I bet on a retracement and got a AUD/USD sell price around that level... that PPZ resistance held out through monday... Just sitting tight now... jc
  • #10,355
  • Apr 28, 2008 6:35pm Apr 28, 2008 6:35pm
Quoting lastchance
would you set your first target around 9185 level?

My first tp will be the break of the weekly pin,
2nd will be 92ish
3rd will be 91ish.
& if you take the size of the 4hr hns (250) pips it takes you to 9043.
I'm still not good at staying in a trade that long (something i will be working on for a while i gues) but that is the plan right now for me, untill pa says otherwise..
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  • #10,356
  • Apr 28, 2008 6:41pm Apr 28, 2008 6:41pm
Quoting Tiki Trader
I like to make all my candles green,,, and then I just buy.... always works...
haha

simplicity... good... ur also using a bar chart I guess? I suppose that conversely one could go for all red as well... Dunno about u but I'd definately call that the "Ying Yang" system! Alright!!
  • #10,357
  • Apr 28, 2008 10:22pm Apr 28, 2008 10:22pm
Quoting jarroo
Other half stopped out at break even. Well, at least I gave it a chance to run with ZERO risk.
I've been hearing a lot of people say that, zero risk. In essence, you waited 50 pips to b/e. So actually you did take a risk. And by having closed all the positions at the price you broke even, you could've gained 50 more pips than what you already got and increased your risk/reward ratio. That's why I don't consider this a ZERO risk trade.
  • #10,358
  • Edited 11:53pm Apr 28, 2008 11:06pm | Edited 11:53pm
Quoting Kaysole
I've been hearing a lot of people say that, zero risk. In essence, you waited 50 pips to b/e. So actually you did take a risk. And by having closed all the positions at the price you broke even, you could've gained 50 more pips than what you already got and increased your risk/reward ratio. That's why I don't consider this a ZERO risk trade.
I guess my point is that at the beginning of the trade their was a risk, I agree.
But once I moved my stop loss to break even, I eliminated any potiential loss on that trade. Yet, allowing unlimited potiential gain. So, what is that called?
Maybe the word "risk" is not being properly used here, I don't know.

But what I do know is:

Novice traders continually monitor, analyze and try to maximize their profits.

Professional traders continually monitor, analyze and try to minimize their risk and/or losses.

It's all about the losses, not the profits.

Jim
Indicators show the past. Price Action "Indicates" the future.
  • #10,359
  • Apr 28, 2008 11:27pm Apr 28, 2008 11:27pm
Quoting jarroo
I guess my point is that at the beginning of the trade their was a risk, I agree.
But once I moved my stop loss to break even I eliminated any potiential loss on that trade. Yet, allowing unlimited potiential gain. So, what is that called?
Maybe the word "risk" is not being properly used here, I don't know.

But what I do know is:

Novice traders continually monitor, analyze and try to maximize their profits.

Professional traders continually monitor, analyze and try to minimize their risk and/or losses.

It's all about the losses, not the profits.

Jim
I like the way you think Jarroo...
  • #10,360
  • Apr 28, 2008 11:39pm Apr 28, 2008 11:39pm
Quoting jcsmesquita
Ok I won't beat u to posting that chart then hehe I like ur colour theme anyway I find it refreshing.. On that theme mmm I wonder to what degree colour themes affect one's psychology in trading...... hehe deep stuff man....
Yeah, that Monthly Pin Bar does look sweet, jc.

I would like to see that body of the Pin Bar Red (bearish). But it still could work out just fine.
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Indicators show the past. Price Action "Indicates" the future.
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