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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

  • #2,341
  • Jan 25, 2007 4:42pm Jan 25, 2007 4:42pm
very nice mate. very nice.
Quoting johoma
4h pin bounce off earlier support area.
Long 5 above break of 4h pin @120.65, stop below pin @120.10.
Exited for sleep @120.84 after price had already moved it's ATR (72pips) and retraced a little off the weekly pivot area (120.95). Was hoping for price to reach the daily pivot & earlier support area (121.08) before US open.
Probably a poor exit in hindsight (55 risk:19 reward). Could have scaled out & raised stop loss instead but was struggling with logical technical areas in which to raise my stop.
Need to work on exit plans better.
I agree with Mike's philosophy of letting profits run, but I also need to lock in some winners until I get my confidence & skills up.
Cheers
John
  • #2,342
  • Jan 25, 2007 5:22pm Jan 25, 2007 5:22pm
Quoting mbqb11
And here is the last trade that I am still in and like the Gbp/Jpy have moved my stops up. My way of trading has been, taking a 3-4 small losses is worth it to hit the big runs. So my win/loss ratio has gone down but my overall equity has been increasing. It is more comfortable way for me to trade.
Hiya Mike.
You're totally right. After looking at my charts intensely I figure there's an ok chance we MIGHT see a wave 5 up after that low + 4h pin + now daily pin we put in. That would mean all the way up to the top + 27.2% to that.
But first there'll prolly be a pullback to the fib middle of the daily / 4h pin formation. If that gets violated then we go on down, if it holds we go up. Pretty simple to figure out that way

Good luck with that trade! Rake in that interest

Regards,

SeekingLight
Trust price. Know yourself.
  • #2,343
  • Jan 25, 2007 6:12pm Jan 25, 2007 6:12pm
Quoting SeekingLight
Hiya Mike.
You're totally right. After looking at my charts intensely I figure there's an ok chance we MIGHT see a wave 5 up after that low + 4h pin + now daily pin we put in. That would mean all the way up to the top + 27.2% to that.
But first there'll prolly be a pullback to the fib middle of the daily / 4h pin formation. If that gets violated then we go on down, if it holds we go up. Pretty simple to figure out that way

Good luck with that trade! Rake in that interest

Regards,

SeekingLight
I don't know anything about waves, but I do love the ocean! Stop is still around 237.50 for my g/j and eur/cad 5250.

Thanks for the analysis seeking

Mike
  • #2,344
  • Jan 25, 2007 6:36pm Jan 25, 2007 6:36pm
i missed the 4hr pin you got in on mike, but i entered after this 4hr dblhc.

westie
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  • #2,345
  • Jan 25, 2007 6:41pm Jan 25, 2007 6:41pm
Quoting Westie
i missed the 4hr pin you got in on mike, but i entered after this 4hr dblhc.

westie
Hey westie,

lets keep this on rollin then : this pair is great, can go on 300+ runs like its nothing!

Mike
  • #2,346
  • Jan 25, 2007 10:03pm Jan 25, 2007 10:03pm
dropped a bit there, like 50 pips, but the two bar low on 4hr held, so i scalped some going long, sstill holding original positions until i get a exit signal.
  • #2,347
  • Jan 25, 2007 10:05pm Jan 25, 2007 10:05pm
dblhc 4hr on aussie, waiting for a little drop, then i going to long, any thoughts on that, mainly constructive critism i'm looking for, so I can improve.
  • #2,348
  • Jan 25, 2007 10:21pm Jan 25, 2007 10:21pm
Im moving my stops on gb/jpy to 238 04, just below the previous 4hr candle,
does anyone think that's a bad move, I know i'll find out soon myself, but
I like to hear your guys realtime thoughts as well.

westie
  • #2,349
  • Jan 25, 2007 10:30pm Jan 25, 2007 10:30pm
hey wesite,

This exit thing gets tricky, I don't think anyone here can answer you if it is a bad move or not. I am keeping my stop at 237.52 but I have also been in this trade longer. I try to think in terms of this when moving stops. At what point when the market moves to what price do I consider the trade I am in No longer valid. If you say, this is the point I no longer would want to be holding this trade, then I think its an excellent stop. Sometimes it is easier to make that decision. Such as when I moved my stop up the first time under the two bar pin(TBL) area. This is rather evident.

I know, this doesn't really answer anything. If I just entered based on that DBLHC, i would have either entered on a retrace, or the break(if i entered on the retrace, I would not have moved my stops. If i waited for a break, it never happened, so i would still be on the sidelines.

Also James recommends once you are in profit to get your stops to b/e never let a winner turn to a loser. While I do agree to this, I have also found this doesn't work well for me, as I try to pick trades I feel have the best opportunity. By moving my stops to quick I found I was always getting out of the good moves, then taking full losses. A lot of people here do VERY well and move stops quickly. Find your style and rinse and repeat.

Michael
  • #2,350
  • Jan 25, 2007 10:34pm Jan 25, 2007 10:34pm
sweet, that post helped alot, my original Idea was to enter on a 50-60% retrace of the 4hr bar, but I just entered way earlier, but hearing you think out loud there is good info for me, still got a long way to go, but I'm slowly putting it together, hope you guys don't mind me starting to post more and post my trades, even tho they might not be the best trades.

westie
  • #2,351
  • Jan 25, 2007 10:36pm Jan 25, 2007 10:36pm
Quoting Westie
sweet, that post helped alot, my original Idea was to enter on a 50-60% retrace of the 4hr bar, but I just entered way earlier, but hearing you think out loud there is good info for me, still got a long way to go, but I'm slowly putting it together, hope you guys don't mind me starting to post more and post my trades, even tho they might not be the best trades.

westie
We all learn from each other, please do post your trades and thoughts. That's what this is all about man! Learning and progressing.


Keep it up
Mike
  • #2,352
  • Jan 26, 2007 12:22am Jan 26, 2007 12:22am
Thanks to all for sharing the charts. I learn a lot. Awesome thread.
  • #2,353
  • Jan 26, 2007 1:14am Jan 26, 2007 1:14am
Just finished working my way through this fabulous thread (eye balls are permanently pixelated and the brain is a spinning but boy was it worth it!

Up until now I was under the impression that there were only seven wonders in the world, James you have absolutely created the eighth wonder!!! A huge thanks to you James, Dialist, Fiji and the rest of the gang for your generosity and humanitarian spirit. I have signed up for the PF and will carry on as soon as the old eye balls become uncrossed.

Happy pipping to all.

P.S. This just came down the pipe and I thought that since some of you are from Texas that you could probably relate Please ignore the bit of promo at the end.
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File Type: doc News Trading.doc   60 KB | 1,759 downloads
Stay calm, be brave, wait for the signs - Jasper Friendly Bear
  • #2,354
  • Jan 26, 2007 2:23am Jan 26, 2007 2:23am
Are you guys seeing Pins on the gbpjpy and eurjpy? I can't decide if the body is too long? I often see setups like these and think that they are not pins but then 4 hours later they sure take off like em.
  • #2,355
  • Jan 26, 2007 2:29am Jan 26, 2007 2:29am
Quoting mbqb11
I don't know anything about waves, but I do love the ocean! Stop is still around 237.50 for my g/j and eur/cad 5250.

Thanks for the analysis seeking

Mike

I wish it were, as it is it's just guesswork

GJ is one of the hardest to read pairs, ever. Only setups at extremes have decent r/r and you caught one, make sure you don't let it die on you for a loss =)
Wondering whether cable is faking out for us here or preparing to enter < 1.9600 today...still short from 1.9730 and a second tester at 1.9658 from my very own petite theory of chaotic guesswork


All them Yen bars are scary-a-lookin....Oh and we had a Gold pin bar, did anyone notice? At least on GMT+1 I believe, daily. Very tiny however and we're still fighting about that 4+ month trendline...let's see.
Trust price. Know yourself.
  • #2,356
  • Jan 26, 2007 6:11am Jan 26, 2007 6:11am
Chaotic stuff. Well, let's see what happens. Ok, here's another RaczekFX dedication, still same old....

Posted this in the cable thread, too, but they're too busy chasing 15 pips on flashing indicator light signals and calling each other names to take notice
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Trust price. Know yourself.
  • #2,357
  • Jan 26, 2007 7:37am Jan 26, 2007 7:37am
is this a break? anyone trade this? oh 4H aud-usd.any comment pls?
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  • #2,358
  • Jan 26, 2007 8:18am Jan 26, 2007 8:18am
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is this a break? anyone trade this? oh 4H aud-usd.any comment pls?

Yes I'm also in this trade... a see a head and shoulder pattern... wonder how far it will go?? If it will go...

http://img143.imageshack.us/img143/6...6audusdgy6.gif
  • #2,359
  • Jan 26, 2007 8:19am Jan 26, 2007 8:19am
Yes I'm on it but from vantage point analysis plus the break you show. Trouble for me though is imminent base trade long off daily...we will see.
Best Wishes Swami S
Quoting parlenk
is this a break? anyone trade this? oh 4H aud-usd.any comment pls?
GOD IS NOT SHORT OF CASH
  • #2,360
  • Jan 26, 2007 8:27am Jan 26, 2007 8:27am
here is another chart.this is gbp-jy.on 4H.there are 2 signal that potential.the last signal tell me to go long as it double bar higher close.but but if the price go down and there is a 3 match low, it will still go up or go down? thx
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