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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

  • #11,381
  • Jun 27, 2008 4:50am Jun 27, 2008 4:50am
I was just wondering, how would you trade that weekly pinbar on the EUR/JPY? Would you just have a sell stop below it or would you wait for a retrace, and if so, to what level?
  • #11,382
  • Jun 27, 2008 9:49pm Jun 27, 2008 9:49pm
Quoting mbqb11
4 up so up wins!
Time to even the score.
Indicators show the past. Price Action "Indicates" the future.
  • #11,383
  • Jun 27, 2008 10:22pm Jun 27, 2008 10:22pm
nice rac. you called that one like you had a crystal ball. mine showed the same thing.




Quoting raczekfx
.
  • #11,384
  • Jun 27, 2008 10:54pm Jun 27, 2008 10:54pm
Quoting mbqb11
4 up so up wins!
haha. Yes, I posted similar sentiment on cesar's thread, though not because of pinbars. In fact, I don't think any momentum can really carry into the monthly scale. That's probably why 4 pinbars are more a likely occurance there than on, say, a daily chart.

Anyway let me join in the dance, and I hope it does't rocket down just because I said that!

Virtue finds and chooses the mean. Aristotle, Ethica Nichomachea
  • #11,385
  • Jun 28, 2008 2:32am Jun 28, 2008 2:32am
Quoting jarroo
Time to even the score.
Would be ok by me.

If we reach that March high (and ppz) like before, you certainly won't see ME arguing with you J.

.
Bundy's status today: "Waiting..."
  • #11,386
  • Jun 28, 2008 3:16am Jun 28, 2008 3:16am
Quoting Plutonite
haha. Yes, I posted similar sentiment on cesar's thread, though not because of pinbars. In fact, I don't think any momentum can really carry into the monthly scale. That's probably why 4 pinbars are more a likely occurance there than on, say, a daily chart.

Anyway let me join in the dance, and I hope it does't rocket down just because I said that!

the thing is ...ok 4 pin bars down one on top maybe the one on top is the valid pin..only because we seem to keep going down?

things in UK seem to be only getting worse so cant see a breakout to the upside...
  • #11,387
  • Jun 28, 2008 5:17am Jun 28, 2008 5:17am
Quoting nAVIN2007
the thing is ...ok 4 pin bars down one on top maybe the one on top is the valid pin..only because we seem to keep going down?

things in UK seem to be only getting worse so cant see a breakout to the upside...
but you do forget that in this pair you have the weak against the weak and the dollar problems are not over, look for a retracement before going higher in cable
Don't chase the market, Let the market come to you
  • #11,388
  • Jun 28, 2008 8:58am Jun 28, 2008 8:58am
Quoting nAVIN2007
the thing is ...ok 4 pin bars down one on top maybe the one on top is the valid pin..only because we seem to keep going down?

things in UK seem to be only getting worse so cant see a breakout to the upside...
you can't try to out guess the markets.

If history is any indication, just look at this chart. Support resistance and a long term trend.

This is where you hear people throw around the cliche "trade what you see not what you think"

Best,
Mike
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  • #11,389
  • Jun 28, 2008 9:46am Jun 28, 2008 9:46am
yes...thats very true ..
this is why i really nervous about my shorts...

the longer term is a uptrend
  • #11,390
  • Jun 28, 2008 10:50am Jun 28, 2008 10:50am
Quoting james16
nice rac. you called that one like you had a crystal ball. mine showed the same thing.

".. it ain't rocket science, it ain't crystal balling... if you follow price action, it's damn easy and logical.. folks..."

....james16 once said in one of his videos...
.
  • #11,391
  • Jun 29, 2008 10:46am Jun 29, 2008 10:46am
If it can break the 150 MA (yellow) then I will TP around 1.5660. What do you guys think?
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"Whether you think you can or can't, you're right." Henry Ford
  • #11,392
  • Jun 30, 2008 4:57am Jun 30, 2008 4:57am
Hello,

Seeing PBs, DBhLC/DLBHCs and IBs across 4hr, 3hr & 1hr charts of d majors & most yen crosses.

Confirm, anyone?
...learning Wisdom!!!
  • #11,393
  • Jun 30, 2008 5:27am Jun 30, 2008 5:27am
anyone to0k the pinbar of the eurjpy WEEKLY
Sorry i cant p0st chart i am on m0bile
  • #11,394
  • Jun 30, 2008 5:45am Jun 30, 2008 5:45am
Quoting ezz
anyone to0k the pinbar of the eurjpy WEEKLY
Sorry i cant p0st chart i am on m0bile
Good looking pin by my standards, also in a great spot (swing high and off resistance).
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  • #11,395
  • Jun 30, 2008 6:11am Jun 30, 2008 6:11am
Quoting steiniteer
Hello,

Seeing PBs, DBhLC/DLBHCs and IBs across 4hr, 3hr & 1hr charts of d majors & most yen crosses.

Confirm, anyone?
i don't think you get many confirmations, as most successful pa traders here ignore the noise on lower TFs
  • #11,396
  • Jun 30, 2008 6:28am Jun 30, 2008 6:28am
Pssssst, raczek, don't jinx my 5m PB! ;P

(This should put SP in high alert as well! ;p)

Here's a pair loathed by many for good reason...one of the rare occassions where it might actually not go racing skywards for a day or two could be here(Totally against the trend and evil wicked bad, but I thought ach heck, got to post something if I log back on. Just saw it now) - for Equinox fans from Helsinki, this also comes parallel to a NZDUSD BUOB:
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Trust price. Know yourself.
  • #11,397
  • Jun 30, 2008 7:09am Jun 30, 2008 7:09am
Quoting SeekingLight
Pssssst, raczek, don't jinx my 5m PB! ;P

(This should put SP in high alert as well! ;p)
... so sorry, SL ... how do I delete my posts...?

Quoting stoli7188
Good looking pin by my standards, also in a great spot (swing high and off resistance).
Yes, it is...
.
p.s. chart from pf
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  • #11,398
  • Jun 30, 2008 8:21am Jun 30, 2008 8:21am

Hello James16 and all,


For some time, I have been thinking to reduce my risk using these two methods below, but I don't really know what the most efficient would be to apply on my 4 hours trading ?


1) A LIMIT order at the 50% or 61.8% of the set-up retracement with my stop loss 1/2 pips above/below the set-up ?


2) A STOP order at the breakout level with my STOP loss at 50% or 61.8% of the set-up retracement ?


Any thought on this would be welcome........


Thanks a lot


Happy trading


Angel65

  • #11,399
  • Jun 30, 2008 8:34am Jun 30, 2008 8:34am
I've been doing very well with 50/61fib ret for some time now, but it took me a while to demo and fine-tune it.... and it is still discretionary..
.
Quoting Angel65

Hello James16 and all,


For some time, I have been thinking to reduce my risk using these two methods below, but I don't really know what the most efficient would be to apply on my 4 hours trading ?


1) A LIMIT order at the 50% or 61.8% of the set-up retracement with my stop loss 1/2 pips above/below the set-up ?


2) A STOP order at the breakout level with my STOP loss at 50% or 61.8% of the set-up retracement ?


Any thought on this would be welcome........


Thanks a lot


Happy trading


Angel65

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  • #11,400
  • Jun 30, 2008 10:23am Jun 30, 2008 10:23am
Hello raczekfx,

Thanks for your reply.

Your way of adding position at retracement levels is very interesting but would you mind telling me where exactly do you place your stop loss ?

I'm going to try the first method by placing a LIMIT order at the 50% fibs retracement of a Pin Bar for example, with a stop loss 1/2 pips above/below the PB.

I don't want to be out too early using the method 2 by placing my stop loss at 61.8% PB retracement.

This way of trading fits me.

Best regards

Happy trading

Angel65
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