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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

  • #11,401
  • Jun 30, 2008 11:20am Jun 30, 2008 11:20am
Quoting ezz
anyone to0k the pinbar of the eurjpy WEEKLY
Sorry i cant p0st chart i am on m0bile

Well, got this pb at a pretty good price (at least at this juncture!) 167.950 last night
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  • #11,402
  • Jun 30, 2008 11:30am Jun 30, 2008 11:30am
Quoting Angel65
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
Initial stop is always above bar high of your entry, but how you play out the trade and move your stops, take partial or final profit, it's another story.

g/j trade.
We had daily beovb last week and everyone made few pips. What would happen to your account if you waited with additional entries at 50fib ret (as it is what you plan to do) and move your fib ratracement along the way....
You would still be in a trade with 2/3 positions now (depending on your experience and risk tolerance) and your final stop (you said 61fib) around 212.20. Or if you had your midterm final tp where mine was, you'd be out flat with around 550- 900 pips on two/three lots....
Well this goes beyond PA, we discuss here, so I'll shut up now..
.
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  • #11,403
  • Jun 30, 2008 11:35am Jun 30, 2008 11:35am
Quoting Paladin
Well, got this pb at a pretty good price (at least at this juncture!) 167.950 last night
very nice, right on the second eye ret..
How are you planning to execute this trade in terms of TPs, and length you're going to keep it? Trades taken off of weekly charts take time to play out...
I'm asking since I've seen people taking trades on weekly and close it 10min later for 50pips..or so..
  • #11,404
  • Jun 30, 2008 12:35pm Jun 30, 2008 12:35pm
Quoting raczekfx
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..
.
Hi raczekfx, I was wondering what the price action for the sell trigger was in the chart (EURUSD chart) you posted? I gather price has reached some sort of level that you've marked on your chart, but how did you know it wasn't going to burst through the level on the next bar?

Cheers

Rob
  • #11,405
  • Jun 30, 2008 12:39pm Jun 30, 2008 12:39pm
Quoting raczekfx
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..
.
Hello Raczekfx,
If you don't mind answering, I was wondering if your initial sell trigger on the EUR/USD 4 hour chart that you posted was an R1-DB trade. Thank you and thanks for all of your informative and detailed posts.

Thanks,
Dave
  • #11,406
  • Jun 30, 2008 12:42pm Jun 30, 2008 12:42pm
Sorry, I didn't see that Rob asked the same question right before me.http://www.forexfactory.com/images/icons/icon7.gif
  • #11,407
  • Jun 30, 2008 1:06pm Jun 30, 2008 1:06pm
Quoting eltrot1979
Hi raczekfx, I was wondering what the price action for the sell trigger was in the chart (EURUSD chart) you posted? I gather price has reached some sort of level that you've marked on your chart, but how did you know it wasn't going to burst through the level on the next bar?

Cheers

Rob
My apologies Rob.. Dave, but I can't discuss it here in public. It's not based on PA, but it's the pf stuff...
  • #11,408
  • Jun 30, 2008 1:23pm Jun 30, 2008 1:23pm
Quoting raczekfx
My apologies Rob.. Dave, but I can't discuss it here in public. It's not based on PA, but it's the pf stuff...
Hello Raczekfx,

I understand that you are not able to discuss it here. Thanks again for continually taking the time to post your charts and information. They are very helpful and greatly appreciated. http://www.forexfactory.com/images/icons/icon14.gif

Thanks again,
Dave
http://www.forexfactory.com/images/icons/icon7.gif
  • #11,409
  • Jun 30, 2008 1:31pm Jun 30, 2008 1:31pm
Guyz the 3rd one is gOOd But i am interested to know what do u think about the 1st and the 2nd ones
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  • #11,410
  • Jun 30, 2008 1:44pm Jun 30, 2008 1:44pm
Good trade setup @ cadjpy

http://img293.imageshack.us/img293/9...djpyyl2.th.gif
  • #11,411
  • Jun 30, 2008 1:49pm Jun 30, 2008 1:49pm
@Ezz

In my opinion those trades can have good probability to go south till thursday (euro interest rate anouncement). Maybe corrective move before the upside channel breakout if rates raise to 4.25%
  • #11,412
  • Jun 30, 2008 2:06pm Jun 30, 2008 2:06pm
I don't have time to post charts (other job). There are daily setups galore on my feed (Forex Ltd MT4). Depending on the close, possible daily pins on the Euro, Kiwi, Aussie, Pound/Yen, Dollar/Yen, and Dollar/Swiss. Also a nice inside bar on Pound/Swiss that looks like a pin on the daily.
"Don't trade to trade . . . trade to win." - James16
  • #11,413
  • Jun 30, 2008 2:24pm Jun 30, 2008 2:24pm
Quote
Originally Posted by raczekfx http://www.forexfactory.com/images/buttons/viewpost.gif
My apologies Rob.. Dave, but I can't discuss it here in public. It's not based on PA, but it's the pf stuff...

Hello Raczekfx,

Thanks again for continually taking the time to reply to questions and explain your charts. I really appreciate it !!

Happy trading

Best regards

Angel65


PS : what's PF stuff ?
  • #11,414
  • Jun 30, 2008 2:31pm Jun 30, 2008 2:31pm
Quoting Angel65


PS : what's PF stuff ?
he's referring to the private forum.

http://www.james16group.us/
  • #11,415
  • Edited 2:52pm Jun 30, 2008 2:36pm | Edited 2:52pm
Quoting Flem26
I don't have time to post charts (other job). There are daily setups galore on my feed (Forex Ltd MT4). Depending on the close, possible daily pins on the Euro, Kiwi, Aussie, Pound/Yen, Dollar/Yen, and Dollar/Swiss. Also a nice inside bar on Pound/Swiss that looks like a pin on the daily.
I noticed this too. The dollar started out weak early in the day, then came back to form pins on basically all the pairs. Going long $/___ or short ___/$ seems scary to me right now though, notably because of the fed's decision last week. Until they start raising rates, I think the dollar will be down, and oil, gold, and other commodities will be keep going higher. Today was very likely a breather as profits are taken after the big break out. There might be room to farm some pips should a re-test of the resistance turned support happen, but it still seems risky.

Of course, that's just my view.
Kiss'n all the way to the top!
  • #11,416
  • Jun 30, 2008 2:46pm Jun 30, 2008 2:46pm
Quoting Clauticeo
I noticed this too. The dollar started out weak early in the day, then came back to form pins on basically all the pairs. Going long $/___ or short ___/$ seems scary to me right now though, notably because of the fed's decision last week. Until they start raising rates, I think the dollar will be down, and oil, gold, and other commodities will be keep going higher. Today was very likely a breather as profits are taken after the big break out.

Strictly from a technical standpoint, most of those pins are going to be fighting some heavy resistance after the breakout last week.

Of course, that's just my view.
Yeah I'm a little scared to take some of these too. I think I'll pass on the Euro, Aussie, and Kiwi. But the Yen and Swiss pairs are tempting. Only thing is, I don't like the way the stock indexes finished today. Way too weak of a countertrend rally today for equities.
"Don't trade to trade . . . trade to win." - James16
  • #11,417
  • Jun 30, 2008 3:26pm Jun 30, 2008 3:26pm
I can't quite afford the pf yet (thanks to our new kitten), but i took the eur/usd short simply because price was at a pretty strong ppz, testing it for the third time and failing to push through it. Also, a bearish engulfing pattern on the H4 (or beouousvevbub or whatever you call it). I think this will play out for some pips, but I'm definitely keeping an eye on things through nfp this thur.

Tyler
skype: ststroud. let's talk trading.
  • #11,418
  • Jun 30, 2008 5:23pm Jun 30, 2008 5:23pm
Hey guys, what do you think of this usdjpy hammer?
http://i29.tinypic.com/ernafo.gif
100% of traders are losers. Just that some win more than they lose!
  • #11,419
  • Jun 30, 2008 5:33pm Jun 30, 2008 5:33pm
Quoting raczekfx
very nice, right on the second eye ret..
How are you planning to execute this trade in terms of TPs, and length you're going to keep it? Trades taken off of weekly charts take time to play out...
I'm asking since I've seen people taking trades on weekly and close it 10min later for 50pips..or so..
Well, that's interesting because I was actually tempted to take profit when I had 150 pips last night! My plan, thanks to Jim (james16), would be to take partial profits at a ppz -- 164.97 looks good -- and let it ride more until there's pa at support to exit the trade. You're right, it might take a month or two so I would have to put it aside .... Do you have any other thoughts?

Thanks Rac.
  • #11,420
  • Jun 30, 2008 6:25pm Jun 30, 2008 6:25pm
Quoting Mr demark
Hey guys, what do you think of this usdjpy hammer?

It's a great looking pin bar, piercing the 23.6 fib retrace and also major Support. If price were to break the pin at 106.55, then there's a good chance it would go further up to test the recent highs in the 108.50 area. However, I think it's more likely that price will drop to the 38.2 retrace area near 104. So I think playing the break of the pin by 10 pips is the safer way to go long because the pair has a whole lot of reasons to go down (both technical and fundamental)

I'm currently short this pair in profit and that pin bar has now defined my new stop level
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