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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

  • #12,441
  • Aug 12, 2008 5:56am Aug 12, 2008 5:56am
Quoting jarroo
Edit: I just said the same thing as bundy said "strong entry in the opposite direction" duh, on my part.
Yeah, come on... Get it together fella!

Don't blame you though. I'm slack with helping newcomers take the smarter route with dailies. Need someone to keep me in check.
Bundy's status today: "Waiting..."
  • #12,442
  • Aug 12, 2008 6:02am Aug 12, 2008 6:02am
Quoting bundyraider
Yeah, come on... Get it together fella!

Don't blame you though. I'm slack with helping newcomers take the smarter route with dailies. Need someone to keep me in check.
and vice versa.
Indicators show the past. Price Action "Indicates" the future.
  • #12,443
  • Aug 12, 2008 6:16am Aug 12, 2008 6:16am
IF the following chart closes as u see right now what will u do?

1)wait till the broken support becomes ressistance and short it (if u get a signal)

2) buy till it hits the broken support Then sell it
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  • #12,444
  • Aug 12, 2008 6:26am Aug 12, 2008 6:26am
Quoting ezz
IF the following chart closes as u see right now what will u do?

1)wait till the broken support becomes ressistance and short it (if u get a signal)

2) buy till it hits the broken support Then sell it
After waiting for the break of the PB, I would look at the 165.50ish level 1st and see how Price reacts.
Attached Image
Indicators show the past. Price Action "Indicates" the future.
  • #12,445
  • Aug 12, 2008 6:29am Aug 12, 2008 6:29am
Quoting ezz
IF the following chart closes as u see right now what will u do?

1)wait till the broken support becomes ressistance and short it (if u get a signal)

2) buy till it hits the broken support Then sell it
I bought and I'm waiting till it hits the broken support and watch for price action to go short or keep my Long position, if it gets back in the channel.
  • #12,446
  • Aug 12, 2008 7:15am Aug 12, 2008 7:15am
Quoting y.caesar
As promised earlier to Ghous....

I'm in @38 retracement of pinbar. Cause of Dollar Strength...I might just scalp this trade.
Seems like a perfect PinBar has formed right now on the H4 EUR/USD chart; nose it's not so long maybe. Both eyes at the same level (1.4860 & 1.4858). Do you think we can buy at the breakout? PinBar at 1.4921, buy at 1.4935?
  • #12,447
  • Aug 12, 2008 7:31am Aug 12, 2008 7:31am
Quoting desiati
Seems like a perfect PinBar has formed right now on the H4 EUR/USD chart; nose it's not so long maybe. Both eyes at the same level (1.4860 & 1.4858). Do you think we can buy at the breakout? PinBar at 1.4921, buy at 1.4935?
Maybe it's no use to rush? Maybe better to wait for daily pin bar?
Waiting for senior member suggestions.
  • #12,448
  • Aug 12, 2008 7:36am Aug 12, 2008 7:36am
Quoting desiati
Seems like a perfect PinBar has formed right now on the H4 EUR/USD chart; nose it's not so long maybe. Both eyes at the same level (1.4860 & 1.4858). Do you think we can buy at the breakout? PinBar at 1.4921, buy at 1.4935?
You could. It's in a good position. PPZ and Fib

Will be interesting to see how the daily closes.
Bundy's status today: "Waiting..."
  • #12,449
  • Aug 12, 2008 7:40am Aug 12, 2008 7:40am
Quoting cluelessbroadband
I just wanted to get some thoughts on this Aussie. I have been in for quite awhile and was thinking of pulling the trade due to this 4hr Pin. But the nose is pretty short, but we have had a huge descent very quickly. I know it probably wouldn't be a trade I entered, but would it be a sign of a slow down and perhaps a good retracement? But as you can see it hasn't really broken to the upside? I do have a marked support around the .8750 area on the daily chart. I just am not sure what I see, which is why I don't trade on the 4hr, but am looking to learn on exiting as I am doing this on demo.

Thanks!
Cluelessbroadband

If we look at the daily or weekly we can identify at .8760 the 38.2% retracement of the March 2006 Low/July 2008 High (which defined the two and a half year bull market for the Aussie.) I'm not much for Fib retracements, preferring to plot the 50% level only, but if you are a Fib sequence follower this level will have significance.

The Aussie has rallied a little from it's daily low and so if it closes towards the top of its' range it may form a pin-bar which intersects the Fib level. Clutching at straws to my mind but some would see some validity in the potential setup if the PB materialises.

I'm strongly with Bundy in saying you might be best to hold onto your short until you receive a clear PA signal to either add, or exit and even consider reversing. Strong moves for hundreds of pips are few and far between and I'd be very reluctant to bail out too early. Well done on the short!!!
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  • #12,450
  • Aug 12, 2008 7:52am Aug 12, 2008 7:52am
Quoting desiati
Seems like a perfect PinBar has formed right now on the H4 EUR/USD chart; nose it's not so long maybe. Both eyes at the same level (1.4860 & 1.4858). Do you think we can buy at the breakout? PinBar at 1.4921, buy at 1.4935?

I'm out already with close to 45 pips profit. This has been my problem as Ghous has noted earlier. I feel that this pair can reach to 1.51, but my trading news mentality tells me that 50 pips is enough profit already. I'm kicking myself silly right now for maybe getting out too early. On the bright side, cause I use aggressive entry (ie. not waiting for break of pinbar), I was able to use tight stops, thus more size. Man...that was a good pin though with lots on confluence.

But still, I envy the seniors here who can get literally hundreds of profits in one trade.
  • #12,451
  • Aug 12, 2008 8:05am Aug 12, 2008 8:05am
Quoting y.caesar
I'm out already with close to 45 pips profit. This has been my problem as Ghous has noted earlier. I feel that this pair can reach to 1.51, but my trading news mentality tells me that 50 pips is enough profit already. I'm kicking myself silly right now for maybe getting out too early. On the bright side, cause I use aggressive entry (ie. not waiting for break of pinbar), I was able to use tight stops, thus more size. Man...that was a good pin though with lots on confluence.

But still, I envy the seniors here who can get literally hundreds of profits in one trade.
45 pips profit is pretty good! Please could you explain me when did you enter and why? Did you enter with the pin bar still forming (entering on the nose)? Thanks.
  • #12,452
  • Aug 12, 2008 8:10am Aug 12, 2008 8:10am
Quoting y.caesar
I'm out already with close to 45 pips profit. This has been my problem as Ghous has noted earlier. I feel that this pair can reach to 1.51, but my trading news mentality tells me that 50 pips is enough profit already. I'm kicking myself silly right now for maybe getting out too early. On the bright side, cause I use aggressive entry (ie. not waiting for break of pinbar), I was able to use tight stops, thus more size. Man...that was a good pin though with lots on confluence.

But still, I envy the seniors here who can get literally hundreds of profits in one trade.
The way they get 100s of pips is that wait for the Daily PB and then wait for the break.
Indicators show the past. Price Action "Indicates" the future.
  • #12,453
  • Aug 12, 2008 8:24am Aug 12, 2008 8:24am
Quoting desiati
45 pips profit is pretty good! Please could you explain me when did you enter and why? Did you enter with the pin bar still forming (entering on the nose)? Thanks.

As you can see, I'm so used to taking profit 20-30 pips at a time. So it's hard for me to see after my first entry I was already in a profit but it retraced heavily almost to my entry. So after my second entry, the price move back to the top of the pin, I just had to exit. My mistake is that I was too trigger happy. I realize that this is a whole new system using James' methods. But it's so hard to switch off my trigger happy mentality from my other system. This is the third time in these two weeks I'm out way too early
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  • #12,454
  • Aug 12, 2008 8:30am Aug 12, 2008 8:30am
Quoting y.caesar
I'm out already with close to 45 pips profit. This has been my problem as Ghous has noted earlier. I feel that this pair can reach to 1.51, but my trading news mentality tells me that 50 pips is enough profit already. I'm kicking myself silly right now for maybe getting out too early. On the bright side, cause I use aggressive entry (ie. not waiting for break of pinbar), I was able to use tight stops, thus more size. Man...that was a good pin though with lots on confluence.

But still, I envy the seniors here who can get literally hundreds of profits in one trade.
Thinking in Pips is probably part of the problem. 50 pips on EURUSD is totally different to 50 Pips on GBPJPY, for example.

GBPJPY can move 2, 3 or more times as much as EURUSD will average in a day. If you size your trade appropriately it makes no difference though.

Sizing appropriately also makes it a little easier to focus on what the chart is telling you, rather than counting pips or watching your equity go up and down and freakin' out because you're risking too much.

.
Bundy's status today: "Waiting..."
  • #12,455
  • Aug 12, 2008 8:53am Aug 12, 2008 8:53am
Quoting bundyraider
Thinking in Pips is probably part of the problem. 50 pips on EURUSD is totally different to 50 Pips on GBPJPY, for example.

GBPJPY can move 2, 3 or more times as much as EURUSD will average in a day. If you size your trade appropriately it makes no difference though.

Sizing appropriately also makes it a little easier to focus on what the chart is telling you, rather than counting pips or watching your equity go up and down and freakin' out because you're risking too much.

.

Actually, I'm thinking more of the incoming news for USD, which are retail and cpi. While on that subject, can I ask how you manage you trade? Let's say you're in a trade based on a 4H or daily signal already, and there are impending big news for that pair. Do you exit before the news or hold through in the hope that the result of the news will confirm the technical signal?
  • #12,456
  • Aug 12, 2008 11:06am Aug 12, 2008 11:06am
The nose is not too long but we have a great fib ret confluence zone on the daily eurusd right now. I'm waiting for midnight but I think it should go up to 1.5100. What do you guys think ?
  • #12,457
  • Aug 12, 2008 11:22am Aug 12, 2008 11:22am
Hi,

Its a pin bar to me, and as long as it closes that way im in,
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  • #12,458
  • Aug 12, 2008 12:24pm Aug 12, 2008 12:24pm
Quoting n_aftab
Hi,

Its a pin bar to me, and as long as it closes that way im in,
Hold your horses. It's not a pinbar , it's a doji which reflects the indecission.
  • #12,459
  • Edited 12:54pm Aug 12, 2008 12:44pm | Edited 12:54pm
Quoting Greenhaze
Hold your horses. It's not a pinbar , it's a doji which reflects the indecission.
exactly!!! besides the strong bearish momentum can't be ignored...

to n aftab...

do you have a valid explanation why this has to necessarily bounce off the ppz?? i won't be surprised if this recent bearish momentum breaks this ppz to head for the next (refer to chart)
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I believe . . .
  • #12,460
  • Aug 12, 2008 1:02pm Aug 12, 2008 1:02pm
I dont have any explanation as to why the market should do exactly what i think, i can only specualate,

If i knew exactly what it was going to do, i'd be a millionaire after 1 trade.

So we'll just have to see what the market does.

N
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