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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

  • #12,481
  • Aug 12, 2008 6:05pm Aug 12, 2008 6:05pm
Quoting n_aftab
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
Bundy's status today: "Waiting..."
  • #12,482
  • Aug 12, 2008 6:40pm Aug 12, 2008 6:40pm
help?

Quoting Jankone
Hello guys.
I'm curious, how many days do you hold D1 and W1 trades? 5 days? 15? 30 ? Do u know some average? Sometimes i take 50-100 pips and my closed trade make in few days another 100-200.. I'm so undisciplined and greedy! I will change it.
Wish you another another profitable week in this best business
  • #12,483
  • Aug 12, 2008 6:45pm Aug 12, 2008 6:45pm
Quoting Jankone
help?

That's a big subject, not something you can learn from one post, takes alot o practise, practise, practise, to see what best fits your trading style. It also depends on how good the setup is, and where it is located.

Sorry if that doesn't help you.
  • #12,484
  • Aug 12, 2008 6:47pm Aug 12, 2008 6:47pm
Quoting Jankone
Hello guys.
I'm curious, how many days do you hold D1 and W1 trades? 5 days? 15? 30 ? Do u know some average? Sometimes i take 50-100 pips and my closed trade make in few days another 100-200.. I'm so undisciplined and greedy! I will change it.
Wish you another another profitable week in this best business
Holding a trade or exiting a trade has no average. One should only look for Price Action and/or PPZs (S/R levels) to determine when and how to exit.
Attached Image
Indicators show the past. Price Action "Indicates" the future.
  • #12,485
  • Aug 12, 2008 9:10pm Aug 12, 2008 9:10pm
Quoting jarroo
That 208.90 level proved itself again. The 4 hour IB broke to the downside which gave me a relatively small risk trade, IB was only 93 pips. Passing the 207.96 (bottom of PB of 7-16-08) without blinking an eye. (pun intended. ) 4 hour PA around Daily and Weekly PPZs can provide a low risk opportunity.

It is important to note that 4 hour Price Action is not as consistent or responsive as the higher time frames. Proving one's self on the Daily and Weekly charts, as Jim emphasizes, is a crucial study and exercise.
I'm just hanging on. When she (Gbp/Jpy) gets moving, just stay out of her way. Blowing through PPZs like they are made of butter.
Attached Images
Indicators show the past. Price Action "Indicates" the future.
  • #12,486
  • Aug 12, 2008 10:31pm Aug 12, 2008 10:31pm
Quoting ghous

the solution i found to such a problem was that i understood that we as traders on the higher tfs do do not need to stare at the screens for eternity, afteral that is the great charm of trading the higher tfs in the first place. now we all agree that to decide to enter and exit a trade should depend on the shape and size of the candle that goes against or in favor of your trade (or if you have pre-set targets) which is confirmed only at the close of the candle......

Regards,
Ghous.
Thank you for the advice Ghous. I thought I had a good job by having a pre-arranged time for news trading for only 1.5 hr at a time. But I think I'm liking trading the higher TF better I just need more time to adjust and build my confidence that this system works. So far, it does


Quoting SeekingLight
IMHO there's really nothing much to "hope" about.

Rarely are there any news that will countermand what is supposed to happen. If there's a daily setup of a good size and placement, even the news-shove-and-pushers will be hard pressed to negate what's been placed price wise....

Quoting bundyraider
Seeking covered it Y.

I don't worry about the news.

I only stay away from NFP Friday. (In fact I don't bother too much with trading Fridays at all. It's beer o'clock /wind down time here in oz by then. )

Thanks guys. Words from the seniors here are always welcome and appreciated
  • #12,487
  • Aug 13, 2008 12:52am Aug 13, 2008 12:52am
Quoting jarroo
I'm just hanging on. When she (Gbp/Jpy) gets moving, just stay out of her way. Blowing through PPZs like they are made of butter.
I like it.

When I `am on the right side of the trade

I only trade geppy, when I see absolute reliable pattern.

BTw she has just reversed, lets observe this one.

  • #12,488
  • Aug 13, 2008 12:57am Aug 13, 2008 12:57am
Quoting peaches
I like it.

When I `am on the right side of the trade

I only trade geppy, when I see absolute reliable pattern.

BTw she has just reversed, lets observe this one.

But that is no reversal. Don't be thinking this thing is turning around don't be fooled . . . . It's falling like a brick as I speak, nice.
When Price falls over 400 pips and then retraces 100 pips it is not a reversal.
Indicators show the past. Price Action "Indicates" the future.
  • #12,489
  • Aug 13, 2008 2:09am Aug 13, 2008 2:09am
Quoting jarroo
But that is no reversal. Don't be thinking this thing is turning around don't be fooled . . . . It's falling like a brick as I speak, nice.
When Price falls over 400 pips and then retraces 100 pips it is not a reversal.
lets wait and see, you will be right, if 4 hour low will be broken to the downside. I have not charts here, so I can only trust on my SL.
time will tell.

Oh, right "reversal" is not the right word, sorry, bad english, retrace maybe better. but lets wait and see.
  • #12,490
  • Aug 13, 2008 4:26am Aug 13, 2008 4:26am
Quoting jarroo
Holding a trade or exiting a trade has no average. One should only look for Price Action and/or PPZs (S/R levels) to determine when and how to exit.
From PA to PA.

Entered off the IB, exited off the IB.

1st half when for 295 pips, 2nd half 175 pips.
Attached Image
Indicators show the past. Price Action "Indicates" the future.
  • #12,491
  • Aug 13, 2008 4:30am Aug 13, 2008 4:30am
Quoting n_aftab
Hi,

I still am confident that a long trade will make some profit,

It's the way you wanted a explantion as to why price should go up,

I look for support / resistance lines and pin bars, that my setup.

N
the setup is valid Aftab that is not the worry, the worry is that a long here means that you ignore the entire bearish momentum simply to trust that pin, it's off the ppz and some long terms supports so that strengthen's the case a bit but not enough, atleast not enough for me...again pin bars do carry the risk of announcing a trade against the surrent trend but then there is a lot of difference between a downtrend and strong bearish momnentum, the Eu has been falling like the twin towers...a pin bar thus does not impress me much, it may still be a trade and perhaps even a profitable one, but the whole point is is it worth the risk when there always will be a better next time??

you look pretty sure it's going up and i don't deny that, i am thus anticipating that the Eu may just bounce off, but since i am not sure i'll enjoy the action in the stands...best of luck in the center
I believe . . .
  • #12,492
  • Aug 13, 2008 4:32am Aug 13, 2008 4:32am
Quoting y.caesar
Thank you for the advice Ghous. I thought I had a good job by having a pre-arranged time for news trading for only 1.5 hr at a time. But I think I'm liking trading the higher TF better I just need more time to adjust and build my confidence that this system works. So far, it does


Thanks guys. Words from the seniors here are always welcome and appreciated
Hey mate! try not to depend entirely on news trading for your pips, tehnical analysis is an addictio you'll love it
I believe . . .
  • #12,493
  • Aug 13, 2008 4:41am Aug 13, 2008 4:41am
Quoting fxgrinder
i finished my second read of the the thread and while i am getting better at finding ppz, i still find i am a bit lost when it comes to blending it with the pins.

i have a question about this particular "potential set-up." i have support/resistance/ppz b/w 4921 and 4967 (-ish ... as per jarroo ... ). price has already busted through this area and i see the nose of this potential pin (albeit a pretty weak potential pin due to the shortness of the nose) protruding well below this area of support ...

so, i am back to my confusion about ppz/s/r ... are we looking for the nose to bounce off of ppz/s/r ... or does it just have to be "around" there in some way ... what if price closes below the supported region?

again, thank you for your patience and kind responses.
Hi Fxgrinder!

let me explain what i take of setups occuring on ppz's.

a trade according to all the information here on this thread is defined as a solid trade (by the master and his assistants) when you see a PA on important sup/res level, it can be a ppz, a pivot point, fib confluence or any other. a pin bar or a double bar or a an IB ir OB should appeal as a great trade to a trader who follows Jim's advices, i am not an excpetion and will often rely heavily on such setups only later to find that i can't thank Jim and his guys enough for their help and support.

however in this journey as a trader i developed a strong liking for momentums, this means that i take special note of the dominant party in the markets. now one can easily say that a downtrend shows bear domination fine but it's not what i call momentum, the recent drop in Eu is what i call pure domination or momentum, Gj at the moment is another example of nice bear domination.( i.e one bear candle followed by another red canlde followed by another red candle showing the bulls don't even get the remains of the party!!) i thus use this concept a lot with my trading, it kind of helps me escape from the scray fact that on trading pin bars you're going aginst the trend, i am more confident going aginst the trend rather than goign against the momentum, this ofcaorse elimintes a few bad trades i may have taken, so again it's just a persoanl addition to Jim's stuff, and works well for me, you may or may not want to use it, for me an Eu long is simply going aginst my beliefs and rules for trading.

Regards,
Ghous.
I believe . . .
  • #12,494
  • Aug 13, 2008 4:43am Aug 13, 2008 4:43am
Quoting jarroo
From PA to PA.

Entered off the IB, exited off the IB.

1st half when for 295 pips, 2nd half 175 pips.
I guess I should have let some ride. Oh well, I traded my plan. damn look at it go.
Indicators show the past. Price Action "Indicates" the future.
  • #12,495
  • Aug 13, 2008 4:52am Aug 13, 2008 4:52am
Quoting jarroo
I guess I should have let some ride. Oh well, I traded my plan. damn look at it go.
Mostly due in part to G/U's current tanking I'd say
  • #12,496
  • Aug 13, 2008 4:53am Aug 13, 2008 4:53am
Quoting Verto
Mostly due in part to G/U's current tanking I'd say
Absolutely.
Indicators show the past. Price Action "Indicates" the future.
  • #12,497
  • Aug 13, 2008 4:53am Aug 13, 2008 4:53am
Quoting 2mas
This fiber daily PB is about to close in less than an hour on my charts.

Pros: What I like about is what Mike talked about before.... the space created around it ( the grey area), 365 ema.
Cons: of course, the huge recent drops and the cable is dropping and about to close with a big clear bearish bar.

It'd be really great if we hear from Mike and you guys about it.
Hi,

I am in this trade (long @1.4900, SL 60pips today at 4am EST) as well. I base on the daily PB and most importantly major resistance turns support. However, I didn't get the 365 ema (it is @1.4670). How do u get it? I only managed to get it with 300 ema instead.

Regards,
Toyogo
  • #12,498
  • Aug 13, 2008 5:19am Aug 13, 2008 5:19am
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  • #12,499
  • Aug 13, 2008 5:22am Aug 13, 2008 5:22am
Quoting Junlei
Strong move, heading for a strong PPZ. Makes too much sense.

Nice chart.
Indicators show the past. Price Action "Indicates" the future.
  • #12,500
  • Aug 13, 2008 5:23am Aug 13, 2008 5:23am
GBP/CHF
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