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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

  • #12,901
  • Aug 21, 2008 9:59am Aug 21, 2008 9:59am
Thanks Jarroo for sharing this trade with us. Its rare that seniors share their losing trades with newbies and reinforces the belief that its ok to loose as long as you have your MM in place.

Quoting jarroo
I took it on the chin.

Price hit my 1st stop (161.84)and then my 2nd (161.52). Then went up and came down and hit 161.52 again which was my 3rd and final stop out. Life goes on.
Find an Edge. Only way to succeed in this business.
  • #12,902
  • Aug 21, 2008 10:07am Aug 21, 2008 10:07am
Quoting jarroo
I took it on the chin.

Price hit my 1st stop (161.84)and then my 2nd (161.52). Then went up and came down and hit 161.52 again which was my 3rd and final stop out. Life goes on.
its ok, we got refunded with the euro trade. I also had a breakout trade on Gbp/usd right above that Pin Bar/ IB. The road is paved to 1.9100 IMO.
We leave no soldier behind.
  • #12,903
  • Aug 21, 2008 10:31am Aug 21, 2008 10:31am
Quoting jarroo
How fun is this!!!
It's amazing how powerful those "hidden" PPZs are. No indicator (I guess) can plot them, yet they work time and time again.

Thank you for a nice chart, Jaroo.
One Chart is Worth Ten Thousand Words.
  • #12,904
  • Aug 21, 2008 10:40am Aug 21, 2008 10:40am
amongst some nice analysis and great posts is another Au trade i took yesterday...

with the strenghth Eu is showing recently i had a close eye on other pairs for any other advantages i could extract from the weak dollar, not long after i found a nice opportunity...

again the trade was a bit early, but i found enough of a confirmation from the preceeding cadnles, and guess what i see a nice BuOB building up as the close of the daily candle on my feed approaches (5 hours to go).

Regards,
Ghous.
Attached Image (click to enlarge)
Click to Enlarge Name: au.gif Size: 12 KB
I believe . . .
  • #12,905
  • Aug 21, 2008 10:59am Aug 21, 2008 10:59am
Quoting jarroo
How fun is this!!!
hi jarroo,
what sma is posted on your chat?
  • #12,906
  • Aug 21, 2008 11:01am Aug 21, 2008 11:01am
Quoting jattputt
Thanks Jarroo for sharing this trade with us. Its rare that seniors share their losing trades with newbies and reinforces the belief that its ok to loose as long as you have your MM in place.
It's never "ok" to lose, but MM is there for that reason. I learn more from my losses then my winning trades (as many have said). These lessons I want very few of.
Indicators show the past. Price Action "Indicates" the future.
  • #12,907
  • Aug 21, 2008 11:02am Aug 21, 2008 11:02am
Quoting naomi
hi jarroo,
what sma is posted on your chat?
365 ema and 150 ema.
Indicators show the past. Price Action "Indicates" the future.
  • #12,908
  • Aug 21, 2008 11:06am Aug 21, 2008 11:06am
Quoting jarroo
365 ema and 150 ema.
how important do you find these to be Jarroo, equal to a strong ppz or what??
I believe . . .
  • #12,909
  • Aug 21, 2008 11:18am Aug 21, 2008 11:18am
Quoting ghous
how important do you find these to be Jarroo, qualt to a strong ppz or what??
The longer term emas act as S/R when Price is around them. I wouldn't equate them to PPZs. But combine them with other confluences (like PPZs) and they can add to support to a given trade.
Indicators show the past. Price Action "Indicates" the future.
  • #12,910
  • Aug 21, 2008 11:21am Aug 21, 2008 11:21am
Quoting ghous
amongst some nice analysis and great posts is another Au trade i took yesterday...

with the strenghth Eu is showing recently i had a close eye on other pairs for any other advantages i could extract from the weak dollar, not long after i found a nice opportunity...

again the trade was a bit early, but i found enough of a confirmation from the preceeding cadnles, and guess what i see a nice BuOB building up as the close of the daily candle on my feed approaches (5 hours to go).

Regards,
Ghous.
Nothing wrong with taking a IB off a PPZ ghous. Nicely done.
Indicators show the past. Price Action "Indicates" the future.
  • #12,911
  • Aug 21, 2008 11:24am Aug 21, 2008 11:24am
Quoting jarroo
Nothing wrong with taking a IB off a PPZ ghous. Nicely done.
don't trade IB's much, or let's say i don't trust them much, only OBs DBs and PBs...

Regards,
Ghous.
I believe . . .
  • #12,912
  • Aug 21, 2008 12:33pm Aug 21, 2008 12:33pm
Quoting ghous
don't trade IB's much, or let's say i don't trust them much, only OBs DBs and PBs...

Regards,
Ghous.
Interesting... I find IBs more reliable and more profitable (due to their size) at the same risk level. Also, they occur (almost) daily on H1 across main 6-8 pairs.
One Chart is Worth Ten Thousand Words.
  • #12,913
  • Aug 21, 2008 12:39pm Aug 21, 2008 12:39pm
Quoting Forex007
Interesting... I find IBs more reliable and more profitable (due to their size) at the same risk level. Also, they occur (almost) daily on H1 across main 6-8 pairs.
i am not saying that's it not profitable by any means! i think the loss of trust came in my very early days when i first started using this PA indication, another trader told me on msn chat to use it, i had some bad trades back then and this perhaps got me to trust this PA less than the others maybe it's time i change my ming now...the Au trade is doing well, although it want intentionally taken off only the IB formation i guess it's helping me tremendously...
I believe . . .
  • #12,914
  • Aug 21, 2008 1:00pm Aug 21, 2008 1:00pm
Quoting ghous
amongst some nice analysis and great posts is another Au trade i took yesterday...

with the strenghth Eu is showing recently i had a close eye on other pairs for any other advantages i could extract from the weak dollar, not long after i found a nice opportunity...

again the trade was a bit early, but i found enough of a confirmation from the preceeding cadnles, and guess what i see a nice BuOB building up as the close of the daily candle on my feed approaches (5 hours to go).

Regards,
Ghous.

just wanted to add a very important message in a post or 2...

i just want to make sure that the trades i mention which i take according to my early trade criteria don't give out any unintentional undesirable advices around, i take all such trades with enough confirmation with other sources, it's divergence sometimes. other times it's candle shapes and sizes, or just momentum that tells the way.

this is just my way of doing my trades and no way am i advicing anybody to do the same, specially any real newbie around. i would hate to see somebody feeling too great abt early entries after seeing the success of tsome trades and decides to enter just because he "thinks" the thing is going up/down.

when i dont't see any major signs to take the trade (PA or other confirmations) i will strictly just antipate where the price may go and wait for the opportuity.

In the Au trade above note how the last 6 candles show the loss of ground for bears as the bulls look to jump in! the trade was this taken, however i was anticipating this from last week but the got the opportunity only yesterday, when signs of an uptrend were clear.

you may want to adopt such a strategy but make sure you practice this a lot on demo first before even thinking it abt trying it on live, you would'nt want to be ending up with a bad trade just because your overconfidence or my charts and trades led you to an early trade that was'nt there...

Regards,
Ghous.
I believe . . .
  • #12,915
  • Aug 21, 2008 1:37pm Aug 21, 2008 1:37pm
Daily pins still forming on Oanda today:

EUR/JPY, GBP/JPY, AUD/JPY

Longer TF's, NZD/USD looks like a winner in the next month or three PB on weekly and monthly.

Enter light, stop loss on nose wait for projected outcome to star playing out, load heavy and trail stop loss giving trade room to breathe. Exit at TP or PA reversal on TF you entered on.

Money & Pain Respect the market, protect your capital, be patient
  • #12,916
  • Aug 21, 2008 2:01pm Aug 21, 2008 2:01pm
Quoting toyboy tramp
Daily pins still forming on Oanda today:

EUR/JPY, GBP/JPY, AUD/JPY

Longer TF's, NZD/USD looks like a winner in the next month or three PB on weekly and monthly.

Enter light, stop loss on nose wait for projected outcome to star playing out, load heavy and trail stop loss giving trade room to breathe. Exit at TP or PA reversal on TF you entered on.

Hi toyboy,
can you please make a numeric/graphic example in EUR/JPY? I mean: entry point, first stop loss etc...
thanks man
  • #12,917
  • Aug 21, 2008 2:29pm Aug 21, 2008 2:29pm
Quoting eraserhead
Hi toyboy,
can you please make a numeric/graphic example in EUR/JPY? I mean: entry point, first stop loss etc...
thanks man
Let the daily candle close, set a buy order a few pips above the top of the pin with stop loss on the nose. On E/J we're looking for a reversal, and this daily pin on confluent s/r MIGHT be it. Weekly candle is also looking like a pin but do not treat is as such until it closes as one.

Bring s/l to b/e asap, leaving room for the trade to breathe. If the trade goes to projected outcome i.e a bullish trend resumes, add to the position and trail your stop loss. Look for T/P at ppz's or exit on clear daily PA reversal.

Hope that helps. and FYI I haven't entered a trade on E/J, NZD/USD has much more potential IMVHO. It's all about weekly PA if you ask me, and check out that failed PB from last week...
Attached Image
Money & Pain Respect the market, protect your capital, be patient
  • #12,918
  • Aug 21, 2008 2:39pm Aug 21, 2008 2:39pm
EURJPY hasn't responded so well to the last two pin bars. Third time lucky maybe? I won't be taking it so maybe it will be a great trade :-)

I agree that the NZDUSD long does look promising as a long term hold

Quoting toyboy tramp
Daily pins still forming on Oanda today:

EUR/JPY, GBP/JPY, AUD/JPY

Longer TF's, NZD/USD looks like a winner in the next month or three PB on weekly and monthly.

Enter light, stop loss on nose wait for projected outcome to star playing out, load heavy and trail stop loss giving trade room to breathe. Exit at TP or PA reversal on TF you entered on.

Attached Image (click to enlarge)
Click to Enlarge Name: eurjpy failed pins.gif Size: 12 KB
  • #12,919
  • Aug 21, 2008 2:56pm Aug 21, 2008 2:56pm
Quoting fxprocessor
EURJPY hasn't responded so well to the last two pin bars. Third time lucky maybe? I won't be taking it so maybe it will be a great trade :-)

I agree that the NZDUSD long does look promising as a long term hold
Take it now , don't hesitate ;]. Seriously i think the probability is on our side on this one , the strong down momentum is almost gone and we are at 50% fib. If it close like that i will enter on the retrace around 161.40 which is really nice ppz and have my target just below 163.00. When i look at today charts i wonder why did i close my longs in gbp/usd and nzd/usd so early , soo nice ride arghh
  • #12,920
  • Aug 21, 2008 3:12pm Aug 21, 2008 3:12pm
Quoting toyboy tramp
Let the daily candle close, set a buy order a few pips above the top of the pin with stop loss on the nose. On E/J we're looking for a reversal, and this daily pin on confluent s/r MIGHT be it. Weekly candle is also looking like a pin but do not treat is as such until it closes as one.

Bring s/l to b/e asap, leaving room for the trade to breathe. If the trade goes to projected outcome i.e a bullish trend resumes, add to the position and trail your stop loss. Look for T/P at ppz's or exit on clear daily PA reversal.

Hope that helps. and FYI I haven't entered a trade on E/J, NZD/USD has much more potential IMVHO. It's all about weekly PA if you ask me, and check out that failed PB from last week...
So sweet. Thanks a looot!

A newbie question now: does it could be safer wait for the next day candle and see if it close above the "pin one"?
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