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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

  • #13,281
  • Sep 1, 2008 3:22pm Sep 1, 2008 3:22pm
one q. from a newbie..did anyone trade the trend with gb n yen ?? i.e go short when the gap had (or hadnt)been filled??
PATIENCE... DISCIPLINE
  • #13,282
  • Sep 1, 2008 3:37pm Sep 1, 2008 3:37pm
aud/cad weekly pin seems to be formining a nice right eye. any thoughts on this pin.went long (demo) on the hourly tf on the rejection of the 9050 level looking to get to get a part possition open early,any feedback appreciated
PATIENCE... DISCIPLINE
  • #13,283
  • Sep 1, 2008 4:02pm Sep 1, 2008 4:02pm
Quoting g_j_hook@yah
aud/cad weekly pin seems to be formining a nice right eye. any thoughts on this pin.went long (demo) on the hourly tf on the rejection of the 9050 level looking to get to get a part possition open early,any feedback appreciated
I took this trade yesterday. I think i might have been a little to aggressive in doing so. Down -50 some pips right now. Was up +6 thinking I should have closed it then LOL...oh well its only $300.00 dollars...ouch!!! Any thoughts were this might be headed tonight? I pretty much have an idea, I just like the constructive criticism : )


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It's me...
  • #13,284
  • Edited 6:47pm Sep 1, 2008 5:24pm | Edited 6:47pm
Quoting AgentFx
I took this trade yesterday. I think i might have been a little to aggressive in doing so. Down -50 some pips right now. Was up +6 thinking I should have closed it then LOL...oh well its only $300.00 dollars...ouch!!! Any thoughts were this might be headed tonight? I pretty much have an idea, I just like the constructive criticism : )
I don't know where it will be headed tonight, but it looks like a high probability trade to me. The pinbar is placed on strong resistance that could turn into support with confluence of a trendline and the 61.8 retracement. I wouldn't be surprised if it heads all the way up to .9600.
Attached Image
  • #13,285
  • Edited 10:14pm Sep 1, 2008 5:50pm | Edited 10:14pm
Quoting AgentFx
I took this trade yesterday. I think i might have been a little to aggressive in doing so. Down -50 some pips right now. Was up +6 thinking I should have closed it then LOL...oh well its only $300.00 dollars...ouch!!! Any thoughts were this might be headed tonight? I pretty much have an idea, I just like the constructive criticism.
$6.00 per pip!! holy cow ...

IMO ... your trade off the weekly chart might not get too far in one night, or even two nights --- or maybe it will, but it could reach 9200-9300 (1st level of resistance) if it goes north. hopefully when you decided to go with this trade your RR was not for 6 pips but 40-50x that much. if it goes against you, i assume you figured that into your position size anyway ... and you will only lose 1%-3% for that trade and then ... as they say ... NEXT.

good luck with your trade.

p.s. ... or what soltani said ...
"Believe nothing you hear and half of what you see." Proverb
  • #13,286
  • Sep 1, 2008 5:55pm Sep 1, 2008 5:55pm
That pin hasn't broken yet, so until it breaks its a very agressive entry,
9150 has some resistance, if that breaks you should be cool, I have orders to buy this weekly pin at 9164 including spread.
  • #13,287
  • Sep 1, 2008 6:06pm Sep 1, 2008 6:06pm
soltani, and fxgrinder, thanks guys I get a new daily candle in about one hour : ) >
Quoting fxgrinder
$6.00 per pip!! holy cow ... </p>
IMO ... your trade off the weekly chart might not get too far in one night, or even two nights --- or maybe it will, but i would it could reach 9200-9300 (1st level of resistance) if it goes north. hopefully when you decided to go with this trade your RR was not for 6 pips but 40-50x that much. if it goes against you, i assume you figured that into your position size anyway ... and you will only lose 1%-3% for that trade and then ... as they say ... NEXT.

good luck with your trade.

p.s. ... or what soltani said ...
It's me...
  • #13,288
  • Sep 1, 2008 6:07pm Sep 1, 2008 6:07pm
Quoting Mr Smith
That pin hasn't broken yet, so until it breaks its a very agressive entry,
9150 has some resistance, if that breaks you should be cool, I have orders to buy this weekly pin at 9164 including spread.
I'm looking to buy around that area also. Order at .9160 with the stop loss at .8900.
It's a pretty high probability trade IMHO although I'm fairly new at this PA malarky.....swing low, plenty of space, playing off the .9100 psych/PPZ level, 150 EMA and the 50 fib.....fingers crossed.
  • #13,289
  • Sep 1, 2008 7:13pm Sep 1, 2008 7:13pm
Quote
Quote:
Originally Posted by g_j_hook@yah http://forexfactory.com/images/buttons/viewpost.gif
aud/cad weekly pin seems to be formining a nice right eye. any thoughts on this pin.went long (demo) on the hourly tf on the rejection of the 9050 level looking to get to get a part possition open early,any feedback appreciated

I took this trade yesterday. I think i might have been a little to aggressive in doing so. Down -50 some pips right now. Was up +6 thinking I should have closed it then LOL...oh well its only $300.00 dollars...ouch!!! Any thoughts were this might be headed tonight? I pretty much have an idea, I just like the constructive criticism : )


Attachment 144641

i still have a pending order 15 pips from the open of the open pin bar, so far it has'nt been activated atall, so if you're in a trade i agree with the others that the entry was far too aggressive, that being said i don't mean i don't see this thing going up, th pin is all nicely set for a move up and i am waiting for it, so guess you just need to relax a bit now that you have decided to be that brave guy you should'nt be...the trade is far far away from a looser as of now...
I believe . . .
  • #13,290
  • Sep 1, 2008 7:24pm Sep 1, 2008 7:24pm
a litle traffic. Good? Bad?
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  • #13,291
  • Sep 1, 2008 8:33pm Sep 1, 2008 8:33pm
Quoting giraia_br
a litle traffic. Good? Bad?
That looks beautiful to me. Right at a spot that has provided S/R many times. Also with monthly downtrend.
  • #13,292
  • Sep 1, 2008 10:08pm Sep 1, 2008 10:08pm
Quoting phpscott
What you can do is open a sub-account and move the amount you would normally risk for this trade only to the sub-account. Next, open a LONG AUD/USD position and a LONG USD/CAD position in the sub-account. The trick is to size each position so the trade value in USD is the same for each. After opening both positions, click on the Exposure tab to make sure your exposure to USD is $0. I recommend playing with the position sizes in a demo account first. You can trade pretty much ANY pair using this method. If you have questions, you may PM me.

Scott
Wow! Amazing, I figured there had to be some way I could cross the pairs, but I was not sure of how to do it.

Thank you very much.
  • #13,293
  • Sep 2, 2008 2:42am Sep 2, 2008 2:42am
lets see some Pa occurs, lol
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  • #13,294
  • Sep 2, 2008 3:06am Sep 2, 2008 3:06am
Quoting giraia_br
a litle traffic. Good? Bad?
I like that the nose is up through and rejecting the resistance, causing a ppz being tested from above and below (price action at a ppz area giving a chance to trade some potential sideways action if it doesn't actually go anywhere trending). So there's been an up move to a ppz and now a rejection ready to possibly break short into traffic.

When it comes to traffic I try to just look at congestion bar highs/lows as targets rather than seeing it as a big barrier that can't be traded. So the third bar before the pin would be the first possible target I'd look at from a break short and given the large time frame, a little movement can give a lot of reward long before reaching that target.

If the initial stop can be tolerated with position sizing then the trade can be managed and set to break even if nothing else long before it may reach that first target. If it does go in the right direction there's lots of time to think about how to manage it and squeeze more out of it, micro manage on weekly or daily as PA forms there etc.

On my chart the pin's close was 24 pips above even the bar 2 before the pin though so I can't legally trade it...
"Support and Resistance either holds or it doesn't." -Anonymous hillbilly
  • #13,295
  • Sep 2, 2008 7:53am Sep 2, 2008 7:53am
Quoting ghous
i still have a pending order 15 pips from the open of the open pin bar, so far it has'nt been activated atall, so if you're in a trade i agree with the others that the entry was far too aggressive, that being said i don't mean i don't see this thing going up, th pin is all nicely set for a move up and i am waiting for it, so guess you just need to relax a bit now that you have decided to be that brave guy you should'nt be...the trade is far far away from a looser as of now...
I suppose everybody is out by now from that Aud Cad Pin. God, how much did you guys risk coz the PB was quite large?

well, I suppose I will remember this summer as the hell for Pins. All the Pins I have traded have failed. Didnt take Aud Cad though, was waiting for a retracement.
We leave no soldier behind.
  • #13,296
  • Sep 2, 2008 7:56am Sep 2, 2008 7:56am
Quoting gagiul
well, I suppose I will remember this summer as the hell for Pins. All the Pins I have traded have failed.
Sadly true.
Money & Pain Respect the market, protect your capital, be patient
  • #13,297
  • Edited 10:31am Sep 2, 2008 10:20am | Edited 10:31am
Possible daily CAD pin to keep an eye on for today's close
Attached Image
"Support and Resistance either holds or it doesn't." -Anonymous hillbilly
  • #13,298
  • Sep 2, 2008 10:30am Sep 2, 2008 10:30am
Quoting gagiul
I suppose everybody is out by now from that Aud Cad Pin. God, how much did you guys risk coz the PB was quite large?

well, I suppose I will remember this summer as the hell for Pins. All the Pins I have traded have failed. Didnt take Aud Cad though, was waiting for a retracement.
i am glad my pending order was'nt hit...

these days certainly are'nt the merriest of days for James16 fans...
I believe . . .
  • #13,299
  • Sep 2, 2008 10:36am Sep 2, 2008 10:36am
Quoting Thexder
Possible daily CAD pin to keep an eye on for today's close
Nicel caught Thexder, will keep an eye on that...

BTW guys don't ignore the NFP this week, with pins going horrigly wrong these days i am less keen to take on any more trades till atleast the NFP dust settles...
I believe . . .
  • #13,300
  • Sep 2, 2008 10:40am Sep 2, 2008 10:40am
Quoting ghous
Nicel caught Thexder, will keep an eye on that...

BTW guys don't ignore the NFP this week, with pins going horrigly wrong these days i am less keen to take on any more trades till atleast the NFP dust settles...
Agree, the economic picture of the US imvho is sort of counteracting technicals. Just my .02, any thoughts?
Patience + Humility + Study = Success
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