james16 Chart Thread | Page 703 | Forex Factory

Options

Go to
Permalinks
Print Thread

Similar Threads

Where can I learn more about Price Action like those in James16 charts? 9 replies

Attachments: james16 Chart Thread
Exit Attachments

james16 Chart Thread

  • #14,041
  • Sep 29, 2008 9:39am Sep 29, 2008 9:39am
Mike, do you change SL, TP, B/E based in another correlated pair?

example, now we had a PB on GU, but if look to EU, the resistance is close while GU resistance is way above.

and more, when happened the breakout of the 4h pin on GU there was a perfect 5 min pin on UJ.


what you do?
  • #14,042
  • Sep 29, 2008 9:50am Sep 29, 2008 9:50am
Quoting giraia_br
Mike, do you change SL, TP, B/E based in another correlated pair?

example, now we had a PB on GU, but if look to EU, the resistance is close while GU resistance is way above.

and more, when happened the breakout of the 4h pin on GU there was a perfect 5 min pin on UJ.


what you do?
Hey

I keep all trades independent of one and another. So I will trail my stops based on THAT trade, not what some other pair is doing. You can't help but notice when one currency is the strength of the day, or in the spotlight, but I do my best to keep things separate in order to keep my sanity

Best
Mike
  • #14,043
  • Sep 29, 2008 9:52am Sep 29, 2008 9:52am
Quoting mbqb11
but I do my best to keep things separate in order to keep my sanity

exactly, was exactly this word that was in my mind.

thanks again
  • #14,044
  • Sep 29, 2008 12:25pm Sep 29, 2008 12:25pm
Quoting mbqb11
I keep all trades independent of one and another. So I will trail my stops based on THAT trade, not what some other pair is doing. You can't help but notice when one currency is the strength of the day, or in the spotlight, but I do my best to keep things separate in order to keep my sanity
You can see this difference today on, e.g., EJ and EU.

Both rallied after the gap opening, yet only EU reatraced (to 61.8), yet EJ merely paused (I guess retracement is still coming).

Could be explained by diff. "gap" behaviour... Since EJ is traded more actively during the Asian session than EU, it closed the gap whilst EU did not.
Attached Image(s) (click to enlarge)
Click to Enlarge Name: eu h1 gap.gif Size: 20 KB
Click to Enlarge Name: ej h1 closed gap.gif Size: 16 KB
One Chart is Worth Ten Thousand Words.
  • #14,045
  • Sep 29, 2008 12:30pm Sep 29, 2008 12:30pm
Quoting jarroo
I actually have four. lol.

Just looking at Price chopped up differently that's all. It keeps me busy and helps me work on my "Patience training". lol
You have a day job? by the feel of it i can bet you're a full time trader...
I believe . . .
  • #14,046
  • Sep 29, 2008 12:50pm Sep 29, 2008 12:50pm
is it ok to short this 5 min pb on GU?
  • #14,047
  • Sep 29, 2008 1:10pm Sep 29, 2008 1:10pm
Quoting giraia_br
is it ok to short this 5 min pb on GU?


are you kidding.
if you havent allready made your scalp. stay the hell out till the smoke clears..
  • #14,048
  • Sep 29, 2008 1:16pm Sep 29, 2008 1:16pm
Quoting rustyjeff
are you kidding.
if you havent allready made your scalp. stay the hell out till the smoke clears..
i am

106 pips PB.
  • #14,049
  • Sep 29, 2008 1:19pm Sep 29, 2008 1:19pm
Quoting giraia_br
i am

106 pips PB.
maybe...
if it continues a great looking pin setting up on the euro daily
  • #14,050
  • Sep 29, 2008 1:24pm Sep 29, 2008 1:24pm
Quoting rustyjeff
maybe...
if it continues a great looking pin setting up on the euro daily
this will be on traffic.

but the 4h pin is working...
  • #14,051
  • Sep 29, 2008 1:39pm Sep 29, 2008 1:39pm
USD/CHF Short
Attached Image (click to enlarge)
Click to Enlarge Name: Usdchf.GIF Size: 27 KB
  • #14,052
  • Sep 29, 2008 2:14pm Sep 29, 2008 2:14pm
If you are trading the 5min today around this news you are flat out retarded.
Keep taking CT trades, I need more money
  • #14,053
  • Sep 29, 2008 2:19pm Sep 29, 2008 2:19pm
Quoting Ryanmcd
If you are trading the 5min today around this news you are flat out retarded.
Don't chase the market, Let the market come to you
  • #14,054
  • Sep 29, 2008 2:21pm Sep 29, 2008 2:21pm
Quoting Ryanmcd
If you are trading the 5min today around this news you are flat out retarded.
or are using free money.
  • #14,055
  • Sep 29, 2008 3:48pm Sep 29, 2008 3:48pm
Quoting ghous
You have a day job? by the feel of it i can bet you're a full time trader...
I have a Day job that requires 24/7 and keeps my regular trading schedule out of whack later. Full time trader is the goal. Slowly but surely wins the race.
Indicators show the past. Price Action "Indicates" the future.
  • #14,056
  • Sep 29, 2008 4:10pm Sep 29, 2008 4:10pm
Quoting Ryanmcd
It's pure price action, J16 is PA and this is it's most true from. You can trade one setup but the market will change over time and that may not work as well as it did before, today was a great day to show price action as it was a SU day, SU = Solid Up. You only get SU / SD days about 25% or less but the people that keep shorting a SU day get hammered and get hammered bad. You really only have about 3-4 kind of days for the most part, SU / SD or sideways of the up down up, or down up down day. I will post a few more charts each day and once you see the same kinda days it's the same deal over and over. Also one thing I see no one talk about is TIME, time is just as big as price to me but no one is talking time at all. 8:30, 10:30, 2:30 EST are HUGE price action times, 11:30 - 12:30 = slow a good bit of the time. Think about who trades these markets and they are human just like us, they goto lunch and at 2:30 they want to get finished for the day. Also I count bars. One last thing before I call it a night, on Avid trader back in 1997 they had a poster by the name of Oleman, he was by far the best trader I have ever chatted with and told me this and I will never forget it.


"If you buy every correction in a bull market, you'll only be wrong once--the top. If you sell every rally in a bull market, you'll only be wrong once--the bottom."



Oleman corrected the end of his quote and added " should be --sell every rally in a BEAR market----

Also with regards to time he said; " It wasn't until I took the time to look at different type of signals that work best at certain times of the day that I was able to start making some money. If only I started looking at time of day trades earlier"
  • #14,057
  • Sep 29, 2008 7:56pm Sep 29, 2008 7:56pm
Ryanmcd, Would You Please Elaborate On Your Reference To Counting Bars.. I Have Not Heard That Term Used Before.
And Thanks For Having The Guts To Explain Your Five Mins Trading, When You Knew That The Purists Would Jump On You.
Keep Posting , We Need Your Knowledge..
Graham
  • #14,058
  • Sep 29, 2008 10:00pm Sep 29, 2008 10:00pm
Quoting raczekfx
dic.
I'm in this trade since pb #3. Took some off before close on Friday. Stop just below Fri bar low.
another trade...
Attached Image (click to enlarge)
Click to Enlarge Name: gj.gif Size: 15 KB
  • #14,059
  • Sep 29, 2008 10:06pm Sep 29, 2008 10:06pm
Quoting ghous
Damn! that's one hell of a difference, i use fxopen and looks like my feed and the fxpro feed is somewhat similiar...
its all about market hours and fxpro is open retail market hours 4pm est sunday to 5pm est friday
it is also thre one to look for if you look for "gaps", it will show "market" gaps while other brokers platforms that open late and close early will only have "platform" gaps which are not real gaps at all to trade
Don't chase the market, Let the market come to you
  • #14,060
  • Sep 29, 2008 10:57pm Sep 29, 2008 10:57pm
Quoting Crown



Oleman corrected the end of his quote and added " should be --sell every rally in a BEAR market----

Also with regards to time he said; " It wasn't until I took the time to look at different type of signals that work best at certain times of the day that I was able to start making some money. If only I started looking at time of day trades earlier"
I found a collection of his wisdom buried in an archive some where. I still have it saved and think its cool you guys know of him too.

Jason
May the fish in your stream of life always bite.
98 traders viewing now, 1 is registered:
Zojahamad