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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

  • #16,121
  • Dec 4, 2008 12:29pm Dec 4, 2008 12:29pm
About the cable PB.

I know that James16 and others don't pay attentio on news, but tomorrow has the NFP announce. So, if the today price bar closes with this PB, isn't risky to put a pending order at it?

I am afraid, cause due to the volatility cause by NFP, we can have our order triggered and price, after that, go to the wrong direction.
  • #16,122
  • Dec 4, 2008 12:31pm Dec 4, 2008 12:31pm
Quoting LordElessar
About the cable PB.

I know that James16 and others don't pay attentio on news, but tomorrow has the NFP announce. So, if the today price bar closes with this PB, isn't risky to put a pending order at it?

I am afraid, cause due to the volatility cause by NFP, we can have our order triggered and price, after that, go to the wrong direction.
Personally on daily price action I just leave my pending order in. If it gets close to NFP and it hasn't triggered usually I pull my order. You could use limit or bounds to help on slippage if you want to leave it through.

Mike
  • #16,123
  • Dec 4, 2008 1:06pm Dec 4, 2008 1:06pm
Quoting LordElessar
About the cable PB.

I know that James16 and others don't pay attentio on news, but tomorrow has the NFP announce. So, if the today price bar closes with this PB, isn't risky to put a pending order at it?

I am afraid, cause due to the volatility cause by NFP, we can have our order triggered and price, after that, go to the wrong direction.
Don't worry about the news. It never goes where you think it's going to go anyway and all it does is make you second guess everything. Trade what you see. Period.
Mr. Trend
  • #16,124
  • Dec 4, 2008 1:34pm Dec 4, 2008 1:34pm
Mr Trend,

That is sound advice man - I tried trading cable recently on the newsfundamentals, and it did not go the way I expected. Another lesson learned. As you rightly say, trade what you see. Isn't there an old saying which goes 'price makes news'? For anyone thinking of trading news, don't. Just trade what you see on the charts.
PA is where its at!!
  • #16,125
  • Dec 4, 2008 2:04pm Dec 4, 2008 2:04pm
Quoting LordElessar
About the cable PB.

I know that James16 and others don't pay attentio on news, but tomorrow has the NFP announce. So, if the today price bar closes with this PB, isn't risky to put a pending order at it?

I am afraid, cause due to the volatility cause by NFP, we can have our order triggered and price, after that, go to the wrong direction.
Well, I've closed all my positions today few minutes after mr. b had spoken. Pretty much all of them hit good resistance imo.
Regarding tomorrow's nfp, I hope we get some retraces on today's daily pins.
It might sound like crystal balling, but the last thing US of A needs right now is a strong $$$....
  • #16,126
  • Dec 4, 2008 2:12pm Dec 4, 2008 2:12pm
raczekfx

Interesting you closed before B spoke. I learn something new here all the time, I love this thread.

If you don't mind sharing, did you take any trades today? If so, you don't have to post charts or an explanation, but could you list a few?

I think I can look at the charts and see what you saw and with 20/20 hindsight figure it out.

Thank you!
  • #16,127
  • Dec 4, 2008 2:36pm Dec 4, 2008 2:36pm
Quoting unlv_tj
raczekfx

Interesting you closed before B spoke. I learn something new here all the time, I love this thread.

If you don't mind sharing, did you take any trades today? If so, you don't have to post charts or an explanation, but could you list a few?

I think I can look at the charts and see what you saw and with 20/20 hindsight figure it out.

Thank you!
No secrets or magic here. If you have a plan and trade your plan.....
e.g.
G/U has approached ppz, 50/61fib (my favorite setup...). What would you do? Wait till it breaks that confluence... on the first try...
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  • #16,128
  • Dec 4, 2008 2:48pm Dec 4, 2008 2:48pm
Thank you guys for the answer!
  • #16,129
  • Dec 4, 2008 4:21pm Dec 4, 2008 4:21pm
Thank you raczekfx.

I could feel a short coming after the strong bull run this morning, but I couldn't put my finger on why or what the trigger would be.

I had resistence at the same place where price turned around, so I had that piece of the puzzle.

I didn't get the Fibs in the right place, because that would have been enough for me to go short. I have read you post over 100 times you love the set-up between the 50 and 61, but I didn't catch that part.

I learn something new all the time here. THANK YOU!
  • #16,130
  • Dec 4, 2008 5:23pm Dec 4, 2008 5:23pm
Quoting mbqb11
Not trying to put words into Mr Jaroos mouth,

Posted this in the PF , double bottom area, 1.2550 round number, heavy div and oversold , good space and swing low


Mike
I must be the only guy here that couldn't make a decision on that EU pin. lol

I have to say I'm still happy I didn't take it, regardless. I look at it now and still see the same reasons I didn't want to do anything. Can't always be in the right frame of mind, I guess.
Bundy's status today: "Waiting..."
  • #16,131
  • Dec 4, 2008 5:56pm Dec 4, 2008 5:56pm
Quoting raczekfx
Well, I've closed all my positions today few minutes after mr. b had spoken. Pretty much all of them hit good resistance imo.
Regarding tomorrow's nfp, I hope we get some retraces on today's daily pins.
It might sound like crystal balling, but the last thing US of A needs right now is a strong $$$....


Too right. Was in a conversation last night about needing bits and pieces that we usually get direct from the U.S. No one is prepared to buy anything at the current exchange rate at all. It's a big big turn off. Using the AUD/USD as an example, it's got to get above .7500 at least to get people more willing to buy from you.

That NFP number is going to get a lot worse. ( ...well duhh! )
Bundy's status today: "Waiting..."
  • #16,132
  • Dec 4, 2008 6:22pm Dec 4, 2008 6:22pm
Quoting bundyraider
I must be the only guy here that couldn't make a decision on that EU pin. lol

I have to say I'm still happy I didn't take it, regardless. I look at it now and still see the same reasons I didn't want to do anything. Can't always be in the right frame of mind, I guess.
You absolutely made the right decision. If it doesn't sit right with a trader, fit your criteria, it could end up going 100000000 pips and it still wouldn't make a difference.

Not trading is often the answer

Mike
  • #16,133
  • Dec 4, 2008 6:28pm Dec 4, 2008 6:28pm
Quoting bundyraider
I must be the only guy here that couldn't make a decision on that EU pin. lol

I have to say I'm still happy I didn't take it, regardless. I look at it now and still see the same reasons I didn't want to do anything. Can't always be in the right frame of mind, I guess.
Hey bundy,

rest assured you were not the only guy - I didnīt take it either. And looking back I still wouldnīt take it. Location was fine but I didnīt like how it all set up, and divergence also wasnīt too convincing IMO as it didnīt clearly set up with the swing lows...Anyway, no regret. There will be more of them (and more obvious ones, at least for me).

RM
  • #16,134
  • Dec 4, 2008 6:33pm Dec 4, 2008 6:33pm
Quoting mbqb11
You absolutely made the right decision. If it doesn't sit right with a trader, fit your criteria, it could end up going 100000000 pips and it still wouldn't make a difference.

Not trading is often the answer

Mike
Let's see . . at 500 dollar a pip that would be . . . .

Some day . . . .
Indicators show the past. Price Action "Indicates" the future.
  • #16,135
  • Dec 4, 2008 6:36pm Dec 4, 2008 6:36pm
Quoting mbqb11
You absolutely made the right decision. If it doesn't sit right with a trader, fit your criteria, it could end up going 100000000 pips and it still wouldn't make a difference.

Not trading is often the answer

Mike
Hey Mike,

couldnīt agree more with you here. Took me a long time to realize that itīs actually NOT important what the outcome of a trade is (or would have been), but that you stick to your rules and plan, and simply skip the rest. Once I got this down, I could let go of a trade like this with no regret, and became a lot more relaxed with trading.

RM
  • #16,136
  • Dec 4, 2008 7:08pm Dec 4, 2008 7:08pm
Quoting Rainmaker
Hey bundy,

rest assured you were not the only guy - I didnīt take it either. And looking back I still wouldnīt take it. Location was fine but I didnīt like how it all set up, and divergence also wasnīt too convincing IMO as it didnīt clearly set up with the swing lows...Anyway, no regret. There will be more of them (and more obvious ones, at least for me).

RM
Hi RM.

Glad someone had the same thoughts at least.

It wouldn't normally bother me! When it came to telling Jason why I wasn't actually taking the trade, I couldn't give an answer. If I wasn't trying to look for an answer it'd be one of those set ups where I just go "meh... whatever. Doesn't look right" and move on. lol

Certainly a discretion and "seat time" thing I would think. Look at the time of my 'edit' . I had a few goes at looking at the chart trying to qualify my decision. Shows how that "Have to be right" mind boiler can creep in and fight against you. lol
Bundy's status today: "Waiting..."
  • #16,137
  • Dec 4, 2008 7:10pm Dec 4, 2008 7:10pm
Quoting jarroo
Let's see . . at 500 dollar a pip that would be . . . .

Some day . . . .
lol

hmmmm...
Bundy's status today: "Waiting..."
  • #16,138
  • Dec 4, 2008 7:36pm Dec 4, 2008 7:36pm
Quoting raczekfx
No secrets or magic here. If you have a plan and trade your plan.....
e.g.
G/U has approached ppz, 50/61fib (my favorite setup...). What would you do? Wait till it breaks that confluence... on the first try...

May I know where is ur EP(entry point) and how to u plan for it???


Sonic


http://www.forexfactory.com/attachme...1&d=1228422937
  • #16,139
  • Dec 4, 2008 7:59pm Dec 4, 2008 7:59pm
That bearish outside bar on swissy has me interested today. Going to be checking back every hour if I remember.
Bundy's status today: "Waiting..."
  • #16,140
  • Dec 4, 2008 8:40pm Dec 4, 2008 8:40pm
Quoting bundyraider
That bearish outside bar on swissy has me interested today. Going to be checking back every hour if I remember.
Nice.

Funky BUOB on the euro.
Indicators show the past. Price Action "Indicates" the future.
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