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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

  • #16,221
  • Dec 5, 2008 3:49pm Dec 5, 2008 3:49pm
Quoting james16
nice chart life,

Notice what started this entire move down in oil. a bearish outside bar at an extreme high.

huge fortunes have been made in this down move. I mean HUGE.

I know a guy that has a 3 year old daughter and he purchased leap put options off of this bar in HER retirement account. leaps are just options with a lot of time left before expiration

That little girl now has more sitting in that account than most 65 year olds do when they retire.

never ever forget that knowledge is power. it can be used for good or bad...
Merlin was (is) a big Oil guy. I wonder if he caught the move up and down. It would be nice to hear from him.
Indicators show the past. Price Action "Indicates" the future.
  • #16,222
  • Dec 5, 2008 4:08pm Dec 5, 2008 4:08pm
yum yum

and many more of the same, pick your battles and proper MM
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  • #16,223
  • Dec 5, 2008 4:11pm Dec 5, 2008 4:11pm
Mike, I was eye balling this USDCAD set-up as well.

With a daily trade like this forming on a Friday bar, do you go a head and put in a Buy Limit order at the close of Friday, or do you wait until the markets open back up on Sunday evening to make your decision?

Thanks for all the help you share here!
  • #16,224
  • Dec 5, 2008 4:12pm Dec 5, 2008 4:12pm
Quoting unlv_tj
Mike, I was eye balling this USDCAD set-up as well.

With a daily trade like this forming on a Friday bar, do you go a head and put in a Buy Limit order at the close of Friday, or do you wait until the markets open back up on Sunday evening to make your decision?

Thanks for all the help you share here!
I would definitely wait till sunday opens. Re-evaluate clear your head over the weekend. Come back and pick your spots.

Enjoy the weekend

Mike
  • #16,225
  • Dec 5, 2008 4:20pm Dec 5, 2008 4:20pm
Quoting saskgui
Well... it is more than just waiting for PB's and Bullish/Bearish on the higher TF's i think.. or i am blind which is also possible. Here i was looking forward to the USD/CAD daily pin and others are already booking profit. Maybe things have changed since i was last there a year ago....
Im still going to play the pin as is..
Its how i will add to the position. This is the first time in a while i have held positions over the weekend. I dont know how but over time as i've developped as a trader you sort of start to get a feel for the market. I think its just experience from seeing the obvious ppz's be respected.
not every ppz but the most obvious.
and then that still doesn't guanentee the next time.
playing pure s/r seems to come with time. I dont know when i started to do it but i know i learnt it from looking at every chart that Rac has posted & the very early stuff posted by James16. In this thread......
I still demo things i want to try before adding them to my live trading.
I trade for a living.
I love what i do.
  • #16,226
  • Dec 5, 2008 4:38pm Dec 5, 2008 4:38pm
Hi Mike


Would be interesting to know how you would play the USDCAD Pin. It looks like a nice setup but a few things that concern me include the strong up trend (general USD strength therefore CT), ascending triangle and the trendline on my attached chart.

After saying that I do see it as a really nice pin with divergence so it is tempting.

Would you take a break of the low or work around the TL?

cheers
FXP

Quoting mbqb11
I would definitely wait till sunday opens. Re-evaluate clear your head over the weekend. Come back and pick your spots.

Enjoy the weekend

Mike
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  • #16,227
  • Dec 5, 2008 4:44pm Dec 5, 2008 4:44pm
Quoting fxprocessor
Hi Mike


Would be interesting to know how you would play the USDCAD Pin. It looks like a nice setup but a few things that concern me include the strong up trend (general USD strength therefore CT), ascending triangle and the trendline on my attached chart.

After saying that I do see it as a really nice pin with divergence so it is tempting.

Would you take a break of the low or work around the TL?

cheers
FXP
Hey FXP

Your chart is correctly marked up. I will sell the low of the pin and let each days PA play out. If the resistance is as strong as it looks it could become a very nice trade. For those that are more quick to move their stops to b/e they should watch those areas. I will trail at the end of each day depending on how PA shapes up.

Take care
Mike
  • #16,228
  • Dec 5, 2008 4:47pm Dec 5, 2008 4:47pm
Quoting mbqb11
yum yum
Couldn't have said it better! Lovin' the loonie bin.

(yeah, yeah. ...I know I typed 'bin'. lol)
Bundy's status today: "Waiting..."
  • #16,229
  • Dec 5, 2008 4:55pm Dec 5, 2008 4:55pm
Quoting mbqb11
Hey FXP

Your chart is correctly marked up. I will sell the low of the pin and let each days PA play out. If the resistance is as strong as it looks it could become a very nice trade. For those that are more quick to move their stops to b/e they should watch those areas. I will trail at the end of each day depending on how PA shapes up.

Take care
Mike
Mike, shouldn't you be in bed right now. LOL

Hope your feeling better bro.
Indicators show the past. Price Action "Indicates" the future.
  • #16,230
  • Dec 5, 2008 5:03pm Dec 5, 2008 5:03pm
Quoting jarroo
Mike, shouldn't you be in bed right now. LOL

Hope your feeling better bro.
thank you good sir, bed is in the cards very soon
  • #16,231
  • Dec 5, 2008 5:12pm Dec 5, 2008 5:12pm
say what? mike is sick?

say it aint so mikey,

jim




Quoting jarroo
Mike, shouldn't you be in bed right now. LOL

Hope your feeling better bro.
  • #16,232
  • Dec 5, 2008 5:16pm Dec 5, 2008 5:16pm
Quoting james16
say what? mike is sick?

say it aint so mikey,

jim
flu has bit me in the ass, lots of meds and water for me
  • #16,233
  • Dec 5, 2008 5:40pm Dec 5, 2008 5:40pm
Quoting mbqb11
flu has bit me in the ass, lots of meds and water for me
hope u feel better very soon buddy, take plenty of rest
  • #16,234
  • Dec 5, 2008 5:45pm Dec 5, 2008 5:45pm
Thought I'd throw some weekly's into the mix.
Attached Image(s) (click to enlarge)
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Click to Enlarge Name: J16 Oil Weekly.jpg Size: 167 KB
  • #16,235
  • Dec 5, 2008 5:50pm Dec 5, 2008 5:50pm
nice.

jim

Quoting Northpro
Thought I'd throw some weekly's into the mix.
  • #16,236
  • Dec 5, 2008 6:54pm Dec 5, 2008 6:54pm
Quoting Northpro
Thought I'd throw some weekly's into the mix.
Amen to text on the first chart!
  • #16,237
  • Dec 5, 2008 6:58pm Dec 5, 2008 6:58pm
Quoting mbqb11
flu has bit me in the ass, lots of meds and water for me
Get well Mike, and invest some of your profits in this
You'll never get a flue again.
  • #16,238
  • Dec 5, 2008 7:20pm Dec 5, 2008 7:20pm
Quoting Angel65
Hello Raczekfx,

Thanks a lot, I've learned a lot from studying your charts too.

I didn't see any Stop Loss levels, just your entry levels : does it mean that you use big stop loss levels ?

Thanks for your attention

Cheers

Angel65
Hi Angel,
I keep stops just below the setup that triggered my trade. If it's a pb on 1hr, stop would be few pips below/above that pb. If there is ppz, 61fib or some kind of confluence, I could place it below/above it. Same rules apply to trading on daily, weekly, monthly charts. If I enter on 1hr most of the time I'm out on the same time frame.
e.g. I shorted u/c on 1hr and my initial stop was above monthly ppz. I have now moved my stop as indicated below. Please note that I haven't played or assumed daily PB yet. When I decide to play that daily pin, my initial stop will be again above monthly ppz and will exit it on daily as well.
You don't see stops on charts I post simply because I don't use MT4 for trading. I only use it to keep track of my trades as a visual representation. I pull a trigger and then execute the same trade on my demo mt4 and save it later for reference. Hope this helps.

R.
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  • #16,239
  • Edited Dec 6, 2008 2:44am Dec 5, 2008 8:40pm | Edited Dec 6, 2008 2:44am
Quoting raczekfx
Hi Angel,
I keep stops just below the setup that triggered my trade. If it's a pb on 1hr, stop would be few pips below/above that pb. If there is ppz, 61fib or some kind of confluence, I could place it below/above it. Same rules apply to trading on daily, weekly, monthly charts. If I enter on 1hr most of the time I'm out on the same time frame.
e.g. I shorted u/c on 1hr and my initial stop was above monthly ppz. I have now moved my stop as indicated below. Please note that I haven't played or assumed daily PB yet. When I decide to play that daily...
Nice trading plan raczek (as always). Clean and simply. Its always nice to hide behind the higher time frame S/R levels (PPZs). Gotta love it.

I missed the Cad 1.3000 due to some prior committments. I usually schedule stuff on the 1st Friday on the month because I don't trade on this day (NFP, etc.) I knew earlier his morning, when we were talking, it was gone to hit big.

In the past I would have been bumming out all day that I missed it (feeling much like ghous was earlier). Now I just smile contented. Contented in the fact that I know another opportunity like this will happen again, it always does. As the Big Man (James16) says, these things happen over and over again. And it is the trader that has the patience and discipline to let these trades develop that makes the difference.

Jim

Oh by the way . . . I'll be watching the daily Pin bar come monday morning just like everyone else.

(God, I love this thread.)
Indicators show the past. Price Action "Indicates" the future.
  • #16,240
  • Edited Dec 6, 2008 12:18am Dec 5, 2008 11:23pm | Edited Dec 6, 2008 12:18am
Hi guys/guls, here is the chart as promised. This is the 1st time I post the chart. Ghous are correct ! it's not that difficult. I have to try harder extraordinary (Bundys pills).

Most of the entry base on S/R, PPZ area which raczekfx emphasize. Oh! man, my heart beat faster extraordinary. This is the 1st time I hold the position longer and over the weekend. So many setup pop-up and I just cant resist.
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Go figure.. Simplicity work
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