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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

  • #16,281
  • Edited 4:53am Dec 7, 2008 4:35am | Edited 4:53am
Quoting fxprocessor
Hi

Firstly your fib is drawn upside down. Easily fixed.

How you deal with in trade management will depend on your written rules. Some will allow this room to move and not move stops too quickly and others will try capture a move to the first area of support.

cheers

FXP
Thanks FXP !

Doh ! about the fib....drawing them is definitely a weakness and something I need to work harder at !! I often make that mistake....another postit note on the side of the monitor !!!

That makes the 38 fib around 1.2675 (IBFX feed)....so I'd look at entering below that, say 1.2655. 50 fib at around 1.2560 as first point of s/r.

Makes my first question seem silly...oh well.... as long as we learn...

Joe
  • #16,282
  • Dec 7, 2008 4:59am Dec 7, 2008 4:59am
No problem. We are all learning

cheers
fxp

Quoting drj6564
Thanks FXP !

Doh ! about the fib....drawing them is definitely a weakness and something I need to work harder at !! I often make that mistake....another postit note on the side of the monitor !!!

That makes the 38 fib around 1.2675 (IBFX feed)....so I'd look at entering below that, say 1.2655. 50 fib at around 1.2560 as first point of s/r.

Makes my first question seem silly...oh well.... as long as we learn...

Joe
  • #16,283
  • Dec 7, 2008 5:08am Dec 7, 2008 5:08am
Quoting drj6564
Thanks FXP !

Doh ! about the fib....drawing them is definitely a weakness and something I need to work harder at !! I often make that mistake....another postit note on the side of the monitor !!!

That makes the 38 fib around 1.2675 (IBFX feed)....so I'd look at entering below that, say 1.2655. 50 fib at around 1.2560 as first point of s/r.

Makes my first question seem silly...oh well.... as long as we learn...

Joe
Hey, Joe check this out..



http://www.forexfactory.com/showpost...ostcount=11697
Go figure.. Simplicity work
  • #16,284
  • Dec 7, 2008 7:56am Dec 7, 2008 7:56am
Has anyone worked up a Glossary of Terms and acronyms for this thread yet?
  • #16,285
  • Dec 7, 2008 9:28am Dec 7, 2008 9:28am
Quoting jarroo
A left eye entry before the break can be very risky. As long as you have some other confluences supporting it. The left is a good area to look at after a break then retrace.

I would like to see it break and never look back.
I will play it more conservative.do you think a pinbar with so many eyes on it will give us easy money?i doubt it.
i ll wait for it to break , pullback and if it has momentum to the right way i am certainly in
  • #16,286
  • Dec 7, 2008 10:36am Dec 7, 2008 10:36am
Got to think there will be a good opportunity to gap trade with the CAD pinbar here in a couple of hours.
  • #16,287
  • Dec 7, 2008 11:02am Dec 7, 2008 11:02am
Quoting james16
chart
if i understand correct, this trade was BE, right?

thanks in advance.
  • #16,288
  • Dec 7, 2008 11:03am Dec 7, 2008 11:03am
Quoting rp512
Has anyone worked up a Glossary of Terms and acronyms for this thread yet?
There are PDF's and Word attachments you can download, just click on the paper clip and scroll down.
Don't wish it were easier, wish you were better. ~ Jim Rohn
  • #16,289
  • Edited 11:13am Dec 7, 2008 11:09am | Edited 11:13am
I know the 1 hour isn't ideal to trade, but what do folks think about this setup?

PIN (maybe in traffic) on the 1HR hitting a Supply Zone where price has dropped a few times before (white arrows) and hitting a 38 fibo zone. I'm thinking being nimble and get in and out fairly quick.
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Don't wish it were easier, wish you were better. ~ Jim Rohn
  • #16,290
  • Dec 7, 2008 11:13am Dec 7, 2008 11:13am
Quoting jarroo
I like mike w's 1.24s as well.


Edit: Pending a PB break, of course.
Hello Jarro,
Hope you had a nice weekend!I was wondering how you will handle the MM on this usd/cad pinbar?The candle itself is over 300 pips.What is your plan?Thanks in advance,I always appreciate your posts
  • #16,291
  • Dec 7, 2008 11:26am Dec 7, 2008 11:26am
If ~1.2740 does not hold I will look for a short around fib 50 and minor hourly ppz.
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  • #16,292
  • Dec 7, 2008 11:40am Dec 7, 2008 11:40am
Quoting jlmac27
Hello Jarro,
Hope you had a nice weekend!I was wondering how you will handle the MM on this usd/cad pinbar?The candle itself is over 300 pips.What is your plan?Thanks in advance,I always appreciate your posts
Whatever your risk level is, that's your stop. period. 300 pips means nothing. So for example, if you are risking 1.25% a trade, just do the math, and risk 1.25% - even if that's only a couple of cents a pip.

Clockworkk
  • #16,293
  • Dec 7, 2008 11:56am Dec 7, 2008 11:56am
Quoting TrinityVisum
If ~1.2740 does not hold I will look for a short around fib 50 and minor hourly ppz.
if 38 doesn't hold, we'll revisit 2880/2920
  • #16,294
  • Dec 7, 2008 12:00pm Dec 7, 2008 12:00pm
Quoting raczekfx
if 38 doesn't hold, we'll revisit 2880/2920
Is that a guarantee, or are you hoping?
  • #16,295
  • Dec 7, 2008 12:04pm Dec 7, 2008 12:04pm
Quoting clockwork71
Whatever your risk level is, that's your stop. period. 300 pips means nothing. So for example, if you are risking 1.25% a trade, just do the math, and risk 1.25% - even if that's only a couple of cents a pip.

Clockworkk
Thanks clockwork,
Maybe I phrased my question wrong.What I meant to ask about is the risk/reward on this trade.Looks as if a stop is put above the pin,we are not even at a 1:1 RR.Sorry for the confusment.And thank you also clockwork for your post,I always make sure I read your posts if I come accross them!Goodtrading!
  • #16,296
  • Dec 7, 2008 12:08pm Dec 7, 2008 12:08pm
Quoting TrinityVisum
Is that a guarantee, or are you hoping?
Hope will kill your account.... and there are no guarantees in forex, only probabilities.
  • #16,297
  • Dec 7, 2008 12:14pm Dec 7, 2008 12:14pm
Quoting jlmac27
Thanks clockwork,
Maybe I phrased my question wrong.What I meant to ask about is the risk/reward on this trade.Looks as if a stop is put above the pin,we are not even at a 1:1 RR.Sorry for the confusment.And thank you also clockwork for your post,I always make sure I read your posts if I come accross them!Goodtrading!
Everyone will look at the same chart and will see different things. Let's say someone I know is looking at sl above friday's high and tp around 1.21 and 1.18, which would give him about 2:1 or 3:1 (reward/risk)
  • #16,298
  • Dec 7, 2008 12:21pm Dec 7, 2008 12:21pm
Quoting raczekfx
Hope will kill your account.... and there are no guarantees in forex, only probabilities.
Exactly, and you posted a statement. Take a closer look at my original post, there is no hope or guarantee there. Please kindly take your own advise before telling others what is going to happen with the market.
  • #16,299
  • Dec 7, 2008 12:37pm Dec 7, 2008 12:37pm
Quoting TrinityVisum
Exactly, and you posted a statement. Take a closer look at my original post, there is no hope or guarantee there. Please kindly take your own advise before telling others what is going to happen with the market.
Sure I will. Thanks for your advise...
BTW. Welcome to the forum TV
  • #16,300
  • Dec 7, 2008 12:48pm Dec 7, 2008 12:48pm
Quoting raczekfx
Sure I will. Thanks for your advise...
BTW. Welcome to the forum TV
I know you have been around this forum for awhile, but we need to stay on our toes at all times. Have a great week.
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