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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

  • #16,381
  • Dec 8, 2008 5:55am Dec 8, 2008 5:55am
Quoting ghous
My feed is totally diff than yours and i don't see the Pb on my chart, but if the Pb has closed as i see it on your chart it sure looks tradable just make sure you're aware of the 138 region
Sounds good to me. I noticed that there is a lot of sideways action every 100 pips down. Going to be hard to get through it all. Looks like profit taking every 100 pips for me if it gets to those points. I have a short ready to go once it hits 138.55.
  • #16,382
  • Dec 8, 2008 5:59am Dec 8, 2008 5:59am
Quoting KirbyFX
Sounds good to me. I noticed that there is a lot of sideways action every 100 pips down. Going to be hard to get through it all. Looks like profit taking every 100 pips for me if it gets to those points. I have a short ready to go once it hits 138.55.
Yes good observation, Gj's been a racket these days, be quick enough to lock in profits and move your stops

Best of luck

Regards,
Ghous.
I believe . . .
  • #16,383
  • Dec 8, 2008 6:13am Dec 8, 2008 6:13am
Quoting ghous
WHat plans do you have for the trade??
out already for small loss. decided to move my stop right up close as had a meeting and as i played the 4hr tf the setup wasn't A+, so didn't have the faith to let it reverse on me.
however my first tp was 8545
good luck with it
  • #16,384
  • Dec 8, 2008 7:40am Dec 8, 2008 7:40am
Quoting ghous
My reasons for not going for the usd/cad trade
Congrats those who took it, Has been a great start to the trading week/month is'nt it??
It paid for this month's membership so far...
"Support and Resistance either holds or it doesn't." -Anonymous hillbilly
  • #16,385
  • Dec 8, 2008 8:06am Dec 8, 2008 8:06am
Nice PPZ. EU long still valid. Mine already stopped out.
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Go figure.. Simplicity work
  • #16,386
  • Edited 8:35am Dec 8, 2008 8:20am | Edited 8:35am
An Ib i just took on the Gbp/chf 4H chart in the form of a pending order waiting for the low to break, it was off the 50% fib the trrigger being the Ib ofcaorse. The first target has been labelled.

calling on Rac...

Regards,
Ghous.
Attached Image (click to enlarge)
Click to Enlarge Name: gbpchf.gif Size: 10 KB
I believe . . .
  • #16,387
  • Dec 8, 2008 8:24am Dec 8, 2008 8:24am
Quoting ghous
An Ib i just took on the Gbp/chf 4H chart in the form of a pending order waiting for the low to break, it was off the 50% fib the trrigger being the Ib ofcaorse. The first target has been labelled.

Regards,
Ghous.
Crazy markets these.... This smiley could so easily have been....

Phew! I hate such voltile markets, fear aside while i typed the qouted post...

...
Attached Image (click to enlarge)
Click to Enlarge Name: gbpchf.gif Size: 10 KB
I believe . . .
  • #16,388
  • Dec 8, 2008 8:30am Dec 8, 2008 8:30am
Quoting simoncs
out already for small loss. decided to move my stop right up close as had a meeting and as i played the 4hr tf the setup wasn't A+, so didn't have the faith to let it reverse on me.
however my first tp was 8545
good luck with it
I am out with a loss too, another CT trade gone bad, time to get that notebook out :nerd:
I believe . . .
  • #16,389
  • Dec 8, 2008 9:00am Dec 8, 2008 9:00am
Quoting ghous
Crazy markets these.... This smiley could so easily have been....

Phew! I hate such voltile markets, fear aside while i typed the qouted post...

...
half volume closed at 1.785, leaving the rest at breakeven.
I believe . . .
  • #16,390
  • Dec 8, 2008 9:03am Dec 8, 2008 9:03am
Damn...
I entered above the Cable PB at Daily chart (The blue line marked in the charts).

So, instead of put my first TP at the red dotted line, I put at the red line (1.5100), and moved my SL at BE.

The fact is that I've "lost" the chance to gain at least 200 pips

This make my sad.. but Ok. What can I do? Study more and take the next good PA.
Attached Image(s) (click to enlarge)
Click to Enlarge Name: cable 4h.gif Size: 22 KB
Click to Enlarge Name: cable daily.gif Size: 20 KB
  • #16,391
  • Dec 8, 2008 9:10am Dec 8, 2008 9:10am
Quoting jarroo
The Pin is not valid. The open and close have to be inside the previous bar. The close is below the previous bar.
While that pin may not be valid from the way Jim teaches, you should still play it. Reason being that playing price action formations isn't necessarily about making sure that a pin's eye is exactly where it needs to be, or a BUOB closes X amount of pips high... PA is about entering trades based on why price acts the way it does. IOW, that pin is still a valid pin. Psychologically speaking, it reacted as it should have...

This is why Pring will tell you that he will trade pins that close halfway up the bar. Now personally, I don't care to trade those, but I've seen them work quite well in the past.

But one shouldn't necessarily pass up a good formation just because it's not absolutely exact.
Mr. Trend
  • #16,392
  • Dec 8, 2008 9:16am Dec 8, 2008 9:16am
Quoting ghous
An Ib i just took on the Gbp/chf 4H chart in the form of a pending order waiting for the low to break, it was off the 50% fib the trrigger being the Ib ofcaorse. The first target has been labelled.

calling on Rac...

Regards,
Ghous.
If I was in this trade I would've shorted right where your blue down arrow is plotted...
No trade for me here, but watch 1.77 area. I won't say what's going to happen here so TV don't get upset...
I was watching g/chf on daily but price didn't get quite where I wanted (1.8260).

will look to reload later in a day..

Only 2 trades for me last night.
1. added more shorts to u/c at 1.2694
2. longed cad/jpy at 73.09
I'm flat now as of 9:03 am EST
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  • #16,393
  • Dec 8, 2008 9:17am Dec 8, 2008 9:17am
Quoting Mr Trend
While that pin may not be valid from the way Jim teaches, you should still play it. Reason being that playing price action formations isn't necessarily about making sure that a pin's eye is exactly where it needs to be, or a BUOB closes X amount of pips high... PA is about entering trades based on why price acts the way it does. IOW, that pin is still a valid pin. Psychologically speaking, it reacted as it should have...

This is why Pring will tell you that he will trade pins that close halfway up the bar. Now personally, I don't...
I agree here, its the action that counts, but I think you would agree for beginners it is important to have some concrete rules to follow before bringing a discretionary element into mix.
  • #16,394
  • Dec 8, 2008 9:17am Dec 8, 2008 9:17am
Quoting LordElessar
Damn...
I entered above the Cable PB at Daily chart (The blue line marked in the charts).

So, instead of put my first TP at the red dotted line, I put at the red line (1.5100), and moved my SL at BE.

The fact is that I've "lost" the chance to gain at least 200 pips

This make my sad.. but Ok. What can I do? Study more and take the next good PA.
Why do you think you've lost the chance to make 200 pips? You didn't expect a pullback after a quick move like that? Late Asia pushed all of those pairs up quickly last night -- you need to expect some sort of pullback going into US. This happens every day... it could continue down, sure, but it may not. Then you're going to be kicking yourself for not staying in...

If you're gonna trade Daily, trade daily. Get out on daily. Re-evaluate based on ... you guessed it, the daily...

These are all "new trader" issues that you're gonna have to work through if you want to be successful. We've all been through it. It sucks.
Mr. Trend
  • #16,395
  • Dec 8, 2008 9:24am Dec 8, 2008 9:24am
Quoting Mr Trend
Why do you think you've lost the chance to make 200 pips? You didn't expect a pullback after a quick move like that? Late Asia pushed all of those pairs up quickly last night -- you need to expect some sort of pullback going into US. This happens every day...
Absolutely, especially when you watch other markets and can read between the lines....

what's a gonna be...? Big break or violent retrace...
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  • #16,396
  • Dec 8, 2008 9:35am Dec 8, 2008 9:35am
Yeah, Mr. Trend, you are absolutely right.

I am working hard on this and am still learning. Every day I learn new things with you guys.

At least I took the break of loonie PB too.

Quoting Mr Trend
Why do you think you've lost the chance to make 200 pips? You didn't expect a pullback after a quick move like that? Late Asia pushed all of those pairs up quickly last night -- you need to expect some sort of pullback going into US. This happens every day... it could continue down, sure, but it may not. Then you're going to be kicking yourself for not staying in...

If you're gonna trade Daily, trade daily. Get out on daily. Re-evaluate based on ... you guessed it, the daily...

These are all "new trader" issues that you're gonna have to work...
  • #16,397
  • Dec 8, 2008 9:38am Dec 8, 2008 9:38am
what's a gonna be...? Big break or violent retrace...[/quote]

Violent retrace...

-The Iron Duke-
  • #16,398
  • Dec 8, 2008 9:38am Dec 8, 2008 9:38am
...BEIJING, Dec 8 (Reuters) - One of the top managers of China Investment Corp, the country's $200 billion sovereign wealth fund, reckons current dollar strength is temporary and he would like to bet that the U.S. currency is headed lower.

CIC President Gao Xiqing was speaking in an interview with monthly U.S. magazine The Atlantic two weeks before the Nov. 4 U.S. election. The euro was trading at that time between $1.30 and $1.35.....

They must be reading our thread....
  • #16,399
  • Dec 8, 2008 9:40am Dec 8, 2008 9:40am
Quoting Wellington
what's a gonna be...? Big break or violent retrace...
Violent retrace...

-The Iron Duke-[/quote]

Are you sure..?

  • #16,400
  • Dec 8, 2008 9:42am Dec 8, 2008 9:42am
Some sound advice recently Mr Trend, keep dropping in your pearls of wisdom.
PA is where its at!!
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