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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

  • #17,241
  • Dec 19, 2008 3:14am Dec 19, 2008 3:14am
Quoting emda
the daily pin bar in EURUSD is fighting the bulls hard
Generally... When is good to enter a pin bar? at the close of it? or wait for a retrace and enter?
Best way is usually to have stop above / below the pin with entry on the break of the bar.

It can vary though when you get used to these bars.

I have dropped down to the 1 hour TF and played this EURUSD daily pin as a range breakout of the flag formation.
Attached Image(s) (click to enlarge)
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  • #17,242
  • Dec 19, 2008 3:17am Dec 19, 2008 3:17am
1st targets on the Euro and Swissy? Any one?
Indicators show the past. Price Action "Indicates" the future.
  • #17,243
  • Dec 19, 2008 3:20am Dec 19, 2008 3:20am
Quoting LasVahGoose
Im in the USDCHF and EUR/USD also triggered. I guess my question to anyone is, does it makes sense to be in both CU and EU since they are very much correlated? Is that too much risk? What are the pros and cons?
It comes down to Money Management.


If you have 5 USD pairs i.e. EURUSD, USDCAD, AUDUSD, GBPUSD, NZDUSD all trigger at the same time for example you would not want to trade 3% on each for a combined 15% risk.

Risk on correlated pairs should be considered and adjusted accordingly.

cheers
fxp
  • #17,244
  • Dec 19, 2008 3:23am Dec 19, 2008 3:23am
Quoting jarroo
1st targets on the Euro and Swissy? Any one?

Hi Jarroo,

I closed half of the trade at 1.4070, which is the daily Support 1, pivot level for today. What is your expert opinion on managing such trades? Thanks.

fxpilot
  • #17,245
  • Dec 19, 2008 3:25am Dec 19, 2008 3:25am
Quoting jarroo
1st targets on the Euro and Swissy? Any one?
Hi Jaroo

EURUSD

1st target 1.4052 hit
2nd target 1.3912

cheers
  • #17,246
  • Edited 3:38am Dec 19, 2008 3:28am | Edited 3:38am
Quoting fxpilot
Hi Jarroo,

I closed half of the trade at 1.4070, which is the daily Support 1, pivot level for today. What is your expert opinion on managing such trades? Thanks.

fxpilot
Nice fxpilot. (expert lol)

I like the nice round number 1.4000 which is at my PPZ. Could go to 1.3900. (1st half)

Then 2nd half to just above break even. Maybe to the left eye level.
Attached Image
Indicators show the past. Price Action "Indicates" the future.
  • #17,247
  • Dec 19, 2008 3:29am Dec 19, 2008 3:29am
Quoting fxprocessor
Hi Jaroo

EURUSD

1st target 1.4052 hit
2nd target 1.3912

cheers
Very nice.
Indicators show the past. Price Action "Indicates" the future.
  • #17,248
  • Dec 19, 2008 3:30am Dec 19, 2008 3:30am
Quoting jarroo
1st targets on the Euro and Swissy? Any one?
I like Fibo Expansions and I'm looking at the 1.3927 ish area for a partial and again a the 168.1 expansion @ around 1.3600 area. Mostly I like to see how price acts around these levels. If momentum is strong and crashes through I let it run some more.
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Click to Enlarge Name: 2008-12-19-eu-h1-1.gif Size: 19 KB
Don't wish it were easier, wish you were better. ~ Jim Rohn
  • #17,249
  • Dec 19, 2008 3:37am Dec 19, 2008 3:37am
My swissy 1st target has be hit. 1.100
Attached Image
Indicators show the past. Price Action "Indicates" the future.
  • #17,250
  • Dec 19, 2008 3:38am Dec 19, 2008 3:38am
Quoting LasVahGoose
I like Fibo Expansions and I'm looking at the 1.3927 ish area for a partial and again a the 168.1 expansion @ around 1.3600 area. Mostly I like to see how price acts around these levels. If momentum is strong and crashes through I let it run some more.
Might take partial here at 1.4069 since it seems stalled just past the 61.8 Expansion
Don't wish it were easier, wish you were better. ~ Jim Rohn
  • #17,251
  • Dec 19, 2008 3:41am Dec 19, 2008 3:41am
Quoting jarroo
1st targets on the Euro and Swissy? Any one?
Looks like 1.10 was the first bull target, nice pullback for those who missed the initial trade or is that not advisable?
Patience + Humility + Study = Success
  • #17,252
  • Dec 19, 2008 3:43am Dec 19, 2008 3:43am
Quoting jarroo
1st targets on the Euro and Swissy? Any one?
Round numbers with ppz

1st = 1.39
2nd= 1.38
3rd= 1.35 (hopefully, on long run)
"""" --- -- - << ..:: ALM ::.. >> - -- --- """"
  • #17,253
  • Dec 19, 2008 3:45am Dec 19, 2008 3:45am
Quoting DutchTrader
Looks like 1.10 was the first bull target, nice pullback for those who missed the initial trade or is that not advisable?
This is just me.
If the market shows me a 1st target and it gets hit . . . and I miss it . . I'm out right away. I then ask myself why I missed it.
Indicators show the past. Price Action "Indicates" the future.
  • #17,254
  • Dec 19, 2008 3:51am Dec 19, 2008 3:51am
Quoting jarroo
This is just me.
If the market shows me a 1st target and it gets hit . . . and I miss it . . I'm out right away. I then ask myself why I missed it.
So you're saying if you're in the initial trade but didn't take profit at the target you exit immediately? No re-entry?
Patience + Humility + Study = Success
  • #17,255
  • Edited 4:23am Dec 19, 2008 3:55am | Edited 4:23am
Quoting DutchTrader
So you're saying if you're in the initial trade but didn't take profit at the target you exit immediately? No re-entry?
Correct.

In my initial analysis I determine my 1st target and it gets hit and I miss it (for some reason) I don't "hope" that it gets hit again. I'm out. No re-entry. On the 1st half
Indicators show the past. Price Action "Indicates" the future.
  • #17,256
  • Dec 19, 2008 4:02am Dec 19, 2008 4:02am
Now the euro my first target was 1.4000. It got to 1.4050 level after moving what 130 or so pips. I am not going to let 130 pips go to 0 pips because my 1st target wasn't hit. So I will lock down at 50 then 75 then 90 while still give it some room to breathe.
Indicators show the past. Price Action "Indicates" the future.
  • #17,257
  • Dec 19, 2008 4:03am Dec 19, 2008 4:03am
Quoting jarroo
Now the euro my first target was 1.4000. It got to 1.4050 level after moving what 130 or so pips. I am not going to let 130 pips go to 0 pips because my 1st target wasn't hit. So I will lock down at 50 then 75 then 90 while still give it some room to breathe.
Gotcha, thats what I was really asking. Sometimes the interwebs don't allow for smooth discussions lol plus I just woke up as well.
Patience + Humility + Study = Success
  • #17,258
  • Dec 19, 2008 4:08am Dec 19, 2008 4:08am
Quoting jarroo
Now the euro my first target was 1.4000. It got to 1.4050 level after moving what 130 or so pips. I am not going to let 130 pips go to 0 pips because my 1st target wasn't hit. So I will lock down at 50 then 75 then 90 while still give it some room to breathe.
Case in point. I'm out my 1st half on the euro for 83 pips. Other half just above my break even point.
Indicators show the past. Price Action "Indicates" the future.
  • #17,259
  • Dec 19, 2008 4:11am Dec 19, 2008 4:11am
Quoting jarroo
Case in point. I'm out my 1st half on the euro for 83 pips. Other half just above my break even point.
And then naturally Price moves down to my 1st target after I take some off the table. lolol
Indicators show the past. Price Action "Indicates" the future.
  • #17,260
  • Dec 19, 2008 4:16am Dec 19, 2008 4:16am
Quoting DutchTrader
So you're saying if you're in the initial trade but didn't take profit at the target you exit immediately? No re-entry?
More clarification. On my 1st half. Not my total position.
Indicators show the past. Price Action "Indicates" the future.
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