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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

  • #18,141
  • Jan 8, 2009 6:38pm Jan 8, 2009 6:38pm
Quoting KissFan
It's better to be out of a trade, wishing you were in vs. being in one and wishing you were out...

Oooh Oooh, Please post this quote here...

http://www.forexfactory.com/showthre...t=83930&page=4

& feel free to mark it RULE # 1
  • #18,142
  • Jan 8, 2009 8:24pm Jan 8, 2009 8:24pm
Quoting mbqb11
I posted this one inside the PF....
then you will play the break and not sleep until it reaches the double top, then you will move to BE. It is correct? Or you will not play the breal of the pb?

thanks in advance.
  • #18,143
  • Jan 8, 2009 8:25pm Jan 8, 2009 8:25pm
Quoting mbqb11
I posted this one inside the PF....

I have seen alot of pin bars similar this situation however most that have been posted in this thread have been discarded due to the "traffic" and not sufficient "space". So essentially you consider this a poor PB trade however a good breakout and pullback trade?
  • #18,144
  • Jan 8, 2009 8:26pm Jan 8, 2009 8:26pm
Quoting Bemac
Oooh Oooh, Please post this quote here...

http://www.forexfactory.com/showthre...t=83930&page=4

& feel free to mark it RULE # 1
Whoa! Bemac, I thought surely that would already be in that thread. It's not? Consider it done. BTW, I wish I had the gift of expression the way you do it. I love reading your witty banter, comebacks, and observations. Oh, one other thing, I've always wanted to thank you for the way that you skillfully used diplomacy way back when Peter Crowns and one of the other members seemed to be getting sideways. That IB info that PC posted here on the forum, was some of my first real price action experience in trading. I believe that you were instumental if not pivotal in keeping PC "on the line" for some golden material. I have just never really had occasion to speak to you about it. I have many people here on FF to thank. I'll eventually get around to everyone. Good trading in 2009 to you! Best regards-KISSFan
  • #18,145
  • Jan 8, 2009 8:33pm Jan 8, 2009 8:33pm
Quoting giraia_br
then you will play the break and not sleep until it reaches the double top, then you will move to BE. It is correct? Or you will not play the breal of the pb?

thanks in advance.
I will play a break and let it run its course. My daily trades I don't touch until days end. And tomm is friday and I like to sleep in on fridays too
  • #18,146
  • Jan 8, 2009 8:34pm Jan 8, 2009 8:34pm
Quoting saskgui
I have seen alot of pin bars similar this situation however most that have been posted in this thread have been discarded due to the "traffic" and not sufficient "space". So essentially you consider this a poor PB trade however a good breakout and pullback trade?
yes I like to think of Breakout trades(where traffic doesn't matter, the area is what matters most), different then what I call pure PA trade(such as taking a PB at a swing high and swing low).

For me they are in two different categories. This is one reason inside the PF I have a breakout thread, and a general trading thread. Cause they are separate in my criteria and mind.

Mike
  • #18,147
  • Jan 8, 2009 8:40pm Jan 8, 2009 8:40pm
Quoting KissFan
Consider this trade. Entry at the break of PB approx 1.7896 TP1 - 1.7812 and TP 2 at 1.7773. (Yellow lines are daily PPZ and green are 4hr PPZ)
I think this PB is tradeable if price breaks through the triple bar high from last week. 1.7750 should not be unreasonable even on a Friday.
  • #18,148
  • Jan 8, 2009 8:48pm Jan 8, 2009 8:48pm
Quoting giraia_br
you will sell a pulback of this ppz with sl at the top of the pb?

thanks in advance.
no, pure break

Quoting djambazov84
Hey racz,

If you dont mind me asking you this question as I am also in the E/U trade.

What do you think about an eventual reversal during London session as it happens all the time ...
I no longer let my brain interfering with my trading. When I used to think, I was only able to make 20-30pips/per move.
THINKING KILLS traders.
You'll never finish questioning yourself.

I wait for a setup, take a trade, set my stops and let the trade flow....

For setup/targets on my e/u trade please refer to post #18091
  • #18,149
  • Jan 8, 2009 9:10pm Jan 8, 2009 9:10pm
Quoting raczekfx
no, pure break


I no longer let my brain interfering with my trading. When I used to think, I was only able to make 20-30pips/per move.
THINKING KILLS traders.
You'll never finish questioning yourself.

I wait for a setup, take a trade, set my stops and let the trade flow....
This pdf favors your non thinking philosophy from johnedoes's 'daily trades' thread.
http://www.forexfactory.com/attachme...d=187883&d=Jan 4, 2009 11:01pm
  • #18,150
  • Jan 8, 2009 9:14pm Jan 8, 2009 9:14pm
Quoting KissFan
Whoa! Bemac, I thought surely that would already be in that thread. It's not? Consider it done. BTW, I wish I had the gift of expression the way you do it. I love reading your witty banter, comebacks, and observations. Oh, one other thing, I've always wanted to thank you for the way that you skillfully used diplomacy way back when Peter Crowns and one of the other members seemed to be getting sideways. That IB info that PC posted here on the forum, was some of my first real price action experience in trading. I believe that you were instumental...
Wow! Reminds me of the Oscars.
{Music overlapping the last couple sentences}
  • #18,151
  • Edited 10:13pm Jan 8, 2009 9:35pm | Edited 10:13pm
What do you guys think about these trades.
U/CAD: Price rejected the daily PPZ. On H4, divergence. Target would be around 1.2000

E/J: This is the trade I'm currently in since yesterday. Still correction in the daily. Entered on pure break of the correction range on H4. Price retest at blue area. At first, thought of closing the trade but price respecting the resistance, so I hold on and changed my stop loss to the area. And looking for add-on at the current swing low. TP around 123.00

Edit: Book for weekend, I just finished reading Adventure of Currency Trader. I recommend you guys to read it. Good book to improve trading psychology.
Attached Images
  • #18,152
  • Jan 9, 2009 12:32am Jan 9, 2009 12:32am
Quoting arcus
What do you guys think about these trades.
U/CAD: Price rejected the daily PPZ. On H4, divergence. Target would be around 1.2000

E/J: This is the trade I'm currently in since yesterday. Still correction in the daily. Entered on pure break of the correction range on H4. Price retest at blue area. At first, thought of closing the trade but price respecting the resistance, so I hold on and changed my stop loss to the area. And looking for add-on at the current swing low. TP around 123.00

Edit: Book for weekend, I just finished reading Adventure...
Both these trades look good to me Arcus, Usd/Cad specially

Nicely done.

Regards,
Ghous.
I believe . . .
  • #18,153
  • Edited 12:48am Jan 9, 2009 12:37am | Edited 12:48am
Quoting ghous
Both these trades look good to me Arcus, Usd/Cad specially

Nicely done.

Regards,
Ghous.
PS just as a suggestion make sure you're aware of the 124.00 ppz on Ej, zoom out to the daily and you'll see a nice little relationship of this ppz with prize.

Regards,
Ghous.
Attached Images
I believe . . .
  • #18,154
  • Jan 9, 2009 12:54am Jan 9, 2009 12:54am
Quoting ghous
PS just as a suggestion make sure you're aware of the 124.00 ppz on Ej, zoom out to the daily and you'll see a nice little relationship of this ppz with prize.

Regards,
Ghous.
Thanks Ghous. I'm aware of the PPZ. Price find support at the PPZ after yesterday's London open. I would love to hold, already reduce my stoploss. If I'm out, NVM lol Still thinking about it Market is slow right now maybe due to NFP.
  • #18,155
  • Jan 9, 2009 1:02am Jan 9, 2009 1:02am
Quoting arcus
Thanks Ghous. I'm aware of the PPZ. Price find support at the PPZ after yesterday's London open. I would love to hold, already reduce my stoploss. If I'm out, NVM lol Still thinking about it Market is slow right now maybe due to NFP.
Yes ofcaorse. The low volatility should be expected with some fireworks later in the day, Just manage your stops and money well and you should do fine

Regards,
Ghous.
I believe . . .
  • #18,156
  • Jan 9, 2009 1:17am Jan 9, 2009 1:17am
Quoting raczekfx
I no longer let my brain interfering with my trading. When I used to think, I was only able to make 20-30pips/per move.
THINKING KILLS traders.
You'll never finish questioning yourself.

I wait for a setup, take a trade, set my stops and let the trade flow....

For setup/targets on my e/u trade please refer to post #18091

Thanks very much for those words.
It sounds all too familiar.
Such as the eurcad downmove last week. I got in on a lovely 4hr pin at the top, then got spooked and exited for 33 paltry pips, just to see it fall out of the sky an hour later
Thanks again...
  • #18,157
  • Jan 9, 2009 4:00am Jan 9, 2009 4:00am
Quoting mbqb11
I posted this one inside the PF. This is what I consider a breakout + pullback play. We have major PPZ forming around the .7000 big round number. Price broke out stalled at the high around .7250 and we even got a TBH. Price then pulled back and pinned off the .7000 mark which I love(sure through a fib in there if you want). This was heavy resistance turning into support. I am looking for us to break up and if we can breakthrough and even close above this TBH area it shoudl be off to the races until we hit the next area of Resistance marked off with...
Hey Mike

I know you were looking for a potential long on this one, but just as alternative view, what do you think about this HnS on the 4hr (i know daily carries more weight). Have I recognised this pattern correctly? Price has recently tried to break the TL and pulled back - we could see another bounce off it and your potential long trade or if it does break it then it could potentially also break the neckline and continue south?

cheers

Simon
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  • #18,158
  • Jan 9, 2009 5:05am Jan 9, 2009 5:05am
Good spot but here's wot i have maybe it will paint the picture right. Tha crown formation is more visible in 1hr and u can see this in my chart below. there are defined process for crown formation and i have them in my text book like this 1. Break of TL 2. support/resistance holding 3. retest of TL close to right/left shoulder I was looking at this like 18hrs ago for possible formation. though it did formed but not where i would have preferred it(TL retest). as long as price is held at the outside TL price might be getting ready for another set of HH Now looking at ur 4hr chart, if price break the TL, then it might likely go to where u indicated, the support area and maybe possibly retest it for a possible head and shoulder For now, I believe that as long as those TLs are holding, there might not be crown formation and looking at 1hr TF, we might be ready for another set of marathon up north after the brief head and shoulder formation . Am looking to long this Baby till 77??
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  • #18,159
  • Jan 9, 2009 5:14am Jan 9, 2009 5:14am
Quoting Naijafx
Good spot but here's wot i have maybe it will paint the picture right. Tha crown formation is more visible in 1hr and u can see this in my chart below. there are defined process for crown formation and i have them in my text book like this 1. Break of TL 2. support/resistance holding 3. retest of TL close to right/left shoulder I was looking at this like 18hrs ago for possible formation. though it did formed but not where i would have preferred it(TL retest). as long as price is held at the outside TL price might be getting ready for another set...
thanks Naijafx- will have to keep an eye on it
  • #18,160
  • Jan 9, 2009 6:08am Jan 9, 2009 6:08am
Hi Guys,

Like playing good BPC patterns and the Aud/USd certainy looks a good possibility. Will not enter until a break of the recent high at approx 7260, but was wondering what targets any of you guys had in mind if it takes off?

berti
PA is where its at!!
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