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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

  • #18,401
  • Jan 12, 2009 7:25pm Jan 12, 2009 7:25pm
Cable has been in a box and ranging since early Nov '08.....albeit a very big range .... I'd be inclined to look for possible PA off the outer extremities of the range......thats not to say it won't throw up some PA in the middle but the outer bounderies are a safe bet.
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  • #18,402
  • Jan 12, 2009 7:33pm Jan 12, 2009 7:33pm
Quoting tehuringa
Brrrr....that looks cold....awesome waves though...where is that....South West somewhere?

Ok....one more off-topic thing before I concentrate on potential trades for today....this is for Ghous because he's a snake lover....taken in the Kimberley in Nth Australia in 2003.....an Olive Python...probably around 25 foot....doing a spot of Kangaroo Fishing.
Lovely stuff man!!

if i get some time i'll out up the pic of my dream pet It's a snake ofcaorse...

Regards,
Ghous.
I believe . . .
  • #18,403
  • Jan 12, 2009 7:34pm Jan 12, 2009 7:34pm
Quoting trujillo1980
I really thought the same thing and I lost lots of pips on GBPCHF.
I was up quite a few (about 300 pips total) on two positions and kept stops at BE. You know, because we were about to board the train for the pleasant ride up to 1.73 area. Anyway,you know the rest. After that stupid decision, someone somewhere should have un-vouched me.
  • #18,404
  • Jan 12, 2009 7:38pm Jan 12, 2009 7:38pm
Quoting trujillo1980
This is a losing tade I entered few days ago on BBPCHF. I learnt o lot from this one (more than my winning trades).

In this one I set my stop lost then I make a classical mistake of move my stop lost more than I had planned. risking more than I usually risk.

take a look...
So you didn't use any PA formation, confluences, etc., to support your long trade. Can I ask you what you did use to enter the long entry?
Indicators show the past. Price Action "Indicates" the future.
  • #18,405
  • Jan 12, 2009 7:46pm Jan 12, 2009 7:46pm
Quoting tehuringa
Really?....I didn't know Jim was a snakeman.
I'm more of a leg man myself.
Indicators show the past. Price Action "Indicates" the future.
  • #18,406
  • Jan 12, 2009 7:49pm Jan 12, 2009 7:49pm
Quoting jarroo
I'm more of a leg man myself.
  • #18,407
  • Jan 12, 2009 7:57pm Jan 12, 2009 7:57pm
Quoting KissFan
I was up quite a few (about 300 pips total) on two positions and kept stops at BE. You know, because we were about to board the train for the pleasant ride up to 1.73 area. Anyway,you know the rest. After that stupid decision, someone somewhere should have un-vouched me.
yeah, i thought gopher (gbp/chf) would hit 1.74 - 5 too, but couldn't help noticing that bearish looking ib on the pound. At first, i figured that dollar/swissie might be powerful enough to take it up. Now it's stalling on the daily and may reverse to 108.50

Gopher looks like it wants to retrace to 161 on the daily. I'm basically on hold until the big money makes a decision one way or the other.
"Don't trade to trade . . . trade to win." - James16
  • #18,408
  • Jan 12, 2009 7:58pm Jan 12, 2009 7:58pm
I'm watching these two pairs right now. Daily PPZ, 50/60Fib Confluence.
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  • #18,409
  • Jan 12, 2009 8:04pm Jan 12, 2009 8:04pm
Quoting jarroo
So you didn't use any PA formation, confluences, etc., to support your long trade. Can I ask you what you did use to enter the long entry?

Well it was a DBH (but for more than 10 pips) at resistance level. So I thought if price brakes that resistance and DBH, I will enter long...so It brakes it and I bought it...So the rest is history....
  • #18,410
  • Jan 12, 2009 8:21pm Jan 12, 2009 8:21pm
Quoting trujillo1980
Well it was a DBH (but for more than 10 pips) at resistance level. So I thought if price brakes that resistance and DBH, I will enter long...so It brakes it and I bought it...So the rest is history....
I see. It did move nearly 200 pips before hitting your s/l. Capture and protect your gains, especially against the trend.

As long as this Loss was a strong learning experience, I view it as a net Gain.
Indicators show the past. Price Action "Indicates" the future.
  • #18,411
  • Jan 12, 2009 9:03pm Jan 12, 2009 9:03pm
Quoting jarroo
I see. It did move nearly 200 pips before hitting your s/l. Capture and protect your gains, especially against the trend.

As long as this Loss was a strong learning experience, I view it as a net Gain.
No I bought @1.6870 (I needed to be sure it wasn't a fault resistance brake)
so it went 74 pips north in my favor before touching my S/L.

But now I see I should take profit early when playing against the trend to cover myself .

Take care
  • #18,412
  • Jan 12, 2009 9:35pm Jan 12, 2009 9:35pm
Quoting trujillo1980
No I bought @1.6870 (I needed to be sure it wasn't a fault resistance brake)
so it went 74 pips north in my favor before touching my S/L.

But now I see I should take profit early when playing against the trend to cover myself .

Take care

Protect your profits early with the trend as well.
Indicators show the past. Price Action "Indicates" the future.
  • #18,413
  • Jan 12, 2009 10:41pm Jan 12, 2009 10:41pm
Quoting trujillo1980
No I bought @1.6870 (I needed to be sure it wasn't a fault resistance brake)
so it went 74 pips north in my favor before touching my S/L.

But now I see I should take profit early when playing against the trend to cover myself .

Take care
Like Jarroo said truj.

Got to cover your ass quickly.

Also, I know it's hard to keep track of all the different levels, but you opened that trade just below the 50% retrace level from the most recent down leg (on the daily). ..Should always keep an eye on that one. Try and select trades where you have more room to get into that first take-profit that you'll be happy with. That way when you set the rest of your position to Break-Even you will be happy with the locked in result and won't care what happens to the rest.

I think the biggest issue was what you pointed out yourself. Playing breakout type PA against the trend is a no-no for me.
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Bundy's status today: "Waiting..."
  • #18,414
  • Jan 12, 2009 11:02pm Jan 12, 2009 11:02pm
ive been a reptile fanatic my entire life. my oldest son (11) and i have a snake business that does very well.

my son with Bob Clark. Bob is a regular on the Lettermen show and one of the most famous and respected snake experts in the world. Bob is a good friend and took a liking to my son several years ago. he actually invited us to his place to spend a whole day with him about two years ago. Bob owns the longest snake in captivity. it is 30 plus feet and is on loan to the Columbus zoo.


This is one of our hatchlings from last year. a super pastel ball python.


Quoting jarroo
I'm more of a leg man myself.
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  • #18,415
  • Jan 13, 2009 12:01am Jan 13, 2009 12:01am
Quoting james16
ive been a reptile fanatic my entire life. my oldest son (11) and i have a snake business that does very well.

my son with Bob Clark. Bob is a regular on the Lettermen show and one of the most famous and respected snake experts in the world. Bob is a good friend and took a liking to my son several years ago. he actually invited us to his place to spend a whole day with him about two years ago. Bob owns the longest snake in captivity. it is 30 plus feet and is on loan to the Columbus zoo.


This is one of our hatchlings from last year. a super...
Wow, cool stuff Jim. I'm sure the wife is very happy. lol (just kidding).
Indicators show the past. Price Action "Indicates" the future.
  • #18,416
  • Jan 13, 2009 12:05am Jan 13, 2009 12:05am
Quoting benem
Any suggestion on this?
I'm going long on the Daily IB.
Nice confluence....61%-PPz 0,88-150 ema and last nice hidden divergency .
Of course everithing with the trend.

let see how it's going to beave tomorrow.

Thanks to everybody....this is the best place to lern how to trade .
I was looking at this setup myself, nice confluence and a lot of room to move. Im going to wait for the inside bar to break and close above. I would never trade an inside bar no matter how bullish/bearish it may seem. By doing this you are taking a more gut feel or opinion oriented trade rather rather than pa. I admit my gut feel is usally wrong so i dont do much thinking and just do what the chart tells me. This chart may go up like a rocket and you will benefit, but in the long run you want to stick to pa which is a better edge than gut feel. Just my opinion but don't let anyone make you second guess your trades just something to think about.
KBURD
  • #18,417
  • Jan 13, 2009 1:11am Jan 13, 2009 1:11am
Here is a little something in the making....make a plan trade it...look for price action at this 38.2 fibb coming down...and keep in mind the market rythem your taking the trade from

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  • #18,418
  • Jan 13, 2009 1:15am Jan 13, 2009 1:15am
Just went long eur/usd on the 61 fib retracement from 1.2330 to 1.4718
and 4h bullish divergence.

Wanted to experiment with an outright aggressive position.
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Thank you Malcolm, Belekas, Jim, raczekfx and Ryanmcd !
  • #18,419
  • Jan 13, 2009 1:28am Jan 13, 2009 1:28am
Quote
Just went long eur/usd on the 61 fib retracement from 1.2330 to 1.4718
and 4h bullish divergence.

Wanted to experiment with an outright aggressive position.

Long without good CF, that is suscidal!
  • #18,420
  • Jan 13, 2009 1:31am Jan 13, 2009 1:31am
Quoting Naijafx
Long without good CF, that is suscidal!
SL is only 10 pips

as I said, a controlled suicide. Dont think its gonna last long
Thank you Malcolm, Belekas, Jim, raczekfx and Ryanmcd !
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