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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

  • #18,601
  • Jan 14, 2009 1:19pm Jan 14, 2009 1:19pm
Jarroo,

That is beautiful.

How often do you set your stop loss just above the (high/low) of the bar before the signal bar?

In most cases, or just in cases where you feel strongly about the upcoming strength of the next move?

Thank you for your help!

T.J.
  • #18,602
  • Jan 14, 2009 1:31pm Jan 14, 2009 1:31pm
Quoting unlv_tj
Jarroo,

That is beautiful.

How often do you set your stop loss just above the (high/low) of the bar before the signal bar?

In most cases, or just in cases where you feel strongly about the upcoming strength of the next move?

Thank you for your help!

T.J.
Usually they act like they should behave when they break. Which is, Price breaks and then runs for 80 to 100 pips like the Eur/Usd and Eur/Jpy did today. lol

Obviously this isn't always the case so I tend to look for inner S/R levels within the PA setup itself to reduce my risk. I am slowly learning that the best s/l placement is above or below the given PA setup.
Indicators show the past. Price Action "Indicates" the future.
  • #18,603
  • Jan 14, 2009 2:05pm Jan 14, 2009 2:05pm
Quoting mbqb11
Regardless of what happened with this trade, you can't let that affect your emotions at all. You are going to have tons of winners and tons of losers along the way. After awhile you realize it is "just another trade". The sooner you can do this, let your emotions/ego/feelings get out of the way, the faster the learning curve will speed up. It's a process, but just stay as clear minded as possible and enjoy every second of it.

Head up next trade

Mike
Thanks for that, Mike.
It's just been a shocking 2 or 3 days. It's not the losing('though that DOES sting), it's more the repeating of a couple of 'old' mistakes(not the Loony PB-that's a brand spanking new mistake!), which I thought I'd ironed out some time ago. Mix in some hubris from the celebration of a first profitable year of trading, and you probably get the picture.
Thing is, if I trade 'within' myself, so to speak, I'm totally confident that, over a full year I can, even now, make 20%+ on my account. But I started off with a crazy over optimism which told me that if I threw myself into trading full tilt, I'd rapidly learn to make amounts which would finance a larger, more tactically conservative, trading account. I've now been awakened to the fact that whilst it is possible to make occasional huge returns(done it), it's also a certainty that you'll blow your account in the long run.
Time to put my hand in my pocket.
Now, I just need to explain this idea to the wife..........................!
  • #18,604
  • Edited 3:10pm Jan 14, 2009 2:52pm | Edited 3:10pm
Quoting Interceptor
Thanks for that, Mike.
It's just been a shocking 2 or 3 days. It's not the losing('though that DOES sting), it's more the repeating of a couple of 'old' mistakes(not the Loony PB-that's a brand spanking new mistake!), which I thought I'd ironed out some time ago. Mix in some hubris from the celebration of a first profitable year of trading, and you probably get the picture.
Thing is, if I trade 'within' myself, so to speak, I'm totally confident that, over a full year I can, even now, make 20%+ on my account. But I started off with a crazy over...
Man, I read that and see my past self in your mistakes there.

Many here would admit the same. lol

Hey, I'm just posting my charts here with a Fib line you should have been watching. ....The orange one marked with the white crosses... It's also a pivot zone.
Notice how this fib IS the pivot. (Most PPZs worth watching are fibs from my experience.)

Don't be disheartened. It's just a learning curve mistake.

In most pin location cases like you pointed out in your set up that wouldn't break the low and trigger. It was only the need to touch that PPZ/fib again that began the trade. From my observations, a pin like that would often have already touched that fib (as it's low) and you'd have been ok and not triggered.
...Personally I'd have avoided the trade, because I've been doing this long enough now to check a few important things out religiously before every trade.

ALWAYS be aware of your weekly / monthly pivot and fib locations. They are so strong.

EDIT: I'd suggest always checking for trendline pullbacks too. A lot of failed pins (all PA , but especially pins) are only pullbacks to support/resistance and trend lines are just as valid in this.

Sorry, I looked at your original post last night before going to bed, and without zooming out I knew it didn't sit well for some reason, but I was too tired to check it out, find out why, and give you the heads up.

Anyway, keep on truckin.
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Bundy's status today: "Waiting..."
  • #18,605
  • Jan 14, 2009 3:19pm Jan 14, 2009 3:19pm
Quoting Interceptor
Thanks for that, Mike.
It's just been a shocking 2 or 3 days. It's not the losing('though that DOES sting), it's more the repeating of a couple of 'old' mistakes(not the Loony PB-that's a brand spanking new mistake!), which I thought I'd ironed out some time ago. Mix in some hubris from the celebration of a first profitable year of trading, and you probably get the picture.
Thing is, if I trade 'within' myself, so to speak, I'm totally confident that, over a full year I can, even now, make 20%+ on my account. But I started off with a crazy over...
Many words of wisdom from Mike and Bundy. Yes Bundy, I been there before as well.

Believe it or not Interceptor you have gain a ton of expierience in last "2 or 3 days". It is these trying times that we don't see or feel the experience we have gained.

Many trades go through this, throw their hands up and give up. Yet you sir will Perservere, because that's what suscessful traders do.

Hang in there buddy. You'll get there.

Jim
Indicators show the past. Price Action "Indicates" the future.
  • #18,606
  • Jan 14, 2009 4:06pm Jan 14, 2009 4:06pm
The last time she gave us one of these inside bars, I made tons of pips, but I'm a bit chicken to short at this low level.
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"Don't trade to trade . . . trade to win." - James16
  • #18,607
  • Jan 14, 2009 4:11pm Jan 14, 2009 4:11pm
Quoting ghous
I seriosuly want this post framed on my bedroom wall...what would i be without all you guys and this platform...

happy trading bro

Regards,
Ghous.
Hi Ghous,

I remember someone writing this before....BUT...amongst all the positives about this thread is that - something that affected my subconcious - was that it can make you feel like you are missing out on trades - I mean seeing others take successful trades. I really believe that this can make you feel like you are missing out and therefore too eager to trade and not take the A+ setups....

Hope this helps,

Regards,

Joe
  • #18,608
  • Jan 14, 2009 4:13pm Jan 14, 2009 4:13pm
The daily Usd/Cad is surely a BUOB
Anybody trading it?
  • #18,609
  • Jan 14, 2009 4:14pm Jan 14, 2009 4:14pm
then again, if it breaks 129.79, we may enter no man's land . . .
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"Don't trade to trade . . . trade to win." - James16
  • #18,610
  • Jan 14, 2009 4:21pm Jan 14, 2009 4:21pm
a continuation lower?
maybe, maybe not.
Now your risk, use proper MM and treat this as business.
.
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  • #18,611
  • Jan 14, 2009 4:27pm Jan 14, 2009 4:27pm
Quoting bundyraider
Man,...
Thanks, Bundy & Jaroo.
I'm going to sit down with your posts tomorrow and try to 'nail' it.
I'm a little too 'relaxed' at the moment!
  • #18,612
  • Jan 14, 2009 4:27pm Jan 14, 2009 4:27pm
Quoting xcov
The daily Usd/Cad is surely a BUOB
Anybody trading it?

it is but it is not in good location
  • #18,613
  • Jan 14, 2009 4:32pm Jan 14, 2009 4:32pm
Quoting xcov
The daily Usd/Cad is surely a BUOB
Anybody trading it?
The EUR/CAD would be a better choice IMO.
  • #18,614
  • Jan 14, 2009 4:37pm Jan 14, 2009 4:37pm
Quoting fxprocessor
BUOB at 61.8 Fib
3rd touch of a trendline
Potential head and shoulders.

Price broke the BUOB and just below the orange line is first target.
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  • #18,615
  • Jan 14, 2009 4:37pm Jan 14, 2009 4:37pm
Quoting xcov
The daily Usd/Cad is surely a BUOB
Anybody trading it?
Hey xocv,

Its looking nicely placed to me, broken the 1.2460 ppz but I'd like to see it break the round number of 1.2510....so I'll probably place a buy stop around there...looks like a bit of room to move to the long side...I say probably because I'm waiting for the spread to come down on Oanda...its 10 pips at the moment.

Hope this helps,

Joe
  • #18,616
  • Jan 14, 2009 4:40pm Jan 14, 2009 4:40pm
Quoting Icehocey77
The EUR/CAD would be a better choice IMO.
Or potentially CAD/JPY. Not a traditional reversal engulfing bar, but if it gets past the last line of support around 71.50, look out below.
PipMasterFlex
  • #18,617
  • Jan 14, 2009 4:46pm Jan 14, 2009 4:46pm
a bar like the last one, would be nice. I'd be happy with one on 4hr as well..
.
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  • #18,618
  • Jan 14, 2009 4:57pm Jan 14, 2009 4:57pm
Quoting Interceptor
Ladies and Gentlemen, I give you...............
Death By PinBar!
I'm still alive!

Coincidentally, I just posted USDCAD to my journal

I only have one bearish pin, that, although happening a bit too "low" for my tastes(too much occlusion by the bar before it) caused me to exit my long(before getting back in again later), I feel it was pretty prominently placed => the area had shown reactions before, and this comes pretty close to the rustyjeff/raczekfx stuff all on it's own. Add the PA-PB and I was out of my long trade faster than you can say "protect your profit"
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Trust price. Know yourself.
  • #18,619
  • Jan 14, 2009 4:57pm Jan 14, 2009 4:57pm
Quoting raczekfx
a bar like the last one, would be nice. I'd be happy with one on 4hr as well..
.
Careful now, I almost blindly entered a short on that daily pin you have showing, that is until I looked at my chart. jk
  • #18,620
  • Edited 7:08pm Jan 14, 2009 5:04pm | Edited 7:08pm
Since it's been a CAD themed day and stocks and carry were mentioned, I wanted to post the CADJPY progression from my journal. I am not sure whether this has been posted (I am sorry, but due to lack of time and energy I truly haven't kept track of the last 4-500 posts or so, so please bear with me) but I feel this is another great example of what you want to be looking for and WHERE.

CLEAN run up (What? BUB BUB PB BEB BEB is what you want to have...just like BEB BEB PB BUB BUB...long, clean, protruding...and Where? At swing extremes, preferably areas that have already "proven" themselves once before) and then reaction.

Mark and RJ show that the markets aren't unpredictable by doing the extreme and trading reactions as they happen - I'm still scared, I wait for these type of setups to occur and give me faith to play them instead.
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Trust price. Know yourself.
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