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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

  • #20,561
  • Feb 5, 2009 9:38am Feb 5, 2009 9:38am
Quoting Jlr
Its usually viewed as positive news when they cut rates, and will drive prices higher. There's a reason behind that, that is more then just hype, something to do with the value of the currency that directly makes it more valueable... someone smarter then I can probably answer.
edit: i think it supports your eur/gbp position well... also in that trade, looking nice so far, glad you post such awesome charts. ty for that
Its the other way around I think, rates up = prices up , rates down = prices down.

Amis
simple....
  • #20,562
  • Feb 5, 2009 10:24am Feb 5, 2009 10:24am
Quoting Airmos
Its the other way around I think, rates up = prices up , rates down = prices down.

Amis
That's correct. The idea is that if rates go up, the savings yield is now higher and more foreign money will be attracted to that countries currency (thereby increasing demand) because of the higher yield.
  • #20,563
  • Feb 5, 2009 10:37am Feb 5, 2009 10:37am
hey guys, i kno we r strictly pa & trade wat u c on ur charts here but was wondering is there any particular news to look out for
ive not checked on any news for wks now, dnt kno whether to look out for particular news like non farm payroll, unemployment and so on dat could really move the mkt...

thnx guys
Simplicity is the key to success
  • #20,564
  • Feb 5, 2009 10:45am Feb 5, 2009 10:45am
Quoting ady27
Thanks,

I guess that some of the charts have been removed, they are not there. Continue my journey through the thread and haven't found a post how to trade these patterns either.

Is there any pdf or document that explains how to trade: dblhc, dbhlc, buob, beob ect.

help needed.
Thanks josh for posting that. Was just going through the posts and was about to make another chart

Also the first few charts James posted for me must be clicked now. They are not gone, you just have to click the file name under his posts.

If you still have questions let me know I can throw a chart up too

Mike
  • #20,565
  • Feb 5, 2009 10:46am Feb 5, 2009 10:46am
Quoting squeezy
hey guys, i kno we r strictly pa & trade wat u c on ur charts here but was wondering is there any particular news to look out for
ive not checked on any news for wks now, dnt kno whether to look out for particular news like non farm payroll, unemployment and so on dat could really move the mkt...

thnx guys
James once said "I avoid the news like the plague." And I agree very much. I personally only take note of the bigger news like NFP and what not, just to be careful with spreads widening and slippage on potential new orders. But in terms of looking out at news. I personally care less.


Mike
  • #20,566
  • Feb 5, 2009 10:47am Feb 5, 2009 10:47am
Quoting squeezy
hey guys, i kno we r strictly pa & trade wat u c on ur charts here but was wondering is there any particular news to look out for
ive not checked on any news for wks now, dnt kno whether to look out for particular news like non farm payroll, unemployment and so on dat could really move the mkt...

thnx guys
If you're trading PA, especially on the higher timeframes as you should be doing, then news should not have any drastic effect IMO. If there's a daily PB or BEOB in a good location, with plenty of space etc, etc, then trade it as the setup suggests.

That being said, I will always be aware of the big news events for the week: Interest Rate statements, Non Farm Payroll etc, just so I'm aware of them and can make sure that if I do have any trades on the table, that the positions are protected.

Normally though, PA will give you a good indication ahead of time as to how the news will effect the pair. Take a look at gbpchf today (I made a post on it earlier). Right before the GBP Interest rate decision we had a BUOB on the 4h chart, which closed in a very positive manner. Once the rate decision came out, price confirmed the setup and off we went!

Others will take a view that it just isn't worth trading on these big news days and I can agree with them to a point, and generally speaking I won't, unless a very good looking setup appears, such as today. If in doubt though, stay out and protect your dollars!
  • #20,567
  • Feb 5, 2009 10:49am Feb 5, 2009 10:49am
Quoting squeezy
hey guys, i kno we r strictly pa & trade wat u c on ur charts here but was wondering is there any particular news to look out for
ive not checked on any news for wks now, dnt kno whether to look out for particular news like non farm payroll, unemployment and so on dat could really move the mkt...

thnx guys
There are 5 or 6 news that can really make the market move. The ones that you've mentioned SHOULD move the market, but as someone else already wrote here, the news are already digested before the announcement, still at those moments you should stay out of the trade until everything is calm again. I know that from personal experience 1 sec its +50Pips 5sec later its
-50Pips.

Amis
simple....
  • #20,568
  • Feb 5, 2009 11:10am Feb 5, 2009 11:10am
USD/JPY looks to be headed to a ppz and could possibly form a nice pb on the daily.
Patience + Humility + Study = Success
  • #20,569
  • Feb 5, 2009 11:10am Feb 5, 2009 11:10am
What's up with Japan ? It's being rap** on all currency pairs, cant find any info about it.

Someone?

Amis
simple....
  • #20,570
  • Feb 5, 2009 11:16am Feb 5, 2009 11:16am
Quoting Airmos
What's up with Japan ? It's being rap** on all currency pairs, cant find any info about it.

Someone?

Amis
yeah some crazy stuff goin on around, I am very much out except the eur/gbp short.
I believe . . .
  • #20,571
  • Feb 5, 2009 11:18am Feb 5, 2009 11:18am
thnks guys for the fast reply, hope others took note as well
as for me, i think im going to be avoiding the news, dnt want to add to my problems, strictly pa for me
two 2 questions guys,

1. wat do u do when a trade goes against u , do u hope for the bbest for it to retrace back to ur be or jst watch it take u out at ur sl
2.there r some trades dat when u c, u cld enter based on fib, tl, divergence or watever but dnt giv u good pa to enter
do u enter or wait strictly for pa
thnx
hope those were sensible questions, shld throw more as they bother me
cheers
Simplicity is the key to success
  • #20,572
  • Feb 5, 2009 11:19am Feb 5, 2009 11:19am
Quoting ghous
yeah some crazy stuff goin on around, I am very much out except the eur/gbp short.
Bagged 80 pips on 3 pairs on mini retracements, still I think that it still has some power to go.
simple....
  • #20,573
  • Feb 5, 2009 11:21am Feb 5, 2009 11:21am
Quoting squeezy
thnks guys for the fast reply, hope others took note as well
as for me, i think im going to be avoiding the news, dnt want to add to my problems, strictly pa for me
two 2 questions guys,

1. wat do u do when a trade goes against u , do u hope for the bbest for it to retrace back to ur be or jst watch it take u out at ur sl
2.there r some trades dat when u c, u cld enter based on fib, tl, divergence or watever but dnt giv u good pa to enter
do u enter or wait strictly for pa
thnx
hope those were sensible questions, shld throw more as they bother...
Hey S,

To answer your first question. I have a plan and stick to it. Yes it is that simple for me. I have my entry plan, and have my exit plan. Sure it varies from trade to trade. But I follow it. I never hope for anything. I just execute my plan, and the rest is up to the market for me. If a trade goes against me from the start I don't panic and get out if nothing happened to execute my exit strategy. My stop loss is in place because and that point the trade becomes invalid.

Question 2, is I always wait for PA. Entering blindly on divergence can destroy you fast in a trending market. So many trades all the time, might as well wait for some solid confirmation. Some people are more aggressive traders and enter blindly in certain spots, but I think especially if you are new to just stick to solid PA at solid locations.

Mike
  • #20,574
  • Feb 5, 2009 11:25am Feb 5, 2009 11:25am
Quoting squeezy
thnks guys for the fast reply, hope others took note as well
as for me, i think im going to be avoiding the news, dnt want to add to my problems, strictly pa for me
two 2 questions guys,

1. wat do u do when a trade goes against u , do u hope for the bbest for it to retrace back to ur be or jst watch it take u out at ur sl
2.there r some trades dat when u c, u cld enter based on fib, tl, divergence or watever but dnt giv u good pa to enter
do u enter or wait strictly for pa
thnx
hope those were sensible questions, shld throw more as they bother...
It all depends on what kind of a trader you are Squeezy. You could either be a mike and jarroo or you could be a voodoo specialist like Raczekfx and Jeff

For most of us however (i.e those new to this stuff) it is highly recommended that one should wait for PA at all times.

That said when a trade still fails (i.e an A+ trade) and you have nothing to beat yourself up for, the best thing to do is to obviously wait to get stopped out (hit your SL) than to exit prematurely. Hence some gery matter is to be used when deciding your SL

Regards,
Ghous.
I believe . . .
  • #20,575
  • Feb 5, 2009 11:26am Feb 5, 2009 11:26am
Quoting squeezy
thnks guys for the fast reply, hope others took note as well
as for me, i think im going to be avoiding the news, dnt want to add to my problems, strictly pa for me
two 2 questions guys,

1. wat do u do when a trade goes against u , do u hope for the bbest for it to retrace back to ur be or jst watch it take u out at ur sl
2.there r some trades dat when u c, u cld enter based on fib, tl, divergence or watever but dnt giv u good pa to enter
do u enter or wait strictly for pa
thnx
hope those were sensible questions, shld throw more as they bother...
Hey sq ,

1.Well SL is holy, and you shouldn't remove it. NO TRADE THAT I THOUGHT WOULD REVERSE HAD EVER REVERSED( sorry for Caps Lock) that's why 2/3 of my account went Bye Bye.
2.You have a system, and based on that you fallow your rules, strict discipline will give you profit, no discipline and especially GREED will take profits from you. Anyways.... as someone has said before it depends on the experience you've gained and the knowledge of the market, so basicly you can enter without a clear signal of PA. Still less risk is wayyy better.

Amis
simple....
  • #20,576
  • Feb 5, 2009 11:30am Feb 5, 2009 11:30am
Quoting Airmos
Bagged 80 pips on 3 pairs on mini retracements, still I think that it still has some power to go.
Some? think again...lol!
I believe . . .
  • #20,577
  • Feb 5, 2009 11:33am Feb 5, 2009 11:33am
Well the 2d bar after the HUUUUGE one seemed promising

Anyone has thoughts about that Move ?
simple....
  • #20,578
  • Feb 5, 2009 11:37am Feb 5, 2009 11:37am
Quoting Airmos
Well the 2d bar after the HUUUUGE one seemed promising

Anyone has thoughts about that Move ?
Promising in what sense?
I believe . . .
  • #20,579
  • Feb 5, 2009 11:43am Feb 5, 2009 11:43am
Quoting ghous
Promising in what sense?
That it ended a green bar ;] C>O ;] just the shape of it didnt really go along with my "seems promising"
simple....
  • #20,580
  • Feb 5, 2009 11:45am Feb 5, 2009 11:45am
Quoting Airmos
That it ended a green bar ;] C>O ;] just the shape of it didnt really go along with my "seems promising"
Which timeframe? Could you kindly post a chart???
I believe . . .
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