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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

  • #20,701
  • Edited 12:16pm Feb 6, 2009 9:20am | Edited 12:16pm
Quoting arcus
Hi Rac,

If I may ask you, at which point do you start to change your stop to BE? Is it at minor PPZ marked by the orange line? I assume your entry would be somewhere on the line (touch entry). Thanks!
It depends on the account I'm trading. On the larger account I usually take half off quickly (30-50ps) and move stop to be+1 at the time. On smaller acc, I hide my stops below/above PA setups and ppz and let the trade breathe.
My initial entry was 10bars to the left on the break of the IB. I closed some pos. at 117.80 yesterday (this was luck; I had to leave for 2 hours) and added more in asia around 117 with all stops @ 115.70. Later on I changed my mind (no action at Tokyo open) and decided to hedge positions (removed stops) when price slipped to 116. 40. Closed short leg of a hedge at 115.80 and half of long positions again at 117.70 (an hour ago). Now I'm only long with stops at 116.60 (about 20ps below 4hr ppz). Hope it made sense..
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  • #20,702
  • Feb 6, 2009 9:49am Feb 6, 2009 9:49am
Quoting raczekfx
...Hope it made sense..
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Thanks rac!
  • #20,703
  • Feb 6, 2009 10:54am Feb 6, 2009 10:54am
WOW! That trade really has helped motivate me a little more, Raczekfx.

I had sort of gotten frustrated with missing out on trades (though I know better than to take bad trades).
  • #20,704
  • Feb 6, 2009 11:54am Feb 6, 2009 11:54am
Raczekfx,

I am trying to understand the way you entered the last BUOB on EJ.
As fas as I understand, you didn't trade on the break but more on the retrace to the MA.
Is that true? Do you always trade this way, or do you trade on the break sometimes?
Which MA is it?

Cheers
  • #20,705
  • Feb 6, 2009 12:01pm Feb 6, 2009 12:01pm
Quoting unlv_tj
WOW! That trade really has helped motivate me a little more, Raczekfx.

I had sort of gotten frustrated with missing out on trades (though I know better than to take bad trades).
Don't be Unlv,

I missed most of the action too...it's just how it goes...I missed Gbp/Chf long trade, I got stopped out on my Eur/Gbp short and played on a couple of bad trades at the same time I have quite a few positives for the week too...

The best thing to do now is to gest your mind off trading for a while, The last thing you want to be doing now is to hang around FF in search of just one person who had a week this bad in an attempt to elminate the impact of being lonely and feeling like "I am the only one!" I know the feeling trust me...

With the weekend approaching it should'nt be difficult Unlv, have some rest enjoy (hang up with friends, try to be outside some fresh air would be great) and come back Monday to launch your new self. we'll all be here waiting for you to kick off with some nice trades You have great chances of doing so if you follow this advice...

Cheers,

C ya next week!

Regards,
Ghous.
I believe . . .
  • #20,706
  • Feb 6, 2009 12:13pm Feb 6, 2009 12:13pm
Nice trade, did not take it (late friday after nfp).
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  • #20,707
  • Feb 6, 2009 12:22pm Feb 6, 2009 12:22pm
Quoting Baba G
Max risk is 2.5% with a max of 9% in the order book.
The system enjoys an 80% win rate and i make 75% more profit than loss which makes a great yeild curve.
I define targets for profit and divide my order in 3 so i can A.Take profit B.Go even C.Let run.All in any combo.
Dear M. Baba G!
How do You mean i make 75% more profit than loss?
You have 1,75 unit reward / 1 unit risk in pips,
or 1,75 unit reward / 1 unit risk in USD?
Thank You in advance,
M. Poirot
  • #20,708
  • Feb 6, 2009 12:37pm Feb 6, 2009 12:37pm
Quoting Baba G
now I get it.
An epiphany, so to speak, in the trading world.

The first is consistant entry and win.Second was consistant managment.Third consistant exit and last consistant % risk.
...Exits are part of my managemant. Or You handle SL moving as managemant, and exits as exits? Would You be so kind to elaborate on this?
Thanks again,
M. Poirot
  • #20,709
  • Edited 1:05pm Feb 6, 2009 12:40pm | Edited 1:05pm
Quoting Lapin
Raczekfx,

I am trying to understand the way you entered the last BUOB on EJ.
As fas as I understand, you didn't trade on the break but more on the retrace to the MA.
Is that true? Do you always trade this way, or do you trade on the break sometimes?
Which MA is it?

Cheers
I only care about ppzs (S/Rs), PA and fibs, nothing else. I was in the trade before buovb (my previous post), so buovb kind of brought a smile on my face..
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  • #20,710
  • Feb 6, 2009 12:43pm Feb 6, 2009 12:43pm
Quoting raczekfx
if this buovb off 4hr ppz is trying to say anything perhaps the next station will be 119.60 and then 122...
anyhow.. stops at BE+, it's friday and time to wind down, relax with something good... Have a good one
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not going to keep it over the weekend, even though we might get a nice gap.
119.60 is good enough for now. Flat ..
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  • #20,711
  • Feb 6, 2009 12:45pm Feb 6, 2009 12:45pm
Quoting raczekfx
not going to keep it over the weekend, even though we might get a nice gap.
119.60 is good enough for now. Flat ..
raczek,

I actually anticipate a retrace on the 4hr toward the 118/117.50 area and then a bounce towards 122. As it looks like there's a ppz on the 4h around that area. Or are my eyes deceiving me?
Patience + Humility + Study = Success
  • #20,712
  • Feb 6, 2009 12:47pm Feb 6, 2009 12:47pm
Quoting raczekfx
not going to keep it over the weekend, even though we might get a nice gap.
119.60 is good enough for now. Flat ..
BUOB on Weekly and a big Daily W reversal pattern could be a distant possibility.
Thank you Malcolm, Belekas, Jim, raczekfx and Ryanmcd !
  • #20,713
  • Feb 6, 2009 12:55pm Feb 6, 2009 12:55pm
Quoting DutchTrader
raczek,

I actually anticipate a retrace on the 4hr toward the 118/117.50 area and then a bounce towards 122. As it looks like there's a ppz on the 4h around that area. Or are my eyes deceiving me?
that would be very nice

..but if you have a look at fiber, it appears like 'kind of' triple bottom in the making on daily. It almost looks like it's preparing to fly to 134.50 or something. Market is getting flooded with $$$ right now, hence I'm looking forward to the next week...
  • #20,714
  • Feb 6, 2009 1:01pm Feb 6, 2009 1:01pm
Quoting raczekfx
that would be very nice

..but if you have a look at fiber, it appears like 'kind of' triple bottom in the making on daily. It almost looks like it's preparing to fly to 134.50 or something. Market is getting flooded with $$$ right now, hence I'm looking forward to the next week...
Yeah I see that on the e/u that would be a great setup for next week indeed. Well time for some homework. Great weekend to all.
Patience + Humility + Study = Success
  • #20,715
  • Feb 6, 2009 1:30pm Feb 6, 2009 1:30pm
I know that some people dont like to trade on friday but I have a question for you guys. If it comes to the end of the day and you have a pin, do you take it and hold over the weekend(what about a 4Hr pin?) I think I remember Mike saying he doest trade on Fridays??

I am eyeing this up it looks juicy to me>>thoughts if it closes as a pin?
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  • #20,716
  • Feb 6, 2009 2:01pm Feb 6, 2009 2:01pm
Quoting datogio
I suppose its time to bank some profits, that 4H pinbar makes me nervous
Chris P:
Quote
Until the PB has confirmed it isn't valid!! Have faith in your trade and only exit when price confirms a reversal.No need to hand back those hard earned pips just yet

Chris P has it right. And once that PB broke, it got me totally out of my Eur/Gbp trade. Especially before NFP. The prior PB tickled the break in the beginning but then failed and told me that we were heading down some more.

Also if you enter a Daily PA setup and everything is moving fine then you see a PB on the 4 hour time frame. If it never breaks and fails, great. But if it breaks, the move may be short lived and then continue in your direction.

Price never moves in a straight line. (OK, maybe the Gbp/Jpy, but she's crazy)

Jim
Indicators show the past. Price Action "Indicates" the future.
  • #20,717
  • Feb 6, 2009 2:07pm Feb 6, 2009 2:07pm
Quoting ady27
Hi guys,

it look like a valid buob (my 4H ends in 10 minutes):

1. touched 116.00 (round) which is PPZ.
2. confluence daily pivot
3. looks like a minor up trend shift with the 21ma
4. E/U looks the same. currency correlation

Questions for the experienced PA's:
1. Is it valid?
2. If yes, would you wait for ret to 50% of the big bar? taking the chance of missing it

thanks for the help
If it holds its a valid formation of a BUOB.

Is it tradable? Like to see BUOB at swing Lows and BEOB and swing Highs.

Another approach is that a BUOB is a bullish formation and when taken with a bullish trend could be doable but risky at any retracement.
Indicators show the past. Price Action "Indicates" the future.
  • #20,718
  • Feb 6, 2009 4:51pm Feb 6, 2009 4:51pm
I'm sure everyone already sees it, anyway, chart of euro buob daily, once that and 1.3 break, pretty solid trade, I'll be playing anyway.
Of course 3085 has a bit of a PPZ, but I think while it might get held up there, we have a good chance this trade will go for a while, my plan is to hold and give this one more room to move.
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  • #20,719
  • Feb 6, 2009 5:04pm Feb 6, 2009 5:04pm
Quoting Mr Smith
I'm sure everyone already sees it, anyway, chart of euro buob daily, once that and 1.3 break, pretty solid trade, I'll be playing anyway.
Of course 3085 has a bit of a PPZ, but I think while it might get held up there, we have a good chance this trade will go for a while, my plan is to hold and give this one more room to move.
Hey bro,

Yeah . it looks good apart from the fact it closed below the 1.30. I would have rather had the 1.30 running through it but hey I am picky like that . Still gives me long bias for intraday stuff on monday though. I will be watching the 1.30 level like a hawk either way .
  • #20,720
  • Feb 6, 2009 5:05pm Feb 6, 2009 5:05pm
Yea closing above 1.3 woulda been great, a break of it will have to do for me, yea intraday should be fun next week with things lining up like this.
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