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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

  • #21,981
  • Feb 19, 2009 4:44pm Feb 19, 2009 4:44pm
that was the big target you would expect eventually with resistance holding until reached. what is reality? the final target if thats the way someone trades or somewhere in between including breakeven. me personally was about half profit and half breakeven. most of my trades end up like that.

good question j,

jim

Quoting jarroo
That was a classic J16 "A" trade in my book Jim. I made some solid pips off that one.

At what point did you realize that Price was going to possibly reach that level of expectance? Or was there a point after the break of the Pin Bar that told you that Price was going hit that level?

My thoughts are that we would manage our trade with the expectation that those levels would be reached, if not, our trade is protected.

Jim
  • #21,982
  • Feb 19, 2009 4:48pm Feb 19, 2009 4:48pm
Quoting james16
the research and development part of our trading business.

Thank you JIM....For everything!!
  • #21,983
  • Feb 19, 2009 4:53pm Feb 19, 2009 4:53pm
Quoting LasVahGoose
4HR Chart: You have resistance at an old GAP (left Purple area) close to the 78.6 Fibo and your round numbers. The longer term trend is down, but I see the short term trend as up (RED trendline). Me personally, I'm a nooob by the way, would play this as a retrace play before moving North again.

Waiting for the break of the 134.00 is not a bad idea. This just my perspective, I'm really not an experienced trader, YET.

DailyChart: You can see the longer term trend.

EDIT: I just remembered that the 134.00 area is the old 1995 all time low, so...

Thanks for the input losVahGoose,
I think My trigger finger is getting itchy....But I have been strong enough to stay out of all these b,c trades I see.Due to my sleep and work schedule I have only been in 1 trade in the past 3 weeks.There also hasn't been many daily setups either.Really learning patience from this thread!!
P.S that one trade was a winner too!
  • #21,984
  • Feb 19, 2009 4:53pm Feb 19, 2009 4:53pm
Quoting james16
that was the big target you would expect eventually with resistance holding until reached. what is reality? the final target if thats the way someone trades or somewhere in between including breakeven. me personally was about half profit and half breakeven. most of my trades end up like that.

good question j,

jim

Yeah my 1st target was the previous bar High (of Pin Bar) for 150 pips. Then I just locked some in and got out before the weekend.

Thanks Jim.
Indicators show the past. Price Action "Indicates" the future.
  • #21,985
  • Feb 19, 2009 5:11pm Feb 19, 2009 5:11pm
USDPLN daily PIN. The spread is little bigger but PIN and location look splendid and I like that it is with the trend. Do you trade this pair?
Similar formation is on EURPLN.

alter
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  • #21,986
  • Feb 19, 2009 5:33pm Feb 19, 2009 5:33pm
Quoting alter
USDPLN daily PIN. The spread is little bigger but PIN and location look splendid and I like that it is with the trend. Do you trade this pair?
Similar formation is on EURPLN.

alter
Check this post....

For some reason usdpln brings memories of the first chart below..

.
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  • #21,987
  • Feb 19, 2009 5:46pm Feb 19, 2009 5:46pm
where would the Dow Jones will be heading?
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  • #21,988
  • Feb 19, 2009 5:49pm Feb 19, 2009 5:49pm
I feel you, I am in the same exact boat...1 trade 1 winner...being so patient something I never thought I would see from me lol Lets hope for some good setups

Quoting jlmac27
Thanks for the input losVahGoose,
I think My trigger finger is getting itchy....But I have been strong enough to stay out of all these b,c trades I see.Due to my sleep and work schedule I have only been in 1 trade in the past 3 weeks.There also hasn't been many daily setups either.Really learning patience from this thread!!
P.S that one trade was a winner too!
  • #21,989
  • Feb 19, 2009 6:30pm Feb 19, 2009 6:30pm
Quoting AlexWong76
where would the Dow Jones will be heading?
5800 then 4000
  • #21,990
  • Feb 19, 2009 6:39pm Feb 19, 2009 6:39pm
Quoting jlmac27
Thanks for the input losVahGoose,
I think My trigger finger is getting itchy....But I have been strong enough to stay out of all these b,c trades I see.Due to my sleep and work schedule I have only been in 1 trade in the past 3 weeks.There also hasn't been many daily setups either.Really learning patience from this thread!!
P.S that one trade was a winner too!
Well done guys. It's worth it.

You may end up with one trade in 3 weeks this time, but other times you will get a few quick 'A+' trades in succession. When you know this, the slow times are a bit easier to weather. ...A 'bit'. lol ...no...seriously worth it. Keep it up.
Bundy's status today: "Waiting..."
  • #21,991
  • Feb 19, 2009 7:00pm Feb 19, 2009 7:00pm
Quoting jarroo
Yeah my 1st target was the previous bar High (of Pin Bar) for 150 pips. Then I just locked some in and got out before the weekend.
Me too, took partial profit at 1st resistance, remainder got stopped out at BE on Sunday gap opening. Thatīs how "da man" teaches it...

RM
  • #21,992
  • Feb 19, 2009 7:06pm Feb 19, 2009 7:06pm
PB @1.68 resistence with 50% fib. confluence. TP1 could be @1.65.
Also we got a Beob on 4h.

What do you think guys???
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  • #21,993
  • Feb 19, 2009 7:07pm Feb 19, 2009 7:07pm
Was just taking a look at this. I never played an I4B before but I think this is one. This 118 level is obviously HUGE. Anyone looking to play a straight breakout? I now retracement and PA would be key but anyone think you can play an I4B on straight breakout maybe put a buy stop at 118.15?
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  • #21,994
  • Edited 7:22pm Feb 19, 2009 7:08pm | Edited 7:22pm
Quoting Rainmaker
Me too, took partial profit at 1st resistance, remainder got stopped out at BE on Sunday gap opening. Thatīs how "da man" teaches it...

RM

Same worked out for me...We are 3 with the same MM rules
  • #21,995
  • Feb 19, 2009 7:10pm Feb 19, 2009 7:10pm
Quoting trujillo1980
PB @1.68 resistence with 50% fib. confluence. TP1 could be @1.65.
Also we got a Beob on 4h.

What do you think guys???
I personally like this. I'm favoring the pound to drop anyway, but it looks like it's got at least 175-200 pips to run.
  • #21,996
  • Feb 19, 2009 7:17pm Feb 19, 2009 7:17pm
Quoting dmc
Was just taking a look at this. I never played an I4B before but I think this is one. This 118 level is obviously HUGE. Anyone looking to play a straight breakout? I now retracement and PA would be key but anyone think you can play an I4B on straight breakout maybe put a buy stop at 118.15?

Looks like 1.7000 Resistence, became Support now....
Other hand, I got bad experience paying I4B. Im ocnsidering not playing at this stage of my trading learning.
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  • #21,997
  • Feb 19, 2009 7:21pm Feb 19, 2009 7:21pm
Quoting G550
I personally like this. I'm favoring the pound to drop anyway, but it looks like it's got at least 175-200 pips to run.

My s/l is 150....but it could go 1.63 or even better 1.57
  • #21,998
  • Feb 19, 2009 8:05pm Feb 19, 2009 8:05pm
Quoting AlexWong76
where would the Dow Jones will be heading?
My View.
Breakout South With a Bullet.

I added some graphics to your cart that I have taken into consideration. This is a different scenario.
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  • #21,999
  • Feb 19, 2009 8:30pm Feb 19, 2009 8:30pm
Quoting raczekfx
Good luck with that and here is my present for you....
I'm sure you're interested in this index.....
I bet it's very quick and good money to be made here....
..
Hope you took advantage of this beauty...
.
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  • #22,000
  • Edited 10:31pm Feb 19, 2009 10:07pm | Edited 10:31pm
Once again I would like to attempt to teach while learning at the same time. I have been looking at AUD/NZD and feel that it might be time to go short soon. As a rookie, I have been struggling to learn the importance of patience, but thanks to this thread I am getting closer to that destination.

Attached are a monthly and weekly chart.

I have been following every post in this thread for about three months and am still fighting with my greedy/scared/impatient alter ego (let's call him Tyler) who wants to get rich quickly, but feel that I have come a long way thanks to some experienced traders who do not always follow the rules set forth for rookies like myself (this includes James, Mike, Jaroo, Piproo, Racz...., Bundi and a few others I have failed to mention).

I hope to someday be on a level where I can be beyond the rookie rules and make decisions on a higher level and a shorter time frame. I am thankful for all of you who are giving without taking. I am also thankful for your constant reminders for rookies like myself to sit back and wait for that A+ trade on a daily/weekly time frame. The world needs more people like you, especially in troubled times like today.

When I first looked at the AUD/NZD monthly chart, the 1.2800 level jumped out as a major suport/resistance area (flip area and round number, which is a good place to draw a PPZ). It called my name and said, "Trade Me", like the beverage Alice encountered in Wonderland.

Please excuse the lack of PPZs in my charts, as this is the most important concept from this thread that I am struggling with. Thanks to Jaroo, I am coming closer to being able to draw a PPZ by starting with support/resistance/price flips on higher time frames, zooming in to the daily time frame and using round numbers (like 1.2800).

Trading forex is a science and an art and I always have trouble being artistic. I have spent many hours searching for a mathematical formula that determines where to draw support/resistance levels, but have been unable to find it. Trying to find the correct areas to draw PPZs takes this quest to a higher level.

While looking at the weekly chart, the 1.2400, 1.2300 and 1.2100 levels stood out at suport/resistance areas. I believe that my feed has provided me with a DBHLC. The highs from the week of Feb 1st and Feb 8th are both at 1.2743. The lower low from Feb 8th is at 1.2417.

My current plan is to sell AUD/NZD at 1.2407 with a stop loss at 1.2753. Luckily, I have a broker who allows flexible lot sizes. This allows me to risk 2% of my account with a 346 pip stop loss. Current profit targets are 1.2100 and 1.1850.

In the time that I have been following this thread, I have noticed that a 10 pip buffer has been placed above the high and below the low of a pinbar (and other PA formations like DBHLC) as entry/stop loss. My question is: Do you alter the 10 pip stop loss/entry based on time frame? My instincts and limited forex knowledge tell me that this buffer should be larger when trading on larger time frames.

Please comment on my analyisis and don't hold back on bashing any detail of my post with constructive criticism to help roookies like me.
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