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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

  • #23,681
  • Mar 13, 2009 6:34am Mar 13, 2009 6:34am
Quoting dkmb92
sorry to quote myself, but this is something that i am really interested in. so if anyone has any info on this will you please help a fellow j16'er out? i really dont know that much about futures & nothing about options. thx.
btw, wkly & mthly pins on g/j, woohoo!
Options expire the 2nd week of the month, on fridays. They are usually pretty bland days. Wish I could help you more
  • #23,682
  • Mar 13, 2009 7:12am Mar 13, 2009 7:12am
gbp/usd weekly
nice forming pin bar at 1.4 ppz
the problem is the target...
what do you think?
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  • #23,683
  • Mar 13, 2009 7:20am Mar 13, 2009 7:20am
Hello Bakko85,

Becareful, it's not a PB but an OUTSIDE bar on my ActivTrades feed and look to your left, the 1.28 level seems to act as a resistance level.

It does NOT mean that this trade couldn't work out, but it's not a A++ set-up even with this ind of exhaustion bar !!

Don't forget, it's just MHO !!

Thanks

Happy trading all

Cheers

Angel
  • #23,684
  • Mar 13, 2009 7:26am Mar 13, 2009 7:26am
Quoting LasVahGoose
I can relate, as I'm an over trade addict as well, so don't feel alone.
Just trying to stay disciplined LasVah. Thanks for the good word.
Patience + Humility + Study = Success
  • #23,685
  • Mar 13, 2009 7:27am Mar 13, 2009 7:27am
Quoting Eclipse
gbp/usd weekly
nice forming pin bar at 1.4 ppz
the problem is the target...
what do you think?
I like it but still 11h to close, so we've to sit and wait for now. These are a sort "un-explorered" zones, tested few times in the past (2000-2001 and in the 80's!)...We can see a bounce from the support at 1.39/1.40, and the pin bar on the weekly seems to confirm this event.
A first target could be at about 1.44/1.45...

This a newbie analysis, so correct me if i'm wrong..!

Let's see how the weekly bar closes
  • #23,686
  • Mar 13, 2009 7:29am Mar 13, 2009 7:29am
Quoting Angel65
Hello Bakko85,

Becareful, it's not a PB but an OUTSIDE bar on my ActivTrades feed and look to your left, the 1.28 level seems to act as a resistance level.

It does NOT mean that this trade couldn't work out, but it's not a A++ set-up even with this ind of exhaustion bar !!

Don't forget, it's just MHO !!

Thanks

Happy trading all

Cheers

Angel
Hi Angel,

i didn't take it on my demo account because of incoming news and, like you said, traffic on left! Extremely ranging market in these days for usdcad, the cross is dancing between 1.27 and 1.30...
  • #23,687
  • Mar 13, 2009 8:15am Mar 13, 2009 8:15am
Hello guys.
I read a lot of post about how important it is to move SL to BE as soon as first S/R level is reached. The problem is that I'm stopped out at BE very often with this approach.
BE looks like artificial level to me, so if we use PPZ for entering our trades and for PT projection, isn't it better to hide SL behind next S/R level instead of immediate moving to BE?
Thank you
alter
  • #23,688
  • Mar 13, 2009 8:18am Mar 13, 2009 8:18am
Quoting pakiestra
I'm a noob myself, a complete beginner on recovery process.
I've blown two accounts and now I'm back on the healing path. All my trades are on demo, even this EUR/CHF which brought easy 450 pips was demo. As I'm following the first page rules.However I don't regret I haven't taken it on a real account cause I know when I will be confident and grown enough to a...
Way to go pakiestra it all begins in our head, and ends in our head also. Admittance and then taking the rest steps is where it starts. Just keep at it following James advice and you will have a great chance at success in this business

Best of luck
Mike
  • #23,689
  • Mar 13, 2009 8:20am Mar 13, 2009 8:20am
Hello Bakko85,

Glad to hear that !!

Even with this ranging market, the most important fact IMHO is that 1.2750 is a perfet weekly PPZ on my feed.

I think that some traders on this board made serious money near this level at least 2 times just simply trading 4 hrs TF !!

Happy trading all

Cheers

Angel
  • #23,690
  • Mar 13, 2009 8:21am Mar 13, 2009 8:21am
Quoting alter
Hello guys.
I read a lot of post about how important it is to move SL to BE as soon as first S/R level is reached. The problem is that I'm stopped out at BE very often with this approach.
BE looks like artificial level to me, so if we use PPZ for entering our trades and for PT projection, isn't it better to hide SL behind next S/R level instead of immediate moving to BE?
Thank you
alter
Good question, sort of wonder the same. What I usually do is just take some pips at the first problem area, even if its not a huge problem area, I still do it. I take those pips and use them against my entry point slightly, to use that area to keep me in the trade, and still be able to get out with a small win oppose to a small loss. I don't think its a huge deal either way, but I enjoy doing it, it keeps you happy.
  • #23,691
  • Mar 13, 2009 8:27am Mar 13, 2009 8:27am
Hey Mike or any other seniors, are you concerned about holding some of these daily pins from yesterday into the weekend considering Masters of the Universe are having a G meeting this weekend?
  • #23,692
  • Mar 13, 2009 9:16am Mar 13, 2009 9:16am
Quoting joebryce
Hey Mike or any other seniors, are you concerned about holding some of these daily pins from yesterday into the weekend considering Masters of the Universe are having a G meeting this weekend?
Haha, question is: Who holds the power??

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  • #23,693
  • Mar 13, 2009 9:29am Mar 13, 2009 9:29am
Quoting joebryce
Hey Mike or any other seniors, are you concerned about holding some of these daily pins from yesterday into the weekend considering Masters of the Universe are having a G meeting this weekend?
It will depend how the day unfolds for me and if the trade is long term. With any short term trades; if my tp has not been hit and price has not moved substantially away from my entry, I may close for the weekend. But, I generally believe that the influential market participants already have their minds made. Of course, I could be wrong and they are going to change the world in two days.....insert twilight zone music.
  • #23,694
  • Mar 13, 2009 10:21am Mar 13, 2009 10:21am
Quoting HipsterPipster
It will depend how the day unfolds for me and if the trade is long term. With any short term trades; if my tp has not been hit and price has not moved substantially away from my entry, I may close for the weekend. But, I generally believe that the influential market participants already have their minds made. Of course, I could be wrong and they are going to change the world in two days.....insert twilight zone music.

That is generally how I approach it as well. I guess I'm a little concerned that with the characters involved they may scream 'fire' and that may kill what we are in the midst of. I guess I'm just concerned that recent PA may be 'very fragile'.
  • #23,695
  • Mar 13, 2009 10:42am Mar 13, 2009 10:42am
Surely ....
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  • #23,696
  • Mar 13, 2009 10:59am Mar 13, 2009 10:59am
Quoting joebryce
That is generally how I approach it as well. I guess I'm a little concerned that with the characters involved they may scream 'fire' and that may kill what we are in the midst of. I guess I'm just concerned that recent PA may be 'very fragile'.
No problem being cautious.
  • #23,697
  • Mar 13, 2009 11:09am Mar 13, 2009 11:09am
posted this setup earlier.....
took a trade at the break to the top....got my pips....

here it is again

http://i432.photobucket.com/albums/q...dun/gbpchf.gif
http://i432.photobucket.com/albums/q...un/gbpchf1.gif
  • #23,698
  • Mar 13, 2009 11:18am Mar 13, 2009 11:18am
Quoting pipmyride
Surely ....
Those pins are against a strong daily BUOB. The first PB kinda scared me cause I'm long, the second is just a bar of indecision. It is also pointing right into a strong ppz that was just broken. Kind of a break and pull back. Think I'll hold my long.
  • #23,699
  • Mar 13, 2009 11:34am Mar 13, 2009 11:34am
Quoting HipsterPipster
No problem being cautious.
...not for a faint-hearted. Up and down. Suppose S/L are getting triggered today all over the place.
So far looking at the Dow suppose some traders have taken money of the table and some don't mind this weekend saga.
Another lesson learnt today: apart from NFP be careful on Friday prior to G meetings. My demo account is my real one now, so I don't need to give back all weekly gains because of erratic price move, otherwise I will have to start all over again.
On the other side what these gyus can say/do ?
Every morning newspapers are screaming in red/black font about recession, Great Depression, depressed growth.
These don't have anything new to offer now and them saying there is world wide recession is just like lightening up the sun again. I can't be bothered.
  • #23,700
  • Mar 13, 2009 11:35am Mar 13, 2009 11:35am
Quoting HipsterPipster
It will depend how the day unfolds for me and if the trade is long term. With any short term trades; if my tp has not been hit and price has not moved substantially away from my entry, I may close for the weekend. But, I generally believe that the influential market participants already have their minds made. Of course, I could be wrong and they are going to change the world in two days.....insert twilight zone music.

I agree with Hip, Usually if my stop is far enough off market price that I am comfortable holding I will
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