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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

  • #25,861
  • Apr 2, 2009 11:23am Apr 2, 2009 11:23am
Quoting jarroo
Eur/Gbp 42 pips on the 1st half and then moved my stop loss on the 2nd half just below my entry about 20 pips.
I was scratching my head Jim when you said EUR/GBP. Had a look at the chart and couldn't spot a typical Jaroo setup. And then came the chart... EUR/CHF! lol It all makes sense now

Personally I'm TP'ing the short Loonie at the rising trendline. If we get a breakout and pullback to the downside I'll take that after, but there's a good chance price will have a reaction there.
  • #25,862
  • Apr 2, 2009 11:23am Apr 2, 2009 11:23am
Quoting jarroo
Eur/Gbp 42 pips on the 1st half and then moved my stop loss on the 2nd half just below my entry about 20 pips.

......
this pa @ ppz's sure makes life easy Jim.
  • #25,863
  • Apr 2, 2009 11:43am Apr 2, 2009 11:43am
Quoting jarroo
Eur/Gbp 42 pips on the 1st half and then moved my stop loss on the 2nd half just below my entry about 20 pips.
You meant EURCHF both times, right?

I, too, wonder about what the commods, oil, metal, stocks, USD will end up doing..
Trust price. Know yourself.
  • #25,864
  • Apr 2, 2009 11:50am Apr 2, 2009 11:50am
Quoting Chris P
I was scratching my head Jim when you said EUR/GBP. Had a look at the chart and couldn't spot a typical Jaroo setup. And then came the chart... EUR/CHF! lol It all makes sense now

Personally I'm TP'ing the short Loonie at the rising trendline. If we get a breakout and pullback to the downside I'll take that after, but there's a good chance price will have a reaction there.
Some times my head doesn't listen to my typing fingers.
Indicators show the past. Price Action "Indicates" the future.
  • #25,865
  • Apr 2, 2009 11:54am Apr 2, 2009 11:54am
Quoting SeekingLight
You meant EURCHF both times, right?

I, too, wonder about what the commods, oil, metal, stocks, USD will end up doing..
Yeah, sorry about that.
Attached Image
Indicators show the past. Price Action "Indicates" the future.
  • #25,866
  • Apr 2, 2009 11:55am Apr 2, 2009 11:55am
Nice PIN on CHFJPY weekly chart was stop out as well. I think it was A setup, taken from weekly PPZ, 38.2 fib ret., and a lot of space down to 82 area where was my first PT(I think its obvious from the chart). At least it takes much longer to blow out account on weekly chart then on H4 or H1.
alter
Attached Image (click to enlarge)
Click to Enlarge Name: chfjpyw.JPG Size: 124 KB
  • #25,867
  • Apr 2, 2009 11:57am Apr 2, 2009 11:57am
this is the right way to go or at least something similar.

ok ok i know its not neccesarily the only way but its how you find eventual freedom imho.

jim

Quoting markmm
I have moved to be with the U/C pin bar, now a free trade, I think although theres a lot of hurdles in the area, its useful to a least be in with a free trade incase it breaks down, if not, nothing lost.

On the account size issue, reading the advice of the experienced members I initially felt it was too conservative, I already had adjusted my expectations from making a living off scalping to building my account on the weekly/daily (4hourly after 6 months and 3months demo) to 50k then going full time.

However I think if you can build an account...
  • #25,868
  • Apr 2, 2009 12:04pm Apr 2, 2009 12:04pm
i knew when i posted that someone would respond.

there are more people out there that have been to the bottom than many of you know. im one of them so i know what the bottom looks like.

its not a pretty sight.

jim

Quoting mihaig78
Hi all,
This is my first post here. I have been reading this thread for a while.

First of all thanks to all the seniors (you know who you are) and of course jim. This thread is pure wisdom. I feel blessed to have found it.

I am posting because of this:

"it helped anyone that read it and took it seriously.

i could show you guys/gals emails that would curl your toes.

i have emails from people that took family fortunes and lost them in the first month of trading on 5 minute charts.

[b]im talking fortunes folks not just 100...
  • #25,869
  • Apr 2, 2009 12:06pm Apr 2, 2009 12:06pm
Quoting tehuringa
I'm still in there Ghous.....stop has been moved to 1.2604 now to lock in +300 pips
......
I believe . . .
  • #25,870
  • Apr 2, 2009 12:07pm Apr 2, 2009 12:07pm
your a great asset to this thread tia.

jim

Quoting TiaForex
I wanted to add something to the account size/potential return discussion.

Reward is always related to risk. There is a correlation between maximum potential drawdown and maximum return on investment. In a normal situation, as one increases so does the other. If you want 20% a month and you're currently getting 2%, well risking 10 times what you risk could get you there. The problem is it increases your max drawdown and your probability of reaching that drawdown by a lot. And there are all kinds of problems associated with getting out of...
  • #25,871
  • Apr 2, 2009 12:08pm Apr 2, 2009 12:08pm
Quoting arcus
You're not stupid Ghous To be honest, I think you are one of the best contributor in this thread! It's better to be stopped out at BE than taking a loss (imho). My fiber was also stopped out for small loss then it goes to the moon lol Fiber was one of my fav setup but I get stopped out before it goes rocketed to the sky, and when I woke up I was like hmmm....lol But things happen and lucky my yen crosses pairs are paying me good pips except G/J (entry came out when I was sleeping so NVM).
Thnx Arcus,

I said that cuz I was taken out BY THE PIP. Meaning that price barely went a pip under my SL lol!

Gotta hate these
I believe . . .
  • #25,872
  • Apr 2, 2009 12:10pm Apr 2, 2009 12:10pm
yep you all listened to me and look at what i did to you.

geez,

jim



Quoting ghous
Damn Jim!

Look what you did!

lololololololol...

Right, I'll just stay well asie and stop Bundying () around.

Regards,
Ghous.
  • #25,873
  • Apr 2, 2009 12:11pm Apr 2, 2009 12:11pm
Quoting alter
Nice PIN on CHFJPY weekly chart was stop out as well. I think it was A setup, taken from weekly PPZ, 38.2 fib ret., and a lot of space down to 82 area where was my first PT(I think its obvious from the chart). At least it takes much longer to blow out account on weekly chart then on H4 or H1.
alter
Was a fair play Alter...

How much did that puppy bless you with?
I believe . . .
  • #25,874
  • Apr 2, 2009 12:13pm Apr 2, 2009 12:13pm




Quoting PipGator
The USD/CAD pinbar created a tug-of-war battle in my brain. When I got home from work last night I read this forum as usual and saw a couple of posts regarding the USD/CAD pinbar. I then looked at my chart and decided that it was a good opportunity after performing my rookie analysis. The pinbar had bounced off of a nice PPZ, had fib confluence, we recently had a BEOB on the weekly chart and there seemed to be a decent amount of space.

I logged into my trading account and placed an order to sell @ 1.2656 with first TP @ 1.2510 and second TP @...
  • #25,875
  • Apr 2, 2009 12:18pm Apr 2, 2009 12:18pm
Quoting ghous
Was a fair play Alter...

How much did that puppy bless you with?
Do you mock me? {-2%}
  • #25,876
  • Apr 2, 2009 12:21pm Apr 2, 2009 12:21pm
Quoting rustyjeff
......
this pa @ ppz's sure makes life easy Jim.
When I start over complicating things, that's when I get into trouble.
Indicators show the past. Price Action "Indicates" the future.
  • #25,877
  • Apr 2, 2009 12:32pm Apr 2, 2009 12:32pm
how many of you are envious of jarroo and mad at my post that i would move my stop to BE?

This is a great lesson.

why?

because the next time i make a statement like that it might rocket off the other direction and i will be everyones hero instead of the goat.

LOL.

Im about not taking losses, what more can i say.

These happen to me all the time but on the bright side i rarely take more than tiny losses.

the other thing to remember?

they dont all come back and stop you at BE. sometimes you get these huge runners after you have moved ytour stop to BE.

When that happens the feeling is about as good as it gets.




Quoting jarroo
I'm still in Cad on the 2nd half. My 1st half was 32 pips. I have mentioned in an earlier post that I will give a little more leeway to an "A" category trade on the 2nd half. The key being, it's on the 2nd half.

So I moved my stop loss on the 2nd half 22 pips above my entry. To many times Price will retrace and test the break and then continue on.

I've done the same with the Eur/Chf.
  • #25,878
  • Edited 1:08pm Apr 2, 2009 12:34pm | Edited 1:08pm
Quoting alter
Do you mock me? {-2%}
uh..oh!

No and certainly not Alter, I wasn't being ironical atall...

Right so it was a loosing trade...

The setup was good, let's not use absolute words so as to refer to it as A+ but i'll say the setup was good.

The pin bar broke, so you're in...

it's on the weekly and you wait for it to give you some handy pips before you look to move your stop to BE.

THIS IS EXACTLY WHAT IT DID!

It went a good 150 pips in your favor,

It's to avoid trades like these that Jim recommends a move to BE as soon as you possibly can.

you may argue that as a trade on the weekly one should have waited for price to hit the first major area which as i see it is around 82,

Forgetting abt everything else....just answer this question...

When you (IYO) have taken an A+ setup, it get's you in and you're in some decent profit...should you for any reason want to see it become a loss?

When the trade was 30 pips positive you could answer this question with a "yes" saying that "well...it's a trade on the weekly and I need it to treat it exactly that! I'll hang on a bit"...

The trade then goes to +50 then +70....you ask the question again...this time if you're with some serious $ in the market you should definitely have reacted! saying..."No way am I letting these 70 pips get the better part of me," you would then have responded in 2 possible ways...

1) you would have moved your stop to BE
2) you would have taken some off...

This here is the key Alter,

I know how you feel and I've been there so has Jim and so many other professional traders whom you admire...

here's a little something for you...

Once you've made a mistake, three steps is what it takes to nullify it's impact:

1) Identify it
2) Know what the correct solution is
3) Rectify it

By now you're probably through with the first 2, to comply with the third all you need to do is to keep this trade in your mind for some years to come.

Wish you all the success you need Alter

Regards,
Ghous.
I believe . . .
  • #25,879
  • Apr 2, 2009 12:38pm Apr 2, 2009 12:38pm
Quoting james16
how many of you are envious of jarroo and mad at my post that i would move my stop to BE?

This is a great lesson.

why?

because the next time i make a statement like that it might rocket off the other direction and i will be everyones hero instead of the goat.

LOL.

Im about not taking losses, what more can i say.

These happen to me all the time but on the bright side i rarely take more than tiny losses.

the other thing to remember?

they dont all come back and stop you at BE. sometimes you get these huge runners after you have moved...
Sure Jim

Did you take that post of mine seriously or what?!

Ofcaorse BE's way to do it, the Jarroos will take their time to understand (so no I am not envious of him ) lololol
I believe . . .
  • #25,880
  • Apr 2, 2009 12:44pm Apr 2, 2009 12:44pm
Quoting ghous
uh..oh!

No and certainly not Alter, I wasn't being ironical atall...

...

This here is the key Arcus,

...
Wish you all the success you need Alter

Regards,
Ghous.
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