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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

  • #26,201
  • Apr 5, 2009 11:34pm Apr 5, 2009 11:34pm
Hey, thanks guys.

I got one of your Chris. I like under the 4675 level.
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Indicators show the past. Price Action "Indicates" the future.
  • #26,202
  • Apr 5, 2009 11:44pm Apr 5, 2009 11:44pm
Quoting albchr
Oh baby she's getting close. Just out of curiosity Jaroo, where do see the last strong PPZ to hide behind? I'm no expert for sure but I'm seeing somewhere around the 4800 level perhaps? Hmmmm...now you got me thinking. Dam I'm tired too....LOL
Quoting jarroo
Hey, thanks guys.

I got one of your Chris. I like under the 4675 level.
I agree with Jarroo...

You're basically keeping your stop far too tight Albchr, It's like after such a good move you don't want a single penny out of your pocket and that sure is natural, but really it's better to get out with this decent trade right now than to keep a stop above Friday's bar. I like it where Jarroo just advised it to be, that way you'll give the market a real chance of giving you more, within logical parameters.

Cheers!

Oh and BTW great trade there...

Regards,
Ghous.
I believe . . .
  • #26,203
  • Apr 5, 2009 11:44pm Apr 5, 2009 11:44pm
Quoting mbqb11
here ya go
Probably the 4500 would be stronger, if this is a new uptrend change.
Indicators show the past. Price Action "Indicates" the future.
  • #26,204
  • Apr 5, 2009 11:45pm Apr 5, 2009 11:45pm
Quoting jarroo
Hey, thanks guys.

I got one of your Chris. I like under the 4675 level.

Yea...lol..I was afraid you'd see that too. So now I have to decide whether I think it's going up, or about to turn around. I think I might back the SL off whilst I think about it...LOL

Thanks for the answer on the pin too Jarroo...... That was my thinking as well from what I've read so far.
Ghost Rider - WWTBMD?
  • #26,205
  • Apr 5, 2009 11:47pm Apr 5, 2009 11:47pm
Quoting jarroo
Probably the 4500 would be stronger, if this is a new uptrend change.
Sorry Jim, you know me and my round number fetish
  • #26,206
  • Apr 5, 2009 11:52pm Apr 5, 2009 11:52pm
Quoting oltciter
I've opened trade on weekly BUOB EURJPY. I've made 143 pips profit.Nice trade in the begining of this week.
I'd like my Chf/Jpy puppy to wag it's tail a bit...

i.e I'm waiting for a pullback, the market shooting up like that straight after opening gives more weight to such a possibility...

Nice one on the Eur/Jpy oltciter

Regards,
Ghous.
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I believe . . .
  • #26,207
  • Apr 5, 2009 11:55pm Apr 5, 2009 11:55pm
Quoting mbqb11
Sorry Jim, you know me and my round number fetish
lol yeah, but the 4000, 4500, 5000,. are extra special round numbers you like.
Indicators show the past. Price Action "Indicates" the future.
  • #26,208
  • Apr 5, 2009 11:58pm Apr 5, 2009 11:58pm
Quoting albchr
Yea...lol..I was afraid you'd see that too. So now I have to decide whether I think it's going up, or about to turn around. I think I might back the SL off whilst I think about it...LOL

Thanks for the answer on the pin too Jarroo...... That was my thinking as well from what I've read so far.
That's beauty of your position chris, no matter what you decide you win. From a pips perspective and a learning one.
Indicators show the past. Price Action "Indicates" the future.
  • #26,209
  • Apr 6, 2009 12:00am Apr 6, 2009 12:00am
Quoting ghous
I agree with Jarroo...

You're basically keeping your stop far too tight Albchr, It's like after such a good move you don't want a single penny out of your pocket and that sure is natural, but really it's better to get out with this decent trade right now than to keep a stop above Friday's bar. I like it where Jarroo just advised it to be, that way you'll give the market a real chance of giving you more, within logical parameters.

Cheers!

Oh and BTW great trade there...

Regards,
Ghous.
Yep, that would be exactly what it's like. I hemmed and hawed all last week as I kept reminding myself to be patient. I moved my stops at the end of each day and really thought I was so disciplined. But NOW is what separates the traders from the faders...LOL

Ah yes, still so much to learn about myself.....thinking..........thinking................
Ghost Rider - WWTBMD?
  • #26,210
  • Apr 6, 2009 12:01am Apr 6, 2009 12:01am
Quoting ghous
I'd like my Chf/Jpy puppy to wag it's tail a bit...

i.e I'm waiting for a pullback, the market shooting up like that straight after opening gives more weight to such a possibility...

Nice one on the Eur/Jpy oltciter

Regards,
Ghous.
Nice charts as always ghous.
Indicators show the past. Price Action "Indicates" the future.
  • #26,211
  • Apr 6, 2009 12:21am Apr 6, 2009 12:21am
Quoting albchr
Whenever something comes that easy I tend to step back and say hold on before getting caught up in the euphoria of it all and going off thinking "I've got it now"...LOL

Yep, i know exactly how you feel. You hold yourself back, because of the crap you've experienced in the past.

Thats why i steered clear of rating that setup. Your trade management indicated that you've been round this game for a while. Thats why i focused more on the pyschology.

Keep up the practice
  • #26,212
  • Apr 6, 2009 12:23am Apr 6, 2009 12:23am
Currently in a good area to look for price action in the smaller timeframes....

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  • #26,213
  • Apr 6, 2009 12:24am Apr 6, 2009 12:24am
OK I've decided. I'm gonna leave my stop tight and what will be will be. Here's why.

Since becoming disabled in Nov. 07 I'm trading for my families life.

With only a 10K account to start with this win is a BIG win!

If I get only one more trade (or a combination) like this, this month, it puts me 1-1/2 months ahead on bills and adds a touch to my account.

NEVER let a winner become a looser.

And it would appear the dollar is at least a "little" weak against the other majors so maybe it will stay that way. (This last one doesn't mean too much as I'm just learning and really don't have a clue if that has any bearing at all) But it backs up my choice...LOL

And lastly, I really need to get some sleep as I've been going non stop reading this thread and watching vids in the PF.

Thanks so much everyone and have a great night! May the Forex God show you all many green pips!

Good night.
Ghost Rider - WWTBMD?
  • #26,214
  • Apr 6, 2009 12:26am Apr 6, 2009 12:26am
Here is another one...usdcad...

Overboard seems like we are looking for some retracement to some oversold dollar....start looking for some clear priceaction before anything

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  • #26,215
  • Apr 6, 2009 12:27am Apr 6, 2009 12:27am
Quoting Shermenator
Currently in a good area to look for price action in the smaller timeframes....

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How do you put stripe like that in your background?
  • #26,216
  • Apr 6, 2009 12:35am Apr 6, 2009 12:35am
Here is something I am looking into...nzdusd


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4 hour chart....

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  • #26,217
  • Apr 6, 2009 1:11am Apr 6, 2009 1:11am
When my first line gets hit I will move to break even...

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  • #26,218
  • Apr 6, 2009 1:31am Apr 6, 2009 1:31am
Here is a setup I wont be taking simply because the size of the wick is not convincing enough . Meaning the market found sellers in this area but not enought to make a drastic change of sentiment. Meaning that it takes away the high probabilty of trade and making it less then an A trade..Its better to miss a good trade then miss your capital lol

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  • #26,219
  • Apr 6, 2009 2:18am Apr 6, 2009 2:18am
If the pair falls about another 8 pips I will move to break even and teh trade becomes stress free. After that the market can moves as it wants...

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  • #26,220
  • Apr 6, 2009 2:57am Apr 6, 2009 2:57am
Quoting arcus
How do you put stripe like that in your background?
Click 'period separator' option ON in the properties tab
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