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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

  • #26,501
  • Edited 3:20am Apr 8, 2009 3:04am | Edited 3:20am
Quoting krue
Hi,Ghous, probably you draw a couple of ideal scenarios you are expecting
around 8200, either bullish or bearish, and illustrate what you might do with these probable situation. I feel you have very reliable sense in managing the chart, so, will be very helpful to understand your thinking process. thank you.
Hi Krue,

As good traders we know we want PA at good ppz zones, the one on Aud/Chf is as good as you'll ever get them,

I was looking for a break because price looked to retest the zone in quick successions, which was poitning towards a possible break itself, the daily BUOB was looking good till we saw the close way down below the ppz zone as a result of that sweet 4H pin bar.

Would I have hesitated to go short on that 4H pin bar as I was biased to the long side? No! Simply because it was not a "bias", it was rather a blunt anticipation, nothing more and nothing less, and it's for this reason that Chris (Clock work) talks negatively abt anticipating price movement,it's so easy to get carried away and delve into an act complying with what "you think may happen"...so called anticipation.

What's more, looking at the daily bar it's to an IPB (Inverted Pin Bar) (yeah that stupid upside down pin bar I often talk abt ) and has lost all it's respect as a BUOB from me...(and it dare not disobey me! lol! oh wait, I am anticipating..., see?!)

I did'nt go short on the 4H Pin bar BTW, as it occured at nearly 1 am, and I was in a vertigous situation cuz of sleep dearth, passed on...

Anyways thanks for your warm compliments Krue, you're doing formidable job yourself in styaing diligent to the job

Regards,
Ghous.
I believe . . .
  • #26,502
  • Apr 8, 2009 3:11am Apr 8, 2009 3:11am
Quoting G550
Hi Ghous-

Why would you not consider a pending order above the high? That would allow the BUOB to be broken and it would also fulfill a break of the consolidation and 8200 area. Especially if price decides to retest that level soon.

Just trying to figure out why you think that a break above the BUOB is not proper in your eyes.

Thanks,

-G550
yes it may...

you must however stay clear of what you're trying to do, are you trading the buob breakout or the range breakout?

If you're going with a range breakout a pending order above that Outside bar high could be a good idea.

If you're taking it as a BUOB trade you're simply falling for a disastrous setup IMO, I don't really go into bar shapes as much as Mike (mbqb11) or Jim (James16) does but this one's clearly an indecision bar, At such major ppz's you don't want indecision. You want clear indication as to who is mocking who? Is it the bears fishing around with the bulls, or is it the bulls tossing the bears around on their horns...

If you're treating the setup as both, range breakout triggered by the BUOB, again that's not a good idea...clearly that "BUOB cum indescision cum IPB" bar has destroyed the setup for long opps for me, until we can see a third test in quick succession of this ppz sometime later...

Regards,
Ghous.
I believe . . .
  • #26,503
  • Apr 8, 2009 3:16am Apr 8, 2009 3:16am
Quoting g_j_hook@yah
i think the point he is getting at(im sure he will correct me if im wrong) is that price action shows that,for now, it is still respecting the 8200 level as resistance and so any initial break is likleyto be false(even if it does eventually break north)ghous would have been looking for a much stronger disregard to the level .any orders placed ready for the break could then get triggered by a bar that could well close a pin bar and put you at the top end of a move south!
hope this help,
jon
Ditto!

...well...except that I am not too worried abt a false break, not to say it can't happen, but when price has been trying to do something for 6 months in a row and finally is able to do it, it sure would want to enjoy the moment more than any joy attained from Grimaces across the globe

ofcoarse a pullback to the ppz would be a different story though...
I believe . . .
  • #26,504
  • Apr 8, 2009 3:19am Apr 8, 2009 3:19am
Quoting jarroo
I think we know who the poet is around here. lol
Nah! I can't take that Accolade away from you Bro !
I believe . . .
  • #26,505
  • Apr 8, 2009 3:26am Apr 8, 2009 3:26am
Quoting ghous

...as I was biased to the long side? No! Simply because it was not a "bias", it was rather a blunt anticipation, nothing more and nothing less, and it's for this reason that Chris (Clock work) talks negatively abt anticipating price movement,it's so easy to get carried away and delve into an act complying with what "you think may happen"...so called anticipation.
I know exactly what you mean. This is something that I continue to struggle with. I know that if I could take back all those trades that I had anticipated (I call it preempt) what was going to happen, my account balance would be much healthier. Waiting for some PA and then pulling the trigger would have saved me a whole lotta heartache. THe improvements are happening, just not as fast as I want, but probably as fast as I deserve.
  • #26,506
  • Apr 8, 2009 3:33am Apr 8, 2009 3:33am
Quoting squeezy
sorry about that but dont worry buddy ,there will be others....i caught those 2 plus the eurusd beob....
u cld watch dis daily cadchf though, just came off a ppz...shld have room to run, the bar closes in 2 hrs time on my feed.....post chart now and also when the bar closes in 2 hrs time

trying to teach myself how to hold trades and not exit prematurely...lol

yeah, check gbpchf too, i think its also a buob...but havnt cheked to c if the location is ok...if it has room to run
AOOWWW!! SO sweet of you Squeezy. I wanna you!

You're tryin' to test me eh?

I am just fine and still have my wits abt me. got your proof? lol!

Regards,
Ghous.
Attached Image(s) (click to enlarge)
Click to Enlarge Name: gbochf.gif Size: 10 KB
Click to Enlarge Name: cadchf.gif Size: 10 KB
I believe . . .
  • #26,507
  • Apr 8, 2009 3:35am Apr 8, 2009 3:35am
why have my oanda spreads suddenely widened!!!???
especially on gb crosses
PATIENCE... DISCIPLINE
  • #26,508
  • Apr 8, 2009 3:40am Apr 8, 2009 3:40am
Quoting TheRas
I know exactly what you mean. This is something that I continue to struggle with. I know that if I could take back all those trades that I had anticipated (I call it preempt) what was going to happen, my account balance would be much healthier. Waiting for some PA and then pulling the trigger would have saved me a whole lotta heartache. THe improvements are happening, just not as fast as I want, but probably as fast as I deserve.
Dont worry Ras,

You'll get there like many other members of the gang...trust me on this one.
I believe . . .
  • #26,509
  • Apr 8, 2009 3:42am Apr 8, 2009 3:42am
Quoting g_j_hook@yah
why have my oanda spreads suddenely widened!!!???
especially on gb crosses
We have Gbp news in abt 45 minutes, could that be the reason?
I believe . . .
  • #26,510
  • Apr 8, 2009 3:58am Apr 8, 2009 3:58am
Quoting ghous
AOOWWW!! SO sweet of you Squeezy. I wanna you!

You're tryin' to test me eh?

I am just fine and still have my wits abt me. got your proof? lol!

Regards,
Ghous.
my amigo ghous or should i say boss
sorry slept off after setting my entries, shld hav posted the closing of the cadchf, well it hasnt initiated yet though so if u like it u can still jump in
sorry havnt been posting much, remember i told u bout my upcoming exams, working on MSc ,hav to do exams and being running around to get my papers together
i cnt thank u guys enuff, switching to dailies / weekly charts, removing indicators from my charts has made the MEGA difference, im at ease now.....
now there is a reason y im buying/selling , y i set my stop loss & take profit where i did, and if it fails i go back & see wat happened....so far, no failure cos im being extra extra picky
theres still work to be done though, in terms of where to take pp & hw fast to move to be etc
still holding my eurusd & nzdusd dailies....
to the whole james16 fam, thnx for the love & support u give to us all newbies, sky is the limit for us :thumbsup

enuff wit the ramble already
take care guys

let the green pips be wit us all
Attached Image (click to enlarge)
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Simplicity is the key to success
  • #26,511
  • Apr 8, 2009 3:59am Apr 8, 2009 3:59am
Quoting ghous
We have Gbp news in abt 45 minutes, could that be the reason?
??? theyre back to normal now? a broker thing i think.
PATIENCE... DISCIPLINE
  • #26,512
  • Apr 8, 2009 4:13am Apr 8, 2009 4:13am
Good morning everyone,

Been watching the EU 4H for a couple hours now. Decided to jump in off the last "little" pin. Looking for the 3300ish area. Any thoughts? And oh, also for my future edification, (and...lol) an after thought, would getting into a buy while below the 150 EMA have been a...um....stupid move?
Attached Image (click to enlarge)
Click to Enlarge Name: eurusd 4h.gif Size: 11 KB
Ghost Rider - WWTBMD?
  • #26,513
  • Apr 8, 2009 4:25am Apr 8, 2009 4:25am
3hr PB formed off Weekly PPZ on EurJpy. TP's marked on the chart.
Attached Image (click to enlarge)
Click to Enlarge Name: eurjpy 3h 080409.gif Size: 25 KB
  • #26,514
  • Apr 8, 2009 4:30am Apr 8, 2009 4:30am
yen crosses forming 4 h pins,30 mins to close.
i like the us/yen pin, a break would take it back above the 100 level. i dont like the bearish div. on the daily chart though.
Attached Image(s) (click to enlarge)
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Click to Enlarge Name: 4 hour.jpg Size: 126 KB
PATIENCE... DISCIPLINE
  • #26,515
  • Apr 8, 2009 4:30am Apr 8, 2009 4:30am
Hi there,

I'm trading daily bars and as most of you try to move my stop to breakeven ASAP. I'm doing well with that approach lately but I don't have a consistent approach how to do it, yet.

Maybe some of you do...when do you move your stop to breakeven when trading a daily pin?

One way to do it consistently is to move to breakeven when the next support/resistance is reached, but sometimes that next support/resistance is a long way to go.

Another way is to do it, once 1/3 of the initial risk is reached or something like that...or X pips but X pips is different on different pairs.


Another thing I noticed is that moving exactly to breakeven (for example a tick below yesterdays low where you entered), issn't that wise since that very often is a support/resistance level. Do some of you move stop to breakeven + X pips when it makes sense? Or is it more crucial to make sure to not get a loss, even if it's a small one?

Thank you for your input, it always amazes me how much I still learn here.

Marco

PS: Oh and does someone know a broker where the daily feed closes at the same time the stock-markets close?
  • #26,516
  • Apr 8, 2009 4:38am Apr 8, 2009 4:38am
Quoting Marco
Hi there,

I'm trading daily bars and as most of you try to move my stop to breakeven ASAP. I'm doing well with that approach lately but I don't have a consistent approach how to do it, yet.

Maybe some of you do...when do you move your stop to breakeven when trading a daily pin?

One way to do it consistently is to move to breakeven when the next support/resistance is reached, but sometimes that next support/resistance is a long way to go.

Another way is to do it, once 1/3 of the initial risk is reached or something like that...or X pips...
Hi Marco,

I'm new and learning so take this with a few grains of salt but for "me", If the first PPZ is a strong one, I'll take 50% off the table and move my stop to BE or BE +10 (depending on the pair). If the first PPZ is not so strong I'll take a third (33%) and move my stop the same as above.

That seems to work very well for "me".
Ghost Rider - WWTBMD?
  • #26,517
  • Apr 8, 2009 4:45am Apr 8, 2009 4:45am
???
Attached Image(s) (click to enlarge)
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Click to Enlarge Name: 4 hour.jpg Size: 125 KB
PATIENCE... DISCIPLINE
  • #26,518
  • Apr 8, 2009 4:55am Apr 8, 2009 4:55am
Quoting g_j_hook@yah
???
Breakout and retest of a weekly PPZ with confrming PA - that's what we look for
  • #26,519
  • Apr 8, 2009 4:56am Apr 8, 2009 4:56am
2 pin bar forming on UsdChf and ChfJpy, TF 4h.

What do you think? Below there is the chart of the Usdchf; the Chfjpy probably is now better..

Any opinion?
Attached Image (click to enlarge)
Click to Enlarge Name: Usdchf_pin_07-04.png Size: 52 KB
  • #26,520
  • Apr 8, 2009 5:01am Apr 8, 2009 5:01am
Usdchf closed as indecision bar..Chfjpy not looking so good.
I'll pass them and wait for better setup.
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