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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

  • #26,761
  • Edited 6:40pm Apr 9, 2009 4:33pm | Edited 6:40pm
Quoting james16
yeah but what all of should pay attention to in j's post is the part about only taking a 30 pip loss.

i still take losses of course and often im totally shocked at what price "has not done."

in those cases i never let the loss get out of hand.

30 pips in this situation is a sign of trading maturity in every sense.

jim
Absolutely. Not to long ago, I would be still in this trade "hoping " it would come back and losing more hair. Those days are over. Period.

Your right, no shock on this one of why Price did what it did.
Indicators show the past. Price Action "Indicates" the future.
  • #26,762
  • Apr 9, 2009 4:37pm Apr 9, 2009 4:37pm
Quoting jarroo
Absolutely. Not to long ago, I would be still in this trade "hoping " it would come back and lossing more hair. Those days are over. Period.

Your right, no shock on this one of why Price did what it did.
Kinda like me Jarroo. I had to get slapped for -45 before I bailed on the same trade. Could have been much worse though....
Ghost Rider - WWTBMD?
  • #26,763
  • Apr 9, 2009 4:40pm Apr 9, 2009 4:40pm
Quoting james16
yeah but what all of should pay attention to in j's post is the part about only taking a 30 pip loss.

i still take losses of course and often im totally shocked at what price "has not done."

in those cases i never let the loss get out of hand.

30 pips in this situation is a sign of trading maturity in every sense.

jim
Sorry Jim, I disagree, eveything you teach told me to stay out of this trade (PA pointing into a brick wall). I prefer to have not traded this than have a 30 pip loss.

Mark mm
Economists have forecast 9 out of the last 5 recessions
  • #26,764
  • Apr 9, 2009 4:40pm Apr 9, 2009 4:40pm
Quoting HipsterPipster
This is what I see. Your BUOB just stuck its nose into or above the S/R or PPZ area. Price got above the majority of orders and set the stage to the next level. Look at yesterday's close. Not enough rejection there to tell me we are now going short, had I traded that setup.
I need to add, I personally would not have traded it.

Thank you for posting this Hipster. I just had an A-HA moment about identifying "zones" as opposed to "lines".

You folks are simply the best!!
Ghost Rider - WWTBMD?
  • #26,765
  • Apr 9, 2009 4:57pm Apr 9, 2009 4:57pm
this was great. I STAND CORRECTED.

without a doubt you are correct.

my idea behind taking it was to hopefully catch a frieght train just leaving the station. sometimes that happens when a strong area of s/r is breached.

of course you cant take it before its breached. if you do that you find out the train was actually destined for the other direction.

jim





Quoting markmm
Sorry Jim, I disagree, eveything you teach told me to stay out of this trade (PA pointing into a brick wall). I prefer to have not traded this than have a 30 pip loss.

Mark mm
  • #26,766
  • Apr 9, 2009 4:58pm Apr 9, 2009 4:58pm
Quoting albchr
Thank you for posting this Hipster. I just had an A-HA moment about identifying "zones" as opposed to "lines".

You folks are simply the best!!
Your welcome.
  • #26,767
  • Apr 9, 2009 5:14pm Apr 9, 2009 5:14pm
Well lost 2% yesterday off the eurgbp and eurcad trades. Lesson learned is that I don't need to catch every move in the market and shouldn't try to. Still working out this plan thing. Need to systematically define the trend (I like jacko's simple way but how far zoomed out should you be? - ie. zoomed out far on e/g you could say its an up trend, zoomed in a few levels it looks like a downtrend.. oh well something to work on). I was doing pretty good last month with being picky but now that I have defined my weekly ppz's every time I see price there I want to jump in and trade it. Got to work on this now.

No trades for me today, a beob formed on E/U which will probably hit the 1.3000 if it breaks but right now I am not willing to risk 1% of my small a/c on this setup.
  • #26,768
  • Apr 9, 2009 5:48pm Apr 9, 2009 5:48pm
Quoting supremeChaos
did not notice u were around, Sir! fast proactive action on your part!

those kinds of posts really get me hot-headed, i had to log in & respond
it's almost 5am here , good thing i was still up to delete mine ASAP...

It's all back to normal now.....




squeezy,
just keep on doing it!!



yeah, thnx supremechaos
a pat on the back is wat we need every now and then
about to sleep, its almost 12 midnight here
sweetdreams to me.....lol
cheers
Simplicity is the key to success
  • #26,769
  • Apr 9, 2009 6:12pm Apr 9, 2009 6:12pm
Hello
I have question, I see conflict aud/usd up, usd/cad down = sell $$
So why eur/usd down!=Buy $$!?
  • #26,770
  • Apr 9, 2009 6:18pm Apr 9, 2009 6:18pm
You're forgetting half the equation

Short EURUSD = short euro, long dollar. You're trading the relative strength between them, just 'cuz AUD or CAD may be doing something or other relative to USD doesn't mean EUR will be doing the same.
  • #26,771
  • Apr 9, 2009 6:19pm Apr 9, 2009 6:19pm
I see a BEOB on Eur/Usd near a PPZ and 1.31 round number.
What do you think about this set up.For me could work out....first TP at 1,2991.
Of course enter would be lower than 1.31.....i'd say around 1.3090.

let me know your point of view.

thanks
Attached Image (click to enlarge)
Click to Enlarge Name: beob.gif Size: 11 KB
Patience is essential
  • #26,772
  • Apr 9, 2009 6:24pm Apr 9, 2009 6:24pm
Myself would never take that...break of 131 and a retest and then I'd be interested.
  • #26,773
  • Apr 9, 2009 6:39pm Apr 9, 2009 6:39pm
Hello traders, great thread!!

Just a question.... Does it matter the brokerīs time?? I mean, different brokers have differents barīs close... so it could change the way a bar looks.

Thanks
  • #26,774
  • Apr 9, 2009 6:40pm Apr 9, 2009 6:40pm
Quoting markmm
Sorry Jim, I disagree, eveything you teach told me to stay out of this trade (PA pointing into a brick wall). I prefer to have not traded this than have a 30 pip loss.

Mark mm
agreed, i followed what Jim has been teaching all along and to me this was not an A+ setup (running into strong S/R zone and plus the look of the candle wasn't that great), therefore i did not take the trade. I am patiently waiting for the next perfect setup only on daily or higher TF.
  • #26,775
  • Apr 9, 2009 6:44pm Apr 9, 2009 6:44pm
Quoting markmm
Sorry Jim, I disagree, eveything you teach told me to stay out of this trade (PA pointing into a brick wall). I prefer to have not traded this than have a 30 pip loss.

Mark mm
it all depends how you approach that pin. There a couple of schools for every pin..
.
Attached Image
  • #26,776
  • Apr 9, 2009 6:54pm Apr 9, 2009 6:54pm
Quoting raczekfx
it all depends how you approach that pin. There a couple of schools for every pin..
.
ah very nice use of the 1HR TF.
  • #26,777
  • Apr 9, 2009 6:54pm Apr 9, 2009 6:54pm
Yes like yesterday nothing really makes me want to take my wallet out...waiting for that "goal kick-goalie"
"Whether you think you can or can't, you're right." Henry Ford
  • #26,778
  • Apr 9, 2009 6:56pm Apr 9, 2009 6:56pm
Quoting raczekfx
it all depends how you approach that pin. There a couple of schools for every pin..
.
Quick question for you mark,
On average how many daily pins do you go down to the lower TF's and work off the retracement?If I had to guess you probably take advantage of all of them huh?
  • #26,779
  • Apr 9, 2009 7:25pm Apr 9, 2009 7:25pm
  •  krue
  • | Joined Mar 2008 | Status: finger scares cat, power of illusio | 410 Posts
good work, dengzhi. I was long, scared closing the position when noticed a strong pullback near the level of 1.3300. I was hoping a sizable move north when seeing the breakup of 1.3300, without any awareness the bear was embushing there. if I knew the resistance was so strong, I would have done the same thing as you did. so, how did you know it was a strong S/R ahead of the price action taking place? or, which of the elements surrounding this area made you convinced there was not much space to play out, if I may?


Quoting dengzhi
agreed, i followed what Jim has been teaching all along and to me this was not an A+ setup (running into strong S/R zone and plus the look of the candle wasn't that great), therefore i did not take the trade. I am patiently waiting for the next perfect setup only on daily or higher TF.
  • #26,780
  • Apr 9, 2009 7:25pm Apr 9, 2009 7:25pm
Quoting jlmac27
Quick question for you mark,
On average how many daily pins do you go down to the lower TF's and work off the retracement?If I had to guess you probably take advantage of all of them huh?
Almost none. I showed 1hr to make fib retracement stand out better. I usually take a quick look at the location (low) of the left eye plus fibs. Those are my reference points. Not saying, I'm trading retracements all the time.
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