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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

  • #26,801
  • Apr 10, 2009 12:44am Apr 10, 2009 12:44am
I'll be sure to post some when I figure out how to do it most efficiently edit: looks like I figured it out.

I am currently looking at the GBP/JPY inside bar on the daily. Looks like it needs to break resistance (long) at 148.58 then it has plenty of run to the next speed bump at about 150.3 area. I don't have a great feeling about taking a short because the support looks closer from the break.

Quoting jarroo
Glad to have you here Al. I look forward to seeing some of your charts.

Jim
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  • #26,802
  • Edited 11:40pm Apr 10, 2009 1:09am | Edited 11:40pm
Quoting Aliassmith
I'll be sure to post some when I figure out how to do it most efficiently edit: looks like I figured it out.

I am currently looking at the GBP/JPY inside bar on the daily. Looks like it needs to break resistance (long) at 148.58 then it has plenty of run to the next speed bump at about 150.3 area. I don't have a great feeling about taking a short because the support looks closer from the break.
Inside Bars can be a tricky setup. They're best played, as with other PA formations, at a swing High/Low. Zooming out to get a bigger picture (Thanks Mike) to see where the Daily/Weekly PPZ levels are is what I like to do 1st.
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Indicators show the past. Price Action "Indicates" the future.
  • #26,803
  • Apr 10, 2009 1:21am Apr 10, 2009 1:21am
Quoting Aliassmith
I am currently looking at the GBP/JPY inside bar on the daily. Looks like it needs to break resistance (long) at 148.58 then it has plenty of run to the next speed bump at about 150.3 area. I don't have a great feeling about taking a short because the support looks closer from the break.
I agree. Taking the short off the IB could be short lived due to the S/R levels at the 145.50ish level. So a quick move to break even would be my move.
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Indicators show the past. Price Action "Indicates" the future.
  • #26,804
  • Apr 10, 2009 2:28am Apr 10, 2009 2:28am
Anyone watching gbpchf off 1.7?
How tradeable is Good Friday info anyway?
  • #26,805
  • Apr 10, 2009 2:31am Apr 10, 2009 2:31am
Quoting jicjoc
Anyone watching gbpchf off 1.7?
How tradeable is Good Friday info anyway?
i for one wont be trading today, the whole of euro is still in bed!!(where i should be hehe)
jon
PATIENCE... DISCIPLINE
  • #26,806
  • Apr 10, 2009 5:04am Apr 10, 2009 5:04am
Quoting jicjoc
Anyone watching gbpchf off 1.7?
How tradeable is Good Friday info anyway?
You might be able to squeak a few pips but for me, well, let's just say I'm glad these charts aren't my heart monitor at the moment...lol

Enjoy the holidays everyone!
Ghost Rider - WWTBMD?
  • #26,807
  • Apr 10, 2009 5:11am Apr 10, 2009 5:11am
Quoting frankm7
This is too funny... I set up my buy limit, stop loss at the nose, and take profit at the first R level. Headed to the gym... and... I MISSED IT BY A PIP OR TWO! I'm happy my analysis was correct though, although a trailing stop would have been better as it didn't reach my take profit area closely enough
Just to help the discussion - attached is a reference to a Doji example etc...no need to say more. Better to consider the position of the bar/candle. POSITION and LOCATION in context to surrounding traffic gives even more insight. The position of this spinning top real body is slightly above the prior candle body and inside the lower half of the major candle. Position of the bar/candle in context to PA (& S/R as well etc) gives clues to market psychology.
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  • #26,808
  • Apr 10, 2009 6:54am Apr 10, 2009 6:54am
Quoting jarroo
They look great Jim. I got the same levels. It looks like you started on the Weekly which is a great place to start your search. The strong ones will be the same on the Daily and Weekly. I like to highlight areas on the Daily (green line) that stand out as well.

Looking good.
...Adding to the many ways to predict levels to hit, such as Fib, bars, MA's, consolidation ranges, and "fractal steps".
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  • #26,809
  • Edited 7:39am Apr 10, 2009 7:31am | Edited 7:39am
Can anyone speak to the usefulness (success) of using fibs drawn on the prior week as S/R levels? Once a new weekly bar has started, draw a fib from top to bottom of the just completed weekly bar. Use those levels for reference on the new week.

What about the prior month?

Thanks.

Just checked ' No Brainer ' thread ... last post there at this time has a monthly fib reference. Nice coincidence.
  • #26,810
  • Apr 10, 2009 8:01am Apr 10, 2009 8:01am
Quoting Lou
Can anyone speak to the usefulness (success) of using fibs drawn on the prior week as S/R levels? Once a new weekly bar has started, draw a fib from top to bottom of the just completed weekly bar. Use those levels for reference on the new week.

What about the prior month?

Thanks.

Just checked ' No Brainer ' thread ... last post there at this time has a monthly fib reference. Nice coincidence.
The high and the low of the previous week/month/day are common points of s/r obviously but the retraces and extensions of the above are good points of confluence.
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  • #26,811
  • Apr 10, 2009 8:50am Apr 10, 2009 8:50am
... so I shorted the beob 3 days back on the eurusd and I've hit a major ppz. is it best to exit and then wait for PA that breaks through the ppz to re-enter, or take 1/2 and trail the rest through to the next ppz? ... just learning and looking for insights.
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WARNING: Don't follow me as I'm just learning
  • #26,812
  • Apr 10, 2009 9:10am Apr 10, 2009 9:10am
Quoting adam777
... so I shorted the beob 3 days back on the eurusd and I've hit a major ppz. is it best to exit and then wait for PA that breaks through the ppz to re-enter, or take 1/2 and trail the rest through to the next ppz? ... just learning and looking for insights.
Hi Adam,

the answer to that will vary widely but ultimately it comes down to YOUR personal style of trading. A good rule of thumb though is "Never let a winner turn into a looser". So for me (personally), I'd take some off the table now, move your stop loss to BE or BE + 10 and let it go. That way you're in a "free" trade and free trades are my favorite trades...
Ghost Rider - WWTBMD?
  • #26,813
  • Apr 10, 2009 9:27am Apr 10, 2009 9:27am
Thanks Chris

Still trying to understand the logic on taking 1/2 off and moving stop to BE.

1. I can understand this if the R:R to the first target PPZ is 2:1. Then taking 1/2 and moving stop to BE does give a free trade, or

2. Just moving stop to BE on a R:R = 1:1 (and not taking half at all) will give you a free trade.

... as I said, I'm just trying to understand the logic as I come from an engineering/maths background....

I'm taking my 176 pips and waiting for PA which breaks through the PPZ and I'll have to think more about this...
WARNING: Don't follow me as I'm just learning
  • #26,814
  • Apr 10, 2009 9:29am Apr 10, 2009 9:29am
I see you found an additional S/R level at 149ish that I didn't have. That would surely make a difference for a long trade. Looks like a quick BE move to see if that 149.00 has power.

Quoting jarroo
Inside Bars can be a tricky setup. The're best played, as with other PA formations, at a swing High/Low. Zooming out to get a bigger picture (Thanks Mike) to see where the Daily/Weekly PPZ levels are is what I like to do 1st.
  • #26,815
  • Apr 10, 2009 9:30am Apr 10, 2009 9:30am
Quoting adam777
... so I shorted the beob 3 days back on the eurusd and I've hit a major ppz. is it best to exit and then wait for PA that breaks through the ppz to re-enter, or take 1/2 and trail the rest through to the next ppz? ... just learning and looking for insights.

hello adam,
from wat christopher just said "Never let a winner turn into a looser", from ur charts, i can see that when u entered on the break of the bar, u still left ur stop loss at the other end of the bar, even though it had moved far enuff for u to move to be.....wat if it reversed on u , taking out ur stop loss instead of be, im sure u wld prefer to see a 0 than to see -ve no....
just my 2 cent
try and move to be on time....0 is still a winner in my eyes
happy holidays to everyone
Simplicity is the key to success
  • #26,816
  • Edited 10:02am Apr 10, 2009 9:35am | Edited 10:02am
Quoting adam777
Thanks Chris

Still trying to understand the logic on taking 1/2 off and moving stop to BE.

1. I can understand this if the R:R to the first target PPZ is 2:1. Then taking 1/2 and moving stop to BE does give a free trade, or

2. Just moving stop to BE on a R:R = 1:1 (and not taking half at all) will give you a free trade.

... as I said, I'm just trying to understand the logic as I come from an engineering/maths background....

I'm taking my 176 pips and waiting for PA which breaks through the PPZ and I'll have to think more about this...
True but taking a portion now (1/2 - 1/3) whatever, banks the money in your account and thus your account grows. Moving to BE "without" taking any risks a "no gain" trade. Of course it's completely up to you but for me it's, a bird in the hand.....and then maybe more while risking no loss.
Ghost Rider - WWTBMD?
  • #26,817
  • Apr 10, 2009 9:37am Apr 10, 2009 9:37am
Quoting squeezy
hello adam,
from wat christopher just said "Never let a winner turn into a looser", from ur charts, i can see that when u entered on the break of the bar, u still left ur stop loss at the other end of the bar, even though it had moved far enuff for u to move to be.....wat if it reversed on u , taking out ur stop loss instead of be, im sure u wld prefer to see a 0 than to see -ve no....
just my 2 cent
try and move to be on time....0 is still a winner in my eyes
happy holidays to everyone
... target set for 30 pips, and move stop to be after the first day?

I am thankful for the lessons learned here as I do spend hours every day reading the thread
WARNING: Don't follow me as I'm just learning
  • #26,818
  • Apr 10, 2009 9:38am Apr 10, 2009 9:38am
Well from everything I read in this thread, trade management is a very important part of the process and also a personal one. I believe the taking profit with half and leaving the other half FREE is less of a math issue and more of a psychological issue. For the most part profit is profit so it builds your mind. In addition taking the A+ trades don't require the R:R math stuff for the most part.

Quoting adam777
Thanks Chris

Still trying to understand the logic on taking 1/2 off and moving stop to BE.

1. I can understand this if the R:R to the first target PPZ is 2:1. Then taking 1/2 and moving stop to BE does give a free trade, or

2. Just moving stop to BE on a R:R = 1:1 (and not taking half at all) will give you a free trade.

... as I said, I'm just trying to understand the logic as I come from an engineering/maths background....

I'm taking my 176 pips and waiting for PA which breaks through the PPZ and I'll have to think more about this...
  • #26,819
  • Apr 10, 2009 9:56am Apr 10, 2009 9:56am
Exactly. Money Management is KEY. From I've learned so far, experienced traders focus more on reducing loss than making profits.

It's like, If walked up to you and handed you 100 bucks and told you that I would return at some point in time. Before I return you can deposit none, part or all of it and keep what you deposit. When I return I will either take the hundred back, add more to it or take more than the hundred. What would you do?
Ghost Rider - WWTBMD?
  • #26,820
  • Apr 10, 2009 10:02am Apr 10, 2009 10:02am
For me the question of wether i take half of the table/all off the table or possibly non,boils down to the time frame of the set up and each individual trade.if the set up is a daily pin and price reaches res/sup when the trade is +70 (for e.g.) the question arises as to how far could the trade run?first it has to move a further 70 pips just to have what iv already got in cash (theoretically speaking) then how far further could price run?? and is it worth all the stress and risk involved( a BE stop still risks the profit you have floating) now a good pin at a big swing high could run for 1000s of pips so yes in this case it could be worth the risk.But...if that 70 pips came from a 1h or 4h pin in a ranging market would it be worth the hassle then??
just my 2 pips worth, thanx
jon
PATIENCE... DISCIPLINE
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