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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

  • #26,921
  • Apr 14, 2009 1:51am Apr 14, 2009 1:51am
Quoting ghous
Not sure which one you're referring to Krue?

On a side note here"s a chart that proves the fact that we don't live in a perfect world.

Regards,
Ghous.
Hey Ghous,

In candlestick language that bar (hanging man) is only valid if the next bar makes a sufficient retrace into it ie by more than half. So essentially it is part of a 3 bar pattern. (as per Steve Nison's book)


cheers

Simon
  • #26,922
  • Apr 14, 2009 2:11am Apr 14, 2009 2:11am
  •  krue
  • | Joined Mar 2008 | Status: finger scares cat, power of illusio | 410 Posts
Ghou, the latest one of crude oil as my attachment. I was long fuel then in Shanghai future exchange. when I asked you your view, I was closely watching pa to break up a pinbar on my chart. unfortunately, it didn't move for hours. so, I closed my position at breakeven, 8 lots ( live account), that's a lot. however, when I closed my position, probably in less than 5 minutes, the bitch shot up, left me with sighhhhhh. anyhow, I think I will still have chance with copper and rubber in the next a couple of days, this is bull market, buy on deep retracement, ghous. thank you again, for your attention.




Quoting ghous
Not sure which one you're referring to Krue?

On a side note here"s a chart that proves the fact that we don't live in a perfect world.

Regards,
Ghous.
  • #26,923
  • Apr 14, 2009 2:36am Apr 14, 2009 2:36am
Quoting krue
Ghou, the latest one of crude oil as my attachment. I was long fuel then in Shanghai future exchange. when I asked you your view, I was closely watching pa to break up a pinbar on my chart. unfortunately, it didn't move for hours. so, I closed my position at breakeven, 8 lots ( live account), that's a lot. however, when I closed my position, probably in less than 5 minutes, the bitch shot up, left me with sighhhhhh. anyhow, I think I will still have chance with copper and rubber in the next a couple of days, this is bull market, buy on deep retracement,...
Hey Krue
meaning no disrespect here and i don't know the size of your account - but 8 lots is quite a lot of capital, and seeing that you are still fairly new to this methodology - it does seem to be quite a risk.
Did your stop placement on 8 lots fall inside your 1-3% risk? The fact that you only held the position for 5 mins suggests that you may have been unhappy with the levels of risk and were sitting, heart pounding, with your finger on the button ready to get out.
Many on this forum including my self have been in that position - and long term it usually doesn't do you any favours.
If this sounds familiar then perhaps you should read up on money management techniques to help control your risk - if not then please ignore.

cheers

Simon
  • #26,924
  • Apr 14, 2009 2:46am Apr 14, 2009 2:46am
Quoting bundyraider
It's not my place to describe the system, but Mike posted a reference to one of Jim's posts that had one key component. The post was in the past week.
Thanks, Bundy! I was hiking in Austria last week, just got back and working through the posts I missed from both ends
One Chart is Worth Ten Thousand Words.
  • #26,925
  • Apr 14, 2009 2:51am Apr 14, 2009 2:51am
Quoting LasVahGoose
Is this a Head and Shoulders? Kind of a deformed one, maybe?
Price Target 1.1727 Ish.... Break at Red Arrow?




.
no cigar,this is not a H + S. Firstly its upside down!! H = S is a reversal pattern.....in your chart the trend should have come UP to the pattern not down to it. Secondly the second shoulder needs to at least the same size as the first or smaller is better.
jon
PATIENCE... DISCIPLINE
  • #26,926
  • Apr 14, 2009 2:52am Apr 14, 2009 2:52am
Quoting jckm
EUR/JPY I sold at 133,20 - has made a Head and Shoulder formation - Target is 131,80 (See 1hour chart)
hi there jckm. could you explain this chart mate,sorry but i dont get it.??
thanx jon
PATIENCE... DISCIPLINE
  • #26,927
  • Apr 14, 2009 3:08am Apr 14, 2009 3:08am
  •  krue
  • | Joined Mar 2008 | Status: finger scares cat, power of illusio | 410 Posts
hey,Simoncs, thanks for the reminder. I was employing 50% of my capital, but, with mental stop loss exposure of 5%. the system here in Shanghai is very primitive, I can not pre-place stoploss, so, only do it mentally. I have been doing this not bad, since last Feb upto now, I accumulated my account from 20,000RMB upto now 70,000RMB. so, I know the risk control part of the MM. usually, I would do aggressively with trend. in anycase, I will pay more attention to the risk control as you advised below. thanks a lot, Simoncs.

Quoting simoncs
Hey Krue
meaning no disrespect here and i don't know the size of your account - but 8 lots is quite a lot of capital, and seeing that you are still fairly new to this methodology - it does seem to be quite a risk.
Did your stop placement on 8 lots fall inside your 1-3% risk? The fact that you only held the position for 5 mins suggests that you may have been unhappy with the levels of risk and were sitting, heart pounding, with your finger on the button ready to get out.
Many on this forum including my self have been in that position - and long term...
  • #26,928
  • Apr 14, 2009 3:10am Apr 14, 2009 3:10am
Quoting krue
hey,Simoncs, thanks for the reminder. I was employing 50% of my capital, but, with mental stop loss exposure of 5%. the system here in Shanghai is very primitive, I can not pre-place stoploss, so, only do it mentally. I have been doing this not bad, since last Feb upto now, I accumulated my account from 20,000RMB upto now 70,000RMB. so, I know the risk control part of the MM. usually, I would do aggressively with trend. in anycase, I will pay more attention to the risk control as you advised below. thanks a lot, Simoncs.
welcome
  • #26,929
  • Apr 14, 2009 3:21am Apr 14, 2009 3:21am
Quoting simoncs
Hey Ghous,

In candlestick language that bar (hanging man) is only valid if the next bar makes a sufficient retrace into it ie by more than half. So essentially it is part of a 3 bar pattern. (as per Steve Nison's book)


cheers

Simon
That would be his way to interpret the bar Simon and I am not challenging him or his book or his teachings...

I've been considering a trade at the close with the first SL above the high/low of the smaller wick with quite some success, according to such a method this one was a genuine failure.

But I'll look into this concept. Thanx for sharing Simon.

Thnx

Regards,
Ghous.
I believe . . .
  • #26,930
  • Apr 14, 2009 3:26am Apr 14, 2009 3:26am
Quoting krue
Ghou, the latest one of crude oil as my attachment. I was long fuel then in Shanghai future exchange. when I asked you your view, I was closely watching pa to break up a pinbar on my chart. unfortunately, it didn't move for hours. so, I closed my position at breakeven, 8 lots ( live account), that's a lot. however, when I closed my position, probably in less than 5 minutes, the bitch shot up, left me with sighhhhhh. anyhow, I think I will still have chance with copper and rubber in the next a couple of days, this is bull market, buy on deep retracement,...
Just like any other PA bar these work best at swings and on good locations near strong ppzs and confluence zones etc.

With that zoomed chart I can't conclude much abt it's location but It does appear to me at a poor location...

Plus you need to work hard on your Mm bro. Stock exchange or forex or commodity markets, all are known for their precarious natures. Good to see that you've grown your account but going with 50% of your account at a time will certainly make life difficult for your account in the long run...

Regards,
Ghous.
I believe . . .
  • #26,931
  • Apr 14, 2009 3:59am Apr 14, 2009 3:59am
  •  krue
  • | Joined Mar 2008 | Status: finger scares cat, power of illusio | 410 Posts
Hey, ghous, 50% of capital sounds intimidating, actually, the key challenge is the stoploss. thank you,mate.

Quoting ghous
Just like any other PA bar these work best at swings and on good locations near strong ppzs and confluence zones etc.

With that zoomed chart I can't conclude much abt it's location but It does appear to me at a poor location...

Plus you need to work hard on your Mm bro. Stock exchange or forex or commodity markets, all are known for their precarious natures. Good to see that you've grown your account but going with 50% of your account at a time will certainly make life difficult for your account in the long run...

Regards,
Ghous.
  • #26,932
  • Edited 5:41am Apr 14, 2009 4:59am | Edited 5:41am
Would you guys consider this a valid enough retrace/retest of the daily/weekly ppz to go long (if it breaks above 0.73) or would you only be looking at a daily tf for that?

Steve.

Edit. Similar setup on AUDJPY also.
Attached Image(s) (click to enlarge)
Click to Enlarge Name: au1.gif Size: 22 KB
Click to Enlarge Name: au2.gif Size: 27 KB
"The more I practice, the luckier I get." (Gary Player)
  • #26,933
  • Apr 14, 2009 6:01am Apr 14, 2009 6:01am
Quoting mrsingha
Would you guys consider this a valid enough retrace/retest of the daily/weekly ppz to go long (if it breaks above 0.73) or would you only be looking at a daily tf for that?

Steve.

Edit. Similar setup on AUDJPY also.
Valid. You're spotting it right. My opinion would be to go with A/J though. It has just a little more room to get to at least a little bit of profit. The AU, although I believe it's a very good sign for a long, I'm not too keen on opening into an area that has little space around it (If you're basing your trade around the extremes of the pin). Can you see what I'm talking about? ....When comparing the two.... one allows more breathing room over the other. Just something I like to see.

Edit: Very nice looking pin otherwise.
Bundy's status today: "Waiting..."
  • #26,934
  • Apr 14, 2009 6:19am Apr 14, 2009 6:19am
Mrsingha,

An A/J chart explaining/showing the possible barrier. The A/U chart on the other hand is already at one of these points. You would be correct to wait for a break above 73.00. ...Probably a good break. At least the A/J on the other hand has a 'magnet' to pull it along to for starters.

Chart...
Attached Image (click to enlarge)
Click to Enlarge Name: AJ Better Option Pin.GIF Size: 29 KB
Bundy's status today: "Waiting..."
  • #26,935
  • Apr 14, 2009 6:24am Apr 14, 2009 6:24am
This month has been pretty quiet for me thus far I'm 1-1-1(be) for April trades. So I definately am trading less, which was a goal for this month, but I also feel like that A+ trade hasn't shown its' face. Currently I am down on the month so I am hoping to catch a no brainer in the next couple weeks.
"Whether you think you can or can't, you're right." Henry Ford
  • #26,936
  • Apr 14, 2009 6:28am Apr 14, 2009 6:28am
Quoting Scot Pippin'
This month has been pretty quiet for me thus far I'm 1-1-1(be) for April trades. So I definately am trading less, which was a goal for this month, but I also feel like that A+ trade hasn't shown its' face. Currently I am down on the month so I am hoping to catch a no brainer in the next couple weeks.
They happen. Well done man.

I know that I let A+ trades go by every now and then because I just don't feel it' at the time. Who cares. If you wait, like you're willing to do, they pop out at ya one week when they are really good.
Bundy's status today: "Waiting..."
  • #26,937
  • Apr 14, 2009 6:34am Apr 14, 2009 6:34am
Quoting Scot Pippin'
This month has been pretty quiet for me thus far I'm 1-1-1(be) for April trades. So I definately am trading less, which was a goal for this month, but I also feel like that A+ trade hasn't shown its' face. Currently I am down on the month so I am hoping to catch a no brainer in the next couple weeks.
yup pretty quiet at the mo - i guess people are still on extended easter break. but quiet times are study times - backtest, backtest, backtest all the way to the bank
  • #26,938
  • Apr 14, 2009 7:05am Apr 14, 2009 7:05am
Quoting simoncs
backtest, backtest, backtest all the way to the bank
Preach it brother! Let em hear it in the valleys and the mountains....
  • #26,939
  • Apr 14, 2009 7:07am Apr 14, 2009 7:07am
Quoting bundyraider
Mrsingha,

An A/J chart explaining/showing the possible barrier. The A/U chart on the other hand is already at one of these points. You would be correct to wait for a break above 73.00. ...Probably a good break. At least the A/J on the other hand has a 'magnet' to pull it along to for starters.

Chart...
Thanks for your analysis Bundy.
Not a lot to choose between the two but I went with AU because its first barrier is closer at .73, waiting for AJ to break 73.00 felt like I'd giving away too many pips before getting in.
Will be keeping it on a very short leash.

Steve.
"The more I practice, the luckier I get." (Gary Player)
  • #26,940
  • Apr 14, 2009 7:13am Apr 14, 2009 7:13am
Tempting 1 hr pinbar on cable at major resistance too as u can see from the daily chart. I've only taken a short on demo cos the trend is up so prefer not to trade against trend with real money .
Attached Image(s) (click to enlarge)
Click to Enlarge Name: cable.gif Size: 41 KB
Click to Enlarge Name: cable daily.gif Size: 36 KB
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