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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

  • #27,381
  • Apr 19, 2009 7:42pm Apr 19, 2009 7:42pm
I would have liked to see this break later tonight/morning. let's see if she goes for a little run.
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Indicators show the past. Price Action "Indicates" the future.
  • #27,382
  • Apr 19, 2009 8:00pm Apr 19, 2009 8:00pm
Two week pinbar on the EURNZD.
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  • #27,383
  • Apr 19, 2009 8:35pm Apr 19, 2009 8:35pm
Quoting jarroo
I would have liked to see this break later tonight/morning. let's see if she goes for a little run.

Hi Jaroo, quick question, when like this setup, when you speak of hard break, are you entering and watching as it breaks, and if its hard and fast you stay in trade, or are you waiting for hard break then retrace to get in, I luv your work and fiddling with moving stops up fast if things don't follow thru, just wanted to know more of how you treat it.

Regards
Smith
  • #27,384
  • Apr 19, 2009 9:08pm Apr 19, 2009 9:08pm
Quoting Mr Smith
Hi Jaroo, quick question, when like this setup, when you speak of hard break, are you entering and watching as it breaks, and if its hard and fast you stay in trade, or are you waiting for hard break then retrace to get in, I luv your work and fiddling with moving stops up fast if things don't follow thru, just wanted to know more of how you treat it.

Regards
Smith
I usually don't wait for a retrace to enter. I enter at the break or a few pips beyond it.
Indicators show the past. Price Action "Indicates" the future.
  • #27,385
  • Edited 9:55pm Apr 19, 2009 9:43pm | Edited 9:55pm
Quoting jarroo
I usually don't wait for a retrace to enter. I enter at the break or a few pips beyond it.
Sorry for the quick answer.

Just to add to this . . .

A retrace to the entry point and then a continuation in our direction, is a good confirmation that our setup is correct. But many times, Price will break hard and give up a good amount pips (my 1st half) and then retrace to the entry point (my break even half) and not continue in our direction.

The high momentum setup or quality Price Action setup, Price tends to break hard and never look back (well almost never, lol). I like to be on this bus when it happens.

Jim
Indicators show the past. Price Action "Indicates" the future.
  • #27,386
  • Apr 19, 2009 9:55pm Apr 19, 2009 9:55pm
Thank you for the explanation jim...
  • #27,387
  • Apr 19, 2009 10:31pm Apr 19, 2009 10:31pm
So Jaroo - i'm also in this GU trade - what are you looking for now at this consolidation area ?
  • #27,388
  • Apr 19, 2009 10:45pm Apr 19, 2009 10:45pm
Quoting pipmyride
So Jaroo - i'm also in this GU trade - what are you looking for now at this consolidation area ?
Right now I'm waiting to see if my 2nd half will be stopped out at 1.4755.

My entry was 1.4750 and I took 35 pips on the 1st half and placed my stop loss on 2nd half just above the break of 1.4754.

I am thinking of placing my stop loss on the 2nd half 35 pip away from my entry (just above the 1.4780) so that the worst case senario would be a net zero trade.
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  • #27,389
  • Apr 19, 2009 10:53pm Apr 19, 2009 10:53pm
Quoting jarroo
Right now I'm waiting to see if my 2nd half will be stopped out at 1.4755.

My entry was 1.4750 and I took 35 pips on the 1st half and placed my stop loss on 2nd half just above the break of 1.4754.

I am thinking of placing my stop loss on the 2nd half 35 pip away from my entry (just above the 1.4780) so that the worst case senario would be a net zero trade.

My entry was 4760 and my stop is at 4750 for +10. Not worrying about managing any further, just hoping for that next zone of 4600/4650

Thx
  • #27,390
  • Apr 19, 2009 10:58pm Apr 19, 2009 10:58pm
Quoting pipmyride

My entry was 4760 and my stop is at 4750 for +10. Not worrying about managing any further, just hoping for that next zone of 4600/4650

Thx
Little bit of a itchy finger there pmr. lol

very nice.
Indicators show the past. Price Action "Indicates" the future.
  • #27,391
  • Apr 19, 2009 11:02pm Apr 19, 2009 11:02pm
Quoting jarroo
I am thinking of placing my stop loss on the 2nd half 35 pip away from my entry (just above the 1.4780) so that the worst case senario would be a net zero trade.
Yea, thats my plan also. My first half didn't make my 1.47 target though unfortunately(by 5 pips), so i'm still risking a little.

My stop is 1.4790. Just above a minor ppz (1.4780) (Go back a couple of weeks on daily)

As i speak, its come back to 1.4750 and rejected it slightly so hopefully that continues to be a good sign
  • #27,392
  • Apr 19, 2009 11:13pm Apr 19, 2009 11:13pm
Quoting Blackinc
Yea, thats my plan also. My first half didn't make my 1.47 target though unfortunately(by 5 pips), so i'm still risking a little.

My stop is 1.4790. Just above a minor ppz (1.4780) (Go back a couple of weeks on daily)

As i speak, its come back to 1.4750 and rejected it slightly so hopefully that continues to be a good sign
That hit your target (1.4705), on the nose. When it went to 1.4710 it hit your target. Just my opinion.
Indicators show the past. Price Action "Indicates" the future.
  • #27,393
  • Apr 19, 2009 11:17pm Apr 19, 2009 11:17pm
Quoting jarroo
Little bit of a itchy finger there pmr. lol

very nice.
Yes a little
But allowed me to risk less ..
  • #27,394
  • Apr 19, 2009 11:24pm Apr 19, 2009 11:24pm
Quoting jarroo
That hit your target (1.4705), on the nose. When it went to 1.4710 it hit your target. Just my opinion.

Not quite sure what you mean by this. If you could elaborate?

My broker price had to hit 1.4700(which is 1.4700/03) to execute, but it hit 1.4705/08
  • #27,395
  • Apr 19, 2009 11:33pm Apr 19, 2009 11:33pm
hey jon and josh, thnx for ur reply, just woke up ...feeling refreshed....
ill do some more homework on dat....
cheers
Simplicity is the key to success
  • #27,396
  • Apr 19, 2009 11:37pm Apr 19, 2009 11:37pm
Quoting Blackinc
Not quite sure what you mean by this. If you could elaborate?

My broker price had to hit 1.4700(which is 1.4700/03) to execute, but it hit 1.4705/08
Take this 2 Day BEOB. I have a target of 1.4600. The 1.4600 is a PPZone. It is not defined as a pin point level of 1.4600. It is more like 1.4600ish level.

So if Price comes within +/-15 or +/-20 pips of this area/zone.
I consider it as . . .target hit.
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  • #27,397
  • Apr 19, 2009 11:46pm Apr 19, 2009 11:46pm
Jaroo,
Do you consider adding in this little triangle stalling zone ?
  • #27,398
  • Apr 19, 2009 11:55pm Apr 19, 2009 11:55pm
Quoting jarroo
Take this 2 Day BEOB. I have a target of 1.4600. The 1.4600 is a PPZone. It is not defined as a pin point level of 1.4600. It is more like 1.4600ish level.

So if Price comes within +/-15 or +/-20 pips of this area/zone.
I consider it as . . .target hit.

uhhh. Yea i know what you're saying, my second target is 1.4625 because of the 1.46 zone.

I can't keep my eyes on the charts all the time, so the reason i set 1.4700 is because i wanted 1.4790 to be my stop on second half, which would've netted a breakeven trade because my entry was 1.4645.

I set all my trades the same way for the times when i can't watch the market, so i don't like to change that.

Thanks for your feedback tho
  • #27,399
  • Apr 19, 2009 11:59pm Apr 19, 2009 11:59pm
Sorry - talking about this area
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  • #27,400
  • Apr 20, 2009 12:00am Apr 20, 2009 12:00am
Quoting Blackinc
uhhh. Yea i know what you're saying, my second target is 1.4625 because of the 1.46 zone.

I can't keep my eyes on the charts all the time, so the reason i set 1.4700 is because i wanted 1.4790 to be my stop on second half, which would've netted a breakeven trade because my entry was 1.4645.

I set all my trades the same way for the times when i can't watch the market, so i don't like to change that.

Thanks for your feedback tho
Oh I see . . . you free trade target. got it.
Indicators show the past. Price Action "Indicates" the future.
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