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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

  • #27,661
  • Apr 21, 2009 5:32pm Apr 21, 2009 5:32pm
Quoting Schneeule
I see the daily chart the same way. I am considering a possibility to wait for 1.24 for partial enterance with half the possition...
So you will be waiting for a retrace of the pin to enter? It looks like 1.24 is between the 38% and 50% fib retracement of the pin.
  • #27,662
  • Apr 21, 2009 5:37pm Apr 21, 2009 5:37pm
Quoting Blackinc
^

I was looking at your charts and i was trying to work out what was what.. There's so much stuff on there. And then i saw this hahaha

There isn't that much there tbh, volume is incredibly useful, as are slow stochs for spotting divergence, the MAs I have set act as s/r 90% of the time, and price is clean and clear.

I've seen far worse and value PA as a priori, but I;m not a purist as some are here...
Money & Pain Respect the market, protect your capital, be patient
  • #27,663
  • Apr 21, 2009 5:41pm Apr 21, 2009 5:41pm
Hi Maklla,

It's a tough question and it depends on what is important to you.

If you are new I would definitely recommend a broker that offers small sizes and a Demo account that doesn't expire. I really like MB Trading and Oanda. Both will give you an unlimited time demo account so you can learn the software and explore your strategies. The first is an ECN and the second is a market maker (there's a good article on FF about the structure of forex brokers). With Oanda you can trade as little as $1 and any increment so it's really useful if you want to customize your position size based on your stop loss and profit target. With MB you can do micro lots as little as $1,000 position size. A plus too if you are just starting out.

One negative is that neither offer good charts (MB will have MetaTrader soon) but you can get nice charts on FxPro for free with a MetaTrader demo account.

Good luck,
Rubin.

Quoting Maklla
hey everybody!
im about to open an account but cant decide which broker to choose and was wondering if you guys can help me by recomending something or telling me which one are you comfortable and satisfied with!
thank you all

maklla
  • #27,664
  • Apr 21, 2009 5:50pm Apr 21, 2009 5:50pm
Quoting toyboy tramp

There isn't that much there tbh...
Thats fair enough buddy, if its profitable for you i'm not knocking it.

It did however give me a good chuckle!
  • #27,665
  • Apr 21, 2009 6:44pm Apr 21, 2009 6:44pm
Quoting scott087
I've had my eye on this one for a while after it broke short. The only thing I'm caught up on is where to place my sell order. In my chart I highlighted some bar highs and lows and the round number/ppz at 1.23 which is about 23 pips under the low of the pin.

I'm thinking of either:
1) Selling at 1.2313 and moving my stop to B/E when it hits 1.23

2) Waiting for a break of 1.23 and selling at around 1.2293

Regardless of which entry I will be watching for the reaction at 1.23
Very nice scott.

Ditto Mike.
Indicators show the past. Price Action "Indicates" the future.
  • #27,666
  • Apr 21, 2009 6:52pm Apr 21, 2009 6:52pm
Quoting jarroo
Very nice scott.

Ditto Mike.
I haven't taken a daily trade for a while now, so I'm looking forward to this one. I have a feeling that it it going to encounter trouble at around 1.23 and then continue downward. I'm planning on entering 10 pips below the low (1.2313) and setting my stop to B/E after it hits 1.23 but I'm not sure if I should give it more room to play out. I will definitely be looking for the hard and fast break that validates quality PA though.
  • #27,667
  • Edited 7:37pm Apr 21, 2009 7:33pm | Edited 7:37pm
Quoting gorubin
Hi Josh,

Here's a simple rule I have when there are 2 or more trade opportunities at the same time. If the 2 pairs have 1 currency in common than chances are there is some correlation and I should take only 1 if I decide to take any trades at all. I really don't like to double up on my risk.

If you remember recently we had some Pins in the JPY pairs that essentially move together. I'm finding that other currencies can do the same for ex. the CAD can move all the CAD currencies together.

Rubin.
Thanks Rubin. Here are what I consider my options.
- Only take the best opportunity based on independent chart analysis and use normal risk.
- Only take the best pair based on comparing the associated pair to see which was acting stronger/weaker. In this case, I would compare EUR/USD... this would show the USD is acting stronger recently...so EUR/CAD is more likely to go down.
- Take both trades, treat completely independently, and use normal risk for both
- Take both trades, split risk in 1/2 for each. (1%/trade in my case)

For the JPY pairs, I take no more than 2 and treat them independently based on their own charts. This is the first time I've come across this with XXX/CAD.

Another reason to stick to daily when starting out... more time to think about such things.

Josh

Edit: BTW, I will be taking both independently in this case, as well, to be consistent with what I've been doing with the JPY pairs.
  • #27,668
  • Apr 21, 2009 7:35pm Apr 21, 2009 7:35pm
Hey everyone,

I know we are PA traders here, but I was wondering what your thoughts are on the USD/CAD according to fundies. Yes the PB looks great and I am going to trade it for sure, because I believe price tells a lot, but I know many are expecting the U.S. stock market to retrace after its huge move. Won't this drive the USD/CAD uppwards, because of the whole flight to safety trade. (People buy dollar for safety) Don't want to get too far off topic of thread, but just wondering if anyone has an opinion on this.
"Luck favors the prepared mind"
  • #27,669
  • Apr 21, 2009 7:39pm Apr 21, 2009 7:39pm
What about the 'tweezer top' pattern on E/G daily. But at 8800 we had a 100 pip upmove just a couple of days ago. Now back to 8800 with some strong support there.

Sorry cant seem to get a chart to show up.
  • #27,670
  • Edited 8:13pm Apr 21, 2009 7:51pm | Edited 8:13pm
Quoting scott087
I haven't taken a daily trade for a while now, so I'm looking forward to this one. I have a feeling that it it going to encounter trouble at around 1.23 and then continue downward. I'm planning on entering 10 pips below the low (1.2313) and setting my stop to B/E after it hits 1.23 but I'm not sure if I should give it more room to play out. I will definitely be looking for the hard and fast break that validates quality PA though.

I'll be trading it the same way Scott. The setup looks pretty solid, I would but it in the "A" catagory, but not in the "A+" catagory. So how it's managed is critical.

As you have mention, a hard and fast break for 30 to 40 pips quickly and then moving to break even will make this an easy trade. A true "A" PA setup will act this way. imo
But if it starts dance around like a clown at the entry and /or 1.2300 level, especially around the London open, would give me cause to get out for a small profit or loss.

Sure, it may then take off and run to the moon, but so what. My focus is risk and managing it to the minimum.


Just my thoughts

Jim
Indicators show the past. Price Action "Indicates" the future.
  • #27,671
  • Apr 21, 2009 8:11pm Apr 21, 2009 8:11pm
Quoting jarroo
I'll be trading it the same way Scott. The setup looks pretty solid, I would but it in the "A" catagory, but not in the "A+" catagory.

So how it's managed is critical. As you have mention, a hard and fast break for 30 to 40 pips quickly and then moving to break even will make this an easy trade. A true "A" PA setup will act this way. imo
But if it starts dance around like a clown at the entry, especially around the London open, would give me cause to get out for a small profit or loss.

Sure, it may then take off and run to the moon,...

I used to get frustrated when I was stopped out at BE and then proceeded to watch it run in my favor.

Most traders (including myself at one point) have their main priority set on making money. I found that once you shift your main focus from "making money" to either "capital preservation" or "minimizing risk" you will really see a difference in your trading.

Scott
  • #27,672
  • Apr 21, 2009 8:25pm Apr 21, 2009 8:25pm
Quoting scott087
I used to get frustrated when I was stopped out at BE and then proceeded to watch it run in my favor.

Most traders (including myself at one point) have their main priority set on making money. I found that once you shift your main focus from "making money" to either "capital preservation" or "minimizing risk" you will really see a difference in your trading.

Scott
Absolutely, and being very picky on the setups you take sure helps on the capital building. lol

But I 've seen it time and time again that after a hard break, Price will retrace and test that entry (just to make sure it's correct) and then continue in our direction. So I like to give little leeway to that entry/retrace point after I take my 1st half.
Indicators show the past. Price Action "Indicates" the future.
  • #27,673
  • Apr 21, 2009 8:31pm Apr 21, 2009 8:31pm
Quoting gorubin
Hi Josh, Here's a simple rule I have when there are 2 or more trade opportunities at the same time. If the 2 pairs have 1 currency in common than chances are there is some correlation and I should take only 1 if I decide to take any trades at all. I really don't like to double up on my risk.
i think the e/cad is a better looking trade & i think it has farther to go before hitting support. plus the eur is performing worse than the usd right now.
  • #27,674
  • Apr 21, 2009 8:35pm Apr 21, 2009 8:35pm
Quoting dkmb92
the u/cad looked like it had promise earlier today, but the daily just didnt close as i hoped it would. i think the e/cad is a better looking trade & i think it has farther to go before hitting support. plus the eur is performing worse than the usd right now.
I agree plus I'm not bearish towards the dollar if equities retrace. They have gone up so much that they gotta come down eventually. At least a little. I'm workin the EUR/CAD
"Luck favors the prepared mind"
  • #27,675
  • Apr 21, 2009 8:39pm Apr 21, 2009 8:39pm
Quoting jarroo
Absolutely, and being very picky on the setups you take sure helps on the capital building. lol

But I 've seen it time and time again that after a hard break, Price will retrace and test that entry (just to make sure it's correct) and then continue in our direction. So I like to give little leeway to that entry/retrace point after I take my 1st half.
jarroo,

are you saying ... take profit on the first run as you see it lose momentum, say on the 15 or even 5 min chart with some of your position and then give the rest of your position more room to breathe.. with a wider SL , even as far back as the entry point?
  • #27,676
  • Apr 21, 2009 8:46pm Apr 21, 2009 8:46pm
Quoting Lou
jarroo,

are you saying ... take profit on the first run as you see it lose momentum, say on the 15 or even 5 min chart with some of your position and then give the rest of your position more room to breathe.. with a wider SL , even as far back as the entry point?

That's what I'll do often.

And that Tweezer Top is at a Swing low.
Bundy's status today: "Waiting..."
  • #27,677
  • Apr 21, 2009 9:04pm Apr 21, 2009 9:04pm
Quoting Lou
jarroo,

are you saying ... take profit on the first run as you see it lose momentum, say on the 15 or even 5 min chart with some of your position and then give the rest of your position more room to breathe.. with a wider SL , even as far back as the entry point?
If I am understanding this correctly, Yes. At times the momentum will be hard at the break then the retrace will ocurr and it seems that the momentum will resume (a retest of the entry). I'll take some off the table (1st half) to offset any retrace that moves past the breakeven point.

Much like a DIBS "Free Trade" setup if your familar with that method.
Indicators show the past. Price Action "Indicates" the future.
  • #27,678
  • Edited 10:23pm Apr 21, 2009 9:34pm | Edited 10:23pm
Was the recent 4h pin on the USDCAD a C-class trade (untradable - due to the previous 5 bars) and is the daily pin an A-class trade?
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  • #27,679
  • Apr 21, 2009 10:20pm Apr 21, 2009 10:20pm
Quoting adam777
Was the recent 4h pin on the USDCAD a C-class trade (untradable) and the daily pin a A-class trade?
No disrespect adam, but I can't see a thing on your chart.
Indicators show the past. Price Action "Indicates" the future.
  • #27,680
  • Apr 21, 2009 10:22pm Apr 21, 2009 10:22pm
Quoting adam777
Was the recent 4h pin on the USDCAD a C-class trade (untradable) and the daily pin a A-class trade?
The 4H pin was by no means outright untradable IMO. It was off the 50 fib and with the trend, the best part is it translated into the daily pin bar. Overall I don't find any reason to feel skeptical abt any move down south.

Look at the left eye of the pin bar, what we're seeing right now is a retracement into the daily pin bar, the high of this left eye may well mark the acme of this pullback, retrace entries go here...

Regards,
Ghous.
Attached Image(s) (click to enlarge)
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Click to Enlarge Name: usdcad 4h.gif Size: 10 KB
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