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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

  • #27,901
  • Apr 23, 2009 1:31pm Apr 23, 2009 1:31pm
Quoting jpa0827
I can't tell you how many times I had been watching CNBC and gotten confused and lost tons of money because I trusted the people on TV over what price was doing. Grrr. Live and learn. That was my mistake today with USD/CAD.
LOL.... they miss qouted a currency price last this week,just before the comercials, saying price was falling when in fact it was rising!! i had a trade running with the pair. that sent me running to my screen with a confused look on my face i can tell you!! hehe
PATIENCE... DISCIPLINE
  • #27,902
  • Apr 23, 2009 2:22pm Apr 23, 2009 2:22pm
Quoting g_j_hook@yah
LOL.... they miss qouted a currency price last this week,just before the comercials, saying price was falling when in fact it was rising!! i had a trade running with the pair. that sent me running to my screen with a confused look on my face i can tell you!! hehe
LOL.. I hear ya! I just had a little PM conversation with MBq??? (mike) about all of this news stuff and I am now as of today strictly trading PA and not paying attention to any news other than NFP and interest rates just because of their major impact. So if anyone sees me talking about news other than these two hings, feel free to rip me a new A-hole lol.
"Luck favors the prepared mind"
  • #27,903
  • Edited 4:11pm Apr 23, 2009 3:29pm | Edited 4:11pm
Quoting bertie123
Hi Jarroo

Just wanted to ask if the orange and green Horizontal lines on your charts are PPz's? Is one colour major and the other minor(green)?

thanks,

berti
I use the green line for my Target Price. It's not a written in stone level. So let me restate that, its my Target Area.
Indicators show the past. Price Action "Indicates" the future.
  • #27,904
  • Edited 4:39pm Apr 23, 2009 3:44pm | Edited 4:39pm
Quoting gorubin
Hey Jim,

I actually missed this sweet EUR/GBP trade because I usually cancel my orders if it didn't trigger the next day. Do you do the same? It would have hit my target exactly at...oh well I can't get them all. At least I think someone here got in.

On a separate note: Do you ever sleep? That's one of my weaknesses...I like to sleep at night (East Coast) so if something triggers during London hours I won't know until 8AM....and lots can happen overnight...

Rubin.
I missed that sweet Eur/Gbp trade that you pointed out. I didn't place a pending order.

That's the beauty of higher time frame trading, you don't have to sit next to the computer all day and night. You have to make adjustment to the market.

I'll sleep when I'm dead. lol

I love this business, viewing charts and watching trades develop actually relaxes me. If I have a bad day (outside of trading) I'll go study some charts, look at my watch list, etc., and it calms me down.

What makes it more fun is talking, learning, teaching and discussing this business from every one on this great thread/forum.
Indicators show the past. Price Action "Indicates" the future.
  • #27,905
  • Apr 23, 2009 3:49pm Apr 23, 2009 3:49pm
Looks like some got in the Usd/Cad. Great job.

Pretty simple trade, who cares about News . . . I don't, nothing complicated about this classic J16 trade.

How fun is that.
Sorry I can't post a chart.
Indicators show the past. Price Action "Indicates" the future.
  • #27,906
  • Apr 23, 2009 3:56pm Apr 23, 2009 3:56pm
Quoting mbqb11
yeah only watch CNBC for comedic relief too
LOL.

You can laugh at just about any "guru" economist the media drags out from under a cardboard box on the street lately.
Bundy's status today: "Waiting..."
  • #27,907
  • Apr 23, 2009 3:58pm Apr 23, 2009 3:58pm
Quoting jarroo
Looks like some got in the Usd/Cad. Great job.

Pretty simple trade, who cares about News . . . I don't, nothing complicated about this classic J16 trade.

How fun is that.
Sorry I can't post a chart.
And once again illustrates the simplicity and win rate you get waiting for a break of the bar, eh J?
Bundy's status today: "Waiting..."
  • #27,908
  • Apr 23, 2009 4:08pm Apr 23, 2009 4:08pm
Quoting bundyraider
And once again illustrates the simplicity and win rate you get waiting for a break of the bar, eh J?
Absolutely, bundy.

Once I start complicating a trade it gets me into trouble every time.
Indicators show the past. Price Action "Indicates" the future.
  • #27,909
  • Apr 23, 2009 4:23pm Apr 23, 2009 4:23pm
I'm currently in this trade and earlier moved my stop to BE and took half profits. You can see where I entered (where the stop is now) - was this an okay strategy (enter on break of the previous bar)? This time I will NOT be moving my stop lower down in an attempt to lock in more profit - I'd rather just wait to see what happens - I already have my (admittedly small) profit locked in anyhow.

Also what do you think of the PPZ lines I have drawn? I know that they represent zones, but am I on the right track?

It's very unusual that I've taken 2 trades in 2 days but I guess sometimes like buses you wait ages and then several come along at once...

Thanks

Rhod
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When in doubt, sit on your hands...
  • #27,910
  • Apr 23, 2009 4:27pm Apr 23, 2009 4:27pm
Yes the USD/CAD was quite a nice trade actually...not a huge winner but still nice. It broke down hard then let me move my SL to breakeven around 1.2311 proceeded to come back up and test the 1.2300 round number... It was rejected came back down to hit my profit target at first resistance around 1.2238...Gotta love the CAD, it's given some nice PA action recently

Looking at USD/PLN Pin looking formation for today. Piercing a 50% recent Fib level and a 38% of the whole move down Fib level. One concern is that it technically is a BUOB to the previous small bar. I would give this one a B at most...I think I'll probably pass. Any opinions?

Quoting jarroo
Looks like some got in the Usd/Cad. Great job.

Pretty simple trade, who cares about News . . . I don't, nothing complicated about this classic J16 trade.

How fun is that.
Sorry I can't post a chart.
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  • #27,911
  • Apr 23, 2009 4:27pm Apr 23, 2009 4:27pm
By the way - not sure if it's particularly relevant, but I never enter an 'instant execution' - I always set an order and an SL then walk away.
When in doubt, sit on your hands...
  • #27,912
  • Apr 23, 2009 4:38pm Apr 23, 2009 4:38pm
Quoting jarroo
Looks like some got in the Usd/Cad. Great job.

Pretty simple trade, who cares about News . . . I don't, nothing complicated about this classic J16 trade.

How fun is that.
Sorry I can't post a chart.

I feel a litle unhappy I got only 99 pps of that cake, what about coming back up?

Peter
Jesus Christ is my only Lord !
  • #27,913
  • Apr 23, 2009 4:49pm Apr 23, 2009 4:49pm
Looks not very impressive as a size but location - interesrting

Peter
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Jesus Christ is my only Lord !
  • #27,914
  • Apr 23, 2009 4:56pm Apr 23, 2009 4:56pm
Quoting gododdin
I'm currently in this trade and earlier moved my stop to BE and took half profits....
Good job. (on the trade and the PPZs. )

I also mark in little minor PPZs ....at least around the trade.

Like so...

Small box is of most interest, and usually strongest. Big box marks out the entire zone that you should be watching.

There's another one I just noticed where price is sitting now (on your chart!), which probably coincides with the 50% retrace too. edit: in fact that larger box , I'd think about encompassing it too. Sometimes a larger zone sux, but price can bounce anywhere around there.
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Bundy's status today: "Waiting..."
  • #27,915
  • Apr 23, 2009 5:09pm Apr 23, 2009 5:09pm
Quoting hipcio
I feel a litle unhappy I got only 99 pps of that cake, what about coming back up?

Peter
I got 34 pips on first half, BE on second. And Iīm content. Itīs about risk before itīs about profits.
Chart: http://www.forexfactory.com/showpost...ostcount=27889

RM
  • #27,916
  • Apr 23, 2009 5:12pm Apr 23, 2009 5:12pm
Quoting hipcio
I feel a litle unhappy I got only 99 pps of that cake, what about coming back up?

Peter
don't be too hard on yourself. would you still be unhappy if a pip was worth $100 to you..?
... besides, you can double that on fiber now.....
  • #27,917
  • Apr 23, 2009 5:21pm Apr 23, 2009 5:21pm
Quoting raczekfx
... besides, you can double that on fiber now.....
Racīs favourite..?
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  • #27,918
  • Apr 23, 2009 5:24pm Apr 23, 2009 5:24pm
Quoting Rainmaker
Racīs favourite..?
Depends if you're looking at the 4 hr ....daily ....or weekly brother.
Bundy's status today: "Waiting..."
  • #27,919
  • Apr 23, 2009 5:39pm Apr 23, 2009 5:39pm
Quoting bundyraider
Depends if you're looking at the 4 hr ....daily ....or weekly brother.
Agreed!
  • #27,920
  • Apr 23, 2009 5:51pm Apr 23, 2009 5:51pm
Quoting Rainmaker
Racīs favourite..?
lol... not this time. RF would probably be good for 40-60ps. That's less than half of hipcio's move on ucad....
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