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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

  • #28,501
  • Apr 28, 2009 10:28pm Apr 28, 2009 10:28pm
Those with expertise (actually making consistent profits!),

How do you determine when to enter when price breaks a S/R level? Obviously you have no idea what will happen, but probabilistically, what causes you to pull the trigger? For example, look at the EURUSD move that broke the 1.3166 previous resistence level just a few minutes ago. Do you wait for a retrace to test the level, or ..?
  • #28,502
  • Apr 28, 2009 10:29pm Apr 28, 2009 10:29pm
Quoting jarroo
Sorry I had to be away from my computer.

If it works for you sir, more power to you. As long as you are know were the higher time frame S/R levels are located, that's all I was asking.

It is all about the location of Price.

Good for you, 4fun.
No worries mate got out of that short at b/e perfect example of watchin the bulls lose to the celtics in overtime eat dinner and tame the little lady only have my gj trade to babysit always read your post
  • #28,503
  • Apr 28, 2009 10:43pm Apr 28, 2009 10:43pm
Hello Good traders,

I want to ask for the H4 setup on t EURGBP.

I want to go short on this BEOB is:

1. BEOB
2. location: fail to break 0.9000, important resistent
3. 61.8% retracement of the previous fall
4. H4 trendline confluenced.
5. head and shoulder formation

Concern is 8560 support is very close.


Just wondering do you guys like to trade this kind of setup?

All comments are welcome!

Thanks!
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  • #28,504
  • Apr 28, 2009 10:47pm Apr 28, 2009 10:47pm
Dont know if anyone else took that g/j trade but we are in an area to keep an eye on.Brought my laptop out so I can watch basketball and drink beer infront of the bigscreen and keep an eye on this rascal
  • #28,505
  • Edited 11:12pm Apr 28, 2009 10:51pm | Edited 11:12pm
Quoting JoshDance
Those with expertise (actually making consistent profits!),

How do you determine when to enter when price breaks a S/R level? Obviously you have no idea what will happen, but probabilistically, what causes you to pull the trigger? For example, look at the EURUSD move that broke the 1.3166 previous resistence level just a few minutes ago. Do you wait for a retrace to test the level, or ..?

As one who was (rather aggressively) also looking at that level, I would have liked to have seen an obvious rejection of the price after a good test > 20 ticks or so in EURUSD...i.e, a PB). As pointed out above, a PB at a daily or weekly S/R or fibo would the prefered, less dictatorial trade. However, I do agree that the risk on this was rather low, provided that you stopped your position above yesterday's high. I actually entered lightly at the ultra short term 62 fibo but was left with only a minimal gain after a brief moment of conquest. Patience on this one, in my opinion however, may be the better long term play.....at the moment, the bulls are running the show, snagging the larger gains, and hard to argue against! If one tells them they are wrong, one may get trampled.

How many of us have learned that even though your long term, Buffett-esque view is correct, a series of poor entries will destroy you.

If you insist on trading the hourlies, take a look at the hourly PB that began the up-move yesterday. Personally, I find the 1-hours too vexing/tedious to be reliable, but perhaps if one focusses on a single pair.........
  • #28,506
  • Edited 11:52pm Apr 28, 2009 11:17pm | Edited 11:52pm
Quoting PippingMama
Hello Good traders,

I want to ask for the H4 setup on t EURGBP.

I want to go short on this BEOB is:

1. BEOB
2. location: fail to break 0.9000, important resistent
3. 61.8% retracement of the previous fall
4. H4 trendline confluenced.
5. head and shoulder formation

Concern is 8960 support is very close.


Just wondering do you guys like to trade this kind of setup?

All comments are welcome!

Thanks!
Also a double top.

Not the best set up but the right idea. Your concern with the 8960 is valid, its probably what's holding it up.

Are the better trades out there developing? Sure there is. If I were to trade this I would keep my stop loss tight 20 -30 pips and see if she runs. It already broke the 8960. Let's see what happens.

If my pip size was 125 a pip, it would be a pass on this.
Attached Image
Indicators show the past. Price Action "Indicates" the future.
  • #28,507
  • Edited 11:54pm Apr 28, 2009 11:44pm | Edited 11:54pm
Quoting Siam
Hi,

Eur/jpy has broken pretty hard. I have 12880 ish as an area for my first TP. The more I read this thread the more it opens my eyes. great stuff.
Nice Siam.

This is a great example of a PA set up that looks pretty yet we know that it's not the best setup because of all the traffic to left (green circle).

But it has all the making of a good setup : at a swing Low, strong PPZ (126.00), PB size is good, and 50% fib. The end all and be all (for me) is how it breaks, with my tight stop loss. And it breaks hard, strong and continious. No draw down on this one.

Very nice and I like your 1st target.

Hourly chart shows the break. Check your 5min chart to see how hard it did.
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Indicators show the past. Price Action "Indicates" the future.
  • #28,508
  • Apr 29, 2009 12:30am Apr 29, 2009 12:30am
Quoting scott087
Daily pin on E/J broke hard.

50% retrace of the last major swing
Defined swing low
Nice amount of space to move
Long nose off of round number 124.00 ppz

I took 1/3 off at +50 pips and stops moved up to break even. I'm in a free trade and looking for 128.50 as the next target and maybe a retest of the 130.00 ppz.

Very nice scott.
Indicators show the past. Price Action "Indicates" the future.
  • #28,509
  • Apr 29, 2009 12:50am Apr 29, 2009 12:50am
Quoting scott087
Daily pin on E/J broke hard.

50% retrace of the last major swing
Defined swing low
Nice amount of space to move
Long nose off of round number 124.00 ppz

I took 1/3 off at +50 pips and stops moved up to break even. I'm in a free trade and looking for 128.50 as the next target and maybe a retest of the 130.00 ppz.
Solid trade! Well done.
  • #28,510
  • Apr 29, 2009 12:52am Apr 29, 2009 12:52am
Quoting ikki
All the EMA´s are inside the consolidation. Waiting for a good PA that breaks that box. A BUOB or BEOB would be great. today or tomorry, will see.....
Hey Ikki,

The MA's I have are as follows:

1) 21 period sma brown
2) 79 period sma blue
3) 89 period ema magenta
4) 365 period sma limegreen

Mine look different than yours.
Was there a change I missed somewhere?

Also keltner channel white.
Attached Image (click to enlarge)
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fxScavenger Arrogance is just Ignorance misspelled. abso-PIPn-lutely
  • #28,511
  • Apr 29, 2009 12:55am Apr 29, 2009 12:55am
I use EMA 365,150,25

Quoting fxScavenger
Hey Ikki,

The MA's I have are as follows:

1) 21 period sma brown
2) 79 period sma blue
3) 89 period ema magenta
4) 365 period sma limegreen

Mine look different than yours.
Was there a change I missed somewhere?

Also keltner channel white.
What does not kill me makes me stronger. Friedrich Nietzsche,
  • #28,512
  • Apr 29, 2009 12:59am Apr 29, 2009 12:59am
On the weekly, the E/J just appears to be retracing in order to make lower lows. Just my .02
Patience + Humility + Study = Success
  • #28,513
  • Apr 29, 2009 1:04am Apr 29, 2009 1:04am
Quoting ikki
I use EMA 365,150,25

Thanx IkkI,

I thought my eyes were going.
fxScavenger Arrogance is just Ignorance misspelled. abso-PIPn-lutely
  • #28,514
  • Apr 29, 2009 1:32am Apr 29, 2009 1:32am
Quoting jarroo
Nice Siam.

This is a great example of a PA set up that looks pretty yet we know that it's not the best setup because of all the traffic to left (green circle).

But it has all the making of a good setup : at a swing Low, strong PPZ (126.00), PB size is good, and 50% fib. The end all and be all (for me) is how it breaks, with my tight stop loss. And it breaks hard, strong and continious. No draw down on this one.

Very nice and I like your 1st target.

Hourly chart shows the break. Check your 5min chart to see how hard it did....
It looks like on this 4H EURJPY chart that price is hitting a trendline--would this change your view at all? Would you still go long into this, or do you pretty much ignore this trendline and focus more on the PPZ?

And I'd like to say thanks again jaroo and all the experts here for helping me to put some logic into the thought process here...!
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  • #28,515
  • Apr 29, 2009 1:55am Apr 29, 2009 1:55am
Quoting JoshDance
It looks like on this 4H EURJPY chart that price is hitting a trendline--would this change your view at all? Would you still go long into this, or do you pretty much ignore this trendline and focus more on the PPZ?

And I'd like to say thanks again jaroo and all the experts here for helping me to put some logic into the thought process here...!
well imo the pin was a good one. Something like this plus the ppz would make the conservative trade manager move their stops to b/e. So we can use this information to help us manage our trades better. Others like myself might hold out a bit longer to see if we can break a bit highee before moving their stops. I like your nice clean chart though.

Best
Mike
  • #28,516
  • Apr 29, 2009 1:58am Apr 29, 2009 1:58am
Quoting JoshDance
It looks like on this 4H EURJPY chart that price is hitting a trendline--would this change your view at all? Would you still go long into this, or do you pretty much ignore this trendline and focus more on the PPZ?

And I'd like to say thanks again jaroo and all the experts here for helping me to put some logic into the thought process here...!
good morning Josh, imo TLs are definatly worth watching (as long as they are correctly drawn,whch yours seems to be) but in my experience price will respect good PPZs over good TLs. in this case could it be the kiss of death??( 4th touch)as far as trading into a TL, to me that would present no problem if the setup was a class setup.i do look to tighten stops etc if i am in a trade that has come to meet a good TL.
PATIENCE... DISCIPLINE
  • #28,517
  • Apr 29, 2009 2:02am Apr 29, 2009 2:02am
Quoting mbqb11
well imo the pin was a good one. Something like this plus the ppz would make the conservative trade manager move their stops to b/e. So we can use this information to help us manage our trades better. Others like myself might hold out a bit longer to see if we can break a bit highee before moving their stops. I like your nice clean chart though.

Best
Mike
hi mike, what..?? have you got a team of quick response secretaries there working for you??..
just wanted to ask if you took any of the 4h pins on the yen crosses yesterday???
thanx
jon
PATIENCE... DISCIPLINE
  • #28,518
  • Apr 29, 2009 2:08am Apr 29, 2009 2:08am
Quoting JoshDance
It looks like on this 4H EURJPY chart that price is hitting a trendline--would this change your view at all? Would you still go long into this, or do you pretty much ignore this trendline and focus more on the PPZ?

And I'd like to say thanks again jaroo and all the experts here for helping me to put some logic into the thought process here...!
Yes, I focus more on the PPZ levels then trend lines. That's why you don't see them on my charts. Funny thing though is that if they add to more supportive confluence to a setup, I'll look at them. lol Just kidding.

Also that trendline is on the 4 hour time frame and the setup was on the Daily. Not sticking to the same time frame for your overall analysis can get confusing.
Indicators show the past. Price Action "Indicates" the future.
  • #28,519
  • Apr 29, 2009 2:17am Apr 29, 2009 2:17am
Quoting jarroo
Trading to me is managing risk. This becomes soooooo much easier with the best of the best PA A+ setups. It doesn't bother me if a trade goes plus 30 pips and the stops me out at break even then goes 130 pips. I just say, the next one won't stop me out. If the next one does the same thing . . oh well, two break even trades in a row.
oh umm.
Thanks for the info, I agree with you about managing risk. But can I just check (sorry to keep pestering you) - did you mean that your initial risk would be 30/40 pips or that your initial risk would be (for example) at the top of the price action setup and then you would move your stop after 30/40 pips of profit?

Again, sorry to go on but I just want to make sure I understand properly!

Thanks.
  • #28,520
  • Apr 29, 2009 2:31am Apr 29, 2009 2:31am
Quoting DanUK
Thanks for the info, I agree with you about managing risk. But can I just check (sorry to keep pestering you) - did you mean that your initial risk would be 30/40 pips or that your initial risk would be (for example) at the top of the price action setup and then you would move your stop after 30/40 pips of profit?

Again, sorry to go on but I just want to make sure I understand properly!

Thanks.
No problem Dan. Sorry I wasn't clear enough (I do tend to speak/write incoherently at sometimes. lol)

My initial stop loss is 30-40 pips away, not at the top/bottom of the given PA setup.

Now if its an A++ trade, James16 posts the setup in bold letters, Mike is on the radio talking about it, etc. Meaning it is standing out as an A+ setup, I'll give more leeway to it on my stop loss placement but it will be on the 2nd half of my position. The 1st half will be in the bank with a good amount of pips.
Indicators show the past. Price Action "Indicates" the future.
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