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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

  • #28,621
  • Apr 29, 2009 12:05pm Apr 29, 2009 12:05pm
Quoting ikki
Hey Mark, what do you think the 813x level, magic number?
83xx?
  • #28,622
  • Apr 29, 2009 12:11pm Apr 29, 2009 12:11pm
Quote
Hopefully up enough to my profit target. I am about to go play some golf so I set a take profit shy of 130 stops b/e so no worries

mbqb11/Mike,
I almost scrambled to reply as soon as i read the word "golf". LOL
Aren't u too young to play that?
There's a Category 5 Hurricane on your way too...
  • #28,623
  • Apr 29, 2009 12:11pm Apr 29, 2009 12:11pm
Quoting jarroo
Nice squeezy. A tight stop (for me) on this time frame would have worked for me. The confluence of MACD divergence helped greatly.
thnx jarroo
yup the confluence worked great wit 365
cld u hav a look at the audcad wkly...still in it BUT trying to get my SL, ill pm u later in the evening(its evening here already), need some explanation on something....
cheers
Simplicity is the key to success
  • #28,624
  • Apr 29, 2009 12:12pm Apr 29, 2009 12:12pm
gu & gj 2d pin break and retest.
I got in on retests
.
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  • #28,625
  • Apr 29, 2009 12:19pm Apr 29, 2009 12:19pm
Quoting supremeChaos
jarroo,
based exclusively on your chart in your latest post, would it be correct to say u would exit the trade at (eyeballing it to be) 70.30-ish IF the latest candle did not make a hard break of 70.50 (thinking that 70.50 is a ppz in that particular chart)? thanks
Yes, those Daily bar Highs and Lows (70.50 PPZ) would be place of targets. Taking some off the table (or entire position) would be right decision for me.
Attached Image
Indicators show the past. Price Action "Indicates" the future.
  • #28,626
  • Apr 29, 2009 12:19pm Apr 29, 2009 12:19pm
Quoting iksh
Trade now closed as TP attained. No one mentioned this pair even after i posted my trade with charts. Did no one take this trade or why didnt they think this was a good trade.
I opened at 2.0727
I closed my trade at 2.0350 with 377 pips.
Would like to know the views of people who looked at this and didnt take this trade.

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Iksh,
I can't trade this pair with my broker, but I can view the charts. As you see from my daily (ending at 5:00ET), I don't show a pinbar. The close is near the middle of the bar and well outside the previous bar. That said, I think most passed on this trade because of the traffic to the left. We are in a congestion zone versus a trend. Therefore, the bar wasn't formed at a swing high. It could have been played with a goal to reach the bottom of the range, which it basically has done, but it wouldn't be considered a strong setup.

Nice profit though! Just not something I would typically trade.

Hope this helps. Josh
Attached Image (click to enlarge)
Click to Enlarge Name: GBPAUD 042909_day.GIF Size: 40 KB
  • #28,627
  • Edited Apr 30, 2009 1:47am Apr 29, 2009 12:21pm | Edited Apr 30, 2009 1:47am
Quote
I hope at least you have the Max 3-figure account SupremeChaos...which would only be $999.
I wish you luck in your trading....
well, it's not a maxed-out starting balance, unfortunately/&fortunately for me.
On the contrary, seriously, it was near the Minimum 3-figure area.
I was able to hike it up to a 4-figure balance. I did make a withdrawal & made several blunders too, so I'm back to 3-figures.
Cost of living here(my country) is quite high, with a bad, corrupt, obnoxious, power-hungry government to boot.

Thanks a lot Rubin....
  • #28,628
  • Apr 29, 2009 12:27pm Apr 29, 2009 12:27pm
Quoting Jduester
Iksh,
I can't trade this pair with my broker, but I can view the charts. As you see from my daily (ending at 5:00ET), I don't show a pinbar. The close is near the middle of the bar and well outside the previous bar. That said, I think most passed on this trade because of the traffic to the left. We are in a congestion zone versus a trend. Therefore, the bar wasn't formed at a swing high. It could have been played with a goal to reach the bottom of the range, which it basically has done, but it wouldn't be considered a strong setup.

Nice profit...
Dear Josh,

I didnt trade it as a swing high of a trend trade. I traded it as a swing high of a box trade. It was a pinbar off the Major PPZ resistence off the daily box. i agree about the lot of traffic to the left. but it was support and resistence trade, if u know what i mean
  • #28,629
  • Apr 29, 2009 12:29pm Apr 29, 2009 12:29pm
ooooopsss. Josh already replied. i edited my post as there is no need for me to be redundant.


iksh,
I was gonna say the same thing: primarily in a range & not a swing low. also many here probably are not paying much attention to such crosses as gbpaud (more focused on the usual pairs) due to preference, spreads, etc.

That is definitely a gem a few like u have found & it appears u earned it well. Definitely playable, via range trading. Excellent pips made !!
  • #28,630
  • Edited 1:07pm Apr 29, 2009 12:36pm | Edited 1:07pm
Quoting supremeChaos
. . . with a bad, corrupt, obnoxious, power-hungry government to boot.
I know what you're talking about. I lived in the Philippines for a couple of years. I am not native; so I do not know everything about your country, but I do understand (at least partially) where you're coming from.

Good luck.
  • #28,631
  • Apr 29, 2009 12:36pm Apr 29, 2009 12:36pm
Quoting supremeChaos
ooooopsss. Josh already replied. i edited my post as there is no need for me to be redundant.


iksh,
I was gonna say the same thing: primarily in a range & not a swing low. also many here probably are not paying much attention to such crosses as gbpaud (more focused on the usual pairs) due to preference, spreads, etc.

That is definitely a gem a few like u have found & it appears u earned it well. Definitely playable, via range trading. Excellent pips made !!

Thx supreme chaos.

That was so nice of u to say those good words.
  • #28,632
  • Apr 29, 2009 12:49pm Apr 29, 2009 12:49pm
Quote
....Taking some off the table...

jarroo,
Hey Jim, u changed your charts!!!?! we are talking about H4 not Daily charts! LOL, just kidding.

back to your audjpy chart... i surmise that the above quote is based on the fact that the 2 previous (closed) H4 candles &/or the Daily candle is fairly huge. If these were not the case (that is, the size of the 2 previous closed H4 candles &/or the Daily candle is 1/3 or 1/2 that of the actual candle/s), then u would 100% decide on exiting around 70.50. is that an accurate jarroo play?

Also, do u not take Average daily range of pairs into consideration (as to how far a pair might go) AT ALL, whether for day trading/swing trading?

Thanks for your affirmation & thank you very much for your time
  • #28,633
  • Apr 29, 2009 12:52pm Apr 29, 2009 12:52pm
Quoting iksh
Thx supreme chaos.
That was so nice of u to say those good words.
iksh, that's nothing. It was a sincere & humble remark on my part.
It stems from the fact that 377 pips is an enviable profit (for me at least; be it a micro lot, a mini lot, or whatever). Seriously
  • #28,634
  • Edited 1:18pm Apr 29, 2009 1:07pm | Edited 1:18pm
Quote
I know what you're talking about. I lived in the Philippines for a couple of years. I am not native; so I do not know everything about your country, but I do understand where you're coming from.
hans356,
really? when & why did u leave?
hopefully u did not get the wrong impression that our government mirrors/best represent our people's ways, ideals etc.

many Filipinos working abroad, in your AMAZINGLY BREATH-TAKING place of Canada & in other countries, are highly esteemed & sought after in their respective fields (easily comes to mind the doctors, nurses, caregivers, seafarers, top-rank professionals, & the upcoming Manny Pacquiao & Ricky Hatton fight; win or lose )
Having mentioned your country, i plan to retire/be a citizen/have a house there (far from the lakes & bauxite/mineral mining areas, please; Global warming-averse )

thanks! & Welcome to the thread (lurking?)!
  • #28,635
  • Apr 29, 2009 1:13pm Apr 29, 2009 1:13pm
raczekfx,
again, excellent trades Mark.

nice, big, simple, uncluttered, informative charts. what were the exact entries & stops (gu, gj), if i may ask?
do u ALWAYS trade uj with ej & gj?

Thanks for the charts!
  • #28,636
  • Apr 29, 2009 1:24pm Apr 29, 2009 1:24pm
Quoting iksh
Trade now closed as TP attained. No one mentioned this pair even after i posted my trade with charts. Did no one take this trade or why didnt they think this was a good trade.
I opened at 2.0727
I closed my trade at 2.0350 with 377 pips.
Would like to know the views of people who looked at this and didnt take this trade.

Attachment
Thanks for the post about that trade. Well done, sorry I missed it, it made your day. Keep up the good work.
Peter
  • #28,637
  • Apr 29, 2009 1:27pm Apr 29, 2009 1:27pm
Quoting Jduester
Iksh,
I can't trade this pair with my broker, but I can view the charts. As you see from my daily (ending at 5:00ET), I don't show a pinbar. The close is near the middle of the bar and well outside the previous bar. That said, I think most passed on this trade because of the traffic to the left. We are in a congestion zone versus a trend. Therefore, the bar wasn't formed at a swing high. It could have been played with a goal to reach the bottom of the range, which it basically has done, but it wouldn't be considered a strong setup.

Nice profit...
I can trade this with my broker, but my charting program doesn't have a chart for it. Wish it did b/c i'd like to play the break of that box
"Luck favors the prepared mind"
  • #28,638
  • Apr 29, 2009 1:39pm Apr 29, 2009 1:39pm
jpa0827,
what broker & charting software?
Metatrader4 / MT4 is free. there are several demo MT4 brokers that offer many crosses including gbpaud:
ODL, Bulbrokers/STS Finance, GCI, MiG, Sig, FxPro, WHC/Broco, XTB, WSD, just to name a "few"...
  • #28,639
  • Apr 29, 2009 1:42pm Apr 29, 2009 1:42pm
I remember reading about managing a trade by moving up your stops on the 4 hour chart using 2 bars as a guide. I've been searching through the thread but I can't seem to find the details of the "2 bar 4 hours trailing stop" method.

I'm guessing that for a long, you trail your stops below the low of the 2nd bar back. I'd like to verify this strategy. If someone can point me in the right direction I would greatly appreciate it.

-Scott
  • #28,640
  • Apr 29, 2009 1:44pm Apr 29, 2009 1:44pm
Quoting jarroo
You sound like an old pro scott. Very nice plan and analysis.
Thanks, that means a lot to me. I'm hoping sounding and thinking like a pro is a step in the right direction to actually become a pro

-Scott
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