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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

  • #29,121
  • May 4, 2009 7:54am May 4, 2009 7:54am
Quoting pakiestra
I wish I wasn't
I know the day is not over yet so it's not a setup but just to show how the AUS/USD price hit the S/L (10 pips above the previous green PB)
Attachment
I didn't want to comment on your trade when I saw your previous post (not to mess up your confidence).
If I may add my input here... I would have my stop @ at least .7420. (above round number and monthly ppz)

As a matter of fact it was my stop, but I shorted much higher, when cross hit .7380.
Don't worry, record what you did wrong and move to the next one. You will be able to recover on fiber if you're patient.... (when ecb announces later this week it will start buying troubled assets.....lol)

Just wait for PA this time....
  • #29,122
  • May 4, 2009 8:06am May 4, 2009 8:06am
What do you guys think about this one?
Attached Image (click to enlarge)
Click to Enlarge Name: usdcad dblhc h$.gif Size: 29 KB
  • #29,123
  • May 4, 2009 8:08am May 4, 2009 8:08am
Quoting datogio
What do you guys think about this one?

Armed urself. with patience...
  • #29,124
  • May 4, 2009 8:13am May 4, 2009 8:13am
Quoting sonicdeejay
Armed urself. with patience...
Yep, think I should wait till the day close. the zone is interresting for sure.
  • #29,125
  • May 4, 2009 8:13am May 4, 2009 8:13am
Quoting datogio
What do you guys think about this one?
I was going to paint the next bar, but don't want to change the future of events...... :-)

.
Attached Image
  • #29,126
  • May 4, 2009 8:16am May 4, 2009 8:16am
Quoting raczekfx
I was going to paint the next bar, but don't want to change the future of events...... :-)

.
Great answer, thanks
  • #29,127
  • May 4, 2009 8:23am May 4, 2009 8:23am
Quoting raczekfx
I didn't want to comment on your trade when I saw your previous post (not to mess up your confidence).
If I may add my input here... I would have my stop @ at least .7420. (above round number and monthly ppz)
Your input always gonna be very valuable for me even if it messes up with my setups

Quoting raczekfx
As a matter of fact it was my stop, but I shorted much higher, when cross hit .7380.
Are you still in this trade raczek ? I mean short Aussie against Greenback ?

Quoting raczekfx
Don't worry, record what you did wrong and move to the next one. You will be able to recover on fiber if you're patient.... (when ecb announces later this week it will start buying troubled assets.....lol)
Just wait for PA this time....
I've done it already, the trade has been put on the records with a nice chart attached. Thanks to all seniors here including You raczek I've learnt a few valuable lessons. First is proper money management so Mr Margin won't call me because of this trade a second is to analyse the whole trade.
I can't wait the setups as last month was pretty thin on them (I mean a decent daily ones weren't in a great abundance) AUS/JPY, maybe EUR/JPY and USD/CAD to name them.
  • #29,128
  • May 4, 2009 8:23am May 4, 2009 8:23am
Quoting datogio
Great answer, thanks
Eh? I think I must be missing something obvious... (wouldn't be the first time! ). Can you explain a bit about what's going on here? Thanks
When in doubt, sit on your hands...
  • #29,129
  • May 4, 2009 8:28am May 4, 2009 8:28am
Quoting gododdin
Eh? I think I must be missing something obvious... (wouldn't be the first time! ). Can you explain a bit about what's going on here? Thanks
All I see right now is that the prise is at a very important level. I'm not trying to predict the dirrection, just watch the PA and follow the facts.

PA will explain everything, just watch patiently
  • #29,130
  • May 4, 2009 8:32am May 4, 2009 8:32am
Quoting pakiestra
I can't wait the setups as last month was pretty thin on them (I mean a decent daily ones weren't in a great abundance) AUS/JPY, maybe EUR/JPY and USD/CAD to name them.
Thin ??? I've just re-read my post and noticed this NONSENSE !!!
3 trades a month on daily, all brought in green pips, none of them was a looser, on average the run more than 200 pips each !!!
Please ignore the earlier nonsense in my post.

I'm having one of the first Ah-a !! moments now.
Thank you James and thank you all here.
  • #29,131
  • May 4, 2009 8:34am May 4, 2009 8:34am
Quoting pakiestra
Thin ??? I've just re-read my post and noticed this NONSENSE !!!
3 trades a month on daily, all brought in green pips, none of them was a looser, on average the run more than 200 pips each !!!
Please ignore the earlier nonsense in my post.

I'm having one of the first Ah-a !! moments now.
Looks like you got it
  • #29,132
  • May 4, 2009 8:51am May 4, 2009 8:51am
Quoting datogio
All I see right now is that the prise is at a very important level. I'm not trying to predict the dirrection, just watch the PA and follow the facts.

PA will explain everything, just watch patiently
When in doubt, sit on your hands...
  • #29,133
  • May 4, 2009 9:20am May 4, 2009 9:20am
I'm hitting myself over the head for not taking the 1h pb on the eurusd but I felt there was just too much traffic above it... oh well :/
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  • #29,134
  • May 4, 2009 10:00am May 4, 2009 10:00am
Damn, had a nice pin bar on the 4H EURJPY and it moved too fast for me to get in.

I should have placed my limit order right before the close of the bar (just a minute or so). I waited, and within 3 minutes the pair had moved about 20 pips, thus it was already too late, IMO.
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  • #29,135
  • May 4, 2009 10:25am May 4, 2009 10:25am
I went long on the EURCAD based on the retrace of the 1H PB at swing low... the only prob here is the resistance on top (1.1800), once it hits that (if it does), I'll take some profit, move quickly to b/e, and hope for a nice ride up... comments?
Attached Image (click to enlarge)
Click to Enlarge Name: usdcad.gif Size: 21 KB
  • #29,136
  • May 4, 2009 10:26am May 4, 2009 10:26am
I know there are a few hours to go yet, but it looks lik there might be an interesting pb developing on the E/C daily. Long term PPZ at 1.5650 and also penetrating the 365 EMA. Too much traffic maybe? I'm watching this one anyway...
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When in doubt, sit on your hands...
  • #29,137
  • Edited 10:40am May 4, 2009 10:28am | Edited 10:40am
Quoting frankm7
I went long on the EURCAD based on the retrace of the 1H PB at swing low... the only prob here is the resistance on top (1.1800), once it hits that (if it does), I'll take some profit, move quickly to b/e, and hope for a nice ride up... comments?
Hey Frank,

The problems I see is the resistance you mentioned and the trend.
When I see a trend like that (especially the last few bars) there's no way in hell I'm going against it with a 1H pin. Going against the trend is difficult as it is, but to do it off a 1H TF setup is very risky.
Assuming you meant to say USDCAD (as the that's what the chart is), the one thing that's going for you is that the 1.1800-1790 area is a PPZ if you look back on the daily.

Tom
  • #29,138
  • May 4, 2009 10:29am May 4, 2009 10:29am
Just wondering if anyone here has the install file for fxpro mt4, for older versions? I need it to run on my mac.

I know build 211 works but I can't find any old FxPro versions.
  • #29,139
  • May 4, 2009 10:29am May 4, 2009 10:29am
Quoting frankm7
I went long on the EURCAD based on the retrace of the 1H PB at swing low... the only prob here is the resistance on top (1.1800), once it hits that (if it does), I'll take some profit, move quickly to b/e, and hope for a nice ride up... comments?
Hey Frank

Few things. Firstly on your trade as a trade alone. What is so important about this 1hr pin to cause a reversal. Now I do agree on your first potential stall area and I am glad to to see that you would move your stops ultra quick. But my question is, is this really worth trading this bar here? Trading a 1hr pin of this size on a retrace is scary to me. Now I am not saying it won't work and all that stuff what I am really getting at is this(and I know this gets posted every 10 pages or so, but for good reason).

This is truly meant in the sense to help you. Have you followed James' comments about not trading the lower timeframes till you can successfully trade on the higher timeframes(daily/weekly). It is hard for you to understand the differences at this stage, but we all want to lessen that trading curve for you. I know the itch to trade is high, but make the itch to succeed even higher and follow the requirements James set on Post 1.

Gotta start the week off in good form teaching mode

Best
Mike
  • #29,140
  • May 4, 2009 10:31am May 4, 2009 10:31am
Quoting moneybags
Hey Frank,

The problems I see is the resistance you mentioned and the trend.
When I see a trend like that (especially the last few bars) there's no way in hell I'm going against it with a 1H pin. Going against the trend is difficult as it is, but to do it off a 1H chart setup is very risky.

Tom
Agreed! It hit my R, took profit off and i'm at B/E... let's see what happens...
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