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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

  • #29,721
  • May 12, 2009 1:28am May 12, 2009 1:28am
Quoting the_wizard
You will be selling the NZD/USD right into potential support.
hey wizard, thats T_D on the other thread right???
if so glad to have you around mate, i learned tons from you before i even got to this thread.
stick around your posts will be welcomed.
cheers
jon
PATIENCE... DISCIPLINE
  • #29,722
  • May 12, 2009 1:33am May 12, 2009 1:33am
Quoting jarroo
I'm sure once my per pip amount changes to $150 or $200 a pip, my long term strategy will change some what. lololol.

I will look to add to a postion if a PA setup presents itself. Meaning if I take a PB and it goes to the moon then retraces and another PB shows itself in the same direction with my initial postion . . oh yeah, I'll add to it.

lol, thanx.
shouldnt we aspire to a mind set were the numbers dont matter?? lol
.. i remember saying this to myself before i opened a real account!! hehe
ill say no more..$150 per pip.....i get butterflies just saying it!!..lol
EDIT still in the gb/chf!!, still at BE!!!. if price drops today again i will lock in about 50 pips and hide my stop behind .6800 - .6850
PATIENCE... DISCIPLINE
  • #29,723
  • Edited 2:56am May 12, 2009 2:31am | Edited 2:56am
Hi,

Came across this thread recently and have been going through from the beginning to learn this business. My results have been inconsistant to date but by moving to the longer timeframes and using the principles discussed here I aim to improve.

Saw a pin on the 4 hr Eur/Gbp at 17:00 BST yesterday and set an order to open 10 pips below the low of the pin. The pin was at the 200 MA (orange line) and a 76% retracement level. Unfortunately this trade has been stopped out as my stop was just north of the left hand eye.

Was this a valid set-up based on the principles of this thread (but my stop was too tight!) or have I missed something and should not have entered? Appreciate your help
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  • #29,724
  • May 12, 2009 3:04am May 12, 2009 3:04am
Quoting g_j_hook@yah
lol, thanx.
shouldnt we aspire to a mind set were the numbers dont matter?? lol
.. i remember saying this to myself before i opened a real account!! hehe
ill say no more..$150 per pip.....i get butterflies just saying it!!..lol
EDIT still in the gb/chf!!, still at BE!!!. if price drops today again i will lock in about 50 pips and hide my stop behind .6800 - .6850

Very nice g_j_ on the gb/chf. I like the .6800-50 level that Pinish bar could break and that would signal me to close my remaining position. If it breaks that Pinish bar the other way, we're talking some nice room to run.
Attached Image
Indicators show the past. Price Action "Indicates" the future.
  • #29,725
  • May 12, 2009 3:06am May 12, 2009 3:06am
Quoting FxMatt
Hi,

Came across this thread recently and have been going through from the beginning to learn this business. My results have been inconsistant to date but by moving to the longer timeframes and using the principles discussed here I aim to improve.

Saw a pin on the 4 hr Eur/Gbp at 17:00 BST yesterday and set an order to open 10 pips below the low of the pin. The pin was at the 200 MA (orange line) and a 76% retracement level. Unfortunately this trade has been stopped out as my stop was just north of the left hand eye.

Was this a valid set-up...
Hey FxMatt

welcome to the thread.
Some people do play pins with a tighter stop, but i would say the majority of us (juniors) would always have our stops behind the end of the pin - maybe even 10pips behind to cover spreads.
In this particular trade i think as price was breaking back down past the 90 - it stood a very high chance of coming back up to retest it again if it is going to move lower, so having a tight stop would not be effective.

cheers
Simon
  • #29,726
  • May 12, 2009 3:09am May 12, 2009 3:09am
Hi Jarroo,

Just interested in your targets for the kiwi trade, Looks a bit messy to the left

Any thoughts?
  • #29,727
  • May 12, 2009 3:09am May 12, 2009 3:09am
Quoting jarroo
Very nice g_j_ on the gb/chf. I like the .6800-50 level that Pinish bar could break and that would signal me to close my remaining position. If it breaks that Pinish bar the other way, we're talking some nice room to run.
.
i was worried a little about that bar.it looks supisiously like a 123 bottom on the 1h chart also.
still, its running right into support and the 365 ema so....??
jon
PATIENCE... DISCIPLINE
  • #29,728
  • May 12, 2009 3:22am May 12, 2009 3:22am
Quoting FxMatt
Hi,

Came across this thread recently and have been going through from the beginning to learn this business. My results have been inconsistant to date but by moving to the longer timeframes and using the principles discussed here I aim to improve.

Saw a pin on the 4 hr Eur/Gbp at 17:00 BST yesterday and set an order to open 10 pips below the low of the pin. The pin was at the 200 MA (orange line) and a 76% retracement level. Unfortunately this trade has been stopped out as my stop was just north of the left hand eye.

Was this a valid set-up...
Hi FXMatt,

Welcome to the thread. I was slightly biased to this setup since I am currently long, but had I not been I would have been a bit concerned about the traffic around the setup. The bar highs I have marked on your chart would have most likely acted as resistance and they have.

Secondly, setting a stop above / below the 1st eye is a very aggresive approach for your SL. Not to say it can't be done but I think a lot of backtesting needs to be done on this and starting off you are prob better off placing the SL on the end end of the pin bar / PA setup. Ghous has made a couple of good posts regarding placing the SL above / below the left eye but there are other factors he considers when doing this.

Cheers
MM

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  • #29,729
  • May 12, 2009 3:26am May 12, 2009 3:26am
Quoting Siam
Hi Jarroo,

Just interested in your targets for the kiwi trade, Looks a bit messy to the left

Any thoughts?
I didn't play this pair but I did make a comment of how it broke very hard for about 30pips. This would have been a easy trade for 20-25 pip trade and then move to break even. Probably since it retraced so fast back to the entry point that it would have been just a break even trade for me.

How is it playing out now? If I could sit down with Mr. Kiwi PB I would ask him why didn't you run down to at least the previous bar low? Is your upward trend that strong?
Attached Images
Indicators show the past. Price Action "Indicates" the future.
  • #29,730
  • May 12, 2009 3:39am May 12, 2009 3:39am
Please could someone advise me on where to place initial S/L on set ups like the one below? On the break of the BEOB (bear in mind the small bar at the swing high was a Sunday bar) , I could have expected a retrace to the previous bar low (around 14820) but, so far, its gone much higher. Would this have been a bad trade, or is it just a question of having stops that leave enough room for maneouver?

Thanks in advance.
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  • #29,731
  • May 12, 2009 3:40am May 12, 2009 3:40am
Quoting Siam
Hi Jarroo,

Just interested in your targets for the kiwi trade, Looks a bit messy to the left

Any thoughts?
Sorry Siam I guess i didn't answer you question. I always like the previous bar Lows/High as a general 1st target. I also like the ones in green.
Attached Image
Indicators show the past. Price Action "Indicates" the future.
  • #29,732
  • May 12, 2009 3:52am May 12, 2009 3:52am
EUR/AUD retraced back down to nearly 1.7800, still in this trade but moved my stop to just below 1.7800, wonder if will attempt to break through 1.7940 again?
Economists have forecast 9 out of the last 5 recessions
  • #29,733
  • Edited 4:08am May 12, 2009 3:52am | Edited 4:08am
Quoting g_j_hook@yah
.
i was worried a little about that bar.it looks supisiously like a 123 bottom on the 1h chart also.
still, its running right into support and the 365 ema so....??
jon
Forget the Hourly for a reversal from your Daily entry, again speaking in the long term mind set. Breaking that PB on the Daily at the .6850, especailly if its a hard break is the reversal signal to me.
Attached Image
Indicators show the past. Price Action "Indicates" the future.
  • #29,734
  • May 12, 2009 4:00am May 12, 2009 4:00am
last portion stopped out @ +25 on the gb/chf

EDIT: just seen your last post jarroo. point taken and thanx for the support
cheers
jon
PATIENCE... DISCIPLINE
  • #29,735
  • May 12, 2009 4:03am May 12, 2009 4:03am
Quoting g_j_hook@yah
last portion stopped out @ +25 on the gb/chf

I'm out on my EURGBP trade for BE + 1
  • #29,736
  • May 12, 2009 4:07am May 12, 2009 4:07am
Quoting g_j_hook@yah
last portion stopped out @ +25 on the gb/chf
Now watch it drop through the floor. Just kidding g_j_ lol.

Once you got the bulk of you position in the bank and your not going to lose anything of that last small position, why not learn some long term trading. Its a good exercise in my book.

Well done g_j_ .
Indicators show the past. Price Action "Indicates" the future.
  • #29,737
  • May 12, 2009 4:12am May 12, 2009 4:12am
Quoting MinceMeat
I'm out on my EURGBP trade for BE + 1
great when we actually get paid for learning this stuff eh!!
im still in this pair. i took a 3 hour pin bar shown on oandas platform amd was stopped out by the spike above 9000. my own falt for having such a tight stop.im now short again from 8960 with my stop at BE ( im not prepared to give this pair anymore money today!!)
jon
PATIENCE... DISCIPLINE
  • #29,738
  • May 12, 2009 4:14am May 12, 2009 4:14am
Quoting markmm
EUR/AUD retraced back down to nearly 1.7800, still in this trade but moved my stop to just below 1.7800, wonder if will attempt to break through 1.7940 again?
I got stopped out at B/E on this. Just very sluggish to break out higher... A lot of patterns are not shaping up like I had expected... Most have not fully failed yet though. Will keep watching, learning...

Josh
  • #29,739
  • May 12, 2009 4:16am May 12, 2009 4:16am
Quoting jarroo
Now watch it drop through the floor. Just kidding g_j_ lol.

Once you got the bulk of you position in the bank and your not going to lose anything of that last small position, why not learn some long term trading. Its a good exercise in my book.

Well done g_j_ .
thanx, this has been my intention recently.
this choppy market doesnt help much. I think there could be some good oppertunities ahead if these pairs break convinsingly above the current resistence. i could see how a nice possition could be built over a month or two of a strong trend!!
PATIENCE... DISCIPLINE
  • #29,740
  • May 12, 2009 4:18am May 12, 2009 4:18am
Quoting g_j_hook@yah
great when we actually get paid for learning this stuff eh!!
It sure is

Quoting g_j_hook@yah
im still in this pair. i took a 3 hour pin bar shown on oandas platform amd was stopped out by the spike above 9000. my own falt for having such a tight stop.im now short again from 8960 with my stop at BE ( im not prepared to give this pair anymore money today!!)
jon
I see there is a decent BEOB engulfing the previous 4 bars on this ..... should work out for you. Good call.
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