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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

  • #30,161
  • Edited 2:22pm May 15, 2009 1:59pm | Edited 2:22pm
Quoting pitpiter
I hope somebody take this one on EU with H&S and nice PB on H4. I think it can be nice ride south.
Have a good weekend for all.
Peter.
hi peter, this is not a h+s. the neckline should be bearish...meaning it should be sloping the other way, the second shoulder should be smaller than the first,
i was going to comment earlier but these patterns have an of topic theme. if you are trading these patterns profitably then good for you and i take my hat off too you. but for any newbies (more newbie than me) it is a hard slog overcoming an initial miss-informed information base. i feel slightly responsible for these posts as i started the debate about TLs etc so i feel compelled to respond.
out of the last 30 posts containing patterns or TLs very few have been correct!! this is a serious study of price so with many complications so i would advise you all to be very carefull.
i personaly dont play the break of these patterns. the smart play is to play INSIDE the longer TF patterns, i.e sell the 3rd touch of the upper TL/border of a bearish pattern.. IF WE GET GOOD j19 TYPE PA!!.
cheers
jon
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PATIENCE... DISCIPLINE
  • #30,162
  • Edited 2:26pm May 15, 2009 2:11pm | Edited 2:26pm
today i shorted the eu/us @ 135.79 (reasons not necesary) after two bars, on the 1h chart, i had to leave the house. at this point the price was about 135.60. i left my stop as it was and to be honest i thought i was going to stopped out before i got home,but anyway.i came home only to find that price had gone my way by almost 80 pips and retraced to put me a couple of pips under!!all whilst i was out!! it actually missed my TP by 2PIPS !!!! really. i was kicking most things,hehe( including my guitar for not playing solo!!lol)i then basically i waited to be stopped out,and i was by two pips!! (at 136.14.)before price plunged.!! REALLY. Now check your 1h chart of eu/us !!
you got to get this right guys!! theres many a lesson to be learned there for me but for you all..i just wanted to show how you ve got to be VERY CARFULL HERE!!
cheer
jon
PATIENCE... DISCIPLINE
  • #30,163
  • May 15, 2009 2:11pm May 15, 2009 2:11pm
I want to make sure this wasn't just a lucky order. I looked at the daily chart and notice a strong downtrend from the last 4 days. The second to last day broke the 131.00 Support and the following day it retraced to the 131.00 area again. I placed the short order with a stop loss at the 132.39 level (the 3rd to last bar high). There was also some confluence around that area from the 23.6 fib.

Since then I've taken half profit and I'm still in... was this a sound analysis?
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  • #30,164
  • May 15, 2009 2:14pm May 15, 2009 2:14pm
Quoting g_j_hook@yah
hi peter, this is not a h+s. the neckline should be bearish...meaning it should be sloping the other way, the second shoulder should be smaller than the first
I agree with You , it not classical H&S pattern , just if You will see on line chart it show the second shoulder is low as first . And I do not know , may be I did not take this , but nice PB with rest make my decision.
Thanks so much for reply.
Peter
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  • #30,165
  • May 15, 2009 2:33pm May 15, 2009 2:33pm
  •  krue
  • | Joined Mar 2008 | Status: finger scares cat, power of illusio | 410 Posts
this is a h&s, a classical h&s, so long as the head is higher than either of the shoulders for a top formation, and the price action breakout the neckline. but, don't trust what i am saying here too, take a book to study by yourself. then, you know which version is correct


Quoting pitpiter
I agree with You , it not classical H&S pattern , just if You will see on line chart it show the second shoulder is low as first . And I do not know , may be I did not take this , but nice PB with rest make my decision.
Thanks so much for reply.
Peter
  • #30,166
  • May 15, 2009 2:34pm May 15, 2009 2:34pm
YMM9 has broke the 23.6 fib area. Here we come, 8000!
  • #30,167
  • May 15, 2009 2:37pm May 15, 2009 2:37pm
Quoting rustyjeff
yep... i'm into my first for the weekend..

& the wife has gone to the Bahamas for 2 weeks.
That's a dual vacation right there.
I almost shipped off the wife to NY but it didn't work out.
  • #30,168
  • May 15, 2009 2:43pm May 15, 2009 2:43pm
Quoting krue
this is a h&s, a classical h&s, so long as the head is higher than either of the shoulders for a top formation, and the price action breakout the neckline. but, don't trust what i am saying here too, take a book to study by yourself. then, you know which version is correct
Yeah krue. How's that BEOB Aud/Usd trade coming along? With your entries, it should be looking pretty good.
Indicators show the past. Price Action "Indicates" the future.
  • #30,169
  • May 15, 2009 2:44pm May 15, 2009 2:44pm
Quoting g_j_hook@yah
today i shorted the eu/us @ 135.79 (reasons not necesary) after two bars, on the 1h chart, i had to leave the house. at this point the price was about 135.60. i left my stop as it was and to be honest i thought i was going to stopped out before i got home,but anyway.i came home only to find that price had gone my way by almost 80 pips and retraced to put me a couple of pips under!!all whilst i was out!! it actually missed my TP by 2PIPS !!!! really. i was kicking most things,hehe( including my guitar for not playing solo!!lol)i then basically i...
That sucks Jon. I will painfully admit I've been there more than a couple of times. It will happen from time to time so I wouldn't kick anymore things. On to the next trade.

One thing you (and others) may want to consider is a SL moving EA if using MT4. I recently started using that, so that my SL can be moved to B/E after a certain point if I'm away or sleeping. It can help.

Tom
  • #30,170
  • May 15, 2009 2:50pm May 15, 2009 2:50pm
Quoting krue
this is a h&s, a classical h&s, so long as the head is higher than either of the shoulders for a top formation, and the price action breakout the neckline. but, don't trust what i am saying here too, take a book to study by yourself. then, you know which version is correct
it seems you are correct,my mistake was believe that an upward lower TL was nesesary but it seems that it is only the most probable senario for price to react as expected. cheers.
jon
PATIENCE... DISCIPLINE
  • #30,171
  • May 15, 2009 2:55pm May 15, 2009 2:55pm
I'll second the beer call, here in Scotland you are given beer in your baby bottle!! Having some nice cold ones, and drawdown on A/U is back to BE, happy days!.

Been looking through TheRealThings posts, he never posted alot but seems to be a knowledgable trader. What became of him?

Mark M
Economists have forecast 9 out of the last 5 recessions
  • #30,172
  • May 15, 2009 3:00pm May 15, 2009 3:00pm
Quoting g_j_hook@yah
today i shorted the eu/us @ 135.79 (reasons not necesary) after two bars, on the 1h chart, i had to leave the house. at this point the price was about 135.60. i left my stop as it was and to be honest i thought i was going to stopped out before i got home,but anyway.i came home only to find that price had gone my way by almost 80 pips and retraced to put me a couple of pips under!!all whilst i was out!! it actually missed my TP by 2PIPS !!!! really. i was kicking most things,hehe( including my guitar for not playing solo!!lol)i then basically i...
Hi John

I have experience of this in the past and it is one of the reasons I love higher timeframe PA now.

Having time to react to what is happening to price has made me a more effective trader.

Just trying to share what has helped me

cheers

fxp
  • #30,173
  • May 15, 2009 3:03pm May 15, 2009 3:03pm
Quoting g_j_hook@yah
today i shorted the eu/us @ 135.79 (reasons not necesary)
i left my stop as it was and to be honest i thought i was going to stopped out before i got home
Read your statement again and again..... and again.

Then ask yourself one question: Why am I trading, is it for adrenaline rush or because I want to be a successful business owner?

If you had $500,000 on your plate would you leave your house thinking...'G.. I think, i'm gonna get stopped out'... and do nothing..

If you don't stop treating trading like a video game, might as well donate your money to some good charity org. now...
Trading on 1hr, eh....

p.s.
I also shorted fiber (aussie and cable) last night @ 3632 with stop @ 3670. Still in the trade...

Happy trading..
  • #30,174
  • May 15, 2009 3:15pm May 15, 2009 3:15pm
Quoting g_j_hook@yah
today i shorted the eu/us @ 135.79 (reasons not necesary) after two bars, on the 1h chart, i had to leave the house. at this point the price was about 135.60. i left my stop as it was and to be honest i thought i was going to stopped out before i got home,but anyway.i came home only to find that price had gone my way by almost 80 pips and retraced to put me a couple of pips under!!all whilst i was out!! it actually missed my TP by 2PIPS !!!! really. i was kicking most things,hehe( including my guitar for not playing solo!!lol)i then basically i...
That'll happen many many more times. lol

I picked the AU top perfectly, but went to bed without placing orders. Who cares. Next week or so I'll do the same again. I'm not worrying about a trade that could just as easily have been a waste of screen time if I'd stuck around.

I don't even have an EA as Moneybags mentions. It'd be a smart move, but doesn't help with orders on other brokers.

Other options are...

1. Split your order into two or three or whatever separates every time you enter. Allows you to set a TP on your first part. I know exactly where the first trouble spot will be everytime and if I'm going to be away (or asleep ) I'll set that first TP, or if not that, set up an SMS alert for the price level if I feel like watching it. The alert works better for setting BE.

2. Check the charts an hour or so before the main session changes. (i.e. an hour before London opens and an hour before U.S. opens and then again around NY lunch time.) Usually the End of Day is next , but things rarely move massively away from gains, from what I experience. If I'm awake I'll check again though.

Maybe those can help.
Bundy's status today: "Waiting..."
  • #30,175
  • May 15, 2009 3:18pm May 15, 2009 3:18pm
Quoting raczekfx
Read your statement again and again..... and again.

Then ask yourself one question: Why am I trading, is it for adrenaline rush or because I want to be a successful business owner?

If you had $500,000 on your plate would you leave your house thinking...'G.. I think, i'm gonna get stopped out'... and do nothing..

If you don't stop treating trading like a video game, might as well donate your money to some good charity org. now...
Trading on 1hr, eh....

p.s.
I also shorted fiber last night @ 3632 with...
your absolutley right rac. iv said the same to myself! i did say there were many lessons for me to learn in that post, lol
its not easy taking that view when you trading for pennies. this is a learning experience for me,and i am learning fast( thanx to the good people like yourself),and to be honest i dont mind too much "loaning"the market a few euros if i consider the knowlage i gather will build and protect my future account.
as for the 1h charts..im predominantly an intraday trader and its the TF scale i understand best.
nice one on your trade.

thanx for everybodies input
cheers
jon
PATIENCE... DISCIPLINE
  • #30,176
  • May 15, 2009 3:22pm May 15, 2009 3:22pm
Taking about head and shoulders, theres a BEOB forming from a pull back to the neckline of the USD/JPY H&S on daily!
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Economists have forecast 9 out of the last 5 recessions
  • #30,177
  • May 15, 2009 3:33pm May 15, 2009 3:33pm
[quote]bundyraider;2737959]That'll happen many many more times. lol

I picked the AU top perfectly, but went to bed without placing orders. Who cares. Next week or so I'll do the same again. I'm not worrying about a trade that could just as easily have been a waste of screen time if I'd stuck around.

I don't even have an EA as Moneybags mentions. It'd be a smart move, but doesn't help with orders on other brokers.

Other options are...

1. Split your order into two or three or whatever separates every time you enter. Allows you to set a TP on your first part. I know exactly where the first trouble spot will be everytime and if I'm going to be away (or asleep ) I'll set that first TP, or if not that, set up an SMS alert for the price level if I feel like watching it. The alert works better for setting BE.[/quote

]Good idea.can you PM me about the sms??cheers. the lack of trailing stop on oanda has been a pain in the butt since the begining!! hehe

Quote
Check the charts an hour or so before the main session changes. (i.e. an hour before London opens and an hour before U.S. opens and then again around NY lunch time.) Usually the End of Day is next , but things rarely move massively away from gains, from what I experience. If I'm awake I'll check again though.
thats another mistake ,in my book, i am always around for the us open...usually!! doh!!
cheers
jon
PATIENCE... DISCIPLINE
  • #30,178
  • May 15, 2009 4:04pm May 15, 2009 4:04pm
Hi All,

Been mostly a lurker on this thread - just reading and learning when time permits.Have notice a BUOB as per the attached chart. Would look to enter just above blue ppz circa 1.834, red lines are TP's.The weekly shows a bullish bar as part of a double bottom off a PPZ. Would be grateful for any comments on my analysis - be gentle! Have a great weekend all.
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  • #30,179
  • May 15, 2009 7:06pm May 15, 2009 7:06pm
Hello,

Im a newbie here, i have read this thread from page 1 until 150, im a slow learner, can anyone please help me?? now im currently in demo, 2 days straight win is not bad for me and ive got 200pip per day using this pin bar method. Now, my question is weather im lucky on that trade or correct in making decision. Anyone please tell me the MA setting?? 150 200 365 rite?? but what is the setting below this?? my mean is applied to what CLOSED or OPEN?? and what is this MA for?? Im trading the daily chart TF, and what TF is for entering?? for now im still using TF daily for enter, is this correct?? another things is, do i have to wait the good pin bar to entering the market?? and that's all for now. Thanks

Sorry my english is not so good

Regards
aLLerGic
  • #30,180
  • May 15, 2009 8:14pm May 15, 2009 8:14pm


Quoting raczekfx
p.s.
I also shorted fiber (aussie and cable) last night @ 3632 with stop @ 3670. Still in the trade...

Happy trading..
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What does not kill me makes me stronger. Friedrich Nietzsche,
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