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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

  • #31,161
  • May 27, 2009 4:27am May 27, 2009 4:27am
Quote
think of it this way. You learned a lot more by getting stopped out then you would have if it rewarded you.
We can find positives in most negatives

Quote
Yes it can get us ansty but it pays to be patient. Just one poor decision to feed the need to trade and we start digging ourselves in a hole. It has been a very slow month. But hey that just means more time for other things
Stay patient, i am trying to do the same

golden....
  • #31,162
  • May 27, 2009 4:29am May 27, 2009 4:29am
Quoting mbqb11
think of it this way. You learned a lot more by getting stopped out then you would have if it rewarded you.

We can find positives in most negatives
You're right Mike. It sure does hurt though. This is the first trade I've taken in almost three weeks. I figured double top, classic bearish divergence, and the pin. Should have been good. Obviously not. Another lesson. Thanks again.
"Don't trade to trade . . . trade to win." - James16
  • #31,163
  • May 27, 2009 4:33am May 27, 2009 4:33am
Quoting mbqb11
Hey Berti

Yes it can get us ansty but it pays to be patient. Just one poor decision to feed the need to trade and we start digging ourselves in a hole. It has been a very slow month. But hey that just means more time for other things

Stay patient, i am trying to do the same

Thanks as always for the encouragement Mike, hopefully next month will be much better.
PA is where its at!!
  • #31,164
  • May 27, 2009 4:35am May 27, 2009 4:35am
Quoting Flem26
Here is a trade I took and just got burned on . . . 4 hour pin on Cad/jpy. At this point, I am done trading anything lower than daily. I am sick and tired of getting burned . . .
I see a lot of people just playing PA setups because they see them or they are at swing high lows. PA is simply a tool like, Fib lines, divergence trend lines to help you read a chart. Don't give pin bars more significance than they deserve. You can scan a chart and your eye will see the reversal points and usually there is some kind of pin bar or variation of it. But if you actually look at each bar not at reversal there are pin bars that look similar but price just ranged or kept going. The difference is usually price hits a level of significance whether it be a weekly PPZ or big round number or 50% fib line.
Economists have forecast 9 out of the last 5 recessions
  • #31,165
  • May 27, 2009 4:45am May 27, 2009 4:45am
Flem26,
what was your etntry & stop?

(looking at cadjpy at XTB MT4) there seemed to be PPZ on 84.50 - 85 area. at least u could have profitted some &/or immediately put stop to BE.

Additional clue/warning sign could have been the huge 3-bar upmove (H4) prior the (fairly small) PB , may26 huge daily BUOB & huge weekly retracement bar last week.

There's always next time, hang on. patience will pay profits sooner or later
  • #31,166
  • May 27, 2009 4:46am May 27, 2009 4:46am
Quoting supremeChaos
hey Jon,
my sentence was more inspirational & more of a compliment rather than a rebuke or insulting remark. So don't take offense, it's far from it.

Read it a 100 times until u get what i really meant
i understood mate.(more or less)it was just an after thought really.no offence taken, in fact iv allready been flattered by some off your posts.
nice one.
jon
p.s. i defere the TL thing to your good self..hehe
PATIENCE... DISCIPLINE
  • #31,167
  • May 27, 2009 4:48am May 27, 2009 4:48am
Quoting markmm
I see a lot of people just playing PA setups because they see them or they are at swing high lows....
I took this trade because it looked like a double top with RSX divergence with a pin. It wasn't quite 86, but it looked close enough at 85.74 for the high. Going forward, I'm not fooling with 4 hour charts, because I have been burned too many times. Appreciate your insights.
"Don't trade to trade . . . trade to win." - James16
  • #31,168
  • May 27, 2009 4:52am May 27, 2009 4:52am
Quoting supremeChaos
Flem26,
what was your etntry & stop?

(looking at cadjpy at XTB MT4) there seemed to be PPZ on 84.50 - 85 area. at least u could have profitted some &/or immediately put stop to BE.

Additional clue/warning sign could have been the huge 3-bar upmove (H4) prior the (fairly small) PB , may26 huge daily BUOB & huge weekly retracement bar last week.

There's always next time, hang on. patience will pay profits sooner or later
The trade triggered at 85.19. I got 5 pips before the prick ramped up to hit my stop. The more I think I about it the more angrier I get. I hate to lose. At anything. Ahh the life of a forex trader. I am just venting guys don't worry. I'll be okay.
"Don't trade to trade . . . trade to win." - James16
  • #31,169
  • May 27, 2009 4:55am May 27, 2009 4:55am
g_j_hook@yah,
great. u have read it a 100 times already? that was fast

just remember, i don't hit on the good guys (& the guys who play guitars & other instruments). i only trash the bad guys
  • #31,170
  • May 27, 2009 5:04am May 27, 2009 5:04am
Quoting Flem26
The more I think I about it the more angrier I get. I hate to lose.
You shouldn't feel anything while trading. Trading must be boring, as it should be a mechanical routine according to your rules.
Don't hate to lose: losing is a part of the game. If you hate to lose, you are involving emotions in your trading, which is bad.
Just try to win more times than lose, or win much more $ than what you lose, or a combination of boths.
Trading: the skill of avoiding trades
  • #31,171
  • May 27, 2009 5:10am May 27, 2009 5:10am
Flem26,
it's ok & perfectly normal to vent out frustration etc.. we all experience (/experiencing) & have gone (/going) through that.

& nobody wants to lose. no one rejoices out of a loss.

I have checked your profile, not much in it. you're from Canada, so u'll be ok (). how long have u been trading (forex, etc)? probably u are more experienced than me, but i suggest u:
--resolve the impatience beast very quickly (coming from a very Impatient guy) &
--replace with a pet u'll call "Patience"
--be greedy with "Patience" & discipline (HIGHLY RECOMMENDED)
--let that loss pass. losess will continually be part of our trading, we only have to minimize it in order for us to survive, thrive then succeed
-- resist the urge to quit. work real hard at this, focus & success will inevitably reached. forex/trading can improve the lifestyle of any1 willing to go the distance
  • #31,172
  • May 27, 2009 5:14am May 27, 2009 5:14am
Price action rules, entry shld have been on retrace to 151.70. Nice trade playing out nicely.





Quoting ephisi
Okay J. The daily candle didnt close where i expected. So no more bearish bias. My 4hr system also didnt signal short. What i see now is a Two bar high(not consecutive), a TBH(consecutive but 5pips apart)on the daily and a BUOVB on the weekly both seem to be breaking up. i am long off 152 wit stop at 149 where i have a confluence of supports like daily 150ema, ppz and round number 150. These gave a good entry long on the 4hr chart.

Im hoping todays daily dosnt end as a pinbar.
  • #31,173
  • May 27, 2009 5:19am May 27, 2009 5:19am
Flem26,
it's possible the cadjpy double top is yet to mature. who knows, u may get a reentry in a few hours, days, with the help of a good PA.

i think, gbp strength is being 1 of the reasons of the upmove. (while euro is taking a bashing as europe wants to ramp up their export earnings thru a weaker euro )
  • #31,174
  • May 27, 2009 5:21am May 27, 2009 5:21am
Quote
Price action rules, entry shld have been on retrace to 151.70. Nice trade playing out nicely.

ephisi,
excellent retracement entry to be in.
  • #31,175
  • May 27, 2009 6:07am May 27, 2009 6:07am
wow.... just saw this... buob off the (minor?) 1.5950 PPZ.
H4 candle is even a PB-BUOB hybrid.
&, yesterday's daily candle was a PB, off the 200EMA (& fairly quite far from the 1.57 PPZ/round number).
again , i wasn't in this but my analysis early today (i'm in Asia) was ok.

gbp leading the way..
are we onto a continuation of the HUGE 800-pip prior weekly candle?
  • #31,176
  • May 27, 2009 6:56am May 27, 2009 6:56am
Quoting supremeChaos
wow.... just saw this... buob off the (minor?) 1.5950 PPZ.
H4 candle is even a PB-BUOB hybrid.
&, yesterday's daily candle was a PB, off the 200EMA (& fairly quite far from the 1.57 PPZ/round number).
again , i wasn't in this but my analysis early today (i'm in Asia) was ok.

gbp leading the way..
are we onto a continuation of the HUGE 800-pip prior weekly candle?
You sure like your emoticons chaos! Adds some nice color to the posts
Economists have forecast 9 out of the last 5 recessions
  • #31,177
  • May 27, 2009 6:59am May 27, 2009 6:59am
quick retrace on gbp$.. pulled down by eur$ weakness (based/looking solely at these 2 pairs).

is this a retracement of the H4 BUOB (which is at a higher swing low & off the ppz i mentioned above) or an "effect" of the huge H4 MACD bearish divergence (which may bring price back to 1.5800-20 or even 1.57)? Let's se what PA does...
  • #31,178
  • May 27, 2009 7:07am May 27, 2009 7:07am
Quoting supremeChaos
quick retrace on gbp$.. pulled down by eur$ weakness (based/looking solely at these 2 pairs).

is this a retracement of the H4 BUOB (which is at a higher swing low & off the ppz i mentioned above) or an "effect" of the huge H4 MACD bearish divergence (which may bring price back to 1.5800-20 or even 1.57)? Let's se what PA does...
Yep......Riding short from 6034. Had a sell limit set 10 pips below my 38.fib. Not sure about final TP though. SL aready set at +20.. go baby go!!
Ghost Rider - WWTBMD?
  • #31,179
  • May 27, 2009 7:14am May 27, 2009 7:14am
thanks, markmm!
we are in a virtual world & therefore not everything can be expressed in words.

it adds visual flavor & color to the thread amidst the dull price charts & quiet sessions in the threads.
Hope it really helps liven up everything from time to time & more importantly, i hope it helps bring our thoughts, opinions & messages across better & faster.
  • #31,180
  • May 27, 2009 7:22am May 27, 2009 7:22am
albchr,
wow, 1.6034, u almost nailed the top (mine is 1.6036 on demo; 1.6041 on live)

it's great u are already in profit (+ 20), so all u have 2 think about is squeezing the most pips.

U could just trail stop further (unless u have other strategies in mind/in place) & check possible PPZs/roadblocks.
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