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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

  • #31,581
  • May 29, 2009 10:37pm May 29, 2009 10:37pm
Quoting jarroo
Alright here's the link from "Show your workstation" in the Member's Lounge.

http://www.forexfactory.com/showpost...&postcount=356




I believe . . .
  • #31,582
  • May 29, 2009 10:43pm May 29, 2009 10:43pm
nice!!!

Quoting jarroo
Alright here's the link from "Show your workstation" in the Member's Lounge.

http://www.forexfactory.com/showpost...&postcount=356
What does not kill me makes me stronger. Friedrich Nietzsche,
  • #31,583
  • May 29, 2009 10:44pm May 29, 2009 10:44pm
Hey ghous,

Good to see you again!
What does not kill me makes me stronger. Friedrich Nietzsche,
  • #31,584
  • May 29, 2009 10:45pm May 29, 2009 10:45pm
Quote
...Hope no one declares bankruptcy next week...

Alexandra,
bankruptcy in the works...
  • #31,585
  • May 29, 2009 10:52pm May 29, 2009 10:52pm
Quoting ikki
Hey ghous,

Good to see you again!
Hey Ikki,

So how's it goin'? You're still working with the touch entry stuff right?
I believe . . .
  • #31,586
  • May 29, 2009 11:03pm May 29, 2009 11:03pm
Quoting supremeChaos
Alexandra,
bankruptcy in the works...

LOL - Indeed, we will see. I don't miss those days (not long ago) when every GM bankruptcy rumor dropped E/J by a pretty penny. Some called that an opportunity to fade, but I just found it annoying. Fortunately, the ship has righted itself.

Fortunately, you and I still have that USDCAD train as our mode of transportation!!
  • #31,587
  • May 29, 2009 11:05pm May 29, 2009 11:05pm
Quoting supremeChaos
jarroo,
as always, u are being generous, even in finding our way through FF threads.

But seriously let's tone it down as due respect for fellow women traders among us. . that was a rated-R post.

I'm sure Judith and others won't mind.
Indicators show the past. Price Action "Indicates" the future.
  • #31,588
  • Edited 11:49pm May 29, 2009 11:19pm | Edited 11:49pm
Quoting jarroo
Dropping down from, say, the Daily to the 8 hour or 4 hour is not so bad when looking for short term targets. But from the Weekly to the 4 hour is a big difference.

For an extreme example, say you took a high quality Bearish PB on the Daily and you see a Bullish A+ PB on the 15 min, would that cause you to exit the trade? No, even if it broke hard and ran because that 15 min Bullish PB may have a short life and then continue back down with the Bearish Daily PB.

Let me know if I'm making sense. lol

Jim
Thanks Jarroo!

That post was a re-entry after pulling out of a trade because I originally entered but didn't understand the context of the PA withing its surroundings (PPZ's/ round numbers, etc).

A few weeks ago I always considered entering and managing trades similar to your above method, but recently I've been shorting at the break of the daily, and trailing my stops at lower and lower "swing highs" on lower time frames (not PA based).

Your idea of stepping down one timeframe (or half the original timeframe) to enter and manage trades with PA seems much better. If I've missunderstood then please let me know.

Cheers

Adam
WARNING: Don't follow me as I'm just learning
  • #31,589
  • May 29, 2009 11:29pm May 29, 2009 11:29pm
yep, broh, demoing a lot.

Quoting ghous
Hey Ikki,

So how's it goin'? You're still working with the touch entry stuff right?
What does not kill me makes me stronger. Friedrich Nietzsche,
  • #31,590
  • Edited May 30, 2009 12:10am May 29, 2009 11:52pm | Edited May 30, 2009 12:10am
Quoting Alexandra
Fortunately, you and I still have that USDCAD train as our mode of transportation!!
hi Alexandra, was wondering what trigger you used and when you first got on board?? i seem to have just sat and watched this pair falling, ignoring every chance it gave to get in!!??i particularly liked the BEOB on 18/5....still didnt enter though.
i was also wondering what has been your largest stop loss during this trade??
cheers
jon

also jarroo, are you still in this one??them numbers in the pip column must be looking healthy by now!!?? hehe
can i ask if you added to this possition since you entered?? and again how wide has your largest stop been?
cheers
jon
Attached Image (click to enlarge)
Click to Enlarge Name: daily.jpg Size: 137 KB
PATIENCE... DISCIPLINE
  • #31,591
  • May 30, 2009 12:31am May 30, 2009 12:31am
Quoting adam777
Thanks Jarroo!

That post was a re-entry after pulling out of a trade because I originally entered but didn't understand the context of the PA withing its surroundings (PPZ's/ round numbers, etc).

A few weeks ago I always considered entering and managing trades similar to your above method, but recently I've been shorting at the break of the daily, and trailing my stops at lower and lower "swing highs" on lower time frames (not PA based).

Your idea of stepping down one timeframe (or half the original timeframe) to enter and manage trades...
Yeah Adam, that was the basic point of managing a trade on the same time frame that it was taken.

So for example on the current Aud/Cad Weekly BEOB. Price has broken the setup and then retraced back up. We can now look for Bearish PA on the retrace i.e. the 4 hour Bearish PB, in yellow.

So there's two ways to manage this trade. You can manage it as a Weekly BEOB break (again). Or manage it as a 4 hour PB on the 4 hour time frame only. And yes, the 4 hour PB is not the best PA setup, but its not bad.
Attached Images
Indicators show the past. Price Action "Indicates" the future.
  • #31,592
  • May 30, 2009 12:53am May 30, 2009 12:53am
Quoting g_j_hook@yah
hi Alexandra, was wondering what trigger you used and when you first got on board?? i seem to have just sat and watched this pair falling, ignoring every chance it gave to get in!!??i particularly liked the BEOB on 18/5....still didnt enter though.
i was also wondering what has been your largest stop loss during this trade??
cheers
jon

also jarroo, are you still in this one??them numbers in the pip column must be looking healthy by now!!?? hehe
can i ask if you added to this possition since you entered?? and again how wide...
I wish I was still in the Weekly Cad BEOB that formed back on 3-08-09 but I did make some health gains on that one.
http://www.forexfactory.com/showpost...ostcount=24228

I caught all those PBs except for that small one on 4-28-09. And I still in that PB/IB or two Day PB, but its with a very small position, regrettably. (1,400 pips) Took to much off the table. lol Play it too safe.

I haven't added to it but the DBHLC (or BEOB) would have been a perfect place to do it.
Attached Image
Indicators show the past. Price Action "Indicates" the future.
  • #31,593
  • May 30, 2009 12:58am May 30, 2009 12:58am
As far as i am concerned, that trade played out just like it should. I did not take it because it had no room to run.
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Click to Enlarge Name: audcad.gif Size: 24 KB
  • #31,594
  • May 30, 2009 1:04am May 30, 2009 1:04am
Quoting NoBread
As far as i am concerned, that trade played out just like it should. I did not take it because it had no room to run.
Excellent point NoBread. I thought it had more momentum to at least get the .8650 PPZ. It still may do so, but maybe not.

Nice job.
Attached Image
Indicators show the past. Price Action "Indicates" the future.
  • #31,595
  • May 30, 2009 1:04am May 30, 2009 1:04am
Quoting jarroo
I wish I was still in the Weekly Cad BEOB that formed back on 3-08-09 but I did make some health gains on that one.
http://www.forexfactory.com/showpost...ostcount=24228

I caught all those PBs except for that small one on 4-28-09. And I still in that PB/IB or two Day PB, but its with a very small position, regrettably. (1,400 pips) Took to much off the table. lol Play it too safe.

I haven't added to it but the DBHLC (or BEOB) would have been a perfect place to do it.

cheers.
jon
EDIT:yesterday i played the e/u and the u/c breakouts with my full position untill price hit my trailing stops.(dont know how i will feel about this approach with a large acc. ) now wouldnt that be nice on the u/c chart!! hehe
PATIENCE... DISCIPLINE
  • #31,596
  • May 30, 2009 1:15am May 30, 2009 1:15am
Quoting g_j_hook@yah
cheers.
jon
EDIT:yesterday i played the e/u and the u/c breakouts with my full position untill price hit my trailing stops.(dont know how i will feel about this approach with a large acc. ) now wouldnt that be nice on the u/c chart!! hehe
Yeah, I understand. Why do you think I have keep it running for so long. It's a small position. lol
Indicators show the past. Price Action "Indicates" the future.
  • #31,597
  • May 30, 2009 1:28am May 30, 2009 1:28am
Here's another example of managing a trade on the same time frame that it was taken. The Cad PB/IB or 2 Day PB. We drop to the 4 hour chart and a PB is presented in yellow (not a bad one).

Do we exit our 2 Day PB or do we wait to see if the 4 hour PB fullfills itself and hits next 4 hour/Daily PPZ level and then heads back down. Well, that's what it did.
Attached Image(s) (click to enlarge)
Click to Enlarge Name: caddaily.gif Size: 23 KB
Click to Enlarge Name: cad4.gif Size: 24 KB
Indicators show the past. Price Action "Indicates" the future.
  • #31,598
  • May 30, 2009 3:08am May 30, 2009 3:08am
Quote
I'm sure Judith and others won't mind.

jarroo,
really??
well then.... it's time to

by the way, Congratulations for breaching the 5k post PPZ.
just like what i told malcolmb14, i hope & expect u'll get past 10-20k posts within a few months/years. Generosity is 1 of your undisputed traits.
  • #31,599
  • May 30, 2009 3:08am May 30, 2009 3:08am
i am now at a point when i look at a chart and my mind went blank as to what should i need to do next.

  • #31,600
  • May 30, 2009 4:30am May 30, 2009 4:30am
  •  kean
  • | Joined Sep 2008 | Status: James16group Lifetime Member | 92 Posts
Quoting KissFan
I know that this is "old news" but I wanted to follow up on the possible trade opportunity on GBPUSD from a couple of days back & post a chart. First let me say that I couldn't agree more with Mike that this was an "iffy" pin bar. Now that the trade has played out, I wanted to note a few observations.

1. I have been here before.-------Do I take this trade or not? I have taken this type of bar as a trade and made a profit more times than not. The thing that I didn't like about being in this sort of trade is that by the time it breaks...
Thanks Kiss Fan for this. I took this trade and also took a loss. However, Thanks to you and Mike, I now have a much better understanding of the importance of a good long nose on my pinbars. I had already taken the trade when Mike pointed out that the nose was too short... he was right. I am in the middle of three month demoing and it is my first loss so, not too bad and still over 2 % up on my starting balance, better to learn these lessons at this stage.

Cheers,

Kean
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