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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

  • #32,041
  • Jun 3, 2009 11:49am Jun 3, 2009 11:49am
Wow this site sucks, love putting up a long post and getting it lost. Last post until they learn how to run a site.


T1=+10 - T2=+20 T3= Still running, 15 pip stops.... Lunch time
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Keep taking CT trades, I need more money
  • #32,042
  • Jun 3, 2009 12:04pm Jun 3, 2009 12:04pm
I took CAD/JPY, daily IB.
My first TP that bar lows. The key Patience
This was a ghous classic IB.
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What does not kill me makes me stronger. Friedrich Nietzsche,
  • #32,043
  • Jun 3, 2009 12:12pm Jun 3, 2009 12:12pm
I missed the 8h PB. But I entered in the pullback.
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What does not kill me makes me stronger. Friedrich Nietzsche,
  • #32,044
  • Jun 3, 2009 12:23pm Jun 3, 2009 12:23pm
This is a demo. Some 'Tape reading'. Usd/Cad took a strong support. and in Oil shaped a daily Doji. I put a sell order below that bars lows. and then after Oil inventories. boom... Just a demo.
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What does not kill me makes me stronger. Friedrich Nietzsche,
  • #32,045
  • Jun 3, 2009 12:27pm Jun 3, 2009 12:27pm
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I have been waiting on this pair to give me a good long signal. Is today the day?

KissFan, squeezy,
did u take this? price is currently at 1.7659 as i write. it blew past 1.75 roadblock i mentioned here very quickly. Nice
  • #32,046
  • Jun 3, 2009 12:31pm Jun 3, 2009 12:31pm
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..........But I believe I learned a lesson. If you get GREAT Counter Trend set-ups, even on charts as small as the 4H, but they are across the board (in this instance), I believe the probability of at least breaking even on a trade is well within your favor.
Did anyone here take these counter trend trades?

unlv_tj,
many have entered these trades.
yes, that's correct. but, be sure u know what to expect: possible PPZs/roadblocks, be quick to put stop to BE as necessary, etc.
  • #32,047
  • Jun 3, 2009 12:44pm Jun 3, 2009 12:44pm
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Depends. Some only allow the next bar, technically the Pin Bar is valid until the high or low of the pin is broken (long or short). I'm sure there are other variations, so you can customize to what suits you.

Interceptor,
LasVahGoose was correct in his post above. but just to clarify, "technically the Pin Bar is valid until the [ nose ] of the pin is broken [ by (discretionary) 5-20 pips (above the nose). ]
in this particular case, the bearish cadchf PB is valid until the nose is breached (hence stopping u out 5-20pips above it)
it's normal to expect that sometimes, there will be a retracement/s right after a PB. this gives us a chance at a better-priced entry.
  • #32,048
  • Jun 3, 2009 12:45pm Jun 3, 2009 12:45pm
Quoting supremeChaos
KissFan, squeezy,
did u take this? price is currently at 1.7659 as i write. it blew past 1.75 roadblock i mentioned here very quickly. Nice
I usually just stay with daily closes but am in the office today all day. Nice day to be stuck here as I was able to see when to get in on a couple of trades. GJ short and this one. I took a long at 1.7500on Euro/Aud. First TP has been hit at 1.7700 actually 1.7702 as my TP was set at 1.7699. This pair has been winding up for a move north it looks like. The other half is at BE now. I'd love to see this pair close as a really big BUOB now. My AUDNZD long is still paying dividends as well. It's all free money now.

K.I.S.S.
  • #32,049
  • Jun 3, 2009 12:48pm Jun 3, 2009 12:48pm
I see charts all day, most look good... Does anyone on here trade? If people traded and made / lost money it seems they would talk more about risk and how to manage it.

I have been doing this a long time now and it seems that most just like the feel of being right, even if they dont make money. Trading maybe a hobby or something to pass the day. If someone really does want to make it they need to look at risk and how to manage it. The reason I am posting this is looking for the people who care about risk and really do want to trade for a living not just post up charts.
Keep taking CT trades, I need more money
  • #32,050
  • Jun 3, 2009 12:57pm Jun 3, 2009 12:57pm
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Looking on the Daily I see maybe price moving up higher than I though before (previous post was 4hr retrace then back down again).
Maybe a Mike Trade? A BUOB at swing low closing above a round number. I guess if the BUOB engulfs more of the previous bars the better. Looking to see how this daily will close.

Quote
This does look good and I dont want to be nit picky, but technically this isnt a BUOB right? I agree that this is a great "Mike" setup and as u said if it close above round number but how picky does one get if they see it close above round number and it isnt technically a BUOB?
This is food for thought, what do people think about taking great looking "almost" bars at great locations. I myself don't do it but this maybe would be a case if it close above a round number.

LasVahGoose, dmc,
i mentioned $cad earlier here.
Looking at my & your (LasV's) charts, the PB is still technically valid as it was not breached. the pseudo-BUOB is another confirmation off the 1.08 round number.

dmc,
we often encounter imperfect-shaped/imperfect-looking PA candles/bars. these should not hinder us from taking these trades. we must be aware of them, BUT we must not reject, disregard, dismiss them all too quickly. the shape/size of a bar/candle is just 1 part of a puzzle which includes location, confluence, divergence, Fibs, PPZs, Round number/psychological level, etc.
  • #32,051
  • Jun 3, 2009 12:59pm Jun 3, 2009 12:59pm
Quoting supremeChaos
LasVahGoose, dmc,
i mentioned $cad earlier here.
Looking at my & your (LasV's) charts, the PB is still technically valid as it was not breached. the pseudo-BUOB is another confirmation off the 1.08 round number.

dmc,
we often encounter imperfect-shaped/imperfect-looking PA candles/bars. these should not hinder us from taking these trades. we must be aware of them, [b][color=blue]BUT [u]we must not reject, disregard, dismiss...
Please stop making your posts so hard to read, no need for 10 different colors.
Keep taking CT trades, I need more money
  • #32,052
  • Jun 3, 2009 1:05pm Jun 3, 2009 1:05pm
Thanks supreme,

Yea I defintiely see what you are saying, just because it isnt techinically a price action bar, it is still using a price action method by seeing where these types of bars lay and what types of bars they are, to see if there is a possible trade.

Was just seeing how picky soem people are. Thanks.


Quoting supremeChaos
LasVahGoose, dmc,
i mentioned $cad earlier here.
Looking at my & your (LasV's) charts, the PB is still technically valid as it was not breached. the pseudo-BUOB is another confirmation off the 1.08 round number.

dmc,
we often encounter imperfect-shaped/imperfect-looking PA candles/bars. these should not hinder us from taking these trades. we must be aware of them, [b][color=blue]BUT [u]we must not reject, disregard, dismiss...
  • #32,053
  • Jun 3, 2009 1:06pm Jun 3, 2009 1:06pm
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The reason I am posting this is looking for the people who care about risk and really do want to trade for a living not just post up charts.

I do care about the risk (everyone should, trading or otherwise).
So, thanks for your posts. Keep them coming
  • #32,054
  • Jun 3, 2009 1:09pm Jun 3, 2009 1:09pm
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Wow when I went to bed last night the USD/CAD trade was pretty close to my SL. I had two dreams last night that the trade went up 300 pips. I wake up and it is no longer in drawdown and up 230 some pips from where it was when I went to sleep.
Now if I hadn't been so fast to set my SL to BE on the AUD/NZD it would be a nice trade too.

wow, Denarii.... are u a clairvoyant?
I hope u don't base your trades on your dreams from now on, though.
  • #32,055
  • Jun 3, 2009 1:13pm Jun 3, 2009 1:13pm
Quote
I usually just stay with daily closes but am in the office today all day. Nice day to be stuck here as I was able to see when to get in on a couple of trades. GJ short and this one. I took a long at 1.7500on Euro/Aud. First TP has been hit at 1.7700 actually 1.7702 as my TP was set at 1.7699. This pair has been winding up for a move north it looks like. The other half is at BE now. I'd love to see this pair close as a really big BUOB now. My AUDNZD long is still paying dividends as well. It's all free money now.
KissFan,
LOL... euraud 200+ pips in just 2 hours.
Too bad, i already closed shop about 2hrs ago, as it's already 2am here.
  • #32,056
  • Jun 3, 2009 1:20pm Jun 3, 2009 1:20pm
Quoting squeezy
nice trade on the usdcad buob h4, didnt take it cos im trying to restrict myself to take trades of daily strictly....
glad i cld join the train off a blind entry ive been working on off the daily
taken 30 pips off , now at be
sorry, cant talk about my wins only, had a small loss of 23pips on the eurgbp short earlier today, totally my fault, didnt take anything of the table....stupid me
was waiting for my 30pips pp to get hit, but came close and reveresed on me
always learning, always, trying to understand momentum, knew the eurgbp was too slow for...

I'm interested in this pair. A small pinbar was created 2 days ago reacting to a support line. Then, it retested support almost breaking the pinbar. Now, if today's bar closes with a large bullish bar confirming Monday's pinbar, we may have a valid set up.
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  • #32,057
  • Jun 3, 2009 1:28pm Jun 3, 2009 1:28pm
Quoting squeezy
gbpjpy also looking interesting, i also see a nice bearish pin on the 8hr fxdd feed, sorry will try n edit to post other chart....
will be watching dis to see how she closes
good location of 159 ppz round no, due for retracement imo, nice space and plenty of room to drop to 154 area
hmmm... if today's bar closes below155, breaking the TL, we may see a nice retrace to 151 area. Since overall trend is up, I like to see if 151 would provide a support to continue the upward move to 165 area. Would love to see a nice price action around 151.
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  • #32,058
  • Jun 3, 2009 1:33pm Jun 3, 2009 1:33pm
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Please stop making your posts so hard to read, no need for 10 different colors.

Ryanmcd,
since u've been quite respectful with your above posts, I'll be gentle & non-sarcastic.
I only used 2 colors, not 10. (black is the default color so it does not count)

Color is life & life is color. i'm a little younger than u (+/-6 years younger to be precise) but my boredom level is quite high (boredom-averse). to me, seeing a sea of black in all the threads is boring. i decided to put colors & variations/add-ons (underlines, italicizations, emoticons) into my posts to infuse liveliness in threads which i visit. also, i use color to emphasize certain words, phrases, sentences that i deem important/necessary &/or need emphasis (to make a good point).
As u can see, all with good intentions.

Unless u are somehow color-blind (i've encountered only 1 so far in FF; he's self-confessed), i see no reason for me to post differently.

I took no offense, so i expect the same from u. I respect u as a way more senior member, i expect the same from u for a more junior FF member.

Cheers
  • #32,059
  • Edited 1:55pm Jun 3, 2009 1:39pm | Edited 1:55pm
Quoting Ryanmcd
I see charts all day, most look good... Does anyone on here trade? If people traded and made / lost money it seems they would talk more about risk and how to manage it.

I have been doing this a long time now and it seems that most just like the feel of being right, even if they dont make money. Trading maybe a hobby or something to pass the day....
I agree with this Ryan. I got burnt today playing that GBPCHF IB long as part of the breakout and retest of 1.75. Daily timeframe trade. 1% of my account. But what I was looking for was for 1.75 to be a key level to bounce up from. If this had panned out I was looking to buy and hold for a long time.

Over time I can be wrong a lot more than once with that kind of trade. I may yet re enter if I see good PA off that level.

I was trying to get stops to break even quickly and take profit at first target but it was shredding my nerves. Taking 0.2R on every trade and getting terrified of the inevitable losers wiping out all my winners. Pressure to produce a 90% plus win rate is hard, even if you can do it.

Losing is part of trading. The holy grail that everyone seeks is the way to trade without losing. It doesn't exist, or we'd risk 100% on every trade. So we play the game of probabilities, making sure our win rate and risk to reward ratio produce a positive expectancy, and then set to the business of making sure our minds can handle the ups and downs along the way without going nuts.

My risk strategy boils down to %R on my account, and not bothering with trades where I have to slam them to break even after 15 pips. I'd like to see a little more potential (R:R) because I am discovering I like to let things breathe a bit.
  • #32,060
  • Jun 3, 2009 1:41pm Jun 3, 2009 1:41pm
Quote
Thanks supreme,
Yea I defintiely see what you are saying, just because it isnt techinically a price action bar, it is still using a price action method by seeing where these types of bars lay and what types of bars they are, to see if there is a possible trade.
Was just seeing how picky some people are. Thanks.

dmc,
we all will always be unique from each other. some picky, some less, some very picky.
My main point (on my previous response) would be:
be picky but be open-minded (to other possibilities/scenarios) too.

what i quickly noticed is that if u try to become ultra picky, u increase your personal patience level. i'd say this is a very good by-product/effect of being picky.
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