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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

  • #32,121
  • Jun 3, 2009 4:34pm Jun 3, 2009 4:34pm
Quoting Ryanmcd
I will stick around as long as we are talking about trading and things and not just posting stupid charts all day.. That's just art work unless you put a RR on it and some thought.

[color=black][font=Verdana]*** Yes and No, What happens is once you get into a trade at least for me is I think Okay now I am committed, I did my homework and I am going to let it ride out unless it stalls or something external changes. Take my trade from today, I posted it all, I had a uptrend below price, a flat trend line above price with the trend going down so...
Gold dust. Thank you.
  • #32,122
  • Jun 3, 2009 4:35pm Jun 3, 2009 4:35pm
1.41 seems to be strong resistance. I would think if it get past 1.41 next stop 1.38? Thoughts?
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  • #32,123
  • Jun 3, 2009 4:37pm Jun 3, 2009 4:37pm
Quoting jarroo
Quick answer (from me), when I started taking this business and method seriously I had problem (and probably still do) with 100+ pip drawdowns. Even if the position size was adjusted accordingly.

Much of it had to do with the quality of the setups I was taking, which when I started, wasn't the best. As I grew more patient and picky with the setups (practise, practise) that I would select, I saw that some would give a nice amount of pips before it drew down and some would never draw down. And of course, some would fail.

I decided that a tighter...

Now you can help me with the 4hr stuff lol. I just have to set it and forget it really its more of a mindset to me then anything. Throw up a chart or 2 of what you traded last on the 4hr if you got time so I can maybe learn the longer term stuff.
Keep taking CT trades, I need more money
  • #32,124
  • Jun 3, 2009 4:39pm Jun 3, 2009 4:39pm
Quoting jarroo
Quick answer (from me), when I started taking this business and method seriously I had problem (and probably still do) with 100+ pip drawdowns. Even if the position size was adjusted accordingly.

Much of it had to do with the quality of the setups I was taking, which when I started, wasn't the best. As I grew more patient and picky with the setups (practise, practise) that I would select, I saw that some would give a nice amount of pips before it drew down and some would never draw down. And of course, some would fail.

I decided that a...
I'm testing the tight stop theory at the moment. So, for you it goes to quick break even as well. Makes sense because of RR levels.

These bars seem so huge tonight and I am so used to playing a big bar in the "classic" way but I am really trying to refine and test things because I want another approach, and I am not comfortable taking entries before the breach.

So with USDCAD you would have taken the breach with a tight stop, been stopped out, then got in again when it came back...and now you'd be sitting in profit. Am I right?

Thanks for the help. This helps define my backtesting, which although helpful, gets pretty tedious after the first thousand trades.
  • #32,125
  • Jun 3, 2009 4:39pm Jun 3, 2009 4:39pm
Quoting Fx_Genius
1.41 seems to be strong resistance. I would think if it get past 1.41 next stop 1.38? Thoughts?

What do you think of this flower? Will it get past 9 inches? Does it need more water? What if it dies?
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Keep taking CT trades, I need more money
  • #32,126
  • Jun 3, 2009 4:39pm Jun 3, 2009 4:39pm
Quoting eswap0
My point of view is different.
1st chart: I dont't like last bar closed above FIB 50 of long bearish bar.
2nd chart: my TL looks a little bit different, with a totally different meaning: retracement over TL to get stronger upward impulse.
Yeah I can see where you are coming from here.I Think I just had too strong of a bearish bias.Waiting for a bounce off of a pretty strong resistance.Looking at the correlated pairs we still may be pretty bullish.Back to the charts........
  • #32,127
  • Jun 3, 2009 4:40pm Jun 3, 2009 4:40pm
Looking at E/J above 135.50 for supportive PA which we see at the moment
  • #32,128
  • Jun 3, 2009 4:42pm Jun 3, 2009 4:42pm
Quoting Fx_Genius
1.41 seems to be strong resistance. I would think if it get past 1.41 next stop 1.38? Thoughts?

As noted in the past I am not a fan of the engineered PB against the trend. More often than not the third day will be the re-entry day.
  • #32,129
  • Jun 3, 2009 4:43pm Jun 3, 2009 4:43pm
Quoting Ryanmcd
Now you can help me with the 4hr stuff lol. I just have to set it and forget it really its more of a mindset to me then anything. Throw up a chart or 2 of what you traded last on the 4hr if you got time so I can maybe learn the longer term stuff.
I've seen your charts. Just change the top left corner from 5 min to 4 hour and apply what you do. The setups will take a little longer, of course. lol But the pip amounts will be bigger.

I can't post charts right now . . but I will be happy to do so.

Jim
Indicators show the past. Price Action "Indicates" the future.
  • #32,130
  • Jun 3, 2009 4:44pm Jun 3, 2009 4:44pm
Quoting TiaForex
I'm testing the tight stop theory at the moment. So, for you it goes to quick break even as well. Makes sense because of RR levels.

These bars seem so huge tonight and I am so used to playing a big bar in the "classic" way but I am really trying to refine and test things because I want another approach, and I am not comfortable taking entries before the breach.

So with USDCAD you would have taken the breach with a tight stop, been stopped out, then got in again when it came back...and now you'd be sitting in profit. Am I right?

Thanks for...

I will say this, once it gets to $1,000 per pip getting that stoploss to 20-25 vs 50 and making 20-25 = 1% not .5% then it all starts to add up lol
Keep taking CT trades, I need more money
  • #32,131
  • Jun 3, 2009 4:44pm Jun 3, 2009 4:44pm
Quoting jarroo
I've seen your charts. Just change the top left corner from 5 min to 4 hour and apply what you do. The setups will take a little longer, of course. lol But the pip amounts will be bigger.

I can't post charts right now . . but I will be happy to do so.

Jim

Throw some up when you get time if you dont mind and I will help you anyway I can.
Keep taking CT trades, I need more money
  • #32,132
  • Jun 3, 2009 4:54pm Jun 3, 2009 4:54pm
Quoting TiaForex
I'm testing the tight stop theory at the moment. So, for you it goes to quick break even as well. Makes sense because of RR levels.

These bars seem so huge tonight and I am so used to playing a big bar in the "classic" way but I am really trying to refine and test things because I want another approach, and I am not comfortable taking entries before the breach.

So with USDCAD you would have taken the breach with a tight stop, been stopped out, then got in again when it came back...and now you'd be sitting in profit. Am I right?

Thanks for...
I did not trade the Cad baby PB. When your thoughts are mirroring Mike's, before Mike posts his comments, your stating to get it. lol.

I thought this was an obvious "no trade" to many here. Sure sometimes they work out as Mike has stated in many different ways, but more times they don't.

But if I was to trade the baby Cad PB the very weak break would have got me out with a small loss.
Indicators show the past. Price Action "Indicates" the future.
  • #32,133
  • Jun 3, 2009 4:58pm Jun 3, 2009 4:58pm
Quoting Ryanmcd
Throw some up when you get time if you dont mind and I will help you anyway I can.
You got it brother. Thanks.
Indicators show the past. Price Action "Indicates" the future.
  • #32,134
  • Jun 3, 2009 5:00pm Jun 3, 2009 5:00pm
Anyone got a chart on the Daily Euro? Looks like a 2 Day PB to me on my web charts. lol
Indicators show the past. Price Action "Indicates" the future.
  • #32,135
  • Jun 3, 2009 5:04pm Jun 3, 2009 5:04pm
Quoting jarroo
Anyone got a chart on the Daily Euro? Looks like a 2 Day PB to me on my web charts. lol
Is that a BEOB on the Daily Cable?
Indicators show the past. Price Action "Indicates" the future.
  • #32,136
  • Edited 5:18pm Jun 3, 2009 5:07pm | Edited 5:18pm
Quoting jarroo
But if I was to trade the baby Cad PB the very weak break would have got me out with a small loss.
As I look at the Cad now it would have been a small profit or break even trade instead of a loss if I played the initial break. Because of how it broke.
Indicators show the past. Price Action "Indicates" the future.
  • #32,137
  • Jun 3, 2009 5:07pm Jun 3, 2009 5:07pm
This one Jim? Yes it is a 2 day pin and I like the way the weekly is shaping up too.
Attached Image(s) (click to enlarge)
Click to Enlarge Name: eur daily.gif Size: 15 KB
Click to Enlarge Name: eur weekly.gif Size: 16 KB
Ghost Rider - WWTBMD?
  • #32,138
  • Jun 3, 2009 5:08pm Jun 3, 2009 5:08pm
Quoting jarroo
Anyone got a chart on the Daily Euro? Looks like a 2 Day PB to me on my web charts. lol
Posted here one hour ago
Trading: the skill of avoiding trades
  • #32,139
  • Jun 3, 2009 5:09pm Jun 3, 2009 5:09pm
Quoting jarroo
Is that a BEOB on the Daily Cable?
yes there is a BEOB on the daily cable (IBFX)
  • #32,140
  • Jun 3, 2009 5:09pm Jun 3, 2009 5:09pm
Quoting albchr
This one Jim? Yes it is a 2 day pin and I like the way the weekly is shaping up too.
Very nice. Thanks Chris.
Indicators show the past. Price Action "Indicates" the future.
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