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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

  • #32,861
  • Jun 9, 2009 8:50am Jun 9, 2009 8:50am
Quote
Thanks Supreme
I'll be adding on retracement or let it go.

datogio,
retracement?

don't let it go.... let it go with you.
  • #32,862
  • Edited 9:10am Jun 9, 2009 8:54am | Edited 9:10am
Quote
nice trade mate..one of my favs.
i know how you feel on this pair, all the yen crosses seem to have a life of there own for me! hehe

g_j_hook@yah,





Quote
bundyraider,
hey now, who's coaching u?!!! lol
are u not a bloody Aussie?
correct grammar & spelling
hey bundyraider, i'm still for your coach's response.
  • #32,863
  • Jun 9, 2009 8:58am Jun 9, 2009 8:58am
eur$ went on a "touch & bounce" of 1.4020 minor PPZ, almost to the pip.
gbp$ testing 1.6230 ppz.
  • #32,864
  • Jun 9, 2009 9:13am Jun 9, 2009 9:13am
Alright Pirce has now enter the area I have mentioned earlier today...

Attached Image (click to enlarge)
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  • #32,865
  • Jun 9, 2009 9:45am Jun 9, 2009 9:45am
Quoting Shermenator
Alright Pirce has now enter the area I have mentioned earlier today...
Hi Shemenator....

Are you gonna be looking only for shorts or if it resumes its uptrend are you gonna looking for longs as well?

In this last case, Would you wait until the retrace trendline were broken?

For me this is a kind of timeframe confusing mixture signals....

Weekly... It seems like has made a PB over a PPZ and SMA 200, but anyway, price is uptrending...

4H... Looks like price is in a retracement channel waiting for a breaking to the upside to resume its dialy and weekly uptrend, even when it has broken the uptrendline, nut not the outer one...

1H... PB right to the pip in a very confluence zone... Trendline cross, Fibo conflunces, SMA200...

Quite confusing for me, to be honest....
I don't know what to look for...
Attached Image(s) (click to enlarge)
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Click to Enlarge Name: AUDUSD 4H.jpg Size: 101 KB
Click to Enlarge Name: AUDUSD 1H.jpg Size: 91 KB
  • #32,866
  • Jun 9, 2009 9:47am Jun 9, 2009 9:47am
I Demoed this one with a 30 Pip Automatic Trailing stop and it gave me a Breakeven = 0 trade. Not bad for not having to watch the trade. Maybe a 50 Pip trailing stop would have been better in terms of getting some Positive pips...I'll keep testing.

Rubin.

Quoting jarroo
Uad/Cad. Pretty simple stuff guys. I love when the drawdown is ZERO after the break. High momentum.
  • #32,867
  • Jun 9, 2009 9:47am Jun 9, 2009 9:47am
Anybody manage to hold onto that GU trade for this madness .... ??
  • #32,868
  • Jun 9, 2009 9:49am Jun 9, 2009 9:49am
Hey, Sherm got my eyes on it just watchin to see if yesterdays high 7984 becomes support or not
  • #32,869
  • Jun 9, 2009 9:58am Jun 9, 2009 9:58am
Quoting pipmyride
Anybody manage to hold onto that GU trade for this madness .... ??
Yeah, holding the weekly pin... deep drawdown now... need it to stop!... or take a loss. It was a good setup IMO, so not bothered by it.

stop at 1.6330

Josh
  • #32,870
  • Jun 9, 2009 10:05am Jun 9, 2009 10:05am
Quoting Jduester
Yeah, holding the weekly pin... deep drawdown now... need it to stop!... or take a loss. It was a good setup IMO, so not bothered by it.

stop at 1.6330

Josh
Same as you Josh. A lot of my setups in drawdown. All are really good quality PA so if I take the hit (not full bar losses, I won't let that happen), then I take the hit. EURAUD, AUDUSD weekly, GU short.

Out at break even for GU daily short. Decided not to take profit at 5800 because of the weekly pin. Added a small position on breach of that weekly pin which is in drawdown. Half my normal risk with stop on the end of the weekly pin nose. May re-enter at my daily BE level if I see convincing reversal sign.

Price does what it does. We play our high probability setups and let our edge and time take care of the rest.

As Ryan says, we don't get hung up on one trade, win or lose.
  • #32,871
  • Jun 9, 2009 10:14am Jun 9, 2009 10:14am
Quoting pipmyride
Anybody manage to hold onto that GU trade for this madness .... ??
I hear ya!! I'm still in as well and holding.
  • #32,872
  • Jun 9, 2009 10:22am Jun 9, 2009 10:22am
Hey jp

A suggestion that most of us tend to do is to keep timeframes separate. Since the movements are made up of waves occurring on all timeframes this can often contradict each other. A very simple way to deal with this is to try to simply enter and exit off the same timeframe for the most part. This way if you are trying to trade a weekly bar, you don't find yourself pulling your hair out on the hourly bars. Of course it will depend on your style, but it can be kept as simple as that, which takes away a lot of that analysis paralysis that you would run into otherwise.

Best
Mike


Quoting jplo
Hi Shemenator....

Are you gonna be looking only for shorts or if it resumes its uptrend are you gonna looking for longs as well?

In this last case, Would you wait until the retrace trendline were broken?

For me this is a kind of timeframe confusing mixture signals....

Weekly... It seems like has made a PB over a PPZ and SMA 200, but anyway, price is uptrending...

4H... Looks like price is in a retracement channel waiting for a breaking to the upside to resume its dialy and weekly uptrend, even when it has broken the uptrendline, nut not...
  • #32,873
  • Jun 9, 2009 10:24am Jun 9, 2009 10:24am
Alright I am now backing of the market for today...so far no trades....

Price is struggling up at the 8000 mark

Attached Image (click to enlarge)
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  • #32,874
  • Jun 9, 2009 10:24am Jun 9, 2009 10:24am
Jduester, TiaForex, Punky,
I'm curious...
what was your entry, stops, # of lots/positions? live trades?
no profit taken?

there was a chance for at least 50-100 pip profit below the weekly PB.
there's a minor ppz in 1.5800-5810 area where price bounced.
above, after 1.6200-6230, next (minor) ppz seems to be 1.6350

Thanks guys
  • #32,875
  • Jun 9, 2009 10:26am Jun 9, 2009 10:26am
After 2 beautiful trades this month I am currently sitting in Drawdown on the GU and AU as well.

I have reduced my risk significantly (1/2) on the AU but I am leavign my stop at the tops of the weekly pin for the GU.

I need to become more patient with the weekly setups because they may take days or weeks to develop. I think the GU was a pretty good setup and I guess I am going to have to sit in drawdown for a while before I can see if it plays out.
  • #32,876
  • Jun 9, 2009 10:26am Jun 9, 2009 10:26am
Quoting pipmyride
Anybody manage to hold onto that GU trade for this madness .... ??

Stopped out at BE. I couldn't afford a stop at the top of the weekly pin, so I waited for a break below 15900 and trailed it.

Edit: Looks like it broke through 16200. Next stop 16430 ish (38.2 retrace of big weekly move down)?
  • #32,877
  • Jun 9, 2009 10:28am Jun 9, 2009 10:28am
Quoting Jduester
Yeah, holding the weekly pin... deep drawdown now... need it to stop!... or take a loss. It was a good setup IMO, so not bothered by it.

stop at 1.6330

Josh
erm .. was actually referring to the with trend setup as posted nicely by sherm:
http://www.forexfactory.com/showpost...ostcount=32692

I was in the weekly but as it was against trend, i took my pips early ...

However i also took profits (in hindsight) too early on this one ...
  • #32,878
  • Jun 9, 2009 10:30am Jun 9, 2009 10:30am
Quoting dmc
After 2 beautiful trades this month I am currently sitting in Drawdown on the GU and AU as well.

I have reduced my risk significantly (1/2) on the AU but I am leavign my stop at the tops of the weekly pin for the GU.

I need to become more patient with the weekly setups because they may take days or weeks to develop. I think the GU was a pretty good setup and I guess I am going to have to sit in drawdown for a while before I can see if it plays out.
Exactly...just watch it from the weekly chart and imagine its a 1 hour chart...your trade just started
  • #32,879
  • Jun 9, 2009 10:37am Jun 9, 2009 10:37am
Quoting supremeChaos
pipmyride, Jduester, TiaForex, Punky,
I'm curious...
what was your entry, stops, # of lots/positions? live trades?
no profit taken?

there was a chance for at least 50-100 pip profit below the weekly PB.
there's a minor ppz in 1.5800-5810 area where price bounced.
above, after 1.6200-6230, next (minor) ppz seems to be 1.6350

Thanks guys
I'm thinking you must know my strategy by now Supreme. I wait for the break of PA. I take first TP at 0.5R. I place most stops at end of bar (not in this case though)... 2% risk. Live trade, but I demo trade the same way as I live trade, so it wouldn't matter as far as execution. Look at my past posts if you need further clarification of my strategy, namely exit strategy.
You are correct in that price stopped right where I thought it would. Just didn't think it'd reverse quite so severely! hee hee. Oh well. As Aaron says, it's only 1 trade, and it was a good one, per my definition (aka, I followed my rules and it was a good setup.)

BTW, nice trade for anyone who took that USD/CAD 'with the trend' pinbar. It's turned into quite a nice trade.

Josh
  • #32,880
  • Jun 9, 2009 10:39am Jun 9, 2009 10:39am
Quoting pipmyride
erm .. was actually referring to the with trend setup as posted nicely by sherm:
http://www.forexfactory.com/showpost...ostcount=32692

I was in the weekly but as it was against trend, i took my pips early ...

However i also took profits (in hindsight) too early on this one ...
oops, my bad! Nice trades PMR!
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