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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

  • #33,161
  • Jun 11, 2009 9:52am Jun 11, 2009 9:52am
Quote
4hr chart attached. DBLHC retrace to the 61.8 fib. Caught it on the retrace once it cleared the 50 and now up 50 pips. SL of only ~25 pips so currently at 2:1 RR. Half position taken and stop at BE. Very very very strong support at 1.08315 but if it gets taken out then we will shoot straight up about 50 or so pips..........

Tipers,
just to clarify things...
i think u got support & resistance all mixed up in the above post.
the "resistance" mentioned in the chart should've been "support" & the 1.0830 "support" u mentioned should've been called "resistance" (or minor PPZ)
u could've elected to exit partially/remaining position in the 1.0830 area if u indeed expected it to be a strong resistance.

Nice trade before hitting the sack...
  • #33,162
  • Jun 11, 2009 10:43am Jun 11, 2009 10:43am
Quoting james16
buy it - trade it - lose it - find another one.

buy it - trade it - lose it - find another one.

over and over and over.

everytime i would feel stupid and totally defeated. i would think ....there material swears it works, they have all these people that swear it works, i did it just like they told me to, i gave it a good two weeks...lol, now i gotta go save another 5 grand and maybe the next one will be my ticket out.

please oh please anyone reading this please dont do that to yourself.

whats the big secret to making it happen?...
That made my head hurt just thinking about the possibility of running down that road. Ugh.

Fortunately, we have the opportunity to *learn from others*, rather than having to learn every lesson on our own. If, of course, we are willing to do so and we have the personal humility to enable it. As I have heard over and over again in the videos and an this site, you do NOT have to lose in this game. You just do not have to lose. You might not be a winner, but you do not have to lose.

That's a fact.
I'm pretty much done with all this ...
  • #33,163
  • Jun 11, 2009 10:49am Jun 11, 2009 10:49am
Quoting StoragePro
That made my head hurt just thinking about the possibility of running down that road. Ugh.

Fortunately, we have the opportunity to *learn from others*, rather than having to learn every lesson on our own. If, of course, we are willing to do so and we have the personal humility to enable it. As I have heard over and over again in the videos and an this site, you do NOT have to lose in this game. You just do not have to lose. You might not be a winner, but you do not have to lose.

That's a fact.
Yes I believe there is a saying.

A wiseman learns from his mistakes....

A very wiseman learns from other peoples mistakes...



Fat Tom
  • #33,164
  • Jun 11, 2009 10:52am Jun 11, 2009 10:52am
Quoting james16
its at night when its freaky.

i can deal with the possibility of a big one during the day but at night its a whole different ball game.

they used to tell people here years ago no matter how bad one might be to just take cover in your house.

after the f5 hit ok city a few years back they had to change that because people realised just how stupid that was.

those that ran made it. those that didnt were anialated. nothing left but concrete foundations. they never found some people. same thing in jerrel texas a few years back. wichita falls in...
What was odd about the jerrell storm was how slow it was. Usually with those large tornadoes they move pretty quickly, but the Jerrell storm was just moving 15-20 mph which made it possible to run. I'm heading out to Iowa in the next week to do some storm chasin', should be fun.
  • #33,165
  • Edited 11:16am Jun 11, 2009 11:05am | Edited 11:16am
Quoting advfntrader
Anyone know why GBP/USD weekly pinbar reversed ? In huge drawdown on my demo account. I guess there was no confulence or pivot zone....
Hi advfntrader, I'm in the GU weekly trade too. I have taken a few weekly bars on demo that took quite a while before they properly broke in the right direction. It was fairly stressful on demo, now it looks like I might find out how it feels with a little cash on the line now. The one thing I learnt on demo is that with a pin or an OB (esp weekly) it aint over till its over.
If you can wait and not be tired by waiting...
  • #33,166
  • Jun 11, 2009 11:23am Jun 11, 2009 11:23am
Quote
I'm heading out to Iowa in the next week to do some storm chasin', should be fun.

Icehocey77,
i just mentioned this earlier.

it may take a while, but can i join u next time?
i'm pretty sure that experience would be a "blast" lol
  • #33,167
  • Jun 11, 2009 11:28am Jun 11, 2009 11:28am
Quote
Fortunately, we have the opportunity to *learn from others*, rather than having to learn every lesson on our own. If, of course, we are willing to do so and we have the personal humility to enable it. As I have heard over and over again in the videos and an this site, you do NOT have to lose in this game. You just do not have to lose. You might not be a winner, but you do not have to lose.
That's a fact.

StoragePro,
nice post.
Like Sir james16 & several others, i too hope u'll post more often. Definitely will be appreciated.
  • #33,168
  • Jun 11, 2009 12:06pm Jun 11, 2009 12:06pm
Quoting supremeChaos
Icehocey77,
i just mentioned this earlier.

it may take a while, but can i join u next time?
i'm pretty sure that experience would be a "blast" lol
yeah, hopefully I get something...first time heading out to the plains to chase. Usually just hang around the Carolinas to do it.
  • #33,169
  • Jun 11, 2009 1:09pm Jun 11, 2009 1:09pm
Quoting fat_tom
Anyone in on the EURCAD daily pin from a few days ago?

I am and starting to suffer a bit of drawdown...
Hi Tom,

I've traded it but got out at breakeven simply because the stupid thing didn't *!#!$!!'# move...those crosses are tricky most of the times maybe I shouldn't trade them at all and stick to the majors...

I often wonder if it makes any sense at all to trade those crosses with price-action. Especially the crosses that aren't traded a lot. EUR/GBP might be okay, but I wonder if there's a dedicated EUR/CAD orderdesk somewhere in this world. Sure some really significant levels will be observed but most of the time...well I don't know I often end up watching EUR/USD and USD/CAD when I trade EUR/CAD and think to myself that it doesn't really make much sense to trade it at all.

Take care,

Marco
  • #33,170
  • Jun 11, 2009 1:31pm Jun 11, 2009 1:31pm
dont take this as harsh ad.

you let a 125 pip profit turn into a loss?

this is the part you folks must learn. THEY ALWAYS REVERSE AT SOME POINT.

it stalled at the bar low from 5/24.

happens all the time but WE CANT let it turn into a loss.

price hit 5800. it was an easy profit or breakeven trade.

keep the demo going ad and it wont be long until you have a handle on it.

jim

Quoting advfntrader
Anyone know why GBP/USD weekly pinbar reversed ? In huge drawdown on my demo account. I guess there was no confulence or pivot zone....
  • #33,171
  • Jun 11, 2009 1:37pm Jun 11, 2009 1:37pm
yeah jerrell was weird for another reason. the damn thing rotated the opposite way.

they still havnt figured that out.

jim

Quoting Icehocey77
What was odd about the jerrell storm was how slow it was. Usually with those large tornadoes they move pretty quickly, but the Jerrell storm was just moving 15-20 mph which made it possible to run. I'm heading out to Iowa in the next week to do some storm chasin', should be fun.
  • #33,172
  • Jun 11, 2009 1:40pm Jun 11, 2009 1:40pm
DSL is back and im a happy camper.

the whole area is under water but im dry and surfing fast again.




jim
  • #33,173
  • Jun 11, 2009 2:49pm Jun 11, 2009 2:49pm
Quoting james16
dont take this as harsh ad.

you let a 125 pip profit turn into a loss?

this is the part you folks must learn. THEY ALWAYS REVERSE AT SOME POINT.

it stalled at the bar low from 5/24.

happens all the time but WE CANT let it turn into a loss.

price hit 5800. it was an easy profit or breakeven trade.

keep the demo going ad and it wont be long until you have a handle on it.

jim
Hi Jim,

I think the question was asked from a different perspective. Surely, getting out with 125 pips in the bag is better than ANY loss, but 125pips represented just RR0.2. So, if you "win" five trades by exiting at that level (surely, the price indeed stalled at the "left eye's Low" - but we know that with the hindsight; would/should anyone exit there "live"?..), just one RR1 loss would wipe any profit we made with such five trades.

Also, technically speaking, that PB has not yet failed as SL (above PB) has not been hit. If we exit before our SL is hit, why place it there in the first place (mentally or technically)?

H4 tells a good picture of what price did, and it gave plenty reasons to get out. I am not commenting H4 chart, I guess it's obvious where price failed to go lower (PB is marked in grey).

But I guess some (new) people here have difficulty putting two and two together when it comes to "premature" exits. This is not a criticism of any kind of anyone, by no means, but simply an attempt to clarify the question which has been bugging a few people here.

When (if ever) do you allow your SL (the one above PB) to be hit? If never, would it make sense to place SL in a different place, or make exit decision based on other parameters?

We know that the price can stall at ANY time (thanks for reminding us about "it's CRITICAL", Jarroo! ) - but if we actively manage the trade, does it still make sense to place SL above PB (if we "place" it lower, that would improve RR of the successful trades, without increasing our losses). Otherwise, MM gets somewhat skewed.

MANY THANKS!
Attached Image(s) (click to enlarge)
Click to Enlarge Name: GU_W1.png Size: 25 KB
Click to Enlarge Name: gu h4.gif Size: 32 KB
One Chart is Worth Ten Thousand Words.
  • #33,174
  • Jun 11, 2009 2:49pm Jun 11, 2009 2:49pm
Quoting james16
DSL is back and im a happy camper.

the whole area is under water but im dry and surfing fast again.




jim
Sounds like this is going to be a nutty summer down there?
  • #33,175
  • Jun 11, 2009 3:25pm Jun 11, 2009 3:25pm
I bet Raczek is already short...

Just kidding Waiting for (at least) the current bar to close would be prudent. If it does go down, that could be quite a fall (RR-wise)...
Attached Image (click to enlarge)
Click to Enlarge Name: GU_H4_-_2.jpg Size: 89 KB
One Chart is Worth Ten Thousand Words.
  • #33,176
  • Jun 11, 2009 3:31pm Jun 11, 2009 3:31pm
Quoting Forex007
I bet Raczek is already short...

Just kidding Waiting for (at least) the current bar to close would be prudent. If it does go down, that could be quite a fall (RR-wise)...
Do you prefer that over e/u?
  • #33,177
  • Jun 11, 2009 3:37pm Jun 11, 2009 3:37pm
Quoting Jlr
Do you prefer that over e/u?
Sure : (a) see that GU W1 PB that has been discussed here for a while, and (b) I don't like this level on EU H4 (pink line).

GU is not a definite short for me yet either...
Attached Image (click to enlarge)
Click to Enlarge Name: EU_H4.jpg Size: 86 KB
One Chart is Worth Ten Thousand Words.
  • #33,178
  • Jun 11, 2009 3:37pm Jun 11, 2009 3:37pm
Hi Forex 007 ,I think maybe your data is corrupt cause theres no gap there heres mine I think is the same close.
Besides shooting star should have little to no lower wick
Attached Image (click to enlarge)
Click to Enlarge Name: 10) gbpusd h4 10 june.gif Size: 16 KB
On-site guru & also FF member's' psychiatrist, when not drinking tea
  • #33,179
  • Jun 11, 2009 3:39pm Jun 11, 2009 3:39pm
  •  kean
  • | Joined Sep 2008 | Status: James16group Lifetime Member | 92 Posts
Quoting Forex007
Hi Jim,

I think the question was asked from a different perspective. Surely, getting out with 125 pips in the bag is better than ANY loss, but 125pips represented just RR0.2. So, if you "win" five trades by exiting at that level (surely, the price indeed stalled at the "left eye's Low" - but we know that with the hindsight; would/should anyone exit there "live"?..), just one RR1 loss would wipe any profit we made with such five trades.

Also, technically speaking, that PB has not yet failed as SL (above PB) has not been hit. If we exit...
Nice post Forex007, this is exactly where I am currently at, you saved me the job of creating this question... I look forward to some clarification
  • #33,180
  • Jun 11, 2009 3:43pm Jun 11, 2009 3:43pm
Quoting Forex007
Sure : (a) see that GU W1 PB that has been discussed here for a while, and (b) I don't like this level on EU H4 (pink line).

GU is not a definite short for me yet either...
Thanks, guess I'll watch and see. Prefer E/U myself, like that strong reaction past 61.8, and that ppz region. Traffic is pretty poor though, as you noted. No plans to trade either though.
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