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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

  • #33,621
  • Jun 16, 2009 9:23pm Jun 16, 2009 9:23pm
Quoting jarroo
The 4 hour Eur/Jpy PB in blue would not be rated as an A+ PB. But it is at a swing low with the confluence of the 133.50 PPZ level. The break however, was A+. 1st half 30+/2nd half at break even. No drawdown after the break.
Very similar to GJ H4 pin ..
  • #33,622
  • Edited 9:51pm Jun 16, 2009 9:33pm | Edited 9:51pm
Quoting Punky
Jarroo, I was all over this one in demo and learning. Still trying to figure out the best way to manage the trade but I closed half at 30 pips then moved my stop to break even. Then next I closed 15% at 50 pips, next is 15% at 70 pips and then let the rest ride. Am I at least kind thinking in the right direction?

I played the pin bar earlier on today but sold out way to quick on it. Practice practice eh!!

Happy Birthday thread!!!!
It comes down to the quality of the set up. The Eur/Jpy and Gbp/Jpy 4 hour PBs are not A+ setups. But their locations and confluences are pretty good. (I forgot to mention the fib levels on both).

So we have to manage these trades very carefully or ignore them totally. How strong they break is a good confirmation for me.

I don't like using fixed pip targets, I'm not saying that they are wrong for you to use. Let's look at previous S/R levels, and/or previous Highs/Lows, and see where Price may be heading.
Indicators show the past. Price Action "Indicates" the future.
  • #33,623
  • Jun 16, 2009 9:46pm Jun 16, 2009 9:46pm
Quoting jarroo
It comes down to the quality of the set up. The Eur/Jpy and Gbp/Jpy 4 hour PBs are not A+ setups. But their locations and confluences are pretty good. (I forgot to mention the fib levels on both).

So we have to manage these trades very carefully or ignore them totally. How strong they break is a good confirmation for me.

I don't like using fixed pip targets, I'm not saying that they are wrong for you to use. Let's look at previous S/R levels, and/or previous High/Lows, and see where Price may be heading.
The 135.00 is a strong PPZ level on the Daily, so Price could be heading back up there. More recent is the 134.00 level which Price has already reached (the traffic in green) This could be it for Price and could now reverse.

Since we are already in profit and its now a free trade, let's relax and see what happens. This is just how I see things.
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Indicators show the past. Price Action "Indicates" the future.
  • #33,624
  • Jun 16, 2009 10:04pm Jun 16, 2009 10:04pm
Quoting StoragePro

Which leads me to the EURGBP Daily PB from June 5 - Price has hit an interesting area where I'd expect some congestion. Price is at the 61.8 fib, at the 365, and where price consolidated back in November. Hhmmm. Is it time to get out of this trade and watch again?
Hey SP,

I closed the daily PB based trade at 0.85 and 61.8 Fib. Got in again on the pullback yesterday to the 0.85.

Stops now at 0.8470 with T1 hit @ 0.8450 and looking for 0.8350 for TP2 and leave 1/3 to give it some chance to reach 0.8220.

Whatever the case, a winning trade!

HAPPY BIRTHDAY J16ers !!!
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  • #33,625
  • Jun 16, 2009 10:09pm Jun 16, 2009 10:09pm
Quoting jarroo
The 135.00 is a strong PPZ level on the Daily, so Price could be heading back up there. More recent is the 134.00 level which Price has already reached (the traffic in green) This could be it for Price and could now reverse.

Since we are already in profit and its now a free trade, let's relax and see what happens. This is just how I see things.
Well at least I am thinking in the right direction because I have all the PPZ's marked correctly and I took in consideration the fibs and the fact the PB was at an even number. This is how I setup my TP levels. But your right lets see how it goes.
One of problems I do have though is how does one confirm a PPZ break before it is to late? How to catch it early enough?
  • #33,626
  • Jun 16, 2009 10:12pm Jun 16, 2009 10:12pm
Quoting jarroo
The 135.00 is a strong PPZ level on the Daily, so Price could be heading back up there. More recent is the 134.00 level which Price has already reached (the traffic in green) This could be it for Price and could now reverse.

Since we are already in profit and its now a free trade, let's relax and see what happens. This is just how I see things.
2nd half stopped out at break even. 1st half 31 pips/2nd breakeven. Not bad.

There are many different ways you could have managed this trade while still limiting risk. Placing your stop loss not at breakeven but -10 pips away from your entry thus netting you +21 pips. Or -31 pips away from the entry netting you zero pips.

This positioning can be very rewarding especially when it runs to the moon. Or even when it doesn't.
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Indicators show the past. Price Action "Indicates" the future.
  • #33,627
  • Jun 16, 2009 10:17pm Jun 16, 2009 10:17pm
Quoting Punky
Well at least I am thinking in the right direction because I have all the PPZ's marked correctly and I took in consideration the fibs and the fact the PB was at an even number. This is how I setup my TP levels. But your right lets see how it goes.
One of problems I do have though is how does one confirm a PPZ break before it is to late? How to catch it early enough?

Yes, your on the right path. Being very picky makes trading a whole lot easier.

Place a limit order or buy/sell stop above/below is how I catch the hard breaks, if that's what your asking.
Indicators show the past. Price Action "Indicates" the future.
  • #33,628
  • Jun 16, 2009 10:27pm Jun 16, 2009 10:27pm
wow what a great post.

wish you would get more involved here sto.

jim

Quoting StoragePro


It is great to see it that way - no? The war is won by fighting the winnable battles. If and when you add in the 4hr, your opportunities will grow, but the rules of engagement are exactly the same. Then the 8% will look more like 18%.

When I was a kid, the neighbor had Cherry trees in the yard. And we'd gorge ourselves on them in July when they would get ripe. You learned real fast that not every cherry was great to eat, but you split it open first and checked to see if a worm had started before you did. I only ate a few worms......
  • #33,629
  • Jun 16, 2009 10:53pm Jun 16, 2009 10:53pm
Happy birthday james 16 group and da man himself,you have really being a source of blessing,thanks.just my thot on GU,see a bullish pennant forming with decreasing volume.Hopefully the news this morning should be able to produce the breakout.
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D labour of a fool wearieth him cos he doesn't know how to enta d city
  • #33,630
  • Jun 16, 2009 11:05pm Jun 16, 2009 11:05pm
Happy Birthday - 4 years!
  • #33,631
  • Jun 16, 2009 11:20pm Jun 16, 2009 11:20pm
Quoting jarroo
2nd half stopped out at break even. 1st half 31 pips/2nd breakeven. Not bad.

There are many different ways you could have managed this trade while still limiting risk. Placing your stop loss not at breakeven but -10 pips away from your entry thus netting you +21 pips. Or -31 pips away from the entry netting you zero pips.

This positioning can be very rewarding especially when it runs to the moon. Or even when it doesn't.
Many times on A+ trades Price will retest the break or entry. On this Eur/Jpy 4 hour PB Price did just that.(Chart on the Hourly) This non A+ trade is sure acting like one.

I hear all the time that some people will place their stop loss after a run of Price not at break even but at +1 pip. They do this to get some postive pipage if Price reverses on them. I like -10 or -15, once the 1st half has been profitable, for this very reason of Price retesting the break.
Attached Image
Indicators show the past. Price Action "Indicates" the future.
  • #33,632
  • Jun 16, 2009 11:25pm Jun 16, 2009 11:25pm
Quoting jarroo
Many times on A+ trades Price will retest the break or entry. On this Eur/Jpy 4 hour PB Price did just that.(Chart on the Hourly) This non A+ trade is sure acting like one.

I hear all the time that some people will place their stop loss after a run of Price not at break even but at +1 pip. They do this to get some postive pipage if Price reverses on them. I like -10 or -15, once the 1st half has been profitable, for this very reason of Price retesting the break.
Yep - this would have been a nice entry for those that missed the initial break ..

Again, GJ moved similarly
  • #33,633
  • Jun 16, 2009 11:27pm Jun 16, 2009 11:27pm
Quoting pipmyride
Yep - this would have been a nice entry for those that missed the initial break ..

Again, GJ moved similarly
Absolutely. Some will only take retest or retrace of a setup. Not a bad way to go, it allows for a very tight stop.
Indicators show the past. Price Action "Indicates" the future.
  • #33,634
  • Jun 16, 2009 11:28pm Jun 16, 2009 11:28pm
Wouldn't be where I am today without this thread
  • #33,635
  • Jun 16, 2009 11:32pm Jun 16, 2009 11:32pm
happy bday j16 thread
glad i found u on time, uve changed & changing my life around
kudos to the big man Jim
GOD BLESS US ALL
Simplicity is the key to success
  • #33,636
  • Jun 16, 2009 11:48pm Jun 16, 2009 11:48pm
Quoting jarroo
Many times on A+ trades Price will retest the break or entry. On this Eur/Jpy 4 hour PB Price did just that.(Chart on the Hourly) This non A+ trade is sure acting like one.

I hear all the time that some people will place their stop loss after a run of Price not at break even but at +1 pip. They do this to get some postive pipage if Price reverses on them. I like -10 or -15, once the 1st half has been profitable, for this very reason of Price retesting the break.
I was on board this trade today as well and got stopped out at BE after the big move upwards and the restest. Just from looking at the chart I could tell it had a large chance of a pull back and then would hit my target of 135.0. I think I may be getting a bit trigger happy with moving my SL, need to leave room for it to do the retest.

I may move the SL to half risk (or like you said a couple of pips below entry)instead of all the way to BE to avoid this in future.

This was a good teaching trade regardless.

On a different note a similar pin occured on all JPY crosses, did everyone only choose one? I'm guessing that's how most poeple would run it as they would have a high covariance with eachother and it would be risky having 3 different trades on the one move.
  • #33,637
  • Jun 17, 2009 12:18am Jun 17, 2009 12:18am
what can i say but thanks jim.....price action is king!
  • #33,638
  • Jun 17, 2009 12:21am Jun 17, 2009 12:21am
Quoting Vourvoul
Hey SP,

I closed the daily PB based trade at 0.85 and 61.8 Fib. Got in again on the pullback yesterday to the 0.85.

Stops now at 0.8470 with T1 hit @ 0.8450 and looking for 0.8350 for TP2 and leave 1/3 to give it some chance to reach 0.8220.

Whatever the case, a winning trade!

HAPPY BIRTHDAY J16ers !!!
Stopped.

My TPs were ambitious... but then again so am I. Next.
  • #33,639
  • Jun 17, 2009 12:56am Jun 17, 2009 12:56am
Wishing you all a very happy birthday.

Z

http://www.youtube.com/watch?v=m44z-223UYE
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  • #33,640
  • Jun 17, 2009 1:11am Jun 17, 2009 1:11am
its 307 in the morning and im off to bed. will be here tomorrow. i saw this was chris' first post so i wanted to say thanks.

thanks to everyone,

jim

Quoting chris600uk
Wouldn't be where I am today without this thread
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