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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

  • #34,561
  • Jun 23, 2009 7:34pm Jun 23, 2009 7:34pm
Quoting pakiestra
Those who are in long G/J trade, are you Guys booking profits at 157.40 and then BE /
G/J is a wild rider, truly I hate this pair cause is so wild and I think I need to learn to ride the wheeler before I got into Ferrari
Now will stand asaide and watch the race
Can you see my order on the internet? Yes that's my plan.

This is a "A" catagory PB with good confluences, close to A+ in my opinion. I may give it move leeway for higher 1st targets due to its higher quality. If not my more conservative approach is always in play.
Indicators show the past. Price Action "Indicates" the future.
  • #34,562
  • Jun 23, 2009 7:38pm Jun 23, 2009 7:38pm
Quoting jarroo
Can you see my order on the internet? Yes that's my plan.

This is a "A" catagory PB with good confluences, close to A+ in my opinion. I may give it move leeway for higher 1st targets due to its higher quality. If not my more conservative approach is always in play.
So this trade has your blessing.....I'm much more relaxed now!
skype: ststroud. let's talk trading.
  • #34,563
  • Jun 23, 2009 7:42pm Jun 23, 2009 7:42pm
Quoting mbqb11
Awesome Jason! You freaking nailed it. A few things though, firstly their are some key tip offs in your language. When someone says I am 2 lots long, it makes me realize they are not using proper Money Mgmt. Please make sure you read up about position sizing(PM if you need the links). Also this is on demo right? Want to get you off on the right foot, even though your chart is near perfect to me

Welcome again
Mike
Hi Mike,

Thanks for the reply. Here's how I worked out to use 2 lots.

My S/L for the trade was 50pips using PA from the 1hr chart to get an entry. I didn't use the full pin S/L as the PA at the time was really heading up strongly, so I thought if it heads back to below the end of the bar then something is wrong with my analysis.

It's a demo account with 10k lots. I opened the account with $5000 (this was the first trade). 2% of that is $100 and this is equal to 100pips or 2 lots of 50. Does this sound about right?

Also, I wanted to use 2 lots to allow me to close half and move half to BE. In the end price seemed to hit 78.6% fib and stall. This was higher than where the PPZ resistance looked to me, so I moved the SL to just below the resistance that it had broken through thinking it would act as support. It didn't work exactly, but closed me out for 150pips per lot.

A good start and I'm pretty happy with that.

Excellent forum thread.

Cheers Jason
  • #34,564
  • Jun 23, 2009 7:42pm Jun 23, 2009 7:42pm
Quoting tyler812
So this trade has your blessing.....I'm much more relaxed now!
I've had some good results with posting live trades on this thread. Showing how these trades unfold. I may be due for one going bad. You never know.
Indicators show the past. Price Action "Indicates" the future.
  • #34,565
  • Jun 23, 2009 7:43pm Jun 23, 2009 7:43pm
Quoting dkmb92
hi rac, what are your current thoughts on ucad & its correlation to oil? if oil continues to rise might we seem some bearish pa at ~1.1650-1750 area that might take us down to the ~1.07 at some point (later this summer?)? how high do you think oil might be going this time? some dude w/ glasses & a bow-tie on bloomberg said between $85-100. (:nerd:blush: thx.
i'm aiming remainder of my position (about 25% left) for 1.18/1.20.
I've already responded to one guy, who was predicting oil to hit 90 this summer. Imho it ain't happening for years to come if you want to see us economy recover. Imho 76 is the top for the summer and oil will head back to 50s as soon as people realize, economy's nowhere near a turning point. $$$ will strengthen (fiber will fall 1.30 anyone?) and that should propel loonie to my 1.20.
This is strictly my point of view/beliefs and it should not be taken as a trading advice. I've been wrong before.
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  • #34,566
  • Jun 23, 2009 7:48pm Jun 23, 2009 7:48pm
That's worth something actually - Looney was remarkably resistant given the EUR strength. A reasonable plan perhaps. I stayed out of it entirely.
  • #34,567
  • Jun 23, 2009 7:48pm Jun 23, 2009 7:48pm
Quoting jarroo
Can you see my order on the internet? Yes that's my plan.

This is a "A" catagory PB with good confluences, close to A+ in my opinion. I may give it move leeway for higher 1st targets due to its higher quality. If not my more conservative approach is always in play.
Jaroo,

Could you list the confluences you found for the trade?

When I was checking out my daily setups I found the recent ppz at 155, round number 155, and the 23 and 28 fibs from the swings I have outlined. Are there any other confluences you have that I may have missed?

Scott

edit: see my chart below
  • #34,568
  • Jun 23, 2009 7:49pm Jun 23, 2009 7:49pm
Quoting kinsja
Hi Mike,

Thanks for the reply. Here's how I worked out to use 2 lots.

My S/L for the trade was 50pips using PA from the 1hr chart to get an entry. I didn't use the full pin S/L as the PA at the time was really heading up strongly, so I thought if it heads back to below the end of the bar then something is wrong with my analysis.

It's a demo account with 10k lots. I opened the account with $5000 (this was the first trade). 2% of that is $100 and this is equal to 100pips or 2 lots of 50. Does this sound about right?

Also, I wanted to use...
Ah ok Jason, glad to hear this. That is correct. Often times you will hear new traders pull out "lots" out of no where, using the phrase "I took this trade 2 lots". When that really doesn't mean much to anyone without knowing this info that you gave.

You sound like you are off to a great start and look forward to seeing your progress!

Mike
  • #34,569
  • Jun 23, 2009 7:49pm Jun 23, 2009 7:49pm
forgot the chart, sorry
Attached Image (click to enlarge)
Click to Enlarge Name: gj.png Size: 40 KB
  • #34,570
  • Jun 23, 2009 7:49pm Jun 23, 2009 7:49pm
Little comment so far on the relatively stronger movement of E/J. Not a pin, but perhaps stronger.
  • #34,571
  • Jun 23, 2009 8:02pm Jun 23, 2009 8:02pm
Quoting mbqb11
Ah ok Jason, glad to hear this. That is correct. Often times you will hear new traders pull out "lots" out of no where, using the phrase "I took this trade 2 lots". When that really doesn't mean much to anyone without knowing this info that you gave.

You sound like you are off to a great start and look forward to seeing your progress!

Mike
Me too, I was really struggling with trial and error on lots of different trading methods before finding this forum. Everything I've read here so far seems to match with the style of how I want to trade.
  • #34,572
  • Edited 8:37pm Jun 23, 2009 8:06pm | Edited 8:37pm
Quoting scott087
Jaroo,

Could you list the confluences you found for the trade?

When I was checking out my daily setups I found the recent ppz at 155, round number 155, and the 23 and 38 fibs from the swings I have outlined. Are there any other confluences you have that I may have missed?

Scott

edit: see my chart below
Nice chart scott.

I have basically the same confluences; 38.2 fib lining up with the 155.00-50 PPZ level. Also above another RN, 156.00. It's with the trend (Ryanmcd ).

The 157.00 is currently holding it down right now. This is a key level. I believe the size of the PB has the strength to break through that. We'll see.
Attached Image
Indicators show the past. Price Action "Indicates" the future.
  • #34,573
  • Jun 23, 2009 8:06pm Jun 23, 2009 8:06pm
Quoting Ryanmcd
Get up sooner lazy.
If I got up a bit earlier I'd catch NY close. So that's not such a bad idea. lol
Bundy's status today: "Waiting..."
  • #34,574
  • Jun 23, 2009 8:07pm Jun 23, 2009 8:07pm
Quoting Alexandra
Little comment so far on the relatively stronger movement of E/J. Not a pin, but perhaps stronger.
135-135.50 might be an area of concern/ to take some off that table... lets see how it palys out
Grabbing the bull by the horns!
  • #34,575
  • Jun 23, 2009 8:16pm Jun 23, 2009 8:16pm
The first attempt nothing special, but anyway, let's see how it rolls.
stealing your words jarroo
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Click to Enlarge Name: EURJPY.JPG Size: 40 KB
  • #34,576
  • Jun 23, 2009 9:36pm Jun 23, 2009 9:36pm
Quoting supremeChaos
(Bulbrokers STS MT4)
$cad H1 DBLHC which formed 8hrs ago started the upmove.
(correct me if i'm off...) on the daily chart, it was also a TBH (two-bar high) breakout above 1.1361. it's a non-strict Four bar high breakout (daily chart; 9-14-pip difference) if u consider the june15 & 16 bars/candles & disregard the june17 bar.
on eur$, price has almost reversed to the pip (but broke some other minor ppz) of my plotted minor ppz @ 1.3825. H1 is forming a non-strict buob/dblhc (3pip difference from lows) but still has 40minutes for bar to close....
Quoting jarroo
A chart could show this a lot clearer sChaos. Gotta a chart?
jarroo, here it is. sorry, took this late.
crappy internet last night/yesterday

special mention of raczekfx. lol
the non-strict buob/dblhc turned out to have 4 not 3-pip difference (in the chart labeled "i was referring to this")

1st chart shows a buob, then a TBLHC (triple bar lpw higher close; at first, i thought it was just a DBLHC). i also noticed a "failed"BUOB.
the 2nd chart shows the Two bar/four bar or two matching/four matching high breakout
On the eur$ chart, the yellow line is the 365ema.
Some parts of the charts look DIBS-y too.
Attached Image(s) (click to enlarge)
Click to Enlarge Name: eur h1 buob jun23'09.gif Size: 19 KB
Click to Enlarge Name: eur h4 buob jun23'09.gif Size: 20 KB
Attached Images
  • #34,577
  • Jun 23, 2009 9:43pm Jun 23, 2009 9:43pm
Quoting supremeChaos
jarroo, here it is. sorry, took this late.
crappy internet last night/yesterday
Thanks sChoas. That's so much better.
Indicators show the past. Price Action "Indicates" the future.
  • #34,578
  • Jun 23, 2009 9:45pm Jun 23, 2009 9:45pm
Went long G/J 156.76 going to play this as Jarroo said pretty much that tl and 4hr s/r with check mark lookin to get b/e asap.Wanted to show something Ill definitely watch for in the future A/U last friday i posted this chart was looking to go short up past the 61 fib and didnt take much notice of the gap in red from back on the 12th notice how it covered it than went south. Look at the second one at 8050 when price gets there Ill watch like a hawk this time. I dont know much about gaps besides they usually fill but i am learning on the fly, also the 1st gap was much more pronounced than the second but worth watching.
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  • #34,579
  • Edited 10:02pm Jun 23, 2009 9:49pm | Edited 10:02pm
Quote
135-135.50 might be an area of concern/ to take some off that table... lets see how it palys out

The first attempt nothing special, but anyway, let's see how it rolls.
stealing your words jarroo
Longer term, 139 is the area of interest. Indeed, 135 is the daily version of last night's weekly based action.

LOL - A 3 big figure move is something special.
  • #34,580
  • Jun 23, 2009 9:55pm Jun 23, 2009 9:55pm
Would somebody kindly throw in a Gu, and Eur/Gbp 4h chart please?

Thnx.
I believe . . .
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