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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

  • #35,061
  • Jun 25, 2009 8:36pm Jun 25, 2009 8:36pm
Quoting datogio
is not impresing yet
Your right. The break could have been alot stronger. Time of day could be a factor.
Indicators show the past. Price Action "Indicates" the future.
  • #35,062
  • Jun 25, 2009 8:36pm Jun 25, 2009 8:36pm
Quoting TiaForex
Do you use %R money management Jim?

Is that 15 pip a fixed percentage of your account? You'd be swinging a big line if it was, right?
He is using the top of the bar that broke the PB.
  • #35,063
  • Jun 25, 2009 8:40pm Jun 25, 2009 8:40pm
Quoting jarroo
Would you consider this an A+ trade? I wouldn't, so a full position percentage I would not take.
I've decided not to take this trade because it wasn't formed at a marked PPZ on my charts. Is it at a pretty good location? I think yes. But not good enough for my trade management, where I hold trades for a larger move.

Best of luck on this one, Jim. I'll be watching it. It would have to reach 1.1450 to reach a B/E trade for me (if I would have taken it)...

Josh
  • #35,064
  • Jun 25, 2009 8:45pm Jun 25, 2009 8:45pm
Quoting squeezy
well said ghous
since it didnt break on the 1st hr, i watched as i babysit my trades till BE....
it actually retraced to around 61.8 fib of the beob
at the end of the 4hr bar ,it still hadnt triggered my entry, i didnt pull it yet..cos it then formed an inside bar (which i think is momentum building, i think jarroo mentioned this)
it has now broken and ive taken 24pips at my 1st trouble area around 96.7
now im watching to see how it reacts to this area
im still learning, i cant say i did the right thing or the wrong thing....im just trying to see...
Good job bro.

I believe . . .
  • #35,065
  • Jun 25, 2009 8:46pm Jun 25, 2009 8:46pm
Quoting Jduester
I've decided not to take this trade because it wasn't formed at a marked PPZ on my charts. Is it at a pretty good location? I think yes. But not good enough for my trade management, where I hold trades for a larger move.

Best of luck on this one, Jim. I'll be watching it. It would have to reach 1.1450 to reach a B/E trade for me (if I would have taken it)...

Josh

True words of wisdom Josh. This is an easy "I'll pass" setup. But let's take a look at managing tight and see what happens. Should be fun.
Indicators show the past. Price Action "Indicates" the future.
  • #35,066
  • Jun 25, 2009 8:46pm Jun 25, 2009 8:46pm
alternative ucad picture. i know the pin has technically broke, but this one has some confluence. tl matching up w/ fib from 4/21. today price rejected from tl & .50 fib. div on 4h, 365 ema, w/ the downward trend. oil looks like it might/could be heading up tomorrow. as always now i guess we just wait & see. keep your stops tight, not worth risking.
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  • #35,067
  • Jun 25, 2009 8:47pm Jun 25, 2009 8:47pm
Quoting raczekfx
Haha,,, there is no logic at all in taking 6th touch. I'd rather call it suicidal gambling
....
I believe . . .
  • #35,068
  • Jun 25, 2009 8:50pm Jun 25, 2009 8:50pm
Quoting jarroo
True words of wisdom Josh. This is an easy "I'll pass" setup. But let's take a look at managing tight and see what happens. Should be fun.
Yup and sometimes profitable enough to cover risk expenses when its not fun
  • #35,069
  • Jun 25, 2009 8:50pm Jun 25, 2009 8:50pm
Quoting ikki
Yep, seems true. I just looked the note in yahoo


Who's gonna do those killer moves now??
I believe . . .
  • #35,070
  • Jun 25, 2009 8:52pm Jun 25, 2009 8:52pm
Quoting ghous
....
Third touch maybe, forth touch is a no-no, 5th , 6th, . . .
Indicators show the past. Price Action "Indicates" the future.
  • #35,071
  • Jun 25, 2009 8:57pm Jun 25, 2009 8:57pm
Quoting jarroo
Third touch maybe, forth touch is a no-no, 5th , 6th, . . .
What's wrong with that...
I believe . . .
  • #35,072
  • Jun 25, 2009 8:58pm Jun 25, 2009 8:58pm
Quoting Alexandra
Fortunately, longs on E/USD were protective in this instance above. ..
Fiber tried hard to break 3900 this morning, but TL repelled bears for now.
Call me stubborn, but I see fiber at 3500 before it sees 43300 again. Fundies are turning more and more negative for the euro zone..
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  • #35,073
  • Jun 25, 2009 8:58pm Jun 25, 2009 8:58pm
Quoting ghous
What's wrong with that...
It's just what Ive learned from Rac.
Indicators show the past. Price Action "Indicates" the future.
  • #35,074
  • Jun 25, 2009 9:11pm Jun 25, 2009 9:11pm
Quoting james16
daily got me for minus 40 pips.

ticked me off.

i was only looking for 6310 for some profit and breakeven.

6345 was all i got which was plus 30 from my entry.

it was not the quality set up i usually play but doggonit i rarely miss my first target regardless.

i can live with -40 but not -100 which is where its currently at.

i dont regret my exit one bit.

jim
James,

Don't worry man. Losses are part of this business, and over time you will learn to accept that we can't be right every time.

You've improved tremendously. I remember when you started this thread so that others could help you with your trading. And look at you now...

You are going to make it in this business, man. Well done.
.
Bundy's status today: "Waiting..."
  • #35,075
  • Jun 25, 2009 9:13pm Jun 25, 2009 9:13pm
Quoting raczekfx
Nothing, but it makes a huge difference for the health of your account.
People who have small accounts (let's say < 10,000Eu) tend to have less respect for it, compared to folks who play with little more money...
Any blind trade (without PA) after second test of support decreases your chances by 30-40%. If you play with 1Eu/pip, it makes little difference with 40-50ps stop, but I know a few, for whom 50pips is a good annual salary in many countries. If traders start to respect their small accounts from the very begging of their trading careers,...
I'll take note of it, thanks...

Still learning this new art.

Ghous.
I believe . . .
  • #35,076
  • Jun 25, 2009 9:19pm Jun 25, 2009 9:19pm
Quoting bundyraider
James,

Don't worry man. Losses are part of this business, and over time you will learn to accept that we can't be right every time.

You've improved tremendously. I remember when you started this thread so that others could help you with your trading. And look at you now...

You are going to make it in this business, man. Well done.
.


Biggest laugh I've had today.
  • #35,077
  • Jun 25, 2009 9:20pm Jun 25, 2009 9:20pm
Quoting bundyraider
James,

Don't worry man. Losses are part of this business, and over time you will learn to accept that we can't be right every time.

You've improved tremendously. I remember when you started this thread so that others could help you with your trading. And look at you now...

You are going to make it in this business, man. Well done.
.
Well said Bundy. Poor fella is probably laying in a fetal position on the couch pondering his future.

K.I.S.S.
  • #35,078
  • Jun 25, 2009 9:21pm Jun 25, 2009 9:21pm
Quoting raczekfx
Fiber tried hard to break 3900 this morning, but TL repelled bears for now.
Call me stubborn, but I see fiber at 3500 before it sees 43300 again. Fundies are turning more and more negative for the euro zone..

Could be - fundies can be hard to time, as you know. AUD has been stronger than I might have guessed...but USDCHF is making a stand at the moment. It did manage to drive EURUSD into the PPZ though, as mentioned. Best not to be wedded to any long fiber....just letting the PA dictate a time to exit.
  • #35,079
  • Jun 25, 2009 9:22pm Jun 25, 2009 9:22pm
Quoting jarroo
Let's see this BarBreak stop loss thing on the Cad. Total risk about 15 pips.
Checked back in and had to laugh Jarroo, took this out of Ryans playbook took 1/2 off at b/e freetime! Thats a 4 pip bar lol
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  • #35,080
  • Jun 25, 2009 9:23pm Jun 25, 2009 9:23pm
On the Nzd/Usd PB that Jim took, the Daily BarBreak stop loss would have been about 50 pips. (Charts)

Interesting where todays open was, right at the BarBreak High.
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Indicators show the past. Price Action "Indicates" the future.
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