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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

  • #35,081
  • Jun 25, 2009 9:28pm Jun 25, 2009 9:28pm
Thanks Jim

Yeh I had my TP at 158.30, about 13 pips below the lowest previous high/low bars. Think I should have considered the round number. Also if I'd left my initial stop in place my TP would have been hit yesterday.
Positive is it didn't turn into a loser.
Definately going back thru my trades and formalise my trade management.
Will look at the secret break bar stop loss, too!

Trading plan (work in progress), finding that most templates are more complex than i'd like, so i need to try and simplify this as much as possible, as you say "the best plans are short and simple".

I think with all the levels of traders posting here it's quite easy to get ahead of ones self. A typical newbie thing, I guess.

Thanks again
Gov.

Quoting jarroo
I always low ball my targets. Meaning I go for nearest areas of the target. If, for example, I was short and I was looking to come down on my target say a nice round number like .6300 I would take .6305 or .6310 as target hit.

Writing out your trading plan is a great exercise on many different levels.

Maybe write one out and place it on this thread. You will get a lot of different eyes looking at it and it will prbably help many others as well. The best trading plans are short and simple.

Jim
  • #35,082
  • Jun 25, 2009 9:30pm Jun 25, 2009 9:30pm
Quoting jarroo
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.
Yep, on my aggressive SL demo that one ate me. And my SL was exactly there. But the odds on this thing are intriguing. Interesting how often the bar break SL lines up with old daily, 8H and 4H resistance.
  • #35,083
  • Edited 9:46pm Jun 25, 2009 9:34pm | Edited 9:46pm
Quoting KissFan
I have been watching this pair since Monday. Based on what I saw on the daily chart, I took a blind entry short at 1.1620. I felt like there was a good probability that she would reverse here because of the confluence of the reversal pattern/fib and PPZ. The 4 hr chart is showing strong divergence and produced a DHLC there at the 365ema. My first position has already gone to TP. My daily closes in 30 min. I would love to see that candle close as a pin.

K.I.S.S.
hey KISS,nice entry!. i liked this yest. also and took a short from the 4h pin @1.1564
i still have my stop above 11600 for now.That daily pin doesnt look too convincing to me, i would have liked to see the shadow reach 1.1700. i do like the divergence though on both daily and 4h and i think the cad could do with some retrace at least. i will be playing my short close to my chest. i will be looking to short the eu/cad if it does take off .
best of luck bro


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Let's see this BarBreak stop loss thing on the Cad. Total risk about 15 pips.
hi Jarroo, this will be nice if it takes off!! 15 pips!! nice.


Quote
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.

seems that uz bee stung us all!! i managed to escape with -17 pips
..hiko de put...!

Quote
Someone posted this wedge pattern a while back... still watching.
hi Josh this is just my opinion as always but iv been looking at this also and i get the feeling that that lower TL is being ignored rather than breaking??
time will tell??

jon
PATIENCE... DISCIPLINE
  • #35,084
  • Jun 25, 2009 9:34pm Jun 25, 2009 9:34pm
Quoting Gov
Thanks Jim

Yeh I had my TP at 158.30, about 13 pips below the lowest previous high/low bars. Think I should have considered the round number. Also if I'd left my initial stop in place my TP would have been hit yesterday.
Positive is it didn't turn into a loser.
Definately going back thru my trades and formalise my trade management.
Will look at the secret break bar stop loss, too!

Trading plan (work in progress), finding that most templates are more complex than i'd like, so i need to try and simplify this as much as possible, as you...
Yes, Round Numbers can't be ignored. Very good Gov.

Jim
Indicators show the past. Price Action "Indicates" the future.
  • #35,085
  • Jun 25, 2009 9:40pm Jun 25, 2009 9:40pm
U/J fast approaching 50 fib at 96.02 the left eye of day bar at 96.03
  • #35,086
  • Jun 25, 2009 9:42pm Jun 25, 2009 9:42pm
Nothin like a chart
Attached Image
  • #35,087
  • Jun 25, 2009 9:42pm Jun 25, 2009 9:42pm
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.

.
LMAO bundy , you crack me up!!

Matty
  • #35,088
  • Jun 25, 2009 9:48pm Jun 25, 2009 9:48pm
Quoting TiaForex
Yep, on my aggressive SL demo that one ate me. And my SL was exactly there. But the odds on this thing are intriguing. Interesting how often the bar break SL lines up with old daily, 8H and 4H resistance.
Good eye there Tia.

Its just a different option to have in your stop loss tool box.
Indicators show the past. Price Action "Indicates" the future.
  • #35,089
  • Jun 25, 2009 9:49pm Jun 25, 2009 9:49pm
Quoting jarroo
On the Nzd/Usd PB that Jim took, the Daily BarBreak stop loss would have been about 50 pips. (Charts)

...
And TP was coincidental with rac's favorite....
Attached Image
  • #35,090
  • Jun 25, 2009 9:50pm Jun 25, 2009 9:50pm
Hi Jarroo, would this be concidered one of your double IBs? im not sure if the third bar needs to be inside the second? do you use this idea on the dailies?
cheers
jon
Attached Image (click to enlarge)
Click to Enlarge Name: daily.jpg Size: 117 KB
PATIENCE... DISCIPLINE
  • #35,091
  • Jun 25, 2009 9:50pm Jun 25, 2009 9:50pm
Quoting 4fun
Nothin like a chart

I don't see a lot of confluence there. Depends to an extent on the fibo choice.
  • #35,092
  • Jun 25, 2009 9:54pm Jun 25, 2009 9:54pm
Quoting g_j_hook@yah
Hi Jarroo, would this be concidered one of your double IBs? im not sure if the third bar needs to be inside the second? do you use this idea on the dailies?
cheers
jon
I would have to check with Dale on that. But I think its a pretty strict formation. If it doesn't seem right, as with all PA, it's an easy pass. Yes, on the Daily and Weeklies too.
Indicators show the past. Price Action "Indicates" the future.
  • #35,093
  • Jun 25, 2009 9:59pm Jun 25, 2009 9:59pm
Quoting Alexandra
I don't see a lot of confluence there. Depends to an extent on the fibo choice.
I agree, a number of 4hr highs at 61 fib this next 30 pip zone should be hard fought since Ive said this watch it blow bye Ill watch though
  • #35,094
  • Jun 25, 2009 10:00pm Jun 25, 2009 10:00pm
That chart I posted doesnt show um but if ya zoom out they are there
  • #35,095
  • Jun 25, 2009 10:02pm Jun 25, 2009 10:02pm
Quoting jarroo
I would have to check with Dale on that. But I think its a pretty strict formation. If it doesn't seem right, as with all PA, it's an easy pass. Yes, on the Daily and Weeklies too.
You'd be wanting a "winding up" look to them wouldn't you?

That's be my take on it. Like Jim's "Pyramid on it's side" analogy for the good i4bs etc.
Bundy's status today: "Waiting..."
  • #35,096
  • Jun 25, 2009 10:04pm Jun 25, 2009 10:04pm
Quoting Matiasfx
LMAO bundy , you crack me up!!

Matty
Racs Tank got me yesterday. lol
Bundy's status today: "Waiting..."
  • #35,097
  • Jun 25, 2009 10:05pm Jun 25, 2009 10:05pm
Quoting bundyraider
You'd be wanting a "winding up" look to them wouldn't you?

That's be my take on it. Like Jim's "Pyramid on it's side" analogy for the good i4bs etc.
Yes, I agree. A tighting up to go KaBooM!
Indicators show the past. Price Action "Indicates" the future.
  • #35,098
  • Jun 25, 2009 10:12pm Jun 25, 2009 10:12pm
U/C price has come back and testing day pin low and 50 fib at 1.1527
  • #35,099
  • Jun 25, 2009 10:13pm Jun 25, 2009 10:13pm
Quoting jarroo
Yes, I agree. A tighting up to go KaBooM!
yeah thanx, makes sence. It looks just like that on the 4h TF.
thanx bundy.
Attached Image (click to enlarge)
Click to Enlarge Name: 4 hour.jpg Size: 97 KB
PATIENCE... DISCIPLINE
  • #35,100
  • Jun 25, 2009 10:37pm Jun 25, 2009 10:37pm
Hello Jarroo,

Regarding the full bar break, I have interbank showing the high of the today is 1.1538, my window direct broker shows 1.1560.

I think they are closing at different time however the pin bar low are all the same 1.1523.

I use my Oanda broker to trade anyway, I am confusing which choice should I take if I need to manage the barbreak stoploss.

Which one will you choose?


Thanks!

Quoting jarroo
Let's see this BarBreak stop loss thing on the Cad. Total risk about 15 pips.
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