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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

  • #39,721
  • Aug 2, 2009 9:35pm Aug 2, 2009 9:35pm
Quoting jarroo
Like to see that close as a 8 hour PB.

Nice plan buddy.
I might just miss some of these early opportunities. Shhhhh....(I do have a blind entry on one pair though) I'm about to get some sleep. I'll be up in about 7 hrs to see what's shakin'! The cool thing about this market is that we will have all kinda opportunities to trade over the next 5 days! Have a great week of trading Jaroo! Always enjoy your posts and thanks so much for your charts. I haven't said that enough lately to my good friends here.

K.I.S.S.
  • #39,722
  • Aug 2, 2009 9:45pm Aug 2, 2009 9:45pm
Quoting KissFan
I might just miss some of these early opportunities. Shhhhh....(I do have a blind entry on one pair though) I'm about to get some sleep. I'll be up in about 7 hrs to see what's shakin'! The cool thing about this market is that we will have all kinda opportunities to trade over the next 5 days! Have a great week of trading Jaroo! Always enjoy your posts and thanks so much for your charts. I haven't said that enough lately to my good friends here.

K.I.S.S.

Back at ya, Kissman.
Indicators show the past. Price Action "Indicates" the future.
  • #39,723
  • Aug 2, 2009 9:59pm Aug 2, 2009 9:59pm
Hi Guys,

Shorted AUDUSD on a nice pinbar on Friday.

Location was great, monthly and weekly pivots & swing high.
There was a divergence as well.

Shape was good too.
Would hv been better if it was a red shooting star, but nonetheless,
long tailed candle was nice.

Space.. I bet it would clear PPZ 1 and T/P 1/3 @ PPZ2,
and shifted to breakeven then.
(So I made peanuts~ =P but at least I got 'paid' for taking risk)

Based on A+ (imho) Location and Shape, especially the fact a divergence was present, I thought it should have at least hit PPZ 3 and maybe 4 even.

Yes, I know daily and 4hour trends are up per se, wasn't expecting it to run forever, but thought it would tag 38.2% retracement at least.

Anything that I missed that was indicating that there wasn't as much weakness as I thought?

Appreciate comments as always =)
Cy

AUDUSD 1hour.
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One Mind, Any Market
  • #39,724
  • Aug 2, 2009 10:46pm Aug 2, 2009 10:46pm
Quoting Cyrus
Hi Guys,

Shorted AUDUSD on a nice pinbar on Friday.

Location was great, monthly and weekly pivots & swing high.
There was a divergence as well.

Shape was good too.
Would hv been better if it was a red shooting star, but nonetheless,
long tailed candle was nice.

Space.. I bet it would clear PPZ 1 and T/P 1/3 @ PPZ2,
and shifted to breakeven then.
(So I made peanuts~ =P but at least I got 'paid' for taking risk)

Based on A+ (imho) Location and Shape, especially the fact a divergence was present, I thought it should have [i]at least...

I looks all good, Cyrus.

Technically a BEOB that looks like a PB. Any way . . .

Price went right where we thought it would go. Personally , once it hits that spot, I protect myself with the whole or patial position. Sometimes they run and sometimes they don't. Sometimes they stop me out and then they run. lol But that's OK too.


A better way to play the hourly or lower (imo), is to have the Daily and Weekly PPZs level (and/or heavy confluenced areas) on your hourly time frame and trade off that location with Hourly PA. You will find more potential runners and stronger setups.
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Indicators show the past. Price Action "Indicates" the future.
  • #39,725
  • Aug 2, 2009 10:52pm Aug 2, 2009 10:52pm
Quoting jarroo
I looks all good, Cyrus.

Technically a BEOB that looks like a PB. Any way . . .

Price when right where we thought it would go. Personally , once it hits that spot, I protect myself with the whole or patial position. Sometimes they run and sometimes they don't. Sometimes they stop me out and then they run. lol But that's OK too.


A better way to play the hourly or lower (imo), is to have the Daily and Weekly PPZs level (and/or heavy confluenced areas) on your hourly time frame and trade off that location with Hourly PA. You will find more...
Thanks Jarroo.
Food for thought.

Was thinking abt e implications of this trade over the weekend.
My train of thought was tt if the 4hour and daily trend generally is up,
should T/P fully on 1hour shorts, at first significant PPZ.

IE: If counter big timeframe trends, the probability of a home run type trade is rather small. So they become opportunistic trades and hence should t/p faster.

Will watch the bigger timeframe PPZs more from now.
Thanks!
One Mind, Any Market
  • #39,726
  • Aug 2, 2009 10:59pm Aug 2, 2009 10:59pm
Quoting Cyrus
IE: If counter big timeframe trends, the probability of a home run type trade is rather small. So they become opportunistic trades and hence should t/p faster.

Will watch the bigger timeframe PPZs more from now.
Thanks!

Yes, t/p faster and protect yourself quicker because the PA setup maybe short lived.
Indicators show the past. Price Action "Indicates" the future.
  • #39,727
  • Aug 2, 2009 11:11pm Aug 2, 2009 11:11pm
Quoting Cyrus
Will watch the bigger timeframe PPZs more from now.
Thanks!
Check out this Aud/Usd 4 hour BUOB at a Daily and Weekly PPZ level.
That sucker broke with zero drawdown. ( go ahead check the 5 mintue chart) Beautiful.
What the heck was I doing at that time. lol
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Indicators show the past. Price Action "Indicates" the future.
  • #39,728
  • Aug 3, 2009 12:09am Aug 3, 2009 12:09am
USDCHF 8h chart. I say pass on this setup. Not a good development space.

Thanks Jarroo , Kiss and Benji533 for your feedback.
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  • #39,729
  • Aug 3, 2009 1:11am Aug 3, 2009 1:11am
ok so this will be my plan IF I'll enter this trade.....does it make sense?
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  • #39,730
  • Aug 3, 2009 1:18am Aug 3, 2009 1:18am
Quoting benji533
ok so this will be my plan IF I'll enter this trade.....does it make sense?
I looove your plan!
  • #39,731
  • Aug 3, 2009 1:25am Aug 3, 2009 1:25am
Quoting benji533
ok so this will be my plan IF I'll enter this trade.....does it make sense?
Looks good.
Indicators show the past. Price Action "Indicates" the future.
  • #39,732
  • Aug 3, 2009 1:28am Aug 3, 2009 1:28am
Quoting jarroo
Looks good.
I have lined it with that bar low in case it can make trouble?


Quoting oltciter
I looove your plan!
Thanks

Ben
  • #39,733
  • Aug 3, 2009 1:36am Aug 3, 2009 1:36am
Quoting benji533
ok so this will be my plan IF I'll enter this trade.....does it make sense?
Good plan Benji,

Sometimes you have to be very patient and sensible on the lower time frames early on a Monday, price does what it is doing right now a lot....struggle for momentum.

So far the momentum is giving good signs of building on the short side, indicated by the Ib and the "so far going nowhere" bar currently under play,

I have a blind short order waiting at 1.676 so I'll give it a push with my $1000 a pip volume

Ghous.
I believe . . .
  • #39,734
  • Aug 3, 2009 1:52am Aug 3, 2009 1:52am
Quoting ghous
Good plan Benji,

Sometimes you have to be very patient and sensible on the lower time frames early on a Monday, price does what it is doing right now a lot....struggle for momentum.

So far the momentum is giving good signs of building on the short side, indicated by the Ib and the "so far going nowhere" bar currently under play,

I have a blind short order waiting at 1.676 so I'll give it a push with my $1000 a pip volume

Ghous.

I'm glad I'm getting positive feedbacks. I feel I'm starting to "get it"

This stuff is really simple if you compare it to all the messy charts of other traders who use other kind of "systems". So much lines....they can't even see how the bar looks like.
I'm glad I have found this thread at the start of my journey....thanks to Johnny

Umm..yes..basically I know I must practice higher time frames before going down...but I will allow myself taking some picks on the 4H....my curiosity will kill me at the end.

By the way, you have meant to say you have a pending short order on 1.6676 instead of 1.676, right?

Thank you everyone....great place to learn and be at!

Ben
  • #39,735
  • Aug 3, 2009 1:58am Aug 3, 2009 1:58am
Quoting jarroo
Check out this Aud/Usd 4 hour BUOB at a Daily and Weekly PPZ level.
That sucker broke with zero drawdown. ( go ahead check the 5 mintue chart) Beautiful.
What the heck was I doing at that time. lol
Jarroo, yeah.
I was abit obsessive in finding out "why" the 1hour trade was so... pathetic..despite A+ location and shape..

I arrived at the same conclusion from looking @ 4hour & Daily.
4hour convergence + Daily Pin + General fact that AUDUSD was in a broad uptrend.
Should have been hunting for 'buy-to-ride' longs for the past month!

Am re-reading New Market Wizards, Bill Lipschutz.

What I take away is that if there's a TREND, you should keep building a core position and trade in and out of the others.
That way, while you might not make best case scenario, you minimise getting hit with the worst case as well.
But you probably can build up a substantial position over a month... or perhaps more.
Over the long haul of trades, it should be something to celebrate.

I know it's like "duh. where've you been mate?" to say it... but
it's one thing to know,
another thing to believe,
and yet another thing to DO IT.

Working on letting profits run lately... used to scalp short term, so I'm used to getting out on any reaction. 4hour/Daily mechanics quite diff.

Oops. Sorry. Long rant.
One Mind, Any Market
  • #39,736
  • Aug 3, 2009 1:58am Aug 3, 2009 1:58am
Quoting benji533
I'm glad I'm getting positive feedbacks. I feel I'm starting to "get it"

This stuff is really simple if you compare it to all the messy charts of other traders who use other kind of "systems". So much lines....they can't even see how the bar looks like.
I'm glad I have found this thread at the start of my journey....thanks to Johnny

Umm..yes..basically I know I must practice higher time frames before going down...but I will allow myself taking some picks on the 4H....my curiosity will kill me at the end.

By the way, you have...
No I meant 1.676,

And I missed it with a hair line

lol, a trade would have been up 40 pips (my BE point on touch trades) so a missed trade get's pulled off here. next...

(no intents of shorting the 4h pin...risk constraints...)

oh and BTW the $1000 a pip thingie was a joke.

lol

Ghous.
Attached Image
I believe . . .
  • #39,737
  • Aug 3, 2009 2:31am Aug 3, 2009 2:31am
Quoting ghous
No I meant 1.676,

And I missed it with a hair line

lol, a trade would have been up 40 pips (my BE point on touch trades) so a missed trade get's pulled off here. next...

(no intents of shorting the 4h pin...risk constraints...)

Ghous.
Ohh you were planning to play that pin in the "aggressive" strategy....Got it now.

Quoting ghous
oh and BTW the $1000 a pip thingie was a joke.
Who needs that amount of money anyway

Ben
  • #39,738
  • Aug 3, 2009 2:32am Aug 3, 2009 2:32am
Quoting Cyrus
Jarroo, yeah.
I was abit obsessive in finding out "why" the 1hour trade was so... pathetic..despite A+ location and shape..
I know you thought it was pathetic, I did not. May be you thought it should have gave up more pips, I did not. Once that 1st "trouble area" was hit, the setup did its job, perfectly in my book. After that its all about protecting yourself.

Quoting Cyrus

it's one thing to know,
another thing to believe,
and yet another thing to DO IT.
I like that Cyrus, in a way, its what we do here.
Indicators show the past. Price Action "Indicates" the future.
  • #39,739
  • Aug 3, 2009 2:59am Aug 3, 2009 2:59am
Quoting ghous
Look at these posts...

http://www.forexfactory.com/t/2331/p...ml#post2857836

http://www.forexfactory.com/t/2331/p_2866377__highlight_ipb%20entry/james16-chart-thread-2475.html#post2866377

http://www.forexfactory.com/t/2331/p...ml#post2829099

Ghous.

Thanks Ghous, all understood now.
  • #39,740
  • Aug 3, 2009 3:08am Aug 3, 2009 3:08am
Quoting jarroo
I know you thought it was pathetic, I did not. May be you thought it should have gave up more pips, I did not.

Once that 1st "trouble area" was hit, the setup did its job, perfectly in my book.

After that its all about protecting yourself.
HMM. Jarroo.
That is something for me to give some serious thought to.
Appreciate that comment much.

Quoting jarroo
I like that Cyrus, in a way, its what we do here.
This thread has been a God send Jarroo.
It's really great to find like minded traders.
I'd like to personally shake James' hand in thanks for starting it,
but I suspect the queue number is pretty damn long.
Haha.
One Mind, Any Market
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