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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

  • #40,321
  • Edited 6:01am Aug 7, 2009 5:36am | Edited 6:01am
Theres the short down the toilet (well nearly!!)

Man this has got to be one of my most exciting trading days to date!!!

even if its not all going my way!! LOL

I assume its the USD news? not sure what thats gotta do with GBPJPY tho... unfortunatly can't really look at graphs too much... work <..cough..> and all that...

Tom

EDIT: news didn't look that intresting? must be something else? ummmm (Well maybe according to other forums)
  • #40,322
  • Aug 7, 2009 6:04am Aug 7, 2009 6:04am
Quoting ghous
Gj has responded well so far...

First by an authoritative DBHLC close and second by the reluctance of price to "fear" the 160 level indicated by the quick hard break and the constant on going battle with it.

Not an A+ setup by any means BTW...but good PA nevertheless...

ghous.
Lot's of break evens this month, (and a few losses) need to get back on track...

Here's Gj, after an 80 pip drop in the green it comes back and stops me out for 0,

Next...

G,
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I believe . . .
  • #40,323
  • Aug 7, 2009 6:06am Aug 7, 2009 6:06am
Quoting fat_tom
Theres the short down the toilet (well nearly!!)

Man this has got to be one of my most exciting trading days to date!!!

even if its not all going my way!! LOL

I assume its the USD news? not sure what thats gotta do with GBPJPY tho... unfortunatly can't really look at graphs too much... work <..cough..> and all that...

Tom

EDIT: news didn't look that intresting? must be something else? ummmm (Well maybe according to other forums)
Why can't you just look at 160 and say it finally rejected price.

Let's get back to Price Action trading shall we?

G.
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I believe . . .
  • #40,324
  • Aug 7, 2009 6:17am Aug 7, 2009 6:17am
Quoting ghous
Lot's of break evens this month, (and a few losses) need to get back on track...

Here's Gj, after an 80 pip drop in the green it comes back and stops me out for 0,

Next...

G,

Hey bro...that was absolutely unexpected. ruined my beauty EJ PB on my feed. I am confided it will find resistance at 162.500 and retrace (hopefully will form a new PN with even a longer nose on the EJ).

Just wanted to ask...based on what did you take that trade short? (sorry if I missed any previous post of yours on that). I can't see any PA there...(just something that reminds a PB..lol....did you take it as a PB trade?).

Thanks

Ben
  • #40,325
  • Aug 7, 2009 6:18am Aug 7, 2009 6:18am
This is not for newbies, like myself... so I didn't trade it... but it is interesting...

EUR/AUD 1hr.

Both of my live trades were stopped at B/E too Ghous. But my plan was followed, and I minimized risk while giving it a chance to reach 2R.

Have a great weekend everyone.

Josh
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  • #40,326
  • Aug 7, 2009 6:27am Aug 7, 2009 6:27am
  •  2mas
  • | Joined Apr 2007 | Status: Thanks to James 16 family | 89 Posts
Finally it brook down... It's weekly, so it's a lesson in patience & discipline after all.
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  • #40,327
  • Aug 7, 2009 6:28am Aug 7, 2009 6:28am
Quoting Jduester
This is not for newbies, like myself... so I didn't trade it... but it is interesting...

EUR/AUD 1hr.

Both of my live trades were stopped at B/E too Ghous. But my plan was followed, and I minimized risk while giving it a chance to reach 2R.

Have a great weekend everyone.

Josh
Stopped out ( for profit ) on my only open trade too.

I've got better things to do than watch for trades on a Friday night. ....I'ma headin' to Open mike night.

Have a good one y'all.
Bundy's status today: "Waiting..."
  • #40,328
  • Aug 7, 2009 6:30am Aug 7, 2009 6:30am
GBP/JPY

I was doing pretty well on a H4 short break 160 BEOVB until the NFP hit. OK, I do not have a problem about being stopped out short, however my broker FXCM did not close my S/L at 160.40 as per the ticket, but instead closed it at 161.37. This was a live account and resulted in a 4 lot loss of an additional 100 pips. Do I have a case with them or will they just say this is market conditions?

Thanks Jason
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  • #40,329
  • Aug 7, 2009 6:32am Aug 7, 2009 6:32am
Quoting ghous
Why can't you just look at 160 and say it finally rejected price.

Let's get back to Price Action trading shall we?

G.
Ghous,

Yeah maybe - but I don't think think is a PA response!! more a news one for what I'm hearing...

Its ok - all part of the learning process...

but yes back to PA....

Tom
  • #40,330
  • Aug 7, 2009 6:49am Aug 7, 2009 6:49am
Quoting kinsja
GBP/JPY

I was doing pretty well on a H4 short break 160 BEOVB until the NFP hit. OK, I do not have a problem about being stopped out short, however my broker FXCM did not close my S/L at 160.40 as per the ticket, but instead closed it at 161.37. This was a live account and resulted in a 4 lot loss of an additional 100 pips. Do I have a case with them or will they just say this is market conditions?

Thanks Jason
Hard to say, the move happened in approx. 20 seconds. This could really be what is called slippage. But lets wait what some seniors say...

RM
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  • #40,331
  • Aug 7, 2009 6:56am Aug 7, 2009 6:56am
Hi guys,

Even though I am on holiday I can't stop keeping up with this thread (as well as reading front side, on page 208). I said before I was going to not follow this thread as it was taking too much time but the last week posts have made me decide there is too much value.

Thanks to Joel for his contributions about order flow, as some suggested he reminds me if mikes mentor darkstar. I studied his posts and all the books he suggested and one key thing I did in order to understand how orders impact the marker was to write a small program that mimics an simple market. It generated limit/stop orders and u could add Market orders and see the pending orders being eaten up by market orders, and how pools of stops and limit orders effect price and cause s/r. Good learning experience and good for understanding why pa works.

Anyway my gbp/aud long was up 250 pips at one point but the news about BOE injecting more money into the uk econ. wiped that out now I am down 80 pips. Still think I have brickwall support below 2.0000 so I will keep this one for the long term. I'll use pa and sr as my trailing stop. I saw seeking light post a 3000 + pip trade he was still in, very good, funny I am Reading his early posts on this thread were he was strugling to let profits run.

Thanks to Ghous for posting his emotional memoir on his early frustrations it's something I think jim has shown and a reason this thread is so valuable. Trading or trying to achieve goals in life, or master something is not always plain sailing and emtions can be wrought at times. Jim and ghous have shown us this is part of the deal. Although if we follow jims plan we can avoid a lot of the negative stuff.

Sorry for the long post.

Great weekend to all
Mark
refreshed and ready to continue my journey.
I hear and I forget. I see and I remember. I do and I understand.
  • #40,332
  • Aug 7, 2009 6:57am Aug 7, 2009 6:57am
Quoting kinsja
GBP/JPY

I was doing pretty well on a H4 short break 160 BEOVB until the NFP hit. OK, I do not have a problem about being stopped out short, however my broker FXCM did not close my S/L at 160.40 as per the ticket, but instead closed it at 161.37. This was a live account and resulted in a 4 lot loss of an additional 100 pips. Do I have a case with them or will they just say this is market conditions?

Thanks Jason
Hi sorry about this, but yes its market conditions. From biggest desks:
Quote
USDJPY is flying - not helping EURUSD either
and
Quote
More and more USD/JPY buying - with 100-day stops now triggered with 97 the next level of resistance
On MT real feed I see a gap 160.05 to 160.85. So its possible they did your order at price you mentioned. In real time its hit&go and its really possible in this move get this slippage. I am telling this even in terms of interbank market, not only retail one.
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  • #40,333
  • Aug 7, 2009 6:58am Aug 7, 2009 6:58am
I noticed 4 pinbar on GJ & UJ closed at 6pm viz. 30 minutes before the big news. Please advise were these tradable Pinbar?

Pros:
GJ: This 4 hour pinbar was on 38.2 retracement of the recent swing low to high. Which could have taken price up considering the overall trend is bullish.

UJ: This 4 hour pinbar appeared on UJ right at round numbere 95.00 and ascending trendline & 150ema support.

Moreover, both these currencies have positive correlation with each other.

Cons:
GJ: The pinbar size was small and close to round number 1.60 which could have act as resistance.

Overall I thought it was too risky playing these pinbars right before the big news and I let it go.

Would appreciate, expert comments on this.

Thanks,

Alifari
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The purpose of knowledge is action, not knowledge
  • #40,334
  • Aug 7, 2009 7:22am Aug 7, 2009 7:22am
Quoting kinsja
GBP/JPY

.... OK, I do not have a problem about being stopped out short, however my broker FXCM did not close my S/L at 160.40 as per the ticket, but instead closed it at 161.37. This was a live account and resulted in a 4 lot loss of an additional 100 pips. ....
Just confirmed with few trading desks, it was huge hole in quotes that time, also option barriers triggered at 9600 / 9700. So hard time, sorry about this.
  • #40,335
  • Aug 7, 2009 7:26am Aug 7, 2009 7:26am
Look at that PB!!!

I won't move for a second from this computer until I move my stop to BE though

ok Mike...lets see if being picky pays off


Ben
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  • #40,336
  • Aug 7, 2009 7:32am Aug 7, 2009 7:32am
Quoting kinsja
GBP/JPY

I was doing pretty well on a H4 short break 160 BEOVB until the NFP hit. OK, I do not have a problem about being stopped out short, however my broker FXCM did not close my S/L at 160.40 as per the ticket, but instead closed it at 161.37. This was a live account and resulted in a 4 lot loss of an additional 100 pips. Do I have a case with them or will they just say this is market conditions?

Thanks Jason
Are you trading live with FXCM LLC in or FXCM UK?

Scott
  • #40,337
  • Aug 7, 2009 7:41am Aug 7, 2009 7:41am
Quoting ghous
Lot's of break evens this month, (and a few losses) need to get back on track...

Here's Gj, after an 80 pip drop in the green it comes back and stops me out for 0,

Next...

G,
Ghous,

I too took this trade, but ended up taking a 130 pip loss. I see that you got out at BE. Please advise as to your thought process for where and why you moved your stop to BE.

The first trouble area I see is at the 157.80 area, marked by the blue area. I entered at 159.85 with a stop above the highs. My plan was to move my stop to BE when price hit 158.60 (the lower range of the large BUB)

Perhaps I should have targeted the first round number, 159, for the area to get my stop to BE.

Please advise Ghous, thanks!

Ross
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  • #40,338
  • Aug 7, 2009 7:55am Aug 7, 2009 7:55am
This is my trade on EURCAD!
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  • #40,339
  • Aug 7, 2009 7:59am Aug 7, 2009 7:59am
Quoting benji533
Look at that PB!!!

I won't move for a second from this computer until I move my stop to BE though

ok Mike...lets see if being picky pays off


Ben
Way to go Ben, I woke up for this one too Out already above 1.4

No way anyone should take a loss on this one at this point. Nice job Ben! Proud of you

Mike
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  • #40,340
  • Aug 7, 2009 8:00am Aug 7, 2009 8:00am
Quoting oltciter
This is my trade on EURCAD!
Nailed by ol too! Wow what a way to make my week end great. You guys rock
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