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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

  • #40,341
  • Aug 7, 2009 10:12am Aug 7, 2009 10:12am
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

Ohh yeaa it pays off!
Eventually I traded...after so much time.
none of my other planed trades didn't trigger during the last weeks.

I made my pips here and got out.

I know...good chance it will breakout and I could made more pips...but I decided to get out based on what I have learned here.

Look at that consolidation box...I have got out when price touched that line....and now after I got out, price reserves exactly where I got out.
This stuff rocks!! Thanks Jim!...Thanks Mike plus senior members teaching this material.

LOL sorry....I'm just new to this business...kinda my first "real trade" (I mean, when I actually understand what I'm doing and have a plan promise not to do that again ).

Ben
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  • #40,342
  • Aug 7, 2009 10:13am Aug 7, 2009 10:13am
No I did not take that as it was not the setup I was looking for guess it shot up for some reason or other. Anyway its fine. more next time

Quoting benji533
Hi tradertt,

This pin bar is diving into a PPZ which is also a round number 160.00.

Well I'm not a senior member, but IMO you would like to take trades which bunch off PPZ and not into them.
Look at all those bar lows. They will most likely act as resistance. price flips - old support, price breaks through, now it will act as resistance. That is what Jim actually teaches.
This trade doesn't have much room.
I will add to this....zoom into the daily and you will notice that the 162.500 zone is a significant resistance area. Price is currently forming...
  • #40,343
  • Aug 7, 2009 10:13am Aug 7, 2009 10:13am
Quoting benji533
Ohh yeaa it pays off!
Eventually I traded...after so much time.
none of my other planed trades didn't trigger during the last weeks.

I made my pips here and got out.

I know...good chance it will breakout and I could made more pips...but I decided to get out based on what I have learned here.

Look at that consolidation box...I have got out when price touched that line....and now after I got out, price reserves exactly where I got out.
This stuff rocks!! Thanks Jim!...Thanks Mike plus senior members teaching this material.

LOL sorry....I'm just...
You could Frame this post your thought process and everything about it. You and Ol nailed it. You SHOULD be happy and excited.

Congrats Ben
Mike
  • #40,344
  • Aug 7, 2009 10:14am Aug 7, 2009 10:14am
Quoting mbqb11
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

Thanks too you Mike

Ben
  • #40,345
  • Aug 7, 2009 10:16am Aug 7, 2009 10:16am
Hi guys, what do you think of this one?
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  • #40,346
  • Aug 7, 2009 10:22am Aug 7, 2009 10:22am
Quoting scott087
Looks like we have a nice hard break so far. As it gets closer to 1.7800 I will move my stops up to BE. My entry is the white line, 1.7839.

The 5min chart is just to show the break. Looking good so far.

Scott
I don't know if anyone else took this, but here is another trade I took. This is already my second trade this month, which is unusual because I usually only take between 1 to 4 daily trades per month.

GBP/CHF daily DBHLC. Price broke hard and hit the first trouble area and reversed. See chart.

Sorry for the blurry chart, I'm still working on a fix.

Scott
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  • #40,347
  • Aug 7, 2009 10:24am Aug 7, 2009 10:24am
Quoting scott087
I don't know if anyone else took this, but here is another trade I took. This is already my second trade this month, which is unusual because I usually only take between 1 to 4 daily trades per month.

GBP/CHF daily DBHLC. Price broke hard and hit the first trouble area and reversed. See chart.

Sorry for the blurry chart, I'm still working on a fix.

Scott
Hey Scott

Instead of saving your screen, right click the chart and click save as picture. Then check the active chart(as is) box. That is what I do

Well done on the breakeven 1.78 was a strong one

Best
Mike
  • #40,348
  • Aug 7, 2009 10:27am Aug 7, 2009 10:27am
Guys, would like to hear your comments on NZDUSD H4 Pin Bar currently forming
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  • #40,349
  • Aug 7, 2009 10:30am Aug 7, 2009 10:30am
Quoting tradertt
Guys, would like to hear your comments on NZDUSD H4 Pin Bar currently forming
Still a solid 20 mins, but it is an interesting one for sure, the lows around 6700 could give it trouble.

One comment though, just because a bar is big doesn't mean risk level is high. Your risk doesn't change, this is because we use position sizing. If you risk 1% per trade, you simply scale your position size to meet that. So be it a 500 pip stop or a 20 pip stop, our risk will remain constant.

Best
Mike
  • #40,350
  • Aug 7, 2009 10:46am Aug 7, 2009 10:46am
Quoting mbqb11
Hey Scott

Instead of saving your screen, right click the chart and click save as picture. Then check the active chart(as is) box. That is what I do

Well done on the breakeven 1.78 was a strong one

Best
Mike
Mike,

I used to save the chart as a picture, and I like to annotate the charts to put my comments and other things right on it. I've been using Jing for this since it is very easy and fast, but the resolution is too high to post clearly on the forum.

Do you know of any other program to easily mark charts outside of mt4? I might have to stick to MS paint lol.

Regarding the trade... I had about 30-40 pips until 1.78 so I figured it was worth it to get my stops to BE +1 and see if it could break through 1.78.

Scott
  • #40,351
  • Aug 7, 2009 10:50am Aug 7, 2009 10:50am
Quoting scott087
Mike,

I used to save the chart as a picture, and I like to annotate the charts to put my comments and other things right on it. I've been using Jing for this since it is very easy and fast, but the resolution is too high to post clearly on the forum.

Do you know of any other program to easily mark charts outside of mt4? I might have to stick to MS paint lol.

Regarding the trade... I had about 30-40 pips until 1.78 so I figured it was worth it to get my stops to BE +1 and see if it could break through 1.78.

Scott
I use jing also, I just only highlight the chart so they are around the 800 x 700 arena. Try that without capturing all the other stuff like your terminal. Should be fine


Best
Mike
  • #40,352
  • Aug 7, 2009 10:52am Aug 7, 2009 10:52am
Quoting bundyraider
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.
Yup,

Weekend's always nearer than usual every first week of the month.

I too have more to do than watch these crazy bars...

I believe . . .
  • #40,353
  • Aug 7, 2009 10:52am Aug 7, 2009 10:52am
Quoting mbqb11
Nailed by ol too! Wow what a way to make my week end great. You guys rock

nice trade guys,
im holding mine over the weekend cos of wat i see on the daily timeframe
hav a lovely weekend guys
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Simplicity is the key to success
  • #40,354
  • Aug 7, 2009 10:54am Aug 7, 2009 10:54am
Quoting fat_tom
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
Whatever drove that,

We know for a fact that our "PA knowledge" can justify it. And for what it's worth it's all that matters.
I believe . . .
  • #40,355
  • Aug 7, 2009 10:59am Aug 7, 2009 10:59am
Quoting squeezy
nice trade guys,
im holding mine over the weekend cos of wat i see on the daily timeframe
hav a lovely weekend guys
awesome squeezy at this rate 5250 might be hit quick

Good example of many ways to skin a cat.

Mike
  • #40,356
  • Aug 7, 2009 11:00am Aug 7, 2009 11:00am
Quoting mbqb11
You could Frame this post your thought process and everything about it. You and Ol nailed it. You SHOULD be happy and excited.

Congrats Ben
Mike

Move over Mikey.. these guys are making this trading thing look too easy..
  • #40,357
  • Aug 7, 2009 11:01am Aug 7, 2009 11:01am
Quoting rustyjeff
Move over Mikey.. these guys are making this trading thing look too easy..
I guess I can have my first beer earlier today

Great thing to watch the youngins(yes I can finally say that to someone else besides ghous) grow up
  • #40,358
  • Aug 7, 2009 11:02am Aug 7, 2009 11:02am
Quoting benji533
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
Hey Benji, this (the Gj trade) was a DBHLC, not perfect in shape but the location is what made it special, space was a worry and it did go on tp prove to be too big a problem...

Oh and BTW great trade on the Eur/cad...goes on to once again approve of the fact that a great PA setup doesn't know what time it is

G
I believe . . .
  • #40,359
  • Aug 7, 2009 11:05am Aug 7, 2009 11:05am
Quoting mbqb11
Still a solid 20 mins, but it is an interesting one for sure, the lows around 6700 could give it trouble.

One comment though, just because a bar is big doesn't mean risk level is high. Your risk doesn't change, this is because we use position sizing. If you risk 1% per trade, you simply scale your position size to meet that. So be it a 500 pip stop or a 20 pip stop, our risk will remain constant.

Best
Mike
Sorry ya meant it this way - When I mean risk is high, I meant that the Position sizing is much much smaller
  • #40,360
  • Aug 7, 2009 11:06am Aug 7, 2009 11:06am
Quoting tradertt
Sorry ya meant it this way - When I mean risk is high, I meant that the Position sizing is much much smaller
Great just making sure
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