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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

  • #41,941
  • Aug 24, 2009 2:25pm Aug 24, 2009 2:25pm
Nice BUOB on the 4hr.. gonna wait till the news is out of the way tomorrow to enter fully..

+Rejected lower levels several times
+Strong size

-has been playing in this area for several days
The winner of the rat race is still a rat.
  • #41,942
  • Edited 2:46pm Aug 24, 2009 2:30pm | Edited 2:46pm
Quoting StoragePro
This is PinBar. Tough and hard hitting.
Hey SP you are really a funny guy,I have just read the last pages a found this oane.

I have lought to this like your recent replay to james post about what he was doing: " wtaching Porn "

wish you the best, and keep the funny attitude

Edit: by the way ghous your BEOB looks good to
  • #41,943
  • Aug 24, 2009 2:37pm Aug 24, 2009 2:37pm
Quoting LittleLuca
Nice BUOB on the 4hr.. gonna wait till the news is out of the way tomorrow to enter fully..

+Rejected lower levels several times
+Strong size

-has been playing in this area for several days
+The help of the Swiss National Bank which aggressively steps in with threats to keep the CHF from gaining further on the EUR and USD counterparts.

Does look like an acceptable setup, but there's a lot of traffic so if taken the trade should be watched closely.
  • #41,944
  • Aug 24, 2009 2:46pm Aug 24, 2009 2:46pm
Quoting LittleLuca
Nice BUOB on the 4hr.. gonna wait till the news is out of the way tomorrow to enter fully..

+Rejected lower levels several times
+Strong size

-has been playing in this area for several days
Luca

Post up your chart. I have a possible BUOB forming on mine, but the TF's are likely different.

For this one on mine -

 

  1. It is about at the bottom of a daily channel , but that channel ain't pretty
  2. Is it AT an extreme? No - not good
  3. It is on the 1.0600 and looks like it will close above
  4. It is not larger that surrounding bars - no good
  5. Will it close strong - not likely at this time of day - not good
  6. Is it with the trend - Not Good.
  7. It is not getting past the nearby bars - not good.
  8. Trading into a PPZ (marked)


This may just go well - but I can tick off a lot of reasons to skip it. Juicier bars occur almost every day. This one is heading into all kinds of turmoil. IMHO.

Check out the marked PB on this chart from 7/30/09. Nice size. At a round number. Nose is nice and long. Close of PB is low on the bar. (strong). at a PPZ and the 365 EMA. Stacked confluence with some space, and worth waiting for. That and another trade It made the month of July for me.

...

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I'm pretty much done with all this ...
  • #41,945
  • Aug 24, 2009 3:04pm Aug 24, 2009 3:04pm
Quoting triger88990
Hey SP you are really a funny guy,I have just read the last pages a found this oane.

I have lought to this like your recent replay to james post about what he was doing: " wtaching Porn "

wish you the best, and keep the funny attitude
I have nothing else. All that is left is a sense of humor. That and a cat I really don't like. And the ability to pick on Jim, because he does not know where I live and hence show up at my door and beat me senseless.
I'm pretty much done with all this ...
  • #41,946
  • Aug 24, 2009 3:08pm Aug 24, 2009 3:08pm
what do you think about this ppz? price rejected several times between 1,75 - 1,74.
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meine augen sind die sterne
  • #41,947
  • Aug 24, 2009 3:16pm Aug 24, 2009 3:16pm
Quoting StoragePro
I have nothing else. All that is left is a sense of humor. That and a cat I really don't like. And the ability to pick on Jim, because he does not know where I live and hence show up at my door and beat me senseless.
What you have then is plenty Just learn to like the cat (while accepting that the cat may never like you in return...)

I mean, what more do we need in life than a sense of humor and a cat?

Cheers
  • #41,948
  • Aug 24, 2009 3:19pm Aug 24, 2009 3:19pm
Quoting aserbfx
what do you think about this ppz? price rejected several times between 1,75 - 1,74.
Possible double top there as well.

I'm interested to hear from the experienced crowd on this one.

edit: with the addition that confirming PA is still lacking
  • #41,949
  • Aug 24, 2009 3:20pm Aug 24, 2009 3:20pm
Quoting aserbfx
what do you think about this ppz? price rejected several times between 1,75 - 1,74.
Nice monthly PB in 1993 that paid off well at that level. Price flipping on this is a recent phenomenon starting back in Oct 2008.

But hhmm... what will happen next? <shrugs shoulders>

Today's PA is pretty limp.
I'm pretty much done with all this ...
  • #41,950
  • Aug 24, 2009 3:24pm Aug 24, 2009 3:24pm
Quoting o990l6mh
What you have then is plenty Just learn to like the cat (while accepting that the cat may never like you in return...)

I mean, what more do we need in life than a sense of humor and a cat?

Cheers
I guess so. Cats taste pretty good. I make a great wing sauce...

Beer - one needs beer. And I have some at home waiting for me.

The other day he reminded me of a Pin bar. I made some noise that startled him and he shot about four feet straight up and right back down. Perfect form. I shouted "SELL". My wife looked oddly at me.
I'm pretty much done with all this ...
  • #41,951
  • Aug 24, 2009 3:26pm Aug 24, 2009 3:26pm
Quoting StoragePro
I guess so. Cats taste pretty good. I make a great wing sauce...

Beer - one needs beer. And I have some at home waiting for me.

The other day he reminded me of a Pin bar. I made some noise that startled him and he shot about four feet straight up and right back down. Perfect form. I shouted "SELL". My wife looked oddly at me.
I'll remember that for the next time our cat ambushes me! (not the soup part, I doubt I could overpower that mini-lion even with a tazer )
  • #41,952
  • Edited 4:53pm Aug 24, 2009 4:18pm | Edited 4:53pm
Weak indecisive markets today. Nothing but a weakass pin on the aussie, or a slightly less weakass pin on the yen at retracement.

I passed on the H4 aussie, probably pass on the daily as well. Too much rubbish for it to run through.

Yen is a bit stronger, and has some decent downside potential. Kinda torn here - I like (but dont love) the location, but dont like the PA. I might get in if it breaks that strong PPZ there, even more likely if it breaks and retests it before heading south. Its still a girly pinbar though.

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When you have to shoot, shoot. Dont talk.
  • #41,953
  • Aug 24, 2009 5:01pm Aug 24, 2009 5:01pm
I would love to post charts I just struggle immensely!!

As mentioned by o990l6mh there are some other "external to the chart" why this is a play i like... CHF has a lot of news tomorrow and with CHF being strong atm
I have moved sl to be for overnight and ride it from there...
(i bought it off the 5m pin at 1.0588. Blasphemy I know!!!)

I just think that it goes back to what was discussed a little while back that PA often foretells future movements (even news) the price knows something... etc..++ None of the 4hr bars created new lows today which i like as pa..
The winner of the rat race is still a rat.
  • #41,954
  • Aug 24, 2009 5:32pm Aug 24, 2009 5:32pm
Quoting joelcf
pow.
I cant even express how happy I am that I found this thread. Before, things like this would have been a complete shock, stopped me out for a loss and probably tilted me into doing something stupid.

Instead, now I see a bar move through recent support/resistance and move my stop to the base of the bar, then play the pin on the way back up for almost a full point each way.

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When you have to shoot, shoot. Dont talk.
  • #41,955
  • Aug 24, 2009 5:38pm Aug 24, 2009 5:38pm
Quoting joelcf
I cant even express how happy I am that I found this thread. Before, things like this would have been a complete shock, stopped me out for a loss and probably tilted me into doing something stupid.

Instead, now I see a bar move through recent support/resistance and move my stop to the base of the bar, then play the pin on the way back up for almost a full point each way.

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That is a beautiful thing Joel
  • #41,956
  • Aug 24, 2009 5:57pm Aug 24, 2009 5:57pm
Hello every one you won't find me or ghous online at this time cause its 4:40 AM here(not sure if he would come online now).


But except for another 28 days cause i am awake to have my meal for the FAST.
  • #41,957
  • Aug 24, 2009 6:11pm Aug 24, 2009 6:11pm
Quoting joelcf
I cant even express how happy I am that I found this thread. Before, things like this would have been a complete shock, stopped me out for a loss and probably tilted me into doing something stupid.

Instead, now I see a bar move through recent support/resistance and move my stop to the base of the bar, then play the pin on the way back up for almost a full point each way.

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if i may say this is something similar but did't work. Any comments.
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  • #41,958
  • Aug 24, 2009 6:17pm Aug 24, 2009 6:17pm
amen.

Quoting mbqb11
That is a beautiful thing Joel
  • #41,959
  • Edited 7:45pm Aug 24, 2009 6:19pm | Edited 7:45pm
Quoting TiaForex
The stop loss is the point at which I will admit I was wrong and get out of the trade. Plenty of trend trades can take out this stop loss and then move on down..
It's funny you should put it like that - when I started trying to 'trade' (as opposed to the longterm fundamental stuff I was good at), I always saw putting a stop loss was like admitting I was wrong (or could be wrong), so I never used one. I mean, I knew price *had* to go in that direction - my workings told me that - so why would I let some stupid stoploss order ruin my trade.

And naturally, I was using hugely leveraged OTM options.

So while the trend had more room to save me, I also took a 100% loss more than once. Far more than once

...idiot with an account and an internet connection would be putting it mildly.

Quoting TiaForex
Edited to add: I should also say, that when this market does start trending properly again, there is simple easy money to be made from price action at pullbacks to trendlines and 50% retraces. Jacko style. That's the kind of big picture trend trading I like.
To me, this is the gold standard of trades. Everyone wants to pick a bottom/top and then run it all the way... I'd rather miss the peak and then pile on at every retracement.
When you have to shoot, shoot. Dont talk.
  • #41,960
  • Aug 24, 2009 6:24pm Aug 24, 2009 6:24pm
Quoting nasir.khan
if i may say this is something similar but did't work. Any comments.
The pin is too small, it followed a huge bearish bar and it barely broke the previous low If you did want to risk it, which you shouldnt, you would want the hardest break ever.

This is a failed setup to me anyways, as it wasnt confirmed by the next bar (I use a 10pip break of the pin for confirmation.. think i stole it off jaroo, maybe). Not sure how everyone else does it.

Also, the two previous pins at the peaks are gorgeous.

*edit* LittleLuca, what software are you using to chart? Someone here will probably be using the same and be able to help you with your problem.
When you have to shoot, shoot. Dont talk.
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