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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

  • #43,581
  • Sep 11, 2009 2:48pm Sep 11, 2009 2:48pm
Quoting CkM8
Chart on GBP/USD
Can you please explain the reason of this being a good short setup? All I see is price hitting a ret level..nothing more..even not PA bar.

Just trying to understand rac's way of thinking

Ben
  • #43,582
  • Sep 11, 2009 3:03pm Sep 11, 2009 3:03pm
Quoting benji533
Can you please explain the reason of this being a good short setup? All I see is price hitting a ret level..nothing more..even not PA bar.

Just trying to understand rac's way of thinking

Ben
As far as I know it is based on identifying the 61.8% retracement on a large time frame (like Daily or 4hr) and looking for PA on lower time frames.

I've had really good results with it
  • #43,583
  • Sep 11, 2009 3:04pm Sep 11, 2009 3:04pm
Quoting benji533

Just trying to understand rac's way of thinking

Ben
It will make you lose your hair... be verrry careful.... (Makes you think about that crystal ball everyone talks about.)

Of course before anyone gets themselves into some kind of foaming lather, and blindly jumps on a short, look at the landscape. There is a HUGE MASS of bar highs right below going back to the beginning of June.

Of course no one knows what will happen, but the upside potential is very nice. The short side is full of slop and chop. I'd sure love some north bound PA.
I'm pretty much done with all this ...
  • #43,584
  • Sep 11, 2009 3:10pm Sep 11, 2009 3:10pm
Quoting CkM8
As far as I know it is based on identifying the 61.8% retracement on a large time frame (like Daily or 4hr) and looking for PA on lower time frames.

I've had really good results with it
Quoting StoragePro
It will make you lose your hair... be verrry careful.... (Makes you think about that crystal ball everyone talks about.)

Of course before anyone gets themselves into some kind of foaming lather, and blindly jumps on a short, look at the landscape. There is a HUGE MASS of bar highs right below going back to the beginning of June.

Of course no one knows what will happen, but the upside potential is very nice. The short side is full of slop and chop. I'd sure love some north bound PA.
Thanks for your responses.

I just look at this chart and I see so much reasons why not going short, and no reason why yes going short lol.

I rather not get into it too much...everyone is free to trade as he wish

Ben
  • #43,585
  • Sep 11, 2009 3:27pm Sep 11, 2009 3:27pm
Quoting benji533
Thanks for your responses.

I just look at this chart and I see so much reasons why not going short, and no reason why yes going short lol.

I rather not get into it too much...everyone is free to trade as he wish

Ben
This is what I basically mean..
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  • #43,586
  • Sep 11, 2009 3:53pm Sep 11, 2009 3:53pm
Quoting benji533
This is what I basically mean..
Yep.

here is what these big consolidation areas are starting to mean to me.

Big longer term moves.
I'm pretty much done with all this ...
  • #43,587
  • Sep 11, 2009 3:57pm Sep 11, 2009 3:57pm
Quoting StoragePro
Yep.

here is what these big consolidation areas are starting to mean to me.

Big longer term moves.
Yea, usually there will be a strong momentum break after these squeezed areas.

By the way, I don't even use fibs...so basing a trade only on them is a bit strange feeling for me lol.

Ben
  • #43,588
  • Sep 11, 2009 4:44pm Sep 11, 2009 4:44pm
Quoting benji533
Thanks for your responses.

I just look at this chart and I see so much reasons why not going short, and no reason why yes going short lol.

I rather not get into it too much...everyone is free to trade as he wish

Ben
One of Rac's trading styles is after a clear swing to wait for a pullback between the 50 and 61.8 and then look for clear price action there.

But you can't just blindly do that on every swing. Rather add the 50/61.8 fib area to our confluence kit along with EMAs, PPZs, trendlines etc. And trade smart, look if your trade has room to run

So there's no reason to go short yet. And remember even if PA does appear on the 4H to go short at that level, it doesn't mean it's a long term play.

So you're right Benji, as yet there's no reason to go short on that chart. The big battle line is that mammoth resistance area you clearly marked.

I think we're starting to loosen on a lot of these tight ranges, thank God. Summer trading may finally be over.

Personally I've been waiting for the bullish UCAD move for a while. And after oil's breakdown tonight, I think I might get it next week.
  • #43,589
  • Sep 11, 2009 4:56pm Sep 11, 2009 4:56pm
Quoting bundyraider
Geez man! ...I don't like screwin' with other peoples comfort zones, mate.

What I seen with UCad was the un-even bottom (per blue arrow "upset" ...Not horizontal to the one before it) . Don't like them myself....Just myself. ...meaning the pin we are talking about is below it ...totally not 'right'. ...K? ....I wouldn't be surprised if Mike had a similar view to this , actually. ....Being a break out man like myself. (thought he don't use the line chart)

I draw off of the line chart. So I got this... (orange...
Not at all Bundy, I would say it reinforces my comfort zone . . .i.e. what are you trading in to . . "This is Critical" and the like.

I know you use the line chart for PPZs but you use them for trendlines as well. Note to self: Cool stuff.

Jim
Indicators show the past. Price Action "Indicates" the future.
  • #43,590
  • Sep 11, 2009 5:16pm Sep 11, 2009 5:16pm
Quoting CkM8
As far as I know it is based on identifying the 61.8% retracement on a large time frame (like Daily or 4hr) and looking for PA on lower time frames.

I've had really good results with it
I believe your right on track with the retracement levels, but he also likes to have add confluences with previous Highs, Lows, PPZs and of course voodoo levels (just kidding.lol) This makes for the classic "KaBoom" Raczek trade.

(I'll use Ben's chart since I can't use my own right now. )

The PPZ, the High of June and your Fib level CkM8. (redline)

So I'm sure Rac is all ready short at 1.6740. lol Any one know the cave phone number?

http://i32.tinypic.com/1zzng5l.jpg
Indicators show the past. Price Action "Indicates" the future.
  • #43,591
  • Sep 11, 2009 5:25pm Sep 11, 2009 5:25pm
Did any one here take Gold short on the Daily pin bar on Tuesday 9/8/2009?

I was tempted to short Gold, but didn't want to put down that much real money in Oanda, yet.

If you did take this trade, how did it end for you?

Were you able to get your Stop to BE? Did you take partial profit/loss? Full bar loss?

If I was to take this, I think I would have taken a full bar loss. The set-up looked too good to move stops up (great looking pin bar at a great location), my first TP would have been 970 or so.
  • #43,592
  • Sep 11, 2009 5:56pm Sep 11, 2009 5:56pm
Quoting unlv_tj
Did any one here take Gold short on the Daily pin bar on Tuesday 9/8/2009?

I was tempted to short Gold, but didn't want to put down that much real money in Oanda, yet.

If you did take this trade, how did it end for you?

Were you able to get your Stop to BE? Did you take partial profit/loss? Full bar loss?

If I was to take this, I think I would have taken a full bar loss. The set-up looked too good to move stops up (great looking pin bar at a great location), my first TP would have been 970 or so.

Hey TJ

I took this trade and took full profit at the low of right around the 990 area. There was some pretty strong resistance and lots more underneath that. At worst we had a counter daily pin right off that area, so I would say at the least your stop should have gone around there instead of taking a full bar loss.

Hope that helps
Mike
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  • #43,593
  • Sep 11, 2009 6:13pm Sep 11, 2009 6:13pm
Mike, that helps tremendously, thank you!

My step brother is 4 years older than me, so that makes him 22 (LOL, just kidding) that makes him 35. He is a VERY intelligent person, so intelligent he actually retired out of a major company.

He recently moved to Las Vegas, bought a 5,000 square foot house (hey, real estate is cheap in Vegas right now, if you have the money) and has taken up his hobby full time, playing poker.

Anyway, you remind me of him, in what little I know about you. And the analogy of waiting for the best hand, and playing it has really helped over come my pyschology hang ups with trading.

I enjoy when you say you don't take a trade due to ___ and ___ and ____. And it also helps when you do take a trade and you explain where your first target was.

Thank you!

T.J.
  • #43,594
  • Sep 11, 2009 6:20pm Sep 11, 2009 6:20pm
woah cool mike. i have never ever ever seen one of your trades.

Quoting mbqb11
Hey TJ

I took this trade and took full profit at the low of right around the 990 area. There was some pretty strong resistance and lots more underneath that. At worst we had a counter daily pin right off that area, so I would say at the least your stop should have gone around there instead of taking a full bar loss.

Hope that helps
Mike
  • #43,595
  • Sep 11, 2009 6:25pm Sep 11, 2009 6:25pm
Quoting unlv_tj
Did any one here take Gold short on the Daily pin bar on Tuesday 9/8/2009?

I was tempted to short Gold, but didn't want to put down that much real money in Oanda, yet.

If you did take this trade, how did it end for you?

Were you able to get your Stop to BE? Did you take partial profit/loss? Full bar loss?

If I was to take this, I think I would have taken a full bar loss. The set-up looked too good to move stops up (great looking pin bar at a great location), my first TP would have been 970 or so.
Check out my post here regarding this setup. It was definitely avoidable to take a full bar loss on this one, and it was BE for me.

Scott
  • #43,596
  • Sep 11, 2009 6:29pm Sep 11, 2009 6:29pm
Quoting unlv_tj
Mike, that helps tremendously, thank you!

My step brother is 4 years older than me, so that makes him 22 (LOL, just kidding) that makes him 35....
Hey TJ

Sounds like a nice life retiring at 35, I will take 40

Glad it helped

Enjoy the weekend time for some drinks

Mike
  • #43,597
  • Sep 11, 2009 6:30pm Sep 11, 2009 6:30pm
Quoting 4X=0
woah cool mike. i have never ever ever seen one of your trades.
hehe I save that mostly for PF but I will put up more here if it helps

Mike
  • #43,598
  • Sep 11, 2009 6:30pm Sep 11, 2009 6:30pm
Quoting scott087
Check out my post here regarding this setup. It was definitely avoidable to take a full bar loss on this one, and it was BE for me.

Scott
Well done Scott!
  • #43,599
  • Sep 11, 2009 6:37pm Sep 11, 2009 6:37pm
yaaah sure man id love to see more of your trades. not many people post oanda charts with trade arrows, its good to see what other people actually "do".

Quoting mbqb11
hehe I save that mostly for PF but I will put up more here if it helps

Mike
  • #43,600
  • Sep 11, 2009 7:32pm Sep 11, 2009 7:32pm
just going over the charts. I dont have all the pairs but I cant really see much on offer. No decent PA on daily or weekly I dont think..
The first pic is g/u daily. Small pin dont really know what its guna do. Not something dreams are made of i dont think

Still in the gj weekly pin on the 2nd chart. Didnt really do alot this week apart from retrace back towards 150. Perhaps shouldve waited for a 50% retrace of the pin to 150 the round number.
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