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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

  • #43,841
  • Sep 16, 2009 2:56am Sep 16, 2009 2:56am
Quoting Flem26
cha-ching . .
The question is... now that it has hit my first 'where is price going', do I take some profits, or give it enough space for a shot at dropping through the floor?

There's some bigass momentum behind it atm.

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*edit* wow, those PPZs are alot more pink than they look on my notebook >:/
When you have to shoot, shoot. Dont talk.
  • #43,842
  • Sep 16, 2009 3:03am Sep 16, 2009 3:03am
Quoting Flem26
cha-ching . . .

Very nice Flem.
Mike's comments on this setup mentioned eariler were well founded and should be take very seriously.

With that said, it's a nice bearish PB off a retest of a strong Weekly PPZ, 91.75 toward a strong bold round number, 90.00. This would be enough to get my attention, but the hard break was the clincher. Meaning a trigger a few pips below the break of that PB (blue) would have to break hard as it did. If it staggered or showed any heisation, a quit and small loss would be my only option.

You gotta love it when they break hard like that.
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Indicators show the past. Price Action "Indicates" the future.
  • #43,843
  • Sep 16, 2009 3:19am Sep 16, 2009 3:19am
Quoting joelcf
The question is... now that it has hit my first 'where is price going', do I take some profits, or give it enough space for a shot at dropping through the floor?

There's some bigass momentum behind it atm.


*edit* wow, those PPZs are alot more pink than they look on my notebook >:/
You know that there's going to be some movement around the 90.00. If there isn't . . . look out below. A continuation of breaking previous day Lows (green line) and it could smash through the 90.00.
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Indicators show the past. Price Action "Indicates" the future.
  • #43,844
  • Sep 16, 2009 3:24am Sep 16, 2009 3:24am
Quoting Flem26
cha-ching . . .
I agree. Are we all seeing the same thing?
  • #43,845
  • Edited 3:54am Sep 16, 2009 3:44am | Edited 3:54am
Quoting jarroo
You know that there's going to be some movement around the 90.00. If there isn't . . . look out below. A continuation of breaking previous day Lows (green line) and it could smash through the 90.00.
My thoughts exactly.

I like having jaroo confluence

*edit*
bigass 2 day pinbar on EURCAD, sitting on a big ppz, up and back through whatever those EMAs are on my chart (I dont even know where they came from, lol) and heading into more trouble than Kanye at an awards show.

Hard break of the PPZ should give up a hundred pips or so, but definitely too much traffic for me. Fail.

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When you have to shoot, shoot. Dont talk.
  • #43,846
  • Sep 16, 2009 3:55am Sep 16, 2009 3:55am
Quoting joelcf
My thoughts exactly.

I like having jaroo confluence

*edit*
bigass 2 day pinbar on EURCAD, sitting on a big ppz, up and back through whatever those EMAs are on my chart (I dont even know where they came from, lol) and heading into more trouble than Kanye at an awards show.

Hard break of the PPZ should give up a hundred pips or so, but definitely too much traffic for me. Fail.

Attachment

u just had to....lol
Simplicity is the key to success
  • #43,847
  • Edited 4:26am Sep 16, 2009 4:10am | Edited 4:26am
Quoting joelcf
My thoughts exactly.

I like having jaroo confluence

*edit*
bigass 2 day pinbar on EURCAD, sitting on a big ppz, up and back through whatever those EMAs are on my chart (I dont even know where they came from, lol) and heading into more trouble than Kanye at an awards show.

Hard break of the PPZ should give up a hundred pips or so, but definitely too much traffic for me. Fail.
Yeah I saw that 2 day Pin as well. It seems a hard break through that traffic would be tough. I'm sure you remember that teaser PB a few days ago. It was a nice PB off a strong confluenced area, but the break was weak and it went upwards.

Now this 2 day PB presents the same situation. If a hard break occurs, great, it makes sense. If it doesn't, we may be heading the other way. I have found that when a good setup has a weak break, where Price is heading is the other way.


Just some thoughts.


Jim
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Indicators show the past. Price Action "Indicates" the future.
  • #43,848
  • Sep 16, 2009 4:26am Sep 16, 2009 4:26am
HI Jaroo,

Got something to ask you about.

I was thinking about your hardbreak and how you want the break to be fast and strong upon trigger.

I was thinking, if I trade on the H4 time frame and take a trigger there, would it be a good strategy if upon trigger:

1) I go down to the M15 timeframe
2) Wait for 3 bars to form on the M15
3) Use Mikes 2 Bar Trailing Stop to trail my stop once the 3rd bar close so that if there is any indecision, we can cut our losses small.
4) Once stop is at break even, switch back to the H4 timeframe and continue with the 2 bar trailing stop at the H4 timeframe


Am I pressing it too tight or what do you think?
  • #43,849
  • Sep 16, 2009 4:28am Sep 16, 2009 4:28am
Quoting jarroo
Now this 2 day PB presents the same situation. If a hard break occurs, great, it makes sense. If it doesn't, we may be heading the other way. I have found that when a good setup has a weak break, where Price is heading is the other way.
Definitely on the same page here, although my reasoning is slightly different.

I figure there is some momentum to it (judging by the size of the move), but just dont know how much or how far it can go...and there is a ton of roadblocks below. A nice hard break lets me get into it with a b/e stop and freeroll it.. after that, it can do whatever it likes.

Most of the time, you get stopped out, but once in a while...

I'm all about the freetrade.
When you have to shoot, shoot. Dont talk.
  • #43,850
  • Sep 16, 2009 4:29am Sep 16, 2009 4:29am
Quoting jarroo
Very nice Flem.
Mike's comments on this setup mentioned eariler were well founded and should be take very seriously.

With that said, it's a nice bearish PB off a retest of a strong Weekly PPZ, 91.75 toward a strong bold round number, 90.00. This would be enough to get my attention, but the hard break was the clincher. Meaning a trigger a few pips below the break of that PB (blue) would have to break hard as it did. If it staggered or showed any heisation, a quit and small loss would be my only option.

You gotta love it when they break...
Agreed Mike's comments were spot on as always...what I liked about this was the fakey setup on the 4hr giving it pretty good odds of it being a momentum sell off....= one lot closed at my first TP at 90.193 and the second lot running with the stops at break even.
  • #43,851
  • Sep 16, 2009 4:33am Sep 16, 2009 4:33am
Quoting tradertt
HI Jaroo,

Got something to ask you about.

I was thinking about your hardbreak and how you want the break to be fast and strong upon trigger.

I was thinking, if I trade on the H4 time frame and take a trigger there, would it be a good strategy if upon trigger:

1) I go down to the M15 timeframe
2) Wait for 3 bars to form on the M15
3) Use Mikes 2 Bar Trailing Stop to trail my stop once the 3rd bar close so that if there is any indecision, we can cut our losses small.

Am I pressing it too tight or what do you think?
I would stick to managing your trade (2 Bar trailing stop) on the same time frame the setup was given, i.e. the 4 hour. A setup off the 4 hour and managing on the 15min is too tight.
Indicators show the past. Price Action "Indicates" the future.
  • #43,852
  • Sep 16, 2009 4:36am Sep 16, 2009 4:36am
Quoting joelcf
Definitely on the same page here, although my reasoning is slightly different.

I figure there is some momentum to it (judging by the size of the move), but just dont know how much or how far it can go...and there is a ton of roadblocks below. A nice hard break lets me get into it with a b/e stop and freeroll it.. after that, it can do whatever it likes.

Most of the time, you get stopped out, but once in a while...

I'm all about the freetrade.
I understand completly, definitely on the same page.

but once in awhile . . . . to the moon.
Indicators show the past. Price Action "Indicates" the future.
  • #43,853
  • Sep 16, 2009 4:45am Sep 16, 2009 4:45am
Quoting tehuringa
Agreed Mike's comments were spot on as always...what I liked about this was the fakey setup on the 4hr giving it pretty good odds of it being a momentum sell off....= one lot closed at my first TP at 90.193 and the second lot running with the stops at break even.
Nice one Dave.

Fakey on the 4 hour. Was that an Inside Bar fakey?
Indicators show the past. Price Action "Indicates" the future.
  • #43,854
  • Sep 16, 2009 4:57am Sep 16, 2009 4:57am
For you Rac fans out there (like myself). Don't know if he would have been filled because the white box wasn't hit. Blue box is the Daily PB, nice confirmation if the order was filled.
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Indicators show the past. Price Action "Indicates" the future.
  • #43,855
  • Sep 16, 2009 4:58am Sep 16, 2009 4:58am
Quoting jarroo
I would stick to managing your trade (2 Bar trailing stop) on the same time frame the setup was given, i.e. the 4 hour. A setup off the 4 hour and managing on the 15min is too tight.

Thank you for your advice.

Was thinking about your hard break. At which point do you actually say that hey the break is not "hard" and it is time to cut out of my position?
  • #43,856
  • Sep 16, 2009 5:04am Sep 16, 2009 5:04am
speaking of fakeys or false breaks of IBs here is one i took on Audcad daily, it worked well so far.
I have learnt this move from nial fuller.
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  • #43,857
  • Edited 5:18am Sep 16, 2009 5:06am | Edited 5:18am
Quoting tradertt
Thank you for your advice.

Was thinking about your hard break. At which point do you actually say that hey the break is not "hard" and it is time to cut out of my position?
Good question. A nice continuous run without looking back, Ok that's an obvious one. A good 20-30 pips and if it starts to retrace to the break (not the trigger) and retests it. If it hangs around for awhileI may stay with it. But I want it to retest then fall quickly again. Once it starts going beyond the retest . . . dump that b**ch. lol
Indicators show the past. Price Action "Indicates" the future.
  • #43,858
  • Sep 16, 2009 5:31am Sep 16, 2009 5:31am
Quoting jarroo
Good question. A nice continuous run without looking back, Ok that's an obvious one. A good 20-30 pips and if it starts to retrace to the break (not the trigger) and retests it. If it hangs around for awhileI may stay with it. But I want it to retest then fall quickly again. Once it starts going beyond the retest . . . dump that b**ch. lol


Errr QUESTION (Hands up)

What is the Break and What is the trigger?
Thought the trigger point was the break?

Or after typing this sentence a thought came to my mind,

Trigger = 5 - 10 pips below the break for a sell

Is it?
  • #43,859
  • Sep 16, 2009 6:01am Sep 16, 2009 6:01am
Quoting joelcf
Definitely on the same page here, although my reasoning is slightly different.

I figure there is some momentum to it (judging by the size of the move), but just dont know how much or how far it can go...and there is a ton of roadblocks below. A nice hard break lets me get into it with a b/e stop and freeroll it.. after that, it can do whatever it likes.

Most of the time, you get stopped out, but once in a while...

I'm all about the freetrade.
Hi Joel, could you clarify what you mean by "freetrade" please? =)

Thanks
One Mind, Any Market
  • #43,860
  • Sep 16, 2009 6:03am Sep 16, 2009 6:03am
Let see where is going!
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