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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

  • #44,901
  • Sep 29, 2009 7:22pm Sep 29, 2009 7:22pm
Quoting bundyraider
I was looking at both EURGBP and GBPCHF before i placed the trade for E/G. It's obvious now that I was on the wrong chart when I placed the order. lol
Yep, that's how I did it when I did a few months ago.

It could be worse. The nightmare error is when you place the trade, it gets triggered, and then you wonder why the dollar value is moving so quickly.

And then you realise you've put on a position size ten times too big.

Luckily it only happened to me on demo.
  • #44,902
  • Sep 29, 2009 7:23pm Sep 29, 2009 7:23pm
Mike, thank you very much for your answer, that is just one of the central missing pieces in my "jigsaw puzzle" :-). This is just amazing, I haven't seen much more of the examples of the way all Folks here are communicating. I'm so lucky to be here.
Your answer clears so much more to me than I thought.
I think I will stick some trail to their ends and see what happens with the rest. Anyway now:
1. it became a stress-free trade
2. some monies have been banked
  • #44,903
  • Sep 29, 2009 7:39pm Sep 29, 2009 7:39pm
Quoting mbqb11
...Then I would go into the thought process of do I think this has legs? If yes then stop goes to b/e with this type of pin and let it play out. If not I would outright take profit there. Then of course you could look to see if the 1.65 now turns into support on its way back down to retest(which is what I am watching for). But with such a strong downtrend, a move lower again is far from out of the question(look at gbp/usd approaching 1.6 or gbp/jpy 145.00.)

Wish I had a more clear cut answer

Mike
I'm looking at the GBP/USD as well and can see a broken horizontal support zone at 1.6050 to 1.6000 and the price going from the left top corner of the screen to the lower right corner of the screen. This is my mantra: have a look on the screen to figure out the trend (I'm sorry I have to use such a silly mnemonics).
So maybe the Cable wants to test the broken S/R zone ? (that would leave a bit of space to run for GBP/CHF but I can hear you Mike - be careful and don't let your winner to become a looser).
Attached a trailing stops and won't be crying if the price will whipsaw me a bit
  • #44,904
  • Sep 29, 2009 8:27pm Sep 29, 2009 8:27pm
Quoting bundyraider
I was looking at both EURGBP and GBPCHF before i placed the trade for E/G. It's obvious now that I was on the wrong chart when I placed the order. lol
Just an idea... each of my charts has some different colors, either background or bar colors for up or down. Helps me keep track of the chart I am on visually.
  • #44,905
  • Sep 29, 2009 8:43pm Sep 29, 2009 8:43pm
my USD/JPY pinbar trade stopped out at BE.
my original TP was 90.34 which would have hit if i didn't touch it! i got greedy and moved it up to 90.49 because the size of the pinbar looked decent enough to make it to the ~90.5 area.. which it still may, but there was a drop that took me out at BE.
oh well
  • #44,906
  • Sep 29, 2009 9:19pm Sep 29, 2009 9:19pm
Quoting Lou
Just an idea... each of my charts has some different colors, either background or bar colors for up or down. Helps me keep track of the chart I am on visually.
Thanks Lou. I don't make those type of mistakes often enough to worry me. Have done the different colour thing in the past for different time frames though, when trading one pair.

At one point I had text Titles in large yellow fonts on the charts too. Still woldn't stop me from making that mistake. lol
Bundy's status today: "Waiting..."
  • #44,907
  • Sep 29, 2009 9:25pm Sep 29, 2009 9:25pm
A month back, I'd hv been going,
"Woohoo! Pinbar hanging out into nothing! Trade!"

Now I'm seeing,

Pros:
Good shape, hanging out into space, rejected 1.0800

Cons:
[Confluence 1] Right under weekly pivot, 200ma, & quite strong a PPZ +
[Confluence 2] not very far from round number 1.0900 which is also the monthly pivot +
Daily chart had a bearish outside pinbar.

Conclusion:
Not hot at all!
More confluence of stuff AGAINST the trade! --> Probability of a good 4hour upside run is really low.
In fact, a short off the BEOB @ 1.0900 + mPivot would have been a better bet since it's in line with daily momentum. (PPZ around 1.0800 to 1.0810)

Beginning to see that PBs/PA are the trigger point, but it's all the stuff around it that determines whether it's gonna be an easy trade or one that I'm gonna be sweating bricks over.

Pips are pips, regardless of whether they just roll in easy or we sweat the great wall of china for them.
Avoiding pain in trading is good. (Sweating bricks sucks! )
Attached Image (click to enlarge)
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One Mind, Any Market
  • #44,908
  • Sep 29, 2009 9:25pm Sep 29, 2009 9:25pm
Quoting dengzhi
my USD/JPY pinbar trade stopped out at BE.
my original TP was 90.34 which would have hit if i didn't touch it! i got greedy and moved it up to 90.49 because the size of the pinbar looked decent enough to make it to the ~90.5 area.. which it still may, but there was a drop that took me out at BE.
oh well
No matter how good the pin is , I personally like just a little more room to the bar lows (such as those mid september ones). It (price) eventually beat them a little this time, but at least you get to manage the trade with a bit more room if you wait for trades with more space to begin with. You end up a lot happier with your gains too and tend to not go for that last little inch.
Bundy's status today: "Waiting..."
  • #44,909
  • Sep 29, 2009 11:41pm Sep 29, 2009 11:41pm
Quoting joelcf
Damnit, Jim, where is my hard break? Fiber is puttin me to sleep here!
Damnit joel, I'm doctor not a taylor. (going with the Star Trek theme. lol)

I missed this post last night, joel. Was it this PB last night on the Euro? Wait a mintue, that can't be right.
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Indicators show the past. Price Action "Indicates" the future.
  • #44,910
  • Sep 30, 2009 12:01am Sep 30, 2009 12:01am
Hey Dale.

Saw this slightly unstructured Double Inside Bar on the 4 hour Eur/Gbp. I'm not really looking to add to my position from my Daily PB position. (although thinking about it doesn't hurt. lol ) Just watching it to confirm the downward move, if it breaks downward.

just some thoughts.

Jim
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Indicators show the past. Price Action "Indicates" the future.
  • #44,911
  • Sep 30, 2009 12:22am Sep 30, 2009 12:22am
Quoting jarroo
Damnit joel, I'm doctor not a taylor. (going with the Star Trek theme. lol)

I missed this post last night, joel. Was it this PB last night on the Euro? Wait a mintue, that can't be right.
lol, that's how asleep I was - I meant the eurosterling. I think I am going to have to make my girlfriend subject me to some kind of LAPD-style sobriety test before I enter into trades - 'count backwards from ten... now walk this line... okay, you can short the yen now'

And, magically, the hard break came about an hour after that...

Attached Image (click to enlarge)
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(entry was .9181)
When you have to shoot, shoot. Dont talk.
  • #44,912
  • Sep 30, 2009 12:23am Sep 30, 2009 12:23am
welcome fx.

mike was correct and i also use tradestation. probably use TS more than i do met4.

jim

Quoting fxdummie
James, I am new for your thread,
would you tell me what MT4 platform you use to detect 1d and 4h set up bars?
Thanks!
  • #44,913
  • Sep 30, 2009 12:30am Sep 30, 2009 12:30am
sorry..

i dont post here often, mostly because i have nothing usefully to say compared to the prosss here.

ive been bussy over the week so i havent had time to look at charts

but man i cant tell you how good it feels to pick up a chart ive never seen before, eveball a PPZ u believe is important on the weekly, pop down to daily and c that a beautiful pinbar popped there not a few days ago

and not be at all surprised..lol
  • #44,914
  • Sep 30, 2009 12:31am Sep 30, 2009 12:31am
Quoting joelcf
lol, that's how asleep I was - I meant the eurosterling. I think I am going to have to make my girlfriend subject me to some kind of LAPD-style sobriety test before I enter into trades - 'count backwards from ten... now walk this line... okay, you can short the yen now'

And, magically, the hard break came about an hour after that...
Yeah it sure did. Those delayed breaks do happen and of course sometimes they don't.

Hard break, then retest the break. I'm loving it.

Hard break retest beyond the break like an internal S/R (i.e. left eye), is as far as I go.
Indicators show the past. Price Action "Indicates" the future.
  • #44,915
  • Sep 30, 2009 12:35am Sep 30, 2009 12:35am
It is not bad, and you could have covered your risk, I think you did well to stand aside as there will be better ones. You most likely allready know this however one trick is to go to a lower time frame and look for a low risk entry and play it that way
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  • #44,916
  • Sep 30, 2009 12:39am Sep 30, 2009 12:39am
Quoting pizdun
sorry..

i dont post here often, mostly because i have nothing usefully to say compared to the prosss here.

ive been bussy over the week so i havent had time to look at charts

but man i cant tell you how good it feels to pick up a chart ive never seen before, eveball a PPZ u believe is important on the weekly, pop down to daily and c that a beautiful pinbar popped there not a few days ago

and not be at all surprised..lol
Don't be silly piz, we all love seeing charts here on the thread.
Indicators show the past. Price Action "Indicates" the future.
  • #44,917
  • Sep 30, 2009 12:41am Sep 30, 2009 12:41am
Quoting Dale
It is not bad, and you could have covered your risk, I think you did well to stand aside as there will be better ones. You most likely allready know this however one trick is to go to a lower time frame and look for a low risk entry and play it that way

Thanks Dale.

Isn't that always the case . . . there are better ones just around the corner.
Indicators show the past. Price Action "Indicates" the future.
  • #44,918
  • Sep 30, 2009 12:44am Sep 30, 2009 12:44am
Quote
Don't be silly piz, we all love seeing charts here on the thread.

I am thinking of the Lord of the Rings scene and the ring is called "My precious”.

Yes we all love charts here.


Dale
  • #44,919
  • Sep 30, 2009 12:52am Sep 30, 2009 12:52am
I hope I am not the only one who found the thought funny. just think of all the back testing we do.

Best regards,

Dale
  • #44,920
  • Sep 30, 2009 12:59am Sep 30, 2009 12:59am
Any one else in this one?
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