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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

  • #44,961
  • Sep 30, 2009 4:04pm Sep 30, 2009 4:04pm
Quoting takingthepip
I thought this was a great looking Pinbar at a swing low, but counter trend and into big round number/PPZ at 90.00, so I was cautious and closed it early for around 15 pips profit when price stalled at that area. Could have taken a few more pips, that's something I'll have to learn.
It looks to me that you learned a lot right there. Knowing the 1st area of trouble and reacting to it, by either taking full or partial profits and protecting yourself from a potential loss. Let your learning begin after that huge lesson learned.
Indicators show the past. Price Action "Indicates" the future.
  • #44,962
  • Sep 30, 2009 4:09pm Sep 30, 2009 4:09pm
Quoting ekling
This might be something. Breakthrough 150, pullback and then a pinbar was formed. We also have confluence from 1.6000 level and 38.2 fib.
Also pretty nice definable support zones. I think ill take it. Comments?
I'm watching it too (see my post above). I think i'll take it, maybe also GbpChf (more space).
  • #44,963
  • Sep 30, 2009 4:15pm Sep 30, 2009 4:15pm
Quoting ekling
This might be something. Breakthrough 150, pullback and then a pinbar was formed. We also have confluence from 1.6000 level and 38.2 fib.
Also pretty nice definable support zones. I think ill take it. Comments?
Looks good elking. The Sept 24th Low may give it some trouble, we'll have to see how it breaks. (sorry I can't post charts)

Is this an A+ setup? Would Mike take this trade? The answer is: No.

So IMO, we have to manage this one tightly, meaning a tight stop loss placement (probably just above the 1.6000) and a hard break is a must.

Just my 2 cents.

Jim
Indicators show the past. Price Action "Indicates" the future.
  • #44,964
  • Sep 30, 2009 4:21pm Sep 30, 2009 4:21pm
I take it that nobody noticed that eur/gbp that will most likely cause problems for people trading it wide open? lol It looks good right up to .9180 or so on a break, but then who knows. Hopefully we'll see a nice 4 hour bearish bar at those areas to confirm this level.
I dream, therefore I become.
  • #44,965
  • Sep 30, 2009 4:45pm Sep 30, 2009 4:45pm
Hey!

Can somebody please explain to me how come my sl got hit but price never even touched 0,91380? It was a sell order to close my position so spread is not an issue. Is there something I'm missing?

P
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  • #44,966
  • Sep 30, 2009 4:47pm Sep 30, 2009 4:47pm
Same old setup over and over again.

My favorite, till I find another attraction
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  • #44,967
  • Sep 30, 2009 4:48pm Sep 30, 2009 4:48pm
Quoting Primi
Hey!

Can somebody please explain to me how come my sl got hit but price never even touched 0,91380? It was a sell order to close my position so spread is not an issue. Is there something I'm missing?

P
Hard to tell, but from your chart it looks like price went below the 9142; it may have hit 9138...
  • #44,968
  • Sep 30, 2009 4:50pm Sep 30, 2009 4:50pm
Quoting Primi
Hey!

Can somebody please explain to me how come my sl got hit but price never even touched 0,91380? It was a sell order to close my position so spread is not an issue. Is there something I'm missing?

P
Hey P I am confused here you were short with a stop loss at .9138? Price has gone past that?

Sorry I am missing something I know can you clarify so I can try to help

Mike
  • #44,969
  • Sep 30, 2009 4:50pm Sep 30, 2009 4:50pm
Quoting jarroo

I netted 2 pips on my U/J trade that was my worst case senario. Yet the trade had potential to go to the moon. Think about that for a minute. Talk about stress free trading.
I used to think that this was lunacy. Just give a trade room to breath and it will pay off - because the bar said so. It took some time, some time off live trade and back to demo to prove to me that this works well for me. BE is a wonderful place to be. I like to get there are soon as is reasonable.

Quote
I usually manage a trade as you did jon, but instead of moving the 2nd half to break even I would place it just below B/E to allow for retesting while still banking a few pips. Taking profits at the 1st strong level and moving to break even is not a bad way to go just ask James16.

This is of interest to me as well - because I don't do it that way. It is all or nothing for me - why - because it works for me. A seven figure account might change my mind though....

I love reading your stuff Jarroo - you do some things very differently than I do and are successful doing them. It helps me keep my mind in working order: that is OPEN.
I'm pretty much done with all this ...
  • #44,970
  • Sep 30, 2009 4:50pm Sep 30, 2009 4:50pm
Quoting TC East
Hard to tell, but from your chart it looks like price went below the 9142; it may have hit 9138...
It didn't. I was watching it very closely. It only reached 0,91392.

P
  • #44,971
  • Sep 30, 2009 4:52pm Sep 30, 2009 4:52pm
Quoting mbqb11
Hey P I am confused here you were short with a stop loss at .9138? Price has gone past that?

Sorry I am missing something I know can you clarify so I can try to help

Mike
Mike, I was long and moved my stop to BE at 0,91380.

P
  • #44,972
  • Sep 30, 2009 4:52pm Sep 30, 2009 4:52pm
Quoting benji533
Same old setup over and over again.

My favorite, till I find another attraction
As usual, nice work.

When you arrive, will you let me fly in your private jet? I flew in one once - it was the way to travel. Sigh. CEO's - I just do not know enough of them....
I'm pretty much done with all this ...
  • #44,973
  • Sep 30, 2009 5:05pm Sep 30, 2009 5:05pm
Quoting Primi
It didn't. I was watching it very closely. It only reached 0,91392.

P
If it's demo you can't really tell much. If you are live contact your broker with the ticket number and they can give you a better explanation (but it is hard to win over a pip )

Mike
  • #44,974
  • Sep 30, 2009 5:06pm Sep 30, 2009 5:06pm
Quoting StoragePro
As usual, nice work.

When you arrive, will you let me fly in your private jet? I flew in one once - it was the way to travel. Sigh. CEO's - I just do not know enough of them....
You are making tons by yourself master SP (I saw the ICCE thread ).
But if you want, I'll buy you one with some of my virtual money.

Off to bed

Ben

PS - take care all. I won't be here next week.
  • #44,975
  • Sep 30, 2009 5:08pm Sep 30, 2009 5:08pm
Quoting Primi
Hey!

Can somebody please explain to me how come my sl got hit but price never even touched 0,91380? It was a sell order to close my position so spread is not an issue. Is there something I'm missing?

P
I'm gonna wager that price actually did hit .9138, it just did it before the period shown in your tick chart. Looking at my chart, it bounced right off .9137 on two seperate feeds.
When you have to shoot, shoot. Dont talk.
  • #44,976
  • Sep 30, 2009 5:14pm Sep 30, 2009 5:14pm
Quoting StoragePro
I used to think that this was lunacy. Just give a trade room to breath and it will pay off - because the bar said so. It took some time, some time off live trade and back to demo to prove to me that this works well for me. BE is a wonderful place to be. I like to get there are soon as is reasonable.



This is of interest to me as well - because I don't do it that way. It is all or nothing for me - why - because it works for me. A seven figure account might change my mind though....

I love reading your stuff Jarroo - you do some things very...
Thanks SP. I'll be waiting for that book of yours as joel suggested. (pre-order)

lol A seven figure account would change a lot for me too. But it's strange, my account has grown and it hasn't changed the way I manage my trades that much. I would like to think that if I slowly move up to a seven figure account, I won't know the difference.

I let you know when I get there. lol

Jim
Indicators show the past. Price Action "Indicates" the future.
  • #44,977
  • Edited 5:27pm Sep 30, 2009 5:17pm | Edited 5:27pm
Quoting joelcf
I'm gonna wager that price actually did hit .9138, it just did it before the period shown in your tick chart. Looking at my chart, it bounced right off .9137 on two seperate feeds.
I had my tick chart up and I was watching it. It never showed it that low. Here's another chart with a low of 0,91397. Now I also looked at a 1M chart (never done that before). That's the only one that shows 0,91378. How are these clowns aggregating their bars?! It was live. I might ask them to explain anyway.

Thanks, guys.
P

EDIT: It looks like some longer TF charts also have this low of 0,91378 and it is now only missing from 15M chart that I had up.

2nd EDIT: They have changed 15M chart also now showing the spike down to 0,91378. Don't like it, but at least they made it consistent.
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  • #44,978
  • Sep 30, 2009 5:45pm Sep 30, 2009 5:45pm
Quoting Primi
I had my tick chart up and I was watching it. It never showed it that low. Here's another chart with a low of 0,91397. Now I also looked at a 1M chart (never done that before). That's the only one that shows 0,91378. How are these clowns aggregating their bars?! It was live. I might ask them to explain anyway.

EDIT: It looks like some longer TF charts also have this low of 0,91378 and it is now only missing from 15M chart that I had up.

2nd EDIT: They have changed 15M chart also now showing the spike down to 0,91378. Don't like it, but at least...
That's completely crap, to be honest. It's only one pip, but inconsistent charts and backdating bars is shady as hell. I was starting to look at Oanda as a backup forex broker, but that kinda thing (and their charting package, ugh) makes me want to reconsider.

I stopped using my last broker earlier this week for similar reasons - highs and lows not matching across timeframes, or even across two separate installs on the same timeframe (plus, the slippage they managed to import into every trade was retarded). Either they have some kind of drunken leprachaun filtering ticks, or they source the aggregated data from somewhere different to the tick data. Either way, it happpened way too often.

At least when I get screwed now, it is the market doing it
When you have to shoot, shoot. Dont talk.
  • #44,979
  • Edited 6:38pm Sep 30, 2009 6:06pm | Edited 6:38pm
On one hand, I want to short GBPCHF. Nice pin with the trend at retracement with plenty of room to run.

On the other, taking a long position in francs with the SNB so twitchy makes me want to sing Danger Zone as I trade, and that could just get embarassing in the middle of the office.

I might see what Mr Bloomberg has to say.

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When you have to shoot, shoot. Dont talk.
  • #44,980
  • Sep 30, 2009 6:58pm Sep 30, 2009 6:58pm
Quoting joelcf
On one hand, I want to short GBPCHF. Nice pin with the trend at retracement with plenty of room to run.

On the other, taking a long position in francs with the SNB so twitchy makes me want to sing Danger Zone as I trade, and that could just get embarassing in the middle of the office.
Watching it this way for a low risk play later on maybe...
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Bundy's status today: "Waiting..."
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