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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

  • #45,141
  • Oct 2, 2009 9:49am Oct 2, 2009 9:49am
Quoting ha0dho
hi

i took the usdjpy daily pin long a few days ago I thought it was a good pin, at a swing low long nose etc.

At the mo the market has moved down I was wondering if anyone else has took the pin and if not was it not a good pin to take.

ps i dont know how to attach charts

dave
Hey Dave

The real problem with this one for me was it was below the 90 big big round number and trading right into it. Price can easily stall and turn around there. Check out these posts

http://www.forexfactory.com/showpost...ostcount=44950
http://www.forexfactory.com/showpost...ostcount=44956

Hope that helps

Mike
  • #45,142
  • Oct 2, 2009 10:02am Oct 2, 2009 10:02am
afternoon again all, well i'm looking to pick peoples brains on this aud/usd chart (firstly i'd like to say i've traded for a few years now but mostly off smaller timeframes... i seem to be moving up time frames the longer i trade?) so i'm looking at this chart and seeing a pin off of ppz with trend but with close res above and the 8700.

this also looks to be forming a pin on the daily (may be atm)

i'm just after some feedback to this set up please (i'm not trading on these time frames atm)

would the trade look better positioned off the ppz @ 8500 for instance

regards
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  • #45,143
  • Oct 2, 2009 10:10am Oct 2, 2009 10:10am
thanks for this cyrus!

helps with all the reading.

back to it


Quoting Cyrus
Hey guys,

Posts from the seniors and the other frequent dudes here.

From pages 2500 to 3000

My little tribute to the J16 thread =)

I hope to get up to speed faster and contribute some proper content soon.

All credit to Michael once again. This wouldn't be remotely possible without him.

PS:
Have included the legendary Darkstar. Awesome man. Just awesome.
Gotta read it
  • #45,144
  • Oct 2, 2009 10:17am Oct 2, 2009 10:17am
Quoting icarusfx
afternoon again all, well i'm looking to pick peoples brains on this aud/usd chart (firstly i'd like to say i've traded for a few years now but mostly off smaller timeframes... i seem to be moving up time frames the longer i trade?) so i'm looking at this chart and seeing a pin off of ppz with trend but with close res above and the 8700.

this also looks to be forming a pin on the daily (may be atm)

i'm just after some feedback to this set up please (i'm not trading on these time frames atm)

would the trade look better positioned off the ppz @...
Hey Icarus

Yes you are pretty spot on with everything. It would look better to me off the 8500, but this one went right to where we would expect it to stall 8700. Doesn't that feel good? Over and over price does this.

Best
Mike
  • #45,145
  • Oct 2, 2009 10:18am Oct 2, 2009 10:18am
sorry me again....

same pair on lower time frames i'd be looking to short it about now (well i wouldn't as i don't trade this late on a friday) but i'm just trying to convey my conflict :oO


Quoting icarusfx
afternoon again all, well i'm looking to pick peoples brains on this aud/usd chart (firstly i'd like to say i've traded for a few years now but mostly off smaller timeframes... i seem to be moving up time frames the longer i trade?) so i'm looking at this chart and seeing a pin off of ppz with trend but with close res above and the 8700.

this also looks to be forming a pin on the daily (may be atm)

i'm just after some feedback to this set up please (i'm not trading on these time frames atm)

would the trade look better positioned off the ppz @...
  • #45,146
  • Oct 2, 2009 10:24am Oct 2, 2009 10:24am
Quoting mbqb11
Hey Icarus

Yes you are pretty spot on with everything. It would look better to me off the 8500, but this one went right to where we would expect it to stall 8700. Doesn't that feel good? Over and over price does this.

Best
Mike
thanks mike... yeah i'm enjoying reading through and looking at things from a slightly different perspective!

ps i've just read many many of your posts! and i'm only a little sleepy lol na it makes for a great read mike

best regards
  • #45,147
  • Oct 2, 2009 10:26am Oct 2, 2009 10:26am
Question about Position sizing- Just wondering If I've got this right.

I'ver changed my OANADA account to 5000 from 100k to make it a little more realistic for me.
------
If I risk 1% of my account in a trade ($50) and have a 100 pip stop loss, I can trade 50cents per pip. Correct?
------
50 pip stop loss, $1 per pip, etc etc

.5% of account, 50 pip stop loss, 50cents per pip
------

I have seen this math here, I just want to make sure I've got it right.


Also, please check out my journal if you have the time, I've been recording my trades there. I'm almost thru the videos, then it'll be time to read this chart again, and hope to join the PF soon!

Thanks guys
  • #45,148
  • Oct 2, 2009 10:28am Oct 2, 2009 10:28am
Quoting atclarkson
Question about Position sizing- Just wondering If I've got this right.

I'ver changed my OANADA account to 5000 from 100k to make it a little more realistic for me.
------
If I risk 1% of my account in a trade ($50) and have a 100 pip stop loss, I can trade 50cents per pip. Correct?
------
50 pip stop loss, $1 per pip, etc etc

.5% of account, 50 pip stop loss, 50cents per pip
------

I have seen this math here, I just want to make sure I've got it right.


Also, please check out my journal if you have the time, I've been recording my trades there....

yep you got it
  • #45,149
  • Oct 2, 2009 10:29am Oct 2, 2009 10:29am
Check this position size calculator out. Usually pretty reliable

http://www.goforex.net/money-management-calculator.htm

Quoting atclarkson
Question about Position sizing- Just wondering If I've got this right.

I'ver changed my OANADA account to 5000 from 100k to make it a little more realistic for me.
------
If I risk 1% of my account in a trade ($50) and have a 100 pip stop loss, I can trade 50cents per pip. Correct?
------
50 pip stop loss, $1 per pip, etc etc

.5% of account, 50 pip stop loss, 50cents per pip
------

I have seen this math here, I just want to make sure I've got it right.


Also, please check out my journal if you have the time, I've been recording my...
  • #45,150
  • Oct 2, 2009 11:06am Oct 2, 2009 11:06am
mike,

with this pin and bullish pin on gbpchf of a couple of days back..

in general would pins be valid if prices came down to trigger level, as long as prices didnt breach the nose?


Quoting mbqb11
Hey Dave

The real problem with this one for me was it was below the 90 big big round number and trading right into it. Price can easily stall and turn around there. Check out these posts

http://www.forexfactory.com/showpost...ostcount=44950
http://www.forexfactory.com/showpost...ostcount=44956

Hope that helps

Mike
  • #45,151
  • Oct 2, 2009 11:07am Oct 2, 2009 11:07am
Quoting coolshades
mike,

with this pin and bullish pin on gbpchf of a couple of days back..

in general would pins be valid if prices came down to trigger level, as long as prices didnt breach the nose?
Hey C

I am not quite sure what you mean, can you rephrase

Thanks
Mike
  • #45,152
  • Oct 2, 2009 11:16am Oct 2, 2009 11:16am
well with either of these two pins for example, price has now retraced to a level where you would normally place a buy order assuming this is a new pin and assuming there was no traffic and all that.

if you missed entry the first time round in such a case, would you consider entry on such a retracement?


Quoting mbqb11
Hey C

I am not quite sure what you mean, can you rephrase

Thanks
Mike
  • #45,153
  • Oct 2, 2009 11:18am Oct 2, 2009 11:18am
Quoting coolshades
well with either of these two pins for example, price has now retraced to a level where you would normally place a buy order assuming this is a new pin and assuming there was no traffic and all that.

if you missed entry the first time round in such a case, would you consider entry on such a retracement?
Hey C

Gotcha now. No never b/c then you are chasing a trade that could have already did all its going to do. IMO that is a very bad habit. For example GBP/CHF already well went to and beyond the first trouble area meaning most people were out for profit or b/e at worst. Entering now, would be chasing a past trade.

Hope that helps
Mike
  • #45,154
  • Oct 2, 2009 11:36am Oct 2, 2009 11:36am
Mike,
Thanks for the further explaination. I'll keep mulling that over trying to get it to sink in. http://www.forexfactory.com/images/icons/icon12.gif Also, thanks for the recommendation on the group...I haven't been thru the tour yet...but thought I should check it before deciding...will do now...also good to hear the webinars are recorded. Also, I remember Jim stating something about keeping a journal of trades which I thought was very good. It sounds very exciting.

Cy,
Thanks for your chime in. It really helps to hear 3rd party confirmation and encouragement like that.

Jim,
Thanks for your reply to Cy. It shows quality character on your part.

If you all are interested, I have sort of an interesting story on how I got started in Forex this July...if you're interested, I posted the story last month for some guidence at the time...feel free to check it out if you like:
http://www.forexfactory.com/showthread.php?t=197157

Thanks again!
  • #45,155
  • Edited 12:34pm Oct 2, 2009 12:32pm | Edited 12:34pm
Quoting StoragePro
be careful and take note of all the zones - especially the one with confluence with a big round number.

Some of these are major, and some of them minor, but I would expect some kind of reaction at each.

But we are definitely at a place where we'd watch for PA!

..
Does anyone here ever look back at what they thought would happen and compare it with reality? I know I do not do it enough with the trades I skip.

Here is a redux of the EU daily BEOB from yesterday - but I zoomed the same exact chart to the 4 hr and added a yellow line and a couple of annotations.

Every time I see price do what I'd expect, I just smile. It hesitated where it should have, stopped (and formed a PB) where it should have.... If you moved to BE right away, you have a easy, zero stress 1R trade. A little less on the daily TF. More if you jumped out on a target of 1.6900 on the 4hr.

I don't know why, but despite doing this for a few years now, it still seems fresh and interesting to me
..
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I'm pretty much done with all this ...
  • #45,156
  • Oct 2, 2009 12:48pm Oct 2, 2009 12:48pm
  •  krue
  • | Joined Mar 2008 | Status: finger scares cat, power of illusio | 410 Posts
hey, you've got a setup in your chart, what is your view about it?


Quoting StoragePro
Does anyone here ever look back at what they thought would happen and compare it with reality? I know I do not do it enough with the trades I skip.

Here is a redux of the EU daily BEOB from yesterday - but I zoomed the same exact chart to the 4 hr and added a yellow line and a couple of annotations.

Every time I see price do what I'd expect, I just smile. It hesitated where it should have, stopped (and formed a PB) where it should have.... If you moved to BE right away, you have a easy, zero stress 1R trade. A little less on the daily TF. More...
  • #45,157
  • Oct 2, 2009 2:26pm Oct 2, 2009 2:26pm
Quoting icarusfx
thanks for this cyrus!

helps with all the reading.

back to it
Welcome icarus. Glad it helps =)
One Mind, Any Market
  • #45,158
  • Oct 2, 2009 3:17pm Oct 2, 2009 3:17pm
Quoting james16
this flat blessed my socks off.

thank you,

jim
Heya big guy, I actually dont quite know what to say hey. It just an awesome place. Despite the awesome trading / PA stuff, I've actually been gg through the "non-PA sections" more.

You know, I realised I desire 'awakening' even above being consistently profitable (I find tt REALLY weird..and that alone is cause to ponder for a couple of hours...why???) .... Fiji's has been helping heaps and "The Search For What Really Matters" has actually become my fav section and that Antony de Mello portion on awareness really hit the nail square on the head.

Surprisingly (& not surprisingly at the same time), in search for self and in questing to awaken, my trading is falling into place. In addition to freedom, I think one of the "why"s for being consistently profitable is to be able to put aside more time to really ponder upon the deeper issues in life more and do it free from e worry of needing money.

This map of the universe thingo is trippy~~
http://www.jointquest.com/jointquest...niverseMap.jpg

Put everything in life as I know it into perspective..

Thank YOU James
One Mind, Any Market
  • #45,159
  • Edited 7:29pm Oct 2, 2009 7:04pm | Edited 7:29pm
Quoting arctos
So basically, the two charts shows failed DBLHC and DBHLC setups? What does he mean by "you have to learn from experience"? Learning which setups work and which doesn't, or learning that setups failing are part and parcel of the game?
The Eur/Jpy Daily DBLHC in late June 2005 was not at a swing Low. It was near a swing but not at a swing Low. It did a few Days later shoot up to the moon if I recall correctly. (sorry not at my regular charts and I can't post charts)

The 15 min Euro DBHLC was in a consolidation area and not at a swing high where we like them. It had potential being (almost) at the top of the ranged area but bearish PA (like the DBHLC) are best played at swing Highs.

Also both of these setups didn't break so waiting for the break would have saved you from a failed trade. ("which it always will." J16.)


Being very picky with setups like these would give a (I'll pass on these), which is why we like the best setup because they have consistently better results.


http://i37.tinypic.com/2u724y9.jpg


http://i36.tinypic.com/6sfn8i.jpg
Indicators show the past. Price Action "Indicates" the future.
  • #45,160
  • Oct 2, 2009 7:22pm Oct 2, 2009 7:22pm
...

2nd post. Thanks for comments on my first post, Jarroo and Mike.

I liked the look of this PB with trend, but had to watch it trading into big round number 1.65, and then Mike pointed out, I believe, that it wasn't at a strong swing high. Thanks Mike. Will remember that.

Anyway, took 20 pips or so off it when price broke below. Half off, and moved stop on remainder to BE. Was going to let that ride, but then upcoming news made me close the remainder for another 30 pips or so.

News did not seem to have any effect on this pair. Dang! Could have had a lot more. I'm a bit green about which news effects which pairs.

Almost got stopped out as you can see, but hung on as it was with the downtrend and reversing into previous 1.67 RN & PPZ so a possible bounce back in my favour, which it did.

I'm happy with that.

Have a good w/e, all.

:-)

...
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