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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

  • #46,121
  • Oct 15, 2009 12:20pm Oct 15, 2009 12:20pm
Quoting benji533
Yea worked again. I'm a bit more than 1R now, stop moved to BE. Lets see if I can hit my target.

Ben
Well, I just let it run after moving my stop to BE and unfortunately it got me out by 2 pips!
Now look how it shot up like a rocket
At least I read price and could say where it's heading

Second chart is dedicated to Ryan and Mike, third one is the loss I said I''l post when It will hit me

Hope everyone is doing good!

Ben
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  • #46,122
  • Oct 15, 2009 12:42pm Oct 15, 2009 12:42pm
Quoting NosferatuMan
Sorry to jump in between your conversation but I have a question that i would like you to answer if possible.

Did you enter after the pin (10 pips above the pin's max or something like that) or did you wait to break again 1,60?

By the way, really nice trade.
I entered in at 1.5945. Either way, it was heading to 1.60 IMO after that retracement so why not take the better price; If you have a solid conviction, you trade it.
I dream, therefore I become.
  • #46,123
  • Oct 15, 2009 1:18pm Oct 15, 2009 1:18pm
Quoting mike w
I entered in at 1.5945. Either way, it was heading to 1.60 IMO after that retracement so why not take the better price; If you have a solid conviction, you trade it.
Indeed.

Thanks.
  • #46,124
  • Oct 15, 2009 2:32pm Oct 15, 2009 2:32pm
CHART
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  • #46,125
  • Oct 15, 2009 2:33pm Oct 15, 2009 2:33pm
Hey all. I've been reading through this thread, and it's amazing. I have a question about it though. What pairs do you watch for this? It seems you could use price action on just about anything. But are there specific pairs you watch? Or are there pairs you recommend? watching all possible forex pairs is a little daunting for me right now, I don't have the time. And that doesn't seem necessary. Anyway, thanks for letting me know.
  • #46,126
  • Oct 15, 2009 2:59pm Oct 15, 2009 2:59pm
Quoting mike w
Ok here's the daily and hourly chart. I'll run through the daily then the one hour to see that "pinpoint thought". i have both the BUOVB and the hourly pin of which I entered off of highlighted with an arrow pointing to both.

Ok, gotcha, you use way more advanced trade management than I could right now. (And you clearly have much more experience!!)

I'm working on making it so I can set my trades at 5, check them before bed, again in the morning before work, then again at the close of the bar. Reason being, I will prob be working a 9-5 again soon and won't be able to trade at work. I've got an EA to take some off the table and move my stops. I guess for now I'll have to live with getting just stopped out now and then... haha

Thanks for the reply, it is going in my saved posts so I can review it when I get to the point that I can watch my charts throughout the day.

If you have any other suggestions, I'm all ears!

edit: should I perhaps be waiting til the first trouble spot to take profit off the table?

Thanks again
  • #46,127
  • Oct 15, 2009 3:09pm Oct 15, 2009 3:09pm
Quoting mbqb11
Hey DW,

I am extremely impressed by your trade analysis. This is about word for word what I spoke about in my webinar yesterday. The BUOB was at the location we look for but we MUST be aware of trading into the traffic ppz level at 1.6000. You did exactly this, and now have protected yourself and managed accordingly.

Impressive and others should take note

Mike
Thank you for the feedback Mike. I got out at the 1.6100 level.

However, I was not sure how to proceed after reaching that known resistance point. I know that you always say managing the trade is up to the person, which I agree with, but brainstorming a bit I was wondering if

1. I should have taken some more profits there (most of my lots) and let the rest trail by say 40 to 50 pips

or

2. Just set a normal SL of maybe 40 to 50 pips and hope for a runner.

I know my personality largely comes into play in managing a trade but let me know your thoughts anyhow.

Thanks,

DW
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  • #46,128
  • Oct 15, 2009 3:14pm Oct 15, 2009 3:14pm
Quoting james16
CHART

Jim - what was your reason for buying as I can't see any price action?
  • #46,129
  • Oct 15, 2009 3:48pm Oct 15, 2009 3:48pm
Quoting Hwd
Thank you for the feedback Mike. I got out at the 1.6100 level.

However, I was not sure how to proceed after reaching that known resistance point. I know that you always say managing the trade is up to the person, which I agree with, but brainstorming a bit I was wondering if

1. I should have taken some more profits there (most of my lots) and let the rest trail by say 40 to 50 pips

or

2. Just set a normal SL of maybe 40 to 50 pips and hope for a runner.

I know my personality largely comes into play in managing a trade but let me know...
Hey DW

I simply don't believe in trailing stops based on a pip amount. The market doesn't know or care about it. So I prefer if you are going to trail trail out using the same knowledge that we get in. A great example is just a few posts above by the man himself. When I personally see a very sharp run up like on the gbp/usd or on the chf/jpy I just start to trail under each bar low. The reason is not b/c it won't run more, but why give so much back in this case when a retrace a very large move becomes inevitable for the most part. So putting your stop under each low, both gives room to run and also allows locking in of a lot of profit. Now like you prefaced your question with by all means this is not the only way and just another tool. I know people who use a fixed pip TS with positive results. So if it works, it works, I don't judge


Hope that helps!
Mike
  • #46,130
  • Oct 15, 2009 4:12pm Oct 15, 2009 4:12pm
morning or evening everyone. just woke up anyone playing some of those buob most noticeably on the pound pairs?
g/cad, e/cad. g chf, ?
  • #46,131
  • Oct 15, 2009 4:14pm Oct 15, 2009 4:14pm
We have 2 BUOB at some nice support in both these pairs. USD/CAD in strong downtrend and EUR/CAD is kinda choppy atm.
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  • #46,132
  • Oct 15, 2009 4:18pm Oct 15, 2009 4:18pm
was going to play the G/N and G/A BUOB's but then realised Oanda dont have these prices...grrrr
  • #46,133
  • Oct 15, 2009 4:26pm Oct 15, 2009 4:26pm
Quoting lovejoy80
Jim - what was your reason for buying as I can't see any price action?
Maybe he used the 4hr pinbar high 86.56....I was wondering also
"Whether you think you can or can't, you're right." Henry Ford
  • #46,134
  • Oct 15, 2009 4:32pm Oct 15, 2009 4:32pm
i asked jim a while back the basis for those trades with no pa. just thought i would re post his post for others to see what he said

http://www.forexfactory.com/showthre...86#post3131786
  • #46,135
  • Edited 6:31pm Oct 15, 2009 4:38pm | Edited 6:31pm
Quoting ekling
We have 2 BUOB at some nice support in both these pairs. USD/CAD in strong downtrend and EUR/CAD is kinda choppy atm.

Watching the USDCAD myself, it is at an area I marked earlier because it pierces a low from a year ago september, (1.03, round number) and in the months preceding that it was major resistance.

First trouble spot is 1.04, then it's clear to 1.06.

edit:If one was to take this, do you look for the retrace (and if you take a retrace does it have to break the pin THEN retrace?) perhaps just above the 1.03 mark, or do you buy the break of the BUOB? Also, would it be advisable to wait for a break of 1.04, or it is minor because it has only been hit once in the past year (couple days ago)

edit 2: Realized this is trading against the trend. Will watch, but not taking it.

Or am I totally over analyzing this trade?
  • #46,136
  • Oct 15, 2009 4:52pm Oct 15, 2009 4:52pm
it was just a support entry. no big deal.

i dont always trade with pa.

i just felt like this area had proven itself to be a probable launching point after so many failed attempts to go lower.

i trade like this a lot but ive been doing it for many many years.

you learn the game by playing the game.

i swear i love that quote and its the key many of you are looking for.

it just takes time, practice and dedication.

Quoting lovejoy80
Jim - what was your reason for buying as I can't see any price action?
  • #46,137
  • Oct 15, 2009 4:53pm Oct 15, 2009 4:53pm
CHART
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  • #46,138
  • Oct 15, 2009 5:08pm Oct 15, 2009 5:08pm
Hey Jim

Well I took that trade...but that pivot zone scared me big time, so I close prematurelly at around ema150...Today a saw that run up and thought..WTF


Regards,
  • #46,139
  • Oct 15, 2009 5:19pm Oct 15, 2009 5:19pm
Quoting gasgas
Hey Jim

Well I took that trade...but that pivot zone scared me big time, so I close prematurelly at around ema150...Today a saw that run up and thought..WTF


Regards,
Nothing wrong at all with doing that too, GG.
Bundy's status today: "Waiting..."
  • #46,140
  • Oct 15, 2009 5:23pm Oct 15, 2009 5:23pm
Quoting bundyraider
Nothing wrong at all with doing that too, GG.
Yes exactly

The best way I can explain it is. To be able to recognize these areas. Over time you learn when to hold a bit, tighten up, or take profit all together. The reality is we never fully know what WILL happen, but by never being surprised and prepared by recognizing all these areas, nothing is every a surprise and that is the best part! Time and experience is what comes next. Sometimes you get the runner, sometimes you don't, sometimes you move your stop up and you get taken out, other times you don't. Isn't the one trade that matters, it is all your trades and the long run.

You all should be very very happy when you can see these things and recognize these areas. You aren't far off.

Mike
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