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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

  • #46,261
  • Oct 18, 2009 4:26pm Oct 18, 2009 4:26pm
Quoting bee24
We have a nice move up, then price forming BEOB, but unfortunatelly no divergence. Anyone still considering?

Oh Yeah. Its what we look for.
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Indicators show the past. Price Action "Indicates" the future.
  • #46,262
  • Oct 18, 2009 4:30pm Oct 18, 2009 4:30pm
Quoting jarroo
Oh Yeah. Its what we look for.
Only two things that bother me about it: It's counter trend and there's not that much distance down to the 0.90 PPZ

Still, that's a pretty nice weekly formation.

How do you guys look at the two things I mentioned?
  • #46,263
  • Edited 5:03pm Oct 18, 2009 4:35pm | Edited 5:03pm
Quoting o990l6mh
Only two things that bother me about it: It's counter trend and there's not that much distance down to the 0.90 PPZ

Still, that's a pretty nice weekly formation.

How do you guys look at the two things I mentioned?
The size is good for a CT and 90 pips to the .9000 . . . that's a good thing.
Indicators show the past. Price Action "Indicates" the future.
  • #46,264
  • Oct 18, 2009 4:39pm Oct 18, 2009 4:39pm
Quoting jarroo
The size is good for a CT and 90 pips to the .9000 . . . that's good thing.
Hey jarroo.

What about entry point? Looking for pullback and/or bearish PA in daily?
  • #46,265
  • Oct 18, 2009 4:46pm Oct 18, 2009 4:46pm
Quoting NosferatuMan
Hey jarroo.

What about entry point? Looking for pullback and/or bearish PA in daily?
Pullback, retest, bearish PA on the Daily/ 4hour . . . .all good things to look for.

I'll look for an initial break 10 to 15 pips below the low and see if she runs.
Indicators show the past. Price Action "Indicates" the future.
  • #46,266
  • Oct 18, 2009 4:48pm Oct 18, 2009 4:48pm
Anyone else with me?
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  • #46,267
  • Oct 18, 2009 4:49pm Oct 18, 2009 4:49pm
Quoting Tingus
Anyone else with me?
on the gbp/usd gap but close
  • #46,268
  • Oct 18, 2009 5:05pm Oct 18, 2009 5:05pm
Watching the Daily Nzd/Jpy too.
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Indicators show the past. Price Action "Indicates" the future.
  • #46,269
  • Oct 18, 2009 5:05pm Oct 18, 2009 5:05pm
I am with you on that one, unfortunately, the current spread is keeping me out of it.

Ray

Quoting mbqb11
on the gbp/usd gap but close
Que
  • #46,270
  • Oct 18, 2009 5:12pm Oct 18, 2009 5:12pm
Quoting Tingus
Anyone else with me?

Ooops missed that one... i did take Gbp/Usd however. I don't play many gaps so i just risked about 1/3 of a 1% on my account for this one.
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  • #46,271
  • Oct 18, 2009 5:16pm Oct 18, 2009 5:16pm
Quoting jarroo
Watching the Daily Nzd/Jpy too.
Out of the Jpy's i favor Aud. It is worth 1% of my account to find out if it at least drops on a round number.
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  • #46,272
  • Oct 18, 2009 5:18pm Oct 18, 2009 5:18pm
Quoting saskgui
Out of the Jpy's i favor Aud. It is worth 1% of my account to find out if it at least drops on a round number.
Looking good.
Indicators show the past. Price Action "Indicates" the future.
  • #46,273
  • Oct 18, 2009 6:03pm Oct 18, 2009 6:03pm
GU and GJ gaps went insane. 6% profit for the week and the week as only been open 1 hr.
Que
  • #46,274
  • Oct 18, 2009 6:06pm Oct 18, 2009 6:06pm
Gap filled , I'm out Easy money
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  • #46,275
  • Oct 18, 2009 6:16pm Oct 18, 2009 6:16pm
Thankyou Que

  • #46,276
  • Oct 18, 2009 6:23pm Oct 18, 2009 6:23pm
If its not too much to ask, a question for those playing these gaps.

Do you look for price action on a lower time frame (say 15min/5min) within a couple of hours of market open, and target the close of the gap? Or do you simply enter an order as soon as the market opens and hope the gap closes quickly? If you don't wait for PA, how do you determine stop loss placement?

Thanks
  • #46,277
  • Oct 18, 2009 6:36pm Oct 18, 2009 6:36pm
I always wait for the spread to normalize. That takes about 10 - 15 minutes. From that point, I have a couple M5 bars to look at as well as the current gap. I never risk more than 1% on a gap trade. Its just bad practice. I determine what stop I will need, and if the gap is greater than my perceived stop. I trade.

Take GU and GJ. By the time the spread went back to normal, I was looking at max 15 pip stops here. Gaps were larger than 15 in both cases. Also both cases had pins on the M5. Was a go trade for me in both cases.

Now take EURAUD. Not looking promising to be honest. Gap looked great, I entered this one as well. Unfortunately I had a 9 pip spread, and there is far to much resistance coming down. I am 5 pips in the profit and I am looking to close this one.

For me, gap trades are about percentages. In my own head, I am convinced at the research I have done with them. I choose wisely and move my stops to BE very fast. As I have said in previous posts, I am running about 74-76% on gap trades. This is a great ROI on a 1% trade.

Now take what James has said about the gap point being the pivot. On the GU I moved to BE very fast, 20 pips. Now I am letting it run as the H1 closed above the gap. This could turn into a dud trade and it is a new theory for me. I would usually close it down like I did the GJ. However, as I made so much on GJ, I have the luxury of testing this theory and ending up with a BE GU gap trade.

Que

Quoting pmn100
If its not too much to ask, a question for those playing these gaps.

Do you look for price action on a lower time frame (say 15min/5min) within a couple of hours of market open, and target the close of the gap? Or do you simply enter an order as soon as the market opens and hope the gap closes quickly? If you don't wait for PA, how do you determine stop loss placement?

Thanks
Que
  • #46,278
  • Oct 18, 2009 6:43pm Oct 18, 2009 6:43pm
Quoting Que
GU and GJ gaps went insane. 6% profit for the week and the week as only been open 1 hr.
Hey Que

Do you normally risk 3% on a gap trade or did you really like setups today?

edit... ahh i see the standard 1% in the above post...
  • #46,279
  • Oct 18, 2009 6:48pm Oct 18, 2009 6:48pm
Quoting Que
I always wait for the spread to normalize. That takes about 10 - 15 minutes. From that point, I have a couple M5 bars to look at as well as the current gap. I never risk more than 1% on a gap trade. Its just bad practice. I determine what stop I will need, and if the gap is greater than my perceived stop. I trade.

Take GU and GJ. By the time the spread went back to normal, I was looking at max 15 pip stops here. Gaps were larger than 15 in both cases. Also both cases had pins on the M5. Was a go trade for me in both cases.

Now take EURAUD. Not...
Thanks very much Que.
  • #46,280
  • Oct 18, 2009 7:39pm Oct 18, 2009 7:39pm
Well, holding the GU turned into a dud trade. Oh well, watching this pair for some PA on the H$ for southbound move. Will wait and see. I am happy with the start of the week though.

Que
Que
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