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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

  • #47,141
  • Oct 29, 2009 9:39am Oct 29, 2009 9:39am
Quoting dobe_r_man
Looking very ugly, if 1.66 doesn't hold I will likely get stopped out for a very quick trade today (losing).

Strange, even when I press down on the chart, it just keeps climbing.....

I believe I've been neutered on this one........
Rejoice !
U.S is out of recession ... thats why this is flying
  • #47,142
  • Oct 29, 2009 9:45am Oct 29, 2009 9:45am
Quoting dobe_r_man
...
I believe I've been neutered on this one........
neutered?
dont think so.
most likely , just 'dog fleas'. take a 'medicated bath', they will 'come off'...
wash, rinse, repeat.
also helps if u keep your body (mind) clean & clear.
  • #47,143
  • Oct 29, 2009 9:48am Oct 29, 2009 9:48am
Quoting pipmyride
Rejoice !
U.S is out of recession ... thats why this is flying
Ha ha.......I know you are just kidding anyway, but I can tell you as a commercial real estate lender at an American Bank I see no signs of it. On the residential side we have inventories for years and on my side (commercial) it isn't much brighter.

Thanks for the laugh though.....
  • #47,144
  • Oct 29, 2009 9:55am Oct 29, 2009 9:55am
Quoting arctos
Yet another experienced trader is leaving? That's sad but all the best wherever you go.
We're actually very fortunate to have him in our company for so long...

Such traders usually don't give a damn abt public forums,

g.
I believe . . .
  • #47,145
  • Oct 29, 2009 9:58am Oct 29, 2009 9:58am
Quoting supremeChaos
neutered?
dont think so.
most likely , just 'dog fleas'. take a 'medicated bath', they will 'come off'...
wash, rinse, repeat.
also helps if u keep your body (mind) clean & clear.
Ok, who spiked your coffee? I am keeping a clear mind (love the avatar by the way), just being realistic. The worst thing you can do is convince yourself it will work out, but until my stop is hit for now I will see it through just in case.

I have had several Honda CBR 600's (f4i's and RR), man I really miss having a bike. Do you ride?
  • #47,146
  • Oct 29, 2009 10:09am Oct 29, 2009 10:09am
Quoting dobe_r_man
Ok, who spiked your coffee? ,,,
How'd u know?
i had 3 glasses today, not too strong though. but my usual is just 1-2 glasses. blame it on 4hrs of sleep. lol

ride? i ride but i dont have a RIDE.
seriously, for now, i only have a 110cc.

btw, nice rides u had. i plan to dessert-ride (dirt bike) with KissFan if ever i get a chance to visit US (im from the Philippines). probably we can ride (superbike ?) within your place too, if ever.

thanks for asking.
  • #47,147
  • Oct 29, 2009 10:42am Oct 29, 2009 10:42am
Quoting aserbfx
just a question:

do you guys look at the correlation between the different pairs?

for example, you are e/u long and spot a bearish setup on g/u. as there is a high correlation between this two pairs, do you take this trade?
Hey Aserb

I am personally not overly concerned with correlation. I am focused on a good trade. If a good trade shows up it is a good trade, no matter to me what else is really going on(for the most part). Often you get very similar setups on pairs like xxx/jpy. This can be a good thing. I find the best one and the other pairs doing the same just help to confidence factor.

Best
Mike
  • #47,148
  • Oct 29, 2009 10:43am Oct 29, 2009 10:43am
Quoting dobe_r_man
Looking very ugly, if 1.66 doesn't hold I will likely get stopped out for a very quick trade today (losing).

Strange, even when I press down on the chart, it just keeps climbing.....

I believe I've been neutered on this one........
i'm already out of this trade and of course with a loss

looking back, i wanna know if there are any indication that the bearish bar wouldn't work.

anyone?

*btw, i'm talking about the 'failed' bearish bar on the daily gbp/usd
  • #47,149
  • Oct 29, 2009 10:50am Oct 29, 2009 10:50am
Quoting arthurwtm
i'm already out of this trade and of course with a loss

looking back, i wanna know if there are any indication that the bearish bar wouldn't work.

anyone?

*btw, i'm talking about the 'failed' bearish bar on the daily gbp/usd
Hey Arthur,

I think it was a pretty decent daily trade to nibble on. But if 1.65 wasn't going to hold it sure doesn't help. Note though this trade isn't over yet. A failed trade is when the top of the bar is taken out. This one could very well come back now

I am watching 1.65 like a hawk

Mike
  • #47,150
  • Oct 29, 2009 10:59am Oct 29, 2009 10:59am
Watching...
Attached Image (click to enlarge)
Click to Enlarge Name: nzdusd 102909_4hr.gif Size: 15 KB
  • #47,151
  • Oct 29, 2009 11:03am Oct 29, 2009 11:03am
Quoting mbqb11
Hey Arthur,

I think it was a pretty decent daily trade to nibble on. But if 1.65 wasn't going to hold it sure doesn't help. Note though this trade isn't over yet. A failed trade is when the top of the bar is taken out. This one could very well come back now

I am watching 1.65 like a hawk

Mike
well, i was taking a more aggresive approach as in i had my stop loss lower, which stopped my trade out.
my impression of it is that when it went up so high (over 61fib of bearish bar), the bearish bar formation isnt reliable anymore....am i right to say this?

anyway, IF i want to re-enter, what should i be watching out for?
  • #47,152
  • Oct 29, 2009 11:04am Oct 29, 2009 11:04am
Quoting arthurwtm
i'm already out of this trade and of course with a loss

looking back, i wanna know if there are any indication that the bearish bar wouldn't work.

anyone?

*btw, i'm talking about the 'failed' bearish bar on the daily gbp/usd
I don't think you did anything wrong with taking this trade (and I don't say that to make me feel better because I am in it too). My stop is still above the daily BEOVB but I am in the red of course due to my entry at 1.467 area. It still could work out, but after todays bar closes I may reduce my stop loss. This is a personal preference and as Mike pointed out it has not failed yet and many would not adjust their stop.

I manage trades a little bit differently than others, as if I am getting conflicting signals I will defend my capital and tighten stops depending on the daily price action. Could I get stopped out and then it zooms down without me? Absolutely......but I always put capital first and I don't beat myself up even if that happens. For me, I am more comfortable reducing risk as originally I never moved my initial stop despite signs I was probably wrong on the trade. It is easier for me to watch a trade I reduced my stop on prove me wrong than the alternative.

Each trader is different though!
  • #47,153
  • Oct 29, 2009 11:05am Oct 29, 2009 11:05am
Quoting arthurwtm
well, i was taking a more aggresive approach as in i had my stop loss lower, which stopped my trade out.
my impression of it is that when it went up so high, the bearish bar formation isnt reliable anymore....am i right to say this?

anyway, IF i want to re-enter, what should i be watching out for?
It really depends on your method. Some people cut out early, some hold. I don't think you were necessarily wrong to cut out, but if it does come back down now, you can't change everything you do. THis is why we demo till we get it right.

For example I was short the 4hr beob on that pair. And then we formed that sideways channel. When it broke out long of that channel I cut out for B/e. So now I am watching for clues around 1.65. 1.65 could turn to support and I get in long, or we get some nice bearsih PA to get short.

Best
Mike
  • #47,154
  • Oct 29, 2009 11:07am Oct 29, 2009 11:07am
Quoting Jduester
Watching...
What is interesting about this pair is the monthly pin forming at a swing high! I don't typically enter monthly bars, BUT I will be watching the daily and weekly for reasons to go short if it closes as a pin.

Honestly, this jumps out at me on the charts (come on now.......for fun, take a look at monthly charts every now and then.....)

Nathan
  • #47,155
  • Oct 29, 2009 11:09am Oct 29, 2009 11:09am
Quoting dobe_r_man
Looking very ugly, if 1.66 doesn't hold I will likely get stopped out for a very quick trade today (losing).

Strange, even when I press down on the chart, it just keeps climbing.....

I believe I've been neutered on this one........
It can be tough. I was such a horrible trader when I first started that it took me some time before I could predict with any accuracy that price would move from the left to the right of the chart.

K.I.S.S.
  • #47,156
  • Oct 29, 2009 11:16am Oct 29, 2009 11:16am
Quoting dobe_r_man
I manage trades a little bit differently than others, as if I am getting conflicting signals I will defend my capital and tighten stops depending on the daily price action....

yeah i have the same mentality.
i'll always try to reduce my loss instead of waiting it out. my justification is that when the bar goes up that high, the bearish bar formation doesnt look 'nice' anymore...hence wouldnt go as predicted.

who knows it may form a double top
  • #47,157
  • Oct 29, 2009 11:16am Oct 29, 2009 11:16am
Dear all,

Can anyone tell me the best way to study Rac's method?

Cheers,

kk007
  • #47,158
  • Oct 29, 2009 11:21am Oct 29, 2009 11:21am
Quoting arthurwtm
yeah i have the same mentality.
i'll always try to reduce my loss instead of waiting it out. my justification is that when the bar goes up that high, the bearish bar formation doesnt look 'nice' anymore...hence wouldnt go as predicted.

who knows it may form a double top
It could, but then again if you followed your trading plan then you did the right thing. Right now I view this trade as not working out unless proven otherwise. I expect to reduce my stop loss after today (as of right now), unless it shows me something different and assuming I don't get stopped out before the end of the day.

The key is knowing what you are going to do ahead of time based on what happens.......then you are just following your plan vs. making emotional decisions. By what you have said, you did just that! They can't all be winners.

Nathan
  • #47,159
  • Oct 29, 2009 11:23am Oct 29, 2009 11:23am
Damn....my first trade ever. Took a lose of 0.25% of my account on 15min chart

Feeling wired...it happened cause I didn't move my stop to BE fast enough I think...

I'm closing charts for today to avoid a revenge trade.

Good luck.
  • #47,160
  • Oct 29, 2009 11:23am Oct 29, 2009 11:23am
Quoting kk007
Dear all,

Can anyone tell me the best way to study Rac's method?

Cheers,

kk007
My best guess would be to read all his posts
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