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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

  • #49,021
  • Dec 1, 2009 1:39pm Dec 1, 2009 1:39pm
You (intraday) guys are having all the fun, I am only watching three pairs that interest me right now but still waiting on price action to develop at levels of interest.

I ended with a positive return for November (albeit small...esp. compared to October) but that makes nine months straight of profit. I shouldn't jinx myself by saying things like that............ha ha.

I am not sure if I am just getting pickier or lazy.......hmmmmm

Nathan
  • #49,022
  • Dec 1, 2009 1:42pm Dec 1, 2009 1:42pm
Hello Everyone,

Some feedback on the following please:

1. Yesterday I shorted the eurcad and usdcad. Are these 2 pairs related cause they seem to be behaving the same way.

2. I have moved my stop to more tha BE with ample space. How do you take some profit from the table when you already have an order in place?
I'm demoing on FXPRO

usd cad: traded as pinbar hitting trendline and area of previous lows
eur cad: tarded as pinbar hitting trendline and area of previous reversals

I attach the charts below.
Attached File(s)
File Type: csv USDCAD 01_12_2009.csv   166 KB | 327 downloads
File Type: csv EURCAD 1_12_09.csv   111 KB | 341 downloads
  • #49,023
  • Dec 1, 2009 1:47pm Dec 1, 2009 1:47pm
Quoting PeterPan
Hello Everyone,

Some feedback on the following please:

1. Yesterday I shorted the eurcad and usdcad. Are these 2 pairs related cause they seem to be behaving the same way.

2. I have moved my stop to more tha BE with ample space. How do you take some profit from the table when you already have an order in place?
I'm demoing on FXPRO

usd cad: traded as pinbar hitting trendline and area of previous lows
eur cad: tarded as pinbar hitting trendline and area of previous reversals

I attach the charts below.
The charts don't work for me, but on Oanda at least if you have 3 lots short and you want to take profit on one lot you buy one lot and you are left with 2.
  • #49,024
  • Dec 1, 2009 1:48pm Dec 1, 2009 1:48pm
Charts attached again
Attached Image(s) (click to enlarge)
Click to Enlarge Name: eurcad 01_12_2009.gif Size: 63 KB
Click to Enlarge Name: usd cad_01_12_2009.gif Size: 56 KB
  • #49,025
  • Dec 1, 2009 1:55pm Dec 1, 2009 1:55pm
Quoting dobe_r_man
The charts don't work for me, but on Oanda at least if you have 3 lots short and you want to take profit on one lot you buy one lot and you are left with 2.
Nathan

Sorry if what I'm going to say sounds totally stupid but I'm an absolute beginner.

So when you for eg short do you put one order in or do you put three.
Does 3 lots mean 3 different orders.

P
  • #49,026
  • Dec 1, 2009 2:14pm Dec 1, 2009 2:14pm
Quoting Dan Gilbert
version 5.0??? Can't wait! are you testing it?
Testing might be bragging, but I have played around with it a bit.

One thing I've noticed is that charts take much longer to load, hopefully it's a beta software thing.

Other than that it seems to work nicely. They seem to have solved the incredibly annoying phenomenon where your trendline would "migrate" depending on which time frame you flip to.
  • #49,027
  • Dec 1, 2009 2:18pm Dec 1, 2009 2:18pm
I'm looking to take the pin on USD/CAD - it's off the 1.0400 ppz and has good form with plenty of space.

First trouble spot the old trend-line above, and then 1.0550.

Any thoughts?
Attached Image
  • #49,028
  • Dec 1, 2009 2:20pm Dec 1, 2009 2:20pm
Quoting o990l6mh
Testing might be bragging, but I have played around with it a bit.

One thing I've noticed is that charts take much longer to load, hopefully it's a beta software thing.

Other than that it seems to work nicely. They seem to have solved the incredibly annoying phenomenon where your trendline would "migrate" depending on which time frame you flip to.
Ah ha! I've been getting that on prorealtime (scroll on up!!) glad to know I'm not the only sufferer!
  • #49,029
  • Dec 1, 2009 2:24pm Dec 1, 2009 2:24pm
Quoting PeterPan
Nathan

Sorry if what I'm going to say sounds totally stupid but I'm an absolute beginner.

So when you for eg short do you put one order in or do you put three.
Does 3 lots mean 3 different orders.

P
The first order would be one (1) order to sell 3 lots. If you then bought one (1) lot at your profit target (most put in a limit order vs. a market order if they have a preplanned exit point), you would be left with your remaining 2 lots (short).

I hope this helps!

Nathan
  • #49,030
  • Dec 1, 2009 2:24pm Dec 1, 2009 2:24pm
Quoting PeterPan
Nathan

Sorry if what I'm going to say sounds totally stupid but I'm an absolute beginner.

So when you for eg short do you put one order in or do you put three.
Does 3 lots mean 3 different orders.

P

Peter,

From your charts, I can see you are using Metatrader. When you open a position, you specify how many lots to buy or sell - say 0.10 or 5.00 or even 0.07 with a nanolot broker. Let's say you opened with two micro lots, 0.20, and now you are in a decent profit and want to take some off the table. If you right click on your order on the trade tab of the "Terminal", you can choose Close Order. This will open a popup, where you can enter the specifics of the close, including how many lots you want to close - it defaults to the full amount of your position but you can choose a fraction of your position if you want, depending on your broker's requirements. So in our example, you have a position of 0.20 and want to take 50% off the table, so right click the order, choose Close Order, then change the number of lots to 0.10 (I believe the field is labeled "Volume"), check the other parameters (price in particular), and if they are correct, click the wide "close order...." button (not the Buy or Sell button), and it will close half of your position.

You could also use an EA like J16Manager to take partial profits as well.

I hope that helps.
  • #49,031
  • Dec 1, 2009 2:28pm Dec 1, 2009 2:28pm
Quoting MattW
I'm looking to take the pin on USD/CAD - it's off the 1.0400 ppz and has good form with plenty of space.

First trouble spot the old trend-line above, and then 1.0550.

Any thoughts?
I wouldn't take that one myself (which doesn't mean it is the right thing to do). Too small of a pin for my taste and you are coming back up to 1.0450, which may now act as resistance.

This is just one persons opinion though, as I would prefer it come back to the upper trendline and then short given price action to do so. Having said that, I probably just guaranteed you profits......ha ha.

Nathan
  • #49,032
  • Dec 1, 2009 2:31pm Dec 1, 2009 2:31pm
Quoting MattW
I'm looking to take the pin on USD/CAD - it's off the 1.0400 ppz and has good form with plenty of space.

First trouble spot the old trend-line above, and then 1.0550.

Any thoughts?
I took it 1,5h ago with tp @ 1.05, nice beginning
  • #49,033
  • Dec 1, 2009 2:44pm Dec 1, 2009 2:44pm
Quoting dobe_r_man
I wouldn't take that one myself (which doesn't mean it is the right thing to do). Too small of a pin for my taste and you are coming back up to 1.0450, which may now act as resistance.

This is just one persons opinion though, as I would prefer it come back to the upper trendline and then short given price action to do so. Having said that, I probably just guaranteed you profits......ha ha.

Nathan
Yeah that's done the trick

Seriously tho, I appreciate your analysis on this - I didn't even consider the x50 mark and it's things like that which I really need to work on.
  • #49,034
  • Dec 1, 2009 2:57pm Dec 1, 2009 2:57pm
Quoting MattW
Yeah that's done the trick

Seriously tho, I appreciate your analysis on this - I didn't even consider the x50 mark and it's things like that which I really need to work on.
To be fair, the 1.4550 is not what I would call major resistance but it has acted as support on the hourly before. Many times it will then flip and act as resistance. I don't play hourly (luckily...ha ha), but my analysis was more just my personal taste. I like pullbacks then entering with the initial thrust after price breaks a triangle or other formation.

There was good space but like I said the pin to me was kind of in sideways action vs. standing out on its own. Congratulations on your pips!
  • #49,035
  • Dec 1, 2009 3:09pm Dec 1, 2009 3:09pm
Anyone short C/J 4 hour? I went short on the 8 hour pin. Below is my analysis. This is correlated to the U/C 4H many are taking right now too.


Pros:
Great Location off PPZ
Fib confluence @50 and @62
At swing high
50-60 pips before it hits traffic
RSI divergence

Cons:
Not the best pin protrusion

I took it because it fit my plan. Plan to move to BE at first trouble area, then trail using resistance from there.

-- Danny
Attached Image
  • #49,036
  • Dec 1, 2009 3:15pm Dec 1, 2009 3:15pm
S/L moved at B/E for my USD/CAD long trade i let it run, my T/P is @ 1.05.
  • #49,037
  • Dec 1, 2009 3:29pm Dec 1, 2009 3:29pm
Wamo, Dob R Man,

Its clear now.

Thanks.

P
  • #49,038
  • Dec 1, 2009 3:44pm Dec 1, 2009 3:44pm
Quoting bluetrader
Anyone short C/J 4 hour? I went short on the 8 hour pin. Below is my analysis. This is correlated to the U/C 4H many are taking right now too.


Pros:
Great Location off PPZ
Fib confluence @50 and @62
At swing high
50-60 pips before it hits traffic
RSI divergence

Cons:
Not the best pin protrusion

I took it because it fit my plan. Plan to move to BE at first trouble area, then trail using resistance from there.

-- Danny
Hi Danny

I didn't notice it as an 8 hour pin but I am trading it as an inside bar on the break of the bar before ( mother candle ). My order was just triggered by about 2 pips and it has retraced a bit now but I'm watching to see if it will hold below 8300
  • #49,039
  • Dec 1, 2009 4:04pm Dec 1, 2009 4:04pm
Quoting bluetrader
Anyone short C/J 4 hour? I went short on the 8 hour pin. Below is my analysis. This is correlated to the U/C 4H many are taking right now too.


Pros:
Great Location off PPZ
Fib confluence @50 and @62
At swing high
50-60 pips before it hits traffic
RSI divergence

Cons:
Not the best pin protrusion

I took it because it fit my plan. Plan to move to BE at first trouble area, then trail using resistance from there.

-- Danny
That is an excellent trade imo.......

cadjpy is my favorite pair lol
Many choose unhappiness over uncertainty.
  • #49,040
  • Dec 1, 2009 5:13pm Dec 1, 2009 5:13pm
Did you see the 4H bullish PB on EURAUD on a PPZ ? Any thought about it ?
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