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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

  • #49,061
  • Dec 2, 2009 5:27am Dec 2, 2009 5:27am
At first I didn't realise that I was incompetent, then I started to realise how incompetent I actually was, that's when I decided to do something about it, that's when determination took over, to the point that I would never, ever give up, then after a while I realised that I had become competent, and yes my friends, that's exactly when confidence started to kick in....

1 Not knowing incompetence
2 Knowing incompetence
3 Knowing competence
4 Confidence

Learning is different for each of us, yet the J16 forum will help you on the learning curve more than any other contributor that I have witnessed within FF or anywhere else for that matter

It takes time, I wish you well on your journey of knowledge and trading success

Matt
Without women, money would have no meaning - Aristotle Onassis
  • #49,062
  • Dec 2, 2009 5:45am Dec 2, 2009 5:45am
Quoting mattfx
The aussie is in a major trend up, I would not trust shorting it just yet
I would be surprised if it can hold at these levels I see it moving up to 9330
Third interest rate hike in as many months yesterday I think a lot of carry trade behind it now...
Got a BE on this one(thanks to the J16manager).

Well matt i just had a chart in front of me with Div+Weekly pivot+PB+TL and nothing else.

Now its making a BEOB lets see.
  • #49,063
  • Dec 2, 2009 5:56am Dec 2, 2009 5:56am
Quoting Dan Gilbert
because of the fact I had the cadjpy trade open, I had to pass on this USDCAD breakout trade I really wanted to take. I saw the pin and everything.
Yea Dan that's one of the 1H pins I was sorry I missed. Same thing happened today on the GBP. Woke up at 1am, and 2am nothing. The pin ofcourse shows up at 3am. Gotta love it. The market has a sick sense of humor.
"Whether you think you can or can't, you're right." Henry Ford
  • #49,064
  • Dec 2, 2009 6:01am Dec 2, 2009 6:01am
I count BE as winners, I just don't see the aussie as a short just yet, seeing the strength of the up trend on the longer time frames, even though it has cracked that TL, yet I must admit my bullish "hat" has been taken off for now so therfore I wait....
Without women, money would have no meaning - Aristotle Onassis
  • #49,065
  • Dec 2, 2009 6:19am Dec 2, 2009 6:19am
Quoting mattfx
I count BE as winners, I just don't see the aussie as a short just yet, seeing the strength of the up trend on the longer time frames, even though it has cracked that TL, yet I must admit my bullish "hat" has been taken off for now so therfore I wait....
Thanks matt,

Well i was not expecting a trend change cause of a crapy 1H pin lol. A little retrace, profit on a ppz and the rest trailing along nothing wrong with it i guess.
  • #49,066
  • Edited 6:50am Dec 2, 2009 6:31am | Edited 6:50am
Quoting djmanu
EURJPY 4h is at a nice area (PPZ, TrendLine, in Short LT Trend) but no PB, waiting for it
I am in this trade right now. Agree with your analysis: strong pivot zone, near 132.00 round number, and at the trend line from the Daily chart. Good location and the pin bar is the cherry on top

Edit: Also near the 38.2% Fibonacci retracement of the swing low that started on 26 Oct.
  • #49,067
  • Dec 2, 2009 7:21am Dec 2, 2009 7:21am
did everyone catch that pin on the 1H USDCHF chart? it stopped near resistance and 3 fib retracements. glad i got a couple of pips out of that one.
  • #49,068
  • Dec 2, 2009 7:29am Dec 2, 2009 7:29am
Quoting breakfastbar
I am in this trade right now. Agree with your analysis: strong pivot zone, near 132.00 round number, and at the trend line from the Daily chart. Good location and the pin bar is the cherry on top

Edit: Also near the 38.2% Fibonacci retracement of the swing low that started on 26 Oct.
Didn't see the Fibo but I was in the trade as well, caution there could be a support zone below at 130.7 (1h chart).
I had an hesitation on where put the S/L, above or below 132.00 ?
  • #49,069
  • Dec 2, 2009 7:48am Dec 2, 2009 7:48am
Just been re-reading some of the earlier posts in this thread.

Does anyone (I know James does, obviously!) here trade the mini-dow using the same candle patterns on a 5 min chart?

And what spreads do you get?
  • #49,070
  • Dec 2, 2009 8:08am Dec 2, 2009 8:08am
Quoting djmanu
Didn't see the Fibo but I was in the trade as well, caution there could be a support zone below at 130.7 (1h chart).
I had an hesitation on where put the S/L, above or below 132.00 ?
I saw the 130.70 support, yes. I have the stop loss above the pin bar at 132.05.
  • #49,071
  • Dec 2, 2009 8:38am Dec 2, 2009 8:38am
Quoting Dan Gilbert
is it ok to leave positions open over the weekend???? I have two positions that both turned into big winners this week but I closed them on friday because of weekend fear..... I wish I could have left them up.....
I do, but I also have my stop losses in case anything happens. The worst that happens is you pay some interest (or earn depending on the pair). I don't close profitable positions just because it is going into the weekend.

Nathan
  • #49,072
  • Dec 2, 2009 8:51am Dec 2, 2009 8:51am
Quoting ljr
This didn't work out. Took a full bar loss as there was no room to move to BE.
Hey ljr, yeah, took a full bar loss there too -- they happen. I stuck to my plan so I'm happy.

Currently looking at the BEOB on the same pair (4H C/J) now with better divergence. If it breaks, I'm moving to BE as soon as it gets near that area where it reversed. The 4H E/J has a similar setup. I'll be taking only one.

-- Danny
  • #49,073
  • Dec 2, 2009 9:02am Dec 2, 2009 9:02am
Quoting Dan Gilbert
That is an excellent trade imo.......

cadjpy is my favorite pair lol
Thanks Dan... you know what happened right after you said that right?
  • #49,074
  • Dec 2, 2009 9:23am Dec 2, 2009 9:23am
Quoting bluetrader
Thanks Dan... you know what happened right after you said that right?

Very aware . Although I didn't make any trade there, I did think it looked nice.

My thing is that inside bars aren't very reliable unless there is extreme confluence on the daily/weekly charts. I posted a EUR/USD trade last week that was off a 4hr inside bar and it worked out very very well but it was coming off the loooong daily trendline that has existed for almost a year now I think... On my other broker (alpari) it was actually a strong pinbar on the 4hr.
(I attached the pic below...)


Pins/outside bars are definitely more reliable in my opinion. I will only trade an inside bar if I already had a zone highlighted anticipating price action once the train arrived. (see the move up to 1.7400 on GBPCAD 1hr chart if you're interested in an area I was anticipating yesterday. You will see an inside bar there that I traded, and it made it to my first profit/trouble area @ 1.7338).


moral of the story: be careful on inside bars, only trade the absolute most ideal ones.
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Many choose unhappiness over uncertainty.
  • #49,075
  • Dec 2, 2009 9:26am Dec 2, 2009 9:26am
These are probably one of my top 3 favorite trade set-ups. If this closes as an inside bar I will be all over this one. Sorry I can't post a chart at work, but here is the scenario:


1) We have break above prior resitance near 2.0650 - 2.0700.
2) The pair moves down for the FIRST test of the area.
3) It prints an inside bar near the BOTTOM OF A LARGE bar down the day
before. (Day is not over, so this could become null and void but you
have to get your trading plan ready)
4) This area happens to be at the 38% Fib.
5) I will put an order just above 2.08 area long and a stop loss just below
the prior days low. I will ONLY play this long, no short order will be put
in.
6) TP target of 2.1000. My actual order will be around 2.0995 area in
case this area rejects with authority.


Again, I want to stress the IMPORTANCE of knowing what you are going to do ahead of time. Many times I see people asking about what to do once in a trade (which is a great way to learn and get opinions while trading demo), this creates stress and confusion for you as a trader. Have your plan and just follow it.........stress free, as you simply follow your plan and react accordingly vs the deer in headlights look of being uncertain.

Q. So what happens if it doesn't fill my order long and breaks 100 pips
south of this area? Do I try and jump in short?

A. Big deal, I lost nothing and I will take this same trade/place the same order 100 out of 100 times. I am not chasing trades, no I won't jump in short.

Q. What if it fills your order then goes south?

A. That's trading, and I only risked 1% of my account. It is part of the business and I take this trade every single time.

Q. What if it gets to 2.0970 stalls, and never gets to 2.0995?

A. Guess what, I have a contingency plan for these situations. If it gets to 2.0970 you can bet I am at break-even and more likely have moved my stop to 2.0945 area or 2.0895 area anyway depending on price action.

Summary
I don't want to get too specific with my trade management as you shouldn't trade like me and I shouldn't trade like you. The important point is that you have a plan, YOUR PLAN, and follow it. If you have ever been to a park and have seen kids chasing balloons you know what I am talking about..........don't run around aimlessly once you are in your trades!!!


Nathan
  • #49,076
  • Dec 2, 2009 9:40am Dec 2, 2009 9:40am
I am long at the break of this 1Hr pin. It is off the trendline printed as well as the 150ema. These usually make for pretty good set-ups. I would like to add that I have spotted interesting divergence off the weekly chart. I have no longer term long bias yet but could be persuaded if we get some solid PA here.

K.I.S.S.
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  • #49,077
  • Dec 2, 2009 9:48am Dec 2, 2009 9:48am
Quoting KissFan
I am long at the break of this 1Hr pin. It is off the trendline printed as well as the 150ema. These usually make for pretty good set-ups. I would like to add that I have spotted interesting divergence off the weekly chart. I have no longer term long bias yet but could be persuaded if we get some solid PA here.

K.I.S.S.
Nice entry KissFan......it is also at the 38% fib of that last move up. If you can get above 87.50 and hold I think you are in business.

Nathan


Pip it up......pip it up......oh....yeah....yeah......its only right now......pip it up........pip it up......


Ha ha.......sorry, I couldn't resist!
  • #49,078
  • Dec 2, 2009 9:54am Dec 2, 2009 9:54am
Quoting dobe_r_man
Nice entry KissFan......it is also at the 38% fib of that last move up. If you can get above 87.50 and hold I think you are in business.

Nathan


Pip it up......pip it up......oh....yeah....yeah......its only right now......pip it up........pip it up......


Ha ha.......sorry, I couldn't resist!
Haha! NP Nathan. You are just Keeping It Super Silly!

We need that sometimes bro!

K.I.S.S.
  • #49,079
  • Dec 2, 2009 10:33am Dec 2, 2009 10:33am
I'm anticipating the turquoise trend-line to be resistance to keep me in my trade here.

pin breakout...
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Many choose unhappiness over uncertainty.
  • #49,080
  • Dec 2, 2009 11:36am Dec 2, 2009 11:36am
Heres one for you TA junkies!
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lowest draw down possible please.
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