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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

  • #50,041
  • Dec 17, 2009 3:12pm Dec 17, 2009 3:12pm
Thanks Mike and Squeezy
  • #50,042
  • Dec 17, 2009 3:24pm Dec 17, 2009 3:24pm
Anyone feeling brave and looking at trading off the small 4 hour pin on the Eur/Usd?

Bounces of the 14300 round number and there hasnt been a decent retrace since 15100???

Its quite a big trend reversal to go against though?
Any thoughts..

thanks and regards
  • #50,043
  • Dec 17, 2009 3:35pm Dec 17, 2009 3:35pm
Quoting gdb
Anyone feeling brave and looking at trading off the small 4 hour pin on the Eur/Usd?

Bounces of the 14300 round number and there hasnt been a decent retrace since 15100???

Its quite a big trend reversal to go against though?
Any thoughts..

thanks and regards
If price did break the pin, where do you think the first trouble area would be?
Don't wish it were easier, wish you were better. ~ Jim Rohn
  • #50,044
  • Dec 17, 2009 3:37pm Dec 17, 2009 3:37pm
Quoting gdb
Anyone feeling brave and looking at trading off the small 4 hour pin on the Eur/Usd?

Bounces of the 14300 round number and there hasnt been a decent retrace since 15100???

Its quite a big trend reversal to go against though?
Any thoughts..

thanks and regards
no. bullish on USD didn't imagine I'd be saying that....
Many choose unhappiness over uncertainty.
  • #50,045
  • Dec 17, 2009 3:48pm Dec 17, 2009 3:48pm
Quoting TiaForex

That way you don't make yourself wrong for going through the ups and downs but you treat it like getting the flu. Rest up and take meds. You don't blame yourself for getting sick because you don't have the expectation that you will never get sick. But you do have a responsibility to manage it well. It isn't your fault to get the flu, but go swimming in a cold lake with the flu and you are almost certainly to blame for what happens next.
good image, thanks, I like it.
Just have to think about it bit more to squeeze all the juice out of it...
  • #50,046
  • Dec 17, 2009 3:51pm Dec 17, 2009 3:51pm
Quoting gdb
Anyone feeling brave and looking at trading off the small 4 hour pin on the Eur/Usd?

Bounces of the 14300 round number and there hasnt been a decent retrace since 15100???

Its quite a big trend reversal to go against though?
Any thoughts..

thanks and regards
I'll trade 60 pip range EU Pins at swing low and support almost every time. I just need to see it printed on a 1 hr chart after some smaller proportion bars have been produced. This one is just not convincing to me. Will we head up now, maybe so. It is a good location and I must take into account that it was formed at a generally less volatile time of day. I'll wait for a better looking set up. They are always out there and I will have plenty of opportunities to trade them.

K.I.S.S.
  • #50,047
  • Dec 17, 2009 4:01pm Dec 17, 2009 4:01pm
Mike I bet you're very happy with your short position on gold or are you out? .. I closed mine too soon.. what a wuss..
  • #50,048
  • Dec 17, 2009 4:16pm Dec 17, 2009 4:16pm
Quoting wh1zz0
Mike I bet you're very happy with your short position on gold or are you out? .. I closed mine too soon.. what a wuss..
yep still holding here , will move my stop at weeks end. I have standing take profit at 1075.35 now

Mike
  • #50,049
  • Dec 17, 2009 4:39pm Dec 17, 2009 4:39pm
Quoting LasVahGoose
If price did break the pin, where do you think the first trouble area would be?
Thats a very good point..thanks

Just above the pin from what I can see and understand - then next round number at 14400

Short looks a much smarter way to go at the right entry point -especially as 14000 lines up with a 50% daily fib taken from earlier in the year (May)

Sometimes its easy to miss the obvious - when looking for a trade..

regards
  • #50,050
  • Dec 17, 2009 5:10pm Dec 17, 2009 5:10pm
It's a work in progress. Two weeks after reading Mark Douglas' books and trying to convert my thinking, I am executing better overall, taking more trades, more losses and more profits. A few times I have been a little reckless in respect to my trade criteria. Convincing myself to accept losses has made me somewhat trigger happy. But then it's not too long before I make it up and reach a new equity high.

The best part is no trade has been life or death like before. I like the 15M charts, I like to be flat in the evening. I see a setup I like,calculate my risk, and take the trade. Then I set either my BE or J16 expert. I can't wait till I feel nothing at all.
"Whether you think you can or can't, you're right." Henry Ford
  • #50,051
  • Dec 17, 2009 6:19pm Dec 17, 2009 6:19pm
I'm short U/J on the 4 hour 2 bar reversal (8 hour pin). Below is my take on it:

Pros:
Nice long protrusion
Rejection from 2 trend lines
Rejection from 90.00 round number
Double top with divergence

Cons:
Minor traffic below

I plan to go to BE once it gets past that first minor PPZ. Anyone in this?

-- Danny
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  • #50,052
  • Dec 17, 2009 6:54pm Dec 17, 2009 6:54pm
Hi
I was in at UJ.
shorted UJ from 90.18.
TP hit at 89.25
  • #50,053
  • Dec 17, 2009 7:04pm Dec 17, 2009 7:04pm
winning touch. S/L moved to even. manually monitoring for exit strategy.
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Many choose unhappiness over uncertainty.
  • #50,054
  • Dec 17, 2009 7:09pm Dec 17, 2009 7:09pm
Quoting bluetrader
Long GBP/CHF on the 4 hour BUOB here. Here's my take on it:
Took a loss on this trade, as Nasir clearly pointed out... this area was loaded with resistance and I didn't catch that. I'm happy I stuck to my plan -- but I have more work to do in this area.

Quoting the novice
Hi
I was in at UJ.
shorted UJ from 90.18.
TP hit at 89.25
Nice trade novice... I moved my stop just above the minor ppz around 89.50
With support around 89.00, a target worked out well.
  • #50,055
  • Dec 17, 2009 9:06pm Dec 17, 2009 9:06pm
Shorted this pair from rejection of 1.05.
TP at 1.0375.
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  • #50,056
  • Dec 18, 2009 1:18am Dec 18, 2009 1:18am
I decided to keep my short trade open and let it run for a while because i think it has potential to drop more. This pullback to the trendline and forming of a pinbar was exactly what i wanted to see. I will move my stop to above that pinbar for now with a guarantee +1% trade.
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  • #50,057
  • Dec 18, 2009 1:25am Dec 18, 2009 1:25am
Quoting ekling
I decided to keep my short trade open and let it run for a while because i think it has potential to drop more. This pullback to the trendline and forming of a pinbar was exactly what i wanted to see. I will move my stop to above that pinbar for now with a guarantee +1% trade.
This is how we read price like a book. Well done !

Mike
  • #50,058
  • Dec 18, 2009 2:03am Dec 18, 2009 2:03am
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Simplicity is the key to success
  • #50,059
  • Dec 18, 2009 2:17am Dec 18, 2009 2:17am
I got BE on most of them But they did what i expected them to do. and i am very happy with that.

Look at GBP/CHF.

http://www.forexfactory.com/showpost...ostcount=50022

http://www.forexfactory.com/showpost...ostcount=50026
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  • #50,060
  • Dec 18, 2009 2:20am Dec 18, 2009 2:20am
My USD/CAD trade from yesterday turned great, 60pips profit, don't know when I'll close it ...
I don't see daily interresting setups this morning.
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