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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

  • #50,261
  • Dec 22, 2009 3:24pm Dec 22, 2009 3:24pm
Quoting Dan Gilbert
Can you dig this one for 2010?
another potential...
Attached Image
Many choose unhappiness over uncertainty.
  • #50,262
  • Dec 22, 2009 3:43pm Dec 22, 2009 3:43pm
Quoting Dan Gilbert
another potential...
Wow Dan, I have to wait to take my best shot at the Next Move... You have already figured out the Next Four...

Save this image & revisit it later.
I'm not suggesting you are wrong but the odds of being correct on all 4 moves must be out there.

Honestly submitted as a constructive opinion.
  • #50,263
  • Dec 22, 2009 3:51pm Dec 22, 2009 3:51pm
Quoting Bemac
Wow Dan, I have to wait to take my best shot at the Next Move... You have already figured out the Next Four...

Save this image & revisit it later.
I'm not suggesting you are wrong but the odds of being correct on all 4 moves must be out there.

Honestly submitted as a constructive opinion.
hahaha.... I'm not saying I know what I'm talking about... Just if price does something roughly like this, would you be surprised? I don't think I would be.... I feel like I've seen so many traders in this thread, and this thread only, make good calls and are just consistently correct. PPZs are a beautiful thing.
Many choose unhappiness over uncertainty.
  • #50,264
  • Dec 22, 2009 3:55pm Dec 22, 2009 3:55pm
Quoting benji533
Hey pmn100,

Many thanks for trying to help, but I still can't find the $ index chart in their list.

Ben




Great work Mike, thanks for posting
hi benji

try this mt4 http://software.informer.com/getfree...d-sigtrader-4/


have a merry xmas john
  • #50,265
  • Dec 22, 2009 3:56pm Dec 22, 2009 3:56pm
Quoting Dan Gilbert
Can you dig this one for 2010?
Yes I can sir, or a bounce either way I don't hold to many biases cause I always get in my own way when I do

Best
Mike
  • #50,266
  • Dec 22, 2009 4:04pm Dec 22, 2009 4:04pm
Quoting Dan Gilbert
these PPZs, breakouts, retracements are possibly the most predictable thing i have seen...

The euro example in the picture hasn't exactly made a big run down, YET, but I think a 25 pip run is enough to consider the trade a legitimate good decision... especially on a 1hr intra-day trade
nice, i see u r still holding ur nu shorts
also watch the daily chart....breaking out, this cld be a good one to hold imo
just hav to deal wit Mike's 0.7000 BRN first ...hehehehe
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Simplicity is the key to success
  • #50,267
  • Dec 22, 2009 4:09pm Dec 22, 2009 4:09pm
Quoting squeezy
nice, i see u r still holding ur nu shorts
also watch the daily chart....breaking out, this cld be a good one to hold imo
just hav to deal wit Mike's 0.7000 BRN first ...hehehehe
my new years resolution is to always have the daily's as my standard view . I'm in a daily trade right now.... will post when I get the stop to B/E .

still holding my NU short from last night, only because smart thinking allowed me to move my S/L to 7085 just beofore I feel asleep. If not for that vital decision, that trade would have closed at b/e and I would have been mildly annoyed right now lol
Many choose unhappiness over uncertainty.
  • #50,268
  • Dec 22, 2009 4:16pm Dec 22, 2009 4:16pm
Quoting Dan Gilbert
these PPZs, breakouts, retracements are possibly the most predictable thing i have seen...

The euro example in the picture hasn't exactly made a big run down, YET, but I think a 25 pip run is enough to consider the trade a legitimate good decision... especially on a 1hr intra-day trade

Nice charts. I was curious about something. If all 3 pairs are being compared to the same currency, the USD, isnt that the same as tripling your risk if all 3 trades are opened. Since it would be what happens to the USD that will determine the direction of each. It would seem like a safer bet to just double the lot size on 1 pair?

thx
bulls
Whats happening in EUR/USD should be happening to you!
  • #50,269
  • Dec 22, 2009 4:19pm Dec 22, 2009 4:19pm
Quoting Dan Gilbert
my new years resolution is to always have the daily's as my standard view . I'm in a daily trade right now.... will post when I get the stop to B/E .
yup mos def, the big picture (daily chart) gives really good clues as to wat cld happen, whether to hold trades off hrly or to hit and run

dnt forget to post ur daily entry when u reach be.....
wld like to see what made u pull the trigger of the daily.... cnt see any play off the daily until a day or 2
Simplicity is the key to success
  • #50,270
  • Dec 22, 2009 4:21pm Dec 22, 2009 4:21pm
Quoting BullsAndBear
Nice charts. I was curious about something. If all 3 pairs are being compared to the same currency, the USD, isnt that the same as tripling your risk if all 3 trades are opened. Since it would be what happens to the USD that will determine the direction of each. It would seem like a safer bet to just double the lot size on 1 pair?

thx
bulls

you're right. It would be bad diversification (or rather, not diversification at all) to hold multiple pairs open at once, all relying on USD simultaneously. Lately I have been focused on NZDUSD and looking for shorts on that pair. (ever since the weekly BEOB to be specific) Therefore, I took action on it. I just posted the three charts because they did in fact all happen at slightly different times, but had a very similar look/feel.
Many choose unhappiness over uncertainty.
  • #50,271
  • Dec 22, 2009 4:21pm Dec 22, 2009 4:21pm
Quoting squeezy
dnt forget to post ur daily entry when u reach be.....
wld like to see what made u pull the trigger of the daily.... cnt see any play off the daily until a day or 2
it's a yen cross I traded based on a daily PPZ.... more on that later though....
Many choose unhappiness over uncertainty.
  • #50,272
  • Dec 22, 2009 4:25pm Dec 22, 2009 4:25pm
Hi Mike,

Thanks for taking time to reply. Really appreciate you comments and fully understand what you said.

I actually think i've spotted a better area to watch about 100 pips higher at 1.0590. S/R level and 2 sets of fibs, 38 and 62. So will be watching this in the new year, if not before.

Thanks and have a good Christmas.

Glen
  • #50,273
  • Dec 22, 2009 4:28pm Dec 22, 2009 4:28pm
Quoting Dan Gilbert
it's a yen cross I traded based on a daily PPZ.... more on that later though....
hmmm, yen cross?
cld it be chfjpy maybe, missed my entry on uj due to indecision, pulled my order about 2/3 times.....
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Simplicity is the key to success
  • #50,274
  • Dec 22, 2009 4:36pm Dec 22, 2009 4:36pm
I entered on a retrace of Friday's EJ PB when it gapped down and bounced off support on Sunday night. To be honest, I didn't think it'd go much past the first S/R area where I took some profit and move to BE (I thought it has a good chance of just breaking the top of the PB).

Given the choppiness of this pair I'm trailing my stop based on H4 S/R, however given that the daily PB has now broken I'd be interested in hearing others' views as to how to manage this trade.

The next area I'm looking at is the thin blue rectangle around 131.50 and then the yellow descending TL. Zooming out to the weekly it looks like price is trapped in a consolidation box, so should we be thinking bigger picture and let price do its thing if it wants to get up to the top of the box again?

All thoughts greatly appreciated!

Cheers
Simon
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  • #50,275
  • Dec 22, 2009 4:50pm Dec 22, 2009 4:50pm
Whats the view on keeping trades open over xmas? I currently have 4 open all doing well in the money & taken of the daily's. Is there any reason to think of the break as nothing more then a normal weekend?

Also like many I would like to express my thanks to all on this thread for opening my eyes, its kinda like the matrix after a while you just start to see PA emerging.

Merry Christmas
Learning to be rigid in my rules & flexible in my expectations
  • #50,276
  • Dec 22, 2009 4:50pm Dec 22, 2009 4:50pm
isnt it just really hit and miss with these retracements of pins?. i just played a break of that pin. i just dont think its worth getting involved with it.

i mean sure this one worked but i have been on the receiving end of to many crap retraces that never pulled up and just kept going past my retrace point.

however looking at the weekly ej there were some bar lows there that made logical sense for those to act as support just around the retrace point and if you can accept your risk by putting stop under the pin then i guess its fine to do anyway, it was probably worth a go

you might be one of these people who have a good eye for the market though like a few guys on here.

not meant to be criticism just my experiences so far
  • #50,277
  • Dec 22, 2009 4:59pm Dec 22, 2009 4:59pm
Quoting supermatt

however looking at the weekly ej there were some bar lows there that made logical sense for those to act as support just around the retrace point and if you can accept your risk by putting stop under the pin then i guess its fine to do anyway, it was probably worth a go
Indeed. It also gapped down and I feel pretty comfortable playing gaps, so all things considered I "knew" (as much as we can even know anything about price) that it had a very good shot of making it to my first TP so I could get to BE.

Thanks Matt.

You're right though, from my limited experience, you can't just go playing retracements of every PB.

Any thoughts on trade management now?

Cheers
Simon
  • #50,278
  • Dec 22, 2009 5:44pm Dec 22, 2009 5:44pm
Quoting mbqb11
Hey Nos

My initial stop was above the pin as it always is for me. No partial take profits. The orange line is where I moved my stop at the beginning of this week and the red is my full take profit area.

Best
Mike
Thanks for the answer, Mike.

By the looks of it, it seems close to a 1R trade. Did you risk more than usual because of fact of being weekly based?

(just trying to figure out how you handle these ones)
  • #50,279
  • Dec 22, 2009 5:45pm Dec 22, 2009 5:45pm
Quoting NosferatuMan
Thanks for the answer, Mike.

By the looks of it, it seems close to a 1R trade. Did you risk more than usual because of fact of being weekly based?

(just trying to figure out how you handle these ones)
Hey Nos

Yep it was close, just 1% per trade is my standard. In line with "just another trade" mentality

Best
Mike
  • #50,280
  • Edited 6:10pm Dec 22, 2009 6:00pm | Edited 6:10pm
Quoting mbqb11
Hey Nos

Yep it was close, just 1% per trade is my standard. In line with "just another trade" mentality

Best
Mike
And what a great one
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