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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

  • #51,321
  • Edited 7:44am Jan 12, 2010 7:31am | Edited 7:44am
Quoting nasir.khan

Yea closed the short at 133.60.
Did i missed the start of a TREND in EURJPY .
  • #51,322
  • Jan 12, 2010 7:43am Jan 12, 2010 7:43am
Quoting nasir.khan
Did i missed the start of a the TREND in EURJPY .
Maybe.
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  • #51,323
  • Jan 12, 2010 7:48am Jan 12, 2010 7:48am
Quoting nasir.khan
Thanks Joe.

Thats what i am seeing.
Correlations can be tricky things - they often present a pretty misleading picture, and people misuse them (not that I am saying you are one of those people, but I have seen it happen way too often).

What you are really seeing is a picture of risk attitudes. The driver isnt gold, or aud, or cad... but something that drives all three

When you have to shoot, shoot. Dont talk.
  • #51,324
  • Jan 12, 2010 7:56am Jan 12, 2010 7:56am
Quoting didymario
Dis 1 didnt look back after breaking out. wuz hoping 2 see a retracement back to the blue breakout line.

Hunri
looks like you got your retracement. If I was in this one, my stop would be at break even by now.


EDIT: that's EURAUD 30 min. chart.
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Many choose unhappiness over uncertainty.
  • #51,325
  • Jan 12, 2010 8:03am Jan 12, 2010 8:03am
Quoting mbqb11
I don't think so

I just took a trade on eur/gbp, very large BEOB + divergence + Big Round number

Quick profit


Mike
Nice one, Mike. A quick question, do you wait for price to break the low of BEUB before you enter, or do you directly trade at the open of the next bar? Thanks.

Mairza
  • #51,326
  • Jan 12, 2010 8:07am Jan 12, 2010 8:07am
Quoting triger88990


if this could be a scenario than wouldn't be necessary to get .4700 in order to be formed a H&S,or the below scenario are you referring to
Based on xxxxxxxxxxxxx about eu..
.
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  • #51,327
  • Jan 12, 2010 8:09am Jan 12, 2010 8:09am
Quoting Krysztau
Hi guys,
Thanks for your earlier answers to a question I posted. I took a trade short on UJ I posted in post quoted below [picture attached is here:
http://cdn.forexfactory.com/attachme...0&d=1263171240
I think the problem here is that it is a pretty substandard setup - the 2 1/2 day pin is small, doesnt have much confluence, the bar formation is kinda weak, and it's headed right into a world of traffic and a round number. Nothing there jumps out at me and makes me want to throw money at it.

Just out of interest, when you placed your trade - where did you see price going to? I wouldnt expect it to get past .9200-.9180 (where the purple line is), if it even got that far. Jim's 'where is price going?' series really hammers this point home, and its an important one.

in fairness, you did let it break the bar lows, which was a smart move - but I wouldnt have gone near it with a bargepole. Not that I really know what a bargepole is, but whatever. I still wouldnt take it

in regards to your stop, the placement looks good, but alot of guys like to do a '2 bar trail' type system, where you basically have a loose trailing stop. I dont really use that, but if I was drunk enough to get in on this setup, I would have had my stops at b/e as soon as humanly possible - too much traffic -> high probability of price coming back on us -> dont lose money.

And, as always, rule #1 is 'dont lose money'.

Do you really want to spend your time chasing these ones, which offer - based on that chart of the entry - probably 15 pips? Sure, you might get lucky... but 99/100, you wont.

Look at that setup, and then look at the one circa 8500. I know which one I want to back.

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When you have to shoot, shoot. Dont talk.
  • #51,328
  • Jan 12, 2010 8:12am Jan 12, 2010 8:12am
Quoting Forex007
You are very good, Raczek.
Not any better then yourself or anybody in this thread, trust me.

We just might process information differently....., for now.


Quoting FXBat
maybe you are talking about this one?

..
No, the other talked about why, when and how......
I'll check rac's archives when time permits.
There are much better vids (by Jim & Mike) on j16 site in a guest section.
  • #51,329
  • Jan 12, 2010 8:20am Jan 12, 2010 8:20am
Quoting Dan Gilbert
looks like you got your retracement. If I was in this one, my stop would be at break even by now.


EDIT: that's EURAUD 30 min. chart.

Yeah but that pullback was too steep, I passed. On the lower time-frames things have to be just perfect to get me interested.

Hunri
  • #51,330
  • Jan 12, 2010 8:25am Jan 12, 2010 8:25am
Quoting joelcf
Absolutely - just looking at the way price has reacted, you have to assume there are going to be a ton of stops right below that area, and if they get hit... well, off to the races



lol, i think I have just turned into a big, risk averse girl in my old age
Maybe if you change your pic to a teddy bear....ha ha.......as long as you have that beast on your avatar I think you are safe!!
  • #51,331
  • Jan 12, 2010 8:45am Jan 12, 2010 8:45am
[quote=Glenborrell;3358639]Hi Nathan,

Just a question re the open and possibly the close not being within the range of the previous bar. It looks like it gapped up a little at the open of this week. Is that not a key consideration when looking at the pin bar set-ups? As relatively new to this I'm doing things by the book.

Cheer in advance.

Glen


Glen:

It may not be relevant now, as it is currently not a 2-day pin at this point but if you look at the bar on 10/8/2009 and use that bar it would be a pin by proxy. This is a more advanced technique, but it basically involves using a previous bar at a resistance level (in this case) as the left eye.

Keep doing things by the book until you have played enough pins to look at other techniques.

Nathan
  • #51,332
  • Jan 12, 2010 9:04am Jan 12, 2010 9:04am
Quoting didymario
Yeah but that pullback was too steep, I passed. On the lower time-frames things have to be just perfect to get me interested.

Hunri
sometimes those steep pull backs are the best kind.....
Many choose unhappiness over uncertainty.
  • #51,333
  • Jan 12, 2010 9:08am Jan 12, 2010 9:08am
Cover me! I'm going in......
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That which does not kill me, makes me stronger.
  • #51,334
  • Jan 12, 2010 9:08am Jan 12, 2010 9:08am
Quoting joelcf
Just out of interest, when you placed your trade - where did you see price going to? I wouldnt expect it to get past .9200-.9180 (where the purple line is), if it even got that far. Jim's 'where is price going?' series really hammers this point home, and its an important one.
Thanks for re! Now It helps a lot!
For your curiosity: Initial TP I planned around 91.33 [above recent low 91.25 and fib 38% drawn between lowest low and high of recent daily wave [6.04.09 on my chart], so 80 pips vs 41SL...

BTW if I didn't moved SL I would win this one...
  • #51,335
  • Jan 12, 2010 9:54am Jan 12, 2010 9:54am
Quoting raczekfx
Based on xxxxxxxxxxxxx about eu..
.
Just shorted 750,000K 4543, based on raczek's theory..

i trust him
lowest draw down possible please.
  • #51,336
  • Jan 12, 2010 10:03am Jan 12, 2010 10:03am
I have been waiting for this yellow line to get touched.... for a long time now... *ZZZZzzzzz*
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Many choose unhappiness over uncertainty.
  • #51,337
  • Jan 12, 2010 10:10am Jan 12, 2010 10:10am
Quoting Dan Gilbert
I have been waiting for this yellow line to get touched.... for a long time now... *ZZZZzzzzz*
Dan,

I have an EA, and you can set audio alerts to TREND LINES... I downloaded it from the EA section, but it originally did not have any audio setting, so i edited the script myself and bingo! (let me know if you want it)

USD/CHF was a nice setup, I caught the top of it and shorted it at 1.0378
lowest draw down possible please.
  • #51,338
  • Jan 12, 2010 10:13am Jan 12, 2010 10:13am
have you looked at the daily. you are trading against a Daily Pin !!

Quoting Investor7
Cover me! I'm going in......
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  • #51,339
  • Jan 12, 2010 10:19am Jan 12, 2010 10:19am
Quoting Investor7
Cover me! I'm going in......
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No problem trust me.
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  • #51,340
  • Jan 12, 2010 10:19am Jan 12, 2010 10:19am
Quoting ehrek
Just shorted 750,000K 4543, based on raczek's theory..

i trust him
Giving Rac your money would have been a much wiser decision... You cannot trade off recommendations, without knowing what you are doing. Who will be telling you when to move SL to BE, when to take profits etc etc?
One Chart is Worth Ten Thousand Words.
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