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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

  • #52,161
  • Jan 20, 2010 9:52am Jan 20, 2010 9:52am
Quoting forexpiet
My order (demo) beneath the pin is triggered. First target 1.6200

FP
Don't mean to jump in here (plus I know it is demo), but if you mean your take profit is at 1.6200 you might want to have the order at the 1.6210 area in case it rejects hard at 1.6200. This has saved me many times! Depending on your spread it could hit 1.6200 and then reverse leaving your TP behind.

If you just mean that is an area you are watching (if price gets there) to see how price reacts and adjust your position then disregard me jumping in here uninvited....
  • #52,162
  • Jan 20, 2010 9:58am Jan 20, 2010 9:58am
Quoting james16
CHART
Hi,

Looking to the left in your chart it seems to me the 38.2% level is a daily "flip-zone". That's why I took the trade (on demo) at a break of the BUOB.

FP
Posting Demo charts, mirroring some of them live.
  • #52,163
  • Jan 20, 2010 10:00am Jan 20, 2010 10:00am
For those that took the Daily GPBUSD (I did as well) and took profit at 30 pips, where was your initial stop loss?

I had my stop loss at 1.6525, well above the pin.

I had a larger TP due to the large SL, and in the end, settled for a BE trade, due to not hitting my TP at 1.6250, before hitting my BE stop loss (moved up).

Thanks!
  • #52,164
  • Jan 20, 2010 10:08am Jan 20, 2010 10:08am
Quoting ppfx
what is a DD if i may ask? im also watching this pair
Hey, sorry I'm late in responding, I went for a quick run. We call them Dale's doubles. Look up in the members list a guy named Dale and then go through his posts. After doing this, test out what you've seen in his posts and there it is! Double IBs show are solid as a "coil".

And Strateg, your english is perfectly fine brother.
I dream, therefore I become.
  • #52,165
  • Jan 20, 2010 10:10am Jan 20, 2010 10:10am
Quoting nasir.khan
Hey Rac do you pay attention to this?????
.
.
of course...
It's make it or break it tonight, for many 'far east' currencies..
  • #52,166
  • Jan 20, 2010 10:14am Jan 20, 2010 10:14am
Quoting marcelnyo
wow what lovely Inside XXX Bars that was... I should adapt my sleep pattern so I can monitor more dailies and not just the 4H...

...
There is easy solution to this. Partner with your 'serious' and 'business oriented' trading friends from different time zones and dedicate some hours to monitor charts. Whenever patterns of your liking occurs, you sent sms to each other.
Works for me...
  • #52,167
  • Jan 20, 2010 10:23am Jan 20, 2010 10:23am
Quoting dobe_r_man
Don't mean to jump in here (plus I know it is demo), but if you mean your take profit is at 1.6200 you might want to have the order at the 1.6210 area in case it rejects hard at 1.6200. This has saved me many times! Depending on your spread it could hit 1.6200 and then reverse leaving your TP behind.

If you just mean that is an area you are watching (if price gets there) to see how price reacts and adjust your position then disregard me jumping in here uninvited....
Thanks dobe_r_man. I am trying to trade on the dailys. The price is on daily support now (18-1-10 and 14-1-10). By the end of this trading day I will decide wether or not to put my SL to break-even. And I will watch PA at 1.6200.

FP
Posting Demo charts, mirroring some of them live.
  • #52,168
  • Jan 20, 2010 10:24am Jan 20, 2010 10:24am
Quoting Pip Pride
It was the same for EUR/GBP. So many FX analysts were 'predicting' a longterm move to parity and beyond, it never happened. I treat the 'news/analysis' like astrology now, sometimes entertaining if you've got time to waste, but never to be taken seriously.
Well, some people trade, some write stories for living.
You can't blame them for doing that.
I doubt however, they put their money were their mouth is, otherwise they wouldn't have to come up with stories...
  • #52,169
  • Jan 20, 2010 10:26am Jan 20, 2010 10:26am
Quoting unlv_tj
For those that took the Daily GPBUSD (I did as well) and took profit at 30 pips, where was your initial stop loss?

I had my stop loss at 1.6525, well above the pin.

I had a larger TP due to the large SL, and in the end, settled for a BE trade, due to not hitting my TP at 1.6250, before hitting my BE stop loss (moved up).

Thanks!
UNLV:

I can tell you what I did, but honestly it is my own style/version of trade management (but very much J16 price action) so take it for what it is worth:

- My initial stop was above the high of the pin at 1.6460 (which is perfect,
as I like to be above .50 and round numbers if at all possible when short)

- It is currently just above 1.6400. This is part of my trade management,
many traders wouldn't touch their stop until it broke the high of the pin
or their TP was hit.

- Depending on what happens today it may be moved again to just above
1.6300 (again I have my own system for trade management).

- It won't go lower than that if moved to 1.6300, it either hits my TP or
my SL gets hit (roughly break-even if it gets moved there).

I honestly don't lose sleep if I am taken out early before the move I expected based on moving my stops like I do. When I look back over my trading history I have saved plenty of full bar losses by managing the way I do.

I have found for me, focusing on preserving my capital and minimizing losses has improved my performance tremendously.

Nathan
  • #52,170
  • Jan 20, 2010 10:34am Jan 20, 2010 10:34am
Quoting mike w
Hey, sorry I'm late in responding, I went for a quick run. We call them Dale's doubles. Look up in the members list a guy named Dale and then go through his posts. After doing this, test out what you've seen in his posts and there it is! Double IBs show are solid as a "coil".

And Strateg, your english is perfectly fine brother.
thanks for the reply will check it out
  • #52,171
  • Jan 20, 2010 10:35am Jan 20, 2010 10:35am
nice catch tanking, seems like we got space down there
  • #52,172
  • Jan 20, 2010 11:02am Jan 20, 2010 11:02am
Nice pinbar on 4hour and big round number 1.7000, i have sell stop order at 1.6970.
Attached Image (click to enlarge)
Click to Enlarge Name: GBPCHF - Pinbar.jpg Size: 56 KB
  • #52,173
  • Jan 20, 2010 11:03am Jan 20, 2010 11:03am
Here is one I'm keeping an eye on at the moment, it is at a long term support level and 1.5500 area, with good divergence on the daily.
maybe its time to reverse this trend
Attached Image (click to enlarge)
Click to Enlarge Name: euraud.gif Size: 18 KB
You got to know when to hold them, and know when to fold them.
  • #52,174
  • Jan 20, 2010 11:05am Jan 20, 2010 11:05am
Quoting dobe_r_man
UNLV:

I can tell you what I did, but honestly it is my own style/version of trade management (but very much J16 price action) so take it for what it is worth:

- My initial stop was above the high of the pin at 1.6460 (which is perfect,
as I like to be above .50 and round numbers if at all possible when short)

- It is currently just above 1.6400. This is part of my trade management,
many traders wouldn't touch their stop until it broke the high of the pin
or their TP was hit.

- Depending on what happens today it may be moved again to just...
Nathan, thank you very much. This would have been my plan on stop losses, but the movement this morning and the hard bounce off of 1.6250 told me to get my stop to break.

Problem for me was, the Pin Bar low as at like 1.6311 or some where around there. So I didn't get in until 1.6290, I wanted a good break from 1.63.

So if I moved my stop above 1.63, I risked a very small loss. Maybe risking the small loss was the better move (in this case it would have allowed me to not get stopped out AND hit my first TP at 1.6250).

Where did you get in on this pair?
  • #52,175
  • Jan 20, 2010 11:17am Jan 20, 2010 11:17am
Quoting mike w
Hey, sorry I'm late in responding, I went for a quick run. We call them Dale's doubles. Look up in the members list a guy named Dale and then go through his posts. After doing this, test out what you've seen in his posts and there it is! Double IBs show are solid as a "coil".

And Strateg, your english is perfectly fine brother.
did some research as i sad i would here are the links to some of Dale's posts if anybody else is interested, i also posted SupremeChaos's post in which are links regarding IB 1 , 2 , 3 , 4 , 5 , 6 , 7 , 8

i also attached links to some sample trades that Dale has posted and in link No.5 is also an indicator which finds IBs for you

and now testing time for me it would be good to add Dale's doubles in my trading style...
  • #52,176
  • Jan 20, 2010 11:21am Jan 20, 2010 11:21am
http://www.cftc.gov/newsroom/general...pr5772-10.html

they are proposing a leverage of 10 to 1. Not good at all
  • #52,177
  • Jan 20, 2010 11:21am Jan 20, 2010 11:21am
Quoting ppfx
and now testing time for me it would be good to add Dale's doubles in my trading style...
Just like anything regarding chart analysis, it's solid at PPZs.
I dream, therefore I become.
  • #52,178
  • Jan 20, 2010 11:26am Jan 20, 2010 11:26am
Quoting unlv_tj
Nathan, thank you very much. This would have been my plan on stop losses, but the movement this morning and the hard bounce off of 1.6250 told me to get my stop to break.

Problem for me was, the Pin Bar low as at like 1.6311 or some where around there. So I didn't get in until 1.6290, I wanted a good break from 1.63.

So if I moved my stop above 1.63, I risked a very small loss. Maybe risking the small loss was the better move (in this case it would have allowed me to not get stopped out AND hit my first TP at 1.6250).

Where did you get in...
Actually almost identical to you - 1.6294, when it is that close to a round number I enter below as you did. Well honestly, it is always easy to know after the fact, but I routinely will take a small loss and put my stop above 1.6300 vs. break-even at 1.6290. With your stop there you can almost guarantee you will get stopped out vs. say 1.6315 when there is a normal reaction. 1.6300 has a chance, just below a round number gives it too good of a chance to take you out and then reverse at the round number.

Let's face it though, I could still end up taking some kind of loss on this whereas you are out at break-even. The only "possible" mistake made was in your stop placement (just my opinion). If this jumps later today or tomorrow you will be glad you are out...ha ha.....I just think a stop right under a round number (when short) in the long run is asking to be taken out. I like it to prove 1.6300 is not valid so to speak.

Nathan
  • #52,179
  • Jan 20, 2010 11:36am Jan 20, 2010 11:36am
ekling - I was thinking about this one, but I am afraid of so many bullish candles one by one on daily chart. What's more important almost every one have small nose and big corpus, like there was no selling pressure.

Good luck.
  • #52,180
  • Jan 20, 2010 11:39am Jan 20, 2010 11:39am
Quoting ekling
Nice pinbar on 4hour and big round number 1.7000...
Nice find ekling... I'm tracking this on the daily. If it breaks (and holds) by more than 30 pips in the next few hours, we got ourselves a daily pin bar too.

-- Danny
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