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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

  • #52,601
  • Jan 22, 2010 1:51pm Jan 22, 2010 1:51pm
Quoting PippingMama
Hi Mike,

I played the break of the BUOB on EURAUD but market seems pause at the break for so long. I decided to closed the trade with few pips profit. Just don't want to wait over weekend and any unexpected happened.

If next week open, will you consider playing the weekly pinbar on the EURAUD? Also, do you think I close the trade today is wise move?

Thanks!

PM
Hey PM

I got in on the 4hr so I have some more room to play with now. I think the daily play is fine and still in fine shape. I wouldn't be getting in and out cause that isn't my style. I definitely would not get in based on the weekly. To me the A+ was the 4hr, A- the daily.

Best
Mike
  • #52,602
  • Jan 22, 2010 1:51pm Jan 22, 2010 1:51pm
Quoting PippingMama
Hi Mike,

I played the break of the BUOB on EURAUD but market seems pause at the break for so long. I decided to closed the trade with few pips profit. Just don't want to wait over weekend and any unexpected happened.

If next week open, will you consider playing the weekly pinbar on the EURAUD? Also, do you think I close the trade today is wise move?

Thanks!

PM
PM:

Don't mean to jump in here (Sorry Mike), but I would say this:

* If your plan was to close out the position if price didn't reach or
maintain a level then I would be Ok with that.

The wording you used to describe why you closed the trade sounded fear based (as in I am worried about the weekend, what if it gaps, etc...etc...) and you sounded unsure. I would like it much better if you said you closed it out because it hit a Stop Loss or profit target or some other defined reason vs. "feelings".

In other words, have a plan ahead of time and just follow it to avoid trading on emotion/fear....

Nathan
  • #52,603
  • Jan 22, 2010 1:51pm Jan 22, 2010 1:51pm
Quoting ljr
...
Quoting MattW
Apologies if this has been mentioned before...

What do you guys think about a spin-off thread dedicated to daily charts only?
...
I agree that such a thread would only thrive if the seniors offered their input. I also agree with everything else you said although my motivation for the comment was alternative approaches/lower timeframes are diluting the message for me and I seem to spend a lot of time scrolling through the day's posts looking for those that apply to the daily timeframe.

Thanks for the responses, both for and against, so far. Would love to hear what others, particularly seniors, feel about it.
  • #52,604
  • Jan 22, 2010 1:54pm Jan 22, 2010 1:54pm
Quoting dobe_r_man
PM:

Don't mean to jump in here (Sorry Mike), but I would say this:

* If your plan was to close out the position if price didn't reach or
maintain a level then I would be Ok with that.

The wording you used to describe why you closed the trade sounded fear based (as in I am worried about the weekend, what if it gaps, etc...etc...) and you sounded unsure. I would like it much better if you said you closed it out because it hit a Stop Loss or profit target or some other defined reason vs. "feelings".

In other words, have a plan ahead of time...
Don't apologize for sharing your views! They are spot on
  • #52,605
  • Jan 22, 2010 1:59pm Jan 22, 2010 1:59pm
Quoting dobe_r_man
PM:

Don't mean to jump in here (Sorry Mike), but I would say this:

* If your plan was to close out the position if price didn't reach or
maintain a level then I would be Ok with that.

The wording you used to describe why you closed the trade sounded fear based (as in I am worried about the weekend, what if it gaps, etc...etc...) and you sounded unsure. I would like it much better if you said you closed it out because it hit a Stop Loss or profit target or some other defined reason vs. "feelings".

In other words, have a plan ahead of time...
Hi Nathan,

Thank you for your advice! I should have sticked with my plan. You catch my emotion too. I should keep in mind.

Thanks and have a nice weekend!

PM
  • #52,606
  • Jan 22, 2010 2:05pm Jan 22, 2010 2:05pm
Quoting bluetrader
Long USD/CAD off the 2-day pin bar. It triggered this morning...
I'm out of USD/CAD. Reasons for exiting is because it stalled on the second area of traffic and was already very close to my target. Anyone still in this?

Nice way to end the week.

-- Danny
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  • #52,607
  • Jan 22, 2010 2:28pm Jan 22, 2010 2:28pm
Quoting PippingMama
Hi Nathan,

Thank you for your advice! I should have sticked with my plan. You catch my emotion too. I should keep in mind.

Thanks and have a nice weekend!

PM
Same to you..........oh and don't look at Eur/Aud, it just started moving like you wanted............

I am kidding about the chicken, hope you can take a joke!

Nathan
  • #52,608
  • Jan 22, 2010 2:29pm Jan 22, 2010 2:29pm
Quoting ljr
When I frst read this I thought maybe thats a good idea as there may be less distraction from other time frames IF you are in the earlier learning stages, however to me this thread is not about the time frame.

Its more about learning Patience and Discipline once you have the basic knowledge that Jim set out to teach. It's about learning from the more senior guys about what makes a good set up or not. It's about seeing how other people with experience go about trading this way and growing a circle of like minded friends.

I can see how a daily...
well said first i thought this is not such a bad idea but after reading your post im definitely with you now, you convinced me
  • #52,609
  • Jan 22, 2010 2:34pm Jan 22, 2010 2:34pm
Quoting mike w
Thar she be. Have a great day ladies and gents! Everybody deserves it after this awesome week.
I'm new...

How often can we expect weeks like this to happen? couple times a year?
Many choose unhappiness over uncertainty.
  • #52,610
  • Jan 22, 2010 3:02pm Jan 22, 2010 3:02pm
Quoting raczekfx
I'm no g, but would not.
Rumor's are flying again on..... about SNB intervention in eur/chf. (when? you know better )
If that's....., it might pull g/chf along.

It will be very interesting to see dow futures open with a gap on Sunday..
Back to the drafting boar, getting ready a new trading plan
I love round 10200 <-.->
It would be a perfect plan if I had one more '0' in my # of posts
Rumors, smumors . . . intervention, smittervention. The charts will tell me these outcomes.

Pssssst . . . . .seriously though . . . .what did ja hear?
Indicators show the past. Price Action "Indicates" the future.
  • #52,611
  • Jan 22, 2010 3:06pm Jan 22, 2010 3:06pm
Quoting jarroo
Rumors, smumors . . . intervention, smittervention. The charts will tell me these outcomes.

Pssssst . . . . .seriously though . . . .what did ja hear?
"Buy the the Rumor, Sell the Fact."

Time for Happy Happy...
BMc
  • #52,612
  • Jan 22, 2010 3:13pm Jan 22, 2010 3:13pm
Quoting Bemac
"Buy the the Rumor, Sell the Fact."

Time for Happy Happy...
BMc

It's Rac that's starts these rumors . . . I knew it!

Rac is a modern day E.F. Hutton "When Rac speaks the world listens".
Indicators show the past. Price Action "Indicates" the future.
  • #52,613
  • Jan 22, 2010 3:47pm Jan 22, 2010 3:47pm
Quoting mbqb11
I am fine with holding trades that are far away from my stop loss over the weekend. For example I am holding my eur/aud trade and my stop is at b/e 100 or so pips away. Gaps do happen over the weekend though so sometimes closing and reopening and paying the spread is worth it. I tend to do that more with yen pairs more or less

Mike
Thanks Mike, you response is much appreciated.
What you do is a reflection of you....what I do is a reflection of me.
  • #52,614
  • Jan 22, 2010 4:29pm Jan 22, 2010 4:29pm
GBP/CHF

Anyone still in this pair? I'm hanging on still. ALMOST got a pinbar on the weekly.

.
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Don't wish it were easier, wish you were better. ~ Jim Rohn
  • #52,615
  • Jan 22, 2010 4:45pm Jan 22, 2010 4:45pm
Two-day pin at GBP/CHF was my third ever forex trade. I entered @ 1.6858, TP @ 1.6808. Thanks everyone for great learning experience. I joined J16 Group PF few days ago.
Edo
  • #52,616
  • Jan 22, 2010 4:46pm Jan 22, 2010 4:46pm
Quoting LasVahGoose
GBP/CHF

Anyone still in this pair? I'm hanging on still. ALMOST got a pinbar on the weekly.

.
Yes sir (on live acct). Holding over the weekend. S/L moved to 15 points above daily bar high (see chart). I'm just going to keep trailing it manually as we go....
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Many choose unhappiness over uncertainty.
  • #52,617
  • Jan 22, 2010 4:49pm Jan 22, 2010 4:49pm
Quoting Dan Gilbert
Yes sir (on live acct). Holding over the weekend. S/L moved to 15 points above daily bar high (see chart). I'm just going to keep trailing it manually as we go....
note: I want to post that I'm only holding half of the original position, and that is at a 3% unrealized profit, the other half I closed at a 0.75% realized gain.
Many choose unhappiness over uncertainty.
  • #52,618
  • Jan 22, 2010 5:13pm Jan 22, 2010 5:13pm
Quoting Dan Gilbert
Yes sir (on live acct). Holding over the weekend. S/L moved to 15 points above daily bar high (see chart). I'm just going to keep trailing it manually as we go....
Me too but My SL is @ 1.6820.
Why?
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I do contribute (though not 100%) to the mentallity of #.##80 to #.##20. This idea suggests if One of them is Hit, the Other will shortly follow in the Same Direction.
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It relates to a buffer zone of Mike's (mbq's) Round Numbers.
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Also.With regard to "Staying IN" over the weekend;
I normally only do this when I can Afford to move My SL to accomodate the possibility of Any Gap.
If I'm only within a Few Pips of Entry, I wiould normally Close the Trade.

Sort'a like those London Tube Riders are so sick of hearing.

"Mind the Gap."

Have a weekend that allows you to Observe on Sunday & be ready (to accept any offerings) Monday.

I'll be around.
The weekend is usually when I Clean up my Charts from all the stuff I wanted to observe in the Previous week.

I'm gonna need a bigger broom...
  • #52,619
  • Jan 22, 2010 5:56pm Jan 22, 2010 5:56pm
Quoting Dan Gilbert
note: I want to post that I'm only holding half of the original position, and that is at a 3% unrealized profit, the other half I closed at a 0.75% realized gain.
I closed 1 of the 2 IB breaks I took to get in the trade. I closed my 3rd trade which got really hairy when the back of the pin broke, but my stop was at 1.6945 (almost lost my nerve and closed manually, glad I didn't because it shot down and I closed out at 1.6777) I still have 1 trade open.

Here is trade #3 off H1. Basically a continuation pinbar off the 38% fib retrace... I'm thinking this was a bit aggressive even for me. LOL.

.
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Don't wish it were easier, wish you were better. ~ Jim Rohn
  • #52,620
  • Jan 22, 2010 6:17pm Jan 22, 2010 6:17pm
Quoting jarroo
This happens to me all the time. "If only I would have placed my stop loss above (or below) the given setup I would have been fine." I would say to myself. So I do tend to apply this principle when high quality setups are presented.

Your tight management approach it is a valid one. Here's some ideas on this style:

Tight trade management can be defined as anything tighter then the ideal stop loss placement . . . which is above or below the given PA setup.

Look for PPZ levels (S/R), Round Numbers (the bold the better), previous Highs...
Thanks Jarroo.
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