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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

  • #53,021
  • Jan 27, 2010 4:23am Jan 27, 2010 4:23am
Quoting wh1zz0
CHF/JPY is really treating me nice (as anticipated) and I'm like +500 pips up... Looks like my best trade of the year so far.
Man thats great , congrats and Hope one day I'd be in your shoes
  • #53,022
  • Jan 27, 2010 4:25am Jan 27, 2010 4:25am
Quoting ekling
Another one i just took.

Short at 1.0450
SL above pin at 1.0505

PT or possible move to BE at first blue box aprox 1.0420

I took the 1H pin bar on my feed...at BE now and will move SL to 1.0450 if price moves to 0420. 4H feed is looking like it will close as a BEOB on my feed. Strong PPZ at the 1.0500 plus option barrier etc.
  • #53,023
  • Jan 27, 2010 4:27am Jan 27, 2010 4:27am
Against the trend but strong ppz, 2xdivergence and sufficient looking pin?

Good enough for a quick scalp?
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May all your fits be loose.
  • #53,024
  • Jan 27, 2010 4:48am Jan 27, 2010 4:48am
Dan, hope you got the GBPJPY & GBPUSD bounce off TLs....nice easy pips.....unfortunately i do not have courage to take these type of trades but my backtesting is show they work wonders esp if the TLs are drawn on the 4-hr and trades taken on the 1-hr


Quoting Dan Gilbert
gbpjpy is my main view right now.......

edit: mainly because of 145.00 big round number.
  • #53,025
  • Jan 27, 2010 5:24am Jan 27, 2010 5:24am
Quoting Bee3a
Man thats great , congrats and Hope one day I'd be in your shoes
Oh of course that's a definite yes. I believe you will.

Sometimes you will miss out on trades and feel very bad. An example of such happened to me on a monster GBP/USD trade I anticipated & showed some people before it happened around the last quarter of 2009 but actually missed out on -there was everything you can think of, bearish divergence in play, nice fib retracement level after trend line break, e.tc. But something was missing. I was waiting for PA to prove to me others were also seeing the same level + enough supply at that level and when the beautiful PB formed on September 11 (911 remembrance) I was not around. It dropped about a thousand pips or so, I felt like crap but was determined not to chase it & wait for the next setup. Luckily I took the gold trade before the end of the year to compensate me.

Anyway, the good thing about PA is once you start to think of it in terms of supply and demand you find out that no one can ever take the knowledge away from you. The remaining part is patience and discipline (preservation of capital) which I believe you can also cultivate. It's just as matter of time and your zeal to always try to avoid previous mistakes.

Cheers.
  • #53,026
  • Jan 27, 2010 5:49am Jan 27, 2010 5:49am
Quoting endo77
Against the trend but strong ppz, 2xdivergence and sufficient looking pin?

Good enough for a quick scalp?
I think so, but I'd worry about holding it a little longer with the stop still above that PA.

http://content.screencast.com/users/...Short%204H.png
  • #53,027
  • Jan 27, 2010 6:03am Jan 27, 2010 6:03am
Quoting jarroo
Don't fight the trend brother.

I like your Gold.

Edit: just saw that was a buy on gold . . . thought it was a sell. . . . don't fight the trend brother.
In U/cad i was stoped out , it was based on retrace of 4H BEOB.

EU long has 50% retracement, 1.4000 RN, Divergence and a little PPZ just below it so i gave it chance against the big trend keeping the stop below the RN.

Gold was bad trade i agree and both of them (for me). 1st short trade i took was with the trend but Big BUOB on the left was just itching me so when my BE was hit i took a Long but then it was against the trend and then i closed my Long while ago cause i got frustrated because i was trading in between a Range.

But now i am very relaxed and i won't touch Gold until 1107 or 1184.
  • #53,028
  • Jan 27, 2010 6:37am Jan 27, 2010 6:37am
Quoting ghous
This is what caught me the most when I was touch trading...Every now and then the trend "seemed" to be reversing, and each time price would merely only stall and then continue with the previous flow and I would get stopped out. I ended up digging again despite knowing I was in a hole.

Mark (Raczekfx) has been trading his swings for 15 years now and the what's on his chart is not all that he is looking at. When he shorts on a bullish trend and longs on a bearish trend he knows, better than we can ever imagine, what he is up to.

I agree with...

Yea Ghous this is very tricky and i can't escape it either. When you take a trade at a PPZ against the trend it will always give you 15-40 pips ( during the stall ) and you will feel great about your trade ( falling in love with it)

and when it reaches the end of this retracment, where you should take a trade with the trend you won't be able to do this cause of the CT trade you are holding.

Well during this month what i did was that whenever i take a CT i would manage it tight very tight indeed, setting my BE quick after 15-20 pips and even i would kill it sometimes if it won't show me a good move and you know i am having hit rate around 85% but big money always came in when i follow the trend.

But this hit rate is not because of any special skill but it's because trend forgives my
mistakes.
.
.
  • #53,029
  • Jan 27, 2010 6:46am Jan 27, 2010 6:46am
Hi guys, I was just wondering if any of you have traded stocks with an online broker before, I'm looking for a discount broker that doesn't have a minimum account opening balance, should you know some, please comment and reply on this thread

Thanks a lot.
  • #53,030
  • Jan 27, 2010 7:41am Jan 27, 2010 7:41am
Milking the range.
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  • #53,031
  • Jan 27, 2010 8:00am Jan 27, 2010 8:00am
Quoting Danku
Dan, hope you got the GBPJPY & GBPUSD bounce off TLs....nice easy pips.....unfortunately i do not have courage to take these type of trades but my backtesting is show they work wonders esp if the TLs are drawn on the 4-hr and trades taken on the 1-hr
no.... actually I took a short off the break of the GBPJPY IBs ( I played a short off the break of the I3B, even though it was an I4B setup)

I came out at break even on it... I had a little worse than 1:1 R/R on it at one point oh well.... It's like jim says, new traders who don't move their stops think, "oh boy, I got 60 pips, I sure hope it goes for a thousand!" and then they get wiped out.... i don't want to be that person.

Also, the 4hr BEOB closed at a tiny profit, as I had moved my stop for that trade to just above the 145.00
Many choose unhappiness over uncertainty.
  • #53,032
  • Jan 27, 2010 8:19am Jan 27, 2010 8:19am
if anybody cares how I played the GBPJPY breakout, here you go, the pink lines are the "breakout box" which I was not going to play a long position if it did in fact break long. I did catch the short, and got my SL to b/e when price was at the checkmark.
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Many choose unhappiness over uncertainty.
  • #53,033
  • Jan 27, 2010 8:22am Jan 27, 2010 8:22am
If I wanted to play the GBPCHF, here is the breakout box I would have used (pink lines), and this one would not have given me a false break either! (the way gbpjpy did)

(target would be obviously 1.7000)

the 4hr pin forming right now sure looks good
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Many choose unhappiness over uncertainty.
  • #53,034
  • Jan 27, 2010 8:31am Jan 27, 2010 8:31am
Well for me, I was thinking it would be good to get away from the thread - away from trying to learn something new - away from anyone elses thoughts and concentrate simply on trading what I am seeing - that way I cannot take a trade some one else informed me of. I am accountable 100%.

I guess I won't get into details this month, the only detail that counts is my account as of Jan 27th is . . . . wait for it . .. .
.
.
.
.
by 2 and 1/8 %
.
.
DOWN.

So I am taking note of my short comings - overtrading - no MM skill. Sure I know what to do - but for some reason I don't do it. And that reason is simple - real dollars - or lack of and - size of account - and a plethora of other mind games.

I think I am going to give it another try in Feb. (the alone with my own accountability) but I may try to implement another trading style found in the PF.
So I will have two 'set ups' that I'll watch for. I am still searching for my 'style'

I know what I want my style to be - and it may never happen - so I will have to adjust it somehow.

WRONG mindset - but it's the one I have
What I want - is to check my charts on a dialy basis - - and find 1 tradeable set up each time - basically 1 trade per day. That way I 'feel' like I am accomplishing something

RIGHT mindset - working on getting here - somehow someway.
What I want to want - is to check my charts on a daily baisis -- and when the A++ setup presents itself, Trade and manage it properly to maximize profit. Some how I need to change my thinking so that it is fun or I can 'feel' like I am accomplishing something by not trading. I already know this is true - and I believe it - -so it's more of a can't sit idle type of problem.

Happy pip hunting everyone.
  • #53,035
  • Jan 27, 2010 8:35am Jan 27, 2010 8:35am
Quoting Dan Gilbert
if anybody cares how I played the GBPJPY breakout, here you go, the pink lines are the "breakout box" which I was not going to play a long position if it did in fact break long. I did catch the short, and got my SL to b/e when price was at the checkmark.

Hello Dan,

can you tell me why you pick the entry at the low of third inside bar? (is it always better to set the entry around middle ones of the inside bar?) Also where is your stoploss when it break out?

I have feeling playing inside bar is simliar playing the break of the small triangle pattern. That's why I usually rather use breakout and pull back strategy. (rather miss the trade than catch the false breakout). Do you think so?

Thanks

PM
  • #53,036
  • Jan 27, 2010 9:04am Jan 27, 2010 9:04am
Quoting Dan Gilbert
If I wanted to play the GBPCHF, here is the breakout box I would have used (pink lines), and this one would not have given me a false break either! (the way gbpjpy did)

(target would be obviously 1.7000)

the 4hr pin forming right now sure looks good
just took the trade short based on a 1h BEOB , hope that the 4h bar will close as a pin which will give double confirmation that it will go short

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  • #53,037
  • Jan 27, 2010 9:20am Jan 27, 2010 9:20am
Quoting Dan Gilbert
if anybody cares how I played the GBPJPY breakout, here you go, the pink lines are the "breakout box" which I was not going to play a long position if it did in fact break long. I did catch the short, and got my SL to b/e when price was at the checkmark.
Hi Dan,
I am currently on page 353 (which is dated July 2007) of this great thread and figured that at the rate I am going, it will take me at least another 6 mths before I could catch up with the current page 3536 (and god knows how many pages more it will move from 3536 in that 6 months). So I will now do 2 things: Continue reading from Page 353 and at the same time start fresh reading from page 3536. This way I will be more attuned to the latest going-ons/posts while I'm doing my demo. I recognize from my reading the 353 pages that you are one of the regulars even now. Another member that has been regular is our mike (with the Elmer Fudd avatar)
I hope you don't mind explaining what you meant by 'not going to play a long position if it did in fact break long'. Isn't that the whole idea behing playing breakouts ie if it breaks upwards, go long and vice-verca?
Sorry to have bother.

CY
  • #53,038
  • Jan 27, 2010 9:27am Jan 27, 2010 9:27am
Took this trade on NZD/USD 30min (demo). Reasons mentioned on chart. Stop loss moved to break even. Let's see if it reach take profit target or not.
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The purpose of knowledge is action, not knowledge
  • #53,039
  • Jan 27, 2010 9:42am Jan 27, 2010 9:42am
Hey Ghous can you comment on this IPB, this a stock of a local bank.

I told my Brother in law yesterday (at that time this IPB was't formed) to buy it at the red line.
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  • #53,040
  • Jan 27, 2010 9:45am Jan 27, 2010 9:45am
Quoting perch
Well for me, I was thinking it would be good to get away from the thread - away from trying to learn something new - away from anyone elses thoughts and concentrate simply on trading what I am seeing - that way I cannot take a trade some one else informed me of....
Sometimes your best investments are the ones you don't make - Donald Trump.

By sitting back and waiting for only the A++ setups on the higher time frames is itself a profitable investment. What you tend to learn in this period regardless of whether it goes with your style or not is price less.

Ask yourself, why is it that you want to pick a system from the pf? Why would you possibly be wanting to get the hang of a whole new dimension of entries, exits and trade management via a new system?

Ask yourself why you wrote this - "so it's more of a can't sit idle type of problem."

Ask yourself what just won't allow you to sit on the side lines till a very obvious setup appears that a child could see and take?Ask yourself why you want at least 1 setup a day to acknowledge that you are trading?

---------

I know how it feels when you wait 10 days for an A+ trade, and then see yourself screw it up completely with your naive MM skills. This is precisely why trading is not a "I'll be done with it in a flash" thingy...

I like your idea of isolating yourself from the forums to prevent yourself from external influence but It's a good idea to drop back often with concerns like the ones you mentioned and get them sorted out.

just my 2 cents...

g./
I believe . . .
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