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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

  • #53,261
  • Jan 28, 2010 6:42pm Jan 28, 2010 6:42pm
Quoting jarroo
Nice work on that Cad break out Aaron. My thinking is that a pullback PA on the trendline or wedge or triangle, etc. is a great base to support the setup. i.e your 1 hour BUOB.

What do you think of this on the Usd/Sgd to support that multi bar high. I think momentum is building.
I didn't actually take the 1H BUOB Jim, although I pondered over it for a while. I've been ill disciplined this month and paid the price so I was a little gunshy. And a small 1H bar can be meaningless against a big daily trendline. Could easily have been one of those 'two bars later the REAL bar appears' type trades.

But I wish I had now.... I am probably going to go in on the daily after we break the highs.

I hadn't spotted that BUOB/neutral bar with trendline pullback on the USDSGD. That's a good spot. It's rare to see daily bar highs line up exactly to the pip, especially when not at a round number. I certainly think momentum is building. So many potential ways to play this. A pure break of those highs with a tight stop, a wait for a close above the highs and then a pullback to retest, or waiting for bullish price action at the highs once broken (resistance turning to support). And of course a pure play of that BUOB you highlighted.

It'll be an interesting one to watch that's for sure.
  • #53,262
  • Jan 28, 2010 6:44pm Jan 28, 2010 6:44pm
Quoting TiaForex
Why ever does it take so long to arrive at something so simple? I scratch my head sometimes on this one. Seems to be the nature of the learning curve.
Nice post. I'm still scratching my head, but I'm glad you had an ah-ha moment. Many pips.
Don't wish it were easier, wish you were better. ~ Jim Rohn
  • #53,263
  • Jan 28, 2010 6:45pm Jan 28, 2010 6:45pm
Quoting jarroo
So the next question is how did you manage this one? Stop loss above the IB or above the 1.0700, moved to break even quickly and/or took partial profits?

I believe you were looking for the bottom of the BUB from Jan. 26th. pretty close to a hit on that one.
Hi Jarroo,


I went out with very small profit at the first blue area you pointed out ( 30 pips ), move the remained position 30 pips above my entrance and kicked out. when that long bullish bar appeared.

It was not a story with happy end, I would say.

Good luck!
  • #53,264
  • Jan 28, 2010 6:59pm Jan 28, 2010 6:59pm
Quoting TiaForex
Man it's good to see this thread swinging. I read every post. Have done for almost two years.

I do that because it's funny how you can read something again and again and again and it just doesn't click. I've read the James16 'This Is Critical' post so many times, we've even joked around about it on here, but something started to click with me this month.

I had a bad month due to a lack of discipline and over trading. No other way to slice it. I am going to review things and get some tighter rules on to cut down the discretion. Because discretionary...
Wow. Nice post there Aaron.

The James16 "This is Critical" was the formula that I needed to push me to the next level. All the time and practise prior to that . . . simply, obvious trade management . . . put it altogether. Crazy at is may sound, it was the less then A+ trades that help me realise the importance of the preivous High/Lows (Traffic) and that the A+ setups had the momentum to break through all of it.

It only took a couple of trades that went to the moon with my stops at break even that made me a believer.

Jim
Indicators show the past. Price Action "Indicates" the future.
  • #53,265
  • Jan 28, 2010 7:00pm Jan 28, 2010 7:00pm
Quoting TiaForex
I didn't actually take the 1H BUOB Jim, although I pondered over it for a while. I've been ill disciplined this month and paid the price so I was a little gunshy. And a small 1H bar can be meaningless against a big daily trendline. Could easily have been one of those 'two bars later the REAL bar appears' type trades.

But I wish I had now.... I am probably going to go in on the daily after we break the highs.

I hadn't spotted that BUOB/neutral bar with trendline pullback on the USDSGD. That's a good spot. It's rare to see daily bar highs line...

Your ahead of the game brother. More then you know.

Thanks,

Jim
Indicators show the past. Price Action "Indicates" the future.
  • #53,266
  • Edited 7:19pm Jan 28, 2010 7:02pm | Edited 7:19pm
Quoting goldtrader
I'm already in, please pray for me...
Are you scared? If yes, why should you be? OR are you over leveraged? Why take the trade if you do not have a strong conviction about it? These are some of the questions you need to ask yourself before ANY trade.

In trading you do not need prayers neither do you need luck because luck is where preparation meets opportunity.

You only need 5 fundamental truths:

 

  1. Know thy edge & trust your edge (Show no fear).
  2. Know that you need to predefine your risk of every trade (Discipline).
  3. Know that an edge is nothing more than an indication of a higher probability of one thing happening over another.
  4. Know that anything can happen in this market.
  5. Understand that you do not need to know what's going to happen next in order to make money so you must be prepared (position sizing).

Perhaps you might have heard these a lot of times but your post inspired me to rant about this a little because it is very important. And if you never knew this? Well, now you know.

Trade without tension. As merlin would say: Relax and be happy.

  • #53,267
  • Edited 7:14pm Jan 28, 2010 7:04pm | Edited 7:14pm
Quoting LasVahGoose
Gretzky Pattern
.
Not sure if Your pattern refers to Gretz as a Cyote or Islander or even if it goes back far enough to include Oilers.
What I do know is, I watched all of the best in the NHL during the period between the '80's to 2000's & never saw anyone match him for taking a game by the scruff of the neck & making it his.

I even made sure that my son got to see him {when he went back to Edmonton} as an LA King just so he can Always say...
Yeah... I think I know what it means to be commited.

Those were the days when, during the second intermission, I would say to strangers; "We are only down by 2. It's gonna be a wild 3rd Period."

Do you believe Gretz was looking to pad his numbers or just Playing the way he saw it & the points fell on him?

For those that are still reading this post, here's what I learned from him (by observation).

If you focus on the Prize, it will elude you.
If you focus on the task at hand, the Prize may be yours.


BMc

ps. Trivia.
For all the Sport Buffs, especially the Canuks.
Name the Only man to have "Started First String" for both the Oilers AND the Eskimos
  • #53,268
  • Jan 28, 2010 7:08pm Jan 28, 2010 7:08pm
Quoting jarroo
Wow. Nice post there Aaron.

The James16 "This is Critical" was the formula that I needed to push me to the next level. All the time and practise prior to that . . ....
Out of interest Jim, when they do go to the moon how much of our original position is left on? A half? A third?

My daily bar close is around my bedtime so I can't babysit them during the Asian session. I need to pick trades that are still fighting by London open, so those ones that are less than A+ and need tight management are no good for me. I could be dead and buried by the time I wake up. (And I don't trust those new fangled management EAs... I am still steam powered... )

But then, anything that keeps my trade selection to just A+ setups is no bad thing. Getting trigger happy and losing discipline is still my biggest problem.
  • #53,269
  • Jan 28, 2010 7:10pm Jan 28, 2010 7:10pm
Quoting FXMaecenas
Hi Jarroo,


I went out with very small profit at the first blue area you pointed out ( 30 pips ), move the remained position 30 pips above my entrance and kicked out. when that long bullish bar appeared.

It was not a story with happy end, I would say.

Good luck!
Wrong wrong wrong.

It was a story with one of the best ending you could have had. Sure it would have been nice for it to go 1000 pips down but it did not. And you protect yourself, perfectly.

You know how many people took a loss on that? Or are still in this trade hoping and praying that if it would just get to break even they would be grateful to the gods.

Don't ever think that this outcome was bad even if once it stopped you out and then went to 2000 pips down. because it will happen.

You sir, are my Hero.


Jim
Indicators show the past. Price Action "Indicates" the future.
  • #53,270
  • Jan 28, 2010 7:16pm Jan 28, 2010 7:16pm
Quoting TiaForex
Out of interest Jim, when they do go to the moon how much of our original position is left on? A half? A third?

My daily bar close is around my bedtime so I can't babysit them during the Asian session. I need to pick trades that are still fighting by London open, so those ones that are less than A+ and need tight management are no good for me. I could be dead and buried by the time I wake up. (And I don't trust those new fangled management EAs... I am still steam powered... )

But then, anything that keeps my trade selection to just A+ setups...
I would say 9 times out of 9 it was half. lol

You should try the "free trade" approach (maybe you do). I did that last night and slept like a baby.
Indicators show the past. Price Action "Indicates" the future.
  • #53,271
  • Jan 28, 2010 7:27pm Jan 28, 2010 7:27pm
Quoting jarroo
Wrong wrong wrong.

It was a story with one of the best ending you could have had. Sure it would have been nice for it to go 1000 pips down but it did not. And you protect yourself, perfectly.

You know how many people took a loss on that? Or are still in this trade hoping and praying that if it would just get to break even they would be grateful to the gods.

Don't ever think that this outcome was bad even if once it stopped you out and then went to 2000 pips down. because it will happen.

You sir, are my Hero.


Jim

Thanks pal, it means a lot to me.

Speaking from how I trade the position, I took maximum, it's true. A happy end could have been if I could close that trade at Breakeven. I struggled to think how and when it will be the best to move my SL at Breakeven without making the room for the price, too small. Finally I decided to not move it after first target and maybe I took a good decision, maybe I didn't.

In fact, this could be the discussion: if in that case moving stop loss at -30 pips after the price reached +30 pips was a good idea or it was better to move SL directly to BE.

Best wishes,
Vlad
  • #53,272
  • Jan 28, 2010 7:28pm Jan 28, 2010 7:28pm
Quoting michal7
First of all, congrats on a great trade wh1zz0!

BUT

Mike, Jim and everyone,
how would you actually rate the pin bar from 11th of Jan, base on which wh1zz0 took this trade? I checked the chart and for me it's B trade at best. All I can see is very good resistance there. Other than that, I don't see divergence, no fib (it's between 50 and 61), and pin bar just looks very small to me, half the size of previous bars. Am I missing something or am I just too picky?

The last GBPCHF pin bar looks much much better, at least to me...
Hey Michal

This bar was way to small for me. But again I have a bit different style. For those that trade this I can't see not protecting yourself, at least not taking a big loss. To me this have to be the quick to b/e. I simply pass on em, but that doesn't make them not worth trading to others for sure.

Just my views
Mike
  • #53,273
  • Jan 28, 2010 7:38pm Jan 28, 2010 7:38pm
Quoting FXMaecenas
Thanks pal, it means a lot to me.

Speaking from how I trade the position, I took maximum, it's true. A happy end could have been if I could close that trade at Breakeven. I struggled to think how and when it will be the best to move my SL at Breakeven without making the room for the price, too small. Finally I decided to not move it after first target and maybe I took a good decision, maybe I didn't.

In fact, this could be the discussion: if in that case moving stop loss at -30 pips after the price reached +30 pips was a good idea or it was...
I think it was a good desicion to take half off at +30 and then half at break even because the break of Price was pretty strong.

The free trade approach (ex. half +30 other half -30) is always a great way to protect yourself while still giving more room for the trade to run.
Indicators show the past. Price Action "Indicates" the future.
  • #53,274
  • Jan 28, 2010 7:40pm Jan 28, 2010 7:40pm
Got into hockey just a little bit in the late 90's. I lived in San Jose so I used to go to the Sharks games. I think he was with the NY Rangers then.

The Great One!
A good hockey player plays where the puck is. A great hockey player plays where the puck is going to be. -Wayne Gretzky
Where is price going? Where did it go? -James16

Everything in life can be related to trading at some level.




Quoting Bemac
Not sure if Your pattern refers to Gretz as a Cyote or Islander or even if it goes back far enough to include Oilers.
What I do know is, I watched all of the best in the NHL during the period between the '80's to 2000's & never saw anyone match him for taking a game by the scruff of the neck & making it his.

I even made sure that my son got to see him {when he went back to Edmonton} as an LA King just so he can Always say...
Yeah... I think I know what it means to be commited.

Those were the days when, during the second intermission, I would say...
Don't wish it were easier, wish you were better. ~ Jim Rohn
  • #53,275
  • Jan 28, 2010 8:00pm Jan 28, 2010 8:00pm
Quoting LasVahGoose
Got into hockey just a little bit in the late 90's. I lived in San Jose so I used to go to the Sharks games. I think he was with the NY Rangers then.

The Great One!
A good hockey player plays where the puck is. A great hockey player plays where the puck is going to be. -Wayne Gretzky
Where is price going? Where did it go? -James16

Everything in life can be related to trading at some level.
Wayne Gretzky! my favourite player, while growing up.. I have ran into his father a few times, but never met the great Wayne. He sold out, and moved somewhere warmer! I don't blame him.. hah.

I live about 15 minutes from his hometown.

http://www.brantford.ca/gretzkycentre
lowest draw down possible please.
  • #53,276
  • Jan 28, 2010 8:29pm Jan 28, 2010 8:29pm
Last trade before bed...it's been avery busy long day!. Will leave this overnight together with pending order on GBP/CHF.
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  • #53,277
  • Jan 28, 2010 8:30pm Jan 28, 2010 8:30pm
Anyone watching this pair? Got another 2.5 hours for this candle to close but it's shaping up to be a pretty nice PB. Swing high, third bounce off the same resistance line, and second off a daily resistance on my charts.
I'm just watching it right now to see what it does next, a little worried about how the 365 MA will affect PA, but if anyone has any comments please feel free to share.

Thanks
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  • #53,278
  • Jan 28, 2010 8:30pm Jan 28, 2010 8:30pm
Quoting ehrek
Wayne Gretzky! my favourite player, while growing up.. I have ran into his father a few times, but never met the great Wayne. He sold out, and moved somewhere warmer! I don't blame him.. hah.

I live about 15 minutes from his hometown.

http://www.brantford.ca/gretzkycentre
He sold out,
Nah, he was a Long that went through the roof and had to be cashed in.
He understands it now but I still think of him as an Oiler.
That & {during their HayDays} 5 times better than Sid the Kid & 6 times better than Ovy...
  • #53,279
  • Jan 28, 2010 8:38pm Jan 28, 2010 8:38pm
Quoting Bemac
For all the Sport Buffs, especially the Canuks.
Name the Only man to have "Started First String" for both the Oilers AND the Eskimos
Warren Moon, the quater-back?

About Gretzky being the greatest, don't forget "le magnifique". (I'm a french canadian, what else can I say?)
  • #53,280
  • Jan 28, 2010 8:56pm Jan 28, 2010 8:56pm
Quoting OGW
Warren Moon, the quater-back?

About Gretzky being the greatest, don't forget "le magnifique". (I'm a french canadian, what else can I say?)
Google or personal, I don't care. Not a lot of folks get the Warren Moon one.

I married a French Canadian but I have to admit I can't put a name on the Magnificient one.
Perhaps Jean B. but that history is Sooo deep it could possibly rise all the the way to Guy La F.

This node could, perhaps, be moved to a New Members Lounge Thread of "Homers. I'm From..."
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