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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

  • #54,861
  • Edited 6:03am Feb 12, 2010 5:36am | Edited 6:03am
Stopped out late yesterday for a healthy profit from this pin. It never hurts to not be too greedy after a big run up!! I closed half at 1094 and my stop loss was hit at 1092 on the other half.
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  • #54,862
  • Feb 12, 2010 5:40am Feb 12, 2010 5:40am
Quoting jarroo
Ok. I see.

If you want to move you stop loss to a tighter placement, you want to use the previous Highs/Lows, RNs, PPZ levels, etc., on the the same time frame that the setup was given. And this setup was a 2 Day PB.

I'm not saying that you using the hourly for key locations is wrong , I'm just saying that using the same time frame that the setup was given will give you a stronger or truer stop loss placement.
I simply curious, how You did managed it?
  • #54,863
  • Feb 12, 2010 5:44am Feb 12, 2010 5:44am
Stop got triggerd on the retracement from my entry on the daily inside bar and now on the 4 H we have a big BUOB ...
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  • #54,864
  • Feb 12, 2010 5:48am Feb 12, 2010 5:48am
Quoting Prof Hunter
I simply curious, how You did managed it?
The purple lines would be the tigher stop loss placements. The 1st major target would be the 1.6800 PPZ level.

My stop loss would be above the preivous High. But once that 1.6800 was hit I would be out at half and moved to break even on the 2nd half.

Although once Price hit that minor target and retraced, I would a have been itching to kill it.
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Indicators show the past. Price Action "Indicates" the future.
  • #54,865
  • Feb 12, 2010 5:54am Feb 12, 2010 5:54am
Quoting Mp1983
Hi Guys, I have a few questions in response to the recent discussions we have been having about hard breaks, momentum etc.

Pring in Price Patterns mentions that the more steep a rate of incline / decline (faster momentum) the more likely it is to stall at the first point of support or resistance. This is obviously different to a hard break of support / resistance but I just wanted to know your views on this. If I saw a nice long candle (in comparison to those around it) on say a daily TF leading up to a resistance level I would be pretty confident...
At the end of the day all you can go by is the price level and PA+Confluence and then the next area of trouble. As SL said a sharp move could be caused by gaps in liquidity so it mihgt be a smaller orders causing it and will likely hit a brick wall once it reaches some liquidity. You'll never know for sure unless you have access to the book.

Chatzi
  • #54,866
  • Edited 6:11am Feb 12, 2010 6:01am | Edited 6:11am
This 4 hour BEOB on AUDJPY is looking great. It's at a swing high, it engulfs five or more preceding bars, it's on the 80.0 Big Round Number and it's also straddling daily trend-lines. I'm thinking a good short here...
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  • #54,867
  • Feb 12, 2010 6:12am Feb 12, 2010 6:12am
Quoting glyder
Looks a good pinbar at a good level to me,
anybody see any negatives?
Your first trouble area was hit. You should be safe by now my friend.

(ppz, 50% fib).
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  • #54,868
  • Feb 12, 2010 6:14am Feb 12, 2010 6:14am
Quoting jarroo
The purple lines would be the tigher stop loss placements. The 1st major target would be the 1.6800 PPZ level.

My stop loss would be above the preivous High. But once that 1.6800 was hit I would be out at half and moved to break even on the 2nd half.

Although once Price hit that minor target and retraced, I would a have been itching to kill it.
OK, I thought You made a free, or almost free trade at the first minor trouble area. The quality of the setup, or You were not around, or what caused YOU to not do THE CRITICAL'?
THX, PH
  • #54,869
  • Feb 12, 2010 6:29am Feb 12, 2010 6:29am
Quoting Prof Hunter
OK, I thought You made a free, or almost free trade at the first minor trouble area. The quality of the setup, or You were not around, or what caused YOU to not do THE CRITICAL'?
THX, PH
I had my stop loss above the 1.7000, again I believed that this was an "A" quality setup and that the 1st major target was going to be hit.

The first minor target was a concern because I thought that the momentum would break right through but I stuck to my guns. Once the major target was hit (1.6800), the setup in my eyes fillfulled itself. The end.

Once a quality setup hits its 1st major target all bets are off on where Price is going to go after that. . . . It served its purpose . . . Its lived its life . . . It all about protecting yourself after that and see if she contiunes to run in your direction.
Indicators show the past. Price Action "Indicates" the future.
  • #54,870
  • Feb 12, 2010 6:36am Feb 12, 2010 6:36am
hi jarroo

what do you think about this doji/pin bar?

thank you for your comments
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  • #54,871
  • Feb 12, 2010 6:37am Feb 12, 2010 6:37am
Quoting jarroo
I had my stop loss above the 1.7000, again I believed that this was an "A" quality setup and that the 1st major target was going to to be hit.

The first minor target was a concern because I thought that the momentum would break right through but I stuck to my guns. Once the major target was hit (1.6800), the setup in my eyes fillfulled itself. The end.

Once a quality setup hits its 1st major target all bets are off on where Price is going to go after that....
Thank You, very much!
  • #54,872
  • Feb 12, 2010 6:43am Feb 12, 2010 6:43am
Quoting kayhan7070
hi jarroo

what do you think about this doji/pin bar?

thank you for your comments

Looks good kayhen.

What targets are you looking at?
Indicators show the past. Price Action "Indicates" the future.
  • #54,873
  • Feb 12, 2010 6:52am Feb 12, 2010 6:52am
Quoting kayhan7070
hi jarroo

what do you think about this doji/pin bar?

thank you for your comments
Let me know how she breaks (if she breaks )and your targets.

gotta go

later.

Jim
Indicators show the past. Price Action "Indicates" the future.
  • #54,874
  • Feb 12, 2010 6:55am Feb 12, 2010 6:55am
Quoting jarroo
Looks good kayhen.

What targets are you looking at?

first target area is about 40 pips below at around 1.6800-05
when it reaches there i will take %50 profit and set my stop at BE.
  • #54,875
  • Feb 12, 2010 7:04am Feb 12, 2010 7:04am
Quoting kayhan7070
hi jarroo

what do you think about this doji/pin bar?

thank you for your comments
Be quick in moving your stop to BE. Please don't take me wrong here. I am not sarcastic or being proud. But i do feel you should cause it's falling hard.
.
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  • #54,876
  • Feb 12, 2010 7:11am Feb 12, 2010 7:11am
sell stop order filled at 1.6840. i will move my stop at BE when i see 35pips profit.

thanks nasir
  • #54,877
  • Feb 12, 2010 7:16am Feb 12, 2010 7:16am
Kayhan did it hit your stop yet =[
  • #54,878
  • Feb 12, 2010 7:24am Feb 12, 2010 7:24am
Quoting poca
Kayhan did it hit your stop yet =[

sorry but didn't understand. i have a 130 pip SL.
  • #54,879
  • Feb 12, 2010 7:26am Feb 12, 2010 7:26am
Quoting benji533
A perfect pin, close withing the prior bar, long nose picking out above all the massive old bar highs. Strong resistance level. Divergence.
Moved my stop to BE at the purple line. Exited on confluence of a major round number + PPZ + TL + 50% fib ret.

Show me any other method that can make you high probability money in a sideways market like this. Any other trader would get killed in this type of market, with no understanding of support and resistance.

[u][b]Took me 3 minutes to get my stop to BE, and 12 minutes to exit, on the...
Awesome Trading Ben!
  • #54,880
  • Feb 12, 2010 7:39am Feb 12, 2010 7:39am
Thanks jarroo for the help.....looks like a tedious exercise so i think i will look for mt5......just for charting.

Currently on the 8hr Bars, CHFJPY (c/t), AUDCHF (on PPZ & Benji mentioned this), GBPCHF (on PPZ), EURNZD (on PPZ and Double PB), EURAUD (IB Fakey) and finally EURGBP (IB Fakey)....toooooooooooooo baaaaaaaaaaad it is FRIDAY...

Quoting jarroo
You must note that the "offline" charts are just that . .off line. So they are not recieving a data feed, they're just a snapshot of Price in that time frame.

The periodcon of the time frame you converted will refresh itself but you have to close the plateform and then reopen it. This is the only way I know how its done. And some times it doesn't work. I will have to close/reopen many times to get a refreshed conversion.

Anyone know an easier way?
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