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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

  • #55,181
  • Feb 16, 2010 1:46pm Feb 16, 2010 1:46pm
Not sure if this one has gone unnoticed, but a decent pinbar with divergence on the USD/CAD 4hr on a daily ppz.
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  • #55,182
  • Feb 16, 2010 1:47pm Feb 16, 2010 1:47pm
Quoting benji533
These are the slam dunks we was to trade. I think ghous caught that one.
For me it was a break even. Well, not every trade is a party...but what were the odds of loosing my money on this type of trade with smart management?
I love ya benji
  • #55,183
  • Feb 16, 2010 1:50pm Feb 16, 2010 1:50pm
Quoting dobe_r_man
Many people do, but I personally don't. 4hr TF is about the lowest I go and it would take a really nice beob or pin (long nose and screaming out at me to trade it) to take action. If I get nothing there I simply wait for the daily. For my own style of trading it just works better that way.

Nathan
i got it....thanks.

Good trading Nathan.
Patience is essential
  • #55,184
  • Feb 16, 2010 1:59pm Feb 16, 2010 1:59pm
Quoting benji533
These are the slam dunks we was to trade. I think ghous caught that one.
For me it was a break even. Well, not every trade is a party...but what were the odds of loosing my money on this type of trade with smart management?
'smart management' is definitely key for this trade...the first trouble area you marked is very close so for a beginner taking this they would have to decide (before entering the trade) how they would react at this area...i.e. either get to break even, move the stop down from the top of the entry bar somewhat or leave it with the knowledge you might suffer a whole bar loss.
  • #55,185
  • Feb 16, 2010 2:01pm Feb 16, 2010 2:01pm
Quoting mbqb11
I love ya benji
  • #55,186
  • Feb 16, 2010 2:06pm Feb 16, 2010 2:06pm
This could go up. If the pin was nicer (slightly more down) i would probably trade it.

Lan
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  • #55,187
  • Feb 16, 2010 2:08pm Feb 16, 2010 2:08pm
I skipped the pin bar here as it looked not very hot, I am looking for a retrace to the confluence area where things might happen.
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  • #55,188
  • Feb 16, 2010 2:09pm Feb 16, 2010 2:09pm
Quoting benji533
Here is a potential James16 basic daily trade.

A nice BUOB at a swing low/double bottom with divergence, bouncing off a big round number which is also a daily/weekly pivot zone. The bar itself looks good in terms off size and shape. I would like to see a close ABOVE the 1.65000 round level. The higher the better. There is some time left, so we shall see.

Just remember, we are not trying to catch here the bottom of the next few years new trend and ride it all the way. Management it up to you guys.

Ben
I am watching this one as well Ben, although I am viewing it as more of a 2-day pin. I will be taking this long (depending on how it closes) just above the 1.6500 area.

Nathan
  • #55,189
  • Feb 16, 2010 2:33pm Feb 16, 2010 2:33pm
Quoting lovejoy80
'smart management' is definitely key for this trade...the first trouble area you marked is very close so for a beginner taking this they would have to decide (before entering the trade) how they would react at this area...i.e. either get to break even, move the stop down from the top of the entry bar somewhat or leave it with the knowledge you might suffer a whole bar loss.
Correct. The real key is understanding this.

The options were:
1. Cut your risk to zero.
- Move stop to break even and continue holding a full position.
- Move stop to break even and take partial profit.
- Take half profit (+200ps), and use it for moving the stop of the other half -200ps, letting more room for this half to run, and still remain at a break even status.

2. Reduce your risk my trailing the stop a bit lower, still above the entry.

3. Do nothing, and hope for a larger move lover.

I will say, as long as the trader understand the above it's ok. What he will choose to do? it's up to him, considering his trading style and personal comfort zone.
The problem is with the traders which don't even understand what that area might do to their trade, hanging on with doing nothing except of staring at their screen and hoping.

Here is what you can do...take around 20 different forex pairs, and mark all the A+ daily and weekly trades between the 1.1.09 and the 1.110, and look how many trades you get a month in average. Now try to apply every option from the above (what to do at the first trouble area), and see what works for you.
Once your risk is zero, you can do what ever you want: trail your stops, set targets, treat each situation different based on the type of market you are trading in, etc.

I can tell you that I done my own testing and it is definitely possible to get reasonable results with going months with no single lose. Now if this is the case, you can consider adjusting your money management system to fit your trading style, etc. Take these results and check what if you had a huge account....

I can go on and on and on with the possibilities..but bottom line is taking the only A+ trades and make sure you know what you are doing next after you pulled the trigger.

Ben
  • #55,190
  • Feb 16, 2010 2:39pm Feb 16, 2010 2:39pm
Quoting dobe_r_man
I am watching this one as well Ben, although I am viewing it as more of a 2-day pin. I will be taking this long (depending on how it closes) just above the 1.6500 area.

Nathan
let's see how it turns out Nathan
  • #55,191
  • Feb 16, 2010 2:39pm Feb 16, 2010 2:39pm
Quoting benji533
Correct. The real key is understanding this.

The options were:
1. Cut your risk to zero....
You explained what I was trying to say in a much more clear, concise way than I did.

Too many beginners dont make a trading plan before they enter a trade i.e. they dont consider where they will move to BE, take partial profit, take full profit etc etc...they just see a great setup and get too exited and take it. Then when it comes to exiting they dont know what to do and the emotions come into play as they have not planned this part of the trade which can only has negative effect on the trade outcome.
  • #55,192
  • Feb 16, 2010 2:53pm Feb 16, 2010 2:53pm
Quoting lovejoy80
You explained what I was trying to say in a much more clear, concise way than I did.

Too many beginners dont make a trading plan before they enter a trade i.e. they dont consider where they will move to BE, take partial profit, take full profit etc etc...they just see a great setup and get too exited and take it. Then when it comes to exiting they dont know what to do and the emotions come into play as they have not planned this part of the trade which can only has negative effect on the trade outcome.
That is a great post! Well said and dead on... The worst position to be in is a trade that you have entered but then have no clue how you are going to manage it. That creates undue stress and is not healthy to your decision making or account balance.

Even if your method is discretionary (exiting trades), you should still have a plan/plans based on what happens with the trade. I manage my trades a little bit differently if they take off right after entry vs. slow and steady. Stop losses take care of the other scenario.......

Nathan
  • #55,193
  • Feb 16, 2010 3:13pm Feb 16, 2010 3:13pm
Good potential for a daily pinbar at a new low for Eur/Aud.
Anyone watching this ?
  • #55,194
  • Feb 16, 2010 3:28pm Feb 16, 2010 3:28pm
Quoting ts63
Good potential for a daily pinbar at a new low for Eur/Aud.
Anyone watching this ?
The 4HR BUOB is much better than what a pin bar will be on my charts. That 'new low' is former support...look at the monthly chart and you will see that this low acted as support in July 1999 and August 2000
  • #55,195
  • Feb 16, 2010 3:28pm Feb 16, 2010 3:28pm
GBPCHF - Anyone playing the break out of this tightly wound pair? lll wait for a retrace.
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  • #55,196
  • Feb 16, 2010 3:43pm Feb 16, 2010 3:43pm
Quoting chatzi
GBPCHF - Anyone playing the break out of this tightly wound pair? lll wait for a retrace.
Check the fat PPZ that price bounced off of. 4 hour pin off that area on one of my feeds.
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I dream, therefore I become.
  • #55,197
  • Feb 16, 2010 3:51pm Feb 16, 2010 3:51pm
Quoting mike w
Check the fat PPZ that price bounced off of. 4 hour pin off that area on one of my feeds.
For me that is a risky one, straight into traffic and a trend line, although it could be the push it needs to break out. I like to wait for retrace after break out.
  • #55,198
  • Feb 16, 2010 5:36pm Feb 16, 2010 5:36pm
The Daily for EURAUD also looks really good.............but i prefer the EURNZD better. PB off RN 1.9400, In Space,and we also have an IB Fakey Setup........next trouble area for me 1.9645 Area....i move to BE hopefully......

My only concern with EURAUD is the downtrend......but if you aim for next trouble area 1.5440 then might be a good trade.........

I am looking for pullback on GBPCAD & EURNZD so i have set Buy Limits...cheers.......

Benji, i just love your charts........

Quoting lovejoy80
The 4HR BUOB is much better than what a pin bar will be on my charts. That 'new low' is former support...look at the monthly chart and you will see that this low acted as support in July 1999 and August 2000
  • #55,199
  • Feb 16, 2010 5:53pm Feb 16, 2010 5:53pm
A lot of the yen pairs had breakouts on 4hr, wonder if they will retrace and res will become sup.
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  • #55,200
  • Feb 16, 2010 6:40pm Feb 16, 2010 6:40pm
Quoting chatzi
A lot of the yen pairs had breakouts on 4hr, wonder if they will retrace and res will become sup.
OK, so we have a 4Hr GBPJPY with some upside potential...

Assumed:
These are not yet my opinions. Just trying to analyze what I am being offered as advice.
Retrace (Drop) back to ~ 141.41
Enter:
Presumed:
It might climb to ~ 143.xx

Please just keep in mind that...
132.xx's is still in the game.

Chart 1 = GBPJPY Daily
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Chart 2 = GBPJPY Weekly
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This is just my viewpoint whic can be brushed aside as any other but...

chatzi... ?
I think it might go to ... but then again I thought again... & stepped back from the blackboard.
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