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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

  • #56,661
  • Mar 1, 2010 10:15am Mar 1, 2010 10:15am
Quoting oromek
hi Shauns
i missed 150EMA, which gives some additional weigth to this setup. As a matter of fact i was rather unsure of this setup and decided not ot take this position on daily. But later i spot small PB on 4H touching 365 and 150 EMA's, and decided to trade here, i opened short at 1.0512 and decided to be extremly carefull here and move SL to BE after touching purple line on my chart (it was very close, only 15pips from opening price). It was happened like that, price hit first trouble area and reversed closing my trade at BE, so i'm happy as...
Besides that the setups was far from being an A+ setup, I see no other critcism to how you saw and managed this trade. The PB had supporting confluences, although very small. A clear strong target, 1.0500 BRN at a PPZ level.

Once the target was hit, you can see what the aftermath that would have been if the tight management was not applied. Well done, sir.
Others, I'm sure, would have been slaughtered.

The higher quality A trades are so much easier.


Jim
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Indicators show the past. Price Action "Indicates" the future.
  • #56,662
  • Mar 1, 2010 10:48am Mar 1, 2010 10:48am
Quoting SeekingLight
Ryan, I wouldn't mind some "after the trade is closed" charts, either.
Jankone's thread would be a neat place to see more 5M examples in.

It doesn't matter whether other folks will love the bar shapes or sizes, I'd just be curious whether the setups were good to YOU and why.
If you feel you could do it so that it doesn't mess with you or your trading at all, I'd appreciate having some more examples in my collection for review eventually =)

-----------

And as a direct contrast to that and many other "touch trading insta-pleasure, insta-result"...
Oh yeah . . . its that time of the month . . the beginning.

Great post SL. Higher time frames Rule!
Indicators show the past. Price Action "Indicates" the future.
  • #56,663
  • Mar 1, 2010 10:59am Mar 1, 2010 10:59am
Quoting datogio
2X2 is not always 4 in this business.

Calm down David, and go on, go on and on and on.

Man I thought it could turn out a nice profit, but who cares what i think lol.

Nice trade datogio . . I think . . . could you break that down for me brother.
Indicators show the past. Price Action "Indicates" the future.
  • #56,664
  • Mar 1, 2010 11:05am Mar 1, 2010 11:05am
uj wants to take another dip in the pool, she might bail when she finds out its cold.
lowest draw down possible please.
  • #56,665
  • Mar 1, 2010 11:16am Mar 1, 2010 11:16am
Quoting jarroo
Nice trade datogio . . I think . . . could you break that down for me brother.
Nothing complicated, trend line breakout and pull back as always, confluenced with ppz and fib 50%, and bonus pull back to the daily pb. but everything failed this time.
  • #56,666
  • Mar 1, 2010 11:21am Mar 1, 2010 11:21am
Quoting datogio
Nothing complicated, trend line breakout and pull back as always, confluenced with ppz and fib 50%, and bonus pull back to the daily pb. but everything failed this time.
Oh yes, I see. It looked good.

I wonder what the Rac-man would think about this one.
Indicators show the past. Price Action "Indicates" the future.
  • #56,667
  • Mar 1, 2010 11:23am Mar 1, 2010 11:23am
Quoting jarroo
Oh yes, I see. It looked good.

I wonder what the Rac-man would think about this one.
Yep I wonder too
  • #56,668
  • Mar 1, 2010 11:24am Mar 1, 2010 11:24am
Quoting datogio
Nothing complicated, trend line breakout and pull back as always, confluenced with ppz and fib 50%, and bonus pull back to the daily pb. but everything failed this time.
Why would you have a sell order, if it re-entered its channel?? makes no sense.

( I was lookin at a TL dating from the 25th of January )

Id wait for a bounce, dip, retrace, and a sell order under a prev LOW. If it were to go down anyway.
lowest draw down possible please.
  • #56,669
  • Mar 1, 2010 11:29am Mar 1, 2010 11:29am
Quoting ehrek
Why would you have a sell order, if it re-entered its channel?? makes no sense.
Well it broke out of its channel (trendline) pulled back, and then ran into the PPZ level/ 50% ret wall. They do tend to work at times
Indicators show the past. Price Action "Indicates" the future.
  • #56,670
  • Mar 1, 2010 11:33am Mar 1, 2010 11:33am
Quoting ehrek
Why would you have a sell order, if it re-entered its channel?? makes no sense.

( I was lookin at a TL dating from the 25th of January )

Id wait for a bounce, dip, retrace, and a sell order under a prev LOW. If it were to go down anyway.
yep sometimes one thing overcomes the other, It was a nice setup in my book, but my book isn't heavy enough yet lol.

thanks bro for your opinion it helped
  • #56,671
  • Mar 1, 2010 11:34am Mar 1, 2010 11:34am
Quoting jarroo
Besides that the setups was far from being an A+ setup, I see no other critcism to how you saw and managed this trade. The PB had supporting confluences, although very small. A clear strong target, 1.0500 BRN at a PPZ level.
...
watching from hindsight, it would be better to trade 2D PB and leave more room for a trade.

I would like to ask about my last losing trade, that was AUDJPY with BEOB at BRN=80, additionally counfluenced with 38 fibo line. I had a sell stop order waiting 10 pips under BEOB, price hit it, went down 4 more pips and reversed.
What things in your opinion should stop me before taking this setup?
regards
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  • #56,672
  • Mar 1, 2010 11:45am Mar 1, 2010 11:45am
Quoting oromek
watching from hindsight, it would be better to trade 2D PB and leave more room for a trade.

I would like to ask about my last losing trade, that was AUDJPY with BEOB at BRN=80, additionally counfluenced with 38 fibo line. I had a sell stop order waiting 10 pips under BEOB, price hit it, went down 4 more pips and reversed.
What things in your opinion should stop me before taking this setup?
regards

Its not a bad setup. I would like to have the swing High, higher. At the 50% ret. or the 61.08 fib.

I understand your initial S/R target in green. But there was one prior to that that it hit and reversed. There was much traffic on this one, that you probably knew. A higher swing High would have given it much needed space, less traffic.
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Indicators show the past. Price Action "Indicates" the future.
  • #56,673
  • Mar 1, 2010 11:46am Mar 1, 2010 11:46am
Quoting jarroo
Well it broke out of its channel (trendline) pulled back, and then ran into the PPZ level/ 50% ret wall. They do tend to work at times
Definitely a nice PPZ level, sure.

But the assumed downtrend is a bit premature from its longterm trend, which would make the fib, just a fib.

Freaky friday, is freaky! esp when its the last day of the month. I felt a correction comming, along with the EU

I got burned on shorts on the euro last friday .. well, stopped out anyway.
lowest draw down possible please.
  • #56,674
  • Mar 1, 2010 11:51am Mar 1, 2010 11:51am
Quoting ehrek
Definitely a nice PPZ level, sure.

But the assumed downtrend is a bit premature from its longterm trend, which would make the fib, just a fib.

Freaky friday, is freaky! esp when its the last day of the month. I felt a correction comming, along with the EU

I got burned on shorts on the euro last friday .. well, stopped out anyway.
Agreed. Those countertrend trades are tough. lol
Indicators show the past. Price Action "Indicates" the future.
  • #56,675
  • Mar 1, 2010 11:56am Mar 1, 2010 11:56am
Quoting oromek
watching from hindsight, it would be better to trade 2D PB and leave more room for a trade.

I would like to ask about my last losing trade, that was AUDJPY with BEOB at BRN=80, additionally counfluenced with 38 fibo line. I had a sell stop order waiting 10 pips under BEOB, price hit it, went down 4 more pips and reversed.
What things in your opinion should stop me before taking this setup?
regards
I just notice my feed on my chart is different then yours. The near traffic is still there on your chart. Traffic that is near or close to your setup is critical to watch and be aware of.

You do have to like the 80.00 location. Since this setup (which wasn't bad) was short lived I see continued up movement on this pair. Some bullish PA at the 80.00 would be nice.
Indicators show the past. Price Action "Indicates" the future.
  • #56,676
  • Mar 1, 2010 11:59am Mar 1, 2010 11:59am
Definetly saw a nice bounce + PA in and around the area,

I short around there would be good for a tiny profit, a runner would be left stopped out @ BE.

But yeah, as soon as it re-entered.. I'd definetly be looking for longs.

I was ZzzZZzzzZZZ leeeping

hehehe

Keep on a lookout for a possibly another dip + long entry comming soon.
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lowest draw down possible please.
  • #56,677
  • Mar 1, 2010 12:06pm Mar 1, 2010 12:06pm
Quoting tormo
Mike, isn't it past you bed time in NY already, when do you sleep, lol
lol
  • #56,678
  • Mar 1, 2010 12:09pm Mar 1, 2010 12:09pm
Hey Scott

Yep you are correct about that it could be. But what happens to people with these bars is they ignore the close trouble areas and then it bounces on them and they take a full bar loss and scratch their heads. The most important thing is to never be caught off guard by the market. Here is thc ahrd I put up before and no surprise look where we are stalling. So the question becomes what are you(as the trader this is a general question) going to do at these points.

Again bars like this can EASILY turn at the first trouble area and never look back. Will some run "with the trend" sure. But Aud/nzd is notoriously choppy too

Hope this helps
Mike

Quoting scott89
Alright, I will start studying GAPS too, but now i'm stuck on PinBars, I wanna learn how to trade them right.
So, on that AUDNZD PB, you Mike said that you expect that kind of PBs on a SwingLow, but couldn't it be just a retracement of the trend? you know, in an up trend you have those little downward moves... I'm new to this, i don't know if you get my point (actually it's the first time i use the english language to communicate with other people, i just used it in school... lol).


To antgal23, you might have solved the video problem, I...
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  • #56,679
  • Mar 1, 2010 12:11pm Mar 1, 2010 12:11pm
Quoting jarroo
I just notice my feed on my chart is different then yours. The near traffic is still there on your chart. Traffic that is near or close to your setup is critical to watch and be aware of.

You do have to like the 80.00 location. Since this setup (which wasn't bad) was short lived I see continued up movement on this pair. Some bullish PA at the 80.00 would be nice.
Could this pinnish looking 8 Hour BUOB with a retrace to the 80.00 be it. I don't know, but I like it.
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Indicators show the past. Price Action "Indicates" the future.
  • #56,680
  • Mar 1, 2010 12:11pm Mar 1, 2010 12:11pm
Quoting jarroo
I just notice my feed on my chart is different then yours. The near traffic is still there on your chart. Traffic that is near or close to your setup is critical to watch and be aware of.

You do have to like the 80.00 location. Since this setup (which wasn't bad) was short lived I see continued up movement on this pair. Some bullish PA at the 80.00 would be nice.
i see it now, my fault was that i opened a trade almost exactly at S/R zone, i didnt spot this earlier.
thank you Jim
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