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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

  • #58,001
  • Mar 11, 2010 4:48pm Mar 11, 2010 4:48pm
Eur gbp 2d pin sideway action plz coment
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  • #58,002
  • Mar 11, 2010 5:20pm Mar 11, 2010 5:20pm
Quoting jarroo
Hey Ryan, I think your on to something with this "with the trend" strategy.
No way man, you guys keep doing that CT stuff then I don't have to think and I just take the other side of the trade. It's easy money and when people have a 95% loss rate it make my job easier
Keep taking CT trades, I need more money
  • #58,003
  • Mar 11, 2010 5:21pm Mar 11, 2010 5:21pm
Quoting jarroo
Yes that is a PB at a great location. The current weekly bar looks like it may close as an Inside Bar. Well have to wait until tomorrow's close on the Weekly to be sure.

We have a confluence of a few things that make it such a great location. Priority # 1 in a great PA setup: Location.

A PPZ level at a Big Round Number 1.5000, a Fib Ret. 61.8 and its at a swing low. What more can you ask for when it comes to location. Not much. lol

So now we need a solid trigger to show us the way. The PB could be better. Meaning the size could be bigger...
Let me know when you get long so I can get short lol
Keep taking CT trades, I need more money
  • #58,004
  • Mar 11, 2010 5:39pm Mar 11, 2010 5:39pm
With the big round number at .7000 right below the daily pin bar (below down arrow), I wanted to make sure it broke this number cleanly.

I entered at .6975, with my first TP only at .6960 (first trouble area). I set my stop loss short at .7030, expecting a strong break of .7000.

The break was strong, the low on the chart showing .6959, but I did not hit my TP due to slippage.

The high of today was only .7022, but with slippage, I was taken out for a loss at .70304.

Lessons learned...

Slippage can be harmful if you keep your SL's too tight.

How did you seniors play this pin (if you did at all), with the big round number .7000 right below it?

I was confused as to how best play this BRN, and I thought I had a solid plan (tight stop loss after a strong break). Maybe it was a good plan and slippage just got me...
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  • #58,005
  • Mar 11, 2010 5:49pm Mar 11, 2010 5:49pm
Quoting unlv_tj
With the big round number at .7000 right below the daily pin bar (below down arrow), I wanted to make sure it broke this number cleanly.

I entered at .6975, with my first TP only at .6960 (first trouble area)....
First off, the trend is up.

Secondly, even if you were to do a counter trend trade I think you should have waited for a better set-up, like a firm close below the round number.
  • #58,006
  • Mar 11, 2010 5:56pm Mar 11, 2010 5:56pm
Quoting mbqb11
for good measure
Mike the walking wikipedia. How on earth did you dig that out?
  • #58,007
  • Mar 11, 2010 6:08pm Mar 11, 2010 6:08pm
Quoting mbqb11
for good measure

I think I dated something like this in the past.
Keep taking CT trades, I need more money
  • #58,008
  • Mar 11, 2010 6:16pm Mar 11, 2010 6:16pm
Quoting Ryanmcd
I think I dated something like this in the past.

If I can recall correctly, I think that picture was from an old post by James16 himself.

@ RYAN: LOL
  • #58,009
  • Mar 11, 2010 6:28pm Mar 11, 2010 6:28pm
Quoting Ryanmcd
No way man, you guys keep doing that CT stuff then I don't have to think and I just take the other side of the trade. It's easy money and when people have a 95% loss rate it make my job easier
Quoting Ryanmcd
Let me know when you get long so I can get short lol
lol Yeah I'll let you know. Trust me, any Big Ol' Bearish PA is on the radar at this level. This 2 Day BEOB yielded about 40 pips before it drew down.

Question, How do you determine a tend has reversed or do you just pick a market with an already established trend and just eat the meat in the middle. Just curious.
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Indicators show the past. Price Action "Indicates" the future.
  • #58,010
  • Mar 11, 2010 6:52pm Mar 11, 2010 6:52pm
Quoting unlv_tj
With the big round number at .7000 right below the daily pin bar (below down arrow), I wanted to make sure it broke this number cleanly.

I entered at .6975, with my first TP only at .6960 (first trouble area)....
Not that this helps b/c I didn't play it, but a few people asked me and this is an easy pass for me. No close below the BRN means were trading INTO the PPZ of the round number instead of away from it. So that keeps me to nervous to do so I just pass on them

Best
Mike
  • #58,011
  • Mar 11, 2010 6:55pm Mar 11, 2010 6:55pm
Quoting TiaForex
Mike the walking wikipedia. How on earth did you dig that out?
my james16 rolodex , you didn't get yours?
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  • #58,012
  • Mar 11, 2010 6:56pm Mar 11, 2010 6:56pm
Quoting mbqb11
my james16 rolodex , you didn't get yours?
laugh out loud on that one Mike.
Indicators show the past. Price Action "Indicates" the future.
  • #58,013
  • Mar 11, 2010 7:13pm Mar 11, 2010 7:13pm
Quoting mbqb11
my james16 rolodex , you didn't get yours?
I must have woken the neighbours I laughed so much at that.
  • #58,014
  • Mar 11, 2010 7:59pm Mar 11, 2010 7:59pm
Quoting Dan Gilbert
speaking of breakouts. What are you doing here jarroo? I know you have to be thinking SOMETHING... enlighten me. please?

This last bar breaking the IB of the previous IB gives me hope for a break out. The range of that large bearish bar has been broken as well. I'm just waiting. I do see the 150 ema here too. I know it sounds like wishful thinking but based on my observations in the past if the 150 doesn't reverse the PA here, the run up to last weeks high will be quick afterward.

K.I.S.S.
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  • #58,015
  • Mar 11, 2010 8:14pm Mar 11, 2010 8:14pm
live account 2% risk NZDJPY trade I took. I don't understand why this hasn't already hit my targets yet! We have a good PPZ, trendline, excellent PA, only issue is the traffic.... I just moved my stop to 20 pips above the high of todays daily bar which closed not long ago.... basically I'm just reducing my risk if the momentum doesn't want to break down any lower and it decides to return up. I'm not looking to take a full bar loss at this point. Thanks to Jim's logic, and my own experience, I am starting to truly understand . trouble areas are marked with red horizontal lines.

CUT THE LOSERS SHORT, LET THE WINNERS RUN
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Many choose unhappiness over uncertainty.
  • #58,016
  • Mar 11, 2010 8:23pm Mar 11, 2010 8:23pm
Quoting KissFan
This last bar breaking the IB of the previous IB gives me hope for a break out. The range of that large bearish bar has been broken as well. I'm just waiting. I do see the 150 ema here too. I know it sounds like wishful thinking but based on my observations in the past if the 150 doesn't reverse the PA here, the run up to last weeks high will be quick afterward.

K.I.S.S.
Seems logical... all the price consolidation on the 1.35 is pretty funny.... Jacko was right. When the big players push price to a certain round level, they lose interest and price just tends to stop trending.


Also, quick update on this demo touch trade - stop moved a tiny bit into profit... Ryanmcd has my vouch
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Many choose unhappiness over uncertainty.
  • #58,017
  • Mar 11, 2010 9:11pm Mar 11, 2010 9:11pm
Quoting unlv_tj
With the big round number at .7000 right below the daily pin bar (below down arrow), I wanted to make sure it broke this number cleanly.

I entered at .6975, with my first TP only at .6960 (first trouble area). I set my stop loss short at .7030, expecting a strong break of .7000.

How did you seniors play this pin (if you did at all), with the big round number .7000 right below it?
Hi unlv_TJ,

I'm not a senior, but I also considered playing this so I wanted to give you my take. First of all, the only reason I considered taking it is it closed at exactly .7000 on my feed (IBFX). It was obviously a pin going into consolidation, and therefore needed to be managed tight.

The chart has lines I put on before this happened when I was considering this trade. The blue areas were my potential trouble areas.

If you look back a little farther to 12/22/09 a major swing ended at .6970. This PPZ was more of a zone than a line for me (the first trouble area). So in my opinion this did make it to the first trouble area, as there were several bar highs/lows in the 6960-6970 range, and this is where it bounced. Also, note the trendline, which gave it another reason to bounce there.

I hope this helps, I know how frustrating it is to think you have the first area worked out and have it reverse before. On these trades we need to be especially careful, and honestly we should probably wait for A+ swing high/low setups when new to trading. (I know you've been around on and off for a while, so I'm not assuming you're new, just wanted to throw that out there for new traders.)

Cory
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  • #58,018
  • Mar 11, 2010 9:27pm Mar 11, 2010 9:27pm
Thank you to those who responded, Mike, wh1zz0, and Cory.

I see a few mistakes I made to learn from.

Thank you for your help!

T.J.
  • #58,019
  • Mar 11, 2010 9:35pm Mar 11, 2010 9:35pm
Quoting triger88990
glad to hear....
I'm feeling such a blessed man being surrounded by people like you and all the others seniors guys.
Can't wait for the day when I'll subscribe to the PF,it will be soon...
I feel the same way

same situation, see u in the PF, future classmate
  • #58,020
  • Mar 11, 2010 9:41pm Mar 11, 2010 9:41pm
Quoting mbqb11
my james16 rolodex , you didn't get yours?

mine's more low-tech.
i just put the links on a notepad (it's in the other PC, lol).

i need this & much faster hands to beat Mike.
(it will help if u are asleep too)
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