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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

  • #65,761
  • Jun 8, 2010 8:43pm Jun 8, 2010 8:43pm
Quoting Dan Gilbert
the counter-trenders are still feeding you buddy. good job.

Yep it never stops, I fed'em for years years ago lol The key is to stick with it and not let the emotions blow you up, win or lose if you feel any different you are not in control.
Keep taking CT trades, I need more money
  • #65,762
  • Jun 8, 2010 9:11pm Jun 8, 2010 9:11pm
I wasn't sure where to ask this question bust since there is such a large number of experienced traders frequenting this thread.

To any trader that was watching the USDCAD pair during the 90's when Canada started to implement its large public spending cuts similar to what Britain will be doing in the forthcoming months.

How did the pair react to these changes? Can you remember any specific events or announcements that caused the turning points?

Regards Seb.
The greatest force on earth is compound interest.
  • #65,763
  • Jun 8, 2010 10:46pm Jun 8, 2010 10:46pm
WOW I DIDNT THINK CANADA HAD EVER CUT SPENDING.

I was trading futures back then but i find the monthly chart below to be interesting.

a ten year run straight up started with a bullish outside bar in the early 90"s. was this in conjunction with what you speak of? someone else will have tro answer that.

Quoting sebastionay
I wasn't sure where to ask this question bust since there is such a large number of experienced traders frequenting this thread.

To any trader that was watching the USDCAD pair during the 90's when Canada started to implement its large public spending cuts similar to what Britain will be doing in the forthcoming months.

How did the pair react to these changes? Can you remember any specific events or announcements that caused the turning points?

Regards Seb.
Attached Image (click to enlarge)
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  • #65,764
  • Jun 8, 2010 10:58pm Jun 8, 2010 10:58pm
Quoting james16
WOW I DIDNT THINK CANADA HAD EVER CUT SPENDING.

I was trading futures back then but i find the monthly chart below to be interesting.

a ten year run straight up started with a bullish outside bar in the early 90"s. was this in conjunction with what you speak of? someone else will have tro answer that.
Don't you think that big run up was a result of the USA's 90s boom, rather than Canada's spending cuts?

that chart should go the other way if canada was lowering their spending.....
Many choose unhappiness over uncertainty.
  • #65,765
  • Jun 8, 2010 11:41pm Jun 8, 2010 11:41pm
exactly which is why i dont pay attention to the news unless its going to affect my air conditioning or my food.

lol

Quoting Dan Gilbert
Don't you think that big run up was a result of the USA's 90s boom, rather than Canada's spending cuts?

that chart should go the other way if canada was lowering their spending.....
  • #65,766
  • Jun 8, 2010 11:55pm Jun 8, 2010 11:55pm
Hey Jim, ain't it past your bedtime? LOL or you tryin to keep up with Mike?
  • #65,767
  • Jun 8, 2010 11:59pm Jun 8, 2010 11:59pm
Quoting tubguy
Hey Jim, ain't it past your bedtime? LOL or you tryin to keep up with Mike?
Texans don't sleep. They wait.
Many choose unhappiness over uncertainty.
  • #65,768
  • Jun 9, 2010 12:03am Jun 9, 2010 12:03am
Quoting Dan Gilbert
Texans don't sleep. They wait.
LMAO....true, waiting for London myself. Thats 1am here in Texas.

Definitely, past my bedtime.
  • #65,769
  • Jun 9, 2010 12:03am Jun 9, 2010 12:03am
Quoting Dan Gilbert
Texans don't sleep. They wait.
I sometime get amazed with such statements...

I am obviously very far away (and unaware too) of the U.S state system,

Are Texans really that different from say the Oklahomans (or whatever)??

My dad's been to the U.S in the 90's, says there is no place in the world like Texas.

g.
I believe . . .
  • #65,770
  • Jun 9, 2010 12:06am Jun 9, 2010 12:06am
Quoting elizo
Sure, I will. Regarding your BEOB, how did u manage to do so since the bar wasn't closed until well below 1.4500?

Sorry elizo, probably a bad choice of words on my part. My entry was 1.4427, just below the BEOB, not the 1.4500. The BEOB was off the 1.4500, PPZ level. Like your PB was off the 1.4500.

I took off half position at the FTA for 43 pip and move my S/L for the 2nd half -43 pips from my entry for a "free trade" . I was stopped out for a net zero loss.

Looks like your PB at BE is looking good.
Attached Image (click to enlarge)
Click to Enlarge Name: gu 4h09.gif Size: 26 KB
Indicators show the past. Price Action "Indicates" the future.
  • #65,771
  • Edited 12:29am Jun 9, 2010 12:18am | Edited 12:29am
Quoting nasir.khan
Hey Fxeturn,

Time Frames Does't have to do much in this case, it's about the "location".

It was a touch trade. It's an aggressive way to trade PPZ's with confluence (TL's, FIB's) i.e pulling the trigger as price hits the zone.

without waiting for PA.

Takes some time and practice but first you should master the basics.
.

I remember telling Rac that he finds a strong, heavily layered location for a touch entry and waits to see PA (Bearish or Bullish) as confirmation.

We find a strong, heavily layered location and wait for PA as confirmation and then we enter. Of course he agreed.
Indicators show the past. Price Action "Indicates" the future.
  • #65,772
  • Jun 9, 2010 12:27am Jun 9, 2010 12:27am
Quoting ghous
I sometime get amazed with such statements...

I am obviously very far away (and unaware too) of the U.S state system,

Are Texans really that different from say the Oklahomans (or whatever)??

My dad's been to the U.S in the 90's, says there is no place in the world like Texas.

g.
Hey Ghous,
Texas is like a small U.S. We have most every geographical feature that you find in the U.S.

Mountains, Plains,Desert, Beaches,Forest, Etc.

We're not all that different. We all get lumped together as cowboys with a hard accent. There are only a handful of real cowboys left. I know this because I was one for 12 years.

Good trading
Mike
  • #65,773
  • Jun 9, 2010 12:35am Jun 9, 2010 12:35am
Quoting tubguy
Hey Ghous,
Texas is like a small U.S. We have most every geographical feature that you find in the U.S.

Mountains, Plains,Desert, Beaches,Forest, Etc.

We're not all that different. We all get lumped together as cowboys with a hard accent. There are only a handful of real cowboys left. I know this because I was one for 12 years.

Good trading
Mike
Jerry Jones would say there are more then a handful of cowboys left
  • #65,774
  • Jun 9, 2010 12:37am Jun 9, 2010 12:37am
Quoting novice198
Hi Jonny,

Looking at GBP USD weekly PB, I see an opportunity there while playing on the Weekly TF. Therefore, can you explain "Cons - No space". My plan to play this PB is as under:-

Max risk 1% SL of 370 Pips just above the PB.
Enter 0.2 posn @ 1.4392 at break of PB,
Enter 0.3 posn @ 1.4536 @ 35% Fib Level
Enter 0.5 posn @ 1.4587 @ 50% Fib Level
FTA 1.4260

Cheers
Novice 198

This was my 1st attempt at playing the weekly PB and boy I did mess it up, though no harm done.
The 1st and 2nd posn were triggered. The Trade was in DD ( over 100 pips at one time) but no sweat as I was risking only 1% and out of which only 50% had triggered. The problem started when the 4H PB was being discussed. This should have given me more confirmation for the Down trend but the TP on the H4 TF was smaller which planted the seeds of doubt in my mind and I moved my SL. Got stopped out last night at BE (actually 0.08R).
Now I understand the importance of proper exits on longer TF and there is plenty time to decide / revise your strategy based on changed circumstances. On the shorter 5TF it is just in and out, you only have time to just pull the trigger.

Have read the TD's post and realized that if I entered the Trade basis Weekly then I should have played out the trade on the same TF. Lower TF will just add to the confusion.

The biggest plus was that there is no need to stay glued to the screen, let the trade play out, don't have to worry about 2 to 3 pips (which meant a lot when one is scalping a 5 Min or 15 M TF setups), & NO STRESS at all, which is the biggest Plus Point for me at this stage of Trading.

Thanks guys for relieving me of the stress. Now I think I can ait for the next setup and trade at peace.

Cheers
Novice198
  • #65,775
  • Edited 2:05am Jun 9, 2010 12:40am | Edited 2:05am
Quoting TraderDavo
As stated, A+ setup.
If a PB look like this one it would have been an A+ setup. So you can see the differences and similarities.

So elizo's PB was not the best but tradable. The 1.4500 PPZ played an important role.

(Yes, the PB is actual size. lol)
Attached Image (click to enlarge)
Click to Enlarge Name: gu 4h09a.gif Size: 25 KB
Indicators show the past. Price Action "Indicates" the future.
  • #65,776
  • Jun 9, 2010 12:41am Jun 9, 2010 12:41am
Quoting tubguy
Hey Ghous,
Texas is like a small U.S. We have most every geographical feature that you find in the U.S.

Mountains, Plains,Desert, Beaches,Forest, Etc.

We're not all that different. We all get lumped together as cowboys with a hard accent. There are only a handful of real cowboys left. I know this because I was one for 12 years.

Good trading
Mike
Cool!
I believe . . .
  • #65,777
  • Jun 9, 2010 12:53am Jun 9, 2010 12:53am
Quoting Jonnyislost
Target reached on the GBP/CHF short,

I decided to take full profit (0.3R) at the 1.6600 as there have been some strong reactions to this level in the past.

Of course I hope it blasts through for anyone still in the trade
Hi Jonny,

I took this trade based on the weekly PB. Closed partially at 1.6640 and balance at 1.6605 for a result of +0.4R. Once again no sweat while the Trade played out even though it was in DD also. Someone said if the loss or win has perceptible effect on the traders mood then he / she is risking too much on the Trade. I have dropped down from 2 to 1% per Trade (on Demo) and I am a changed man. I don't want Trading to take over my life style but want to Master Trading.
The irony is that I saw this thread about six months back but the number of posts in this thread on the main page of FF dissuaded me from even looking at the 1st page of this thread. How I wish I had read the thread at that time and saved myself from all the Tension and stress that I have gone thru last couple of months.

Now let us sit back wait for next opportunity to ambush the market.

Cheers,
Novice198
  • #65,778
  • Jun 9, 2010 12:58am Jun 9, 2010 12:58am
Quoting emiliolopez
Hi, i just spotted this small pin bar of 1250 super grand resistance with macd bearish divergence, im going to place a sell stop in demo below the pinbar, with 3 targets (see in charts below) and see how it behaves.


Looks good emilio. I like your targets.
Indicators show the past. Price Action "Indicates" the future.
  • #65,779
  • Jun 9, 2010 1:03am Jun 9, 2010 1:03am
Quoting novice198
Hi Jonny,

I took this trade based on the weekly PB. Closed partially at 1.6640 and balance at 1.6605 for a result of +0.4R. Once again no sweat while the Trade played out even though it was in DD also. Someone said if the loss or win has perceptible effect on the traders mood then he / she is risking too much on the Trade. I have dropped down from 2 to 1% per Trade (on Demo) and I am a changed man. I don't want Trading to take over my life style but want to Master Trading.
The irony is that I saw this thread about six months back but the number...
Glad to see you drop down novice. THere is this general notion that 2% rule is where we should all start. Now while it beats the heck out of what most peoples MM looks like, our risk per trade has a huge effect on both our ROI and our Drawdows. Most people ignore the drawdown aspect and are always pushing what is possible by just bumping it another % or 2

Mike
  • #65,780
  • Jun 9, 2010 1:09am Jun 9, 2010 1:09am
Quoting james16
WOW I DIDNT THINK CANADA HAD EVER CUT SPENDING.

I was trading futures back then but i find the monthly chart below to be interesting.

a ten year run straight up started with a bullish outside bar in the early 90"s. was this in conjunction with what you speak of? someone else will have tro answer that.
Nice retest of the break on that Cad monthly BUOB.
Indicators show the past. Price Action "Indicates" the future.
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