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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

  • #70,281
  • Jul 31, 2010 12:36pm Jul 31, 2010 12:36pm
Quoting jarroo
Hey Rac-man


Funny, I thought a Rac chart would have show a similar trade but a short from the 1.3100, may be you caught that too. lol
Intentions were there, but slept in... Took the ride up instead.
Quoting jarroo
But . .wait . .a long from the 1.3000 would have been better because you see the Euro going to the moon . . . hmmm . . . . .see that Rac . .you always keep us thinking.
lol.. it's not going to the moon... just allow time and we'll see a sinkhole..

Quoting jarroo
Even though you don't post much here any more, you are still very much on our minds . .well on my mind at least . . .good too see you again.
Jim
I don't, that's true (no time to waste time ), but when a Gent, like you mentions rac, I'll take time to listen...

Enjoy the summer!
  • #70,282
  • Jul 31, 2010 12:38pm Jul 31, 2010 12:38pm
1. Price Patterns by Martin Pring
2. Trading in The Zone by Mark Douglas

Also purchased -

Technician's Guide to Day and Swing Trading
Candlesticks Explained
Pring on Market Momentum
  • #70,283
  • Jul 31, 2010 3:51pm Jul 31, 2010 3:51pm
Correct me if I'm wrong but it seems to me that there are far fewer quality daily PBs to chose from than there were 2-3 years ago. Most of the action is taking place on 4H (esp. EUR/USD). Anybody still making their bread and butter from the dailys pins?
  • #70,284
  • Jul 31, 2010 4:18pm Jul 31, 2010 4:18pm
Quoting fxterrapin
Correct me if I'm wrong but it seems to me that there are far fewer quality daily PBs to chose from than there were 2-3 years ago. Most of the action is taking place on 4H (esp. EUR/USD). Anybody still making their bread and butter from the dailys pins?
well im far to be a pro but i think its cool to use h8 charts..
or even a bit more than a daily chart (more than 24h)
potential down move (250p to 1.2730) on eurusd (macd div )
  • #70,285
  • Jul 31, 2010 5:42pm Jul 31, 2010 5:42pm
I think this could be pretty decent setup.
Confluence:

- PB
- Fibo 50%
- BRN
- 50EMA
- Previous breakout then ret to S/R
- Some room to FTA

What do you think?
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  • #70,286
  • Jul 31, 2010 10:23pm Jul 31, 2010 10:23pm
  •  jdl
  • | Joined Oct 2006 | Status: going to master this or die trying | 101 Posts
Quoting Adilius07
I think this could be pretty decent setup.
Confluence:

- PB
- Fibo 50%
- BRN
- 50EMA
- Previous breakout then ret to S/R
- Some room to FTA

What do you think?
Adilius, You make a good case. It also broke the 150 EMA and then reversed. Would you open a trade on the break of the PB? If you opened a trade on the open of the next bar, my concern would be FTA resistance at 135.90, which does not give you a lot of room. If you waited for the price to get above the top of the pin bar, I'd feel better about it. But I'm just a newbie at this.
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  • #70,287
  • Jul 31, 2010 10:53pm Jul 31, 2010 10:53pm
Quoting everydayguid
1. Price Patterns by Martin Pring
2. Trading in The Zone by Mark Douglas

Also purchased -

Technician's Guide to Day and Swing Trading
Candlesticks Explained
Pring on Market Momentum

Really you can use the j16 thread for most of the candlestick analysis, although it is good to read into other further stretching methods.

You must read Market Wizards, and The New Market Wizards
Many choose unhappiness over uncertainty.
  • #70,288
  • Jul 31, 2010 11:47pm Jul 31, 2010 11:47pm
I agree but I picked these up for one comprehensive reading. The thread here is scattered, and by the way I have all the summary references.

Quoting Dan Gilbert
Really you can use the j16 thread for most of the candlestick analysis, although it is good to read into other further stretching methods.

You must read Market Wizards, and The New Market Wizards
  • #70,289
  • Aug 1, 2010 12:14am Aug 1, 2010 12:14am
Quoting everydayguid
I agree but I picked these up for one comprehensive reading. The thread here is scattered, and by the way I have all the summary references.

Try Fooled by Randomness by Nassim Nicholas Taleb, I'm reading it at the moment brilliant it is, bit more of a overall look at human behavior and the markets
  • #70,290
  • Aug 1, 2010 2:37am Aug 1, 2010 2:37am
Quoting jdl
Adilius, You make a good case. It also broke the 150 EMA and then reversed. Would you open a trade on the break of the PB? If you opened a trade on the open of the next bar, my concern would be FTA resistance at 135.90, which does not give you a lot of room. If you waited for the price to get above the top of the pin bar, I'd feel better about it. But I'm just a newbie at this.
Hello, Jdl. Yes I would set my buy order 5 pips above the PB. The stop loss would be 5 pips below the PB. It is a wide stop, but all I need is a chance for me to move my stop to BE, after 20-30 pips, so even before the FTA which I have as yellow line on that chart.
  • #70,291
  • Aug 1, 2010 3:38am Aug 1, 2010 3:38am
Quoting Adilius07
Hello, Jdl. Yes I would set my buy order 5 pips above the PB. The stop loss would be 5 pips below the PB. It is a wide stop, but all I need is a chance for me to move my stop to BE, after 20-30 pips, so even before the FTA which I have as yellow line on that chart.
It looks quite interesting as a breakout, pullback continuation play. I would be amazed if you caught a move after moving stop to break even after 20-30 pips on GBPJPY though. It is so volatilee it moves 20-30 pips in seconds sometimes.

If you have backtested this way and do catch runners every x amount of trades and are happy to have a lot of break even trades inbetween then this ultra quick to break even may suit your trading style though.


cheeers

fxp
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  • #70,292
  • Aug 1, 2010 3:46am Aug 1, 2010 3:46am
Quoting fxprocessor
It looks quite interesting as a breakout, pullback continuation play. I would be amazed if you caught a move after moving stop to break even after 20-30 pips on GBPJPY though. It is so volatilee it moves 20-30 pips in seconds sometimes.

If you have backtested this way and do catch runners every x amount of trades and are happy to have a lot of break even trades inbetween then this ultra quick to break even may suit your trading style though.


cheeers

fxp
Hello, Fxp. Yes I agree with you. You know I've been thinking a lot about the best way to manage a trade, for now I've decided to work this way:

- I take 1/2 off at about 30 pips, then I move my stop on the remaining half to NET Breakeven, not where I entered but 30 pips below. (so it is 60 pips away from the market price when 1/2 is off the table)

I think this was Mike who mentioned that some trades do work this way. I really liked the idea. Because I need to secure trade by place to breakeven, but when it is so close I have a high chances of it being hit.

So NET Breakeven gives me much more room (twice a room) to let the trade work.
  • #70,293
  • Aug 1, 2010 3:50am Aug 1, 2010 3:50am
Quoting Adilius07
Hello, Jdl. Yes I would set my buy order 5 pips above the PB. The stop loss would be 5 pips below the PB. It is a wide stop, but all I need is a chance for me to move my stop to BE, after 20-30 pips, so even before the FTA which I have as yellow line on that chart.
I'd do the same as far as the buy order and stop loss are concerned. See the attached chart for the target areas I have in mind.

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Well spotted
  • #70,294
  • Aug 1, 2010 3:56am Aug 1, 2010 3:56am
Quoting mihazupan1
I'd do the same as far as the buy order and stop loss are concerned. See the attached chart for the target areas I have in mind.

Attachment

Well spotted
Hello, Mihazupan. I see your targets are pretty far. Would you mind sharing how would you manage this trade?
Would you move to BE at your Target 1 or sooner?

Thanks.
  • #70,295
  • Aug 1, 2010 4:00am Aug 1, 2010 4:00am
Quoting Adilius07
Hello, Mihazupan. I see your targets pretty far. Would you mind sharing how would you manage this trade?
Would you move to BE at your Target 1 or sooner?

Thanks.
I've set the targets that way because there're some S/R areas. The Target 1 would be my main goal here. Target 2 is just a cherry on the top I was thinking about setting a trailing stop at Target 1 though you could move your stop to BE as well.
  • #70,296
  • Aug 1, 2010 4:08am Aug 1, 2010 4:08am
Sounds like a good plan

Quoting Adilius07
Hello, Fxp. Yes I agree with you. You know I've been thinking a lot about the best way to manage a trade, for now I've decided to work this way:

- I take 1/2 off at about 30 pips, then I move my stop on the remaining half to NET Breakeven, not where I entered but 30 pips below. (so it is 60 pips away from the market price when 1/2 is off the table)

I think this was Mike who mentioned that some trades do work this way. I really liked the idea. Because I need to secure trade by place to breakeven, but when it is so close I have a high chances of...
  • #70,297
  • Aug 1, 2010 4:51am Aug 1, 2010 4:51am
Adilius07 forgot to ask you earlier what were your targets for this trade?
  • #70,298
  • Aug 1, 2010 4:56am Aug 1, 2010 4:56am
Quoting mihazupan1
Adilius07 forgot to ask you earlier what were your targets for this trade?
I would move to BE @ 136.40 and I will try to hold the remaining part up to 139.32. I may also exit the remaining part before that IF I see some opposing signal (like PB against me) on the same daily chart frame
  • #70,299
  • Aug 1, 2010 6:44am Aug 1, 2010 6:44am
I saw and interesting situation on the weekly oil chart which i wanted to share.

Its an IPB just below the BRN 80.00 which is also proven to be the resistance area. I know that the bar isnt that big compared to the others but it has a nice nose and its just off the resistance area. So i think it has potential to reach the FTA (the blue line).

Any comments are appreciated.

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  • #70,300
  • Aug 1, 2010 7:16am Aug 1, 2010 7:16am
EUR/CHF Long

Any thoughts on this possible PB?

With the short term trend
Off a BRN
Off the monthly Pivot
RSI Divergence.

When gauging these trades is it best to check the trend on the H4 or Weekly, or both. Do they need to be trending the same way?

Thanks
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