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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

  • #79,781
  • Nov 11, 2010 7:55am Nov 11, 2010 7:55am
Quoting Carnegie


Nosferatu: I agree with you very much as I did with the others that were telling me about trade management. But you guys are lightyears ahead of me. You guys 'enter in profit'.. Me, on the other hand, I tend to 'enter in loss'.. If you know what I mean.. The market always reverses me.
That happens to me too. Moreover, that happened in a trade that I am currently in. I entered on the break of the weekly BEOB on AUDNZD and was just some pips in profit before reversing.
The main point is that I have a large stop and I am confortable with drawdown on this one.
Currently is around BE but I hope it really breaks to the downside.

If you trust your setup and you have the SL abobe/below PA trigger, I guess it is normal to expect some drawdown.

If you want to play it more like jaroo with smaller SL I guess you just have to be more picky and always take in consideration the very first trouble area.

Anyway, I guess that it is very important to feel confortable and relaxed (as much as you can) with your trades. You just have to find out what suits you the best. I'm still looking for it and I have been here for a while
  • #79,782
  • Nov 11, 2010 8:35am Nov 11, 2010 8:35am
Targets hit on Eur/Gbp and Gbp/Dkk.

(I am dying to know how Paul went about Gbp/Dkk)

g.
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I believe . . .
  • #79,783
  • Nov 11, 2010 8:57am Nov 11, 2010 8:57am
Quoting Atc
http://cdn.forexfactory.com/attachme...1&d=1289436578
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  • #79,784
  • Nov 11, 2010 9:31am Nov 11, 2010 9:31am
My thank you to all the vets out there and my blessings with all those that were lost serving to give us all the freedom we often take for granted
  • #79,785
  • Nov 11, 2010 9:35am Nov 11, 2010 9:35am
Quoting ghous
Targets hit on Eur/Gbp and Gbp/Dkk.

(I am dying to know how Paul went about Gbp/Dkk)

g.
Hi ghous. Nice trades. Did you enter the weekly trades on the break or retrace entry?
  • #79,786
  • Nov 11, 2010 9:43am Nov 11, 2010 9:43am
The EUR/CAD took a major fall from its September highs in the 1.60s, dropping all the way to mid 1.20s. In June it started making a recovery of sorts, and recently reached highs of in the area of 1.44. This also happened to be a 50% retracement of the previous decline.....resistance was strong and the EUR/CAD was rejected.

She is now approaching another major S/R level @ 1.37, receiving some support at the moment from the confluence of moving averages.

Should be a decent place to set up a sniping position and wait for PA.

Is it going to receive support and bounce off 1.37? Or close below and let us play a nice free fall down to 1.35 or maybe even 1.32 levels?

What do you think?
Attached Image
  • #79,787
  • Nov 11, 2010 9:48am Nov 11, 2010 9:48am
Quoting uBERpIP
The EUR/CAD took a major fall from its September highs in the 1.60s, dropping all the way to mid 1.20s....
Nice logical area to watch Uber
  • #79,788
  • Nov 11, 2010 9:49am Nov 11, 2010 9:49am
Hi my name is Aaron and I am an overtrader.

HI AARON

I didn't intend to speak today. Matter of fact, I wasn't gonna come to the meeting ... But I wanna say a couple of things I hope may be of use, particularly, to the new faces here. I first came into this thread 2 months ago. I read the thread convinced it was gonna be just like all the others – why woulda a bunch of REAL traders want to help me? -Then someone wrote a post, I think it was James or Mike or Diallist, or maybe it was a video, and talked about chasing trades – lowering time frames to catch more action - I don't know why I heard it as different - it doesn't matter, it was the first time I really heard it, and I still can't think of a better way to describe how I felt - We all have our own place in the darkness, and I was in such a mess I could hardly see - I'd lost money I didn’t have to lose – over and over - demoing didn’t work - there was real money to be made – and besides, I don’t react the same way when it’s play money so demoing doesn’t really count – and it looks so easy on the videos – and maybe a robot will work THIS time - whatever, my own BS won every time - I was angry with the market, myself, everyone and everything - Where I was I wanted to be someplace else - any place but here - any moment but now - But here I am, and it is now, and there's a big change about to happen in my life - and I'm going for it coz this time I know I'm not running away - I'm actually two miles into a 600 mile journey, and I feel good about myself going there - So I stopped off to share that with you -
and to thank everyone of you, and everyone in this thread for letting me walk out of here, free ..
  • #79,789
  • Nov 11, 2010 9:51am Nov 11, 2010 9:51am
Quoting ahendon
Hi my name is Aaron and I am an overtrader.

HI AARON

I didn't intend to speak today....
simply awesome
  • #79,790
  • Edited 10:13am Nov 11, 2010 10:12am | Edited 10:13am
Scene from Jennifer 8 revisited
Hi my name is Aaron and I am an overtrader.

HI AARON

I didn't intend to speak today. Matter of fact, I wasn't gonna come to the meeting ...

Hey, So honest, well posted
Nice to know there are more me's in here
  • #79,791
  • Nov 11, 2010 10:38am Nov 11, 2010 10:38am
chart for C from the chat room
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  • #79,792
  • Nov 11, 2010 11:23am Nov 11, 2010 11:23am
Quoting Donkey
Hi ghous. Nice trades. Did you enter the weekly trades on the break or retrace entry?
Hey D,

Both were taken at the break.

g.
I believe . . .
  • #79,793
  • Nov 11, 2010 11:52am Nov 11, 2010 11:52am
not sure if its useful, but i thought i'd post one of my not so good trades, took small loss. i think the analysis was ok i.e. support and ressist.. see attach chart..
trade well,
RS
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  • #79,794
  • Nov 11, 2010 12:24pm Nov 11, 2010 12:24pm
Quoting ghous
Hey D,

Both were taken at the break.

g.
Hi Ghous,

Did you took the entry based on the weekly, i mean you saw the setup on a monday and you put the orders or a daily candle triggered the entry ?

Thx
Trade Smart
  • #79,795
  • Nov 11, 2010 1:10pm Nov 11, 2010 1:10pm
Mike is that chart for me.. I'm guessing I'm 'C'?

Anyway look what I found.
There is an attached chart of EURCHF Daily chart.

I have my checklist before I trade and lets see what confluence I have here and if you guys agree.

1. Pinbar
2. PPZ level (or trendline or support/restsance whatever you want to call it) and the round number of 1.3300.
3. 50% Retracement.

What do you guys think.. Is this smart or have I missed something here?

Thanks!

EDIT:
Oopsie.. forgot to remove that white little part in paint. In quite a hurry. Closed the AUDUSD trade for 2 pips profit. Just wanted to close the trade and leave that behind me.
From now on, it's DISCIPLINE TIME (checklist)!
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  • #79,796
  • Nov 11, 2010 1:28pm Nov 11, 2010 1:28pm
Quoting uBERpIP
The EUR/CAD took a major fall from its September highs in the 1.60s, dropping all the way to mid 1.20s....
1.37 is also the 38.2 retracement from high to low of the monthly BUOB that closed above the 1.37 handle most recently. On a monthly chart this could still end up a long even with a test of 1.32 imho as long as there is a close back above 1.37 before the month is complete.
  • #79,797
  • Nov 11, 2010 1:39pm Nov 11, 2010 1:39pm
Quoting Carnegie
Mike is that chart for me.. I'm guessing I'm 'C'?

Anyway look what I found.
There is an attached chart of EURCHF Daily chart.

I have my checklist before I trade and lets see what confluence I have here and if you guys agree.

1. Pinbar
2. PPZ level (or trendline or support/restsance whatever you want to call it) and the round number of 1.3300.
3. 50% Retracement.

What do you guys think.. Is this smart or have I missed something here?

Thanks!

EDIT:
Oopsie.. forgot to remove that white little part in paint. In quite a hurry. Closed the...
Hey Carneige

That was apost for cprao from the chatroom earlier today

As for eur/chf I like how you are trying to line up confluence but I think the bar is a very poor bar. While it qualifies for a pin just look how weak it looks. The nose barely protrudes out and the way the close is much under the open it more looks like a "bounce" then any strong reversal. Look for the stand out bars (as James refers to them the pitbull pinbars) that scream reversal. Yes price may well bounce here but we are trying to keep ourselves on the right side then get every move out of price.

Hope that helps
Mike
  • #79,798
  • Nov 11, 2010 1:57pm Nov 11, 2010 1:57pm
Quoting mbqb11
Hey Carneige

That was apost for cprao from the chatroom earlier today

As for eur/chf I like how you are trying to line up confluence but I think the bar is a very poor bar. While it qualifies for a pin just look how weak it looks. The nose barely protrudes out and the way the close is much under the open it more looks like a "bounce" then any strong reversal. Look for the stand out bars (as James refers to them the pitbull pinbars) that scream reversal. Yes price may well bounce here but we are trying to keep ourselves on the right side then...
Okay Mike I won't take it because last time I did I screwed up. But some help here please if you have the time.

Is it a poor bar(and weak) because of it's SIZE? Okay I've never seen the 'pitbull pinbar' before, any idea where I can find them and read about them?
Quite embarassed here, to me that one screamed reversal

Thank you!
  • #79,799
  • Nov 11, 2010 2:06pm Nov 11, 2010 2:06pm
Quoting Carnegie
Okay Mike I won't take it because last time I did I screwed up. But some help here please if you have the time.

Is it a poor bar(and weak) because of it's SIZE? Okay I've never seen the 'pitbull pinbar' before, any idea where I can find them and read about them?
Quite embarassed here, to me that one screamed reversal

Thank you!
Hey Carnegie

Try to take it past if a bar just qualifies as a pinbar, and into does this look like strong buying. We want the nose to protrude away from price and notice in this case it barely protrudes away from the prior bar, this is warning sign one. T he next is how weak it is closing and just sort of looks like price stalled out as opposed to reversal

Time and practice and seeing it over and over you will spot these things too. Might take you 6 months, might take you 6 years but it will happen if you spend enough time with this stuff. Of course you will see and doing things differently but you will do it for a reason(the key).

Where it stemmed from

http://www.forexfactory.com/showpost...ostcount=39300

Those that struggle need to start with the obvious and build a foundation on the SUPER quality setups. Most just can't resist the urge to trade though.

Mike
  • #79,800
  • Nov 11, 2010 2:40pm Nov 11, 2010 2:40pm
Quoting Revstar
not sure if its useful, but i thought i'd post one of my not so good trades, took small loss. i think the analysis was ok i.e. support and ressist.. see attach chart..
trade well,
RS
Hi Revstar, what exactly did you trade? I see no confirmed PA. Or was it a touch trade?
Thanks J16, Sam Seiden, Udine and Jacko
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