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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

  • #81,421
  • Dec 2, 2010 6:28am Dec 2, 2010 6:28am
Quoting Oldice
Thanks, PB, I'll see if I can get it to work with my platform.

--Dave

It will only work with Metatrader 4.
  • #81,422
  • Dec 2, 2010 6:30am Dec 2, 2010 6:30am
Quoting xmzhang
Nice one ATC, also confluence with 50% retracement on the higher TF.
XMZ
Thx for pointing that out missed that fib...I was concerned because it came back a few times before....didn't expect that big of a reaction.
  • #81,423
  • Dec 2, 2010 6:38am Dec 2, 2010 6:38am
Quoting Atc
XMZ
Thx for pointing that out missed that fib...I was concerned because it came back a few times before....didn't expect that big of a reaction.
Whooh, looks like you caught a runner, pair already broke the RNB @ 13300 and has dropped more than 100 pips
Pipcrawler
  • #81,424
  • Dec 2, 2010 7:04am Dec 2, 2010 7:04am
Quoting geomink
daily beob trend continuation on ppz
the loss is growin

:-))))
Don't give up
  • #81,425
  • Dec 2, 2010 7:47am Dec 2, 2010 7:47am
Quoting geomink
the loss is growin
:-))))
.... & you're happy with it?
hopefully u banked some profits on the way down.
  • #81,426
  • Dec 2, 2010 7:52am Dec 2, 2010 7:52am
Quoting Pinbar
It will only work with Metatrader 4.
Quoting supremeChaos
if u are using a non-MT4 platform, that indicator wont work.
Thanks to you both; I'm on TnT, so I guess I'll just have to do it the old fashioned way and read the calendar.

Quoting supremeChaos
touch trade = trading on a touch of a certain price/price area.
this is advanced stuff compared to PA trading, wherein u use certain PA setups (pinbar, etc) as confirmation/trigger.
Oh, I get it. Thanks, Supreme, that's very clear. So an example might be, if price is above 1.0000 and retraces to touch that BRN, go long expecting a bounce back up. Yes? Probably not something I'll attempt just yet...

--Dave
  • #81,427
  • Dec 2, 2010 7:57am Dec 2, 2010 7:57am
Quoting geomink
the loss is growin

:-))))

How come you did not take profit and or go to BE at the FTA?

This is just a demo trade, right?

I thought it did well to even get as far as it did give the strong PPZ and RN below it.
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  • #81,428
  • Dec 2, 2010 8:05am Dec 2, 2010 8:05am
It is so annoying to enter a trade and leave to work finding out later that you could have banked 50 pips instead of taking a loss

(I'm pointing at the eur/jpy pinbar.)
  • #81,429
  • Dec 2, 2010 8:16am Dec 2, 2010 8:16am
Quoting xmzhang
Whooh, looks like you caught a runner, pair already broke the RNB @ 13300 and has dropped more than 100 pips

Do you think this J16/PA works? LOL

Too bad this was demo!

I'm on this crappy laptop...I miss my dual monitors/desktop Once you get hooked on more than one monitor, you just keep wanting more.
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  • #81,430
  • Dec 2, 2010 8:16am Dec 2, 2010 8:16am
Quoting supremeChaos
Hello JayPips,
right place? perhaps
'right' way to start: read this thread, as much as u can, 'repeat-read' as many times as u can.... until it sinks in really well.
Lots of charts here mean lots of examples to study & learn from
Good luck!
Thanks for the reply! I started reading the beginning, but I'll try to read the recent posts as well, although it's look like mambo jumbo to me right now.
  • #81,431
  • Dec 2, 2010 8:29am Dec 2, 2010 8:29am
Quoting Oldice
... So an example might be, if price is above 1.0000 and retraces to touch that BRN, go long expecting a bounce back up. Yes? Probably not something I'll attempt just yet...
--Dave
yes Sir Dave.
crawl first before we sprint
Quoting lallous
It is so annoying to enter a trade and leave to work finding out later that you could have banked 50 pips instead of taking a loss...
losses are an inveitable part of our business, isnt it?
Quoting JayPips
Thanks for the reply! I started reading the beginning, but I'll try to read the recent posts as well, although it's look like mambo jumbo to me right now.
only for now...http://www.forexfactory.com/images/s...im/whew%21.gif
  • #81,432
  • Dec 2, 2010 8:36am Dec 2, 2010 8:36am
Quoting jarroo
There you go xmz . .


BUOB on the Daily with a retracement level Hourly BUOB.

Notice the retracement to the previous bar high on both the Daily and Hourly BUOBs. The 63.00 RN and Daily 365 ema was a nice added touch of confluence.
AM I THE ONLY ONE WHO PLAYED THIS WRONG?

I entered on the break of the BOUB, plus buffer and spread. Was there a better entry? Was my stop close?
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  • #81,433
  • Dec 2, 2010 8:53am Dec 2, 2010 8:53am
Quoting spookie94
AM I THE ONLY ONE WHO PLAYED THIS WRONG?

I entered on the break of the BOUB, plus buffer and spread. Was there a better entry? Was my stop close?
Nothing wrong with the entry for sure, the stop was probably too tight. I wonder if you go with tight stops all the time, or was it for this particular setup only Spook?

A lot of times people try to guard their "less than A+ setups" with tight stops. Depending on the situation it may or may not be a viable option.

First thing's first we do agree it isn't A+, don't we? I mean clearly the fact that we didn't close above 63 and the adjoining bar highs and lows would be a reason good enough to keep me out of the trade at least but I clearly understand how and why this could be considered a trade by a less conservative trader than myself.

Thing is when you had finally decided you were going to go for a setup that doesn't jump out, on a choppy pair occuring in the last month of the year, was such a tight stop and hence the bet that price was going to shoot off straight away, the right way to go about managing this trade?

I am obviously not in this trade but had I been in, this trade would be FAR from over, although I barely ever keep a stop tighter than a full bar one, if it had to be a tight one here I would certainly have kept it below 62.5 - an obvious PPZ.

Let me know what you think Spookie,

g.
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I believe . . .
  • #81,434
  • Dec 2, 2010 8:55am Dec 2, 2010 8:55am
Quoting Atc
Do you think this J16/PA works? LOL

Too bad this was demo!

I'm on this crappy laptop...I miss my dual monitors/desktop Once you get hooked on more than one monitor, you just keep wanting more.
Yep, I used to start trading on a laptop then switced to a quadcore desktop with two 20+ inch LCD screens ...... what a difference that makes
Pipcrawler
  • #81,435
  • Dec 2, 2010 8:58am Dec 2, 2010 8:58am
Quoting Atc
Do you think this J16/PA works? LOL

Too bad this was demo!

I'm on this crappy laptop...I miss my dual monitors/desktop Once you get hooked on more than one monitor, you just keep wanting more.
Bingo! Now that's one rocking trade, demo or not. That 'clunk" sound of hitting the nail on the head is adorable each time you hear it no?

g.
I believe . . .
  • #81,436
  • Dec 2, 2010 8:59am Dec 2, 2010 8:59am
Quoting xmzhang
Yep, I used to start trading on a laptop then switced to a quadcore desktop with two 20+ inch LCD screens ...... what a difference that makes
Try it on big screen TV instead of 2 monitors, man that is something else, lying on couch waiting for the bar to close is now feels much more comfortable.
And I hooked my old netbook to it through simple VGA, wireless keyboard+mouse....if you do it through HDMI it is even cooler
  • #81,437
  • Dec 2, 2010 9:03am Dec 2, 2010 9:03am
Quoting spookie94
AM I THE ONLY ONE WHO PLAYED THIS WRONG?

I entered on the break of the BOUB, plus buffer and spread. Was there a better entry? Was my stop close?

Most importantly this is just my opinion

First the day is not done.

I did not play this because because I thought the ppz was anywhere between 63.00-63.20 and I didn't like the RN 63.50 being so close to where my entry would have been which would have been 63.33 (10 pips above yesterdays high). Further, I had much internal angst to play the break of the 2 day PB or to play it as a stand alone BUOB(in which case I would place my entry on a retrace to the high of the prior days bar at the same time taking in any other confluences that would support that entry.

Either way in my mind it would have to be tightly monitored to which I didn't have the time.

As it stands now it hit close to the next RN 63.50 but was shy by 5 pips...in my view I would have had to my stop quickly to my entry and therefore would have been stopped out.___This is if i had executed the PB.

Hope this helps,

Bill
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  • #81,438
  • Dec 2, 2010 9:09am Dec 2, 2010 9:09am
Quoting spookie94
AM I THE ONLY ONE WHO PLAYED THIS WRONG?

I entered on the break of the BOUB, plus buffer and spread. Was there a better entry? Was my stop close?
I had my FTA @ 6350-ish, price came in close range at 6350 just before the speach of Trichet, the high of that BUOB was @ 6325. So the FTA was quite nearby, in that case it wouldn't be sensible to take a clear break entry, if you wanted to trade this BUOB. I always try to enter on a pullback via PA on the lower TF, in this trade, as Jarroo already pointed out, we got our buytrigger via a BUOB on the 1H-TF. In that way should the break not sustain, you still may sneak away with some profit as I did. BTW I was stopped out on my remaining position when price came back.
Pipcrawler
  • #81,439
  • Dec 2, 2010 9:11am Dec 2, 2010 9:11am
Quoting Atc
Most importantly this is just my opinion

First the day is not done.

I did not play this because because I thought the ppz was anywhere between 63.00-63.20 and I didn't like the RN 63.50 being so close to where my entry would have been which would have been 63.33 (10 pips above yesterdays high). Further, I had much internal angst to play the break of the 2 day PB or to play it as a stand alone BUOB(in which case I would place my entry on a retrace to the high of the prior days bar at the same time taking in any other confluences that would support...
That is like I thought. Bar looked good to me, but the location is really scary. There are too much resistance just above the price. I believe all that zone is resistance... here are the charts
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  • #81,440
  • Dec 2, 2010 9:11am Dec 2, 2010 9:11am
Quoting Adilius07
Try it on big screen TV instead of 2 monitors, man that is something else, lying on couch waiting for the bar to close is now feels much more comfortable.
And I hooked my old netbook to it through simple VGA, wireless keyboard+mouse....if you do it through HDMI it is even cooler
I'am trying to imagine how that would look like .......
Pipcrawler
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