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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

  • #82,621
  • Dec 15, 2010 5:56pm Dec 15, 2010 5:56pm
Quoting pn1
Good to see the master around. So a chart for him and seniors. After no kaboom maybe retest?
That's the most random trendline I have seen in a while.

A 'touch trade' at that level is essentially closing your eyes and hoping price will suddenly reverse after a huge bearish bar and bounce off the round number/ppz. Which is fine, if that is what you are into, but let's not pretend it is anything more than a coin flip. On a weighted coin, with the odds against you.

At least do like Jim says and wait for PA. The whole idea is to stack the odds in our favour as much as possible, not just to take blind entries.
When you have to shoot, shoot. Dont talk.
  • #82,622
  • Dec 15, 2010 5:59pm Dec 15, 2010 5:59pm
Quoting joelcf
That's the most random trendline I have seen in a while.

A 'touch trade' at that level is essentially closing your eyes and hoping price will suddenly reverse after a huge bearish bar and bounce off the round number. Which is fine, if that is what you are into, but let's not pretend it is anything more than a coin flip. On a weighted coin, with the odds against you.

At least do like Jim says and wait for PA. The whole idea is to stack the odds in our favour as much as possible, not just to take blind entries.

Well said joel.
Indicators show the past. Price Action "Indicates" the future.
  • #82,623
  • Dec 15, 2010 6:02pm Dec 15, 2010 6:02pm
Quoting jarroo
Let me present this with the Daily. (Charts)
These should be hung in a gallery
When you have to shoot, shoot. Dont talk.
  • #82,624
  • Dec 15, 2010 6:07pm Dec 15, 2010 6:07pm
Quoting Greenhaze
There is a beautifull pattern on NZDUSD chart. In this case there is no point in putting stoploss above the pb high. With all this confluence it is easy to assume there are sell stop orders below the 0.7400 level.
If there is so much confluence and it is such a sure thing, why would you want to use a tight SL? Wouldnt you want a full stop to avoid being shaken out of the trade by short term noise? If it really is such an easy trade, I would imagine you would want to wait until it was invalidated to close out.
When you have to shoot, shoot. Dont talk.
  • #82,625
  • Dec 15, 2010 6:09pm Dec 15, 2010 6:09pm
Quoting joelcf
That's the most random trendline I have seen in a while.

A 'touch trade' at that level is essentially closing your eyes and hoping price will suddenly reverse after a huge bearish bar and bounce off the round number/ppz. Which is fine, if that is what you are into, but let's not pretend it is anything more than a coin flip. On a weighted coin, with the odds against you.

At least do like Jim says and wait for PA. The whole idea is to stack the odds in our favour as much as possible, not just to take blind entries.
Good to hear from you sir, and even good that you told that my trendline was incorrect. Could you please show me the clear way of drawing it.
  • #82,626
  • Dec 15, 2010 6:11pm Dec 15, 2010 6:11pm
Quoting jarroo
Yes ..very possible.

Pull up the Weekly chart and show Support and then where Price broke through and closed below.
Would you trust a PA on lower TF to take entry on both pairs if they show rejection.
  • #82,627
  • Dec 15, 2010 6:13pm Dec 15, 2010 6:13pm
Quoting joelcf
These should be hung in a gallery

You should see my office wall . . lol
Indicators show the past. Price Action "Indicates" the future.
  • #82,628
  • Dec 15, 2010 6:14pm Dec 15, 2010 6:14pm
Quoting pn1
Would you trust a PA on lower TF to take entry on both pairs if they show rejection.

Are you confused by the question too?

Do you have a chart example?
Indicators show the past. Price Action "Indicates" the future.
  • #82,629
  • Dec 15, 2010 6:14pm Dec 15, 2010 6:14pm
Bearish pin bar forming on CHF/JPY. Will be going short if it follows through.
What is any ocean but a multitude of drops?
  • #82,630
  • Dec 15, 2010 6:16pm Dec 15, 2010 6:16pm
Quoting pn1
Good to hear from you sir, and even good that you told that my trendline was incorrect. Could you please show me the clear way of drawing it.
It isnt incorrect, per se - these are subjective things so as long as it is straight, it cant be 'wrong' (although some will even argue over that one... parabolic trendlines ).

But, think about why we look at trendlines; because we expect a reaction off the line. And for that reaction, you need a bunch of people with a bunch of money looking at it too, and then acting off it.

If you have a look at it, do you really think anyone moving any kind of money is going to be looking at that particular trendline? And trading based on it? I dont see it. For these things to be valid, assuming they even are, you want recent action validating it. A couple of bar lows seven months ago doesnt really inspire much confidence.

Your PPZ, on the other hand, is solid. Which is why a PA-off-PPZ trade is a far better option here, in my semihumble opinion.
When you have to shoot, shoot. Dont talk.
  • #82,631
  • Dec 15, 2010 6:19pm Dec 15, 2010 6:19pm
Quoting james16
chart

Probably one of the biggest thing one can learn from the James16 Thread . . is in this chart.

Wall hanging material.
Indicators show the past. Price Action "Indicates" the future.
  • #82,632
  • Dec 15, 2010 6:36pm Dec 15, 2010 6:36pm
Quoting jarroo
lol . . hey Dan


http://www.youtube.com/watch?v=UPw-3e_pzqU
LOOOOOOOOOOOOOOL

best reply in the history of this thread.
Many choose unhappiness over uncertainty.
  • #82,633
  • Dec 15, 2010 6:38pm Dec 15, 2010 6:38pm
Quoting Dan Gilbert
LOOOOOOOOOOOOOOL

best reply in the history of this thread.

I knew you would like it, bro. . .
Indicators show the past. Price Action "Indicates" the future.
  • #82,634
  • Dec 15, 2010 6:58pm Dec 15, 2010 6:58pm
Quoting jarroo
Are you confused by the question too?

Do you have a chart example?
Sir please answer the this question after you see the charts.
1) As now I already know the possibilities do i wait for rejection to happen in higher TF or what. 2)A close below the level could be significant. So how do I manage because I am not available always infront of screen.
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  • #82,635
  • Edited 8:42pm Dec 15, 2010 7:43pm | Edited 8:42pm
Phew, my mind is all over the place.

Got to use the Jarroo lighthouse beacon and make sure I don't end up on the rocks.
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  • #82,636
  • Dec 15, 2010 8:10pm Dec 15, 2010 8:10pm
Quoting Dan Gilbert
I know I didn't want to take any december trades... but A+ is A+.... This trade even earned extra credit making it 110% A+ . Only risked 0.5% though due to it be December....
Okay, now I'm really annoyed.

I entered this trade last night; it went to my first FTY then retraced; when I got up, I was down about 10 pips, so I exited. (I told all this in an earlier post.)

Now I see that it retraced back in the "right" direction, zoomed on past my FTA, then continued double that distance again. Arghh!

I guess it's better that I exited for small loss rather than holding on for a full bar loss, as I have so many times in the past. But still, this is frustrating.

Congratulations, Jim and Dan and any others who held on to this through the ups and downs; I hope I'm like you some day!

--Dave
  • #82,637
  • Dec 15, 2010 8:18pm Dec 15, 2010 8:18pm
Quoting Oldice
Okay, now I'm really annoyed....
That's an issue I'm currently working through. Now that you're out of the trade. Take a few exit scenarios and track them. And do it with all your trades. I've been meaning to do that as well, just haven't had time. I have time off from work over the holidays so that will be a priority to me.

I'll be taking about 10 or 12 of my most recent trades and looking at:
Taking full profit at FTA's, Moving stop to BE at FTA, moving stop behind RN at FTA, etc. Most of my trades are on the bar break, so I'll prob do the same with some various entries. At the end of the day, month, year, I hope to eventually come up with a couple of different setup (entry) scenarios and (more importantly to me) exit scenarios.

Jims post/chart hit home for me in a big way....this has to be a priority in my trading maturation.
  • #82,638
  • Dec 15, 2010 8:24pm Dec 15, 2010 8:24pm
Quoting Donkey
That's an issue I'm currently working through....
That's a very constructive idea, Donkey; thanks! I'll do that too.

--Dave
  • #82,639
  • Edited 8:48pm Dec 15, 2010 8:35pm | Edited 8:48pm
Guys what do you make of eurgbp right now?Looks interesting to me.
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  • #82,640
  • Dec 15, 2010 8:41pm Dec 15, 2010 8:41pm
A lot of you may think i dont notice you ....ahh but i do.

the years have come and gone and many many people have come and stayed and many have come and gone.

the one constant is the kind and decent nature of the people this thread seems to attract.

honestly have you spent time on other forums or even other threads at FF?

They are for the most part filled with bottom feeders. mean, nasty and vulgar people.

im so proud to have all of "you" here.
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