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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

  • #87,541
  • Feb 1, 2011 9:18am Feb 1, 2011 9:18am
Quoting xmzhang
Price did break that 2_day PB, i've moved my stop just above the low of the 2_day PB and locked in about 80 pips, lets see if the daily PPZ @ 13650 provides resistance ...........
Good to see you back xmz. .
Indicators show the past. Price Action "Indicates" the future.
  • #87,542
  • Feb 1, 2011 9:24am Feb 1, 2011 9:24am
Quoting jarroo
Good to see you back xmz. .
Thanx J, the flu took me out for a couple of days, still a bit dizzy though
Pipcrawler
  • #87,543
  • Feb 1, 2011 9:26am Feb 1, 2011 9:26am
Quoting jarroo
You can be a more aggressive with the same approach as I descripted above. You can wait for a close below on . .say the Hourly or 4 Hour.

Notice that Price has made a couple of Hourly closes below the 1.3650. I view a higher TF close below a strong confirmation.
Thanks Jim.

It seemed like a gamble even as I set the order. It didn't sit right with me. Life is much better (or me) without gambling. I'd rather get a read on the situation before I commit, and this trade has reminded me of that.
  • #87,544
  • Feb 1, 2011 9:36am Feb 1, 2011 9:36am
Quoting Ifmyante
Thanks Jim.

It seemed like a gamble even as I set the order. It didn't sit right with me. Life is much better (or me) without gambling. I'd rather get a read on the situation before I commit, and this trade has reminded me of that.

I see your point Ifmy. Here's a better pic of the Hourly I was talking about at the 1.3650.

Taking a breakout can be risky for me as well . .I like to have some confirming indication that makes sense.
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Indicators show the past. Price Action "Indicates" the future.
  • #87,545
  • Feb 1, 2011 9:39am Feb 1, 2011 9:39am
Quoting xmzhang
Thanx J, the flu took me out for a couple of days, still a bit dizzy though
lol . .I see.
Indicators show the past. Price Action "Indicates" the future.
  • #87,546
  • Feb 1, 2011 9:46am Feb 1, 2011 9:46am
Quoting Adilius07
Yes That is part of ma plan, to hold them forever, lol, who cares when it is a free trade...still thinking though when should that forever end..maybe the other side of MA, or the end of next month...

BRN yeah it is there, but there was a void to it, so I took the trade. So now is just chances I have no control of what is going to happen
the 8500 was (and still is) actually a major trouble area for this trade. I took full profit just above this level. Again we might blow through, but its important at this point to protect yourself nicely.

I suppose you're at BE (maybe even positive) already?

g.
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I believe . . .
  • #87,547
  • Feb 1, 2011 9:50am Feb 1, 2011 9:50am
Eur/Aud is on its way...

Looking for a strong daily close and an eventual push down to the 13550 region.

g.
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I believe . . .
  • #87,548
  • Feb 1, 2011 9:51am Feb 1, 2011 9:51am
Quoting ghous
the 8500 was actually a major trouble area for this trade. I took full profit just above this level. Again we might blow through, but its important at this point to protect yourself nicely.

I suppose you're at BE (maybe even positive) already?

g.
Oh you were in the trade too? Nice!

I am out with BE yes. Well I had some profit but it was only $3 so I just moved to BE. And I don't want to break my plan, where it is written "to move to be and let trade develop"...

So now just waiting for the other one to come to me.
  • #87,549
  • Feb 1, 2011 9:56am Feb 1, 2011 9:56am
Quoting Adilius07
Oh you were in the trade too? Nice!

I am out with BE yes. Well I had some profit but it was only $3 so I just moved to BE. And I don't want to break my plan, where it is written "to move to be and let trade develop"...

So now just waiting for the other one to come to me.
Glad you made a profit Adi

But I do think BRNs should be accounted for in trade planning.

Just my 0.02

Michael
  • #87,550
  • Feb 1, 2011 9:58am Feb 1, 2011 9:58am
Quoting ghous
Eur/Aud is on its way...

Looking for a strong daily close and an eventual push down to the 13550 region.

g.
Nice one g. . . .
Indicators show the past. Price Action "Indicates" the future.
  • #87,551
  • Feb 1, 2011 10:03am Feb 1, 2011 10:03am
Quoting Ifmyante
Glad you made a profit Adi

But I do think BRNs should be accounted for in trade planning.

Just my 0.02

Michael
Thanks. But it was BE so profit is $0
I am yes accounting for BRN's! According to my analysis there was a room to move to BRN, I move to BE very quickly so with this tight trade management I think is ok. I will never fade right against BRN of course.
  • #87,552
  • Feb 1, 2011 10:49am Feb 1, 2011 10:49am
I am liking Eur/Cad. . .

g.
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I believe . . .
  • #87,553
  • Feb 1, 2011 10:55am Feb 1, 2011 10:55am
Quoting ghous
I am liking Eur/Cad. . .

g.
Funny. Was just looking at it and thinking the same thing!
  • #87,554
  • Feb 1, 2011 10:59am Feb 1, 2011 10:59am
Would like a daily close under 1.3676 though.

Sound about right to you?
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  • #87,555
  • Feb 1, 2011 11:05am Feb 1, 2011 11:05am
Quoting Ifmyante
Funny. Was just looking at it and thinking the same thing!
Lol, me too! I am watching this too. But that would be DIBS play for me.
I don't like that little consolidation on the way though... still analysing it.
  • #87,556
  • Feb 1, 2011 11:09am Feb 1, 2011 11:09am
Quoting Ifmyante
Would like a daily close under 1.3676 though.

Sound about right to you?
Impressive Ifmy. . .

So if we don't get a close below the 1.3676 we have a potential to go higher . .sound right to you?
Indicators show the past. Price Action "Indicates" the future.
  • #87,557
  • Feb 1, 2011 11:09am Feb 1, 2011 11:09am
any comments about this pinbar on eur/chf h4?
(except the weak close)
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meine augen sind die sterne
  • #87,558
  • Feb 1, 2011 11:12am Feb 1, 2011 11:12am
Quoting jarroo
Impressive Ifmy. . .

So if we don't get a close below the 1.3676 we have a potential to go higher . .sound right to you?
Thanks Jim
Yes, but I'd be very afraid of going long until the 1.3750 fib line was proven to support price
  • #87,559
  • Feb 1, 2011 11:18am Feb 1, 2011 11:18am
Quoting mbqb11
I AM SO glad to see you move to b/e quickly. I first saw you chart and got a bit nervous, but this is what most will not do with these so-so setups. They hope everyone runs instead of protecting themselves quickly. James tries very hard to get that across. So good for you Jordan.

Then you take this to high quality picky setups, and there is little to stop one.

Mike
Thanks Mike. I probably should have posted a copy of my chart on a lower timeframe to better illustrate what I was doing.

When I was in my demo period, during month 3, I added consolidation period trades as an area of focus. This is why I added two months to my demo time and it ended up lasting 5 months. I wanted to show myself I could apply the same principles and have success when the market isn't in a trend. I happened to demo when the market was making some great trending moves and this made it that much more important for me to search charts for consolidation and see if I could have succes during these periods.

The video in the guest area where James talks about trading during consolidation really resonates with me for some reason. Rarely are these setups perfect, but price tends to do what you think it will do if you have the patience to wait for it. You might miss some if you wait for it, and that's ok, because when you do wait, good things tend to happen. My losses in demo trading during consolidation happened when I didn't wait.

I have his points taped to my monitor to remind and force me to get to breakeven quickly during these periods and then see what happens with the second unit.
Be bullish on you.
  • #87,560
  • Feb 1, 2011 11:19am Feb 1, 2011 11:19am
Quoting Ifmyante
Thanks Jim
Yes, but I'd be very afraid of going long until the 1.3750 fib line was proven to support price
I don't see it, that Fib is not lining up with any clear level.. .the 1.3675 looks a lot strong.

Notice what happen at the 1.3500 . .the 150 ema was a nice touch (pun intended lol) of confluence.
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Indicators show the past. Price Action "Indicates" the future.
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