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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

  • #91,041
  • Mar 8, 2011 8:04am Mar 8, 2011 8:04am
Well I am done with the Eur/JPY daily pin. It was unable to break support again at 114.54. I think I am done taking trades like this. Just not worth the stress.
"Don't trade to trade . . . trade to win." - James16
  • #91,042
  • Mar 8, 2011 8:08am Mar 8, 2011 8:08am
Quoting aserbfx
the bar pattern is one part of the story.
the location the other part.
we like to see these setups at ppz. areas with resistance/support, round numbers, fibs etc.
so it is recommended to look for major ppz first. starting with monthly, then weekly and daily.
Thank you Supreme and Aser. Please see the attached charts. I think it is an important PPZ. Looking forward for your comments.
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  • #91,043
  • Mar 8, 2011 8:10am Mar 8, 2011 8:10am
Quoting Panthera
Hi everyone!
Great thread,thanks for the Chairman!
I would like to share my picture and thought....and ask for comments!
What if in half an hour this would turned into red?
In H4
Whould it be a good sign?
Thanks
Monika
Hey Monika

Welcome to the thread

Yep that top of the box you identified would be a nice area to watch for some PA. But then if we did get PA(price action) there we have to understand we are now in a consolidation period. If we get above this box there is a good chance to see that resistance turn to support and vice versa to the downside.

If we break back up and retrace the 50% is right smack dab at .9500 BRN ppz which is a great area to watch for PA as well

Again welcome to the thread

Mike
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  • #91,044
  • Mar 8, 2011 8:11am Mar 8, 2011 8:11am
I was not looking at this pair before, so I have not taken this trade. But I thought it was a good area and pb so I need your comments.
  • #91,045
  • Mar 8, 2011 8:12am Mar 8, 2011 8:12am
Stop is about to be hit
Most profit made in 2 months will be gone...
Eh..
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  • #91,046
  • Mar 8, 2011 8:16am Mar 8, 2011 8:16am
so ,isnt it a good PA?
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A chart helps those who can read it.
  • #91,047
  • Mar 8, 2011 8:17am Mar 8, 2011 8:17am
Quoting Sgrb1
Well, first trade of this month and it's looking like a probable loser.

AUDCAD, off the bottom of the weekly range and good prev resistance level at .9825 turned support, daily pinbar spiked through and rejected the level and also the 150. So tucked my stop under the level and 150 at .9810

I'd like to note this down as a good, high probability setup with reasonable targets at .9950 & parity that was just an unlucky loser, but comments and criticsm more than welcome
Hey SG

My comments on the chart

Best
Mike
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  • #91,048
  • Mar 8, 2011 8:19am Mar 8, 2011 8:19am
Quoting Adilius07
Stop is about to be hit
Most profit made in 2 months will be gone...
Eh..
This is another example alongside with SG post about the aud/cad

Here was my chart from yesterday in the pf.

These choppy consolidating markets really will eat you alive if you don't take the proper precautions at these trouble areas. This is speaking from experience

Hope this helps
Mike
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  • #91,049
  • Mar 8, 2011 8:20am Mar 8, 2011 8:20am
Quoting geniusztc
so ,isnt it a good PA?
Hey G

That bar there is a neutral bar

This is when the open and close are near the middle of the bar. This indicates indecision in the market place. We don't trade off neutral bars here but rather take note of them. They can be mistaken for pinbars

Best
Mike
  • #91,050
  • Mar 8, 2011 8:21am Mar 8, 2011 8:21am
Quoting Mak
..Please see the attached charts. I think it is an important PPZ. .
Quoting Mak
I was not looking at this pair before, so I have not taken this trade. But I thought it was a good area and pb so I need your comments.
location seem to be nice.
u plotted good lines too.. (just remember, PPZs are areas/zones, not specific prices).

like i said, PB was relatively small. i hope u dont get the impression that all PBs will work &/or small PBs will always give profitable trades (like this).
u can try & follow price from here. see what price does in the near future relative to your plotted PPZs. it's a fun learning exercise.

Keep posting Sir!
  • #91,051
  • Mar 8, 2011 8:25am Mar 8, 2011 8:25am
Quoting mbqb11
This is another example alongside with SG post about the aud/cad

Here was my chart from yesterday in the pf.

These choppy consolidating markets really will eat you alive if you don't take the proper precautions at these trouble areas. This is speaking from experience

Hope this helps
Mike
Thanks Mike, I had 84.20 as my FTA, the price did not make it there by a few pips and reversed before I had a chance to move to BE.

Need to be more careful.
  • #91,052
  • Mar 8, 2011 8:26am Mar 8, 2011 8:26am
Quoting supremeChaos
location seem to be nice.
u plotted good lines too.. (just remember, PPZs are areas/zones, not specific prices).

like i said, PB was relatively small. i hope u dont get the impression that all PBs will work &/or small PBs will always give profitable trades (like this).
u can try & follow price from here. see what price does in the near future relative to your plotted PPZs. it's a fun learning exercise.

Keep posting Sir!
Thank you sir. I really appreciate your comments. Can you or anyone please tell me the rough ratio between the body (as in candles) and the tail or nose.

Thanks
Ammar
  • #91,053
  • Mar 8, 2011 8:33am Mar 8, 2011 8:33am
Quoting aserbfx
ok, i think i am going completely nuts.
i am short since yesterday at 11.48 usd.
after the closing bell yesterday, exel was so nice to announce a stock sale.
stocks plummet to 10.60 usd in the after-hour auction. this would result in a win of more than 8% in one day!!!!!!!!!!!!!
http://www.thestreet.com/story/11034...ale-plans.html
out at the first price at 10.81 usd. great trade!
meine augen sind die sterne
  • #91,054
  • Mar 8, 2011 8:40am Mar 8, 2011 8:40am
Quoting Mak
Thank you sir. I really appreciate your comments. Can you or anyone please tell me the rough ratio between the body (as in candles) and the tail or nose....
ratio... u mean the ideal Pinbar size (candle body:tail/nose ratio)?
1:3, better if 1:4 or 1:5 (generally, the longer the tail/nose, the better)
  • #91,055
  • Mar 8, 2011 8:42am Mar 8, 2011 8:42am
Quoting supremeChaos
ratio... u mean the ideal Pinbar size (candle body:tail/nose ratio)?
1:3, better if 1:4 or 1:5 (generally, the longer the tail/nose, the better)
Yes you got it right. Thank you

Ammar
  • #91,056
  • Mar 8, 2011 8:52am Mar 8, 2011 8:52am
Thanks Mike!

You are a great guy!

Monika
  • #91,057
  • Mar 8, 2011 8:59am Mar 8, 2011 8:59am
Quoting mbqb11
Hey G

That bar there is a neutral bar

This is when the open and close are near the middle of the bar. This indicates indecision in the market place. We don't trade off neutral bars here but rather take note of them. They can be mistaken for pinbars

Best
Mike
got it .thank you
A chart helps those who can read it.
  • #91,058
  • Mar 8, 2011 9:39am Mar 8, 2011 9:39am
Quoting Adilius07
Thanks Mike, I had 84.20 as my FTA, the price did not make it there by a few pips and reversed before I had a chance to move to BE.

Need to be more careful.
I think we might be in the same boat. I make profits on a few trades and when that loss happens, wipe out most of my profits. I am working on better analysis and thus better setups. And just in case the loss happens, my stop is never above/below PA bar to minimise risk. If my stop is hit and price reverse and go to the moon, so be it. But I will not give back hard earned profits from several previous trades. But that is just me
  • #91,059
  • Mar 8, 2011 10:02am Mar 8, 2011 10:02am
Quoting Be Cool
I think we might be in the same boat. I make profits on a few trades and when that loss happens, wipe out most of my profits. I am working on better analysis and thus better setups. And just in case the loss happens, my stop is never above/below PA bar to minimise risk. If my stop is hit and price reverse and go to the moon, so be it. But I will not give back hard earned profits from several previous trades. But that is just me
Becoming a breakeven trader is a great thing, you are close that means. Most couldn't touch breakeven with a stick. Now it's about making some few tweaks here and there and you will start to turn the corner. Perseverance is big at this stage b/c being breakeven is frustrating as hell

Keep at it
Mike
  • #91,060
  • Mar 8, 2011 10:05am Mar 8, 2011 10:05am
Quoting Be Cool
I think we might be in the same boat. I make profits on a few trades and when that loss happens, wipe out most of my profits. I am working on better analysis and thus better setups. And just in case the loss happens, my stop is never above/below PA bar to minimise risk. If my stop is hit and price reverse and go to the moon, so be it. But I will not give back hard earned profits from several previous trades. But that is just me
I think we all just learned a powerful lesson that Jim hammers and hammers time and time again. We have to be ULTRA PICKY, otherwise we are going to put ourselves in dangerous situations.
"Don't trade to trade . . . trade to win." - James16
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