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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

  • #99,241
  • Jul 25, 2011 4:10pm Jul 25, 2011 4:10pm
Hi Gungriffin,

Thanks for answering...and yes you are right...I am unpatient and mainly with myself (bc I know the system is working) and this is true in other part of my life too.
Probably the life is teaching me...I have too big expectations with myself and dissapointed if I make mistake even in my learning period...

Need more charting time...
Thanks again,
Monika
  • #99,242
  • Jul 25, 2011 4:27pm Jul 25, 2011 4:27pm
Quoting aserbfx
google approaching the resistance-zone at 630 usd. a close above 630 will be very bullish and a trigger for longs.
I own this one myself and have had it more as a long term hold. I will be watching that exact area myself. Has had a nice run up over the last 2 weeks. If it can break that area of resistance I will be a very happy camper
  • #99,243
  • Jul 25, 2011 4:31pm Jul 25, 2011 4:31pm
Quoting Panthera
Hi Gungriffin,

Thanks for answering...and yes you are right...I am unpatient and mainly with myself (bc I know the system is working) and this is true in other part of my life too.
Probably the life is teaching me...I have too big expectations with myself and dissapointed if I make mistake even in my learning period...

Need more charting time...
Thanks again,
Monika
Keep up the good journey. Sounds like things are coming along for you. You cannot change something that you do not see. It is good that you are recognizing areas that you would like to improve.


Might help to just take a moment every day to recognize that you are in this for the long haul. Just say it to yourself in whatever wording you want. Times of learning will occur all along the way. It happened (and still happens) to the best of the best on this thread. Sometimes learning occurs with a loss in account equity and sometimes with a gain. Just recognize to see them and make it a point to learn from them. When a learning experience comes along just be sure to acknowlege that it happened. I always just ask myself, "Will matter in 40 years?". Chances are good that it will not.

Ryan
  • #99,244
  • Jul 25, 2011 4:41pm Jul 25, 2011 4:41pm
Sorry folks was without internet for a few days, catching up on posts/emails/pms

Hope all is well

Mike
  • #99,245
  • Jul 25, 2011 4:48pm Jul 25, 2011 4:48pm
EurCad bearish engulfing outside bear, anyone got any sugestions on going short here?
  • #99,246
  • Jul 25, 2011 4:48pm Jul 25, 2011 4:48pm
Quoting supremeChaos
Pinbar's abbreviation list

EDIT:
Amart83
teamwork



Quoting mbqb11
Sorry folks was without internet for a few days, catching up on posts/emails/pms

Hope all is well

Mike
No need to apologize; good to have you back.
  • #99,247
  • Jul 25, 2011 5:02pm Jul 25, 2011 5:02pm
Quoting deankenny21
EurCad bearish engulfing outside bear, anyone got any sugestions on going short here?
If it closes below 1.3550 then 1.3450 and 1.3340 are the next targets on short term.Just mine.
Nothing personal,just business
  • #99,248
  • Jul 25, 2011 5:05pm Jul 25, 2011 5:05pm
I ran into a scenario that has actually happened twice since I started using this stuff. Say you enter on the break of a pinbar like you should, and then two bars later (of whatever time frame you are trading) another pinbar forms at a support/resistance area that is opposite to your open trade. How do you handle this?

1. Do you exit your current position?
2. Do you exit your current position and reverse it when the market breaks other pinbar?
3. Do you move your stop in close?

What do you guys do?

I am talking about the AUD/CHF on the 4-hr chart by the way.
  • #99,249
  • Jul 25, 2011 5:07pm Jul 25, 2011 5:07pm
Silver has got my attention.

Daily close above 40.00, PB on 4h. I wonder if the BRN and recent trendline will hold?
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  • #99,250
  • Jul 25, 2011 5:49pm Jul 25, 2011 5:49pm
Quoting Maverick69
I ran into a scenario that has actually happened twice since I started using this stuff. Say you enter on the break of a pinbar like you should, and then two bars later (of whatever time frame you are trading) another pinbar forms at a support/resistance area that is opposite to your open trade. How do you handle this?

1. Do you exit your current position?
2. Do you exit your current position and reverse it when the market breaks other pinbar?
3. Do you move your stop in close?

What do you guys do?

I am talking about the AUD/CHF on the 4-hr chart...
if I'm in for a "quickie" I already removed most from the table at 1st area. So, if I see a pin, the 20% I generally let run will probably be closed(I'm not the optimistic type).
Also I'll be easily swayed to consider reversing and will reverse quite often, especially if 1st entry was a fade(and fade's the case in 60-70% of the time for me).

otherwise, generally after it breaks the 1st area(and in your pin case, it has to break, otherwise the pin's body per se is in the middle of nowhere which makes the whole setup pretty irrelevant) I move to be and... do nothing, except waiting for it to reach it's targets. And yes, pretty often I'm stopped out; but then I close the majority of trades at be - somehow I plan to keep on skipping the "take a loss" class.
Except for cases when I think fundamentals are strongly in my favor, case in which I do nothing(eventually buy some more if it goes against me pass entry point - but then, when I'm ok with fundamentals I plan the trade anyway to enter in multiple steps) and have a token stop loss hundreds of pips away.

my .02 approach; no clue how aud/chf looks like, no chart around.
  • #99,251
  • Jul 25, 2011 5:54pm Jul 25, 2011 5:54pm
Thanks for the feedback Danku. So it sounds like you took the short around 1.3650? If so when did you execute the trade, and where did you place your stop?

I entered this trade at 1.3650 at the open of yesterdays market on a demo account and placed my stop just above the BRN at 1.3707. As luck would have it today's bar just took out my stop to the pip and then made a nice move downward to 1.3550.

There was some discussion about this trade with other members and what was concerning was the BUOB on July 21, 2011. I decided to take the trade on my demo account - all part of the learning experience.





Quoting Danku
Hi sergiel,

Saw your post on EURCAD and thought i add my comments on my observations see chart:-
1) Trend is down for like 2 months prior to these there was some indecision
2) Major Support @ 1.36500 was tested a number of times and broken and was tested again today as Resistance
3) Short entry at bar lows around 1.36500 and FTA around 1.3543 plus 10, i usually add or subtract 10pips from FTA
4) 38.2 FIBS level around that area .. and obviously you mentioned the PB which did not look to good but where was the its location .. perfect location n...
  • #99,252
  • Jul 25, 2011 7:11pm Jul 25, 2011 7:11pm
while I catch up

Here was a freaking beauty , so simple unless we choose to over complicate it


I wanted everyone to know I spoke with Jim and he is recovering and is so grateful for all your well wishes and thoughts. It means a great deal to him
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  • #99,253
  • Jul 25, 2011 7:41pm Jul 25, 2011 7:41pm
Quoting mbqb11
this is a great post bud

Yeah, it was a good post, very helpful to new people to the thread.

I am currently working on getting my thinking process out of the the highway wreckage, it is currently amongst, and back on the road again.

Funny we think we know, then we know we don't, then we think we know again, only to go a few more miles and run into the dead end and realize at none of the aforementioned occasions, did we know anything. We just thought we did. Quite scary.
  • #99,254
  • Jul 25, 2011 9:05pm Jul 25, 2011 9:05pm
Quoting Pinbar
Yeah, it was a good post, very helpful to new people to the thread.

I am currently working on getting my thinking process out of the the highway wreckage, it is currently amongst, and back on the road again.

Funny we think we know, then we know we don't, then we think we know again, only to go a few more miles and run into the dead end and realize at none of the aforementioned occasions, did we know anything. We just thought we did. Quite scary.
I don't think that process can be avoided in most things. What I did through this time was always come back to trying it simplify my approach. When I felt myself stretching and getting overwhelmed I always came back to this. It's something I believe in strongly

Best
Mike
  • #99,255
  • Jul 25, 2011 10:34pm Jul 25, 2011 10:34pm
Quoting mbqb11
while I catch up...
I wanted everyone to know I spoke with Jim and he is recovering and is so grateful for all your well wishes and thoughts. It means a great deal to him
HE means a great deal to us.
Chill Out Jim... Rest & Relax...
Believe me, I know.

B
  • #99,256
  • Jul 25, 2011 10:47pm Jul 25, 2011 10:47pm
Quoting mbqb11
while I catch up

Here was a freaking beauty , so simple unless we choose to over complicate it


I wanted everyone to know I spoke with Jim and he is recovering and is so grateful for all your well wishes and thoughts. It means a great deal to him
That is good news Mike.

g.
I believe . . .
  • #99,257
  • Jul 25, 2011 10:56pm Jul 25, 2011 10:56pm
Quoting J.W. Holmes
Took this trade on the Sunday open. It turned out pretty well. This is my 3rd trade for July, it's been a very good month for me. Old me would have been on trade 100+ by now, likely with a negative equity curve for the month, and a pissed off wife (not for the money lost, but for the time spent trading) . I feel I have finally conquered my overtrading bug, it is a wonderful feeling. Big thanks to this thread, the PF, and its senior members.

Story for the trade is on the chart.

Jacob

Hey Jacob . .Damn those Gaps . . . .lol . .

My feed (FxPro) didn't have a gap . .but I wish it did . .lol . .looks it would have been a better entry . .I do look at both "Close" levels when there is a gap.

This is a great Lowest Close of support (LCS) level on the Weekly and Daily. Since it was a Weekly and Daily setup we look at Weekly and Daily targets. Looks like it reached its Weekly Close target (1st blue line) nicely.

The only clear looking Lower TF PA that I can see was a 8 Hour bearish PB. .
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Indicators show the past. Price Action "Indicates" the future.
  • #99,258
  • Jul 25, 2011 10:59pm Jul 25, 2011 10:59pm
Quoting mbqb11
while I catch up

Here was a freaking beauty , so simple unless we choose to over complicate it


I wanted everyone to know I spoke with Jim and he is recovering and is so grateful for all your well wishes and thoughts. It means a great deal to him
Cool . . thanks Mike. .
Indicators show the past. Price Action "Indicates" the future.
  • #99,259
  • Jul 25, 2011 11:52pm Jul 25, 2011 11:52pm
Hey jus a tiny Q..
i never bothered abt these Swap Values how do we knw dat we will hav +ve Swap or -ve swap values for a particular pair...?
are these swap values constant for each pair or they change dynamically?
  • #99,260
  • Jul 25, 2011 11:55pm Jul 25, 2011 11:55pm
Quoting AvanishDemo
Hey jus a tiny Q..
i never bothered abt these Swap Values how do we knw dat we will hav +ve Swap or -ve swap values for a particular pair...?
are these swap values constant for each pair or they change dynamically?
Hey AV

Each broker is different regarding these values so it's best to check their site

Best
Mike
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