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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

  • #100,041
  • Aug 5, 2011 1:45pm Aug 5, 2011 1:45pm
Quoting Patrick.
two Stock trades for this week, first double top, PIN, off BRN, FTA's can be seen to the left (highs of bars)


second not so big BEOB but at BE now, this one doesn't look like much will come of it, its a very healthy stock apparently guess many people eat Mexican.
Well played on APOL... Wow. Still amazes me just how well this works when done correctly. Not so sure that I would play against CMG. Look at upward curve on the graph. In 300% gain in the stock there really has not been much of a retrace. That having been said well done man. Well done.

Quoting mbqb11
That APOL is sweet man
Ha ha hell yeah it was... Looked at that one and just had to laugh at how beautiful a trade that was. Then the big selloff only made it that much better...
  • #100,042
  • Aug 5, 2011 2:11pm Aug 5, 2011 2:11pm
Quoting bali2002
Hi,
Does it seem logical to expect (and trade) a bullish PB on this area?

Cons?

Thanks!!

http://clip2net.com/clip/m90097/thum...-clip-25kb.png
I wouldn't touch that with a 10 foot pole!!!

Would you consider this to be an A+ trade?

The two things that immediately jump out at me are:

1) This is not technically a pin bar as the open and close are required to happen in the top 1/3 of a bullish bar. I would classify this more as (what I believe is called) a doji bar. This looks like a bar of extreme indecision. Especially coming off of that HUGE bearish move.
2) Mike has a term for pin (though this is not even a pin) bars that do this. I believe if I remember correctly he calls them hanging bars. These bars are just hanging in the air after moves and can catch new people off guard. They are lower probability and will BURN you if you are not careful.

I hope that this helps,
Ryan
  • #100,043
  • Aug 5, 2011 2:21pm Aug 5, 2011 2:21pm
Quoting Pumlitch
my colleague: "Are you earning money now when everything goes down?"
I: "Not exactly, it's not so simple."
He: "LOL, just sell all you trade. It's clear it will fall again."
I. "Hmmm, the moves are not as straight as you think."
He: "Don't tell me that. You just don't know how to do it. It's simple."

I was on half way to throw a chair on him.
Fortunately he was kidding

BTW, AU reached important area and doesn't know where to go.
Curious if NFP will affect it and how. Little sweeping around 1.500 could come.

EDIT: Just post above...
I would imagine on some level that he was being somewhat serious. All of these brokerages in the last 50 years have made trading seem super simple. I believe that everyone here may understand otherwise. I have had friends who have believed that trading was very simple. My response is usually the same, "Ha ha it is a bit easier to be an armchair quarterback than to be in the real game. Things are one hell of a bit different when you walk onto the field. Want me to show you where you can test your theory to be right? There are many brokerages that will let you paper trade...". After saying this I usually make it a point to never bring up a discussion about trading with them again.

Ryan
  • #100,044
  • Aug 5, 2011 2:49pm Aug 5, 2011 2:49pm
Hi folks

Are these stop hunts to get more money on board to continue the bearish move?

Any comments welcome

Cheers

Anthony
  • #100,045
  • Aug 5, 2011 2:51pm Aug 5, 2011 2:51pm
the chart
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  • #100,046
  • Aug 5, 2011 3:16pm Aug 5, 2011 3:16pm
usdcad-partial profit allready taken
eurgbp-on my radar
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Nothing personal,just business
  • #100,047
  • Aug 5, 2011 7:26pm Aug 5, 2011 7:26pm
Hi folks,

A question related to not suffering full-bar losses:

Do you use a fixed stop or trailing stop? Jim talks about not letting it go more than 30 pips into the red before he closes out. He never takes a full-bar loss.

This totally makes sense to me, it's just that I've always subscribed to the whole ide of putting my stop at the opposite end of the bar and then waiting for my "risk-reward" to work out or getting stopped out for a full-bar loss.

A 30-pip fixed/trailing stop seems pretty tight on a daily chart. Then again, perhaps I'm not picky enough with my setups (in fact, I know I'm not!).

Thanks
JR
Be happy, be humble.
  • #100,048
  • Aug 5, 2011 10:43pm Aug 5, 2011 10:43pm
Quoting J-r
Hi folks,

A question related to not suffering full-bar losses:

Do you use a fixed stop or trailing stop? Jim talks about not letting it go more than 30 pips into the red before he closes out. He never takes a full-bar loss.

This totally makes sense to me, it's just that I've always subscribed to the whole ide of putting my stop at the opposite end of the bar and then waiting for my "risk-reward" to work out or getting stopped out for a full-bar loss.

A 30-pip fixed/trailing stop seems pretty tight on a daily chart. Then again, perhaps I'm...
If you are trading daily or upper,you will need a very big experience in order to use a 30 pips SL.To do something like this,you have to know the market very,very well in order to see where the next candle/bar it will make its retrecement.The most safety and consservative SL,it is classical above/bellow the PA set-up. Just mine.
Nothing personal,just business
  • #100,049
  • Aug 5, 2011 11:06pm Aug 5, 2011 11:06pm
Quoting gungriffin

Quick question AcerBFX- How do you treat these stocks when earnings are being released soon?
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keep away from stocks which publish earnings...
meine augen sind die sterne
  • #100,050
  • Aug 6, 2011 12:19am Aug 6, 2011 12:19am
gbp/nzd is a very choppy. nearly made 1000 pips this week. ending with a buob in a major downtrend.
be very careful with these setups. remember that we want to see this bars in a major uptrend at a minor swing low.
these are very risky trades which can result in big gains. if you take trades like this, use a hard stop loss of x pips (not below the recent buob).
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meine augen sind die sterne
  • #100,051
  • Aug 6, 2011 12:36am Aug 6, 2011 12:36am
Quoting aserbfx
gbp/nzd is a very choppy. nearly made 1000 pips this week. ending with a buob in a major downtrend.
be very careful with these setups. remember that we want to see this bars in a major uptrend at a minor swing low.
these are very risky trades which can result in big gains. if you take trades like this, use a hard stop loss of x pips (not below the recent buob).
i'm actually looking to play this if there is a retracement of the weekly BUOB...more precisely at the 61.8%FR...coincides with the 1.900 BRN
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  • #100,052
  • Aug 6, 2011 2:26am Aug 6, 2011 2:26am
will try to pikc a good price in the resistance area marked in peavchpuff colour, 23.6 fib might be target,

will wait and check the daily for a BEOB or a nice PB to place a short

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Hero calls followed by margin calls...
  • #100,053
  • Aug 6, 2011 2:28am Aug 6, 2011 2:28am
Quoting PhAnTi'
will try to pikc a good price in the resistance area marked in peavchpuff colour, 23.6 fib might be target,

will wait and check the daily for a BEOB or a nice PB to place a short

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just watched the same...
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meine augen sind die sterne
  • #100,054
  • Aug 6, 2011 2:31am Aug 6, 2011 2:31am
approaching important resistance area, but closed pretty solid straight above the 50.0 ....

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Hero calls followed by margin calls...
  • #100,055
  • Aug 6, 2011 2:32am Aug 6, 2011 2:32am
Quoting PhAnTi'
approaching important resistance area, but closed pretty solid straight above the 50.0 ....

Attachment
btw tested the low almost to the pip some days ago for a foloowing 750 pip upthrust... : p
Hero calls followed by margin calls...
  • #100,056
  • Aug 6, 2011 2:33am Aug 6, 2011 2:33am
Quoting aserbfx

just watched the same...



how r u doin?

all green?

Jonas
Hero calls followed by margin calls...
  • #100,057
  • Aug 6, 2011 2:36am Aug 6, 2011 2:36am
peachpuff coloured area will be good for some shorts, just below the VVVBN 1.000


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Hero calls followed by margin calls...
  • #100,058
  • Aug 6, 2011 2:37am Aug 6, 2011 2:37am
Quoting PhAnTi'



how r u doin?

all green?

Jonas
yes, good. thanks.
a little busy with other projects, at the moment.
hope you are doing well, too.
meine augen sind die sterne
  • #100,059
  • Aug 6, 2011 2:38am Aug 6, 2011 2:38am
daily close below 1.0388 (prev. 2 lows) should induce 1.0200.

but i expect some correction at the certain stage to the upside before another leg down.

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Hero calls followed by margin calls...
  • #100,060
  • Aug 6, 2011 2:43am Aug 6, 2011 2:43am
ill keep adding shorts at the marked R area until we close above....



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Hero calls followed by margin calls...
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