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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

  • #108,321
  • Mar 2, 2012 6:19am Mar 2, 2012 6:19am
Quoting Variance
I'd prefer it if the slope of the ascending trendline was either more sloped OR more horizontal because we'll have space to play or a singular point to bounce from with but since they're so close together (but not really together), it's a bit tricker for my tastes but we'll have to see how it goes

One scenario I'd definitely play will have to consist of small candles dangling down and small candles retracing back to the trendline for a retest, then a big Beob to bang'em all closing below for a 1:1 simple play?

But then again,...

Yeah you are right about both .
I prefer a break from a horizontal , too . But this is good for me . I watch closely the trouble areas if they tend to hold , I tighten my stop loss .
It depends on the shape of the trigger as well.

Well , i saw the chart . Nice trade ! In my view the pattern you drew is waaay to tiny . It's one bar from the bottom to the top !
The good you did is that you played very nice BEOB bouncing the PPZ.
  • #108,322
  • Mar 2, 2012 6:20am Mar 2, 2012 6:20am
I have an open short trade.

SL at BE. Should I set a TP at the 38,2 fib, or wait for now?
There is also the trendline cross.
Attached Image (click to enlarge)
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Thoughts are things
  • #108,323
  • Mar 2, 2012 6:30am Mar 2, 2012 6:30am
Quoting Quezoy
I have an open short trade.

SL at BE. Should I set a TP at the 38,2 fib, or wait for now?
There is also the trendline cross.
It's also a 61.2 fib level of the prior small move as well. Are you happy with a 1:1?
  • #108,324
  • Mar 2, 2012 6:30am Mar 2, 2012 6:30am
Quoting Rust
As I remember someone was watching eurjpy . There was a nice break on the 30m
I am entered on this break at close of BEOB ...out of trianglle on 4H ...looking for retracement till 106 or something
all is eternal - this is good news for people who loves bad news
  • #108,325
  • Mar 2, 2012 6:32am Mar 2, 2012 6:32am
Quoting meshka
I am entered on this break at close of BEOB ...out of trianglle on 4H ...looking for retracement till 106 or something
Watch out for Meshka..... The bear's more than just a pretty face....
  • #108,326
  • Mar 2, 2012 6:34am Mar 2, 2012 6:34am
Quoting meshka
I am entered on this break at close of BEOB ...out of trianglle on 4H ...looking for retracement till 106 or something
Sweet !
  • #108,327
  • Mar 2, 2012 6:36am Mar 2, 2012 6:36am
Quoting Variance
It's also a 61.2 fib level of the prior small move as well. Are you happy with a 1:1?
I guess Ill go for it. Seems like a reasonable TP place, though R:R is not ideal.
Thoughts are things
  • #108,328
  • Mar 2, 2012 6:37am Mar 2, 2012 6:37am
Quoting Quezoy
I guess Ill go for it. Seems like a reasonable TP place, though R:R is not ideal.
Meshka,

How would you handle this situation differently?

I'd love to know
  • #108,329
  • Mar 2, 2012 7:05am Mar 2, 2012 7:05am
Meshka ,
is there a vacant seat for me on ya boat
Attached Image (click to enlarge)
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  • #108,330
  • Mar 2, 2012 7:26am Mar 2, 2012 7:26am
Quoting geomink
entered short on Eur/usd
Daily beob
it seems stalling
any reviews would be appreciate
thanks
hit TP

nice
Don't give up
  • #108,331
  • Mar 2, 2012 7:48am Mar 2, 2012 7:48am
pretty

pin forming off nice ppz and 365ema
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  • #108,332
  • Mar 2, 2012 7:53am Mar 2, 2012 7:53am
Must be something I've missed. No Non-Farms today?
  • #108,333
  • Mar 2, 2012 7:59am Mar 2, 2012 7:59am
Quoting deankenny21
pretty

pin forming off nice ppz and 365ema
and on daily its hit the 365 and 150 emas
Attached Image (click to enlarge)
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  • #108,334
  • Mar 2, 2012 8:06am Mar 2, 2012 8:06am
Quoting deankenny21
pretty

pin forming off nice ppz and 365ema
Very nice DK.
Where have you designated FTA, and tp, out of curiosity.
I also have one q, if you enter on 4H tf, is your reason for exiting based on 4H, or other? Do you stay within TF you entered trade on so to speak?
  • #108,335
  • Mar 2, 2012 8:09am Mar 2, 2012 8:09am
Quoting fafarafa
Mike, thanks for the answer. i realized that i missed something. and i have another small question: i noticed that you dont use moving averages, why? how important they are?
thanks so much
Hey Fa

I used to use some of the longer term MAs, but over time I could generally see where they would be and found myself not really focusing much on them. I think they are a great confluence tool, but over time I have just stripped my trading down to a chart with very few things on it. Just what is easiest for me. My general rule is to keep things that you find add value to your trading. These will vary from trader to trader. Nothing wrong with them at all

Hope that helps
Mike
  • #108,336
  • Mar 2, 2012 8:10am Mar 2, 2012 8:10am
Quoting heebbyjeeby
Very nice DK.
Where have you designated FTA, and tp, out of curiosity.
I also have one q, if you enter on 4H tf, is your reason for exiting based on 4H, or other? Do you stay within TF you entered trade on so to speak?
if i were to enter, i would mark FTA on 4hr, but targets will be taken from daily as the 2ema confluence, could cause the daily pinbar too
  • #108,337
  • Mar 2, 2012 8:12am Mar 2, 2012 8:12am
Quoting mbqb11
Hey Fa

I used to use some of the longer term MAs, but over time I could generally see where they would be and found myself not really focusing much on them. I think they are a great confluence tool, but over time I have just stripped my trading down to a chart with very few things on it. Just what is easiest for me. My general rule is to keep things that you find add value to your trading. These will vary from trader to trader. Nothing wrong with them at all

Hope that helps
Mike
Hey Mike, I wonder if you could recommend a good book on trading psychology. I have just acquired martin prings. I have had a few eureka moments of late, and found my biggest weakness to be myself. Doubting myself, going on tilt( used to be a poker player), and just to read a book would help me on the path to getting the right frame of mind.
  • #108,338
  • Mar 2, 2012 8:15am Mar 2, 2012 8:15am
Quoting Sgrb1
Must be something I've missed. No Non-Farms today?
Hey SG

I think it's the whole leap year thing, so next friday will be the NFP(where normally it's the first friday of the month


Mike
  • #108,339
  • Mar 2, 2012 8:16am Mar 2, 2012 8:16am
Quoting heebbyjeeby
Hey Mike, I wonder if you could recommend a good book on trading psychology. I have just acquired martin prings. I have had a few eureka moments of late, and found my biggest weakness to be myself. Doubting myself, going on tilt( used to be a poker player), and just to read a book would help me on the path to getting the right frame of mind.
I think most people would recommend Trading in the Zone, it's sort of considered the first psych book most should get. Check it out. I found most of it obvious, but sometimes we need the obvious to get our minds going in the right direction.

Check it out

Mike
  • #108,340
  • Mar 2, 2012 9:17am Mar 2, 2012 9:17am
I like this picture of USDJPY.
Attached Image (click to enlarge)
Click to Enlarge Name: USDJPY,Weekly]_2012-03-02_17-03-54.png Size: 26 KB
all is eternal - this is good news for people who loves bad news
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