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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

  • #118,421
  • Sep 14, 2012 9:13am Sep 14, 2012 9:13am
Quoting meshka
for me every trade is risky
well, if so then its gambling and not trading. in this case i would examine your riskmanagement ...but you are a good one, so why you should downgrade your self to an amateur?

Keep up my friend!
  • #118,422
  • Sep 14, 2012 9:15am Sep 14, 2012 9:15am
Quoting bullzeye
USD/JPY

this one looks promising: touch of the TL, clear demand zone, a BUOB on H4...i will give him a tray maybe

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USD/JPY

this one was activated...

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  • #118,423
  • Sep 14, 2012 9:20am Sep 14, 2012 9:20am
Quoting bullzeye
GBP/CHF

beautiful PPZ area, clean and clear PA, i love this one (even if i get a loss on it )...

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GBP/CHF

i still loving it...FTA ahead, i will add another...

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  • #118,424
  • Sep 14, 2012 9:20am Sep 14, 2012 9:20am
Quoting Rust
Just got in the latest trade from the "before the fact" series
Wish me luck

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Can have tight mgmt on that one rust

I am overly cautious right now. These are some erratic markets. Coming late into a friday too I am sidelined till things cool off a bit. Could see heavy swings back the other way if/when people start taking profit and coming back to reality

Best
Mike
  • #118,425
  • Edited 9:57am Sep 14, 2012 9:44am | Edited 9:57am
Quoting mbqb11
Can have tight mgmt on that one rust

I am overly cautious right now. These are some erratic markets. Coming late into a friday too I am sidelined till things cool off a bit. Could see heavy swings back the other way if/when people start taking profit and coming back to reality

Best
Mike
Many thanks for the reminder my friend!
I will probably close it before NY close. But it will be very beautiful if we see one of those samurai bars that go in one breath to the TP eeh

BTW I already reduced a little part of the risk.
  • #118,426
  • Sep 14, 2012 9:47am Sep 14, 2012 9:47am
Quoting Rust
Just got in the latest trade from the "before the fact" series
Wish me luck

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...
  • #118,427
  • Sep 14, 2012 9:53am Sep 14, 2012 9:53am
Quoting Rust
Many thanks for the reminder my friend!
I will probably close it before NY close. But it will be very beautiful if we see one of those samurai bars that go in one breath to the TP eeh
Hope so buddy


Crazy trends, if you aren't on them you can't just jump on without a plan.

I start to detail out what I think might be going on. The euphoria will wear off eventually and then it's back to markets.

So let's see if we can make some sense here. Price is now above the strong support area at 1.3.

We stopped at the midpoint of the former wedge which is also the 78.6(remember the midpoint of breakout areas = ??? )

I know the govt basically gave a free pass to the markets yesterday but that's still a bit unrealistic. When markets get this hot this fast something usually has to give. At least to reset things. SO let's see where we can watch for trade ideas. Same spots as the previous eur/usd chart I sent out. And as well we can look for both longs and shorts since these areas are highly confluenced. Of course long's seem more logical since we are now above major support at least in the short term.

Since it's friday I will ask I guess SL would be better at analyzing the long term prospects of a weak dollar, but I can't seem to buy it. This doesn't really solve europe in a few days does it?! Again we still just watch our charts at good areas. But one can't help but worry when everyone is buying.... maybe someone else has a better view but it seems the poison to the eurozone is still very much there. I don't know much about fundies though
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  • #118,428
  • Sep 14, 2012 10:18am Sep 14, 2012 10:18am
I'm closing EUR/CAD
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  • #118,429
  • Sep 14, 2012 10:37am Sep 14, 2012 10:37am
Just wanted to share some success I had last night. I was long the chfjpy and audjpy.

CHFJPY: pin pushed right above RN, decent amount of space to the right.
AUDJPY: freakish buob/pin kind of the same setup.

They were both short the yen, but the setups just looked pretty good to me from what I had been seeing lately.
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  • #118,430
  • Sep 14, 2012 10:46am Sep 14, 2012 10:46am
when playing classic PA, do you guys ever take an order when the PA candle hasn't closed?

AUDUSD has a small pin that is about 12 hours into the 24, but it is placed in a really nice spot IMO (RN, obvious PPZ, plus its coming after a sharp run-up)

it hasn't closed, but it is a 12hour pin, so what do you think?
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  • #118,431
  • Sep 14, 2012 11:00am Sep 14, 2012 11:00am
Quoting ghous
Your biggest challenge lies in managing your expectations.

Ever wondered why people start off with a big bang only to be mauled and ruthlessly smacked around by the markets soon after? Yes your wins and losses are merely a function of probability, but the persistence of the phenomena of beginners luck followed by reality striking instead of the other way round should make you sit back and wonder why it is the way it is.

Ever experienced the "sting" when you lose on a trade you really expected to win on? Ever wondered why a losing streak almost...
Great post Ghous, and thank you for the response. There's a great book called "The Power of Now" by Eckhart Tolle that speaks to this very topic. I've read it more than a couple of times and it has great lessons for life in general and trading alike. I would recommend it to anyone who wants to be a trader, or just be happier.

The book explains that our anxieties come from projecting ourselves into the future or reliving past experiences. The problem is that we have no ability to act in either the past or the future; we can only ever act in the present. So we create this list of things we think about, but have no ability to act on and that creates the anxiety gap.

Expectations are a projection in the future, and your post is a great reminder about staying present. My recent success has prompted me to see myself in the life of my dreams, but it's merely a projection at this point; I can't act in that projection so I start to consider all the things that could go wrong before I get to that point.

I need to let that go and continue to do what I have been doing, which is to allow the market to come to me, and follow my setups. The rest will take care of itself. Thanks for the re-awakening.
  • #118,432
  • Sep 14, 2012 11:16am Sep 14, 2012 11:16am
Quoting deltaskelta
when playing classic PA, do you guys ever take an order when the PA candle hasn't closed?

AUDUSD has a small pin that is about 12 hours into the 24, but it is placed in a really nice spot IMO (RN, obvious PPZ, plus its coming after a sharp run-up)

it hasn't closed, but it is a 12hour pin, so what do you think?
Hey D

In that case then you would be playing a closed 12 hour bar which is fine. Aud/usd is at a nice double top at you said and is also forming a nice 4hr beob. After a pinbar that never broke. Talk is of some option protectin at a real nice double top area. BRN just below and of course a VERY strong recent uptrend. Friday is a good profit takign day even in strong uptrends. Question is , it's already 12 so I'd like to see good follow through on a break. I don't think I would be comfortable holding intraday trades into the weekend. Gap potentials are big

Best
Mike
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  • #118,433
  • Sep 14, 2012 11:21am Sep 14, 2012 11:21am
Quoting mbqb11
Hope so buddy


Crazy trends, if you aren't on them you can't just jump on without a plan.
....
I just wanted to ask you how are you dealing with these trends its impossible for me with my plan to jump to this trend.. no PA on SR to trend direction ... only super crazy spikes

... its hard to watch 500p move i want my sideways markets back
  • #118,434
  • Sep 14, 2012 11:24am Sep 14, 2012 11:24am
Quoting tinkerbelle
I just wanted to ask you how are you dealing with these trends its impossible for me with my plan to jump to this trend.. no PA on SR to trend direction ... only super crazy spikes

... its hard to watch 500p move i want my sideways markets back
Hey Tinkerbelle

Just as I explained in the above post. The last thing I am doing is just looking to jump on. Instead plot areas that are important like I did on the euro. We then have these areas to watch. It becomes then how do you want to game plan to trade these areas?

I could easily see the euro closing near the highs today and a tight stop above on the open next week taking us back towards the BRN. I prefer to watch towards that BRN and rising TL for a trade.

Other pairs I do the same thing. When you catch a runner go with it, but if you aren't in don't go chasing it. Wait for your trade setup to appear.

Best
Mike
  • #118,435
  • Sep 14, 2012 11:31am Sep 14, 2012 11:31am
Hello!

Anyone like USD/CAD pin that's forming? Could be some confluence with the 23.6 and previous PPZ on the weekly... A strong close above 0.9700 would be nice...
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Anything can happen.
  • #118,436
  • Sep 14, 2012 11:31am Sep 14, 2012 11:31am
Quoting nwo-trader
Still watching MSFT with interest after another monthly IB/I4B formed for August. Waiting for resistance at 31 to break and then act as support.
Watching to see if we can get a weekly close above 31, would be the first weekly close above 31 for about 17 weeks. (PBT&CA?)
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Price is beautiful. A repetitive method is a competitive method.
  • #118,437
  • Sep 14, 2012 11:35am Sep 14, 2012 11:35am
Quoting ddinnov
Hello!

Anyone like USD/CAD pin that's forming? Could be some confluence with the 23.6 and previous PPZ on the weekly... A strong close above 0.9700 would be nice...

Hey D

You have your fib upside down. It's at the 78.6 since that's the deeper retracement of that larger move.

Fighting quite a trend trouble areas close. But it is a decent size bar at a clear swing low. Tricky one though

A break would take us near the open/close around 9725 then the 9750 if it can get some steam behind it.

I prefer if we can revisit the 9500 area MAJOR swing low. I'll be watching real close then. This is similar to the euro as the PPZ is the midpoint of the BOX that formed above 9500. I think like the euro just do the being over extended we could see profit taking into 9800 area before the next leg down

Obviously still 5 hours till close

Mike
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  • #118,438
  • Edited 12:09pm Sep 14, 2012 11:52am | Edited 12:09pm
USD/JPY is on my radar.

Pros : Weekly bullish pinbar with huge nose protruding a long way from the prices around it (James16 must be drooling on his keyboard...) + inverted pinbar on monthly + QE3 is now priced, + the usual rhetoric on Wednesday from japanese ministry of finance Azumi about "not tolerating any speculating moves on yen" and "I mean it when I say we'll take decisive steps" which usually means BOJ is about to intervene.
Have a very nice weekend folks.
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  • #118,439
  • Sep 14, 2012 12:22pm Sep 14, 2012 12:22pm
Mike do you open trades on friday or you want to wait until monday do be safe?
  • #118,440
  • Sep 14, 2012 12:23pm Sep 14, 2012 12:23pm
Quoting Rust
Just got in the latest trade from the "before the fact" series
Wish me luck

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Managed to squeeze a bit of profit and i'm closed. I will try to enter again on Monday if i got good price
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