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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

  • #119,001
  • Sep 24, 2012 3:27pm Sep 24, 2012 3:27pm
Quoting rami_8
Hi,
Welcome to the group.
The first Pin was ok, but the second was more a trade management type of par, not one that I would enter. And the pending entry is right on the ppz and round number 1,04. We should get a break of that down, before we want to enter short.
Good advice Rami

And welcome Bela

Mike
  • #119,002
  • Sep 24, 2012 5:10pm Sep 24, 2012 5:10pm
Quoting packhorse
Hi Everyone,

I trade just daily pinbars.

Can someone give me advice as to how I can stop "checking" my trades. I live in the UK, and I tend to keep waking in the night to see how my trades are doing, even though they are "set and forget" trades with SL and Limit orders.

Anyone else have the same problem or solution? It does make for disturbed nights of sleep!

Thanks
Honestly, I did this for years.....worked long hours secular and then up and down all night checking my trades......and the solution was quite simple.."Stop Trading More Than I Could Afford to Loose" I sometimes had a 5000.00 account, trading 2 standard lots (400:1 margin go figure) with up to 40 pips stops.....do the math....I was a nervous wreck at times, (a big winner at times also), and I know you will have a hard time believing me but in the end I blew out a few accounts.

This experience taught me to trade only when I could sit in front of a screen and control what i was seeing. Became quite good at scalping the market, and to this day I will always watch for scalping opportunities.

But to trade longer term I will only enter trades with a 1-2% risk and stop management as needed. Sleep like a baby these days.....and I must say I enjoy this thread tremendously. Some really great traders in this room and appreciate all the time they take to share their time and strategies with us....
  • #119,003
  • Sep 24, 2012 7:51pm Sep 24, 2012 7:51pm
Quoting Swede
Honestly, I did this for years.....worked long hours secular and then up and down all night checking my trades......and the solution was quite simple.."Stop Trading More Than I Could Afford to Loose" I sometimes had a 5000.00 account, trading 2 standard lots (400:1 margin go figure) with up to 40 pips stops.....do the math....I was a nervous wreck at times, (a big winner at times also), and I know you will have a hard time believing me but in the end I blew out a few accounts.

This experience taught me to trade only when I could sit in front...
Love your username btw (I'm from Sweden)
  • #119,004
  • Sep 24, 2012 11:47pm Sep 24, 2012 11:47pm
FFIC made 50% retracement Mike. I'm watching the 4 hr for PA with divergence entry. Would you take this?
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  • #119,005
  • Sep 25, 2012 12:50am Sep 25, 2012 12:50am
I think we may see a strong bullish reaction on GBY/JPY
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  • #119,006
  • Sep 25, 2012 12:54am Sep 25, 2012 12:54am
Quoting Pinbar
I think we may see a strong bullish reaction on GBY/JPY
Hi ,

Thank you for sharing this , glad to know that You agree with my Plan I'm watching Daily for Nice Price action from same area ,

Regards
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  • #119,007
  • Sep 25, 2012 1:06am Sep 25, 2012 1:06am
Pinbar> Beware of divergence when price is trending strong, it can kill you.
  • #119,008
  • Sep 25, 2012 1:40am Sep 25, 2012 1:40am
Quoting ts63
Pinbar> Beware of divergence when price is trending strong, it can kill you.
What divergence are you talking about?
I do not see any divergence on, monthly, weekly, daily or even H4 time frames.
  • #119,009
  • Sep 25, 2012 2:24am Sep 25, 2012 2:24am
Reversed my opinion on USD/CAD

Let's see if it can hit its target.
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  • #119,010
  • Sep 25, 2012 2:39am Sep 25, 2012 2:39am
Took 2/3 profit and am at BE.
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  • #119,011
  • Sep 25, 2012 4:17am Sep 25, 2012 4:17am
Eu, is looking interesting.
I shall watch how this daily bar closes.
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  • #119,012
  • Sep 25, 2012 4:26am Sep 25, 2012 4:26am
Closed out the last portion of the trade, this time without giving it back to the market.

Heee, my university teaching position allows me to get home by 12:45, prefect time to start scanning the markets.
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  • #119,013
  • Sep 25, 2012 4:47am Sep 25, 2012 4:47am
Quoting bullzeye
EUR/GBP

under BRN 0.8000, weekly downtrend is still in play...

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EUR/GBP

reached my FTA, looking for PA here to close all ...or add some more

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  • #119,014
  • Sep 25, 2012 4:54am Sep 25, 2012 4:54am
Quoting bullzeye
USD/JPY

big BEOB on daily, the downtrend will continue...

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USD/JPY

this sucker is about to break that important area...

P.S. wreed, i hope you still in this one?

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  • #119,015
  • Edited 5:26am Sep 25, 2012 5:11am | Edited 5:26am
EUR/AUD

unsure about this lousy one... a weak pin on weekly and the daily trend is still up, plus the pair is bounced of a kind of support...but i sold it

any ideas?

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  • #119,016
  • Sep 25, 2012 5:22am Sep 25, 2012 5:22am
Quoting bullzeye
EUR/AUD

unsure about this lousy one... a weak pin on weekly and the daily trend is still up, plus the pair is bounced of a kind of resistance...but i sold it

any ideas?

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I see price reacting against support around 2360-ish for the second time right now since the ppz flipped from res to support. Not sure I'd short this pair right now.
  • #119,017
  • Sep 25, 2012 5:44am Sep 25, 2012 5:44am
Quoting bullzeye
USD/JPY

this sucker is about to break that important area...

P.S. wreed, i hope you still in this one?

Attachment
i have a buy order on usdjpy ... and im losing
do u think it will continue downtrend to when ?!
Investing is SIMPLE but NOT EASY
  • #119,018
  • Sep 25, 2012 5:58am Sep 25, 2012 5:58am
Quoting Moly_Cam5
i have a buy order on usdjpy ... and im losing
do u think it will continue downtrend to when ?!
Nobody can ever say for sure what price will do, but my two cents is that USDJPY looks bearish as it's down testing lows again.
I have 78.90 as a level/zone I watch to see how price reacts against it.

Right now it's sit on hands for my part on usdjpy.
  • #119,019
  • Sep 25, 2012 6:20am Sep 25, 2012 6:20am
Almost a Weekly double barrel area, with a daily level as confluence.

Come on Baby.
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  • #119,020
  • Sep 25, 2012 6:47am Sep 25, 2012 6:47am
Quoting Moly_Cam5
i have a buy order on usdjpy ... and im losing
do u think it will continue downtrend to when ?!
as o990l6mh right said already: We don't have a crystal ball! See how the pair will behave in this area and make your decisions...Reaction, not prediction!
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