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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

  • #3,981
  • Jun 12, 2007 5:44am Jun 12, 2007 5:44am
Quoting charlies
EURAUD (over 550pips ), trailing stop at daily highs
USDCHF (approx 200 pips) trailing stop
EURCAD short (2 day pin) met first target, trailing stop

EURCHF monthly short - not triggered yet

AUDUSD stop threatened, but held so far....
GBPJPY (23% pullback), now triggered

EURJPY - not triggered yet
USDCAD (23% pullback)- not triggered yet
No new PINs yesterday, many inside bars
  • #3,982
  • Jun 12, 2007 9:16am Jun 12, 2007 9:16am
Quoting Trader_V
Good Moring Everyone,

I just thought I would post my most recent trade.

I am currently long on the GBP/CHF from 2.4333 (yellow arrow)

Reasins for my long position:

3 Days ago this pair made a return to the current trend support (blue arrow).

It bounced off the 61.8 ret zone and we have a BUB (indicated by the red arrow) that penetrated the 61.8 and returned sharply to the current bullish trend.

The sentament is bulish for this pair currently but I see near by resistance at the (pinkish arrow).

Now this is where we do not let a winner turn into a loser. I am currently up 23 PIP's and I have a trainling stop for 20 PIPs I kow that is a close stop but I am not willing to take a loss on a trade that has made it to positive territory.

I also notice that if to day continues as is we will have a very close DBLHC formation. Now on my charts there is a 3 pip diference but given the current trend and the location of the formation I am giving this a bit of weight which gives additional confidence to my trade.

What do youother folks here think of this trade and what else may I have mised?

Steve
You should be up 170pips now! GREAT TRADE Steve! 200pips a week is my goal, and you've just about got that in 2 days on 1 trade! I'm a little jealous! hehe Keep it up!
  • #3,983
  • Jun 12, 2007 9:26am Jun 12, 2007 9:26am
Quoting Tw0eleven
You should be up 170pips now! GREAT TRADE Steve! 200pips a week is my goal, and you've just about got that in 2 days on 1 trade! I'm a little jealous! hehe Keep it up!
your goal is 200 pips a week??????
Never say never.
  • #3,984
  • Jun 12, 2007 10:00am Jun 12, 2007 10:00am
Quoting razldazl
your goal is 200 pips a week??????
Is that bad? And let me clarify that...my minimum goal is 100pips and max of 200pips per week. I've blown a lot of demo accounts and some mini's...I think from poor MM and greed. So I'm trying to set some small goals for myself. Basically, I'm just aiming for 20-40pips a day. Providing I get a trading signal. I think I read somewhere on here that someone made 1700pips in a month. That's great, but beyond my reach.
  • #3,985
  • Jun 12, 2007 11:01am Jun 12, 2007 11:01am
On the gbp/usd pair...I what to make sure I am looking at my charts right according to the rules of this thread. On the daily chart it appears we have a BUOVB that bounced off of a 50% Fib level and on the 4hr chart with have a PB that formed. So being conservative, I should place a buy stop about 10pips above the high of the 4hr PB right? Or is it too late to enter this trade b\c the Daily chart shows price has gone more than 10pips above the inside bar's high? Also, when taking a buy order on this...would my entry price be just 10pips above the PB's or BUOVB high or should it be 10+spread of the bar? Thanks!
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  • #3,986
  • Jun 12, 2007 1:03pm Jun 12, 2007 1:03pm
I hope someone went long as mentioned in the above post. I sat out on this, couldn't pull the trigger. Still learning about this method. But it would have made some nice pips. You'd be up 70pips if entered off the Daily...if you waited on the 4hr you'd still have 30pips profit. And perhaps it's not done? Time will tell. Happy trading!
  • #3,987
  • Jun 12, 2007 2:40pm Jun 12, 2007 2:40pm
Hey guys sorry for the delay in responding.

Ok so the GBP/CHF trade closed with a profit. I only pulled +24 on this trade becasue of my close trailing stop. I had set it for 20 PIP's because I would not be around to monitor the trade. So no matter what happened I would not end up with a loss after going into positve territory.

As for the GBP/USD I am currently long on the daily. I will post my analysis and entry when I get back to my charts. I am also short the EUR/GBP.

Talk to yall later

Steve
Nothing is impossible, with a willing mind!
  • #3,988
  • Jun 12, 2007 3:31pm Jun 12, 2007 3:31pm
Quoting Trader_V
Hey guys sorry for the delay in responding.

Ok so the GBP/CHF trade closed with a profit. I only pulled +24 on this trade becasue of my close trailing stop. I had set it for 20 PIP's because I would not be around to monitor the trade. So no matter what happened I would not end up with a loss after going into positve territory.

As for the GBP/USD I am currently long on the daily. I will post my analysis and entry when I get back to my charts. I am also short the EUR/GBP.

Talk to yall later

Steve
Hi Trader V, I was curious if you based all your trades off the daily or do you ever use a lower time frame like the 4hr? I've been using the 4hr because I used that on a prior system with some success...but I'm wondering if I should just use the weekly for overall trend picture and the daily to make trades. Any suggestions? Anyone can feel free to answer.
  • #3,989
  • Jun 12, 2007 3:44pm Jun 12, 2007 3:44pm
I'm hoping someone can shed some light on entering the trade for me...regarding the 10pip buy/sell stop. This is an example only: lets say I'm looking at the gbp/jpy pair and looking to go long based on a PB. If the high of that PB was 241.00, we are suppose to put a buy stop at 241.10 right? Or should I take into account the 10pip spread from my broker??? If I include the 10pip spread, then I would actually be entering at 241.20. I hope that makes sense and would like to know the correct way to enter.
  • #3,990
  • Jun 12, 2007 4:00pm Jun 12, 2007 4:00pm
Quoting Tw0eleven
I'm hoping someone can shed some light on entering the trade for me...regarding the 10pip buy/sell stop. This is an example only: lets say I'm looking at the gbp/jpy pair and looking to go long based on a PB. If the high of that PB was 241.00, we are suppose to put a buy stop at 241.10 right? Or should I take into account the 10pip spread from my broker??? If I include the 10pip spread, then I would actually be entering at 241.20. I hope that makes sense and would like to know the correct way to enter.
yep that is correct on a long you need to account for the spread(on brokers that take the ask)

Best,
Mb
  • #3,991
  • Jun 12, 2007 4:05pm Jun 12, 2007 4:05pm
Quoting mbqb11
yep that is correct on a long you need to account for the spread(on brokers that take the ask)

Best,
Mb
Thank you sir!
  • #3,992
  • Jun 12, 2007 4:58pm Jun 12, 2007 4:58pm
Here's a short situation I was looking at. Reasons: 1) Nice PB 2) Price "faked out" breaking above downward trendline. 3) Price already broke 10pips below PB signaling an entry 4) The PB price stopped short of the 61.8 Fib level and was rejected.


Does anyone have anything else to add? Or did I miss something as to why this wouldn't be a good short trade signal? If price breaks lower trendline and closes below it, I will have no doubt it's a good trade.
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  • #3,993
  • Jun 12, 2007 9:20pm Jun 12, 2007 9:20pm
Quoting Tw0eleven
Hi Trader V, I was curious if you based all your trades off the daily or do you ever use a lower time frame like the 4hr? I've been using the 4hr because I used that on a prior system with some success...but I'm wondering if I should just use the weekly for overall trend picture and the daily to make trades. Any suggestions? Anyone can feel free to answer.
Hey there 211,

Ok here is what I do. I base 90% of all trades on the daily. When performing my initial analysis I look at the daily for any kind of setup that may be happening. If I see what I think looks like a good opportunity to take a trade I will consult the higher time frames bothe weekly and monthly for areas of confluence and additional S/R areas as well as the dominant trend. then based on the price action I see on the daily I will look for an entry.

Sometimes and I do mean sometimes I will zoom in and look for a moe accurate entry if I am doing a trailing entry. Otherwise I will place an order above or below a price area for entry in that direction.

Hope this makes sense.

Steve
Nothing is impossible, with a willing mind!
  • #3,994
  • Jun 12, 2007 9:32pm Jun 12, 2007 9:32pm
Quoting Tw0eleven
Here's a short situation I was looking at. Reasons: 1) Nice PB 2) Price "faked out" breaking above downward trendline. 3) Price already broke 10pips below PB signaling an entry 4) The PB price stopped short of the 61.8 Fib level and was rejected.


Does anyone have anything else to add? Or did I miss something as to why this wouldn't be a good short trade signal? If price breaks lower trendline and closes below it, I will have no doubt it's a good trade.
Looking good Man!

This is what you are looking for. And this is a prime example for what I was talking about when performing my analysis. This same pair on the daily created a PB and bounced off of the 50 FIB.

Now hear what I say here and you will see it in my chart "I consider this to be a bounce off the because of where I coose to draw my FIB's for me the lows that I marked are more significant than the bottom of the PB."

Based on this bounce I would zoom in and see what the 4H is doing and low and behold there is a PB there as well which you have pointed out.

Mike has responded to your other question about how to enter a PB setup. I want to point out that how you choose to enter a trade needs to be based on your comfort level with the trade.

You can enter on a break of the PB
a RET of the PB
or on the close of the PB

Each entry point has it's benefits and drawbacks but the entry as well as how you exit is up to you the trader. This is why 2 people taking the exact same set up can have drastically different results. One trader will profit while the other one looses. But that is anothr topic called trading phsycology.

At any rate this is a god setup let us know how you do the trade.

Steve
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Nothing is impossible, with a willing mind!
  • #3,995
  • Jun 12, 2007 9:55pm Jun 12, 2007 9:55pm
Hi Steve,

I saw the PIN but it didn't amount to much. but what followed it was a IB (Sunday + Monday) which was quite a comfortable entry with more lots due to reduced stop size for my 1% risk.

Enjoy
Ademac
  • #3,996
  • Jun 13, 2007 12:21am Jun 13, 2007 12:21am
Quoting Trader_V
Looking good Man!

At any rate this is a god setup let us know how you do the trade.

Steve
Man, the 4hr chart got me good! Looking for a long position based on the Daily was a much better idea than my short trade on the 4hr. I entered my short trade 10pips below with 1 mini lot and made 25pips off of that. I couldn't be around for this trade, so I also set a 50% retracement(of the PB) sell stop of 1mini lot in case it did retrace some before going down. My stoploss for both were 10pips above the PB on the 4hr chart. Well, the 2nd lot was hit on the retracement...however it turned out not to be a retracement but a trend continuation that I should have seen on the Daily chart.

I have learned a couple things from this experience. First, I'm going to start only using the daily charts for trade setups. Second, when I'm not able to watch my trade I won't set a "retracement" buy/sell order. And lastly, I am only going to look for trades that Follow The Overall Trend(will use weekly and monthly to determine that). I may miss out on some trades, but I think it's more conservative and will help my account grow instead of shrink like on that last trade.

Thanks for the input Steve!
  • #3,997
  • Edited 6:45am Jun 13, 2007 4:49am | Edited 6:45am
Quoting charlies
EURAUD (over 550pips ), trailing stop at daily highs - EDIT - Now stopped out for 533 pips
USDCHF (approx 200 pips) trailing stop at daily highs
EURCAD short (2 day pin) met first target, stopped on remainder for small profit

EURCHF monthly short - not triggered yet

AUDUSD stop threatened, but held so far....
GBPJPY (23% pullback), met first target

EURJPY - cancelled
USDCAD (23% pullback) - cancelled
EURCHF daily PIN at previous resistance, but against trend
  • #3,998
  • Jun 13, 2007 6:51am Jun 13, 2007 6:51am
Quoting Tw0eleven
Is that bad? And let me clarify that...my minimum goal is 100pips and max of 200pips per week. I've blown a lot of demo accounts and some mini's...I think from poor MM and greed. So I'm trying to set some small goals for myself. Basically, I'm just aiming for 20-40pips a day. Providing I get a trading signal. I think I read somewhere on here that someone made 1700pips in a month. That's great, but beyond my reach.
Hey 211,
Theres no such thing as baddddddd, but let me ask you something, have you ever met ANYONE who makes 200 pips a week consistently? I havent. If I made that a month consistently I would be an EXTREMELY happy bunny, hi to everyone especially Wizard, Raz
Never say never.
  • #3,999
  • Jun 13, 2007 7:48am Jun 13, 2007 7:48am
Quoting razldazl
Hey 211,
Theres no such thing as baddddddd, but let me ask you something, have you ever met ANYONE who makes 200 pips a week consistently? I havent. If I made that a month consistently I would be an EXTREMELY happy bunny, hi to everyone especially Wizard, Raz
I haven't personnally met anyone yet. But just reading the posts on this thread, like charlies above, it seems there are quite a few making a fair amount per month. Just as an example, charlies could close his trades that he posted today and have about 800pips at least(not sure if he has any losses that weren't posted). I do know on another thread of a guy who makes 200-400pips/month consistently. So it's possible and the trades are there if you're disciplined enough to find your system and trade it well. Which I'm far from at this point....but that's my goal someday! Thanks for the post Raz...Happy Trading!
  • #4,000
  • Jun 13, 2007 8:27am Jun 13, 2007 8:27am
I was curious as to how long people usually stay in their trades using James' method? 1-2day? 1-2weeks? A month sometimes? Does it just depend on the trade you take?
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