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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

  • #4,221
  • Jun 28, 2007 3:52am Jun 28, 2007 3:52am
Quoting mbqb11
here are some I am in now, although I lost on the jpy earlier this week. But these are the ones I salivate and wait for
HI Mbq,

Sorry if this has been asked before but which Metatrader broker platform do you use?
  • #4,222
  • Jun 28, 2007 3:58am Jun 28, 2007 3:58am
Quoting mbqb11
here are some I am in now, although I lost on the jpy earlier this week. But these are the ones I salivate and wait for
I'm amazed with your results, I'm watching those crosses on my platform too.

What was the price of your entering on each cross?
  • #4,223
  • Jun 28, 2007 5:32am Jun 28, 2007 5:32am
Quoting habeeb
IBFX is a good broker. You can do almost anything on MT4 and you can trade 1 cent lots. I guess the only thing I too don't like about them are the widenning of spreads, but that's not a big issue.
FxSol is a good broker too. Don't have any complaints about them (apart from the spreads being higher than most other brokers). They're rock solid ... hardly ever had requotes, always connected, and haven't experienced any slippage from them yet. You can trade 10cent lots with them. You can change your leverage/lot size manually on the trading platform.
I haven't traded with Oanda, but I've read somewhere that they don't offer trailing stops (corrections welcomed).

Take Care
Habeeb
Yes Habeeb you are correct about oanda...no trailing stops. This is often the reason people pass up on oanda. Also oanda is 50:1 leverage at most. FXsol offers up to 400:1, but watch out, the swap rates become killer against you. I am on MBtrading now. Commissions are high, but the execution has been amazing and I am very very pleased with them. Just another route to check out. You can trade 10 cent lots with them.

Best,
Mike
  • #4,224
  • Jun 28, 2007 5:33am Jun 28, 2007 5:33am
Quoting vlazaf
HI Mbq,

Sorry if this has been asked before but which Metatrader broker platform do you use?
I use InterbankFX for charting only(demo account).

Mike
  • #4,225
  • Jun 28, 2007 5:34am Jun 28, 2007 5:34am
Quoting drtduarte
I'm amazed with your results, I'm watching those crosses on my platform too.

What was the price of your entering on each cross?
I always wait for a break of the pinbars usually 5-8 pips. Stop is always on the low of the pin. The rest is up to the market

Take care,
Mike
  • #4,226
  • Jun 28, 2007 6:02am Jun 28, 2007 6:02am
Quoting mbqb11
I am on MBtrading now. Commissions are high, but the execution has been amazing and I am very very pleased with them.
Admit it Mike, you're just with them because they have the same initials as you



...or maybe they're actually your company! ;D

hehehe
Trust price. Know yourself.
  • #4,227
  • Jun 28, 2007 6:16am Jun 28, 2007 6:16am
Quoting SeekingLight
Admit it Mike, you're just with them because they have the same initials as you



...or maybe they're actually your company! ;D

hehehe
  • #4,228
  • Jun 28, 2007 8:05am Jun 28, 2007 8:05am
Quoting SeekingLight
Admit it Mike, you're just with them because they have the same initials as you



...or maybe they're actually your company! ;D

hehehe

Haha!

Mike is a Broker in disguise.
No wonder he's able to stop hunt!
  • #4,229
  • Jun 28, 2007 8:35am Jun 28, 2007 8:35am
Quoting mbqb11
Hey David,

Basically1, and 3 are the same ----and 2, and 4 are the same thing. In the picture it just has to do with where the open and close are for those candles. But since they are so close to each other and at the very end, those would both be pinbars and just think of 1 and 3 as one type,and 2 and 4 as another. What you want to look for is the open and close to be within the previous bar(towards the top if it is a 1, 3) and (towards the bottom if it is a 2 and 4). Bars 1 and 3 you are looking to short, and bars 2 and 4 you are looking to long.

It is more important where these bars are located. As you go through this thread more you will see we look for them at swing highs and swing lows. So we look for a bar 1 at a swing high and a bar 2 at swing low.

Best
Mike

Could you explain the entry point after you see the pin. I m confused. Is it right after the bar next to the pin moves higher than the pins high?

Thank you in advance for your helpfor your help.
  • #4,230
  • Jun 28, 2007 8:50am Jun 28, 2007 8:50am
Hi all,
So last week I didnt take any PA trades at all, so I didnt count it in my positive weeks, but since it wasnt negative I think I should count it, dont you? That brings me to 6 weeks positive now, on demo J16 trades, no matter what happens now this week I cant lose what Ive made so Im counting it as +ve already Im feeling more comfortable and confident, and not worried about having losing trades, in fact I even closed one and forgot about it when I didnt feel good about the way it was going. And you know, without looking, I wouldnt even be able to tell you which one it was...hows that for cool! Thanks for all the help and feedback and the endless charts and setups, this is great everyone, thanks so much, Raz
Never say never.
  • #4,231
  • Jun 28, 2007 9:00am Jun 28, 2007 9:00am
Quoting seve
Could you explain the entry point after you see the pin. I m confused. Is it right after the bar next to the pin moves higher than the pins high?

Thank you in advance for your helpfor your help.
yep this is exactly correct.

best,
Mike
  • #4,232
  • Edited 9:54am Jun 28, 2007 9:05am | Edited 9:54am
It seems most of the yen pairs have pin bars formed....I can see from previous posts that alot of you are in on these...good luck.

The EUR-JPY below has a pin that has bounced off last months high also...???
Attached Image (click to enlarge)
Click to Enlarge Name: eur_jpy_daily_.jpg Size: 51 KB
  • #4,233
  • Jun 28, 2007 9:23am Jun 28, 2007 9:23am
So the E/J is a valid trade right now? Is there any other indicator you guys use to confirm it . James mentioned he uses an 89 MA but didn't elavorate on that and I did'nt see it clearly in the threads.
  • #4,234
  • Jun 28, 2007 9:57am Jun 28, 2007 9:57am
Quoting seve
So the E/J is a valid trade right now? Is there any other indicator you guys use to confirm it . James mentioned he uses an 89 MA but didn't elavorate on that and I did'nt see it clearly in the threads.
Hi Seve,
I use 150, 200, and 365 MA's these to me are the most important.
I think a few people are in on some of these Yen pairs see last couple of threads from yesterday...
I would not trade this one till the pin is broken at around 165.95 which has not happened.
Stay Lucky Mimas.
  • #4,235
  • Jun 28, 2007 10:56am Jun 28, 2007 10:56am
what can i say - i am still reading this forum from its first page for 3-5 weeks now - how comes? i stopped and been working, nothing important - anyways

i really understnad everything in it - all the setups, pivot lines, price pivot, whatever, the thing is it seems for me to get in to late, or exactly in the opposite direction for more than few times already, but it is only when i am trading a ranging market - i seem to be buying at top and selling at low - can someone help me figure my mistakes???

there is no problem when there is a wel defined trend..it only occurs in ranging market - i try not to take trades out of the 1h and less - but i do look at them before i make one on the higher timeframes - i am demoing now.


one more thing before you fall asleep - it also seems that i am too greedy (?) with taking profit - i lost today some 80+ pips only because i didnt TP on time - what should i do??? i want to let my profits run - but also to improve my win/lose ratio - please help me..


I ONLY DEMO UNTIL I AM SMART!
and then - maybe real cash..


M
  • #4,236
  • Jun 28, 2007 12:19pm Jun 28, 2007 12:19pm
Hey Mamutot,

I'll give you my thoughts on what you have said.
First off, don't get too discouraged since you've only been trading the material in this thread for a little while. After trading for only a few weeks it's not enough to really get a good picture of your skill etc.

Secondly, if you're just starting out I would suggest to stay away from all lower timeframes and start by only looking at the Weekly and Daily charts. After a while maybe you can look the 4H. That could be your first problem. Trading the 4H or 1H is a lot harder than the Daily or Weekly.

Lastly, if most of your losses are coming during ranging markets, then stay away from those types of markets for now. Ranging markets are another thing that is hard to trade. You need plenty of practice and experience to be successfull in sideway markets. Which timeframes have you traded ranging markets in?
Because in smaller timeframes, ranging markets are a bigger killer.

As far as the profit taking goes, this is the hardest part of trading. Again this takes experience and some kind of plan/method to do it well.

It's hard to judge your trading without some examples.
Feel free to post some charts and people will offer their thoughts and advice.
Then you can get some specific pointers.

I hope that helped a little. (I know I didn't give you anything specific to work with. )

All the best,
Tom
  • #4,237
  • Jun 28, 2007 1:05pm Jun 28, 2007 1:05pm
As usual, Mike, thnx for your quick response. Will keep Oanda for trading & use MT4 as my charting source.
Sid
  • #4,238
  • Jun 28, 2007 1:36pm Jun 28, 2007 1:36pm
I hope that helped a little. (I know I didn't give you anything specific to work with. )

All the best,
Tom[/quote]

you helped a lot - actually 20 mini lots.. :") , you are right - if i am not doing the ranging good enough - i should stay out of it - i will post few charts - i just wanted to thank you for your post first - a chart is coming in few minutes (or hours..)

Thank you!

Michael
  • #4,239
  • Jun 28, 2007 1:49pm Jun 28, 2007 1:49pm
Well MB aka as Tom - ther eit is
this is a trade from yesterday - if was a good one, i simply didnt take profit - for how long should i leave a 4h trade open..??


i could have decided to take only 20 pips and close half - partial profit, i know - but how can i do it while i am asleep...? "you should trail stop" - yes i know, isnt there any other way???


thanks anyways

M
Attached Image
  • #4,240
  • Jun 28, 2007 2:14pm Jun 28, 2007 2:14pm
Quoting mamutot
Well MB aka as Tom - ther eit is
this is a trade from yesterday - if was a good one, i simply didnt take profit - for how long should i leave a 4h trade open..??

i could have decided to take only 20 pips and close half - partial profit, i know - but how can i do it while i am asleep...? "you should trail stop" - yes i know, isnt there any other way???

thanks anyways

M
Hey Mamutot,

I'll give you some of my thoughts on this trade.
For me personally, a BUOB just on its own is not a strong enough signal to take a trade. There might be some people that will take a trade like that, but in my books it's not close to an A quality trade. If anything, a BUOB or BEOB are better to be played on a retracement or with further PA afterwards or even on a lower timeframe. Playing the break of a BUOB is not the best way to do it I believe.
Furthermore, this is on the 4 hour timeframe which makes the signal less strong than the Daily or Weekly BUOBs.

So that's more or less the initial view of the trade.
Now, since you were in this trade we'll look at what you could've done to save some pips. I think either way you would've ended up with a loss unless you had a fixed profit target of like 30 pips or moved your stop to Break Even (1.6057) after you were up 20 + pips.
But what I would've done in this case, is once that Sell Pin formed in the next bar, I would've moved my stop to just under the low of that Pin. Because once that Pin was broken, there was a good chance that the Price would've dropped. (which is what happened)

So those are my thoughts and views on this trade. I'm not saying they're right, but it's something to think about.

Hope that was helpfull too.

Tom
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