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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

  • #4,321
  • Jul 3, 2007 10:39am Jul 3, 2007 10:39am
Quoting mamutot
well - i have the answer - it wasnt a good trade, or should i say - now i know it wasnt good...

well - ok, something to learn from.

hope someone tool profit..i gave it to you dont forget..
Well, look at it like this--you had the setup and you took the trade, and it just didn't work out. Same for me, I got burned on this one. So, I've started a "Do's and Don'ts" list for me personally. #1 on the list is:

"Never trade a breakout above resistance where there is no previous resistance above (all-time-high, for example). Wait for a retracement back to the new support, and then watch PA for a bounce off of support."
  • #4,322
  • Jul 3, 2007 10:40am Jul 3, 2007 10:40am
Quoting NateTheGreat
Wow, I like that way you think

I actually had my stop in the SAME spot for the SAME reasons..
Right now we're still in it, about B/E as of a few mins ago. I think this is going to be a nice trade.
  • #4,323
  • Jul 3, 2007 10:55am Jul 3, 2007 10:55am
Has anyone checked out the USDCHF weekly chart? As of last night it was ALMOST bouncing off the bottom trendline. It is also a 61 fib ret on my daily charts. It has moved up another 50 pips or so but im still planning on going long with a price action confirmation, but im thinking maybe I should just take the trade now? What do you guys suggest?
  • #4,324
  • Jul 3, 2007 10:55am Jul 3, 2007 10:55am
Quoting JoshDance
I think this is going to be a nice trade.
I concur
  • #4,325
  • Jul 3, 2007 12:04pm Jul 3, 2007 12:04pm
OK guys, daily DBLHC forming plus an ALMOST trend line break (goto H4). what do u think? SL for this one would be just above 60 pips
http://i17.tinypic.com/6fh63ph.gif

image uploaded using www.tinypic.com it is nice for posting images in forums like these
100% of traders are losers. Just that some win more than they lose!
  • #4,326
  • Jul 3, 2007 12:09pm Jul 3, 2007 12:09pm
Same currency showing a weekly white hammer
http://i19.tinypic.com/6c7qvld.gif

for you guys in the weekly trade, i would stay short for a while, but for the daily trade i think there is potential for some pips running up. BUT EURUSD has been in a bull run for 170 pips so a retracement could be in order, using my knowledge of correlation that would PROBABLY mean to stay out of a long on this setup. So that is my thinking.

I am eager to hear what the rest of you think
100% of traders are losers. Just that some win more than they lose!
  • #4,327
  • Jul 3, 2007 12:15pm Jul 3, 2007 12:15pm
Quoting Mr demark
OK guys, daily DBLHC forming plus an ALMOST trend line break (goto H4). what do u think?

That is not a DBLHC. The lows have to be identical for that formation. (DOUBLE LOW Higher Close)
Trust price. Know yourself.
  • #4,328
  • Jul 3, 2007 12:17pm Jul 3, 2007 12:17pm
Quoting SeekingLight
That is not a DBLHC. The lows have to be identical for that formation. (DOUBLE LOW Higher Close)
yeah, that is true. I missed the double low part.

But some price action is there, what do u think of it?
100% of traders are losers. Just that some win more than they lose!
  • #4,329
  • Jul 3, 2007 12:25pm Jul 3, 2007 12:25pm
Quoting Mr demark
yeah, that is true. I missed the double low part.

But some price action is there, what do u think of it?
well as long as we have bars we have price action right ? :

but yeah, nothing here on the daily really jumping out(bar wise). If today closes as is you could combine the 2bars and they are forming a pin off a TL, and always nice to be long on these pairs
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  • #4,330
  • Jul 3, 2007 12:29pm Jul 3, 2007 12:29pm
I prefer the ones that come right out and beg me to trade them these days....I lost 20 pips on eurjpy today, but the setup was very good r r. I really dont mind taking a loss on potentially good trades, but you know, they really have to jump out at me more and more to get my attention. The only setup I see on eurchf is the tbh and tbl that I showed a few pages back, I dont know if a break of the high would mean we are on our way up or if its just plain past its sell by date...Idont see any dblhc on my charts anyway..is anyone still watching cad? It seems to be creeping up on us again, just that downtrend is so strong I dont like to go against it, take care all RAz
Never say never.
  • #4,331
  • Jul 3, 2007 12:35pm Jul 3, 2007 12:35pm
Quoting razldazl
I prefer the ones that come right out and beg me to trade them these days...
This is really they way to go Raz(and exactly how I trade). You will be more patient, and have more confidence in your trades. Then after you get comfortable trading certain setups, you can then begin to to add more to your toolbox. For the new people that visit this thread, it can be very overwhelming because price action is everywhere, every bar, every tick, and it is very easy to find reasons to always be trading, and always not be trading. Learn, practice, trade a setup, trade it to death, then branch out to other setups.

take care bud,
Mike
  • #4,332
  • Jul 3, 2007 12:36pm Jul 3, 2007 12:36pm
Quoting mbqb11
well as long as we have bars we have price action right ? :

but yeah, nothing here on the daily really jumping out(bar wise). If today closes as is you could combine the 2bars and they are forming a pin off a TL, and always nice to be long on these pairs
yes, i saw the 2 bars=pin too. But i'm trying to figure out which is more painful.

a) not taking a trade that turns out very profitable
b) taking a good setup that turns out a loss
100% of traders are losers. Just that some win more than they lose!
  • #4,333
  • Jul 3, 2007 12:39pm Jul 3, 2007 12:39pm
No pain no gain....no just kidding, really trading shouldn't be painful. Should become pretty systematic

Quoting Mr demark
yes, i saw the 2 bars=pin too. But i'm trying to figure out which is more painful.

a) not taking a trade that turns out very profitable
always another profitable trade around the corner, can't chase the market

 b) taking a good setup that turns out a loss
if you do the proper analysis and it fits YOUR criteria to trade it, then let it fly. But if you are looking for GREAT setups, and decide to trade a GOOD setup, that is where it can be painful
PS. V for vendetta is one of my fav movies! pps. natalie portman went to my high school, tiny little girl
  • #4,334
  • Jul 3, 2007 12:48pm Jul 3, 2007 12:48pm
ok, i am gonna take the trade on a 0.5% risk
100% of traders are losers. Just that some win more than they lose!
  • #4,335
  • Edited 1:21pm Jul 3, 2007 1:18pm | Edited 1:21pm
Hey, check this set-up - is it a good one at the break of the Last daily bar?

should i enter on the break of the daily? stop above both? should i also wait for a scenario of TBH breakout to the upper level of price??

any help will be good - i think it is a good setup - i would give it an A trade label, would you too??

btw - there is 1 pip diff. which i find ok..
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  • #4,336
  • Jul 4, 2007 12:36am Jul 4, 2007 12:36am
Quoting mamutot
Hey, check this set-up - is it a good one at the break of the Last daily bar?

should i enter on the break of the daily? stop above both? should i also wait for a scenario of TBH breakout to the upper level of price??

any help will be good - i think it is a good setup - i would give it an A trade label, would you too??

btw - there is 1 pip diff. which i find ok..
Of course this will depend on you, but nothing about this really says "trade me". Yes, it's a DBHLC at resistance, but there are quite a few of those that aren't so impressive. Then again, it could be a monster trade and you could make tons of pips. But as AUDJPY is a huge carry trade pair, I wouldn't go short on it right now.
  • #4,337
  • Jul 4, 2007 12:47am Jul 4, 2007 12:47am
Quoting JoshDance
Of course this will depend on you, but nothing about this really says "trade me". Yes, it's a DBHLC at resistance, but there are quite a few of those that aren't so impressive. Then again, it could be a monster trade and you could make tons of pips. But as AUDJPY is a huge carry trade pair, I wouldn't go short on it right now.
thanks for that..

i am not sure it breaks at all as it looks right now..

there will be more trades i should minimize my trading to few a week...it is difficult since i want to practice these setups and i cant know whether i got them correct or wrong unless i realy trade them (DEMO) writing it down without having an open trade isnt the same for me..


lets see where this goes - i leaving it to go where ever it chooses while i am out
  • #4,338
  • Jul 4, 2007 3:44am Jul 4, 2007 3:44am
just a thought.

Why don't you open a seperate account for trades you decided to pass on and trades you decided to take, for comparison purposes?
quote of the day: . It's like deja-vu all over again
  • #4,339
  • Jul 4, 2007 4:14am Jul 4, 2007 4:14am
Quoting Gmak
just a thought.

Why don't you open a seperate account for trades you decided to pass on and trades you decided to take, for comparison purposes?
That's a good point Gmak - I know you can have multiple accounts with Oanda and switching between them is just a couple of clicks of the mouse.

An easy way to test different strategies and see what performs best.
  • #4,340
  • Jul 4, 2007 4:54am Jul 4, 2007 4:54am
Have not perfected the method to have started trading the 4 hour as yet but there is a DBLHC on the 4 hour EUR_CHF for a long......started bouncing off the 150 MA and then has bounced straight of the 50 fib...... one to watch I guess !!!
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