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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

  • #4,561
  • Jul 13, 2007 8:09am Jul 13, 2007 8:09am
Quoting mimas
Not sure if Jpg2 are accepted format ?????
When you save from Metatrader it is in gif format. Try changing formats.
Stay Lucky.
Mimas, thanks, you hit it right on the head, gif is an ok file here. Thanks so much.
  • #4,562
  • Edited 8:30am Jul 13, 2007 8:29am | Edited 8:30am
Quoting dltvn
Good morning Guys,
I have entered this morning a short position on the Usd/Jpy and wanted to see if anybody is trading it the same way. My entry ( see yellow arrow at the chart ) was prompted by the touching of the 61.8% retracing line off the down move from 7/9 to 7/10. and forming a PB at the 00:00 hr.
Hi all,
Im short as well, on the break of the long term trendline broken at the beginning of the week. My sl is over yesterdays high now, so very low risk (my favorite). I am tempted to add if it breaks yesterdays low, but Im going to wait a while before I start getting artistic. I swear Im on a lucky streak, is it me or is the market getting easier to trade? Good luck all, Raz
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Never say never.
  • #4,563
  • Jul 13, 2007 8:36am Jul 13, 2007 8:36am
Quoting razldazl
Hi all,
Im short as well, on the break of the long term trendline broken at the beginning of the week. My sl is over yesterdays high now, so very low risk (my favorite). I am tempted to add if it breaks yesterdays low, but Im going to wait a while before I start getting artistic. I swear Im on a lucky streak, is it me or is the market getting easier to trade? Good luck all, Raz
Hi Raz, I am with you, hanging to a short I placed early this morning and so far in profit for 30pips, not bad for a short morning work. My feeling is that this baby has a long down trend, yet to materialize and it can very easily go down to the last low of two days ago.
as for feeling lucky, I have a good week also and I think that the market gave good trade signals lately. lol, Dan
  • #4,564
  • Jul 13, 2007 8:57am Jul 13, 2007 8:57am
No problem.
Have not had a chance today to jump on any trades.
Will wait to see what Monday brings now.....!
Are you in any trades at the moment ???
  • #4,565
  • Jul 13, 2007 8:57am Jul 13, 2007 8:57am
as for feeling lucky, I have a good week also and I think that the market gave good trade signals lately. lol, Dan[/quote]
He he, yeah I think youre right, as much as Id like to think I have improved, I cant have improved that much! Anyway good luck to us all, Im also short cad from 25, with sl @b/e, and still short swissy...take care all, Raz
Never say never.
  • #4,566
  • Jul 13, 2007 8:58am Jul 13, 2007 8:58am
Hi Wizard, we are hitting the 50% ret. off of the last leg down of yesterday.
Any thoughts on this new development? My stop is at 1.0500 and if it reaches there, I am out but if it noses down, I was thinking on adding some to my present position. Regards, Dan
  • #4,567
  • Jul 13, 2007 9:05am Jul 13, 2007 9:05am
OK Raz, I am out of the trade (Usd/Cad) with a profit of 58 pips per contract. if you have done more ..... you're the winner! Dan
  • #4,568
  • Jul 13, 2007 9:26am Jul 13, 2007 9:26am
well, i guess we gonna have to park the truck today. Lame friday so far
100% of traders are losers. Just that some win more than they lose!
  • #4,569
  • Jul 13, 2007 9:32am Jul 13, 2007 9:32am
Quoting james16
new chart
Dear Sir, i have just come across this thread, i have this to say , well done and good job. thanks. please Sir, what do you mean by "ret" what is ret all about? once again thanks.
  • #4,570
  • Jul 13, 2007 9:40am Jul 13, 2007 9:40am
Quoting hobnob
Dear Sir, i have just come across this thread, i have this to say , well done and good job. thanks. please Sir, what do you mean by "ret" what is ret all about? once again thanks.
Hi hobnob, and welcome.
it's short for "retracement".
Keeping it Simple
  • #4,571
  • Jul 13, 2007 9:44am Jul 13, 2007 9:44am
Quoting hobnob
Dear Sir, i have just come across this thread, i have this to say , well done and good job. thanks. please Sir, what do you mean by "ret" what is ret all about? once again thanks.

Sir, "ret" is short for retracement.

As in, the price ralliles to 1.3400 and then it retraces to 1.3350 at which point it may become a buying opportunity. Price action at these retracement levels can help define a high probability setup.

In this forum we look for certain bar setups which include:

Inside bars
Pin bars
Bullish outside vertical bars
Bearish outside vertical bars
Two bar matching lows with second bar making a higher close
Two bar matching highs with second bar making a lower close

Once we see this bar setup we look for areas of confluence which is where two or more of the following are at/around the bar setup:

Ema's (there are many but the 150 and 365 are very popular)
Fibonacci levels
Support/Resistance pivots
Pivot point calculations
Swing lows/highs
Trend Lines

There is a huge amount of information in this forum. Read through it carefully and practice!

Hope this helps,

Wiz
  • #4,572
  • Jul 13, 2007 9:49am Jul 13, 2007 9:49am
Quoting mimas
No problem.
Have not had a chance today to jump on any trades.
Will wait to see what Monday brings now.....!
Are you in any trades at the moment ???
Yes , I was in the gbp/usd took it up for a short profit, still in the Usd/jpy on a short trade, didn't take profit when it was there and now I have a small loss of 6 pips but I am staying the course ..... for now.
Have a good weekend. Dan
  • #4,573
  • Jul 13, 2007 9:51am Jul 13, 2007 9:51am
Is anyone still in this?

It refuses to hit my stops!

I just walked out of my job (again) on the basis of this trade.
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  • #4,574
  • Jul 13, 2007 10:03am Jul 13, 2007 10:03am
Great Post Wizard....this should be placed somewhere in the first 50pages of this forum. Would have helped me out a lot!

Quoting the_wizard
Sir, "ret" is short for retracement.

In this forum we look for certain bar setups which include:

Inside bars
Pin bars
Bullish outside vertical bars
Bearish outside vertical bars
Two bar matching lows with second bar making a higher close
Two bar matching highs with second bar making a lower close

Once we see this bar setup we look for areas of confluence which is where two or more of the following are at/around the bar setup:

Ema's (there are many but the 150 and 365 are very popular)
Fibonacci levels
Support/Resistance pivots
Pivot point calculations
Swing lows/highs
Trend Lines

There is a huge amount of information in this forum. Read through it carefully and practice!

Hope this helps,

Wiz
  • #4,575
  • Jul 13, 2007 10:04am Jul 13, 2007 10:04am
Quoting the_wizard
Is anyone still in this?

It refuses to hit my stops!

I just walked out of my job (again) on the basis of this trade.
I'm right there with you! I love how "experts" keep calling for tops and price is still climbing with little to no retracing
  • #4,576
  • Jul 13, 2007 10:05am Jul 13, 2007 10:05am
Quoting the_wizard
Is anyone still in this?

It refuses to hit my stops!

I just walked out of my job (again) on the basis of this trade.
Hi Wizard, It seems as though it is forming a top now and some of my indicators on the 4H chart are already suggesting a down turn ? I suppose we have to wait and see. Regards, Dan
  • #4,577
  • Jul 13, 2007 10:06am Jul 13, 2007 10:06am
I was long e/u earlier today(entered 1.3777), was up 25pips set stoploss to b.e. and guess what? My s/l was hit just a few minutes ago! Sometimes I just don't know when to quit...usually I take a 25-30pips profit and close the trade only to see price go up another 100pips. Then when I leave the trade open, I get stopped out for nothing. I'll figure this thing out one day! Happy trading and enjoy the weekend!!!

Quoting the_wizard
Is anyone still in this?

It refuses to hit my stops!

I just walked out of my job (again) on the basis of this trade.
  • #4,578
  • Jul 13, 2007 5:18pm Jul 13, 2007 5:18pm
hello,

the week ended for me in a very bad way - didnt take profit at the right time and entered another one on the worst time, well - i am still learning i guess ( it never stops..i know)

i am trying to implement pin bars mostly but i want to start with others also - like this I4B i saw on GBP/CHF - is it a good setup? did i place the entry at a good price? what about the stops and TP's? i divided my trade into 2 - one tp's after 20 pips or so, and the other one trails the stop after the same amount of pips. the entry is spread+5 pips above, stop is set below the last 4h low of the week and along with 150 ema on 4h i find it strong enough - otherwise i would have made it a small position trade - which i cant see coming since there is a R level right above 100 pips or so.

WOW - how much can i write? i moved through it - i do with many trades, but i am missing somethings almost always, make me see if i was wrong about pending this order - here comes the image:

btw - thanks

now that i am looking - i might split it to 3 parts for the profit taking.

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  • #4,579
  • Jul 13, 2007 6:21pm Jul 13, 2007 6:21pm
Hey mamutot, my answers in bold

remember these are just some of my thoughts. In the end it is up to the individual.

Have a good weekend,
Mike

Quoting mamutot
hello,

the week ended for me in a very bad way - didnt take profit at the right time and entered another one on the worst time, well - i am still learning i guess ( it never stops..i know)
No worries, this is all part of learning. This is why we demo until we can grasp everything we need to be consistent. And even when you are consistent, you will have losing weeks, some good weeks, some bad weeks, some better some worse, etc. This is part of trading. It is learning to deal with winners and losers in the same manner. Check out turbokaos journal, that guy is the real deal, and you can see the ups and downs of trading. But week in and week out he trusts his methods.

i am trying to implement pin bars mostly but i want to start with others also - like this I4B i saw on GBP/CHF - is it a good setup? did i place the entry at a good price? what about the stops and TP's? i divided my trade into 2 - one tp's after 20 pips or so, and the other one trails the stop after the same amount of pips. the entry is spread+5 pips above, stop is set below the last 4h low of the week and along with 150 ema on 4h i find it strong enough - otherwise i would have made it a small position trade - which i cant see coming since there is a R level right above 100 pips or so.
I4bs, and IB can give people a lot of trouble. Price will consildate down and then we can get big moves away from these I4bs, making for some big money makers. Some people choose to be biased on them, but from my personal experience, I always play a breakout both ways. I have many reasons for this, but the majority of it lies in my back and forward testing, and regarding my trading plan. This will be different for everyone.

As far as your entry, it is fine. I do the same thing with +5-10 pips depending. My stop always is on the other side of the IB(with a reverse). Unless there is very strong area to place my stop otherwise(such as a PPZ, or the 365 ema) . I really don't like dropping down and trying to minimize a stop. Especially on these bars. The whole range is important to the bar working IMO.
The TP is another huge topic. But I unfortunately can not give you the right answer. I am NOT a big fan of scaling out of a trade. This is a huge topic, that is beyond the scope of this thread, but if you want my reasons shoot my a PM. As far as how I manage trades on the daily timeframes. I never have a set TP level. I always re-evaluate the trade and the end of the bar close. This helps me from making irrational decisions. If you do decide to scale out of your trades like this, it should be because you have proven it is profitable. A lot of people scale out for the wrong reasons.

Again not trying to scare you off from anything you are doing, just trying to make you realize how personal this part of it is. Some people might close all their trades at day end. Some might decide to have a trailing stop. There really is no one right answer, and it is up to you as the trader to find a style that works for you(and why we demo). The important thing is to develop this slowly, and learn from all your mistakes/good trades.
WOW - how much can i write? i moved through it - i do with many trades, but i am missing somethings almost always, make me see if i was wrong about pending this order - here comes the image:

btw - thanks

now that i am looking - i might split it to 3 parts for the profit taking.
  • #4,580
  • Jul 13, 2007 8:46pm Jul 13, 2007 8:46pm
Do we call that pin bar on daily EUR/USD ??? Or not really ??

I say not really, but things must maybe start to top out soon...

Anyone going to trade based on that candle ???
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