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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

  • #9,481
  • Mar 7, 2008 9:41am Mar 7, 2008 9:41am
Quoting shayb
Hi guys i need your help asap...

i opened position short on u/j at 102.39 with big leverage by mistake...what you think close it now or wait...?
uj tested a STRONG long term support. I think it will go up a lot in the next days

regards
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  • #9,482
  • Mar 7, 2008 10:05am Mar 7, 2008 10:05am
Quoting canados
uj tested a STRONG long term support. I think it will go up a lot in the next days

regards
agreed, if dollar strengthens, yen will weaken quickly..
If that's the case, I'm looking for a test of 105.50 next week or so...
anyone remembers Nov7/07 and usd/cad...

big leverage, rush and greed will put you crying in a fetal position one day... It's not a pleasant experience. Slow and steady, and capital preservation will do miracles to your account over time....
  • #9,483
  • Mar 7, 2008 10:11am Mar 7, 2008 10:11am
Quoting canados
uj tested a STRONG long term support. I think it will go up a lot in the next days

regards
Thanks man i closed it ....with big loss
  • #9,484
  • Mar 7, 2008 10:17am Mar 7, 2008 10:17am
Quoting raczekfx
agreed, if dollar strengthens, yen will weaken quickly..
If that's the case, I'm looking for a test of 105.50 next week or so...
anyone remembers Nov7/07 and usd/cad...

big leverage, rush and greed will put you crying in a fetal position one day... It's not a pleasant experience. Slow and steady, and capital preservation will do miracles to your account over time....
i know it...but it was mistake i forgot to change the leverage...it start with big leverage...and i did not changed it...this mistake cost me alot of money...
  • #9,485
  • Mar 7, 2008 11:13am Mar 7, 2008 11:13am
Quoting shayb
i know it...but it was mistake i forgot to change the leverage...it start with big leverage...and i did not changed it...this mistake cost me alot of money...
sorry to hear that shayb. Forex in NOT a video game... there are big sharks out there everywhere feeding on mistakes like that. Treat this as a business with strict rules and you'll never forget. You probably saw the move south and wanted to jump in 'pronto'.... a big no no... . Market will be here long after we bite the dust, so don't rush. Once you're realize it that there is another setup coming, you should not regret missed opportunities. There are plenty more to come.
many pips..
  • #9,486
  • Mar 7, 2008 11:41am Mar 7, 2008 11:41am
I can't believe people are still fighting trends(some even on 5 Minute charts)..IMHO the name of the game once EURUSD broke out was USD weakness and carry unwind; the first phase should complete soon and if the stock markets lose their January lows, then the next bit might be quite ugly and unorderly..as the crosses implodes then we might get that USD push, but up to this high the USD majors look very, very scary, don't they...

I see the "locals" have been holding it up, keep it going!
Well done on some nice trades Bundy, Raczekfx, etc etc..

I'm still gonna be a while...

Btw - creepy, a really bad NFP and we get 1. an initial USD rally 2. an initial stocks boost...crazy world...evil spikes!
But seems things are back to normal and resuming the end of the (american) world plan..I wonder how long it will take for us to see those 'fun' moves again on the carry pairs...

Best of luck to everyone and keep in mind what Raczekfx said: this is NOT a game. Risk control!

Take care,

SeekingLight
Trust price. Know yourself.
  • #9,487
  • Mar 7, 2008 11:41am Mar 7, 2008 11:41am
Quoting raczekfx
sorry to hear that shayb. Forex in NOT a video game... there are big sharks out there everywhere feeding on mistakes like that. Treat this as a business with strict rules and you'll never forget. You probably saw the move south and wanted to jump in 'pronto'.... a big no no... . Market will be here long after we bite the dust, so don't rush. Once you're realize it that there is another setup coming, you should not regret missed opportunities. There are plenty more to come.
many pips..
Thanks man...you right...i jumped to this trade fast forgot to change leverage and let the shark eat my account...i spoke with (the shark) my broker he didnt want to change the leverage in this deal...so i closed it with loss......i tried to make a small deal...with small SL...BUT...you know the rest.......learned something...
  • #9,488
  • Mar 7, 2008 11:46am Mar 7, 2008 11:46am
EURUSD
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  • #9,489
  • Mar 7, 2008 12:22pm Mar 7, 2008 12:22pm
hi seeking, the reason behing the dollar buying and yen selling across the board was because news broke out that Ambac (big financial group) was to be saved afterall. there were billions of dollar on the table
  • #9,490
  • Mar 7, 2008 12:25pm Mar 7, 2008 12:25pm
Quoting SeekingLight
I can't believe people are still fighting trends(some even on 5 Minute charts)..IMHO the name of the game once EURUSD broke out was USD weakness and carry unwind; the first phase should complete soon and if the stock markets lose their January lows, then the next bit might be quite ugly and unorderly..as the crosses implodes then we might get that USD push, but up to this high the USD majors look very, very scary, don't they...

I see the "locals" have been holding it up, keep it going!
Well done on some nice trades Bundy, Raczekfx, etc etc..

I'm still gonna be a while...

Btw - creepy, a really bad NFP and we get 1. an initial USD rally 2. an initial stocks boost...crazy world...evil spikes!
But seems things are back to normal and resuming the end of the (american) world plan..I wonder how long it will take for us to see those 'fun' moves again on the carry pairs...

Best of luck to everyone and keep in mind what Raczekfx said: this is NOT a game. Risk control!

Take care,

SeekingLight
Good to see you back, hope your on the way up. You must still be feeling kinda crappy since you did not post a chart.
  • #9,491
  • Mar 7, 2008 12:57pm Mar 7, 2008 12:57pm
Quoting canados
EURUSD
I was a huge TLs fan back a couple of years ago.... (You can ask Seeking Light of zoopy if you care), and did quite ok trading them... but mine looks a bit different...
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  • #9,492
  • Mar 7, 2008 2:30pm Mar 7, 2008 2:30pm
Imagine this scenario (some of you won't have to imagine, I'm sure)...

You place limit orders on a pair (1 entry, 2 TP exits) and go to bed. You wake up to find that you entered, but missed your first TP by 3 pips! Now the pair is sitting at a -15 pip profit and forming a setup that looks to go against your position. Do you close the trade, or place orders to stop and reverse if the new setup becomes valid?

Also, is there a mechanism to automatically move your stop to BE once price goes a certain distance? Could you write an EA or script in metatrader to do that? A trailing stop would only work if your first TP was the same distance away as your SL.
Hindsight is 20/20
  • #9,493
  • Mar 7, 2008 3:34pm Mar 7, 2008 3:34pm
Quoting cosgrove
Imagine this scenario (some of you won't have to imagine, I'm sure)...

You place limit orders on a pair (1 entry, 2 TP exits) and go to bed. You wake up to find that you entered, but missed your first TP by 3 pips! Now the pair is sitting at a -15 pip profit and forming a setup that looks to go against your position. Do you close the trade, or place orders to stop and reverse if the new setup becomes valid?

Also, is there a mechanism to automatically move your stop to BE once price goes a certain distance? Could you write an EA or script in metatrader to do that? A trailing stop would only work if your first TP was the same distance away as your SL.
You could ride the trade against your position and wait for a retrace. In this case you would estimate the retrace and reposition to break even on your combined position. This only works when your position is not out of control. For example, you enter at 1% risk, trade goes against you 100. You could consider entering another position with another 2%, wait for retrace, BE, and get out. This is of course not for amateurs, is a last resort, and a basic explanation.

Notes:
-Markets rarely if ever move in a straight line.

-You only lose when you close your position.

-If this is your strategy, consider not having all of your eggs in one basket, better to break the ones in the basket then the whole truckload.

-The percentages listed are only examples and may be too much exposure for this system.

-This is not necessarily my trading style.

I am not aware of any BE stop loss set ups. I try not to use hard SL or TP marks if I can help it. Rather monitor it live, here come the stones..
  • #9,494
  • Edited 4:05pm Mar 7, 2008 3:42pm | Edited 4:05pm
Thanks for your insight hipster. A simple google search of "move to breakeven mt4" gave me some EAs that look to do exactly that. I.E. you tell it after how many pips to move your stop to BE and it does...testing now.

Doh, closed markets. Guess I'll know if it works on Sunday.
Hindsight is 20/20
  • #9,495
  • Mar 7, 2008 4:43pm Mar 7, 2008 4:43pm
Quoting cosgrove
Thanks for your insight hipster. A simple google search of "move to breakeven mt4" gave me some EAs that look to do exactly that. I.E. you tell it after how many pips to move your stop to BE and it does...testing now.

Doh, closed markets. Guess I'll know if it works on Sunday.
Your welcome, and thank you, I may look into that myself.
  • #9,496
  • Mar 7, 2008 6:03pm Mar 7, 2008 6:03pm
There are a lot of daily pins out there... EURUSD, GBPUSD, USDJPY, EURJPY, USDCHF, EURCHF....!! Which one do you take?!
  • #9,497
  • Mar 7, 2008 8:11pm Mar 7, 2008 8:11pm
Quoting eltrot1979
There are a lot of daily pins out there... EURUSD, GBPUSD, USDJPY, EURJPY, USDCHF, EURCHF....!! Which one do you take?!
I would consider GU.
  • #9,498
  • Mar 9, 2008 6:13pm Mar 9, 2008 6:13pm
Quoting eltrot1979
There are a lot of daily pins out there... EURUSD, GBPUSD, USDJPY, EURJPY, USDCHF, EURCHF....!! Which one do you take?!

As the USD based pins are against the trend, I would only trade them once triggered, on a break of their respective highs or lows. Having said that, I would probably prefer USD/YEN, as this pin bar is off major ppz, 101.35-85, and also USD/CHF, because if USD is going to strengthen and the EUR/CHF triggers as well then it will probably prove more beneficial to be short CHF than short EUR against the USD.
  • #9,499
  • Mar 9, 2008 8:35pm Mar 9, 2008 8:35pm
I have found a great deal of good information here that has been very helpful to me. Much good luck and success to all.
  • #9,500
  • Mar 9, 2008 10:40pm Mar 9, 2008 10:40pm
what do u guys think about this Eur Usd Daily PB? Does it meet the conditions of a A+ PB? in my opinion it does...
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