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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

  • #11,761
  • Jul 17, 2008 1:20am Jul 17, 2008 1:20am
Quoting peaches
This is EXACTLY my problem, I enther short today GBP/JPY 208.600.
"No setup = no trade" should be tattooed across the top side of every trader's hand, so that he's reminded whenever he moves his hand towards the mouse/keyboard

Quote
I know, it will drop more,
You KNOW????
How can anyone know what happens in the next few hours and days?
You might have a firm conviction, a strong belief, a high degree of probability you feel for events to come, but you never, ever, ever know.

This is why we use stop losses and wait for setups.
Usually right around when we think we have things mastered and figured out, we're approaching the "get ready to be humbled" point(at least so it has often been for me!).


Quote
but have no patience
Then no live trading until you've proven to have developed enough.

Quote
and also an absence of selfconfidence for the retrace, which happend. I know, it has to, but on the other hand I thought, "Iīll miss this entry, price will never be 210, short now."
Fear(and lack of confidence in what you're doing) has hurt many a trader. Fear of the very next setup failing, fear of missing out, fear of ...
It's one of the big problems one needs to solve before next step up and as you said
Quote
I`ll work on this, I promise.
one has to work on it before taking things further.

I think these problems are what plague just about anyone starting. I know I've struggled a lot with all of it and still get plagued by it. The more one works on it, the less disastrous an effect it has, as it begins to dissipate over time.
But it has to be recognized and attacked, lest it do real damage.
Trust price. Know yourself.
  • #11,762
  • Edited 9:49am Jul 17, 2008 3:19am | Edited 9:49am
Quoting ghous
i don't know why but i don't feel confident for the Uj PB, the fact that it broke out of a traingle and that the net trend is still down i don't feel like taking this one, what do you say guys?
yep! .. me too ... it would be a perfect PB but i don't know if it's really screaming buy buy!!! ... surely it's tempting me now that it broke to the upside .... however i decided to stay out for a clearer view .
  • #11,763
  • Jul 17, 2008 10:25am Jul 17, 2008 10:25am
Hi seeking,

big thank you for your reply. I had a bit of analyzing to my strange trading behavior, based on what you have written (sorry for my poor writing, english is not my mother language, I only practice it by reading CD booklets).

"No setup = no trade". I plott this, and pin it at my monitor.

Candlestick pattern (you call it pinbar, DBLHC, BEOVB and so on in this thread), are a result of pricemovement in the past. So i should only
judge a candle, when its done and ready (I trade daily), and not under development (Iīll pin this at my monitor, too).

Itīs totaly wrong from me to expect the look/appearence of the next candle, or direction of the price because itīs in the future. Nobody can forcast it. Itīs wishfull thinking.

Iīll will not jump in the next trade only by having the feeling,
I miss "the big push". Missing something is the first step for greed.
What i need is discipline.

Iīam able to sit on my computer at late new york until beginning of asia session, and a few moments at late asia session. So i think itīs a good
idea only to place my trades (if there has been a setup before !!!) in late asia session.

Successfull trading for you




Quoting SeekingLight
"No setup = no trade" should be tattooed across the top side of every trader's hand, so that he's reminded whenever he moves his hand towards the mouse/keyboard

You KNOW????
How can anyone know what happens in the next few hours and days?
You might have a firm conviction, a strong belief, a high degree of probability you feel for events to come, but you never, ever, ever know.

This is why we use stop losses and wait for setups.
Usually right around when we think we have things mastered and figured out, we're approaching the "get ready to be humbled" point(at least so it has often been for me!).


Then no live trading until you've proven to have developed enough.

Fear(and lack of confidence in what you're doing) has hurt many a trader. Fear of the very next setup failing, fear of missing out, fear of ...
It's one of the big problems one needs to solve before next step up and as you said one has to work on it before taking things further.

I think these problems are what plague just about anyone starting. I know I've struggled a lot with all of it and still get plagued by it. The more one works on it, the less disastrous an effect it has, as it begins to dissipate over time.
But it has to be recognized and attacked, lest it do real damage.
  • #11,764
  • Jul 17, 2008 11:06am Jul 17, 2008 11:06am
Quoting peaches
Hi seeking,

big thank you for your reply. I had a bit of analyzing to my strange trading behavior, based on what you have written (sorry for my poor writing, english is not my mother language, I only practice it by reading CD booklets).
You're welcome
Keep at those booklets, seems you're doing quite ok!

Quote
"No setup = no trade". I plott this, and pin it at my monitor.

i should only judge a candle, when its done and ready (I trade daily), and not under development (Iīll pin this at my monitor, too).

Iīll will not jump in the next trade only by having the feeling,
I miss "the big push". Missing something is the first step for greed.
What i need is discipline.
Sounds like you're going to work on all of the right things
Very good!

We're usually our own worst enemy in trading.

Quote
Successfull trading for you
Thanks, and the same to you, too!
Trust price. Know yourself.
  • #11,765
  • Jul 17, 2008 11:11am Jul 17, 2008 11:11am
If you have time, please take a look at the chart in hussins thread:

http://www.forexfactory.com/showpost...postcount=1347

Itīs only a possibility for development of a setup. Interesting trading days ahead.


Quoting SeekingLight
You're welcome
Keep at those booklets, seems you're doing quite ok!

Sounds like you're going to work on all of the right things
Very good!

We're usually our own worst enemy in trading.

Thanks, and the same to you, too!
  • #11,766
  • Jul 17, 2008 1:38pm Jul 17, 2008 1:38pm
well, i finally pulled trigger and placed some trades off the usdjpy, eurjpy, and gbpjpy pin bars from yesterday. so far, i closed 1/2 of all the trades at profit levels (approx. 100, 200, & 200 pips each); i also moved my SL to a little above b/e for all of them (using a 50% retracement level for the present move).

i'm stuck as to ways to manage the remaining halves. for instance, the eurjpy is at a level it was at before and couldn't bust through ... i'm thinking i might be happy w/ the remaining half of the position being closed out for profit here. the gbpjpy is in a similar boat, however, it has been higher than these levels prior to jan08. again similar for the usdjpy, but in that case, it's a bit more confusing since i don't have a lot of confidence in the u.s. (fundamentals aren't my thing, but it's hard to ignore the obvious).

in reading through the thread, there is much discussion about different exit strategies and how they are really up to the trader, but i was hoping to get a little feedback from anyone in these trades themselves as to how they see these trades developing from here (not asking for specific advice, i.e., "grinder" do this or that) to help me exercise good discretion and not just close them out based on my "emotions" based on the pips i see clocked in on my account so far. (hope my run-on sentence makes sense ...)

thank you in advance for your kind responses.
"Believe nothing you hear and half of what you see." Proverb
  • #11,767
  • Jul 17, 2008 1:44pm Jul 17, 2008 1:44pm
Quoting fxgrinder
well, i finally pulled trigger and placed some trades off the usdjpy, eurjpy, and gbpjpy pin bars from yesterday. so far, i closed 1/2 of all the trades at profit levels (approx. 100, 200, & 200 pips each); i also moved my SL to a little above b/e for all of them (using a 50% retracement level for the present move).

i'm stuck as to ways to manage the remaining halves. for instance, the eurjpy is at a level it was at before and couldn't bust through ... i'm thinking i might be happy w/ the remaining half of the position being closed out for profit here. the gbpjpy is in a similar boat, however, it has been higher than these levels prior to jan08. again similar for the usdjpy, but in that case, it's a bit more confusing since i don't have a lot of confidence in the u.s. (fundamentals aren't my thing, but it's hard to ignore the obvious).

in reading through the thread, there is much discussion about different exit strategies and how they are really up to the trader, but i was hoping to get a little feedback from anyone in these trades themselves as to how they see these trades developing from here (not asking for specific advice, i.e., "grinder" do this or that) to help me exercise good discretion and not just close them out based on my "emotions" based on the pips i see clocked in on my account so far. (hope my run-on sentence makes sense ...)

thank you in advance for your kind responses.
This is really where you have to develop as a trader yourself. There are a lot of different ways to handle your exits. Are you looking to hold these longer term/ shorter term etc.

One such method is too look for the PPZ to place your stops. An example being. If gbp/jpy can now push through this resistance, and use the resistance to flop into support. You can now tighten your stops and trail using the PPZ. And then it is a clear shot to the next resistance. But many people can't hold for this long. So then is it best to really tighten up here, take your profit, and wait for a new entry? Well all the above can be right. I think it is very important to know what type of trader you are. I am a trailing stop trader(as those from the pf know), I have a low win rate, and a high R:R. But many more are high win rate traders. Find your style through testing now. And then when you find a comfort zone, just keep working on that until it becomes your own.

Congrats on your pips too


Mike
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  • #11,768
  • Jul 17, 2008 1:48pm Jul 17, 2008 1:48pm
Does anyone know how they would trade this setup. I shorted off of the first two consecutive lows, netted some nice pips and closed out. However, there is another two consecutive highs? Would you go Long? Leave it alone?


Crown
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  • #11,769
  • Jul 17, 2008 1:58pm Jul 17, 2008 1:58pm
Quoting mbqb11
One such method is too look for the PPZ to place your stops.
thank you for these ideas. your responses are always very helpful!! .... since i need practice finding PPZ ... you can look for me there ...
"Believe nothing you hear and half of what you see." Proverb
  • #11,770
  • Jul 17, 2008 3:43pm Jul 17, 2008 3:43pm
guyz is there any thing that can move my stop loss to Break even when my 1st tp is hit other than manually doing that coz that usually happens whiLe i am away :'(
  • #11,771
  • Jul 17, 2008 3:46pm Jul 17, 2008 3:46pm
[quote=Crown;2115356]Does anyone know how they would trade this setup. I shorted off of the first two consecutive lows, netted some nice pips and closed out. However, there is another two consecutive highs? Would you go Long? Leave it alone?

i have trouble w/ those DH's that don't close lower than the previous day's low. however, since you posted, price has moved up enuf to create a PB (long). it's an interesting situation ... but, it seems like the eurusd is in a bit of a funk lately ... (just my opinion tho ...)
"Believe nothing you hear and half of what you see." Proverb
  • #11,772
  • Jul 17, 2008 3:52pm Jul 17, 2008 3:52pm
I'm confused (and in quite a heavy trade) on cable. I'm seeing regular bearish divergence on the daily, and the daily pin from early in the week has not been confirmed/invalidated.

Any thoughts on this cable set up?

Thanks
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Money & Pain Respect the market, protect your capital, be patient
  • #11,773
  • Jul 17, 2008 4:05pm Jul 17, 2008 4:05pm
Didn't look like a pin to me TT. Close was not low enough. Unless I am misreading your post.

Yesterday was an inside bar.


Quoting toyboy tramp
I'm confused (and in quite a heavy trade) on cable. I'm seeing regular bearish divergence on the daily, and the daily pin from early in the week has not been confirmed/invalidated.

Any thoughts on this cable set up?

Thanks
  • #11,774
  • Jul 17, 2008 4:30pm Jul 17, 2008 4:30pm
I havenīt taken this. It would have been a nice trade, BUT it was against the major trend ! So i step aside.



Quoting peaches
Hi mike, nice to have your thinking,

I see possibly closing bearish engulfing monthly (also on GBP/JPY),
but there are a few days to go.

It might be wise to wait for bullish confirmaton (105,30 for example),
and the bulls are limited, because on my chart i see one of those special zone maybe working as a resistance at 106,20)

You see me thinking of a buy limit order with target 106. But SL...hm...
Maybe its not worth it. Have to watch price.
  • #11,775
  • Jul 17, 2008 4:32pm Jul 17, 2008 4:32pm
chart

Quoting toyboy tramp
I'm confused (and in quite a heavy trade) on cable. I'm seeing regular bearish divergence on the daily, and the daily pin from early in the week has not been confirmed/invalidated.

Any thoughts on this cable set up?

Thanks
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  • #11,776
  • Jul 17, 2008 4:38pm Jul 17, 2008 4:38pm
Quoting james16
chart
I wait for confirmation of a daily candle - pattern.

There was a pin (?) on 14.07. but in the middle of the trend, so i think itīs not
counting.
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  • #11,777
  • Jul 17, 2008 7:32pm Jul 17, 2008 7:32pm
sp thouched the resistance and came back forming a small pin/neutral. GY should follow?
  • #11,778
  • Jul 17, 2008 7:49pm Jul 17, 2008 7:49pm
Quoting ezz
guyz is there any thing that can move my stop loss to Break even when my 1st tp is hit other than manually doing that coz that usually happens whiLe i am away :'(
There was an Expert Advisor someone wrote (Stockwet) that could do this . ....I think it could. Never used it. It's called "Manage Take Profit" , but does more than the name suggests.

http://www.forexfactory.com/showthread.php?t=9553

I've never used it, so use it at your own risk.
Bundy's status today: "Waiting..."
  • #11,779
  • Jul 17, 2008 8:42pm Jul 17, 2008 8:42pm
Quoting bundyraider
There was an Expert Advisor someone wrote (Stockwet) that could do this . ....I think it could. Never used it. It's called "Manage Take Profit" , but does more than the name suggests.

http://www.forexfactory.com/showthread.php?t=9553

I've never used it, so use it at your own risk.

I have used this frequently when trading the news. It will allow you to set a silent stop, take profit at a certain level and continue taking profit at different pip levels, and also move stops at certain steps....all at the same time. It allowed me to move my position during news announcements to move my stops to b/e after being in profit 6 pips. Then, it would take profit at say 20 pips and then another portion every say 30 pips further in profit. A fantastic tool to use!! Here is also an updated one with a third layer of stops. Hope it helps your trading...I know it made it easier for me to leave my computer and still manage my open positions! http://www.forexfactory.com/images/icons/icon10.gif
Attached File(s)
File Type: mq4 managetpv34.mq4   6 KB | 787 downloads
File Type: ex4 managetpv34.ex4   6 KB | 649 downloads
  • #11,780
  • Jul 18, 2008 12:29am Jul 18, 2008 12:29am
Quoting mbqb11
This is really where you have to develop as a trader yourself. There are a lot of different ways to handle your exits. Are you looking to hold these longer term/ shorter term etc.

One such method is too look for the PPZ to place your stops. An example being. If gbp/jpy can now push through this resistance, and use the resistance to flop into support. You can now tighten your stops and trail using the PPZ. And then it is a clear shot to the next resistance. But many people can't hold for this long. So then is it best to really tighten up here, take your profit, and wait for a new entry? Well all the above can be right. I think it is very important to know what type of trader you are. I am a trailing stop trader(as those from the pf know), I have a low win rate, and a high R:R. But many more are high win rate traders. Find your style through testing now. And then when you find a comfort zone, just keep working on that until it becomes your own.

Congrats on your pips too


Mike

Hi mbqb11 nice piece of advice there, i also like to trail my positions but i am getting a bit confused and feel that i am taking a lot less than i actually should from my positive trades, an example is a Gj long and Ej long driven from the Pin bars on tha daily. i took the trade off the daily chart and decided to trail my stop for 35 pips, at first it went good as i reached abt 75 pips in each and the suddenly when the pair started to retrace a bit i got stopped out at that instance i was very happy but later on near the close of the day i was hating mjyself...there were roughly 200 pips on each of those trades and i got out with a total of 90 pips roughly 45 from each....furthermore i passed on the Uj long even after being tempted to take it and that was another entry that was worth atl;east 250 pips in all i calculated that the pairs i trade and according to my trading system (which is bare charts, PA and trendlines) there were an easy 600-700 pips to be had which is extraordinary and times that need to be fully utilized, which unfortuntaly did'nt happen...i admit i was busy and was away most of the times but i was there when Uj was forming the right eye of the Pb and i also under utlized the trades i took which had a lot of potential...

i am ofcaorse still learjning to fully trust certain kinds and levels of PA indications and i need to find ways to take full advantag of a trade maximize my profits and reduce my losses if any. and that drives me to my question to mbqb11, since i trade off the daily was a 35 pips stop ok (specially for Gj and EJ)? and am i being too harsh to complain when i already did make 45 pips out of a trade (even though it was avaiablke to give 4 times of my current profit)?

Regards,
Ghous
I believe . . .
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