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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

  • #26,401
  • Apr 7, 2009 9:57am Apr 7, 2009 9:57am
Quoting moneybags
Hey Frank,
I'm not sure what you mean by shadows. (I assume you mean the body of the candle?)
Tom
The "shadows" also called wicks extend beyond the body (Open & Close) of the candle/bar.
Ghost Rider - WWTBMD?
  • #26,402
  • Apr 7, 2009 10:00am Apr 7, 2009 10:00am
Hi guys,

just wondering if anyone here trades the daily TF on the 6 majors only? (EUR/USD, USD/JPY, GBP/USD, USD/CHF, USD/CAD, AUD/USD) If yes, do you find enough trading opportunities?

Thanks!
  • #26,403
  • Apr 7, 2009 10:32am Apr 7, 2009 10:32am
open long= 147.80
initial sl = 145.70
safe sl = 147.84
partial close (50%)=148.28
next target = 149
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  • #26,404
  • Apr 7, 2009 10:32am Apr 7, 2009 10:32am
Quoting hendrix
Hi guys,

just wondering if anyone here trades the daily TF on the 6 majors only? (EUR/USD, USD/JPY, GBP/USD, USD/CHF, USD/CAD, AUD/USD) If yes, do you find enough trading opportunities?

Thanks!
The question is difficult, first we have to define what does it mean "enough".
If that means enough to get high profit, I would answer - yes, I would add that there are traders who trade only on weekly and are very profitable.

If that "enough" means to get trades on all these pairs every day, I would say - no, but I can be wrong because if I would not fight aganist overtrading I surely would do so.

Overtrading was my problem, I will never come back to it.

Peter
Jesus Christ is my only Lord !
  • #26,405
  • Apr 7, 2009 10:34am Apr 7, 2009 10:34am
Quoting albchr
Hi frankm7,

Perhaps this PDF will help. As I learn, I have this printed out and hanging on my wall above and behind my monitor. Great visual aid.
Nice PDF!

Thanks
  • #26,406
  • Apr 7, 2009 10:54am Apr 7, 2009 10:54am
open long= 100.56 (buy stop)
initila SL = 99.80
safe SL = 100.62
TP1 = 100.90
partial close (50%) = 100.78
TP2=101.40
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  • #26,407
  • Apr 7, 2009 10:57am Apr 7, 2009 10:57am
Quoting hipcio

Overtrading was my problem, I will never come back to it.

Peter
this tends to be most traders(old and new) main problem
  • #26,408
  • Apr 7, 2009 11:07am Apr 7, 2009 11:07am
Quoting mbqb11
this tends to be most traders(old and new) main problem
yes, I also realized it after switch to H1 time frames yesterday.. (not daily yet)

the previous scalpings, bounces 5pips, etc now seems no movement at all.

it's just moving between different major S/R now, looking for direction.

oh btw 1 question, if I trade part time in order to beat inflation, what is the weekly target I shall set? 1% or 0.1% of acc?
that means no leverage and look for a good 100 pips move in a week?

previously I cannot trade between work breaks,
or I will keep looking at market if my acc is bouncing up and down by 10% from hour to hour... cannot peace down.

maybe max variation 1% a day is good? thanks for any quick answer.
  • #26,409
  • Apr 7, 2009 11:13am Apr 7, 2009 11:13am
Ahh I see it!! Thanks!
  • #26,410
  • Apr 7, 2009 11:13am Apr 7, 2009 11:13am
Quoting billye
yes, I also realized it after switch to H1 time frames yesterday.. (not daily yet)

the previous scalpings, bounces 5pips, etc now seems no movement at all.

it's just moving between different major S/R now, looking for direction.

oh btw 1 question, if I trade part time in order to beat inflation, what is the weekly target I shall set? 1% or 0.1% of acc?
that means no leverage and look for a good 100 pips move in a week?

previously I cannot trade or keep looking at market if my acc is bouncing up and down by 10% from hour to hour... cannot...
Hey Bill

Since we are on the path of shattering a lot of trading myths, this is going to be another one. Having a daily/weekly goal is ludacris(and a forex myth). It leads to many many bad habits. Read these few posts and hopefully another light flicks on. The traders I know all look at their trading quarterly. They do NOT set goals they have to meet. They simply give what the market offers their methods. They only know what the avg is because they have a lot of trades under their belt. It sounds like you are trying to trade when you have time and make 1% a day and turn your account to millions quick. That is such a myth of what really takes place. I am not trying to put you down, so I hope you don't take it like that. Rather I want to tell you the truth and reality of what trading is.

http://www.forexfactory.com/showpost...ostcount=25755

http://www.forexfactory.com/showpost...ostcount=25734

Best
Mike
  • #26,411
  • Apr 7, 2009 11:14am Apr 7, 2009 11:14am
Quoting albchr
Hi frankm7,

Perhaps this PDF will help. As I learn, I have this printed out and hanging on my wall above and behind my monitor. Great visual aid.
THANKS!
  • #26,412
  • Apr 7, 2009 11:35am Apr 7, 2009 11:35am
thanks mike. this is exactly the answer I'm looking for

I switch to H1 chart yesterday, so less over-trading,
then my plan is to open till close position in about 1 week duration so focus on bigger rallies and panics, fundamental projects and striking surprises.. etc
my background was long term stocks so really no idea what are the changes and reason to cause small movements in a day.

next thing I found is nervous holding position open while at work... I keep looking at market and cannot focus... like today.

in order to battle my nervousness holding position open all through in a work week.
my plan is to open position size=10% of acc size, no leverage, (just 1 position - no average out position on loss),
and try look for a good 100pips movement in a week.

that gives 0.1% ROI per week or 5% ROI per year.... daily acc size change of max 0.2-0.3%... which will not make me panic.
and given the win/lose of 4:1, will get about 3% a year which break even with bank rate.

turtles may allow trade on different pairs that don't correlate to lower risk, then maybe position size=0.1*acc for 2-3 different pairs in a week.

this may settle down my nervous problem I was thinking today and seems your 'reasonable profit goal' post attached is similar (just not fix a goal for each day - agree)

I will basically work to deposit the savings account,
and trading is only a way to beat bank rate and learn economics.

thanks all members for allowing me to have taken a little band-width of thread to clarify my puzzle. I think I got answered well thanks again mike.

Quoting mbqb11
Hey Bill
The traders I know all look at their trading quarterly. They do NOT set goals they have to meet.
They simply give what the market offers their methods. They only know what the avg is because they have a lot of trades under their belt
http://www.forexfactory.com/showpost...ostcount=25755

http://www.forexfactory.com/showpost...ostcount=25734

Best
Mike
  • #26,413
  • Apr 7, 2009 11:50am Apr 7, 2009 11:50am
Fantastic thread!
my yesterday's spot e/u
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  • #26,414
  • Apr 7, 2009 11:57am Apr 7, 2009 11:57am
Wont take this trade long even if I get a perfect candle simply because theirs a risk that we might breakout since we are making a pennant and its a lower probability trade...

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4 hour chart...

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  • #26,415
  • Apr 7, 2009 12:06pm Apr 7, 2009 12:06pm
Quoting KissFan
....Patience may give you that ideal bar at tomorrows close. My view is that if the nose protruded through the 9000 level all other things being the same as they are now, we would have a trade that we could work for some profit. Hope that helps.
Hmmm.....This would be a great place for a Pin at todays close IMHO. We shall see.
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  • #26,416
  • Apr 7, 2009 12:08pm Apr 7, 2009 12:08pm
Quoting KissFan
Hmmm.....This would be a great place for a Pin at todays close IMHO. We shall see.

Yep I agree...I would take it if it gave a bullish close ...
  • #26,417
  • Apr 7, 2009 12:09pm Apr 7, 2009 12:09pm
Quoting hendrix
Hi guys,

just wondering if anyone here trades the daily TF on the 6 majors only? (EUR/USD, USD/JPY, GBP/USD, USD/CHF, USD/CAD, AUD/USD) If yes, do you find enough trading opportunities?

Thanks!
Enough to grow your account nicely if you know the material.
K.I.S.S.
  • #26,418
  • Apr 7, 2009 12:23pm Apr 7, 2009 12:23pm
Quoting KissFan
Hmmm.....This would be a great place for a Pin at todays close IMHO. We shall see.
I have been watching this one as well. I actually saw it from a differenct perspective though. If it closes at or near where it is at, it looks to be a DHLC or BEOB depending on your feed and the high of the 2 bars. I can't post a chart right now, but it also appears to have broken a daily TL to the downside.

I guess an argument against this is that it isn't at a swing high, would that be correct?

Any thoughts on this scenario?
  • #26,419
  • Apr 7, 2009 12:35pm Apr 7, 2009 12:35pm
Quoting mbqb11
this tends to be most traders(old and new) main problem
I started live trading last July and kept my head above water but just couldnt attain any consistency. I stopped for two weeks the end of Nov to analyze what my problem was, and as luck would have it stumbled onto this awesome thread.I wanted to keep this game fun and profitable at the same time so this is what I did.I cut my account size in half and re-did my charts this time only plotting major mn & wk ppz nothing else.My previous charts kept gathering more clutter and all that did was clutter my brain.I cant see through a dirty windshield nor a dirty chart.I let the game come to me instead of pressing and chasing.I got finicky no overtrading ,if I had to think too much I passed on the trade its one of my favorite rules no over analyzing its simple and obvious or pass.My consistency and confidence has really grown cutting account size in half took the pressure off the game is fun again.Would recommend this to anyone struggling Many Thanks to J16
  • #26,420
  • Apr 7, 2009 12:59pm Apr 7, 2009 12:59pm
Quoting 4fun
I started live trading last July and kept my head above water but just couldnt attain any consistency. I stopped for two weeks the end of Nov to analyze what my problem was, and as luck would have it stumbled onto this awesome thread.I wanted to keep this game fun and profitable at the same time so this is what I did.I cut my account size in half and re-did my charts this time only plotting major mn & wk ppz nothing else.My previous charts kept gathering more clutter and all that did was clutter my brain.I cant see through a dirty windshield nor...
I liked that part...

"if I had to think too much I passed on the trade its one of my favorite rules no over analyzing its simple and obvious or pass..."

It's great to see how well ppl use different methods to spot trades in their zones, the one you just mentioned is what I also personally use and it sure is quite effective.

Well done on cutting back on over trading, you would have already realized you've jumped over the biggest hurdle to the building of your account.

Regards,
Ghous.
I believe . . .
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