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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

  • #27,281
  • Apr 17, 2009 5:11am Apr 17, 2009 5:11am
Quoting g_j_hook@yah
Some days you're the bug...some days you're the windshield

i love this !!
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I believe . . .
  • #27,282
  • Apr 17, 2009 5:48am Apr 17, 2009 5:48am
Quoting bundyraider
Marked bars....

10 -...
Thanks Bundy. You couldn't have explained more clearly how different intraday trading is to daily. That's brilliant.

Maybe someone should do a similar one on the dailies showing how much easier it is.....
  • #27,283
  • Apr 17, 2009 6:11am Apr 17, 2009 6:11am
Quoting Marco
What Spread do you have for this pair? I sometimes see nice possible trades on it but the high spread just scares me off...same for EUR/NZD
This would be 8 pips right now. It varies.

K.I.S.S.
  • #27,284
  • Apr 17, 2009 6:13am Apr 17, 2009 6:13am
Quoting KissFan
This would be 8 pips right now. It varies.

K.I.S.S.
That's a lot looking at the move you expect in relation...be aware of this, this can eat up substantial profits over the long term. I personally trade those pairs only from bars that have a LOT of potential or weekly charts.

Take care,

Marco
  • #27,285
  • Apr 17, 2009 6:13am Apr 17, 2009 6:13am
Quoting KissFan
I will enter short at the break of today's IB at 1.5067 which happens to also break the 38.2 fib retracement from the ride down of the high at 1.5882. This bar has formed below a resistance and PPZ. First TP at 1.5041 and move 2nd position to BE at that time. 2nd position will take profit at 1.4955 just above support. SL is 1.5167. Weekly TF is not telling me anything about direction.
I have cancelled this trade as the inside bar broke in the other direction.
  • #27,286
  • Apr 17, 2009 6:56am Apr 17, 2009 6:56am
Quoting 4fun
Always lookin for a good freetrade setup the 4hr pin on chf/jpy fit. The daily trend is up and behaving with ascending tl very well. I am lookin for a position i can hold for awhile in a trend.I went in this trade 3% I know here comes a scolding @86.19 sl @85.43 76 pips to cover took 2% off at 40 pips so i now have a free 1% trade with...
Sorry to report I awoke this am to see my s/l taken out bummer,did I lose any money from my account no but in a way i feel yes. What I learned is I must bank some money when up 40pips with 3% risked, I got greedy and wanted 1% on a rebel and a runner who didnt run.This will never happen to me again, oh I will still hunt for a runner but I will take money at the beginning and the end. Its that old saying a cold beer in hand is worth 3 at the store, have a great weekend everyone mines starting now!!
  • #27,287
  • Apr 17, 2009 7:02am Apr 17, 2009 7:02am
Quoting bundyraider
Riding with ya man. You seen what I seen.

Gone for a bigger SL than you @ 1.8515 , also crappier entry @ 1.8295. Orders been there all day. lol

Awesome call on your entry , dude. 1 pip (so far) from IBFX high. lol
.
First TP . Stop moved to BE.

Two traders. Two different entries and exits and stop loss profiles. Both profitable.

This could go to 1.8000 or even 1.7655 yet. ...But it don't really matter with my trade fully covered and in profit already.
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Bundy's status today: "Waiting..."
  • #27,288
  • Edited 7:23am Apr 17, 2009 7:11am | Edited 7:23am
Quoting bundyraider
First TP . Stop moved to BE.

Two traders. Two different entries and exits and stop loss profiles. Both profitable.

This could go to 1.8000 or even 1.7655 yet. ...But it don't really matter with my trade fully covered and in profit already.
Hey Bundy! Good move there bro! I entered again at 1.8350 yesterday and took 50 pips on my first position but am tring to figure out where to trail the stop for this second one. Pros and cons to all scenarios here. Free trade now. Up 215 pips. On my first trade yestreday I took 100 one one position then had my second free "trade" stopped out at BE. A 100 pip TS is not going to be enough for this pair. How are you managing this trade? Thanks!

K.I.S.S.
  • #27,289
  • Apr 17, 2009 7:31am Apr 17, 2009 7:31am
Quoting KissFan
A 100 pip TS is not going to be enough for this pair. How are you managing this trade? Thanks!
Live by the Daily . Die by the Daily.

I would have loved to add more on at those 4hr or even 1 hour pins , but was asleep (actually I woke up at that exact point ....if only I'd known why the universe did that at the time. lol)

Stop was set by daily. So position size was at my comfort level for managing by it too.
Bundy's status today: "Waiting..."
  • #27,290
  • Apr 17, 2009 7:41am Apr 17, 2009 7:41am
Quoting bundyraider
Live by the Daily . Die by the Daily.

I would have loved to add more on at those 4hr or even 1 hour pins , but was asleep (actually I woke up at that exact point ....if only I'd known why the universe did that at the time. lol)

Stop was set by daily. So position size was at my comfort level for managing by it too.
It was a blind entry at the 50 fib retracement was it Bundy?
I believe . . .
  • #27,291
  • Apr 17, 2009 7:54am Apr 17, 2009 7:54am
Quoting bundyraider
Live by the Daily . Die by the Daily.

I would have loved to add more on at those 4hr or even 1 hour pins , but was asleep (actually I woke up at that exact point ....if only I'd known why the universe did that at the time. lol)

Stop was set by daily. So position size was at my comfort level for managing by it too.

This will take some discipline for certain. So to be precise. You are at BE now?

K.I.S.S.
  • #27,292
  • Apr 17, 2009 7:58am Apr 17, 2009 7:58am
Quoting ghous
It was a blind entry at the 50 fib retracement was it Bundy?
Traded the Outside bar the same way I would have if it was on the fifteen minute chart or whatever. %50 level looked good at the time. Coincides with weekly fib %50

I could have done better now that I've spent more time on that chart and noticed a couple of things I didn't earlier, but oh well, ...still halved the entry-to-stop distance (kind of) and that also gives a chance to take profit at the bar low which is high probability.
Bundy's status today: "Waiting..."
  • #27,293
  • Apr 17, 2009 8:10am Apr 17, 2009 8:10am
Quoting KissFan
This will take some discipline for certain. So to be precise. You are at BE now?

K.I.S.S.

Draw Fib by OB. Add Fib to Retrace. Check out PPZ at the "perfect storm" Fib confluence of those two. I'm just above that @ 1.8275. For now. Actually thinking of moving to 1.8230 right now. Pretty sure we will hit 1.8000 zone. So with that confidence I don't want to get too close to the current price.
Bundy's status today: "Waiting..."
  • #27,294
  • Apr 17, 2009 8:22am Apr 17, 2009 8:22am
Quoting bundyraider
Draw Fib by OB. Add Fib to Retrace. Check out PPZ at the "perfect storm" Fib confluence of those two. I'm just above that @ 1.8275. For now. Actually thinking of moving to 1.8230 right now. Pretty sure we will hit 1.8000 zone. So with that confidence I don't want to get too close to the current price.
OK Bundy! Thanks for your help.

K.I.S.S.
  • #27,295
  • Apr 17, 2009 8:36am Apr 17, 2009 8:36am
Quoting KissFan
OK Bundy! Thanks for your help.

K.I.S.S.
NP.

It's probably a little tricky to maximise profit on this one. That broadening consolidation we had is annoying. I'm ready to go to bed and not care about it right now. lol

The idea is to manage on the daily, so for me, I'm willing to give away a lot of pips (but low percentage of equity anyway) on this lower grade trade if I'm stopped out. Let's see if I still have a trade left on Monday and tuesday, where hopefully I get to have good stop worthy PA.

For you, Mikes volatility indicator stop would probably work well for a trade from the 1-hour.
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Bundy's status today: "Waiting..."
  • #27,296
  • Apr 17, 2009 8:43am Apr 17, 2009 8:43am
Quoting bundyraider
NP.

It's probably a little tricky to maximise profit on this one. That broadening consolidation we had is annoying. I'm ready to go to bed and not care about it right now....
Nice trading Bundy,

Also may I add I am enjoying your posts/presence around here of late.

Good stuff
  • #27,297
  • Edited Apr 23, 2018 8:22pm Apr 17, 2009 9:13am | Edited Apr 23, 2018 8:22pm
I'm going through some notes I've taken on various Trading Psychology books this morning. I've decided to post my notes for those who either have never read or don't remember Mark Douglas' book, Trading in the Zone. This stuff isn't directly tied to PA, but does fit with what is talked about in this thread a lot - treat this seriously. It's a business and you are putting real money on the line when trading live...Money Management, and get a plan...

These are just my notes and should not be implied to replace the book itself, which I highly recommend reading.

Mike, hope your "day after home-opener" goes better than the opening day did...Were you there?

Josh

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  • #27,298
  • Apr 17, 2009 9:29am Apr 17, 2009 9:29am
Quoting Jduester
I'm going through some notes I've taken on various Trading Psychology books this morning....
Notes!

I wish I was half as dedicated Josh

You must be tired of reading this but again..."You're on your way to greatness"
I believe . . .
  • #27,299
  • Apr 17, 2009 9:33am Apr 17, 2009 9:33am
Quoting Jduester
Mike, hope your "day after home-opener" goes better than the opening day did...Were you there?

Josh
heeh thanks. Opening ceremonies , beautiful , game was not lol

No I was not there I was out playing a round of golf, and came back to that score

Thanks!

Have a great weekend

Mike
  • #27,300
  • Apr 17, 2009 9:42am Apr 17, 2009 9:42am
Gbp/Aud,
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I believe . . .
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