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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

  • #30,001
  • May 14, 2009 3:33am May 14, 2009 3:33am
Quoting fxprocessor
.7500 could provide some strong initial support so my stop is above the BEOB high away from any small bounces off the round number. I sometimes play a smaller stop but my stop on this has been placed above the reason I entered the trade - the weekly PPZ.

http://www.forexfactory.com/showpost...ostcount=29919

cheers

fxp
FXP

I have my stop a bit tighter than that, i used the high of thurs bar.
I definately like your thinking using the 7700 ppz.
At the moment I'm trying different stop scenario's.
More testing to be done for sure.

While I write I notice Aud's just tested the lows from bars prior to BEOB.

Cheers, Gov
  • #30,002
  • May 14, 2009 3:55am May 14, 2009 3:55am
Got stopped out of my EURAUD trade, had moved my stop to 1.7980 just below round number it had broken, but it spiked down to 1.7860 and took me out, took 140 pips profit though.

Still not in the AUDUSD as my entry is 1.7480.
Economists have forecast 9 out of the last 5 recessions
  • #30,003
  • May 14, 2009 4:00am May 14, 2009 4:00am
Quoting markmm
Got stopped out of my EURAUD trade, had moved my stop to 1.7980 just below round number it had broken, but it spiked down to 1.7860 and took me out, took 140 pips profit though.

Still not in the AUDUSD as my entry is 1.7480.
well done mate! your patience paid off
still trying to nail that begger!! lol
PATIENCE... DISCIPLINE
  • #30,004
  • May 14, 2009 4:01am May 14, 2009 4:01am
Quoting markmm
Got stopped out of my EURAUD trade, had moved my stop to 1.7980 just below round number it had broken, but it spiked down to 1.7860 and took me out, took 140 pips profit though.

Still not in the AUDUSD as my entry is 1.7480.
Hi Mark,
what's your TP with the AUDUSD?
I'm also short on NZDUSD so I don't know if double my position..maybe too risky.
  • #30,005
  • May 14, 2009 4:04am May 14, 2009 4:04am
Quoting bakko85
Hi Mark,
what's your TP with the AUDUSD?
I'm also short on NZDUSD so I don't know if double my position..maybe too risky.
I dont really use TP but I had one set at 1.7300 just incase it broke during the night. Will trail it each day based on PA.
Economists have forecast 9 out of the last 5 recessions
  • #30,006
  • May 14, 2009 4:20am May 14, 2009 4:20am
Quoting forexngo
Hello Mike and experienced traders

I could not know why the great pin bar that s failed? I know that it is so early entering order when price was nor broken low of pinbar. Our of this, i didn't find out any other reasons making the pin bar failed.
If you guys, experienced ones will explain me the issue or this one is an exception?
Thank you
forexngo
In my experience if a pin bar exceeds the previous High/Low i.e pierces above or below previous high/low we should be careful in opening position based on that kind of pin bar. A pin bar is a sign of weakness in current trend but on the other hand it could also be a good reason for the trend to continue higher at the same time because it shows (in your case) that bears were not strong enough to push it lower, so it's highly probable that trend still has enough steam to continue to the up side.

Safe trade will be to wait for the next candle after such pin bars to see if it closed red or green. In your case if it would have closed lower than pin bar or at least if it closed red, it would be safe to enter short and put sl above the pin bar. JMHO
Discipline + Patience - Fear - Greed = Success
  • #30,007
  • May 14, 2009 5:06am May 14, 2009 5:06am
aussie has not run that 40 pips yet to lower the stop to be, yet the bulls certainly look tired after the fresh highs and as one of the aforementioned awaiting the dip low for fresh buying at lower levels, anyway it has broken that low and heading to the 38 res at 7450 so maybe a chance to lock-in the sl before too long ?
Without women, money would have no meaning - Aristotle Onassis
  • #30,008
  • May 14, 2009 5:06am May 14, 2009 5:06am
Quoting Billy73
Probably the wrong place to be asking here, but this might help u out.
Do you mind to explain how to use this. I've no idea what CC, OC and BS mean.

I would be grateful if you introduce any source which explains those acronyms.

Thanks
Discipline + Patience - Fear - Greed = Success
  • #30,009
  • May 14, 2009 5:20am May 14, 2009 5:20am
Quoting markmm
Got stopped out of my EURAUD trade, had moved my stop to 1.7980 just below round number it had broken, but it spiked down to 1.7860 and took me out, took 140 pips profit though.

Still not in the AUDUSD as my entry is 1.7480.
Hi Mark

I followed your euraud trade, congratulations well done.
I traded it also (demo) but moved my initial stop after day 1 and broke even, well +7 pips.
Anyway just curious was your latest stop move purely discretionary, i notice you had a 2 day/bar stop to start with.
Hope you don't mind, I'm just trying to sort out some trade management stuff.

BTW in the audusd at 0.7485

Cheers, Gov

PS Where can i get some of those aussie dollars worth a $1.75
  • #30,010
  • May 14, 2009 5:23am May 14, 2009 5:23am

Can't believe I didn't get in on page 2000 !!





Strong amount of people wanting to post on that page, reminds me of something in the Forex Market. .

Jeez this thread is like growing exponentially, I remember page 1500 just as if it was yesterday . . .

On a good note for Jigsaw at least I got out of that nasty NZDUSD drawdown !

Good times !

http://i43.tinypic.com/2s997b8.gif
  • #30,011
  • May 14, 2009 5:28am May 14, 2009 5:28am
Congrats to Jim and all his disciples! This is a true landmark.

Quoting Jigsaw

Can't believe I didn't get in on page 2000 !!





Strong amount of people wanting to post on that page, reminds me of something in the Forex Market. .

Jeez this thread is like growing exponentially, I remember page 1500 just as if it was yesterday . . .

On a good note for Jigsaw at least I got out of that nasty NZDUSD drawdown !

Good times !

http://i43.tinypic.com/2s997b8.gif
  • #30,012
  • May 14, 2009 5:31am May 14, 2009 5:31am
Quoting Gov
Hi Mark

I followed your euraud trade, congratulations well done.
I traded it also (demo) but moved my initial stop after day 1 and broke even, well +7 pips.
Anyway just curious was your latest stop move purely discretionary, i notice you had a 2 day/bar stop to start with.
Hope you don't mind, I'm just trying to sort out some trade management stuff.

BTW in the audusd at 0.7485

Cheers, Gov

PS Where can i get some of those aussie dollars worth a $1.75
Thanks Gov,

I used the 2 bar stop initally keep my in the trade, but once I saw the break above the round number and resitance area (for a few hours and is still there), I decided to hide my stop just below there. Thinking that is would use it as support, plus it seemed to be facing heavy resitance area. However it spiked down and took me out, looks like I didn't hide it well enough!. I think the 2 bar stop right through a trade is suited to 4 hour as Mike teaches and daily its good for keeping you in at the start, but then use PA and S/R to trail your stops. All of this I have learned from Mike's stuff in the PF (thanks Mike!).
Economists have forecast 9 out of the last 5 recessions
  • #30,013
  • May 14, 2009 5:36am May 14, 2009 5:36am
A lot of beginners on this thread think that they have found magic method that will change there trading radically. You know what? you're right, you have found the place where you have a chance to become a successful trader, but the PA alone is just a part of your trading that will help you to understand what the market is most likely to do in any given moment and if triggered at the right point, leaves your position in positive quickly. In other words PA is just a source of information that is available for us, that shows us possible points where a lot of people may open there positions.

But one thing is to get information and the second is to act properly based on this information. That's why James tells us to demo first and only after we prove that we've learned to understand PA, we're free to begin live trading, but even then we are not prepared to be successful. To be successful is about right psychological approach mostly than about market analyze.

When anybody reads this thread from beginning to the end can assume that he/she is a great analyzer and have already learned how to read markets, but you'll never have positive results until you begin making decisions based on what you've learned instead of sitting here day and night and hoping someone will post something that will help you to decide open or not to open a position. In other words you have learned everything what you need about analyzing. Now you have to work on your traders psychology.

The only reasons you're taking bad setups and letting good ones go is because of your emotions and it's not about the lack of analytical skills.
Even senior members of this tread don't have better analytical skills than you, they are just thinking differently, they are concentrated on what they see in the market and not on what they feel.

Thanks James and other Guys too, you made a great market analytic from me. Now its time to become a trader following your rules, analytical knowledge and emotional free approach that I'm about to discover.

I've read the thread to the end
  • #30,014
  • May 14, 2009 5:39am May 14, 2009 5:39am
Hey guys. Just found this great idea for those looking to work on improving their discipline...strongly recommend reading all Darkstar posts... some are all about fundamentals, which I pay no attention to, but some are golden.

Josh

Quoting Darkstar
You should try using a rediculously simple system with very clear rules to develop the discipline your lacking. Its pretty hard to do when you have pattern recognition systems because there is so much ambiguity in entry/exit.

Try something like:

Buy when price moves up to a .x005, with a 20 pip stop and 20 pip take profit. The position can't be entered or closed at any other prices. Trade it on several pairs over a few weeks and you should be able to kick the bad habits. It's probably a loser system, but you never know...
  • #30,015
  • May 14, 2009 5:39am May 14, 2009 5:39am
Quoting markmm
Thanks Gov,

I used the 2 bar stop initally keep my in the trade, but once I saw the break above the round number and resitance area (for a few hours and is still there), I decided to hide my stop just below there. Thinking that is would use it as support, plus it seemed to be facing heavy resitance area....
Thanks for quick reply Mark.
That all makes sense.
I think it's nearly time for me to sign up to PF.

Gov
  • #30,016
  • May 14, 2009 5:40am May 14, 2009 5:40am
Lock it and load the SL on the AUD according to the rules (as I interpret the rules) rather a small SL and let it run, rather than the other outcome lol
Without women, money would have no meaning - Aristotle Onassis
  • #30,017
  • May 14, 2009 6:18am May 14, 2009 6:18am
I have a hard TP set on the AUD/USD @ .7340

It could be a big mover but my reading of the weekly chart and the big Bullish Bar from last week has me looking for a modest target. This area is the 23 fib and obvious previous resistance could turn support line.
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  • #30,018
  • May 14, 2009 6:36am May 14, 2009 6:36am
I would appreciate thoughts from the experienced guys. Yesterday I set a long on the break of the pin shown below (on demo) on the basis that;

  1. The trend was long
  2. Low of pin found support at the 50 MA and previous lows

Market went up 25 pips from the high of the pin, opening the order before coming back down again since and hitting the stop set below the low of the pin.

Was my criteria for setting the order in line with the principles of this thread, or why should I have passed on this trade?

Appreciate your help guys!
Matt

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  • #30,019
  • May 14, 2009 6:38am May 14, 2009 6:38am
That 5m pinbar off the 7500 level got us into some real action there.

IMO a great place to trade a 5m pinbar, what are the opinions on that?
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  • #30,020
  • May 14, 2009 6:46am May 14, 2009 6:46am
Quoting FxMatt
I would appreciate thoughts from the experienced guys. Yesterday I set a long on the break of the pin shown below (on demo) on the basis that;

  1. The trend was long
  2. Low of pin found support at the 50 MA and previous lows

Market went up 25 pips from the high of the pin, opening the order before coming back down again since and hitting the stop set below the low of the pin.

Was my criteria for setting the order in line with the principles of this thread, or why should I have passed on this trade?

Appreciate your help guys!
Matt...

I'm not the pro here but still can see the reason or the point to take partial profit and lock in break even if I took this one and its right on the break of the PB, that's the reason why it failed.
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