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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

  • #31,921
  • Jun 2, 2009 10:45am Jun 2, 2009 10:45am
I placed an buy stop order at 1.0954 ,10 pips higher than yesterday's high , price didn't go north farther.Rather unfortunately,I was stop out ! Every novices should keep in mind that not every pinbar is a reversal signal . We must consider the strong trend first...

Thanks TiaForex's comment,very helpful .
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  • #31,922
  • Jun 2, 2009 10:53am Jun 2, 2009 10:53am
Quoting mea
Thank you Mike
seemingly this is the case here!
mea
An additional reason for me not to trade this one was that the E/U went north for 900 pips in 11 days and no real sign for a possible reversal before the upper TL around 1.44. If the move up is caused by a weakening $ I would not expect the USDCAD moving up.

Just added my thoughts, please correct me if I believe in bullshit as it would help me too.
10 x 100 = 100 x 10, stefx, retired scalper.
  • #31,923
  • Jun 2, 2009 10:55am Jun 2, 2009 10:55am
same crap different day. Crap math FTW, 7 pip risk 21 target lol
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Keep taking CT trades, I need more money
  • #31,924
  • Jun 2, 2009 11:06am Jun 2, 2009 11:06am
Quoting stefx
An additional reason for me not to trade this one was that the E/U went north for 900 pips in 11 days and no real sign for a possible reversal before the upper TL around 1.44. If the move up is caused by a weakening $ I would not expect the USDCAD moving up.

Just added my thoughts, please correct me if I believe in bullshit as it would help me too.

Don't think so much, who cares if it's going up so much, if you have a good reason why it may go up more get into the move with a low risk trade. Play PB's WITH THE TREND for a change, that's 1 less think to have to worry about. Don't always look for CT trades, I play CT and Trend all day everyday, a good trade is a good trade as long as the risk is low and reward is high.
Keep taking CT trades, I need more money
  • #31,925
  • Jun 2, 2009 11:07am Jun 2, 2009 11:07am
I will say, the best thing a trader can do is to come to the realization that a bad trade or a good trade MEANS ABSOLUTELY NOTHING.
Keep taking CT trades, I need more money
  • #31,926
  • Jun 2, 2009 11:15am Jun 2, 2009 11:15am
What percent profit do you suggest i should be targeting before switching from demo to live?
Time flies like an arrow; fruit flies like a banana.
  • #31,927
  • Jun 2, 2009 11:16am Jun 2, 2009 11:16am
I agree with that completely Ryan.

Another great realization is that a Bad trade (meaning negative $) can be an accomplishment if you followed your plan and executed it correctly. It didn't work out...so what? If you have an edge in the market you will always have negative trades say 30% of the time if your win % is 70%. So today was part of the 30%...that should be the minority of your days if you do things right.

By the way what was your reason to short EUR/USD at the top? Was it the Bollinger band touch?

Thanks,
Rubin.

Quoting Ryanmcd
I will say, the best thing a trader can do is to come to the realization that a bad trade or a good trade MEANS ABSOLUTELY NOTHING.
  • #31,928
  • Jun 2, 2009 11:20am Jun 2, 2009 11:20am
Quoting Bwana
What percent profit do you suggest i should be targeting before switching from demo to live?
There isn't really a right answer here. You should be targeting consistency, and confidence in a method. But the basic plan is 3 months consecutive profitable months on demo. Some might want to have 6 months of demo and have confidence and consistency in a method. Then you don't just move your whole equity and go for it. Then do a small live account, and see where you are in another 3-6 months. What you will learn about yourself and your methods over this time will tell you a lot about where one should go next.

Best of luck
Mike
  • #31,929
  • Jun 2, 2009 11:25am Jun 2, 2009 11:25am
Quoting gorubin
I agree with that completely Ryan.

Another great realization is that a Bad trade (meaning negative $) can be an accomplishment if you followed your plan and executed it correctly. It didn't work out...so what? If you have an edge in the market you will always have negative trades say 30% of the time if your win % is 70%. So today was part of the 30%...that should be the minority of your days if you do things right.

By the way what was your reason to short EUR/USD at the top? Was it the Bollinger band touch?

Thanks,
Rubin.

BB as well as RSI divergence, it's higher risk and I get stopped out more so I use the 2% risk 6% reward, the nice thing is that you can run a VERY tight stop because it's at a extreme. Also that's all I did for years to make the money I have. Now I just trade whatever looks good if it's trend I do 1:1 or 2:1 if it's CT = higher risk = 3:1
Keep taking CT trades, I need more money
  • #31,930
  • Jun 2, 2009 12:55pm Jun 2, 2009 12:55pm
Quoting Shermenator
Here is my go at it...well if you see in the weekly chart we just broke a major trendline showing us that huge amount of selling orders would get triggered...

Then the other thing I see is trying to stop a train with a little candle showing me more off a pause then a true reversal. Concetrate on the pair and wait for the retest of the breakout and that should be pretty neat as a trade...

Shermenator, very good points to learn for me, thanks
  • #31,931
  • Jun 2, 2009 1:03pm Jun 2, 2009 1:03pm
Quoting alter
It is better to take PINs with the trend or in the range. CT PINs doesn't work if they are not big enough. Maybe it would be good idea to take opposite trade.

got it, shall be more careful next time
  • #31,932
  • Jun 2, 2009 1:33pm Jun 2, 2009 1:33pm
Quoting Ryanmcd
Don't think so much, who cares if it's going up so much, if you have a good reason why it may go up more get into the move with a low risk trade. Play PB's WITH THE TREND for a change, that's 1 less think to have to worry about. Don't always look for CT trades, I play CT and Trend all day everyday, a good trade is a good trade as long as the risk is low and reward is high.
Can't add any more wisdom to that...

Good to see you posting again Ryan.
No hard feelings bro...
.
.
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  • #31,933
  • Jun 2, 2009 2:07pm Jun 2, 2009 2:07pm
Quoting Ryanmcd
BB as well as RSI divergence, it's higher risk and I get stopped out more so I use the 2% risk 6% reward, the nice thing is that you can run a VERY tight stop because it's at a extreme. Also that's all I did for years to make the money I have. Now I just trade whatever looks good if it's trend I do 1:1 or 2:1 if it's CT = higher risk = 3:1
Always great to see you here Ryan.

I'm just curious, with 5M timeframe and percentage risk, do you calculate your position size on the fly? And how do you crunch the numbers so quick? Do you just know what position size a 10 pip stop, 11 pip stop, 12 pip stop would be on the pair you're watching?

I am a loooooong way from trading like you but I follow your posts with interest.
  • #31,934
  • Jun 2, 2009 2:33pm Jun 2, 2009 2:33pm
Aproaching FIB 61, PPZ and 365 EMA.
Prepare your bets...
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Trading: the skill of avoiding trades
  • #31,935
  • Edited 4:21pm Jun 2, 2009 4:11pm | Edited 4:21pm
iv just been glancing through my charts and i noticed this.. wish id seen it earlier!! lol
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PATIENCE... DISCIPLINE
  • #31,936
  • Jun 2, 2009 4:12pm Jun 2, 2009 4:12pm
No trades for me tonight, need some pull backs to happen soon or im heading down to 5 min chart for some action!!! Joking, I might demo Irony II though looks a good system. Or better print off some 5 min charts and get studying.
Economists have forecast 9 out of the last 5 recessions
  • #31,937
  • Jun 2, 2009 4:15pm Jun 2, 2009 4:15pm
Quoting eswap0
Aproaching FIB 61, PPZ and 365 EMA.
Prepare your bets...
Looks like a good base trade. JPY is winding up for a move?
Economists have forecast 9 out of the last 5 recessions
  • #31,938
  • Jun 2, 2009 4:51pm Jun 2, 2009 4:51pm
We finally have decent price action on this GBP/CHF breakout on the daily. Some have commented on the 4 hour pinbar, which I've also included. I am still on daily, so I'm happy that we had a nice inside bar that also resembled the price action of a pinbar.

Hope I didn't throw anyone into taking that USD/CAD last night. Make sure you are doing your own analysis. I am far from an experienced trader and am still learning by making mistakes. I didn't take that trade because the more I thought about it, the more I thought that it was unwise to trade against such a strong down trend. I'm thankful for those on this thread that pointed this out to me. I was able to consider my analysis a mistake, yet not have to lose money.

This GBP/CHF trade is with the trend, so I feel much more comfortable.

Good evening,

Josh
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  • #31,939
  • Jun 2, 2009 4:59pm Jun 2, 2009 4:59pm
Quoting Jduester
We finally have decent price action on this GBP/CHF breakout on the daily....

Hi Josh,

I think the daily candle is a dragon fly doji which is bearish at swing high, and its hitting a weekly resitance area, are you long or short, or straddle?
Economists have forecast 9 out of the last 5 recessions
  • #31,940
  • Jun 2, 2009 5:04pm Jun 2, 2009 5:04pm
Quoting markmm
Hi Josh,

I think the daily candle is a dragon fly doji which is bearish at swing high, and its hitting a weekly resitance area, are you long or short, or straddle?
The trade would be a continuation inside bar/breakout above 1.75. So long.
I thought for it to be a dragon fly doji it would have to trade higher than the previous bar?
Thanks for your help,

Josh
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