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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

  • #32,281
  • Jun 4, 2009 6:42pm Jun 4, 2009 6:42pm
Quoting jarroo
Mike, this thread is not a signal service, Ok.

I knew you wouldn't miss that one.

Jim

hehe I took both of them Hope they work out if not who cares lol. Also starting to watch the 1hr, ya ya I cant keep off the short times. If I dont make money on the day I dont feel like I did anything. At least I wont miss a trade if I go pee anymore.
Keep taking CT trades, I need more money
  • #32,282
  • Jun 4, 2009 6:46pm Jun 4, 2009 6:46pm
Quoting jarroo
datogia, you got it buddy. But there is no thinking in this. Once the break gave up some pips (which was about 30 pips I believe) you got to stick to your guns on the break even placement, even if Price touches it to the pip and then runs for a 1000 pips after that. Its tough, I know.

I was fighting the same thing on the Gbp/Usd BEOB initial break which gave about 30 pips and I move to break even right away and got stopped out. I didn't even get half at that level. I was "thinking", this is a great setup, A++ , let it go, let it go,...
I am still short eur/usd and gbp/use wtf is up with that LOL. Be like me I was playing games all day and then went to the gym.


TRADING IS LIKE GRILLING, DONT SCREW WITH IT TOO MUCH.
Keep taking CT trades, I need more money
  • #32,283
  • Jun 4, 2009 7:09pm Jun 4, 2009 7:09pm
Thanks total newbie, I might consider it just wish it didnt go down as far as it did now.

Quoting TotalNewbie
I am, of course, a Total Newbie, so this might not be great advice. However, I would look to re-enter on a retrace using PA on a lower TF. If the trade really is potentially a great one then you could look at hitting your first TP as taking part profit and get back in for some more!

Love your signature BTW.
  • #32,284
  • Jun 4, 2009 7:16pm Jun 4, 2009 7:16pm
Quoting g_j_hook@yah
thanx rac for the insight, i was wondering why the weekly??
check the weekly chart on cable..
Quote
i was also wondering how you manage your trades? do you have hard targets related with the fibs you use?or targets set to PPZs ,R:R, or.....wot?hehe
cheers for your time
Hard targets if trade was talem against the trend, be it fibs, ppz,. Trail behind two bars behind if with a trend, with partial profit at certain targets, RR? Usually 1:1, but I kill the trade early if it doesn't look right.

Quote
jon
EDIT: sorry one more thing, do you only measure the retrace from the bars H/L or also include the full swing (i.e measure the fib from the total move including the H/L after the break of the bar??)
iv been toying with both, thanx
from the total swing high low most of the time
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  • #32,285
  • Edited 9:15pm Jun 4, 2009 8:19pm | Edited 9:15pm
Quoting krue
I am with you, bro. the pity is I missed 50% ret entry.

Any idea what to do with UC?

I have been gready, don't believe in market don't offer me opportunity of letting the profit run. I prefer to letting the loss take place, I simply determined to see if I can swing a daily leg to see the serious profit. what do you think, bro?
So krue, you took the baby Pin Bar break? If so, I would be out at least half position (if not all) at the first area of S/R.(chart). This was a tough trade. Against a strong trend with a baby PB, initial break was weak but managable. Second break was good and hit the target squarely. Get out there and call yourself lucky. (imo)

"I prefer to letting a loss take place", you got to change this way of thinking, friend. Losses are avoided or limited as much as possible, not prefered. Are you crazy man.

Long term trading is very possible in the Forex market, but it takes an abililty to be able to endure large amount of pip swings in a given Day and/or weeks. But the first and foremost would be to limit your risk and manage your losses. (imo)

Jim

http://i41.tinypic.com/juvbyb.jpg
Indicators show the past. Price Action "Indicates" the future.
  • #32,286
  • Jun 4, 2009 8:57pm Jun 4, 2009 8:57pm
Well said Jim. LOL.

[quote=jarroo;2781044]

"I prefer to letting a loss take place", you got to change this way of thinking, friend. Losses are avoided or limited as much as possible. Not prefered, are you crazy man.

(imo)

Jim
The greatest achievements are those that benefit others....
  • #32,287
  • Jun 4, 2009 9:13pm Jun 4, 2009 9:13pm
if this was a 5min I would be getting short, 4hr I am going to give it a little time...
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Keep taking CT trades, I need more money
  • #32,288
  • Jun 4, 2009 9:18pm Jun 4, 2009 9:18pm
  •  krue
  • | Joined Mar 2008 | Status: finger scares cat, power of illusio | 410 Posts
huhhh, almost get crazy, I konw. you are absolutely correct, managing loss is the foremost lesson one has to master before being successful.
okey, let me liquidate the position then. thank you, jarroo


Quoting jarroo
So krue, you took the baby Pin Bar break? If so, I would be out at least half position (if not all) at the first area of S/R.(chart). This was a tough trade. Against a strong trend with a baby PB, initial break was weak but managable. Second break was good and hit the target squarely. Get out there and call yourself lucky. (imo)

"I prefer to letting a loss take place", you got to change this way of thinking, friend. Losses are avoided or limited as much as possible. Not prefered, are you crazy man.

Long term trading is very possible...
  • #32,289
  • Jun 4, 2009 9:23pm Jun 4, 2009 9:23pm
Quoting krue
huhhh, almost get crazy, I konw. you are absolutely correct, managing loss is the foremost lesson one has to master before being successful.
okey, let me liquidate the position then. thank you, jarroo

KILL IT!
Keep taking CT trades, I need more money
  • #32,290
  • Jun 4, 2009 9:31pm Jun 4, 2009 9:31pm
  •  krue
  • | Joined Mar 2008 | Status: finger scares cat, power of illusio | 410 Posts
haha, kill it, yes, well said. it's done

Quoting Ryanmcd
KILL IT!
  • #32,291
  • Jun 4, 2009 9:43pm Jun 4, 2009 9:43pm
I would like to see a pullback.
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What does not kill me makes me stronger. Friedrich Nietzsche,
  • #32,292
  • Jun 4, 2009 9:48pm Jun 4, 2009 9:48pm
Quoting PipGator
I just went for a jog and thought about this EUR/NZD trade. This is not an A+ trade. The nose of the pinbar is too small. Still trying to learn how to be picky.
PG,
I was also looking at this trade and liked the location around 2.25 with the prior bar lows acting as resistance. But in the end, I didn't like that it isn't really at a swing high... 1 green bar, then the pinbar...It could certainly work out though (if it gets triggered).

I'm not sure how I should be treating NFP days either. Some completely avoid trading on those days. Others completely ignore ALL news. Maybe because it's a daily trade (versus a trade off intraday charts), I could ignore news all the time...

Just throwing some thoughts around.

Josh
  • #32,293
  • Jun 4, 2009 10:41pm Jun 4, 2009 10:41pm
Quoting Jduester
PG,
I was also looking at this trade and liked the location around 2.25 with the prior bar lows acting as resistance....
The only thing that I am concerned about on NFP day is if I am placing an order and the entry is close to price around NFP time. Then I might pull it, but otherwise my stops are so far away that a news spike is of no concern.

And it feels so good to employ a total news blackout.

Someone said about news that the markets don't move in reaction to the news, they move in reaction to how the news is perceived by market participants. I can't imagine how you could accumulate all the data and then anticipate everyone's reaction and formulate it in such a way that you create a reliable system with a positive expectancy. But then that's why I am a chartist. Others are geniuses at assimilating news. I believe Jacko does well with this.
  • #32,294
  • Edited 11:00pm Jun 4, 2009 10:42pm | Edited 11:00pm
JD,

I have to agree with everything you are saying. I am not yet at a point where I have decided what to do about news. As you have said, many people here ignore it, some pay attention to only certain events and some avoid all "red" news events. Currently, I am ignoring news. If there are any news events to avoid, I hear that NFP and interest rate decisions are the most important. I am going to hold on to my GPB/USD demo position knowing that NFP is coming tomorrow.

I know that you have done a lot of back-testing. When you back-tested, did you mark down the date of the trades you took? If so, it would not hurt to look for trades you took on the first Friday of every month (isn't that when NFP comes out?) to see if it had any noticeable effect on your results. When you back-tested, were you paying attention to NFP (somehow I doubt that many people do that)? That might be a small statistical sample, but might help you decide if NFP should be avoided. Just a thought. If you have back-testing results of trades taken on NFP, I would love to see them. I am a computer programmer (web developer) by trade, so if you would like a list of first Friday dates over a certain period of time, it would not take me too long to come up with the list.

Quoting Jduester
PG,
I was also looking at this trade and liked the location around 2.25 with the prior bar lows acting as resistance....
  • #32,295
  • Jun 4, 2009 10:54pm Jun 4, 2009 10:54pm
Spent some time tonight with my son going over some charts and possible trades he is considering. Thought i would share his record this year on this pair.
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  • #32,296
  • Jun 4, 2009 10:56pm Jun 4, 2009 10:56pm
Quoting james16
Spent some time tonight with my son going over some charts and possible trades he is considering. Thought i would share his record this year on this pair.
I just read my email. That's one lucky kid growing up with "James16" as your dad.

I look forward to his future Thread.
Indicators show the past. Price Action "Indicates" the future.
  • #32,297
  • Jun 4, 2009 11:01pm Jun 4, 2009 11:01pm
Quoting krue
huhhh, almost get crazy, I konw. you are absolutely correct, managing loss is the foremost lesson one has to master before being successful.
okey, let me liquidate the position then. thank you, jarroo

Now watch it go to the moon.

krue, I'm not telling you to liquidate your position. I was just stating my opinion, as asked. If you see something more in go long the Cad, go for it.


Just remember your post that I like so much.

http://www.forexfactory.com/showpost...ostcount=32088
Indicators show the past. Price Action "Indicates" the future.
  • #32,298
  • Jun 4, 2009 11:02pm Jun 4, 2009 11:02pm
Who's your Daddy?!!!!

Quoting james16
Spent some time tonight with my son going over some charts and possible trades he is considering. Thought i would share his record this year on this pair.
  • #32,299
  • Jun 4, 2009 11:03pm Jun 4, 2009 11:03pm
Quoting james16
Spent some time tonight with my son going over some charts and possible trades he is considering. Thought i would share his record this year on this pair.
James that is awesome, I bet you are so proud! Thanks for sharing. goes to your son.
  • #32,300
  • Jun 4, 2009 11:09pm Jun 4, 2009 11:09pm
Well, this is my 3+ year learning from James :-)

PIN on 150 and 60. After two huge BUB's over previous few days.

Ken
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