james16 Chart Thread | Page 1742 | Forex Factory

Options

Go to
Permalinks
Print Thread

Similar Threads

Where can I learn more about Price Action like those in James16 charts? 9 replies

Attachments: james16 Chart Thread
Exit Attachments

james16 Chart Thread

  • #34,821
  • Jun 24, 2009 4:40pm Jun 24, 2009 4:40pm
Quoting TiaForex
I wanted to crystallise a few thoughts floating round in my head by writing about them and hopefully it'll help others too.

We all want to cut our losses and let our winners run. That's the key to trading right? But people say it like it's as easy as throwing a switch. It's not. It's a bit like when I work as an actor and I get told by a director to "be in the moment". Yeah. Great. Now tell me how.

Because there are arguments on both sides here. Look at that recent GBPCHF pinbar long that reversed at the highs. And the weekly AU and GU. These...
I think the key is being able to see areas that really matter. This is why I watch weekly S/R lines only. (The occasional monthly.) I used to sit and sweat at the charts all day long. It's not worth it. I don't give a rat's ass how much you think you can make. Like you said: Quality of life. Nothing more, nothing less.

My litmus test is "Can I put on this trade and walk away?" Hell, there are times I don't bother checking for 2 or 3 days. Why? Because I don't trade for another job. I have one already.

The fact that I doubled the amount of money I made today (adding work AND trading) is what trading's about.

I also woke up this morning up $300 from last night's Hong Kong trade. I still don't know the name of the company.....the stocks are listed as numbers. Odd really....but that's not why I trade.

There are so many more important things in life than trading. Trading can teach you a lot about life as well. Use it as a blessing, and never take it too seriously.......

As far as trading and moving stops to break even right away is concerned: I always thought like this: "What the hell am I doing taking a trade I don't believe in?" If I lose, it's 1%......big deal.

CW

BTW Tia - I think you are on your way, you are asking the right questions.
  • #34,822
  • Jun 24, 2009 4:52pm Jun 24, 2009 4:52pm
Quoting StoragePro
OMG - someone please shoot me.
.

http://www.gifninja.com/Workspace/f4...ef5/output.gif
  • #34,823
  • Jun 24, 2009 4:57pm Jun 24, 2009 4:57pm
Quoting raczekfx
.

http://www.gifninja.com/Workspace/f4...ef5/output.gif
"Don't trade to trade . . . trade to win." - James16
  • #34,824
  • Jun 24, 2009 5:06pm Jun 24, 2009 5:06pm
Is crude trying to tell us something....
.
Attached Image
  • #34,825
  • Jun 24, 2009 6:20pm Jun 24, 2009 6:20pm
Yesterday's candle created a beautiful BUB blowing past 3 months of side move. However, what bothers me about this BUB is what happened after after 3/12 BUB. I wonder if we are looking at a similar scenario.
Any thoughts?
Attached Image (click to enlarge)
Click to Enlarge Name: EURCHF.jpg Size: 121 KB
  • #34,826
  • Jun 24, 2009 6:29pm Jun 24, 2009 6:29pm
Quoting wwtravel
Yesterday's candle created a beautiful BUB blowing past 3 months of side move. However, what bothers me about this BUB is what happened after after 3/12 BUB. I wonder if we are looking at a similar scenario.
Any thoughts?
I disregard these candles in practice because they were caused by intervention or news. When you see a candle that stands out like MC Hammer at a square dance, do some investigating and make sure that it wasn't a news related event that created the range. That's been a tough chart to find a trade on for a while now.

K.I.S.S.
  • #34,827
  • Jun 24, 2009 6:47pm Jun 24, 2009 6:47pm
Quoting KissFan
I disregard these candles in practice because they were caused by intervention or news. When you see a candle that stands out like MC Hammer at a square dance, do some investigating and make sure that it wasn't a news related event that created the range. That's been a tough chart to find a trade on for a while now.

K.I.S.S.
Too funny
Love to see MC Hammer doing Doh-Si-Doh. This could be a start of new dance trend.
  • #34,828
  • Jun 24, 2009 7:15pm Jun 24, 2009 7:15pm
Quoting raczekfx
.

http://www.gifninja.com/Workspace/f4...ef5/output.gif
Oh, the humanity...
I'm pretty much done with all this ...
  • #34,829
  • Edited 7:42pm Jun 24, 2009 7:18pm | Edited 7:42pm
Quoting TotalNewbie
Hi Jim,

Thanks for the encouragement. Here are the charts. On the aussie, I waited for the price to clear the potential trouble spot around 0.7865. I had my first TP around the blue area corresponding with the previous bar lows and the fib. However, I move my SL up to BE too quickly and so was taken out on a retrace. If I had kept my SL at the top of the pin or even at -30, I would've hit my target.

On GBP/CHF. I entered around the area indicated by the blue line as I thought it good to go once this area had been cleared. However, I also thought...
I've gone through the same exact process myself, TN.

Being very picky with your trades, "This is Critical", areas of trouble, Stop Loss placement above/below a given A+ setup is the best place, etc. . .

All that being said. Here's a secret stop loss placement that I use and have been testing. So, don't tell anyone.

Place your stop loss above/below the bar (candle) that breaks the setup. It must on the same time frame that the setup was given.

So on the Aud/Usd & Gbp/Chf 4 hour PBs, the stop loss after the break would be placed just above/ below the candle that actually broke the setup. (Charts. The stop loss placements are in magenta)

Check out other setups as well.

Jim
Attached Images
Indicators show the past. Price Action "Indicates" the future.
  • #34,830
  • Jun 24, 2009 7:22pm Jun 24, 2009 7:22pm
Jaroo, question... I presume you move stop loss below these break candles once they have completed forming?
Grabbing the bull by the horns!
  • #34,831
  • Jun 24, 2009 7:24pm Jun 24, 2009 7:24pm
Quoting raczekfx
Is crude trying to tell us something....
.
Yep
Attached Image
  • #34,832
  • Jun 24, 2009 7:24pm Jun 24, 2009 7:24pm
Quoting whitegoodman
Jaroo, question... I presume you move stop loss below these break candles once they have completed forming?

No. They do not have to close.
Indicators show the past. Price Action "Indicates" the future.
  • #34,833
  • Jun 24, 2009 7:27pm Jun 24, 2009 7:27pm
Quoting 4fun
Yep
on a totally unrelated note, am I the only one who ever thought when there dropping all those bombs that if two of them hit they will explode in the air? i presume im just being silly but still
Grabbing the bull by the horns!
  • #34,834
  • Jun 24, 2009 7:32pm Jun 24, 2009 7:32pm
Quoting whitegoodman
on a totally unrelated note, am I the only one who ever thought when there dropping all those bombs that if two of them hit they will explode in the air? i presume im just being silly but still
Na just set for altitude off the deck then lites out
  • #34,835
  • Jun 24, 2009 7:34pm Jun 24, 2009 7:34pm
Quoting whitegoodman
on a totally unrelated note, am I the only one who ever thought when there dropping all those bombs that if two of them hit they will explode in the air? i presume im just being silly but still
I don't build bombs but I assume they have altimeter or some other air pressure/timing triggers.
  • #34,836
  • Jun 24, 2009 7:39pm Jun 24, 2009 7:39pm
This is for when you need a tough ppz taken care of lol! S Korea bought a s load of these from us bunker busters
Attached Image
  • #34,837
  • Jun 24, 2009 7:40pm Jun 24, 2009 7:40pm
This was so beautiful I had to throw the chart up. Perfect break of resistance and retrace to support.

Attached Image (click to enlarge)
Click to Enlarge Name: 06-24-09 eurcad h4 break and retest.gif Size: 17 KB
skype: ststroud. let's talk trading.
  • #34,838
  • Jun 24, 2009 7:43pm Jun 24, 2009 7:43pm
usd/cad looks like a sexy short, if only it hit that top BB It has the RSI.
Keep taking CT trades, I need more money
  • #34,839
  • Jun 24, 2009 7:43pm Jun 24, 2009 7:43pm
Here's a very, very simple daily double high break out strategy on the CAD any thoughts ?
Attached Image (click to enlarge)
Click to Enlarge Name: USDCAD Double tops on daily Jun. 25 10.37.jpg Size: 73 KB
Without women, money would have no meaning - Aristotle Onassis
  • #34,840
  • Jun 24, 2009 7:45pm Jun 24, 2009 7:45pm
Quoting tyler812
This was so beautiful I had to throw the chart up. Perfect break of resistance and retrace to support.

Attachment
Yep - Nice catch. Saw it myself during the highly distracting forum escapades today.
I'm pretty much done with all this ...
52 traders viewing now