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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

  • #34,841
  • Jun 24, 2009 7:46pm Jun 24, 2009 7:46pm
Quoting Ryanmcd
usd/cad looks like a sexy short, if only it hit that top BB It has the RSI.
I'd say you would be fighting the trend my friend, I am looking to buy above 1.1600 in line with the current up tend
Without women, money would have no meaning - Aristotle Onassis
  • #34,842
  • Jun 24, 2009 7:50pm Jun 24, 2009 7:50pm
Quoting Ryanmcd
usd/cad looks like a sexy short, if only it hit that top BB It has the RSI.
I gotta keep my eye on you. Could you toss up a chart on this one? I'd like to see what you see. Curious. My feed is not giving me much to get excited over.
I'm pretty much done with all this ...
  • #34,843
  • Jun 24, 2009 7:51pm Jun 24, 2009 7:51pm
Quoting jarroo
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...
That's creepy. I have been testing the exact same thing. I have a whole demo account dedicated to it.

Are you in my head Jim?

It works pretty well doesn't it. Although because I sleep during Asia, I have a SR based reduced stop when the trade is placed (in two positions so that one half closes automatically at first SR). The if it hasn't borken by London open I switch off the autopilot and go to manual...

All on demo, and just another style to add to the toolbox.

Kinda cool that we were both on the same page about this though/
  • #34,844
  • Jun 24, 2009 8:00pm Jun 24, 2009 8:00pm
Quoting mattfx
I'd say you would be fighting the trend my friend, I am looking to buy above 1.1600 in line with the current up tend
price has hit some decent resistance at prior highs/lows and 365ema, but H4 looks like it could breakout soon. It could go either way, but I too am bullish above 1.1600.

Attached Image (click to enlarge)
Click to Enlarge Name: 06-24-09 usdcad h4.gif Size: 17 KB


Attached Image (click to enlarge)
Click to Enlarge Name: 06-24-09 usdcad d1.gif Size: 17 KB
skype: ststroud. let's talk trading.
  • #34,845
  • Edited 9:49pm Jun 24, 2009 8:02pm | Edited 9:49pm
Quoting TiaForex
That's creepy. I have been testing the exact same thing. I have a whole demo account dedicated to it.

Are you in my head Jim?

It works pretty well doesn't it. Although because I sleep during Asia, I have a SR based reduced stop when the trade is placed (in two positions so that one half closes automatically at first SR). The if it hasn't borken by London open I switch off the autopilot and go to manual...

All on demo, and just another style to add to the toolbox.

Kinda cool that we were both on the same page about this though/...
I don't believe its anything new. Although I haven't seen much talk about it. Its been very effective for me. You'll notice on some setups that once this bar break stop loss is hit, it usually goes on and fails the setup. Its not 100%, what is ?


I don't know about being in your head, Tia. lol Your just going through what we all go through when we're learning and testing.

Jim
Indicators show the past. Price Action "Indicates" the future.
  • #34,846
  • Jun 24, 2009 8:08pm Jun 24, 2009 8:08pm
Quoting raczekfx
We've must've been drinking from the same bottle.
My thoughts exactly... C'mon yen.
Are you serious? You are rooting now? Put the bottle down!
  • #34,847
  • Jun 24, 2009 8:13pm Jun 24, 2009 8:13pm
Quoting mattfx
I'd say you would be fighting the trend my friend, I am looking to buy above 1.1600 in line with the current up tend
Or is it on a down trend?
It looks down trend on daily.

Besides, it is headed towards MA 365 on H4.

?
  • #34,848
  • Jun 24, 2009 8:18pm Jun 24, 2009 8:18pm
Quoting Alexandra
Are you serious? You are rooting now? Put the bottle down!
Hey Alexandra, I had a U/J short off a IB I closed at 95 not quite ready to jump on the bull, I really thought todays news was going to rock this pair against my position. Flat across the board going to give toro a hard look. Pass the bottle!!
  • #34,849
  • Edited 8:58pm Jun 24, 2009 8:22pm | Edited 8:58pm
LOL - Indeed, if the market cataclysm comes no doubt yen will be the risk averse choice again, but, for now, that weekly-based S/R longs are paying the rent. Plenty of room for savvy intraday shorts though. LOL - I bought your sub-95 though if it got there!

Watch these pending new 4 hour highs in AUDJPY for extension or PA reversals as a map.
  • #34,850
  • Edited 8:49pm Jun 24, 2009 8:36pm | Edited 8:49pm
Honestly, there's been room today for profits on both sides. EURUSD gave room notably on both ends for fairly techincal trades on 2 occasions, selected opposite ways on this forum with good results. On the long side it was purely S/R; the 4 hour short PB mentioned here overnight for which comment was solicited proved predictive, though with the clutter it was not a grade A setup. I don't recall if we ever got the solicited comment, however.

Overall though days like this are probably best left alone unless one is very confident and well capitalized. Potential gains are nice, but potential losses are disasterous. Nimble trading is needed overall.

I'm looking now at USDCHF to see if that pesky 1.0950 level holds. EURCHF may hold interest.
  • #34,851
  • Jun 24, 2009 8:37pm Jun 24, 2009 8:37pm
Quoting mattfx
Here's a very, very simple daily double high break out strategy on the CAD any thoughts ?
Yes, I'm also looking at this.
The only thing that bother me about this is:
1. It's up against trendline.
2. 1.600 is only less than 20 pips away.
It is combination of these two that bothers me a little.

Having said that, if we can break out it, we have a good chance of hitting 1.800.
Attached Image (click to enlarge)
Click to Enlarge Name: USDCAD.jpg Size: 129 KB
  • #34,852
  • Jun 24, 2009 8:38pm Jun 24, 2009 8:38pm
Quoting tyler812
This was so beautiful I had to throw the chart up. Perfect break of resistance and retrace to support.

Attachment

Becareful, Watch out the EURCAD is touching the weekly downtrend line....
  • #34,853
  • Jun 24, 2009 8:48pm Jun 24, 2009 8:48pm
Just wondering, does anyone keep a journal of their trading activity, I would be interested to know, and more importantly how they structure it. I have attached my activity from the 22 April. What is incredible is the amount of pips one could accumulate if.......
1. Didn't have a job
2. Didn't need sleep
3. Had no distractions (wife, kids, mother in laws etc)
4. Didn't need to eat etc etc
LOL
Attached File(s)
File Type: xls James16_Trade_Management.xls   23 KB | 922 downloads
Without women, money would have no meaning - Aristotle Onassis
  • #34,854
  • Jun 24, 2009 8:57pm Jun 24, 2009 8:57pm
Quoting mattfx
Just wondering, does anyone keep a journal of their trading activity, I would be interested to know, and more importantly how they structure it. I have attached my activity from the 22 April. What is incredible is the amount of pips one could accumulate if.......
1. Didn't have a job
2. Didn't need sleep
3. Had no distractions (wife, kids, mother in laws etc)
4. Didn't need to eat etc etc
LOL
I keep a journal here documenting my reasons for opening and closing trades. When I do any statistical analysis, I just import the data from mt4 into excel and go from there.
skype: ststroud. let's talk trading.
  • #34,855
  • Jun 24, 2009 9:03pm Jun 24, 2009 9:03pm
Thanks tyler, I'll check it out
Without women, money would have no meaning - Aristotle Onassis
  • #34,856
  • Jun 24, 2009 9:32pm Jun 24, 2009 9:32pm
Quoting StoragePro
HOLY THOUGHT STREAM INTERRUPT, BATMAN!!!!



I'd debate that....
I'd agree with everything you said Mike. I should have made myself clearer when I posted, my tone didn't quite come across. I meant it in the same spirit of exasperation at its over simplification as you did. As in "we're told told to cut our losses and let our winners run. we're told that's the secret to trading. but what the heck does that mean and how do we get there". So I wasn't holding it up as they key to trading at all. It's kind of like telling someone that the key to trading is to "have winning trades and make money". You articulated it much better than me.

I also agree with you about risk management being the key to trading. I remember an old story about 10 years of backtested result of the following system: Toss a coin at london open and go long or short depending on the results. The money management was a TP twice the SL and there was a little tinkering with average daily range in there. But it was a simple money management system with the entries left to chance. And guess what? It was profitable.

This was posted on forex factory once as an anecdote. It was followed by three pages of "Can you tell me more about this system please?", "If you filter it with stochastics you get better results" and "What time do you take London open as?"....
  • #34,857
  • Jun 24, 2009 9:33pm Jun 24, 2009 9:33pm
Quoting Lapin
Hi,

A small trade I took.
Not the best setup but the trade has no drawdown, half taken a profit of 46 pips, the second one is in profit of 79 pips.
SL moved 50 pips in the money. Time to rest
I took this trade as well. Pulled 165 pips and was taken out by my 100 pip TSL. I took a less than A+ trade. Maybe a B- trade. Lots of 'traffic' to fight through, but what I like:

Pinbar (not within body) to go short with downtrend
Around the 1.7800 round number
'Almost' a double top (Red Box)

Attached a chart I was going to post, but ended up forgetting about it.
Attached Image (click to enlarge)
Click to Enlarge Name: 2009-06-24_0147.png Size: 61 KB
Don't wish it were easier, wish you were better. ~ Jim Rohn
  • #34,858
  • Jun 24, 2009 9:41pm Jun 24, 2009 9:41pm
Quoting LasVahGoose
I took this trade as well. Pulled 165 pips and was taken out by my 100 pip TSL. I took a less than A+ trade. Maybe a B- trade. Lots of 'traffic' to fight through, ...
There seems to be a pin-bar-in-traffic-a-thon going on. It's a close tie between GBP/USD and NZD/USD (although I keep looking at nzd/usd...)

Attached Image (click to enlarge)
Click to Enlarge Name: 06-24-09 gbpusd d1 pb in traffic .gif Size: 13 KB
Attached Image (click to enlarge)
Click to Enlarge Name: 06-24-09 nzdusd d1 pb in traffic .gif Size: 13 KB
skype: ststroud. let's talk trading.
  • #34,859
  • Jun 24, 2009 9:54pm Jun 24, 2009 9:54pm
Quoting jarroo
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...

That works well too, Something funny I did. I would use BB and when price would ride the BB I would take every inside bar as well as every bar that made a new high I would add into that trade on a new high per 5min bar. You did not get them all the time but on news days well I make a month of work in about 30min lol. I will post that up sometime later on.
Keep taking CT trades, I need more money
  • #34,860
  • Jun 24, 2009 9:55pm Jun 24, 2009 9:55pm
Quoting Marco
Those of you who think about getting less sleep to trade more or do things that might mess up your girlfriend/boyfriend (or both or more than one...I don't know...) let me give you an advice. Don't do it. You got it all wrong if you do. I don't know what account sizes you got but even if you make a million a month more when you mess up your private life, it's not worth it. If there's anything I hope maybe one of you gets out of my posts I hope it's that. And now seriously, if you're trading a 20k account like most do...is it really worth a thousand...
I think it really matters what stage in your trading development you are in, but I will agree that TOO MUCH of anything isn't a good idea. Overall and in general there needs to be balance and moderation in ones life, but with that said, there are times when you have to put in the blood, sweat, and tears no matter what the cost.

Also, if you make enough money trading Forex you can get a new wife or girlfriend. Seriously though, I'm willing to make whatever short term sacrifice needed to reach the point where I can taker easy. I would not want someone in my life that wasn't supportive of what I was doing. They can leave and someone better is welcome.
Don't wish it were easier, wish you were better. ~ Jim Rohn
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