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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

  • #36,421
  • Jul 6, 2009 11:59am Jul 6, 2009 11:59am
Quoting squeezy
good for u ijr but as mike said " these r the kind of trades we dnt want reversing on us" .... i would hav taken partial profit @ 1.0880 area and then moved to BE or give it a little leeway...
just dnt let a winner turn into a loser
goodluck with ur trade mgt ijr
cheers

Thanks Squeezy & Mike

I will manage this one closely.
  • #36,422
  • Jul 6, 2009 11:59am Jul 6, 2009 11:59am
Quoting Slurpee
squeezy what is your target on eurusd? I am in as well and my TP is 1,4 (or just a pip under) because it seems to me it gets thicker in that area and it is also a round number... what do you think? and other pros?
The pin bar had to be really really impressive to convince me to go long against such a strong downtrend and that big bar low marked on my chart.

It may still work out but really there will be better setups to bet your money on...

Regards,
Ghous.
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I believe . . .
  • #36,423
  • Jul 6, 2009 11:59am Jul 6, 2009 11:59am
Quoting KissFan
Trade: Long two positions at 1% acct risk each entry long @132.64 Total risk is 2%. Potential Reward is 2.01%.
Stop Loss: Initial at 131.69
[size=3][font=Calibri]Management Strategy:[color=black][font=Calibri]...
I am watching this one too... but thank you for the wider look at it
Live it or leave it!
  • #36,424
  • Jul 6, 2009 12:00pm Jul 6, 2009 12:00pm
Quoting ghous
Agree with Chaos.

Good Job.

And nice work with the arrows too

Regards,
Ghous.

thank you Chaos and Ghous, its a good feeling when the more experienced members coment on my trades and say good job its shows me that i am on the right path, one day i hope to be profitable like you more experienced members and i hope that day will come.

sohail
  • #36,425
  • Jul 6, 2009 12:03pm Jul 6, 2009 12:03pm
Quoting Sohail786
thank you Chaos and Ghous, its a good feeling when the more experienced members coment on my trades and say good job its shows me that i am on the right path, one day i hope to be profitable like you more experienced members and i hope that day will come.

sohail
It will bro it sure damn will!
I believe . . .
  • #36,426
  • Jul 6, 2009 12:09pm Jul 6, 2009 12:09pm
Quoting ghous
The pin bar had to be really really impressive to convince me to go long against such a strong downtrend and that big bar low marked on my chart.

It may still work out but really there will be better setups to bet your money on...

Regards,
Ghous.
Thank you, ghous! I am already in so will be watching it closely and ... I am happy to have you guys around because that is an easier way to learn. I actually didn't really "see" that low (my brain probably didn't want to see it because it wanted to trade)
Live it or leave it!
  • #36,427
  • Jul 6, 2009 12:12pm Jul 6, 2009 12:12pm
Quoting ghous
The pin bar had to be really really impressive to convince me to go long against such a strong downtrend and that big bar low marked on my chart.

It may still work out but really there will be better setups to bet your money on...

Regards,
Ghous.
I took that long but what do I know In fact if you are doing the same thing as everyone else, and 95% of the people lose you know you are doing something wrong. It's a good thing when I am in a trade by myself lol
Keep taking CT trades, I need more money
  • #36,428
  • Jul 6, 2009 12:18pm Jul 6, 2009 12:18pm
Quoting Slurpee
squeezy what is your target on eurusd? I am in as well and my TP is 1,4 (or just a pip under) because it seems to me it gets thicker in that area and it is also a round number... what do you think? and other pros?
well, my 1st tp is at 1.3970 area but watching it closely though as the momemtum is not looking all dat impressive...might close for a small loss but not yet...still watching lol
currently hiding jst behind my ppz but about to bring it up a bit
cheers
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Simplicity is the key to success
  • #36,429
  • Jul 6, 2009 12:23pm Jul 6, 2009 12:23pm
EurJpy is actually showing a BUOB at a swing low..

EurGbp is forming a 12h pin (also a pin on daily) with divergence..
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  • #36,430
  • Jul 6, 2009 12:29pm Jul 6, 2009 12:29pm
To me divergence > S/R. If you get into this crap too much you start talking yourself out of trades then you take one that is a loss then you blow up a account, happens a lot. For me I trade what I know and what works on what I have been doing now about 10 years, I just add pinbars into it. Do I worry about the next resistance point? Not really, did I take a trade Mike passed on and made money? Yep 2x the usd/cad, does that mean anything? Nope. I tell you the day I faded my mentor and made money because something he did not see opened up a new world to me. 2 people can take the same trade and one can win one can lose, or both can win with different ideas. For me BB and Divergence rule because after 10k trades I know it works, I have 0 doubt about the trade I do not worry I do not care I take it then do whatever I was doing, Don't think to hard on this stuff, I don't and I make a damn good living off it
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Keep taking CT trades, I need more money
  • #36,431
  • Jul 6, 2009 12:31pm Jul 6, 2009 12:31pm
Quoting KissFan
Trade: Long two positions at 1% acct risk each entry long @132.64 Total risk is 2%. Potential Reward is 2.01%.
Stop Loss: Initial at 131.69
[size=3][font=Calibri]Management Strategy:[color=black][font=Calibri] when price reaches 132.92 my stop will...

Nice job, was looking at this one too but did not see any divergence so I passed, it should work out for ya though.
Keep taking CT trades, I need more money
  • #36,432
  • Jul 6, 2009 12:34pm Jul 6, 2009 12:34pm
Quoting Ryanmcd
Nice job, was looking at this one too but did not see any divergence so I passed, it should work out for ya though.
You do not use MACD for divergence right? I think that you use RSI. The divergence on MACD was slight but I liked the bar.

K.I.S.S.
  • #36,433
  • Jul 6, 2009 12:35pm Jul 6, 2009 12:35pm
Quoting KissFan
Trade: Long two positions at 1% acct risk each entry long @132.64 Total risk is 2%. Potential Reward is 2.01%.
Stop Loss: Initial at 131.69
[size=3][font=Calibri]Management Strategy:[color=black][font=Calibri] when price reaches 132.92 my stop will...
Hi,

Where you have drawn a trendline matching the two swing lows, isn't it irrelavent at the moment until price has hit a third time?
  • #36,434
  • Jul 6, 2009 12:36pm Jul 6, 2009 12:36pm
Quoting squeezy
well, my 1st tp is at 1.3970 area but watching it closely though as the momemtum is not looking all dat impressive...might close for a small loss but not yet...still watching lol
currently hiding jst behind my ppz but about to bring it up a bit
cheers
ive closed my 1st half tp for 23 pips, reason being that were my sl is @ now is 23 pips below my entry
reason for not being at be is dat i want to give it some leeway besides it probably might come back to test entry,watching to see how it reacts to 1.3970 area , if it struggles then ill move up to be..
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Simplicity is the key to success
  • #36,435
  • Jul 6, 2009 12:38pm Jul 6, 2009 12:38pm
Quoting squeezy
ive closed my 1st half tp for 23 pips, reason being that were my sl is @ now is 23 pips below my entry
reason for not being at be is dat i want to give it some leeway besides it probably might come back to test entry,watching to see how it reacts to 1.3970 area , if it struggles then ill move up to be..

Walk away for 6 hours and I bet you would of made more, also was your stop 23 pips from when you got in? If so that's a good 1:1 trade, if it was 65ish then you have to win 3 for 1 loss and that's hard to pull off. If you want to scalp do the 5min stuff you will have better luck.
Keep taking CT trades, I need more money
  • #36,436
  • Jul 6, 2009 12:42pm Jul 6, 2009 12:42pm
Quoting squeezy
ive closed my 1st half tp for 23 pips, reason being that were my sl is @ now is 23 pips below my entry
reason for not being at be is dat i want to give it some leeway besides it probably might come back to test entry,watching to see how it reacts to 1.3970 area , if it struggles then ill move up to be..
how come your chart shows a pb and mine doesn't
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  • #36,437
  • Jul 6, 2009 12:53pm Jul 6, 2009 12:53pm
Quoting Ryanmcd
Walk away for 6 hours and I bet you would of made more, also was your stop 23 pips from when you got in? If so that's a good 1:1 trade, if it was 65ish then you have to win 3 for 1 loss and that's hard to pull off. If you want to scalp do the 5min stuff you will have better luck.

yeah, u r right about my initial sl being 60-65 ish (i think), and i kno that wld be 3:1 in terms of risk:reward
i also do a quick calc based on where my nearest trouble area is and where i can move to to try n get 1:1
another thing i did was to watch usdchf since they are opposite to try to gauge whether ill get to my 1st tp or not
like to hear wat u think about hw i handled it....lol
wow! do u really think i can do the 5min, i kno ill probably get burnt out fast but if the risk:reward is worth it, i cld ........... (nevermind)
cheers
Simplicity is the key to success
  • #36,438
  • Jul 6, 2009 12:56pm Jul 6, 2009 12:56pm
Quoting g5ricky
how come your chart shows a pb and mine doesn't
hey g5ricky, its because of the different feeds & u kno they both hav different closing time which wld distort hw dis one closes from the other
diff brokers = diff closing time = diff formation of bars
hope dis helps, sure more people wld make comments
cheers
Simplicity is the key to success
  • #36,439
  • Jul 6, 2009 12:56pm Jul 6, 2009 12:56pm
Quoting StoragePro
It was a small PB, but good location on a minor flip and on a round number. Tastes like chicken.

Moving the SL behind 1.6200 now....

I'd love it if today's bar closed with the close a bit higher than the open. Now THAT would be a tasty thing...
winner winner chicken dinner!
  • #36,440
  • Jul 6, 2009 12:56pm Jul 6, 2009 12:56pm
Quoting g5ricky
how come your chart shows a pb and mine doesn't
Different feeds Rickey. 4 hr and above time frames will look different. 1 hr are below will all match up.
I'm pretty much done with all this ...
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