james16 Chart Thread | Page 1833 | 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

  • #36,641
  • Edited 9:58pm Jul 7, 2009 9:32pm | Edited 9:58pm
Quoting PippingMama
Hello Jarroo,

Today I took the EU, UCHF and AJ daily pin bar trade. The EU and UCHF has enough space allow me to take enought profit. However, the AUDJPY trade got me 70 pips loss.

Please see the chart attached. My entry is around 76.50, more than 10 pips above the pin bar high. I orginally set the stoploss to the "The bar breaks low". The market go up and take my entry and maximum give me 5 pips and reverse backdown. I finally reset the stoploss to be 75.80. 20 pips below the 76 round number.

I knew 76.5 is some kind for hurdle. If I follow...

Trading into traffic can be tough. It's hit or miss sometimes.

I like how KissFan analogized this as a "seam" in traffic that Price has to break through, like a football player. Sometimes Price finds a hole and sometimes it finds a brick wall. The A/J PB found a brick wall.

As we all should do, we look at the level higher time frame (Weekly) to see if there is any supporting Price Action that would agree with our Daily PB.

If we look at the Weekly A/J we find a bullish PB, with the trend, that has broken very weak (green). Then a bearish PB (blue).
Attached Image
Indicators show the past. Price Action "Indicates" the future.
  • #36,642
  • Jul 7, 2009 9:39pm Jul 7, 2009 9:39pm
Im thinking long with this pair when it touches 38 fibo. Entering at 2.0440 and TP at 2.0540 .any comments??

aLLerGic
Attached Image (click to enlarge)
Click to Enlarge Name: 6.gif Size: 13 KB
  • #36,643
  • Jul 7, 2009 9:50pm Jul 7, 2009 9:50pm
Quoting PippingMama
Hello Jarroo,

Today I took the EU, UCHF and AJ daily pin bar trade. The EU and UCHF has enough space allow me to take enought profit. However, the AUDJPY trade got me 70 pips loss.

Please see the chart attached. My entry is around 76.50, more than 10 pips above the pin bar high. I orginally set the stoploss to the "The bar breaks low". The market go up and take my entry and maximum give me 5 pips and reverse backdown. I finally reset the stoploss to be 75.80. 20 pips below the 76 round number.

I knew 76.5 is some kind for hurdle. If I follow...

The point of the Weekly A/J was that Price was looking a bit bearish. I'm not saying I wouldn't take the Daily PB, its just good to get a look of what's going on above you.


I knew 76.5 is some kind for hurdle. If I follow your trading style, do I give too much room for stoploss and I should just give hard 20-30 pips stoploss when the entry need to clear the minor ppz?
I liked that you were looking at the BreakBar Low as a stoploss, and I would not move this up if was a better setup. But you did great, Price broke and then reversed hard on you and you made the adjustment. Once Price was running hard against you, like this was, I would cut it loose pretty quick.

Can you give me some hint how you would manage this kind of trade? When do you choose to use the low or high of "The bar breaks rule" and when you choose small tight stoploss for some of the trade? I like the BreakBar stop loss on many different setups. You'll notice that if the Break Bar stop loss is hit , the setup usually fails, as it did with the A/J Daily PB. Not all the time, its not 100%, its just what I have found to see happen.


I will usually cut my loss pretty quick. Hard and fast breaks at the trigger tells me a lot about a given setup. Hard and fast break reversals against me, tells me alot as well. lol


Jim
Indicators show the past. Price Action "Indicates" the future.
  • #36,644
  • Jul 7, 2009 10:30pm Jul 7, 2009 10:30pm
Hello Jarroo,

Thanks for point me the weekly chart and I will give more thought when I am picking the daily chart PA and see if weekly tell me something first. I miss that step when I look for PA, it will be my checkpoint everytime.

I think I will need more expeirence how to minimize the loss and I think it really depends on more pratice and seeing live price action. How strong the break it is and how quick the reversal it is.

Like EURO today is a hard break but quick reversal. Did you took this trade today? Do you take full profit on this one or let the second half break even?


Thanks Jarroo.

Pipping





Quoting jarroo
The point of the Weekly A/J was that Price was looking a bit bearish. I'm not saying I wouldn't take the Daily PB, its just good to get a look of what's going on above you.


I knew 76.5 is some kind for hurdle. If I follow your trading style, do I give too much room for stoploss and I should just give hard 20-30 pips stoploss when the entry need to clear the minor ppz?
[b]I liked that you were looking at the BreakBar Low as a stoploss, and I would not move this up if was a better setup. But you did great, Price broke and then reversed...
  • #36,645
  • Jul 7, 2009 10:57pm Jul 7, 2009 10:57pm
This PB is about to break. Even though the PB is with the trend, it is heading into somewhat a TRAFFIC. Any thoughts?

Attached Image


Edit! Won't trade on this anyway, the momentum is too low
"""" --- -- - << ..:: ALM ::.. >> - -- --- """"
  • #36,646
  • Edited 11:15pm Jul 7, 2009 10:57pm | Edited 11:15pm
Quoting PippingMama
Hello Jarroo,

Thanks for point me the weekly chart and I will give more thought when I am picking the daily chart PA and see if weekly tell me something first. I miss that step when I look for PA, it will be my checkpoint everytime.

I think I will need more expeirence how to minimize the loss and I think it really depends on more pratice and seeing live price action. How strong the break it is and how quick the reversal it is.

Like EURO today is a hard break but quick reversal. Did you took this trade today? Do you take full profit on this...
I didn't take any trades today. (busy doing other stuff, I wish I would have been right here.)

Euro Daily PB was a great example. Price broke hard for about 50 pips. The setup is in consolidation (traffic) so tight trade management required. Grab 30-40 pips and move to break even.

The obvious target would be the .4100 and/or consolidation's Highs. But Price stops you out at break even on the 2nd half and you say "Oh well."

BreakBar low stop loss was 45 pips, just as a side note. Will the PB now fail since the BreakBar stop loss broke? Maybe, it hasn't yet. Although it was very close.

Pipping, your doing great with this style of trading. Yes . . . more practise, more live (demo) trades and of course, better setups. You will catch a trade that will go to the moon and your stop loss will never come into play. Patience and better setups, its just a matter of time.
Attached Image
Indicators show the past. Price Action "Indicates" the future.
  • #36,647
  • Jul 7, 2009 11:11pm Jul 7, 2009 11:11pm
Hello Jarroo,

Thanks for your help. I totally appreciate that.

Actually I am trading on live now with your style now. I found it is very good for people with smaller account size but like to get bigger gain, so it is all about Risk and Reward ratio and not over trade.

I am still experimenting with 1% risk with your style and I can generate 5% gain in 2 weeks period. I like the result so far and I want to be consistent and keep doing it.

I think the first only thing I need to keep praticing is to "Minimize the loss", that will lead to my goal and it is what the professional traders do.

Again thanks Jarroo!


Pipping






Quoting jarroo
I didn't take any trades today. (busy doing other stuff, I wish I would have been right here.)

Euro Daily PB was a great example. Price broke hard for about 50 pips. The setup is in consolidation (traffic) so tight trade management required. Grab 30-40 pips and move to break even.

The obvious target would be the .4100 and/or consolidation's Highs. But Price stops you out at break even on the 2nd half and you say "Oh well."

BreakBar low stop loss was 45 pips, just as a side note. Will the PB now fail since the BreakBar stop loss broke?...
  • #36,648
  • Jul 7, 2009 11:31pm Jul 7, 2009 11:31pm
Quoting PippingMama
Hello Jarroo,

Thanks for your help. I totally appreciate that.

Actually I am trading on live now with your style now. I found it is very good for people with smaller account size but like to get bigger gain, so it is all about Risk and Reward ratio and not over trade.

I am still experimenting with 1% risk with your style and I can generate 5% gain in 2 weeks period. I like the result so far and I want to be consistent and keep doing it.

I think the first only thing I need to keep praticing is to "Minimize the loss", that will lead...
Well said Pipping.

Consolidation, ranging or traffic setups can be a bit tricky , but very doable. The key component is minimizing losses. Also, when Price isn't breaking hard and steady (by "steady" I mean its moving more in your favor then declining against you. Retesting the break is a good example of this.) Then cut that baby loose and wait for the next one.

Jim
Indicators show the past. Price Action "Indicates" the future.
  • #36,649
  • Jul 7, 2009 11:46pm Jul 7, 2009 11:46pm
Hello Jarroo,

I just found 1 interesting thing on your comment:

"BreakBar low stop loss was 45 pips, just as a side note." On EURO trade, the breakbar low should be the low of the daily bar this morning right, I think it is 1.3902? If the PB high 1.3997, so it should be more than 45 pips?

How come you said the the EURO breakbar low loss was 45 pips, can you clarify this? If we are trading on daily chart, shouldn't we use daily bar low that breaks the PB?

Thanks!


Pipping



Quoting PippingMama
Hello Jarroo,

Thanks for your help. I totally appreciate that.

Actually I am trading on live now with your style now. I found it is very good for people with smaller account size but like to get bigger gain, so it is all about Risk and Reward ratio and not over trade.

I am still experimenting with 1% risk with your style and I can generate 5% gain in 2 weeks period. I like the result so far and I want to be consistent and keep doing it.

I think the first only thing I need to keep praticing is to "Minimize the loss", that will lead to...
  • #36,650
  • Jul 7, 2009 11:56pm Jul 7, 2009 11:56pm
here is one of my stories. notice i said one of.

i have several i could tell.

its about 10 years ago and im scalping the es or er, i cant remember which.

im trading 200 per tick or more.

price can move 10 ticks in 2 seconds.

im in a trade that is supposed to last 30 seconds max.

im exiting on market with no stop loss set in the platform.

in other words im totally naked if there is a problem.

power goes out.

i panic but i have the drill fixed in my head.

i scramble for the cell phone.

dial the broker.

broker answers.

tell him my name.

tell him how many contracts to offset my position.

he says he needs my account number.

@$^$@#%^*#*^#*#*@*@$^*@

I DONT KNOW MY ACCOUNT NUMBER OFF HAND.

he says hold on and he will find it.

he finds it.

i give him my order.

he fills it.

i ask him where i exited.

i moan in agony.

i lost almost 15,000.

how long did it take?

60 seconds max.

thats just one.

i could tell you a couple more just as bad.

i now have the following backups when i daytrade.

1. cable internet connection on one computer.
2. dsl internet connection on another computer.
3. wireless internet connection on a laptop computer.
4. battery backup for all my computers.
5. home phone
6 seperate fax phone
7. cell phone.
8. account number ready to go.
9 a seperate account with two different brokers where i can offset a position if i cant reach the broker im trading with.

am i paronoid.

HELL YES.







Quoting g5ricky
i really thought i was going to avoid stupid mistakes. i really did!!!! then i made one of the dumbest ones of them all. I put in one of my fantasy trades (order) that I thought I was logged into my demo account with and went to sleep. I woke up and realized it was my real account and just blew 2% of my account WHAT THE F...........what a way to wake up words can't express how stupid i feel right now....
  • #36,651
  • Jul 8, 2009 12:00am Jul 8, 2009 12:00am
Quoting PippingMama
Hello Jarroo,

I just found 1 interesting thing on your comment:

"BreakBar low stop loss was 45 pips, just as a side note." On EURO trade, the breakbar low should be the low of the daily bar this morning right, I think it is 1.3902? If the PB high 1.3997, so it should be more than 45 pips?

How come you said the the EURO breakbar low loss was 45 pips, can you clarify this? If we are trading on daily chart, shouldn't we use daily bar low that breaks the PB?

Thanks!


Pipping
Good point Pipping. My mistake, I was looking at the 4 hour BreakBar. You are correct. 1.3902 was also the 8 hour BreakBar. We would have got 40 pips and move the 2nd half to break even anyway on this setup, right buddy.
Indicators show the past. Price Action "Indicates" the future.
  • #36,652
  • Jul 8, 2009 12:02am Jul 8, 2009 12:02am
Thanks for sharing james... Yes this happens.. We need to prepare for this.
  • #36,653
  • Jul 8, 2009 12:08am Jul 8, 2009 12:08am
Looks like a trend change on most pairs, maybe this sideways stuff is over? I am watching dow 8000 to see what happens.
Keep taking CT trades, I need more money
  • #36,654
  • Jul 8, 2009 12:16am Jul 8, 2009 12:16am
Heading to the mountains for 10 days or so. taking the laptop so i will stop in once or twice.

a little golf

a little white water rafting

a little hiking

a little taos time

more than a little beer.

i should have one in the cart going down this hole.

i love northern new mexico.

still not real touristy.

hope it always stays that way.
Attached Image
  • #36,655
  • Jul 8, 2009 12:31am Jul 8, 2009 12:31am
Quoting james16
Heading to the mountains for 10 days or so. taking the laptop so i will stop in once or twice.

a little golf

a little white water rafting

a little hiking

a little taos time

more than a little beer.

i should have one in the cart going down this hole.

i love northern new mexico.

still not real touristy.

hope it always stays that way.
Hit'em long and straight big guy.

Have a great time.

Jim
Indicators show the past. Price Action "Indicates" the future.
  • #36,656
  • Jul 8, 2009 12:37am Jul 8, 2009 12:37am
Quoting james16
1. cable internet connection on one computer.
2. dsl internet connection on another computer.
3. wireless internet connection on a laptop computer.
4. battery backup for all my computers.
5. home phone
6 seperate fax phone
7. cell phone.
8. account number ready to go.
9 a seperate account with two different brokers where i can offset a position if i cant reach the broker im trading with..
You always teach me something new! I never had backup plans for these situations. I will start with these backups. Thanks
"""" --- -- - << ..:: ALM ::.. >> - -- --- """"
  • #36,657
  • Jul 8, 2009 12:43am Jul 8, 2009 12:43am
Quoting jarroo
Hit'em long and straight big guy.

Have a great time.

Jim
Or drink till it doesnt matter
  • #36,658
  • Jul 8, 2009 12:49am Jul 8, 2009 12:49am
its probably a bit over the top but ive had everything go wrong at least once.

im to old for panic situations.

i would rather pay the money for security.

the wireless laptop is probably the best 70 bucks a month i spend.

i keep the platform up and going on it.

if i have a connection problem its always there.

i also no longer trade without a stop in place.

todays platforms of any worth allow you to pre set a stop that goes live the minute you enter a market.

a one step process instead of two.

if my account takes a position a stop is inserted at the same time.

jim





Quoting Almfx
You always teach me something new! I never had backup plans for these situations. I will start with these backups. Thanks
  • #36,659
  • Jul 8, 2009 12:58am Jul 8, 2009 12:58am
lol

ive actually had a few golf games like that but they were guy trips.

go to far into those woods and you might meet a big ole bear.

i carry bear spray when i play there.

see them all the time.

they love a cold michelob amberbock.

as long as i have a few extras of those ive never needed the spray.

when i load up with about 15 of them my wife says whos going to drink all that beer?

i tell her me and the bears.

if they show up i share.

if they dont i drink them.



Quoting mbqb11
Or drink till it doesnt matter
  • #36,660
  • Jul 8, 2009 1:04am Jul 8, 2009 1:04am
Quoting james16
Heading to the mountains for 10 days or so. taking the laptop so i will stop in once or twice.
a little golf
a little white water rafting
a little hiking.....
i love northern new mexico.
still not real touristy.
hope it always stays that way.
james16,
i'm envious particularly of the hiking & white water rafting.
Nice place Sir. still very much green..
Coincidentally, yesterday i watched a sci-documentary about forests, phytoncides the forest emits, & forest bathing.
These info validates & strengthens the fact that trees, plants, & the forests in general are very beneficial to humans, & thus the need to vigorously protect them..
I highly suggest all to research about these stuff.
391 traders viewing now