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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

  • #46,141
  • Oct 15, 2009 5:32pm Oct 15, 2009 5:32pm
mike is exactly right.

the key to this trade was the big 00 number above it and the 150 ema.

my stop would have been at breakeven at the point it reached those levels and some profit taken.

we then watch and wait but we do it at no further risk to our account.

what this did was not unusual at all and im pissed i missed it.

many times i miss these and i think its age.

i swear i dont remember "seeing" this as i was going thru my charts and to make matters worse it was at the end of a very profitable short trade i was in on this pair from the last couple of days.

maybe that why i missed it.





Quoting mbqb11
Yes exactly

The best way I can explain it is. To be able to recognize these areas. Over time you learn when to hold a bit, tighten up, or take profit all together. The reality is we never fully know what WILL happen, but by never being surprised and prepared by recognizing all these areas, nothing is every a surprise and that is the best part! Time and experience is what comes next. Sometimes you get the runner, sometimes you don't, sometimes you move your stop up and you get taken out, other times you don't. Isn't the one trade that matters,...
  • #46,142
  • Oct 15, 2009 5:41pm Oct 15, 2009 5:41pm
Yes, it still was nice little trade for me. Honestly, I never wanted to hold on threw that zone, but today's candle really surprised me, I mean, where the hell did Pound found the energy for that rocket launch
  • #46,143
  • Oct 15, 2009 5:54pm Oct 15, 2009 5:54pm
Quoting mbqb11
Yes exactly

The best way I can explain it is....

i love these posts!! they gives there weight in gold if you read between the lines a little!!

thanx a million
jon
PATIENCE... DISCIPLINE
  • #46,144
  • Oct 15, 2009 5:59pm Oct 15, 2009 5:59pm
remember many years ago the old "mikey knows" TV thing?

well mikey knows.



Quoting g_j_hook@yah

i love these posts!! they gives there weight in gold if you read between the lines a little!!

thanx a million
jon
  • #46,145
  • Oct 15, 2009 6:03pm Oct 15, 2009 6:03pm
USDCAD daily BUOB opinions? Something about it doesn't smell right.

edit: if it's not too much trouble James, could we see a YM intraday chart form you?
  • #46,146
  • Oct 15, 2009 6:04pm Oct 15, 2009 6:04pm
Quoting james16
remember many years ago the old "mikey knows" TV thing?

well mikey knows.
Mikey likes it.
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  • #46,147
  • Oct 15, 2009 6:06pm Oct 15, 2009 6:06pm
i remember mike saying watch out for small bars that don't stand out compared to the overall trend

i think ucad is still trending down and this buob is quite insignificant compared to the overall trend. it doesn't spell confidence with the size of it i think. could be a slight pause in the down trend perhaps?
  • #46,148
  • Oct 15, 2009 6:08pm Oct 15, 2009 6:08pm
Quoting james16
remember many years ago the old "mikey knows" TV thing?

well mikey knows.
i know lol, im waiting for the day i see the charts like he does!!??
PATIENCE... DISCIPLINE
  • #46,149
  • Oct 15, 2009 6:15pm Oct 15, 2009 6:15pm
Quoting enculée
USDCAD daily BUOB opinions? Something about it doesn't smell right.

edit: if it's not too much trouble James, could we see a YM intraday chart form you?
for what its worth, i like the location and the bar itself. how far it will run up (if she goes up) i wouldnt like to say??but i feel 1.06 is very possible??
jon
p.s. good night yawl
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PATIENCE... DISCIPLINE
  • #46,150
  • Oct 15, 2009 6:18pm Oct 15, 2009 6:18pm
Quoting supermatt
i remember mike saying watch out for small bars that don't stand out compared to the overall trend

i think ucad is still trending down and this buob is quite insignificant compared to the overall trend. it doesn't spell confidence with the size of it i think. could be a slight pause in the down trend perhaps?
I would have liked a bigger bar here, but this one is still pretty decent. I would rate it B+ . I made a post about the trouble areas in the PF here is the chart


Mike
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  • #46,151
  • Oct 15, 2009 6:48pm Oct 15, 2009 6:48pm
Quoting enculée
USDCAD daily BUOB opinions? Something about it doesn't smell right.

edit: if it's not too much trouble James, could we see a YM intraday chart form you?
ditto, would like to see a chart or two of recent YM trades
  • #46,152
  • Oct 15, 2009 8:20pm Oct 15, 2009 8:20pm
Quoting mbqb11
Yes exactly

The best way I can explain it is....
It's a probabilities game. You just need to have one of these and let it play itself out

http://www.momofreaksout.com/media/2...heedge_lgl.jpg

Simon
  • #46,153
  • Oct 15, 2009 8:58pm Oct 15, 2009 8:58pm
Reading old posts, came across this post

http://www.forexfactory.com/showpost...ostcount=25825

Basically asking what pairs you trade. Now that's not my question; but it got me thinking. What's the largest average spread you'll accept? I had limited mine at 5, but I can add a few more pairs if 8 were ok. More pairs... equals more potential opportunities and less likelyhood of taking the 'ok' trades.

I think I just answered my own question...
  • #46,154
  • Oct 15, 2009 9:00pm Oct 15, 2009 9:00pm
Quoting AnimalHungry
It's a probabilities game. You just need to have one of these
haha. Well played, sir.
When you have to shoot, shoot. Dont talk.
  • #46,155
  • Oct 15, 2009 9:06pm Oct 15, 2009 9:06pm
Quoting atclarkson
Reading old posts, came across this post

http://www.forexfactory.com/showpost...ostcount=25825

Basically asking what pairs you trade. Now that's not my question; but it got me thinking. What's the largest average spread you'll accept? I had limited mine at 5, but I can add a few more pairs if 8 were ok. More pairs... equals more potential opportunities and less likelyhood of taking the 'ok' trades.

I think I just answered my own question...
Spread is one of those misunderstood concepts. Spread is largely based on the liquidity/volatility of a pair. So capping yourself at a 5 pt spread caps out your ability to get into a lot more active moving pairs. Example if gbp/jpy is 6 pt spread vs a pair like usd/cad that is 3 pts. Well usd/cad might move 150 pts per days while gbp/jpy 300 pts. So isn't it one in the same? Again this was just a random example but the concept should be clear. I often hear I can't trade X pair b/c of the spread. While sometimes this is true, depending on your broker. For the most part with decent brokers it is all relative to those types of factors.

Hope that helps
Mike
  • #46,156
  • Oct 15, 2009 10:26pm Oct 15, 2009 10:26pm
Mike, (mbqb11),

If you do not mind sharing, I'm a little curious,are you still long GBPJPY?

I do remember you mentioning the divergence of 140 is "textbook" / perfect.
But there was like 3 days of chop b4 this massive run up.

If you're long would you mind sharing your thought process on your conviction/how you managed the trade?

If it's too long to type, maybe you could bring it up in the next PF vid you do.

I suck at CT trading so just wondering how a good CT trader would be thinking during the times the market just pisses around for a few days before taking off.

Hope its not too troublesome. Thanks Mike, appreciate your dedication here much =)

Cyrus
One Mind, Any Market
  • #46,157
  • Oct 15, 2009 10:30pm Oct 15, 2009 10:30pm
Quoting Cyrus
Mike, (mbqb11),

If you do not mind sharing, I'm a little curious,are you still long GBPJPY?

I do remember you mentioning the divergence of 140 is "textbook" / perfect.
But there was like 3 days of chop b4 this massive run up.

If you're long would you mind sharing your thought process on your conviction/how you managed the trade?

If it's too long to type, maybe you could bring it up in the next PF vid you do.

I suck at CT trading so just wondering how a good CT trader would be thinking during the times the market just pisses around for...
Hey Cyrus

I got nicked out before the run. Just chopped around too much so I moved my stop up and got nicked out for a -.2% loss. Then it went BOOM!

If you want the actual trade break down send me a PM in the pf and ill link u to the posts

Hope that helps
Mike
  • #46,158
  • Edited 11:02pm Oct 15, 2009 10:32pm | Edited 11:02pm
Quoting mbqb11
Spread is one of those misunderstood concepts. Spread is largely based on the liquidity/volatility of a pair. So capping yourself at a 5 pt spread caps out your ability to get into a lot more active moving pairs.......
Mike
I use an ATR(Daily) to Spread ratio to help gauge value.

EDIT:Wider stops and targets IE bigger timeframes will also significantly take the edge off a wider spread.

You can also kind of eyeball it, for example, if you can see the bid and ask line on your daily chart and it's "wide" then maybe just take weeklys on that pair with that spread..

But yeah a strict pip spread maximum across all pairs and timeframes doesn't make sense reasons mike said.
May all your fits be loose.
  • #46,159
  • Oct 15, 2009 10:44pm Oct 15, 2009 10:44pm
Quoting james16
CHART
Glad to see a pro can still miss it and not be "happy about it" ..

i didnt miss it - i got in, however a move to BE and i was taken out - lookit now, 500 pips - how can you NOT be disappointed
  • #46,160
  • Oct 15, 2009 10:48pm Oct 15, 2009 10:48pm
Quoting james16
it was at the end of a very profitable short trade i was in on this pair from the last couple of days.

maybe that why i missed it.



Wow - and thats exactly what i did too - had a great 200+ earner on the way down and was waiting for that next run up - to miss all those pips truly hurts ..

But again - i try think of the positives in that the analysis was correct
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