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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

  • #46,721
  • Oct 23, 2009 12:12pm Oct 23, 2009 12:12pm
here are a couple friday trades for me.

Hit some first minor trouble areas but my risk is pretty limited at this point as I will just begin to trail down on any bullish signs. With friday I knew we would see long covering after those BIG beobs.
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  • #46,722
  • Oct 23, 2009 12:35pm Oct 23, 2009 12:35pm
Quoting mbqb11
here are a couple friday trades for me.

Hit some first minor trouble areas but my risk is pretty limited at this point as I will just begin to trail down on any bullish signs. With friday I knew we would see long covering after those BIG beobs.
Hey Mike,

Thanks for sharing

Just wondering...how did you actually play the GBPCAD? Have you entered at the break of the 4H BEOB or used a lower TF?

The 15min looks great
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  • #46,723
  • Oct 23, 2009 12:36pm Oct 23, 2009 12:36pm
Quoting benji533
Hey Mike,

Thanks for sharing

Just wondering...how did you actually play the GBPCAD? Have you entered at the break of the 4H BEOB or used a lower TF?

The 15min looks great

Hey Benji

Break of the 4hr,

Was going to take a 30min beob, but right on the close some news must have come out and spreads got very wide and price just shot off way to fast to even move, so I waited for the 4hr close.


Mike
  • #46,724
  • Oct 23, 2009 12:40pm Oct 23, 2009 12:40pm
Quoting mbqb11
Hey Benji

Break of the 4hr,

Was going to take a 30min beob, but right on the close some news must have come out and spreads got very wide and price just shot off way to fast to even move, so I waited for the 4hr close.


Mike
Thanks Mike.

By the way, where can you see the value of spreads of Oanda in live time?
  • #46,725
  • Oct 23, 2009 12:41pm Oct 23, 2009 12:41pm
Quoting benji533
Thanks Mike.

By the way, where can you see the value of spreads of Oanda in live time?
im guessing their website, or maybe you have to download the platoform

Mike
  • #46,726
  • Oct 23, 2009 12:43pm Oct 23, 2009 12:43pm
Quoting mbqb11
im guessing their website, or maybe you have to download the platoform

Mike
Ohh I thought you are using them so you would know.

Thanks anyway, I''l check
  • #46,727
  • Oct 23, 2009 12:46pm Oct 23, 2009 12:46pm
Quoting benji533
Ohh I thought you are using them so you would know.

Thanks anyway, I''l check
yes I am, but I thought you meant aside from the platform, I only watch spreads on my brokers platforms. Wasn't sure if you meant in some other way cause obviously the platform has the spreads
  • #46,728
  • Oct 23, 2009 12:53pm Oct 23, 2009 12:53pm
Good job Mike........I wish I had taken the same view (longs releasing steam today on those large BEOVBs), although price did push through on GBP/USD as I expected but not past the resistance.

I look more at the daily and weekly vs. lower timeframes, but I can tell you I am eagerly waiting for a rectrace on Monday (Cable daily beovb) to enter and/or a break of the weekly pin (assuming it closes as such). On the weekly that pin is at a nice fib area (50/61) of the last downmove and seems to be crying to get back to the 1.5817 area.

I am also keeping an eye of the xxx/jpy pairs, especially the Eur/Jpy. Looks like a possible triple top of a traingle when zoomed out right at a pivot area. Good chance for a reversal or break and retrace back. Even it breaks strong 1.40 should have a say in the matter. Maybe it was you Mike than mentioned space in previous posts..........I can hear an echo between here and the last failed test of this area. Rifle is resting on the shoulder for this one........very similar action on the U/J as expected.

Other than monitoring my Loonie trade on Monday that is the gameplan for me. BTW Mike, regarding round numbers to keep you out of trouble I echo those thoughts. On the Eur/Gbp I took (even though I only had a long order on the break up), my initial stop was 20 pips below .9000 vs the low of the IB. I see we think alike with respect to round numbers!

Have a great weekend everyone! Next week I hope to go over some topics as time permits for some tips of getting over that hurdle of break-even, at least as I see it. I hope some of you can relate or benefit.

Nathan
  • #46,729
  • Oct 23, 2009 12:54pm Oct 23, 2009 12:54pm
Quoting mbqb11
yes I am, but I thought you meant aside from the platform, I only watch spreads on my brokers platforms. Wasn't sure if you meant in some other way cause obviously the platform has the spreads
I meant the platform rates. Or I'm not sure how to call it lol. Anyway, I think I found it http://fxtrade.oanda.com/forex_tradi..._spreads.shtml

I'll check if the rates change next time there are major news.
  • #46,730
  • Oct 23, 2009 12:59pm Oct 23, 2009 12:59pm
Just closed this one for 2.5R - I'm done for today
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  • #46,731
  • Oct 23, 2009 1:02pm Oct 23, 2009 1:02pm
Mike,

I have done enough back testing to know that by far the most powerful 4H bar is the one that closes at 5 AM CST (or 4 AM CST if I can get out of bed early enough).

So I woke up and saw those huge BEOB on the GBP pairs at 5 AM, and I was confident that if I went short, I would make some easy money.

But I could not decide where to place my stop. The bar is too large for a full bar stop. Even 50% Fib would be almost too large.

Where did you place your stop? I had to pass on these trades due to not knowing where to place my stop.

T.J.
  • #46,732
  • Oct 23, 2009 1:07pm Oct 23, 2009 1:07pm
  •  kean
  • | Joined Sep 2008 | Status: James16group Lifetime Member | 92 Posts
Quoting benji533
Just closed this one for 2.5R - I'm done for today
Hi Benji,
I notice that you use the RSI set at 6 for divergence. Can you tell me if you apply this to all time frames?
Regards, Kean
  • #46,733
  • Oct 23, 2009 1:08pm Oct 23, 2009 1:08pm
Quoting unlv_tj
Mike,

I have done enough back testing to know that by far the most powerful 4H bar is the one that closes at 5 AM CST (or 4 AM CST if I can get out of bed early enough).

So I woke up and saw those huge BEOB on the GBP pairs at 5 AM, and I was confident that if I went short, I would make some easy money.

But I could not decide where to place my stop....
Hey TJ

Why is the bar to large for your stop? Are you position sizing properly. My stop was initially above the bar as it always is

-Mike
  • #46,734
  • Oct 23, 2009 1:10pm Oct 23, 2009 1:10pm
Quoting kean
Hi Benji,
I notice that you use the RSI set at 6 for divergence. Can you tell me if you apply this to all time frames?
Regards, Kean
yep

Actually I learned this tool from Ryan.
  • #46,735
  • Oct 23, 2009 1:18pm Oct 23, 2009 1:18pm
Quoting mbqb11
Hey TJ

Why is the bar to large for your stop? Are you position sizing properly. My stop was initially above the bar as it always is

-Mike
I guess he meant to say the R:R is poor.

If not - TJ, your risk rate has nothing to do with your stop size.
You simply divide the risk rate in $$ to the number of pips.for example, you are trading a 1,000$ account and want to risk 1%, that will be 10$. Lets say your stop is 50 pips. 10/50 is 20 cents per pip - choose your lot size accordingly.

Ben
  • #46,736
  • Oct 23, 2009 1:19pm Oct 23, 2009 1:19pm
Quoting benji533
Hey Mike,

Thanks for sharing

Just wondering...how did you actually play the GBPCAD? Have you entered at the break of the 4H BEOB or used a lower TF?

The 15min looks great
Hey Benji,

EXCELLENT trades, as always
thanks for sharing!
I noticed that you use divergence very often. When you see divergence forming, do you then wait for PA?
My problem with divergence is that when I spot it, I don't really know how far it'll go and when to enter the trade. Could you share any tips if it's not too hard for you.
Thank you!
  • #46,737
  • Oct 23, 2009 1:28pm Oct 23, 2009 1:28pm
I'm in on gbpaud. It was retesting round number and it turned to be 50% fib of previous move (not the big one). Probably going to leave trades open for the weekend...hope it'll be a runner
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  • #46,738
  • Oct 23, 2009 1:29pm Oct 23, 2009 1:29pm
Quoting FX_Serg
Hey Benji,

EXCELLENT trades, as always
thanks for sharing!
I noticed that you use divergence very often. When you see divergence forming, do you then wait for PA?
My problem with divergence is that when I spot it, I don't really know how far it'll go and when to enter the trade. Could you share any tips if it's not too hard for you.
Thank you!
I use divergence as a confluence factor for CT trades. But I do not base any trade on it. Never.

Not all my trades are PA based, so it's a bit hard to say. I have been trading and practicing so much different styles of trading in the last months, that I just look at a chart and see something interesting happening. That allows me to take only the A+++ trades according to my book.

But basically, I use div at entries. My exits are, again, different every time, based on different factors I look at. But basically div has nothing to do with exits and how far the trade might go. I use PPZs many time for trailing my stops, 2bar stop, PA, bat, just let it go, targets, etc, etc. It depends on the market conditions and type of trade.

Hope it helps,
Ben
  • #46,739
  • Oct 23, 2009 1:39pm Oct 23, 2009 1:39pm
Quoting benji533
I use divergence as a confluence factor for CT trades. But I do not base any trade on it. Never.

Not all my trades are PA based, so it's a bit hard to say. I have been trading and practicing so much different styles of trading in the last months, that I just look at a chart and see something interesting happening. That allows me to take only the A+++ trades according to my book.

But basically, I use div at entries. My exits are, again, different every time, based on different factors I look at. But basically div has nothing to do with exits and...
Makes sense...
conclusion: need more screen hours
AND I gotta try to actually trail the trade instead of getting out of it when I see 100 pips
Thanks!
  • #46,740
  • Oct 23, 2009 1:44pm Oct 23, 2009 1:44pm
Every dog gets a bone now and then.
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