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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

  • #46,961
  • Oct 27, 2009 10:43am Oct 27, 2009 10:43am
Quoting faizal82
BEOB at swing high and triple top

round number 138.00

shame there was no divergence, but still a good set up.

entered on 10pip break of beob and took full profit at first trouble zone which was at 136.40.
Nice trade! It missed my retrace entry but I entered on the break of the BEOVB. I have a longer term approach on this one and will be holding on, as I expect a bigger move down to the 135 area barring any conflicting price action.

Nathan
  • #46,962
  • Oct 27, 2009 10:48am Oct 27, 2009 10:48am
Quoting g_j_hook@yah
i guess it depends how much money one has to invest also,for some if they have prooved to themselves that they are consistently profitable with their real account they could live of there returns, even modestly, with a large enough account without having to build it up.
this is the mistake i made when i started to trade live, my concentration was on the money (in one way or other) and not on what the charts where offering. Taking the best setups and learning to understand why they are the best should still be a priority even if you are profitable,imo,and...
What a fantastic post! I think the sooner you remove the dollars from your trading (as in focusing on price action/areas zones) the better. Honestly, other than the initial stop loss calculation (1%) I can't even tell you what I make in dollars per pip on my trades. I simply manage the trade vs. being obsessed with the minute by minute account balance. I think it is dangerous to get out of a trade because you made say $5,000 on it vs. because the price action told you it was time to get out.

But that is just my opinion and everyone is different........
  • #46,963
  • Oct 27, 2009 10:56am Oct 27, 2009 10:56am
Great nhtrading mate, sweet 50 pips ha...

Quoting g_j_hook@yah
i guess you this is the hard break you were waiting for buddy!!??
jon
Hey jon....yes thats the one, but I didn't see that gap coming. EY doesn't want to fall down today it seems, some baracades on the way...I tighten my stops a little as I don't want to risk whole bar lose if it comes against me.

Regards,
  • #46,964
  • Oct 27, 2009 10:56am Oct 27, 2009 10:56am
Quoting dobe_r_man
What a fantastic post!...
thanx it made a big difference to me when i begun to realize the difference.
i sometimes decide not to trade anymore if i have made or lost enough for the day and that is about it.
jon
PATIENCE... DISCIPLINE
  • #46,965
  • Oct 27, 2009 11:05am Oct 27, 2009 11:05am
Quoting gasgas
Great nhtrading mate, sweet 50 pips ha...



Hey jon....yes thats the one, but I didn't see that gap coming. EY doesn't want to fall down today it seems, some baracades on the way...I tighten my stops a little as I don't want to risk whole bar lose if it comes against me.

Regards,
nice one,
i was all in @136.68 and all out @ 136.36 for a little less than a 1:1 return.i dint have much faith in yen xxxs todat?? i couldnt get an angle on them as ussuall! lol
i wasnt expecting that gap either!
jon
PATIENCE... DISCIPLINE
  • #46,966
  • Oct 27, 2009 11:20am Oct 27, 2009 11:20am
Quoting g_j_hook@yah
nice one,
i was all in @136.68 and all out @ 136.36 for a little less than a 1:1 return.i dint have much faith in yen xxxs todat?? i couldnt get an angle on them as ussuall! lol
i wasnt expecting that gap either!
jon
very good mate. I will stick around with this trade a little longer, still have some faith on this one...
  • #46,967
  • Oct 27, 2009 11:47am Oct 27, 2009 11:47am
Quoting datogio
5 min pin at very interresting zone
first trade closed with +50 pips and heres the reentry at the same price, pb break this time
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  • #46,968
  • Oct 27, 2009 12:20pm Oct 27, 2009 12:20pm
Quoting mbqb11
Looks good Lan, your PPZs just remember are not a single line, but "zones". So here was the chart I posted in the PF someone asking the same question

Best
Mike
Cut that zone like butter huh?
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  • #46,969
  • Oct 27, 2009 12:29pm Oct 27, 2009 12:29pm
Quoting jspeakman
As a complete newbie, would you say there is also a nice trend line from the pinnish bar on 2 August from which H4 is currently bouncing, confirming weekly pin? (sorry if i am talking rubbish)

Thanks

Jezza
Hey Jezza

I tried to located the trendline to see if I could see anything, but I am having trouble finding it.

Could you post a chart(PM me if you don't know how)

Thanks!
Mike
  • #46,970
  • Oct 27, 2009 12:30pm Oct 27, 2009 12:30pm
Quoting mbqb11
Cut that zone like butter huh?

Exactly, I think 135 is in the cards and that is where I will tighten stops assuming no conflicting price action.
  • #46,971
  • Oct 27, 2009 12:33pm Oct 27, 2009 12:33pm
Quoting dobe_r_man
Exactly, I think 135 is in the cards and that is where I will tighten stops assuming no conflicting price action.
I am watching 135 with a LOT of interest

We area at the first trouble area here, so just don't let it turn around on ya as long as you can watch it. This might just drop right to 135 if we don't bounce right here
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  • #46,972
  • Oct 27, 2009 12:35pm Oct 27, 2009 12:35pm
Yea, definitely had my TP at 1.36 because of the traffic between 135-136, wondering now if 135 would have been better.... Ah well I will wait for the next opportunity.
  • #46,973
  • Oct 27, 2009 1:03pm Oct 27, 2009 1:03pm
Being the newbie stinks - you feel your so far behind everyone - but I find it sort of exciting to be a pretender - - - - I pretend I am a skilled trader and whip out the words and draw up the graphs - explain to myself outloud even - pretending to make a video clip like the guru's.


'Here's a nice daily pinbar - the nose sticks out nicely - although not an overly huge amount, I think it's a good pinbar to trade - - oh and look - the next real resistance is over 90 pips away from where I want to enter - and the MACD is conflicting with the PA - so a little divergence going on - boy this set up is looking pretty - it's at almost 50% retracement of the recent swing - and the trade is with the current trend - this should be just like printing money. - oh wait - the new daily is tipping the wrong way - - Ok no problem - - I can be aggressive and put an order in at the same level as the left eye high and get me some more pips and use effectively a tighter stop. but remember then - this kind of move antisipates the pin will complete - as it is now - it is not a valid pinbar. Ok i want to enter anyway at x.xxxx- and with my account balance and my projected SL at x.xxxx - I can risk a whopping $.02 a pip. But keep you're eye on the ball my friend - someday that will be $2 or even $20 - and dare to dream - $200 you NEED to KNOW your trading profitably before risking any more $.

I think after time - you'll transition from pretending, to knowing - and like I said it's kind of fun
Maybe I am just weird - but I suggest if your a new guy/gal - just try it - maybe pretty soon your pretending will become knowledge.

I guess after all that - maybe it is just simply stated - practice
  • #46,974
  • Oct 27, 2009 1:04pm Oct 27, 2009 1:04pm
CHART
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  • #46,975
  • Oct 27, 2009 1:06pm Oct 27, 2009 1:06pm
Quoting mbqb11
I am watching 135 with a LOT of interest

We area at the first trouble area here, so just don't let it turn around on ya as long as you can watch it. This might just drop right to 135 if we don't bounce right here
I have moved my stop down to 13615. This area has provided resistance before so if the price stays below this level a further drop is quite probable.

The only other logical place for my stop would be above the current 4H bar which is just below my BE point.

Mike how would you manage this situation. We have broken through the first problem area (136ish) so is this where you would be putting your stop or would you still be at BE?
  • #46,976
  • Oct 27, 2009 1:08pm Oct 27, 2009 1:08pm
Quoting ljr
I have moved my stop down to 13615. This area has provided resistance before so if the price stays below this level a further drop is quite probable.

The only other logical place for my stop would be above the current 4H bar which is just below my BE point.

Mike how would you manage this situation. We have broken through the first problem area (136ish) so is this where you would be putting your stop or would you still be at BE?
I would be looking to take full profit where we are simply because this pair is pretty choppy at them, and coming into the big ppz at 135. I don't get to fancy with these types of situations

Mike
  • #46,977
  • Oct 27, 2009 1:14pm Oct 27, 2009 1:14pm
Quoting mbqb11
I would be looking to take full profit where we are simply because this pair is pretty choppy at them, and coming into the big ppz at 135. I don't get to fancy with these types of situations

Mike
Yes looking at the 2nd top ( early August ) it was quite choppy and didn't respect this level too much so anything could happen.
  • #46,978
  • Oct 27, 2009 1:21pm Oct 27, 2009 1:21pm
Hello everyone!

I have traded a couple of months in an indicator mess, and now that I found this thread a few weeks ago, I think there is no return. This material seems to be very cool, and people here very helpful.

Trading for living is my longer term dream. I think my nature would suit perfectly to this, and I am really interested in studying this business. I know that it's not going to happen in a year or two, and I have to really dedicate to this and be patient if I want to succeed.

But I want to hear an opinion from you, who have made it and trade succesfully, that is it realistic to learn this business in 5 years of hard work and make living after that? I have now about 120k$ loose money that I will be able to invest in forex business AFTER I have traded demo and smaller live accounts for some good time. I'm not going to rush in this thing.

So if I could learn this business and grow that 120k to around 200k, I think that would be enough to make my dream true. Is this possible to reach in 5 years of hard work, patience and dedication?


Thank you!

pip-shark
  • #46,979
  • Oct 27, 2009 1:34pm Oct 27, 2009 1:34pm
Quoting ljr
Yes looking at the 2nd top ( early August ) it was quite choppy and didn't respect this level too much so anything could happen.

I am surprised no one else is expecting a bigger move on this pair other than me, but then again I played it off of the daily and I suppose I would have a different approach on a smaller time frame.
  • #46,980
  • Oct 27, 2009 1:44pm Oct 27, 2009 1:44pm
Quoting dobe_r_man
I am surprised no one else is expecting a bigger move on this pair other than me, but then again I played it off of the daily and I suppose I would have a different approach on a smaller time frame.
Actually I'm also waiting it to drop to 135.00. The difference, I believe, is that my stop is already at 136.15 (75 pips locked).

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