james16 Chart Thread | Page 2372 | 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

  • #47,421
  • Nov 2, 2009 5:30pm Nov 2, 2009 5:30pm
Quoting benem
I like this daily Buob on Aud/Nzd......it's more a break out trade than swing trade......

Reason to take the trade:

1) Boub

2)PPZ

3)TL broken

4) 1.25 round number.

Any comments??

Nice monthly buob also..............Might be the start of a nice one Benem
  • #47,422
  • Nov 2, 2009 5:55pm Nov 2, 2009 5:55pm
Quoting Dan Gilbert
I come home today to this.... what do you guys do in a situation like this???? Give up on target profit take lines and permanently stick to trailing stops??
One thing is for darn sure and that is I wouldn't take a loss. I'm already stopped out of AUDUSD short based on the one hr chart (it closely resembles the NZDUSD)for a small profit and looking to get back in once I see PA to short again. This is the trading experience. Should I, would I, could I and then should have, would have, could have. My practice has convinced me that everyone is going to trade differently in situations like this---trail by 20, trail by bar etc... My TP is based on based on S/R zones and you will need quite a bit of chart time to get used to what happens while waiting for a trade to play out. In my opinion, unless you have watched a 70 pip profit turn into a ten pip loss a few times you haven't demoed long enough. You need to experience first hand that these runs reverse and then again they don't. I have a small profit from this trade. More importantly I have more opportunities to trade with slightly more coin then last time.

K.I.S.S.
  • #47,423
  • Nov 2, 2009 6:04pm Nov 2, 2009 6:04pm
Quoting KissFan
One thing is for darn sure and that is I wouldn't take a loss.
Quoting mbqb11
Hey Dan

This won't be the last time this happens, trust me. Usually when I am within a few pips I try to trail down. Because we always must remember our areas are zones, nothing is to the pip really. If it is at all possible try to set an alarm if you can. If you don't have the ability to check your trade like that during the day it makes it tough.
Half position closed, S/L moved to even..... we'll see if anything good happens beyond this... IF I was home today, I probably would have acted on the miss of my line.... thanks guys.
Many choose unhappiness over uncertainty.
  • #47,424
  • Nov 2, 2009 6:25pm Nov 2, 2009 6:25pm
Quoting mbqb11
we always must remember our areas are zones, nothing is to the pip really.
Quoting KissFan
My TP is based on based on S/R zones and you will need quite a bit of chart time to get used to what happens while waiting for a trade to play out.
I actually looked over the history of my charts a little more and saw how I could have placed my T/P line a little higher up. I also see how my S/L was probably a little bit TOO forgiving, and could have been tighter.

Live and learn...
Many choose unhappiness over uncertainty.
  • #47,425
  • Nov 2, 2009 7:54pm Nov 2, 2009 7:54pm
Quoting Dan Gilbert
I come home today to this.... what do you guys do in a situation like this???? Give up on target profit take lines and permanently stick to trailing stops??

That's always frustrating. Use alarms like Mike says. It will happen many many times again. It's part of trading.

Good target, I'd have chosen that for a check up alarm (or target if I'm going to be away) , but I've learnt to not be greedy and usually give up 10 to 15 points earlier (on appropriate pairs and TFs) when setting the order/alarms. ...If that helps.

Don't need to be a greedy target hero. Just need to win more than you lose.
Bundy's status today: "Waiting..."
  • #47,426
  • Edited 8:36pm Nov 2, 2009 8:18pm | Edited 8:36pm
how close must the high/low for two bars be to be considered double bar low or double bar high?
  • #47,427
  • Nov 2, 2009 8:44pm Nov 2, 2009 8:44pm
Use alarms like Mike says.

Where do you find the alarms.
thanks
PASR student.
  • #47,428
  • Nov 2, 2009 8:54pm Nov 2, 2009 8:54pm
Quoting mbqb11
I rarely miss a sunday opening even with my yankees coming on
Hi Mike, quick question.

Do you give equal weight to Pinbars in the first few hours of the opening as the rest of the week?
EG: EURJPY had a huge pin on 4hour in FXPro's feed + a small opening gap.

Wasn't sure if it weighted the same since it was the first few hours of trading, so I passed on it even though it was pretty solid.

Thank you =) Appreciate your help as always
One Mind, Any Market
  • #47,429
  • Nov 2, 2009 9:32pm Nov 2, 2009 9:32pm
Quoting kiwipom
..
Where do you find the alarms..
if u use MT4, it has a built-in alarm. check it out.
or search for indicators... i think the "Grid" indicator has alarms. i believe it has been mentioned here & in other threads several times.
  • #47,430
  • Nov 2, 2009 9:38pm Nov 2, 2009 9:38pm
Quoting fxnoob08
how close must the high/low for two bars be to be considered double bar low or double bar high?
it can be anywhere from 0-5pips.
it's trader-dependent (trader's personality &/or risk profile), mainly.
if u are new to this PA setup, i think it's best to stay strict (0-1pip) with it.
  • #47,431
  • Nov 2, 2009 9:43pm Nov 2, 2009 9:43pm
Quoting kiwipom
Use alarms like Mike says.

Where do you find the alarms.
thanks
Hey Kiwi

I use sound alarms, it is a horizontal that you place on your chart. I am attaching it. Make sure you put a wav file in the sounds folder with the same name as the indicator


Best
Mike
Attached File(s)
File Type: mq4 BAT_Alert.mq4   2 KB | 559 downloads
  • #47,432
  • Nov 2, 2009 9:44pm Nov 2, 2009 9:44pm
Quoting Cyrus
Hi Mike, quick question.

Do you give equal weight to Pinbars in the first few hours of the opening as the rest of the week?
EG: EURJPY had a huge pin on 4hour in FXPro's feed + a small opening gap.

Wasn't sure if it weighted the same since it was the first few hours of trading, so I passed on it even though it was pretty solid.

Thank you =) Appreciate your help as always
Hey Cyrus

I will technically take a trade at any time as long as I think it has potential. This is usually seen by the type of market and or bar. A big bar generally means something is taking place. So be it early sunday, or prime euro session. Clearly on sundays open price was moving and their was volatility. I simply want volatility as a trader.

Hope that makes sense

Mike
  • #47,433
  • Nov 2, 2009 9:56pm Nov 2, 2009 9:56pm
Quoting supremeChaos
if u use MT4, it has a built-in alarm. check it out.
or search for indicators... i think the "Grid" indicator has alarms. i believe it has been mentioned here & in other threads several times.
thankyou
not had chance to read the thread yet or any other for that matter but cheers anyway.
PASR student.
  • #47,434
  • Nov 2, 2009 9:56pm Nov 2, 2009 9:56pm
Quoting supermatt
being new... does anyone have any daily trades. im not really keen on all these lower tf trades. Looks pretty quiet on the daily tf in terms of pa signals?
I'm not sure if this counts, but we have a DBH right at 1.600 round number. Perhaps it could be taken as a trend continuation?

(I'm thinking it could also be viewed as an almost-inside-bar, but taking it short will bring us back into traffic/horizontal area, so maybe that's not as good a trade as taking the break up?)
Attached Image
  • #47,435
  • Nov 2, 2009 9:56pm Nov 2, 2009 9:56pm
Quoting mbqb11
Hey Kiwi

I use sound alarms, it is a horizontal that you place on your chart. I am attaching it. Make sure you put a wav file in the sounds folder with the same name as the indicator


Best
Mike
thanks mike
PASR student.
  • #47,436
  • Nov 2, 2009 10:01pm Nov 2, 2009 10:01pm
Quoting benem
I like this daily Buob on Aud/Nzd......it's more a break out trade than swing trade......

Reason to take the trade:

1) Boub

2)PPZ

3)TL broken

4) 1.25 round number.

Any comments??
Hmm... I thought BEOB/BUOB should be taken as trend reversal signals (at swing high/low respectively) instead of trend continuation signals?
  • #47,437
  • Nov 2, 2009 10:32pm Nov 2, 2009 10:32pm
Quoting arctos
Hmm... I thought BEOB/BUOB should be taken as trend reversal signals (at swing high/low respectively) instead of trend continuation signals?
They can be taken as both. I always say if you can't do them the reversal way at their respective swing points you will have a lot of trouble playing them as continuations. I always say learn them the way taught, and then expand out if you decide too.

Best
Mike
  • #47,438
  • Nov 2, 2009 10:49pm Nov 2, 2009 10:49pm
Quoting kiwipom
...
not had chance to read the thread yet..
sure, the thread is voluminous.
for now, u can use the 'search tool' above. it's located below the 'page number' section, right below the Attachment button.
  • #47,439
  • Nov 2, 2009 10:55pm Nov 2, 2009 10:55pm
Quoting arctos
I'm not sure if this counts, but we have a DBH right at 1.600 round number...
u may get a traffic problem around that round number.
if u are going to trade this, u must look for good momentum piercing 1.60.
or alternatively, wait for a 1.60 breakout then retest (with good PA setup) prior entering a trade.

try also putting a down trendline from the July highs.


Quoting arctos
Hmm... I thought BEOB/BUOB should be taken as trend reversal signals...?
yes u are, correct.
i believe the seniors deem this (the way benem wants to trade this PA setup, BUOB as a trend continuation instead of trend reversal signal) as an advanced technique.
u can try it out on demo, while u use them the 'normal/usual' way.
  • #47,440
  • Nov 2, 2009 11:09pm Nov 2, 2009 11:09pm
Quoting supremeChaos
u may get a traffic problem around that round number.
if u are going to trade this, u must look for good momentum piercing 1.60.
or alternatively, wait for a 1.60 breakout then retest (with good PA setup) prior entering a trade.

try also putting a down trendline from the July highs.
Actually that was what I intended to do - wait for break and retest on smaller TF, assuming I'm still in front of the comp when that happens.

I'm no good with trendlines and fibs (I tend to draw them all over the place and end up cluttering the screen), hence I've removed everything from my charts except round numbers and their halfway points.

Were you referring to the orange trendline? And while we're on this topic, would the blue trendline be a better show of support-turned-potential-resistance?
Attached Image
60 traders viewing now, 1 is registered:
Gainfaciles