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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

  • #48,621
  • Nov 24, 2009 7:48am Nov 24, 2009 7:48am
Quoting triger88990
hello guys!

I have just finished to fund my live account,I have sent the money last week on Friday,wire bank transfer, and they arrived in my account this morning.

This is my first live trade that I tooked, want to thank you guys for your work that have been done here.

I don't feel any extra pressure when I trade the live account, it's the same with the demo account, I'm trying to do the same think that have been work on the demo account, and when you know that this stuff work and you did it by yourself you can bring out all the pressure....
I wish you the best of trading in your new live account Triger!

K.I.S.S.
  • #48,622
  • Nov 24, 2009 7:50am Nov 24, 2009 7:50am
Another one.
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  • #48,623
  • Nov 24, 2009 7:59am Nov 24, 2009 7:59am
Quoting KissFan
I wish you the best of trading in your new live account Triger!

K.I.S.S.

Thanks a lot !!

Quote
I think that Tradestation will my my gift to me at a certain account level.http://cdn.forexfactory.com/images/s...yim/tongue.gif

K.I.S.S.http://cdn.forexfactory.com/images/s...yim/rockon.gif
At those account level I wish I could reach too, maybe Santa Clause will bring you this gift

wish you the best!!
  • #48,624
  • Nov 24, 2009 8:23am Nov 24, 2009 8:23am
Quote
Well, PA is powerful, but location is even more in most cases. In this case, you have a pin in the middle of a box range/side ways market.
Best place to trade PA is at swing points, supported by some kind of confluence. You don't have any major round number or PPZ to support you. Larger TF don't show any kind of clues either.
If I would like to trade based on this TF, I will most likely look for trades off the edges of this box.
Bottom line....it just doesn't come out at me...it is in the middle of no where.

Now that I see the major Resistance...
very good points and reasoning benji, nice one. i had my TP set at just below 1.5000 level for the same reasons. I liked the level at which the bar closed a little more than you though as i see a pretty decent intraday pivot around that level which has played a noticable role in price movement latley so i was quite happy to take a short term play on the bar. i have closed the possition now for a small profit but have only closed about 2/3 of my swissy short with my stop now at 1.012 and will try to hold till price hit 1.0040...???

Quote
The three trades I took yesterday. +64 on GBP/USD, +56 on Aud/USD and +86 on GBP/JPY. I closed at the first sign of reversal as i am leery of the market this week. Today I would like to sell again on these but I will wait for strong signals and I will likely close for smaller profits. I will not be trading again till Monday.

Great job on GJ -GJHook!
nice trading bro, thanx for the update.
congrats on turning pro btw!! i hope everything goes as well as it has till now. im sure you will surpass your expectations. Do you find any extra pressure kicks in now??
i awaite eagerly for the day i can trade full time. although with my new job i get mon,tues and wednesdays free so i get to trade all day if i wish on these days,which is ok for now
jon
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PATIENCE... DISCIPLINE
  • #48,625
  • Nov 24, 2009 8:24am Nov 24, 2009 8:24am
Quoting KissFan
I think that Tradestation will my my gift to me at a certain account level.

K.I.S.S.
That is exactly how I have put it in my business plan.

At a certain account balance level I get tradestation as a gift. At a certain account level I get to update my 5 year old computer with its one 19" monitor.

I am slightly OCD about not investing in unnecessary perks until I have made the money to plough back into the business. But I have a dream computer setup in mind. Multiple monitors...mmmmmm

  • #48,626
  • Nov 24, 2009 8:25am Nov 24, 2009 8:25am
Quoting triger88990
hello guys!...
Conragts on going live triger88990 !!
i would wish you good luck but im sure you dont need it .
and conrats on your first profitable trade!!
jon
PATIENCE... DISCIPLINE
  • #48,627
  • Nov 24, 2009 8:38am Nov 24, 2009 8:38am
Just wanted to thank Mike, Craig, and Scott for the advice on daily E/G pin. All your input is appreciated.

BTW, just wanted to update my 4 hour pin on N/U from last night.

Quoting bluetrader
Took the N/U 4 hour pin here...
My exit criteria was the following:

1. Long-term trend is up, so didn't expect much from the move.
2. Didn't want to leave at BE overnight.


-- Danny
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  • #48,628
  • Nov 24, 2009 9:14am Nov 24, 2009 9:14am
great reading this morning gentleman !
good traders are popping in this thread like PA on a good location
i shouldn't say good luck to recent live traders cause they don't need one. anyways the best for kissfan, triger and benji. may you avoid dangers of having such great skills
  • #48,629
  • Nov 24, 2009 10:06am Nov 24, 2009 10:06am
Stopped out at 1.6753. Entry was at 1.6874, took half at 1.6800 and the rest just now. This two day pin worked out perfectly and hit resistance right where you would expect.
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  • #48,630
  • Edited 10:29am Nov 24, 2009 10:15am | Edited 10:29am
Quoting dobe_r_man
Stopped out at 1.6753. Entry was at 1.6874, took half at 1.6800 and the rest just now. This two day pin worked out perfectly and hit resistance right where you would expect.
Yes, that trade has worked perfectly, though I am still in it at the moment as my stop is a little higher, just above the PPZ around 1.6780 and the 1.68 round number.
  • #48,631
  • Nov 24, 2009 10:38am Nov 24, 2009 10:38am
Quoting dobe_r_man
Stopped out at 1.6753. Entry was at 1.6874, took half at 1.6800 and the rest just now. This two day pin worked out perfectly and hit resistance right where you would expect.
Same boat, same ride (just without partial TP)
  • #48,632
  • Nov 24, 2009 10:57am Nov 24, 2009 10:57am
the power of PPZs!!
jon
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PATIENCE... DISCIPLINE
  • #48,633
  • Nov 24, 2009 10:58am Nov 24, 2009 10:58am
Quoting benji533
I will use the 4H chart because it seems to be quite similar and that is what I can post.

Well, PA is powerful, but location is even more in most cases. In this case, you have a pin in the middle of a box range/side ways market.
Best place to trade PA is at swing points, supported by some kind of confluence. You don't have any major round number or PPZ to support you. Larger TF don't show any kind of clues either.
If I would like to trade based on this TF, I will most likely look for trades off the edges of this box.
Bottom line....it just doesn't...

Nice Ben, I would have wrote the exact same thing
  • #48,634
  • Nov 24, 2009 10:59am Nov 24, 2009 10:59am
Quoting bluetrader
Just wanted to thank Mike, Craig, and Scott for the advice on daily E/G pin. All your input is appreciated.

BTW, just wanted to update my 4 hour pin on N/U from last night.



My exit criteria was the following:

1. Long-term trend is up, so didn't expect much from the move.
2. Didn't want to leave at BE overnight.


-- Danny

Well done on your trade Danny
  • #48,635
  • Nov 24, 2009 11:09am Nov 24, 2009 11:09am
Quoting KissFan
I will not be trading again till Monday.

Great job on GJ -GJHook!

K.I.S.S.
I'm with ya bud, I am shutting down for the week
  • #48,636
  • Nov 24, 2009 11:18am Nov 24, 2009 11:18am
Triger,
Good Luck w the live account. Hope you turn those $ pips into $$ pips and further. I think I'm still a couple months away from a live account. Still battling with the discipline issue. At this point I know just enough to be dangerous.
"Whether you think you can or can't, you're right." Henry Ford
  • #48,637
  • Nov 24, 2009 11:35am Nov 24, 2009 11:35am
hi dobe_r_man, just wanted to ask, what is this highest todays' bars got to for gbpchf....i locked in some good pips and moved stop to 1.6787........the highest todays' bars got to (according to my broker charts) was 1.6780 but i was stoped out on my short............is this normal or is my broker doing something here?cheers

Quoting dobe_r_man
Stopped out at 1.6753. Entry was at 1.6874, took half at 1.6800 and the rest just now. This two day pin worked out perfectly and hit resistance right where you would expect.
  • #48,638
  • Nov 24, 2009 11:39am Nov 24, 2009 11:39am
Quoting Danku
hi dobe_r_man, just wanted to ask, what is this highest todays' bars got to for gbpchf....i locked in some good pips and moved stop to 1.6787........the highest todays' bars got to (according to my broker charts) was 1.6780 but i was stoped out on my short............is this normal or is my broker doing something here?cheers
If you are using MT4, then it shows the bid price, which did top out at 1.6780, but when you are closing your short you have to pay the ask price since you are "buying", which is higher than the bid. I believe that is why you got stopped out.

Edit: By the way, the current spread from IBFX is ranging between 7 and 8 pips for this pair, which would mean the ask was right around 1.6787 at the peak of this most recent move - right where your stop was sitting.
  • #48,639
  • Nov 24, 2009 11:41am Nov 24, 2009 11:41am
Quoting Danku
hi dobe_r_man, just wanted to ask, what is this highest todays' bars got to for gbpchf....i locked in some good pips and moved stop to 1.6787........the highest todays' bars got to (according to my broker charts) was 1.6780 but i was stoped out on my short............is this normal or is my broker doing something here?cheers
Danku:

It depends on your brokers spread, depending on that it would explain why your order was filled. For Gbp/Chf my spread is about 4 pips.

Nathan
  • #48,640
  • Nov 24, 2009 11:42am Nov 24, 2009 11:42am
is this to say that we pay the broker twice...on the actual short and at close because we buying?

If this is the case, then i need to register a broker firm

Quoting Wamo
If you are using MT4, then it shows the bid price, which did top out at 1.6780, but when you are closing your short you have to pay the ask price since you are "buying", which is higher than the bid. I believe that is why you got stopped out.
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