james16 Chart Thread | Page 2459 | 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

  • #49,161
  • Dec 3, 2009 1:55pm Dec 3, 2009 1:55pm
Quoting KissFan
I will likely close at the 88.60 area. The high so far just didnt quite get there.

Waiting....

K.I.S.S.

I have been watching your trade on UJ, and am wondering, would you consider it overly cautious if someone in this trade would have moved the S/L up to the 87.60 area right now? I am not in this trade, but IF I was, my S/L would be @ 87.60 undoubtedly by now. Possibly even up to 88.00 after the little stall here. I just find myself moving stops tighter and tighter because if you don't, you could very easily end up in a break even trade A LOT. I made the mistake of not manually trailing on the NZDUSD weekly break, and I came out at break even, when I could have very well made something off that run. Just curious as to your risk management technique.
Many choose unhappiness over uncertainty.
  • #49,162
  • Dec 3, 2009 2:13pm Dec 3, 2009 2:13pm
This thing is on such a runaway, finding an entry as clear as this one is nice. I'll admit, I didn't get in on the 15 min pin, but I did on the 1 hr pin in the same spot.
Attached Image (click to enlarge)
Click to Enlarge Name: xauusd2.gif Size: 17 KB
Many choose unhappiness over uncertainty.
  • #49,163
  • Dec 3, 2009 2:55pm Dec 3, 2009 2:55pm
Quoting PipBadger
Hey everyone,

I'm new here. I've read your thread and visited the PF for a month so I know what it's about. I'd like to pick the brains of some of you here with a question. I know you trade "price action" based on the candle formations such as a PB, OB, IB, etc.. I also know that newbies are supposed to stick to the larger TF charts. My question is have any of you ever thought about how the "bars" change from...

Hey Pip

Some people will look at the makeup of their bar. For example I think Bundyraider will dissect the lower timeframes of the bar he is looking at. So if he sees a big 1hr he might drop down and see how it formed. For example did price shoot up hard on the 15min and back down real quick and all of that causing it. Or did price move up and trickle down slow. This can give you some idea of the strength of what is taking place. For example a very hard and fast rejection can be a signal that a very large order came into the market and we can piggy back off that. I think I do this a bit subconsciously from watching so many charts, but for the most part I stick to a chart is a chart, and think of the price bars themselves as simply the trigger point and my focus is on location, location, location.

Just my views of course
Mike
  • #49,164
  • Dec 3, 2009 3:08pm Dec 3, 2009 3:08pm
Quoting Dan Gilbert
I have been watching your trade on UJ, and am wondering, would you consider it overly cautious if someone in this trade would have moved the S/L up to the 87.60 area right now? I am not in this trade, but IF I was, my S/L would be @ 87.60 undoubtedly by now. Possibly even up to 88.00 after the little stall here. I just find myself moving stops tighter and tighter because if you don't, you could very easily end up in a break even trade A LOT. I made the mistake of not manually trailing on the NZDUSD weekly break, and I came out at break even, when...
This all depends. Lovely response huh? I will tell you that on this trade I have one exit strategy. On other trades I have another. Before I go further, I want you to know that what I am about to explain to you is not my own original thought process. The fine folks here on the thread have made these observations/suggestions/recommendations necessary for me to backtest and become comfortable utilizing this trade management method. Again I thank them all for their help and give them all the credit. On this trade, I am attempting to catch the whole initial move as I can see on my daily chart. I used the hourly for entry but could find confluence that was convincing on the daily for exit. Once I get to this point (88.60) area I will likely close. I am "monitoring" this trade on the hourly TF. If I get a consolidation of price I set a line alert just on the top of the last resistance turned support or consolidation (sideways movement). My SL is still at BE. If I get an alert that price gets to this point, I will watch for pa on even lower TF's to see if it looks like we are going lower. This is all moot if I get three consecutive bars printed on the hourly TF between now and then that leave a lower low. Take a look back at this trade on the hourly. There have not been 3 bars yet printed with consecutive lower lows or I would likely be out of this trade. I also try to allow the trade to get to about 60 pips before i move my SL to BE.

I have some shorter term trades for 15-20 pip profit that I trade of trendlines. Obviously they have smaller SL's and are usually are over in an hours time period.

K.I.S.S.
Attached Image (click to enlarge)
Click to Enlarge Name: usdjpyhourly3.gif Size: 52 KB
  • #49,165
  • Dec 3, 2009 3:37pm Dec 3, 2009 3:37pm
Hey Dan. Is this something that you would have traded short. Like you I have a short bias on this pair and am looking for short opportunities. I missed that sweet pin at that swing high so i though that I could possibly get in at a 50-61.8 retrace. Confluence--With the help of that old trendline I plotted a while back (stealing this idea from you) the 365 and the available major fibs I risked 15 pips to be up 40 so far. I'm going to try to see if this one will run a while. The dollar is starting to grow some hair on it's chest. This was a RARE touch trade for me. Entry was .7257 and SL is still at .7272. A line alerter is at BE.

K.I.S.S.
Attached Image (click to enlarge)
Click to Enlarge Name: nzdusdhourly3.gif Size: 42 KB
  • #49,166
  • Dec 3, 2009 4:06pm Dec 3, 2009 4:06pm
Close Half position, move S/L to BE+1


hope you doing same gasgas
Attached Image (click to enlarge)
Click to Enlarge Name: e-u.gif Size: 38 KB
  • #49,167
  • Dec 3, 2009 4:12pm Dec 3, 2009 4:12pm
Hi,

I've been following the action on this forum daily for about 6 months now and learning lots. I feel I am now ready to start with a live account as I have been consistently profitable for the past 3 months.

So, can anyone help me with this question. I am a UK resident and technically can trade via the spread betting format and avoid CGT completely. Are there any issues / risks from a trading perspective that I need to be aware of going down this route? It's just a shame that no broker provides MT4 as a spread betting platform, but I can still demo MT4 and then just place my live orders on the equivalent spread betting platform.

It would be good to hear UK resident forum members actually using spread betting rather than forex.

Thanks,
Jason
  • #49,168
  • Dec 3, 2009 4:28pm Dec 3, 2009 4:28pm
Quoting kinsja
Hi,

I've been following the action on this forum daily for about 6 months now and learning lots. I feel I am now ready to start with a live account as I have been consistently profitable for the past 3 months.

So, can anyone help me with this question. I am a UK resident and technically can trade via the spread betting format and avoid CGT completely. Are there any issues / risks from a trading perspective that I need to be aware of going down this route? It's just a shame that no broker provides MT4 as a spread betting platform, but I can still...
Hi Jason
I trade / paper trade with capital spreads and have had no problems using their charts I have also made trades with them after studying mt4 charts with other brokers etc. All I do if I am trading this way is note if there is a difference from capital spreads and the mt4 chart in current price. If there is i just allow the difference in my orders.
  • #49,169
  • Dec 3, 2009 4:38pm Dec 3, 2009 4:38pm
Any thoughts on this one, i like the location, if it closes a tad lower it'll be a nice form, but following last 2 candles im not so sure + the fact that its NFI day
Attached Image (click to enlarge)
Click to Enlarge Name: gj_dailypin.jpg Size: 112 KB
  • #49,170
  • Dec 3, 2009 4:48pm Dec 3, 2009 4:48pm
Quoting kinsja
Hi,

I've been following the action on this forum daily for about 6 months now and learning lots. I feel I am now ready to start with a live account as I have been consistently profitable for the past 3 months.

So, can anyone help me with this question. I am a UK resident and technically can trade via the spread betting format and avoid CGT completely. Are there any issues / risks from a trading perspective that I need to be aware of going down this route? It's just a shame that no broker provides MT4 as a spread betting platform, but I can still...
Hi Jason

I use MT4 with FXPro Demo for charting and use the IGIndex spreadbet platform and have not had any problems with this. IG do have very good charts which match the price of their order platform more closely but as most people on this forum use MT4
I now only use MT4, you just need to get used to the slight differences in the price. For example the price indicated on MT4 FxPro charts matches very closely to the Sell price on IGIndex so you just take this into account when placing orders.

Leon
  • #49,171
  • Dec 3, 2009 4:53pm Dec 3, 2009 4:53pm
Quoting KissFan
This all depends. Lovely response huh? I will tell you that on this trade I have one exit strategy. On other trades I have another. Before I go further, I want you to know that what I am about to explain to you is not my own original thought process. The fine folks here on the thread have made these observations/suggestions/recommendations necessary for me to backtest and become comfortable utilizing this trade management method. Again I thank them all for their help and give them all the credit. On this trade, I am attempting to catch the whole...

Thanks for this. I have been looking at different techniques for trade management, and sometimes i just think I should stick a trailing stop on every trade and just be completely stress free from forcing myself to make decisions, then other times I look at a trade and feel like I can pick out where it's going to stall, or I should just look for reversal PA+confluence and manually move my stop to where I believe is appropriate. It's tricky but i have been noticing A LOT of B/E trades on my account lately (more than half) And about 3-4 winners, 1 loser.... I guess this is considered success by J16 standards, because a breakeven trade is a winner. All I can say is, it looks a lot nicer on the terminal than constant losers like I had before I saw this thread lol..... I actually logged into an old demo account I started a while ago, and lost my login info until recently. I had 5 losers already logged straight in a row, then I started implementing my techinques I have learned here and have 4 winners, 6 break evens, and 1 loss. So I'm just always searching for new ideas, but it seems like I have a better grasp of trading the correct way. So after I have typed way more than you wanted to read - - I'm just saying thank you for showing me your method, I'm definately going to try it on.

Quoting KissFan
Hey Dan. Is this something that you would have traded short. Like you I have a short bias on this pair and am looking for short opportunities. I missed that sweet pin at that swing high so i though that I could possibly get in at a 50-61.8 retrace. Confluence--With the help of that old trendline I plotted a while back (stealing this idea from you) the 365 and the available major fibs I risked 15 pips to be up 40 so far. I'm going to try to see if this one will run a while. The dollar is starting to grow some hair on it's chest. This was a RARE touch trade for me. Entry was .7257 and SL is still at .7272. A line alerter is at BE.

K.I.S.S.http://cdn.forexfactory.com/images/s...yim/rockon.gif

I would have taken that pin absolutely. That pin is prettier than the pin stuck in traffic which I traded at that same price level. the pin you have circled is actually bouncing off the .7300 round number too, which is just more confluence. Unfortunately I was sleeping though and missed it.

I'm a little lost on that yellow trendline you have drawn on your chart where you decided to place the touch trade... I tried simulating it on my graph but I can't see exactly where you have it lined up. I can tell you for sure I would not have taken that trade though.... Mainly because I can't see that trendline (so I wouldn't have seen the area). I'm always sure to tell people that I'm a NEWBIE! I cannot possibly located touch trades. I have placed only one touch trade so far, which worked very well, I'll check to see if I can find it anywhere. But that was probably just lucky. Maybe I'll have to start adding fibs and MA's to my chart. I took those off about a week ago to improve my clarity.


Just to give you an idea of what level i'm on: I use PPZ's from weekly/daily/4r timeframes, trendlines, H&S patterns (generally to find good trendlines on the neckline), double tops, and price action. That's all I keep on my chart really... MA's and divergence sometimes discouraged me from making a trade (granted, i sometimes still have a look at RSI here and there) which looked very good, or it sometimes encouraged to me a trade which wasn't ideal in other areas. I hope I make sense here.... I'm just trying to learn clearly.
Many choose unhappiness over uncertainty.
  • #49,172
  • Dec 3, 2009 4:54pm Dec 3, 2009 4:54pm
Quoting Sohail786
Close Half position, move S/L to BE+1


hope you doing same gasgas
very nice mate

Im still full position in, also on gbpusd from 1.6590.
Will move stop tightly before news come out, kinda hoping it can push price further down, mabey below 1.50

Regards
  • #49,173
  • Dec 3, 2009 5:09pm Dec 3, 2009 5:09pm
Quoting pipmyride
Any thoughts on this one, i like the location, if it closes a tad lower it'll be a nice form, but following last 2 candles im not so sure + the fact that its NFI day
The best I can say is just watch on lower Tf's for a short. Who knows? Price might just break down 130ish pips from the break. In a perfect world though, I'd much prefer the scenario where we hit 148 and reverse off the daily trend line or better yet 150 and reverse to form a pin that closes just under the trendline.

K.I.S.S.
Attached Image (click to enlarge)
Click to Enlarge Name: gbpjpy.gif Size: 40 KB
  • #49,174
  • Dec 3, 2009 5:16pm Dec 3, 2009 5:16pm
[quote=Dan Gilbert;3280126]...I'm a little lost on that yellow trendline you have drawn on your chart where you decided to place the touch trade... /quote]

Here you go Dan!

K.I.S.S.
Attached Image (click to enlarge)
Click to Enlarge Name: nzdusd55.gif Size: 40 KB
  • #49,175
  • Dec 3, 2009 6:58pm Dec 3, 2009 6:58pm
Not the greatest head on the pin but the location was too good and BOOM
Attached Image (click to enlarge)
Click to Enlarge Name: gj_dailypin.jpg Size: 100 KB
  • #49,176
  • Dec 3, 2009 7:07pm Dec 3, 2009 7:07pm
Quoting pipmyride
Not the greatest head on the pin but the location was too good and BOOM
i took that trade with exactly the same chart as you .
  • #49,177
  • Dec 3, 2009 7:21pm Dec 3, 2009 7:21pm
Did anyone else who is NOT using IBFX get a gap down on their yen crosses?

K.I.S.S.
  • #49,178
  • Dec 3, 2009 7:33pm Dec 3, 2009 7:33pm
oanda shows no gap

Quoting KissFan
Did anyone else who is NOT using IBFX get a gap down on their yen crosses?

K.I.S.S.
  • #49,179
  • Dec 3, 2009 7:44pm Dec 3, 2009 7:44pm
Quoting KissFan
Did anyone else who is NOT using IBFX get a gap down on their yen crosses?

K.I.S.S.
I'm demo-ing forex.com and ibfx, forex.com=no gap. ibfx=gap
Many choose unhappiness over uncertainty.
  • #49,180
  • Dec 3, 2009 7:57pm Dec 3, 2009 7:57pm
I'm the same. Thx guys. Oanda-No Gap. IBFX-Gap.

K.I.S.S.
44 traders viewing now