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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

  • #50,001
  • Dec 17, 2009 10:16am Dec 17, 2009 10:16am
I feel sorry for anyone trying to read this thread through from the beginning!
  • #50,002
  • Dec 17, 2009 10:17am Dec 17, 2009 10:17am
Quoting TiaForex
Man this is so true and put more succinctly than I did.

If we don't learn from our mistakes we are doomed to repeat them. First we identify whether there was a mistake and if so what it was (easier said than done, there's a tendency in the early days to view every loser as a mistake. It's an important part of the curve to accept that losers will happen IMO). And then after that to have the self awareness to know what we were doing wrong, and then the courage to make the changes necessary to prevent it happening again.

It comes down to, as Reinhold...
I have to say your posts really are sincere....I can tell you have gone through a lot of the same thought process that I have. I still do interesting things, as I never have my account balance screen up (On Oanda) when I am trading. That way I just focus on the chart vs. getting greedy or taking the money because it is there without good reason.
  • #50,003
  • Dec 17, 2009 10:20am Dec 17, 2009 10:20am
Quoting raczekfx
Now, do you want to take some profit at minor sr and move the rest to be?
It's totally up to you, but if you trade 1k/pip, that's already nice cheque..
If price hits 4510 for the fourth time, it's probably going lower....
...
This is why it's important to take some profit early, move stop to BE or keep it tight when you're playing with fire... You never know for sure when is the next time you will be wrong...

My stops are usually replaced with opposite limit orders. Not this time however, due to strong (imo) PPZ around 1.4460. This ppz is now a history thanks to Greece flipping over. I wonder which country is next, Spain, Portugal?
It also appears that my limit sell @ 4850 is history now as well.
We might not see it for the next several months...
.
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  • #50,004
  • Dec 17, 2009 10:21am Dec 17, 2009 10:21am
Quoting TiaForex
I've experienced all this and more. You describe it so well I can almost taste it. The feeling when you are actually successful and you think "why do I feel scared or tentative?" I think it's partly to do with what Nelson Mandela once said about "it is not our darkness that scares us but our light" or as Michaelangelo put it "the greater danger is not that our goals are set too high and we will not reach them, but that they are set too low and we will". Or to be much simpler about it, fear of success.

We've all dreamed, played with our compound...
I knew that this question would get you going and I couldn't wait for your answer!

K.I.S.S.
  • #50,005
  • Dec 17, 2009 10:35am Dec 17, 2009 10:35am
Hello everyone,

in all the reading of this thread over months, i was wondering if anyone does the following:

INstead of putting your stop to break even, do break even plus 1 or 2 pips.

I'm not trying to usurp the Great James way, no way no way... but for me, i feel that this would allow those trades that don't work out to be winners. (yes i consider b/e to be winners too!

please forgive my super inexperience at this point if the above sounds utterly rediculous. I'm just asking for imput from those who have more experince
  • #50,006
  • Dec 17, 2009 10:37am Dec 17, 2009 10:37am
wow, what a read, alot of wise comments from the seniors
good to see a lot of old timers still goin strong posting
oh btw , compliments of the season to everybody
Simplicity is the key to success
  • #50,007
  • Dec 17, 2009 10:50am Dec 17, 2009 10:50am
Quoting Disney09
...
in all the reading of this thread over months, i was wondering if anyone does the following:
INstead of putting your stop to break even, do break even plus 1 or 2 pips.
....
Hello!
if u are comfortable with it, why not?
YOUR trading is about YOUR thoughts & about what YOU are comfortable with.

BE + x : i do this.
mostly on lower TF trades (H1 & below).
but what i do is BE + 5 up to 20 or so, depending on what price does & how price is behaving at that moment.

if u are on capital growth mode like me, u can do this (BE + x) or
take full profit at first S/R or PPZ or
have a set TP or
have 2 or more positions to take advantage of runners.

having said that, u will notice that there are instances when a stop at BE gets hit less often than a stop at BE + x. in other instances it's the opposite.

again, after all's been said, it goes back to YOU

Hope this helps
  • #50,008
  • Dec 17, 2009 10:51am Dec 17, 2009 10:51am
Let's see if this is going to hold.
If reverses I am looking at 4700 to sell.
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  • #50,009
  • Dec 17, 2009 11:02am Dec 17, 2009 11:02am
Quoting supremeChaos
i believe u deserve one more monitor.. or two.. or three..
your enduro pictures will look good on them (as wallpaper)
Haha! I have a goal to reach that is hopefully only ten months away. At that time I will invest in new business equipment and yes I'll have my wallpaper but maily of the kiddos!

K.I.S.S.
  • #50,010
  • Dec 17, 2009 11:06am Dec 17, 2009 11:06am
Thank you SC for your tidbits, i will paste your answer and put it on my notes. ( i agree with lower tf you must lock in more, used to trade those)

Micheline

Quoting supremeChaos
Hello!
if u are comfortable with it, why not?
YOUR trading is about YOUR thoughts & about what YOU are comfortable with.

BE + x : i do this.
mostly on lower TF trades (H1 & below).
but what i do is BE + 5 up to 20 or so, depending on what price does & how price is behaving at that moment.

if u are on capital growth mode like me, u can do this (BE + x) or
take full profit at first S/R or PPZ or
have a set TP or
have 2 or more positions to take advantage of runners.

having said that, u will notice that there are instances when a stop...
  • #50,011
  • Dec 17, 2009 11:08am Dec 17, 2009 11:08am
Still trailing UJ.

Another horse just left, stop on BE.
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  • #50,012
  • Dec 17, 2009 11:24am Dec 17, 2009 11:24am
Quoting MattW
Quick Poll for you guys:

BUOB/BEOB - enter on the break, or enter at the 50% retrace?


And if you enter on a retracement - what's your bar count limit? Must it happen on the next bar, next 2 bars, etc?

Disclaimer: Yes, I know it's up to each individual trader and there is no right answer. I'm just interested to see how others take these
I prefer scaling in.. 1% in at a retrace and 2% in at the break of the PA bar. First entry gives you a smaller SL, second entry confirms you have better odds and takes you in.
  • #50,013
  • Dec 17, 2009 11:25am Dec 17, 2009 11:25am
if only this is my real account...sighs...
anyway, i did this with default MACD settings,
i kow it's unreal to trade 4 currencies simultaneously, i just wanna went back and check when i messed up with this kind of trading style...

turns out, my company's broker don't have trailing stop, and i'm too scared to see the - sign...

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  • #50,014
  • Dec 17, 2009 11:39am Dec 17, 2009 11:39am
Quoting alifari
Hi,
I noticed this repeated price pattern on EUR/USD 4 hour chart. This is good example of breakout & consolidation...
Quoting BoYan
..(eur$ daily chart)..
following the theme of alifari's post...
it's nice to look at eur$ H4 & the daily chart, to see how PA formed in the other timeframe (in this case, consolidations on H4 were IB's on Daily)
  • #50,015
  • Dec 17, 2009 11:43am Dec 17, 2009 11:43am
Long GBP/CHF on the 4 hour BUOB here. Here's my take on it:

Pros:
Wide bar with close above prior high
Pin'ish looking with good spacing
38 fib retrace
Reverse divergence
Trend line break, retrace

Cons:
Minor traffic above
Not exactly at a swing low

I took the trade because the pros outweigh the cons and I like the location. I'm looking at 1.7000 before I move to BE.

My datafeed (MBT) has been flaky lately, so there is a missing bar/data. I verified it with another broker and the general movement seems good to me.

Anyone like to comment? Anyone in this trade?

Thanks.

-- Danny
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  • #50,016
  • Dec 17, 2009 11:51am Dec 17, 2009 11:51am
Lets see how this one closes.

But what should i do with EG.
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  • #50,017
  • Dec 17, 2009 11:52am Dec 17, 2009 11:52am
chart.
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Many choose unhappiness over uncertainty.
  • #50,018
  • Dec 17, 2009 11:55am Dec 17, 2009 11:55am
Quoting bluetrader
Long GBP/CHF on the 4 hour BUOB here.
hmm, i think it is a correct decision. the formation looks like a nice pin (or is it? i haven't mastered pins yet...)
and it seems to me that you took your position in a newly made resistance level.

i would also took long if i could (my broker only allow GBP/USD EUR /USD USD/CHF USD/JPY)
  • #50,019
  • Dec 17, 2009 12:07pm Dec 17, 2009 12:07pm
Quoting bluetrader
Long GBP/CHF on the 4 hour BUOB here. Here's my take on it:

Pros:
Wide bar with close above prior high
Pin'ish looking with good spacing
38 fib retrace
Reverse divergence
Trend line break, retrace

Cons:
Minor traffic above
Not exactly at a swing low

I took the trade because the pros outweigh the cons and I like the location. I'm looking at 1.7000 before I move to BE.

My datafeed (MBT) has been flaky lately, so there is a missing bar/data. I verified it with another broker and the general movement seems good to me.

Anyone like...
Any concern regarding this Weekly/Daily Resistance????(aqua line at 1.6950)
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  • #50,020
  • Dec 17, 2009 12:22pm Dec 17, 2009 12:22pm
Quoting nasir.khan
Any concern regarding this Weekly/Daily Resistance????(aqua line at 1.6950)
Hi Nasir, I felt the down trend line (your brown line) had been broken. To me that was more important than the daily resistance you highlighted. Also, using purely the close, I only get 1 point in that area (Nov. 8th, high=1.6939 on my broker).

This is just my opinion, but based on those 2 points, I didn't feel taking the trade was a problem. I could be wrong, but need to stick to my plan.

Thanks for your feedback Rev as well.

Hopefully we're both right Nasir.

-- Danny
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