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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

  • #50,481
  • Dec 30, 2009 8:10am Dec 30, 2009 8:10am
Quoting Hova
would you consider 88 for the 1st target ?
maybe as a spot to move my S/L down a bit (not to b/e, that's too close). I was considering 87.25 as a more important area. Also weekly PPZ's of 86.50, 85.40, and if I really caught a runner - 84.30
Many choose unhappiness over uncertainty.
  • #50,482
  • Dec 30, 2009 8:29am Dec 30, 2009 8:29am
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  • #50,483
  • Dec 30, 2009 8:42am Dec 30, 2009 8:42am
Quoting KissFan
Daily chart.
Pay Dirt Simple. Out at +80.

K.I.S.S.
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  • #50,484
  • Dec 30, 2009 8:42am Dec 30, 2009 8:42am
Quoting nasir.khan
.
Oh Boy.

That was running into any and every possible obstruction you could think of.

9000 round number ppz

50 fib

150 ema

365 ema

you name it...

Now that you've made it through I hope it's already a free trade, you can't let those hurt you.

g.
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I believe . . .
  • #50,485
  • Dec 30, 2009 8:44am Dec 30, 2009 8:44am
Quoting KissFan
Out at +80.

K.I.S.S.
That one worked out as neat as ever...

Nice catch KISS

g.
I believe . . .
  • #50,486
  • Dec 30, 2009 8:47am Dec 30, 2009 8:47am
Quoting Pinnocchio_S
There was a nice daily pin on USDLTD around the 2.4 level and a break this morning, however haven't yet managed to take a profit on this given the 40 pip spread!!!

Anyone got any ideas how I should play these pairs, or should I stay clear of these altogether?


Stef
I don't mean to sound too direct or harsh, but why would you trade anything with a 40 pip spread? Unless you are playing monthly bars perhaps I wouldn't want to be in a position where 40 pips are needed (in my favor) just to break-even on a trade.

If you are demoing just for amusement have at it, but to me this is like rolling one die against an opponent with three dice and hoping you get the largest number. It could happen but you are at a heavy disadvantage.....

Play a scratch off lottery ticket instead.....ha ha

Nathan
  • #50,487
  • Dec 30, 2009 8:49am Dec 30, 2009 8:49am
Quoting KissFan
Pay Dirt Simple. Out at +80.

K.I.S.S.
lol. you didn't even get any drawdown on that..... very nice!
Many choose unhappiness over uncertainty.
  • #50,488
  • Dec 30, 2009 8:50am Dec 30, 2009 8:50am
You've got a point. Although its looking like I'm going to get my 50 pips profit target, I experienced a drawdown (including spread) of around 80 ..... don't like the R:R on that!

& yes I am demoing
  • #50,489
  • Dec 30, 2009 8:53am Dec 30, 2009 8:53am
Quoting Pinnocchio_S
You've got a point. Although its looking like I'm going to get my 50 pips profit target, I experienced a drawdown (including spread) of around 80 ..... don't like the R:R on that!

& yes I am demoing
I am not saying it is impossible to get pips or a profit, I am just stating over the long run with those odds it won't be pretty to your capital.

Honestly, I mean this in a positive way!
  • #50,490
  • Dec 30, 2009 8:54am Dec 30, 2009 8:54am
Quoting Pinnocchio_S
You've got a point. Although its looking like I'm going to get my 50 pips profit target, I experienced a drawdown (including spread) of around 80 ..... don't like the R:R on that!

& yes I am demoing
usually the spreads are in proportion to the volatility of the pair in which case spreads don't matter muc. (look at gold for example)

If that's not the case and as you say you see your target only 50 pips away then I agree with Dobe it's futile to trade that exotic.

g.
I believe . . .
  • #50,491
  • Dec 30, 2009 8:58am Dec 30, 2009 8:58am
Quoting ghous
That one worked out as neat as ever...

Nice catch KISS

g.
Thanks Ghous! Happy New Year to you brother and thank you for all of your charts. This thread is a better place because of your contribution.

K.I.S.S.
  • #50,492
  • Dec 30, 2009 8:58am Dec 30, 2009 8:58am
I was thinking 2/3rds of my position at +50 & letting the last third run (also SL moved to BE)
  • #50,493
  • Dec 30, 2009 9:00am Dec 30, 2009 9:00am
Oh and obviously reduce position size given increased risk!
  • #50,494
  • Dec 30, 2009 9:01am Dec 30, 2009 9:01am
Quoting KissFan
Thanks Ghous! Happy New Year to you brother and thank you for all of your charts. This thread is a better place because of your contribution.

K.I.S.S.
Back at you mate.

Have a pip filled 2010 with a topping of happiness and blessings!

g.
I believe . . .
  • #50,495
  • Dec 30, 2009 9:02am Dec 30, 2009 9:02am
Quoting Dan Gilbert
lol. you didn't even get any drawdown on that..... very nice!
Yeah it went very smooth. My last 6 trades have really made my account grow nicely. Even without my normal risk. Now let's see that Sterling move on down to 1.51!

K.I.S.S.
  • #50,496
  • Dec 30, 2009 9:11am Dec 30, 2009 9:11am
Quoting KissFan
Pay Dirt Simple. Out at +80.

K.I.S.S.

nice trade Kiss
i think you closed out a bit too early though, im holding this to see if we cld test that tl on the daily
hopefully break out to push ucad higher ,only time will tell
many pips to you Kiss
cheers
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Simplicity is the key to success
  • #50,497
  • Dec 30, 2009 9:11am Dec 30, 2009 9:11am
Quoting KissFan
Yeah it went very smooth. My last 6 trades have really made my account grow nicely. Even without my normal risk. Now let's see that Sterling move on down to 1.51!

K.I.S.S.
Way to go KISS, glad to hear!!!
  • #50,498
  • Dec 30, 2009 9:20am Dec 30, 2009 9:20am
Quoting Pinnocchio_S
Oh and obviously reduce position size given increased risk!
why not concentrate on the liquid/more liquid pairs?
or do u have a fetish for exotics?
  • #50,499
  • Dec 30, 2009 9:23am Dec 30, 2009 9:23am
Quoting squeezy
nice trade Kiss
i think you closed out a bit too early though, im holding this to see if we cld test that tl on the daily
hopefully break out to push ucad higher ,only time will tell
many pips to you Kiss
cheers
I agree with you that this has more potential. I wanted to bank profits and see if I could get back in long at a better price later. This pair is so darn choppy. Best of luck to you!

K.I.S.S.
  • #50,500
  • Dec 30, 2009 9:25am Dec 30, 2009 9:25am
Quoting supremeChaos
why not concentrate on the liquid/more liquid pairs?
or do u have a fetish for exotics?


You crack me up man...
I believe . . .
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