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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

  • #53,821
  • Feb 3, 2010 12:20pm Feb 3, 2010 12:20pm
Quoting dmc
I definiately took this, my problem now is the management. I have reduce my stop and I feel comfortable doing this because of the round number protection. But I am up about .5R and know that if I was trading 10,000 a trade I would be at BE or took profit already. But I am not trading that amount but I have cut my stop down to about.5%.

I dont want to put the stop at BE becasue I know a retrace is possible and likely as we approach the lows of 1.58 & even 1.5850. Especially sinc ethis wasn a large swing high But then again when has this trade...

Your chart looks pretty much like mine I have somewhat reduced my stop. I am leaving soon for the night, so I have my take profit at the lows. Nothing wrong with moving to b/e here also, depends on your overall method in general. I am going to simply watch the 1.59, and see how things shake up. I am thinking after we retest the last low and break past it the real reversal comes in. We could very well bounce here though. For now I am with ya too.My take profit is above 1.5850 for the time being and will re-evaluate on my phone every few hours I get a chance to look

Mike
  • #53,822
  • Feb 3, 2010 12:27pm Feb 3, 2010 12:27pm
Thanks for your thoughts on this mike.

There is a reason my chart looks like yours, it may have to do with watching / attending the webinars. lol :-P

Getting same reversal feeling especially with NFP approaching. Might just move up to 1.59 and TP.

Do you use logmein? on Iphone? Been looking into doing remote log in on phone but havent sprung fro the $30 logmein app. Probably will though.
  • #53,823
  • Feb 3, 2010 12:28pm Feb 3, 2010 12:28pm
hey Mike,

out of curiosity: after the BEOB formed I assume you placed sell stop at around 5950. Did you place SL all the way above the high or would you have closed it on a break back above 1.6?
What often holds me back in similar situations is that the SL is big...

thanks
R.


Quoting mbqb11
where is benji now

Bunch of us took this bad boy
  • #53,824
  • Feb 3, 2010 12:36pm Feb 3, 2010 12:36pm
Quoting dmc
Thanks for your thoughts on this mike.

There is a reason my chart looks like yours, it may have to do with watching / attending the webinars. lol :-P

Getting same reversal feeling especially with NFP approaching. Might just move up to 1.59 and TP.

Do you use logmein? on Iphone? Been looking into doing remote log in on phone but havent sprung fro the $30 logmein app. Probably will though.


Yeah I have the logmein app. Really cool and fast and you can have multiple PCs and just shake the phone to switch b/w monitors also

Mike
  • #53,825
  • Feb 3, 2010 12:37pm Feb 3, 2010 12:37pm
Quoting RajFX
hey Mike,

out of curiosity: after the BEOB formed I assume you placed sell stop at around 5950. Did you place SL all the way above the high or would you have closed it on a break back above 1.6?
What often holds me back in similar situations is that the SL is big...

thanks
R.
Hey Raj

Remember s/l is all relative to position size. So your stop can be 30 pips or 300 and your risk remains constant, what changes are the units(position size) to make sure to control that. So yes my stop does go above the bar initially.

Best
Mike
  • #53,826
  • Feb 3, 2010 12:45pm Feb 3, 2010 12:45pm
Quoting mbqb11
Hey Matt

I take a good bar that meets my trade criteria. Sometimes I get .25, sometimes 3r, so it isn't oh this has to go 1:1 or anything like that.

Best
Mike
That's the only way to profitably trade IMO; Free of rigidness.
I dream, therefore I become.
  • #53,827
  • Feb 3, 2010 12:49pm Feb 3, 2010 12:49pm
Quoting mike w
That's the only way to profitably trade IMO; Free of rigidness.
those little .25 add up quick too
  • #53,828
  • Feb 3, 2010 12:53pm Feb 3, 2010 12:53pm
Quoting mbqb11
those little .25 add up quick too
Everybody on the thread should read that every day of every year.
I dream, therefore I become.
  • #53,829
  • Feb 3, 2010 1:12pm Feb 3, 2010 1:12pm
Quoting mbqb11
where is benji now

Bunch of us took this bad boy


First trade this month.
Making my efforts to become pickier.

full position banked on the purple line.
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  • #53,830
  • Feb 3, 2010 1:17pm Feb 3, 2010 1:17pm
Quoting mbqb11
those little .25 add up quick too
yeah, I need to find a way to take advantage of those nibbles here and there.
Don't wish it were easier, wish you were better. ~ Jim Rohn
  • #53,831
  • Feb 3, 2010 1:23pm Feb 3, 2010 1:23pm
Quoting mbqb11
those little .25 add up quick too
Mike,

I totally needed to hear this today. Thanks! I am getting more and more confident at identifying possible trouble areas on the daily charts, but my current challenge is trying to decide which ones could really stop a trend and which ones will just bounce the price before moving on.

I'm always hesitant to take .5, or .25 R on a trade, but honestly if I had been more willing to do that up until now I bet I'd have around a 90% hit rate (about 75% or 80% right now) and a lot less stress from watching positive trades go negative! More importantly my account (demo of course ) would be constantly going up, instead of up three steps, down two, etc. Honestly every trade I've taken this month (I'm on my 4th week of my 2nd month) has made it to it's first trouble area, and I'm only up around 1%.

Great advice Mike, thanks for sharing this.

Cory
  • #53,832
  • Feb 3, 2010 1:56pm Feb 3, 2010 1:56pm
Quoting dmc
But I am up about .5R and know that if I was trading 10,000 a trade I would be at BE or took profit already.

Quoting mbqb11
those little .25 add up quick too
especially for the large account holders.
They can actually wait for the A++ setups, take profit on the very first trouble area, or move stop to BE and get a runner once in a time. I would say, 95%+ of the time, when an A++ bar breaks, it would reach, at least, it's first trouble area.

Going months with no loses, no stress, no low TFs trades, and still making a living.

Correct me if I'm wrong, but that's what James the man does.

After I finish with the army, I would work hard to be a large account holder. I will treat this thing as my business.
Now I am practicing. Every time I think I 'm onto something, I change my mind and go for another thing. But I guess this is my time to make mistakes and grow slowly as a trader, treating this curve as a marathon while knowing that at the end I will be able to live ,my life the I wish.

Cheers.

Ben
  • #53,833
  • Feb 3, 2010 1:59pm Feb 3, 2010 1:59pm
Quoting benji533
After I finish with the army, I would work hard to be a large account holder. I will treat this thing as my business.
Now I am practicing. Every time I think I 'm onto something, I change my mind and go for another thing. But I guess this is my time to make mistakes and grow slowly as a trader, treating this curve as a marathon while knowing that at the end I will be able to live ,my life the I wish.

Cheers.

Ben
You're very fortunate to have found this world and this thread in particular so early in life. You have quite a head start.
  • #53,834
  • Feb 3, 2010 2:05pm Feb 3, 2010 2:05pm
wow good for you guys who took the gu 4h beob, it was a nice smooth and quick profit i was looking this pair too, but unfortunately i missed it cause i had to study for college...

if the daily closes as a beob is a good chance that it reaches the 1.5800

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but i took the eu short i know that it wasnt really a DBHLC but i like the area so i took it..

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omg just saw that i have put the SL at 1.41 insted of 1.4010 luckily the i noticed it now and the trade went in the direction i wanted
  • #53,835
  • Feb 3, 2010 2:12pm Feb 3, 2010 2:12pm
Quoting o990l6mh
You're very fortunate to have found this world and this thread in particular so early in life. You have quite a head start.
Thanks buddy. Good to see you....I remember my very first days into forex, having our little thread on baybypips, months ago lol.

Hope you are doing great.
  • #53,836
  • Feb 3, 2010 2:43pm Feb 3, 2010 2:43pm
Quoting benji533
Thanks buddy. Good to see you....I remember my very first days into forex, having our little thread on baybypips, months ago lol.

Hope you are doing great.
what age are you?
  • #53,837
  • Feb 3, 2010 2:47pm Feb 3, 2010 2:47pm
Quoting TGpop
what age are you?
Turned 17 last November.
  • #53,838
  • Feb 3, 2010 2:48pm Feb 3, 2010 2:48pm
Quoting benji533
Turned 17 last November.
we gotta talk on skype

i sent you a PM
  • #53,839
  • Feb 3, 2010 2:50pm Feb 3, 2010 2:50pm
Quote
Thanks buddy. Good to see you....I remember my very first days into forex, having our little thread on baybypips, months ago lol.

whats up bro? I'm glad to see you're kicking it in the ass!!! Your plans sound great just think after the army you can relax and truly enjoy life, and travel or watever you want to.
  • #53,840
  • Feb 3, 2010 2:53pm Feb 3, 2010 2:53pm
I'm getting tired of twiddling my thumbs on NZD and CAD trades... zzzzzzzzzzzzzz
Many choose unhappiness over uncertainty.
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