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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

  • #53,901
  • Feb 4, 2010 4:11am Feb 4, 2010 4:11am
Quoting triger88990
yep this one are the best breakouts and retest

took it togheter with ej

on the ej I'm to crazzy if I expect 113,60,just look at the weekly chart,there is a lot of SPACE

wish you the best

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Ok stop copying my trades.
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  • #53,902
  • Feb 4, 2010 4:13am Feb 4, 2010 4:13am
Quoting jarroo
Thoses are some tough setup there, nasir, on the Gbp/Jpy and Eur/Jpy.

But the locations look good and the breaks look even better. Manage them wisely, my friend.
Half closed rest on BE sir.

Thanks.
  • #53,903
  • Feb 4, 2010 4:16am Feb 4, 2010 4:16am
Quoting nasir.khan
Half closed rest on BE sir.

Thanks.
Feels pretty good, doesn't it? I know it does for me. A relaxed brain is a smarter brain in my book. lol
Indicators show the past. Price Action "Indicates" the future.
  • #53,904
  • Feb 4, 2010 4:17am Feb 4, 2010 4:17am
Oh....

seems the $$ shows strength on all the pairs,I was thinking that over the cad will not have the necessary strength but the market have proven me contrary so I exited the trade after a break upwords over the 1h chart which was an important level

she broke and I din't wanted to be anymore in this trade,thats it!!

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  • #53,905
  • Feb 4, 2010 4:22am Feb 4, 2010 4:22am
Quoting nasir.khan


Ok stop copying my trades.
LOL on the gj seems we are on the same boat

2 identical entry, strangely

some voodo stuff

wish you the best!!
  • #53,906
  • Feb 4, 2010 4:32am Feb 4, 2010 4:32am
Quoting Danku
Hi James16,

I must say i am one of those who took this trade, watched it get to the first Support Area, 1.0550, moved S/L to just below entry and left it to run hoping it would go south further........unfortunately came back and found S/L hit...i really cursed and cursed and cursed............WHY? Because of the following posted by you............

[b][i][size=3][font=Times New Roman][color=black]"You small account holders, you gotta make a choice, you have to make a choice, if you small account holders are going to watch price...
When you consider a trade and set your trading plan for the trade (either mentally or written down - the latter is best for beginners) you need to decide what you are going to do at the first trouble area i.e.

1. Take full profit
2. Move stop to B/E
3. Nothing!
4. Take partial profit, move stop etc.

It's then a case of trading your plan.

In your case it looks like you traded your plan, so why are you cursing (presume you got out at B/E), preserving capital and a B/E trade should be considered a 'winning' trade. If you are cursing a B/E trade and that was you pre-trade plan then you need to re-assess your trade plan IMO.
  • #53,907
  • Feb 4, 2010 4:39am Feb 4, 2010 4:39am
Quoting triger88990
Oh....

seems the $$ shows strength on all the pairs,I was thinking that over the cad will not have the necessary strength but the market have proven me contrary so I exited the trade after a break upwords over the 1h chart which was an important level

she broke and I din't wanted to be anymore in this trade,thats it!!

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Blame me.
.
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  • #53,908
  • Feb 4, 2010 4:46am Feb 4, 2010 4:46am
Quoting jarroo
Thats how we roll Manu.




Not to brag but this trade on the Weekly Usd/Chf PB has been so easy to take and manage its not even funny. Sure its not the biggest PB but the location fit the bill. After the break (10 pip buffer) it saw no drawdown and flew to the moon.
If ever I could jump out of this post and pat you on the back for this very special trade Jim.

From the core of my heart...."GREAT WORK"!!!!

g.
I believe . . .
  • #53,909
  • Feb 4, 2010 4:47am Feb 4, 2010 4:47am
Quoting lovejoy80
When you consider a trade and set your trading plan for the trade (either mentally or written down - the latter is best for beginners) you need to decide what you are going to do at the first trouble area i.e.

1. Take full profit
2. Move stop to B/E
3. Nothing!
4. Take partial profit, move stop etc.

It's then a case of trading your plan.

In your case it looks like you traded your plan, so why are you cursing (presume you got out at B/E), preserving capital and a B/E trade should be considered a 'winning' trade. If you are cursing a B/E trade...

The "cursing" is the the old habit showing its voice. lol It takes awhile to shake them away. I know it was for me. I know the feeling.
Indicators show the past. Price Action "Indicates" the future.
  • #53,910
  • Feb 4, 2010 4:52am Feb 4, 2010 4:52am
Quoting ghous
If ever I could jump out of this post and pat you on the back for this very special trade Jim.

From the core of my heart...."GREAT WORK"!!!!

g.

Thanks ghous. Pretty simple trade. Although my pip value was not 150 a pip, but I'd like to think I would have manage it the same way if it was. but I doubt it.
Indicators show the past. Price Action "Indicates" the future.
  • #53,911
  • Feb 4, 2010 4:53am Feb 4, 2010 4:53am
nasir have you missed this one

I'll beat you are all over it,don't you?

lets see if we can get a nicely PB over the daily chart or at least to grab some pips.

oh..... just saw it, that we already have a PB on the 4h chart

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  • #53,912
  • Feb 4, 2010 4:59am Feb 4, 2010 4:59am
Quoting james16
CHART
I don't monitor this pair, but that's as easy it as it gets in terms of a setup...you can set the entry, stoploss and take profit and walk away with the knowledge that you have a high chance of returning at some point with pips in the bank.

I would highly recommend that anyone beginning their venture of trading price action setups go back over their charts and look at previous setups and identify where the first trouble area is - do this over and over again so it becomes second nature. Keeping a record off this is a good idea IMO too i.e. noting the date, pair setup, where will price go...where did price go (Jim did a thread on this in the PF from memory).

You should then be in a position to identify 'where is price going' on virtually every daily setup with a high level of confidence - afterwhich you can then plan your trade more effectively with this knowledge.

I would also recommend beginners utilise the script available for MT4 for which you can go back to a certain date in the past and trade 'live' i.e. press play and watch the daily bars form (you can speed up and down) and you an then demo trades from past data in real time so to speak.

From my own experience as a beginner and from shared experience with other traders knowing when to exit a trade is harder than when to enter. Spotting a great setup and picking the entry and SL point is 'relatively' straightforward...picking an exit is much harder IMO as this is where fear / greed (psychology / mindset) come into play i.e. watching a trade go into profit, hit the first trouble area, go into drawdown etc etc...that is where setting a trading plan before you enter is imperative and for a beginner this should always be 'exit at first trouble area' IMO) and then you have no decisions to make in realtime which are based on fear / greed you are just trading your simple trading plan.

Personally the confidence I gained from being able to identify where price would go following a setup on the daily charts was invaluable and would just put my take profit order on this area when I entered the trade, walkaway and not look again until the end of each day.

Personally, I am not as conservative trader as this now and (depending on the trade) will not always take profit / move to BE at the first trouble area. I exited at BE on the NU daily trade but am still in UC trade but have decreased the risk in the trade to roughly half my original position...but this was my plan before I entered the trade and so I'm happy with that...you have to find a 'trading stye / plan' that fits your personality.

I would also highly recommend newbies watch the 'rants and raves' video...it is quite long (but if you can't commit to watch a whole video for this length of time then you are in the wrong business anyway) but should inspire you and switch on a light in your head about how simple trading 'this' style can be...
  • #53,913
  • Feb 4, 2010 5:02am Feb 4, 2010 5:02am
Quoting Dan Gilbert
Just because you catch a losing trade, doesnt mean you cannot get redemption... We can all hope and pray to the forex gods that todays bar closes within yesterdays.... if so.... well, you know what to do....

I have highlighted previous time this scenario happened on this 80.00 round number, and highlighted what is in progress now. stay tuned guys.
Hey Dan,

Are you LONG biased or straddling?
  • #53,914
  • Edited 5:19am Feb 4, 2010 5:05am | Edited 5:19am
Quoting joelcf
To be honest, the main correlation i see there is that there is nothing I would trade on either

(I assume it was some kind of entry/bounce from resistance type trade? you crazy kids with your touch trades and blind entries and nintendos!)




Well, I wasn't recommending those pairs per se, just saying that if I *had* to only watch six, it would be those. I watch pretty much everything that moves. Just keep in mind that they pretty much *all* affect each other in some way, to some degree.

The main criteria for me is volume....
Ok i will take the first 6.

+
GBPUSD and AUDUSD (won't take USDCHF cause i have EURUSD)

+
GBPJPY (but not taking GBPCHF cause i have EURGBP)

+
CHFJPY , AUDCAD and AUDNZD. ( Lets see if they could fit my style)

and off course Gold+OIL and DOW.

Thanks Joe.

EDIT. Yes there was no trade by PA standards. They were just S/R trades.
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  • #53,915
  • Feb 4, 2010 5:13am Feb 4, 2010 5:13am
Quoting triger88990
nasir have you missed this one

I'll beat you are all over it,don't you?

lets see if we can get a nicely PB over the daily chart or at least to grab some pips.

oh..... just saw it, that we already have a PB on the 4h chart

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No that's cheating you can't count the ones i don't have on my MT4 .

Anyways do you have this ???
.
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  • #53,916
  • Feb 4, 2010 5:18am Feb 4, 2010 5:18am
Quoting nasir.khan
Anyways do you have this ???
.
good one
  • #53,917
  • Feb 4, 2010 5:21am Feb 4, 2010 5:21am
Quoting nasir.khan
Ok i will take the first 6.
Can I ask why you are limiting the pairs you watch? Those are the 'strong hands', I guess, but watching lots of pairs isnt a problem at all.. its only bad when you try and trade too many (either positively or negatively) correlated pairs.

(also, only just saw your pm sorry.. will have a think and shoot some ideas back tomorrow)
When you have to shoot, shoot. Dont talk.
  • #53,918
  • Feb 4, 2010 5:24am Feb 4, 2010 5:24am
Still waiting for my Eur/Chf to shoot north...
  • #53,919
  • Feb 4, 2010 5:26am Feb 4, 2010 5:26am
Quoting nasir.khan
No that's cheating you can't count the ones i don't have on my MT4 .

Anyways do you have this ???
.
nicely done,

in the last couple of day I have ignorate the gold chart by forgetting of it.

seeing that it give me confidence to keep my trades on usd more.

you should look on fxpro feed they offer all kind of instruments for trade, like indexes,CFD,futures and metals, all very useful

PS: as I write this the eurnzd breaks down with a high momentum,hope she will never look back
  • #53,920
  • Feb 4, 2010 5:35am Feb 4, 2010 5:35am
Quoting jarroo
Thanks ghous. Pretty simple trade. Although my pip value was not 150 a pip, but I'd like to think I would have manage it the same way if it was. but I doubt it.
Sure, YOU WILL.
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