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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

  • #55,261
  • Feb 17, 2010 10:41am Feb 17, 2010 10:41am
Quoting triger88990
the same story is with usdchf

hope you can identified those critical zones,which can revers the price

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Hi Trigger, or anyone else that is in the USD/CHF trade. I am in based on the same PA that you saw and also because I expect the market to be bullish over the next few days.

What are your targets? On the weekly, I see 11000 as the first PPZ but on dailes 10800 looks to be the next imminent trouble spot. I would like to see momentum and a strong break through 10800 and then maybe pyramid the postion up after this point but what I don't want to do is trail my s/l behind the low of the previous bar (-50 or so pips!).

Are you reading it the same or do you have another plan?

Thanks.

MP
  • #55,262
  • Feb 17, 2010 10:41am Feb 17, 2010 10:41am
hi guys, wow some of you make this sound really complicated!!!???
proven PPZ, BRN with divergence... easy as pie no??

jon
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PATIENCE... DISCIPLINE
  • #55,263
  • Feb 17, 2010 10:44am Feb 17, 2010 10:44am
Quoting chatzi
Thanks Mike,

Just closed it for 100 pips, with 30 risked. Though those bar lows would cause problems.
Could be a nice pin on daily, im thinking it might retrace to 143 again before going to the trendline/ppz at 141.5 first though.
  • #55,264
  • Feb 17, 2010 10:44am Feb 17, 2010 10:44am
and its counter part..


jon
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PATIENCE... DISCIPLINE
  • #55,265
  • Feb 17, 2010 10:49am Feb 17, 2010 10:49am
This was a sweet pin bar to trade. This currency have been given my pips throughout this month. I hope ya'll caught this. Happy trading.
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SNR with Price Action...
BitCrossNG Return Today: na
  • #55,266
  • Feb 17, 2010 10:51am Feb 17, 2010 10:51am
Quoting SeekingLight
Word up my man, I thought I was the only one reading some of those pages in-depth.

Some very interesting things on that site, and there is even a free online supermemo based language learning course I think.

Really just wanted to say "hey" to my favorite polar bear
(Been snowing, cold and slippery all year so far, so how could I not think of you! Teehee)
come on Patrick he is a BUNNYraider
  • #55,267
  • Feb 17, 2010 11:00am Feb 17, 2010 11:00am
pin at 50 / 61 fib and 150ema

took partial profit at first trouble area (blue area), stopped out on remainder.

initial stop was at 143.30 (150ema)

on reflection i could of managed the trade even tighter and placed original stop above high of left eye.

overall im happy with the trade.
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  • #55,268
  • Edited 11:21am Feb 17, 2010 11:09am | Edited 11:21am
Quoting Mp1983
Hi Trigger, or anyone else that is in the USD/CHF trade. I am in based on the same PA that you saw and also because I expect the market to be bullish over the next few days.

What are your targets? On the weekly, I see 11000 as the first PPZ but on dailes 10800 looks to be the next imminent trouble spot. I would like to see momentum and a strong break through 10800 and then maybe pyramid the postion up after this point but what I don't want to do is trail my s/l behind the low of the previous bar (-50 or so pips!).

Are you reading it the same...
I'm more flexible with my plan,and I do aplay alot of discretionaire decisions in my trading,all this depends on each paticulary setup,I'm more like mike in applaying mm style.

Now I'll refer only to the situation on the usdchf,after you enter on a trade is supposed you already know your expectation about this trade.
On what I see on the charts I prefer to trail my stop beyond each low,or important s/r,but depends on how she will move.

Although we have some trouble spot points from where price can revers I'm expecting to see 1.000-1.100 so I will apply the trailing method for being able to catch to whole move,if is the case, but also I'm aware to reduce the risk,which is the first think that I do after I'm in.

There are many way from where you can choose to manage your trade,but again is about you, what is your tolerance for ret,and to find out what fits to your personality,because there is not a good or a wrong way to do it

hope it was helpful
  • #55,269
  • Feb 17, 2010 11:24am Feb 17, 2010 11:24am
Quoting faizal82
pin at 50 / 61 fib and 150ema

took partial profit at first trouble area (blue area), stopped out on remainder.

initial stop was at 143.30 (150ema)

on reflection i could of managed the trade even tighter and placed original stop above high of left eye.

overall im happy with the trade.
These are the posts that I know make the big guy Smile
  • #55,270
  • Feb 17, 2010 11:32am Feb 17, 2010 11:32am
Quoting faizal82
pin at 50 / 61 fib and 150ema

took partial profit at first trouble area (blue area), stopped out on remainder.

initial stop was at 143.30 (150ema)

on reflection i could of managed the trade even tighter and placed original stop above high of left eye.

overall im happy with the trade.
I am very very happy for you faizal82.

I did not take that trade on my real account, but I take less than A+++ trades (in my book), all the time on demo - just for the sake for trade management practicing.

I have took and managed that trade exactly the same you had. How much would that minor move of 32 pips worth on your future huge trading account? I bet it would put a smile on your face.

What you have just done is making smart business, based on knowledge, and a solid well proven past record. Other would be gambling instead.

Keep it up!
Ben
  • #55,271
  • Feb 17, 2010 11:36am Feb 17, 2010 11:36am
Quoting faizal82
pin at 50 / 61 fib and 150ema

took partial profit at first trouble area (blue area), stopped out on remainder.

initial stop was at 143.30 (150ema)

on reflection i could of managed the trade even tighter and placed original stop above high of left eye.

overall im happy with the trade.

As mike says,james will be even more happy,if he turns to the daily chart and hope that at the ends day it shows up a nice PB

- 50,61.8 fib
- minor swing high
- with the trend
- space till the next critical area 141.30-40

lets see what will bring us the end of the day.


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  • #55,272
  • Feb 17, 2010 11:41am Feb 17, 2010 11:41am
Quoting mbqb11
These are the posts that I know make the big guy Smile
Hey Mike what's you view EU 1H pin. I mean what rating would you give it.
thanks
.
  • #55,273
  • Feb 17, 2010 11:44am Feb 17, 2010 11:44am
Quoting nasir.khan
Hey Mike what's you view EU 1H pin. I mean what rating would you give it.
thanks
.
I assume you mean the 1hr pin that started the huge sell off? Not big enough for me intraday and not a level I would have trade off, but I do love how price consolidated false broke out higher and pinned.

Best
Mike
  • #55,274
  • Feb 17, 2010 12:25pm Feb 17, 2010 12:25pm
Quoting mbqb11
I assume you mean the 1hr pin that started the huge sell off? Not big enough for me intraday and not a level I would have trade off, but I do love how price consolidated false broke out higher and pinned.

Best
Mike
Thanks.
  • #55,275
  • Feb 17, 2010 12:30pm Feb 17, 2010 12:30pm
I see greatness with the cable comming soon

K, gotta go. Wife is dragging me out the door.

Hey Rob, if you are reading this.. call me you weirdo
lowest draw down possible please.
  • #55,276
  • Feb 17, 2010 12:37pm Feb 17, 2010 12:37pm
Quoting ghous
Not a full bar loss....never a full bar loss if your trade has ventured into the green and has met the first trouble area.

My stop was reduced to a half bar one after we broke the pin, tested the first trouble area and pulled back.

Was Benji a fool to have moved his stop to BE and miss the big pips. HELL NO!

It's all about understanding and analyzing the risk you are willing/unwilling to take, implementing a dry emotionless trade plan and executing it perfectly regardless of how "neat" or "messed up" the outcome might...
I love your chart and how you're managing this trade. Hope I will learn to manage my trades like this "emotionlessly" one day...

I still have a trouble to decide whether to go BE at first trouble area or just lower my risk (let's say above hight of the day bar). I vividly remember Jim's words in one of his videos saying "Just get your stinking stop to break even!". But now I'm doing some backtesting with just A+ trades and there's not much of them for about 25 forex pairs I will be able to trade with my small account(once I go real). And it looks like finding a good way to lower the risk instead of going BE might help to catch more runners. But it's really not that easy, but maybe I just need a more practice and screen time.
On the other hand while doing backtesting I noticed that most of the time A(without +) or B trades makes it to first trouble area. So I'm thinking to open other demo account to try to trade these trades and always get full profit at first trouble area. Although I'm afraid that I will be overtrading again. Now I'm swore I will only take only A+ setups on my Alpari demo account and I have no trade yet in February.

I'm just trying to sort this out in my head and come up with some meaningful learning strategy(meaning how to demoing in the best way).
I would welcome any comments on this from you or other experienced traders.

Thanks and cheers,
Mikey
  • #55,277
  • Feb 17, 2010 12:38pm Feb 17, 2010 12:38pm
Quoting ehrek
I see greatness with the cable comming soon

K, gotta go. Wife is dragging me out the door.

Hey Rob, if you are reading this.. call me you weirdo
Not this time.

Anyways You made enough from it.
  • #55,278
  • Edited 1:08pm Feb 17, 2010 12:54pm | Edited 1:08pm
Quoting michal7
..... But now I'm doing some backtesting with just A+ trades and there's not much of them for about 25 forex pairs I will be able to trade with my small account(once I go real). .....
Hey Mikey,

Please do not get me wrong. I am not the one which is going to tell you what to do. Just wanna let you know that James has related to this exact issue many times in his videos, and even more times in his posts.
He says that we, the small account holders should make a choice. His advice for our choice is: open a large demo account (or micro real account), treat it like it is real money, and in the meantime save enough money till we get to the point that we can take only 1-3 slam dunk trades each month, manage them correctly, and still have a smile on our face when we see the profits.

I know that it's not something any of us, the small account traders would like to hear. But think about it like this...how many years of hard work it takes to become a professional doctor? If you are going to treat this like a business, it is no different than any other business. Just letting you know the big man's opinion.

Best,

Ben
  • #55,279
  • Feb 17, 2010 1:04pm Feb 17, 2010 1:04pm
Seems like Risking even 5% won't work against these freaks.

http://www.ifcmarkets.com/en/contest/
  • #55,280
  • Feb 17, 2010 1:13pm Feb 17, 2010 1:13pm
Quoting nasir.khan
Seems like Risking even 5% won't work against these freaks.

http://www.ifcmarkets.com/en/contest/
Yeah, it really can be amazing how fast some of these people can build up an account.
Don't wish it were easier, wish you were better. ~ Jim Rohn
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