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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

  • #55,401
  • Feb 18, 2010 8:01pm Feb 18, 2010 8:01pm
Quoting chatzi
I think you are right, should be clear swing lows and highs.
i see no problem using minor Fib swings (act as confluence).
but be sure to use clear swings, those that many traders are bound to see & use.
  • #55,402
  • Feb 18, 2010 8:04pm Feb 18, 2010 8:04pm
Cad trade today

Downtrend is violated
Support Zone
Inside Candle
Out Side Bullish Candle
...
Attached Image (click to enlarge)
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Back to the beginning ... demo
  • #55,403
  • Feb 18, 2010 8:06pm Feb 18, 2010 8:06pm
Quoting the novice
I took it off an inside bar on H4.
i expected the trade to go off the 'good location' to at least somewhere near the ascending trendline.
My reasoning was that even though it was an indecision bar, the location was good. There were many times I have seen a trend start with a lousy looking PB. ....
our fellow traders have identified good reasons, but i think here is the ultimate reason.
u saw the forest, but not the trees.

u expected price to reach trendline area, & u somehow missed the first trouble area identified by tj & chatzi.
when we travel, we look forward to our destination, but we also have to look after the bumps, humps, potholes, zigzags along the way. right?
  • #55,404
  • Feb 18, 2010 8:28pm Feb 18, 2010 8:28pm
Quoting joelcf
I'm not going to listen to people....
I'm not going to follow sound risk management....
I'm not going to stop trading the m30 chart...
I'm not going to accept that it is all my own fault when I bust my micro...
...
oh man, who is this guy?
so stern, so strict, so harsh, specially considering it's my first post in this thread...
telling me to listen to people with more experience and skill than me
telling me to follow sound risk management
telling me to stop trading M30 chart & my indicators...
telling me to accept responsibility if I bust my micro account taking bad trades with a third of my 'capital'.

i better quit now & forget/relinquish my dreams of a secure, financially free life.
  • #55,405
  • Feb 18, 2010 9:22pm Feb 18, 2010 9:22pm
any comments on the pinbar that just formed on the daily on usd/jpy??
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  • #55,406
  • Feb 18, 2010 9:48pm Feb 18, 2010 9:48pm
Quoting smallkuku
any comments on the pinbar that just formed on the daily on usd/jpy??
Kindly read these (here & here)
  • #55,407
  • Feb 18, 2010 10:44pm Feb 18, 2010 10:44pm
Hello Mike or any experience traders,

Do you like the 2 day false breakout on the GBPUSD?

I saw this kind of pattern happen over and over, but never have a chance to pull the trigger on my live account.

Do you guys usually like this kind of false breakout? It seems most of time it give a false breakout on the pattern, it will reverse on the direction very quickly.


What is your opinion about this kind of pattern false breakout trade?


Thanks

PM
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  • #55,408
  • Feb 18, 2010 11:12pm Feb 18, 2010 11:12pm
Quoting PippingMama
Hello Mike or any experience traders,

Do you like the 2 day false breakout on the GBPUSD?

I saw this kind of pattern happen over and over, but never have a chance to pull the trigger on my live account.

Do you guys usually like this kind of false breakout? It seems most of time it give a false breakout on the pattern, it will reverse on the direction very quickly.


What is your opinion about this kind of pattern false breakout trade?


Thanks

PM
Hey PM

for sure, there is a nice little story that can be told, I often incorporate false breakouts like this with my intraday trading It can be a nice compliment

Best
Mike
  • #55,409
  • Edited 11:38pm Feb 18, 2010 11:23pm | Edited 11:38pm
Quoting michal7
1, I have rules for for A+ setup and they're quite clear. They're based on location, bar itself and space(all three are a must). Then fibs and divergence are thing that add confidence to the trade(although optional).

2, I don't have target or ROI set to some exact number. However I do have my trades limit set to 3 a month. This is because I was overtrading, when I was taking about 10 trades a month and never...
Exactly Mikey,

You are a good learner.

The best thing to do is to just let your trade criteria handle the problem of over trading because you've got to learn that when you let go off a setup you let it go because it was not "worth a take" rather than because you've "consumed your limit of trades for the month"...do you see how the latter statement can make you punch your palm when a trade you did not take works out?


g.
I believe . . .
  • #55,410
  • Feb 18, 2010 11:54pm Feb 18, 2010 11:54pm
dont try this at home

small bar. took it cuz i am way up on the month

used a smaller position then normal.
2nd trade of the month for me

http://i432.photobucket.com/albums/q...un/chart-1.jpg
  • #55,411
  • Feb 18, 2010 11:55pm Feb 18, 2010 11:55pm
Quoting mbqb11
Hey PM

for sure, there is a nice little story that can be told, I often incorporate false breakouts like this with my intraday trading It can be a nice compliment

Best
Mike

Hello Mike,

When you mention about using the false breakout on intraday trading, what timeframe and which pair do you used to trade?

Thanks!

PM
  • #55,412
  • Feb 19, 2010 12:03am Feb 19, 2010 12:03am
Quoting PippingMama
Hello Mike,

When you mention about using the false breakout on intraday trading, what timeframe and which pair do you used to trade?

Thanks!

PM
Hey PM anything that moves and I consider intraday 4hr and under

Mike
  • #55,413
  • Feb 19, 2010 12:22am Feb 19, 2010 12:22am
Nice looking PA setup but I decided to skip it due to the location. This market is currently sideways and the first resistance is the 1.0530 area. To me the risk of price reversing at the 1.0530 area is too great for me to place a buy stop order.

Scott

Quoting goldtrader
Cad trade today

Downtrend is violated
Support Zone
Inside Candle
Out Side Bullish Candle
...
  • #55,414
  • Feb 19, 2010 12:37am Feb 19, 2010 12:37am
CHART
Attached Image
  • #55,415
  • Feb 19, 2010 1:38am Feb 19, 2010 1:38am
Quoting bundyraider

"Will I regret not being in it (neither losing nor gaining money) when it just happens to hit the top of the range?
....Or will I regret it more not being picky enough with my trades when it bombs out , losing money , and then a stronger trade happens at the bottom of the range anyway?"
These are really good questions man. I'll be asking them myself when I'm not sure about a setup. For this one answers are NO and YES.

Thanks for feedback,
Mikey
  • #55,416
  • Feb 19, 2010 1:52am Feb 19, 2010 1:52am
Moved SL. Yellow.
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  • #55,417
  • Feb 19, 2010 2:41am Feb 19, 2010 2:41am
Quoting ghous
Exactly Mikey,
...do you see how the latter statement can make you punch your palm when a trade you did not take works out?

g.
Sure, it's not good even when I see B trade to work out... With A+ it would be painful...

Thanks,
Mikey
  • #55,418
  • Feb 19, 2010 2:44am Feb 19, 2010 2:44am
Quoting goldtrader
Cad trade today

Downtrend is violated
Support Zone
Inside Candle
Out Side Bullish Candle
...
A free trade from now with half of position, I admit the location is not good...
Attached Image (click to enlarge)
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Back to the beginning ... demo
  • #55,419
  • Feb 19, 2010 3:29am Feb 19, 2010 3:29am
Quoting supremeChaos
Hey Mikey....
u already have rules for an A+ setup.
if u stick to your rules, imho, u dont have to limit yourself to 3 trades a month. in other words, take as little or as many trades as u see as long as they are in accordance to your rules.
Thanks for feedback supremeChaos, I'm thinking about dropping this 3 trades limit... because really, it might be 0 as well as 5... I'll see...

Cheers,
Mikey
  • #55,420
  • Feb 19, 2010 3:44am Feb 19, 2010 3:44am
Hi all

The problem I see for us newbiesless experienced traders is that if we are waiting most of the time for only A+ setups, which are rare, then how do we get the experience we crave? Its a bit of a conundrum is it not? Suppose the answer is to follow as many pairs as you can which allows more opportunities. BTW have not taken any trades this week!

berti
PA is where its at!!
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