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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

  • #58,401
  • Mar 17, 2010 5:07am Mar 17, 2010 5:07am
Quoting benji533
Hey neutro,

I would say, stick to the plan no matter what
Now the question is...have you stuck to the plan? or have you let your fear of seeing a 2 day bar pin on daily ruin your plan?

For me, if I was in this trade - now I would be getting an alert to make my first decision. As long as it did not hit 1st trouble area, whatever happens is not under my control. Not my part of the deal.
Good luck brother.

Ben
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  • #58,402
  • Mar 17, 2010 5:09am Mar 17, 2010 5:09am
Time for making some decisions.........

when you are trying to catch up some swing position you must be prepare for a large drawdown, you must have a god mental shape for this kind of trade.you must know yourself otherwise you will suffer a lot if you get emotional with your trades.For me it doesn't bother me at all the DD.

All you need is to know from what points those DD can be a reversal signal,so you can KILL IT

gj is up by 7R= 14%
ej is up by 10R=20%
uj is up by 12R=24%

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  • #58,403
  • Mar 17, 2010 5:09am Mar 17, 2010 5:09am
Quoting g_j_hook@yah
and jus one more breakout trade to be watching...
nice MACD/RSI divergence
  • #58,404
  • Mar 17, 2010 5:11am Mar 17, 2010 5:11am
Quoting triger88990
isn't it fun to trade the news,just a little gambling like always, market structure and how orders work it can put you easily in this kind of trades

on the cable I didn't added any postion because I'm already in from the 4h BUOB

just for fun purpose

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Don't call it gambling Trig.
.
  • #58,405
  • Mar 17, 2010 5:14am Mar 17, 2010 5:14am
Quoting triger88990
Time for making some decisions............

Awesome triger!
  • #58,406
  • Mar 17, 2010 5:19am Mar 17, 2010 5:19am
Quoting supremeChaos

Awesome triger!
nothing fancy or any sophisticate sistem just price behavior

if you persist in your job and have a mindset and you know to read beyond the price it is easy

learn it from the big guy

Quoting nasir.khan
Don't call it gambling Trig.
.
just kidding

all the best!!
  • #58,407
  • Mar 17, 2010 5:20am Mar 17, 2010 5:20am
Quoting jarroo
15 min chart! Wow, you must have had alot faith in that one, my friend.

Very nice on the Eur/Gbp . . Aaahhh, the 4 hour chart . . . that's better.
lol...i basically only trade formations on the 15min not PA. i also use it for entries after i have made up my mind from the longer TFs.
heres an example...not very good ones but i think youlle get the point. i dont post these as obviously they dont belong on this thread, but its amazing what a couple of lines can do for your trading!.

jon
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PATIENCE... DISCIPLINE
  • #58,408
  • Mar 17, 2010 5:22am Mar 17, 2010 5:22am
Quoting triger88990
Time for making some decisions.........

when you are trying to catch up some swing position you must be prepare for a large drawdown, you must have a god mental shape for this kind of trade.you must know yourself otherwise you will suffer a lot if you get emotional with your trades.For me it doesn't bother me at all the DD.

All you need is to know from what points those DD can be a reversal signal,so you can KILL IT

gj is up by 7R= 14%
ej is up by 10R=20%
uj is up by 12R=24%

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Attachment ...
well done bro, i dont think you anything to think bout, they look jus fine to me???

jon
PATIENCE... DISCIPLINE
  • #58,409
  • Mar 17, 2010 5:23am Mar 17, 2010 5:23am
Quoting supremeChaos
nice MACD/RSI divergence
ye, one of the things that got me looking in the first place.

jon
PATIENCE... DISCIPLINE
  • #58,410
  • Mar 17, 2010 5:26am Mar 17, 2010 5:26am
Quoting g_j_hook@yah
lol...i basically only trade formations on the 15min not PA. i also use it for entries after i have made up my mind from the longer TFs.
heres an example...not very good ones but i think youlle get the point. i dont post these as obviously they dont belong on this thread, but its amazing what a couple of lines can do for your trading!.

jon
this wedge patterns are always give a high risk reward rate

the same apply to the trend line use in the large tf you can easily identify the trend and play the pull back in zones with strong confluence and PA

nicely done!!
  • #58,411
  • Mar 17, 2010 5:29am Mar 17, 2010 5:29am
one thing i have got used to recently with my longer term trades is that we have plenty of time to close/manage those trades. price is in no hurry most of the time. My advise to anyone is wait for some PA to tell you to close or simply put your stop at a reasonable distance and wait to be stopped or stay in! these simple realizations have helpped me a great deal in my longer term trades.

jus my 2 cents

jon
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PATIENCE... DISCIPLINE
  • #58,412
  • Mar 17, 2010 5:30am Mar 17, 2010 5:30am
Quoting g_j_hook@yah
lol...i basically only trade formations on the 15min not PA. i also use it for entries after i have made up my mind from the longer TFs.
heres an example...not very good ones but i think youlle get the point. i dont post these as obviously they dont belong on this thread, but its amazing what a couple of lines can do for your trading!.

jon

I see. Using a formation on the lower time frames with the longer time frame PA bias. I like it.
Indicators show the past. Price Action "Indicates" the future.
  • #58,413
  • Mar 17, 2010 5:37am Mar 17, 2010 5:37am
Well traded G_J.

Would be good to see how you manage these trades with movement of stops etc.

One question I have (for anyone) is when entering a trade what contract do you open? On most major pairs the spread is somewhere between 2-4 pips for the daily rolling contract. If you keep this position open for a week you would maybe catch a 300 pip move and pay 20 pips or so as spread, which is still quite a lot but acceptable under ther circumstances. However on the minor FX pairs the spread absoultely eats into your profits. For example I was in the CHF/JPY daily contract yesterday and the spread was 8 pips, which rolled into today (another 8 pips) prior to my TP being hit. Approx 80 pip gain but 16 of these given back.

  • #58,414
  • Mar 17, 2010 5:42am Mar 17, 2010 5:42am
Quoting jarroo
I see. Using a formation on the lower time frames with the longer time frame PA bias. I like it.
exacly, for e.g. i liked the break of the us/cad daily/weeklywedge and wanted to get on board. so i dropped to the 1h and hey presto a retest and a nice line to get short on the break. for me i prefer this to the blind touch trades.
ok back to the thread...

jon
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PATIENCE... DISCIPLINE
  • #58,415
  • Mar 17, 2010 5:46am Mar 17, 2010 5:46am
Quoting Mp1983
Well traded G_J.

Would be good to see how you manage these trades with movement of stops etc.

One question I have (for anyone) is when entering a trade what contract do you open? On most major pairs the spread is somewhere between 2-4 pips for the daily rolling contract. If you keep this position open for a week you would maybe catch a 300 pip move and pay 20 pips or so as spread, which is still quite a lot but acceptable under ther circumstances. However on the minor FX pairs the spread absoultely eats into your profits. For example I was in...
hi mate, i dont think you have this right?? we only pay the spread once when we open the tradewe get the bid, when the trade is running we will always get the ask when we close. Besides that i dont even think bout the spread except when i set my orders, as it is just the cost of trading. and damn cheap too imo lol
hope this helps

jon
PATIENCE... DISCIPLINE
  • #58,416
  • Mar 17, 2010 5:50am Mar 17, 2010 5:50am
Quoting Darkstar
I'm Darkstar bitches! And don't you forget it!

Sup Mike?
Hahahahaha! Nice one, respect indeed...
  • #58,417
  • Mar 17, 2010 6:05am Mar 17, 2010 6:05am
Quoting triger88990
Time for making some decisions.........
Great ones brother, pure classic
  • #58,418
  • Mar 17, 2010 6:08am Mar 17, 2010 6:08am
Quoting g_j_hook@yah
hi mate, i dont think you have this right?? we only pay the spread once when we open the tradewe get the bid, when the trade is running we will always get the ask when we close. Besides that i dont even think bout the spread except when i set my orders, as it is just the cost of trading. and damn cheap too imo lol
hope this helps

jon
Hi Jon, basically on a rolling contract what happens at the end of each day (8pm for me) is that if you have a position open then it will get closed and a new position opened at that point (SL etc remains the same), hence you are paying the spread each time the position is rolled.

However you can also open positions for longer durations, such as quartlerly or even yearly. For these contracts the spread is larger but smaller than if you rolled every day for that duration.

My question is which contract do you open and how do you judge what contract to open?

Hope that I clarified things.

  • #58,419
  • Mar 17, 2010 6:15am Mar 17, 2010 6:15am
Quoting Mp1983
Hi Jon, basically on a rolling contract what happens at the end of each day (8pm for me) is that if you have a position open then it will get closed and a new position opened at that point (SL etc remains the same), hence you are paying the spread each time the position is rolled.

However you can also open positions for longer durations, such as quartlerly or even yearly. For these contracts the spread is larger but smaller than if you rolled every day for that duration.

My question is which contract do you open and how do you judge what contract...
ahha, i didnt know this! i trade with oanda and as far as i know we dont pay for any roll overs?? so sorry i cant help you. if i am right( bout oanda) then you could change your broker??
thanx for the info

jon
p.s. maybe Mike can confirm this for us(or anyone else??) as i believe ha has an account with oanda and other brokers...
PATIENCE... DISCIPLINE
  • #58,420
  • Mar 17, 2010 6:25am Mar 17, 2010 6:25am
Quoting Mp1983
Hi Jon, basically on a rolling contract what happens at the end of each day (8pm for me) is that if you have a position open then it will get closed and a new position opened at that point (SL etc remains the same), hence you are paying the spread each time the position is rolled.

However you can also open positions for longer durations, such as quartlerly or even yearly. For these contracts the spread is larger but smaller than if you rolled every day for that duration.

My question is which contract do you open and how do you judge what contract...
Is this with a spread betting broker? I trade spot forex which the only thing you deal with is spread/commissions(sometimes just one or the other) on your entry(another commission on the close). Since this is the spot forex market there is a rollover that happens each day. But depending on what end of the stick you are on you can be collecting itnerest or paying interest. For the most part very small in the longer terms of thing. If I had to pay the spread again each day I would not be with that type of broker or using that type of contract(maybe this is something in futures I don't know). To me the spot market is so huge that this is one reason to be in it

Hope that helps
Mike
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