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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

  • #59,221
  • Mar 26, 2010 9:23am Mar 26, 2010 9:23am
Quoting benji533
Spending this Friday holiday in front of the computer I found a nice size pin at extreme low bouncing off a BRN with a wired kinda divergence going on on the 4H.

Too bad my broker doesn't offer this pair. I would like to ask if any of you guys use FXPro for your live trading? would you recommend them?
Does any of you know what is the lowest amount of $ they allow risking per pip? Can't find in on their website.

Thanks

Ben
when we get such signal, we enter at break out, and find FTA(1st trouble area) or TP, when touch FTA then you move sl to b/e or take part profit? if FTA not touch then sl out? or sometime using "move SL" when b/e? the problems is enter are easy..but for me its hard for exit or manage.
  • #59,222
  • Mar 26, 2010 9:30am Mar 26, 2010 9:30am
Quoting benji533
Spending this Friday holiday in front of the computer I found a nice size pin at extreme low bouncing off a BRN with a wired kinda divergence going on on the 4H.

Too bad my broker doesn't offer this pair. I would like to ask if any of you guys use FXPro for your live trading? would you recommend them?
Does any of you know what is the lowest amount of $ they allow risking per pip? Can't find in on their website.

Thanks

Ben
the lowest amount you can trade is 1$/pip

and the minimum requirement to open an account with them is 500$
I do not have any problem with them, they have the lowest spred among all the MT4 brokers

they serve my purpose for the moment very well

my acccount is 3 figures so when I will step to the big league I will look for something more secure

hope it helps
  • #59,223
  • Mar 26, 2010 9:37am Mar 26, 2010 9:37am
I will be looking for strong PA in the 3450 - 3500 zone.
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  • #59,224
  • Mar 26, 2010 9:50am Mar 26, 2010 9:50am
Quoting bundyraider
Anyone else thinking Euro to 1.3465-ish to 80-ish area??

Should give us a trade abouts there I'm wagerin' on.
My little picture.
.
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  • #59,225
  • Mar 26, 2010 9:55am Mar 26, 2010 9:55am
CHF / JPY is at a daily PPZ area (and BRN) which is in between 50/61 fibs of swing.
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  • #59,226
  • Edited 10:43am Mar 26, 2010 9:57am | Edited 10:43am
Quoting forexlife
when we get such signal, we enter at break out, and find FTA(1st trouble area) or TP, when touch FTA then you move sl to b/e or take part profit? if FTA not touch then sl out? or sometime using "move SL" when b/e? the problems is enter are easy..but for me its hard for exit or manage.
Hey forexlife,

Trade management for me is the toughest part of the whole deal. There is no strict way of doing things like stone made rules. Personally I just look at each opportunity uniquely, based on the overall situation. Based on that I come up with a plan for each specific trade before I set my pending order.Then I just stick to the plan an not let myself second guess myself. No plan no trade. That's the only rule here.

Now you can either say you are going to be extremely picky and take only the well defined A+++ setups and give them more space. Or you can say you are going for an high win rate and take profit very fast for a low RR, or just move stops to BE very fast and then wait for the runners and multiple RR.

You can get a feeling of what the results would be using this simulator tool http://www.hquotes.com/tradehard/simulator.html

For this specific trade I have moved my stop to BE at the first trouble area and set a TP for the second more major trouble area. You can see it was either a BE or a TP. Once hitting the first trouble area, whatever would my setup a strong sign, I was not willing to take a lose.
Another personal thing I wouldn't recommend starting with, was a reduced stop I have used just below the BRN and bar lows from the left.
I closed this trade for about 1R witch is considered very big single gain for my style.

Only thing I can suggest is doing it long enough until you start getting the feeling of your own way of doing things. It isn't about right or wrong. It's about what works for you personally.

Hope that helps a bit

Ben
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  • #59,227
  • Mar 26, 2010 9:58am Mar 26, 2010 9:58am
Quoting nasir.khan
My little picture.
.
U/CHF might give us some clues too...
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  • #59,228
  • Mar 26, 2010 9:59am Mar 26, 2010 9:59am
Quoting nasir.khan
My little picture.
.
Good to know. Not something I'd trade off though( personally ) , but still good to know it's there.
Bundy's status today: "Waiting..."
  • #59,229
  • Mar 26, 2010 10:01am Mar 26, 2010 10:01am
Quoting bundyraider
Good to know. Not something I'd trade off though( personally ) , but still good to know it's there.
Bundy I was watching your level too. Like Nasir, I don't think it's going to make it there. Nasir just clarified my thinking. Not to say he's right, of course...
Gone to a better place
  • #59,230
  • Mar 26, 2010 10:03am Mar 26, 2010 10:03am
Quoting triger88990
the lowest amount you can trade is 1$/pip

and the minimum requirement to open an account with them is 500$
I do not have any problem with them, they have the lowest spred among all the MT4 brokers

they serve my purpose for the moment very well

my acccount is 3 figures so when I will step to the big league I will look for something more secure

hope it helps
Well that's a bummer
Seems like I'm stuck with Oanda. No 134 charts for me yet..

think Ben...think...
  • #59,231
  • Mar 26, 2010 10:22am Mar 26, 2010 10:22am
Quoting jarroo
I sure ghous would say this qualifies as an Inverted Pin Bar on the Daily Usd/Chf. I'm demoing it now. let's see how it works out.

gotto go

Working out just fine ghous , . . . . where ever you are?
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Indicators show the past. Price Action "Indicates" the future.
  • #59,232
  • Mar 26, 2010 10:23am Mar 26, 2010 10:23am
IB of a BRN.

Or breakout of TL and Retest.

seems like a trap. lol
.
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  • #59,233
  • Mar 26, 2010 10:30am Mar 26, 2010 10:30am
Quoting triger88990

Its a game of patience and waiting.

I know that it may be frustrating to skip a trade and that trade turns out to be a tremendous setup, but you must force yourself to change your attitude and begin to think like the pro.
Trading poetry my friend. Well said.
Indicators show the past. Price Action "Indicates" the future.
  • #59,234
  • Mar 26, 2010 10:42am Mar 26, 2010 10:42am
I know that we don't use fundamentals, but I was reading the news and thought that the ECB's decision to bail out Greece might mean a turn around for the EURO.

Oddly Enough this happened on the weekly's Fibzone.

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Any Opinions?
Going to go Hunt for some large pips
  • #59,235
  • Mar 26, 2010 10:42am Mar 26, 2010 10:42am
Quoting triger88990
Attachment

The 1.0200 sure played its role very well too triger.
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Indicators show the past. Price Action "Indicates" the future.
  • #59,236
  • Mar 26, 2010 10:47am Mar 26, 2010 10:47am
Quoting benji533
Hey forexlife,

Trade management for me is the toughest part of the whole deal. There is no strict way of doing things like stone made rules. Personally I just look at each opportunity uniquely, based on the overall situation. Based on that I come up with a plan for each specific trade before I set my pending order.Then I just stick to the plan an not let myself second guess myself. No plan no trade. That's the only rule here.

Now you can either say you are going to be extremely picky and take only the well defined A+++ setups and give them...
One more thing.
You can't eat the entire cake and keep it whole.
The market is very different from real life in the fact that it has no limitations. Price can keep going in either direction randomly as long as it wants with no limits. We have grew into a society that sets limitation for us since the very moment we have borne. You have been thought to do exactly what you have been told. be obedient to your parents, teachers and employers otherwise society would spit you out.

When you first get to know the market it's like the first time you have a complete control to do whatever you want with no limitations - the market is limitless. That's why YOU need to make the limitations by yourself instead of having them forced on you as you are regular from real life. You need to change the way of thinking.

Now let's say I see this GBPNZD trade shooting right up after I have just exited. I can beat myself up and say I'm a dummy for exiting so early and leaving all this potential profit. But you have no way of knowing that would happen in advance. I could held this trade further and in the exact same way lose all of my profit and even taking a lose.
That's why it's not about right or wrong. It's about what you have found working for you in the long term.

You can't really control a limitless thing like the market. That's why controlling yourself is the only way. And doing that is by having rules, guidelines, plan, or whatever.
If I would be entering every trade with no plan and say I am going to monitor momentum and based on that close my trades I would be stuck in a limitless situation of everything can possibly happen not under my control. It would be more trading in a random way, and there for have random results in the long term.

The plan is the structure and limitation of your own. It's the way keep consistency in a limitless thing like the market. The consistency can only come form inside you by cropping the market with your own limitations like a plan.

So what I am really tying to say is this. If I see this pair keep shooting up after I exited I do not care. I can't let a single random situation affect my mental consistency and mess me up from inside. You will miss many runners, or take many loses you could avoided (depending on your style). But that shouldn't affect your next t decision as long as you are being disciplined enough to follow your rules and plan.

It is a hard thing to grasp. I know. But imo there is no way around.

Ben
  • #59,237
  • Mar 26, 2010 10:48am Mar 26, 2010 10:48am
Quoting jarroo
Trading poetry my friend. Well said.
we always make progress in our trading career and in each point as we go further we begin to think and see everything with others eyes.

and from our own mistakes we learn the most if you have an open mind to learn from them

and this thread it has his place in our journey too

all the best!!
  • #59,238
  • Mar 26, 2010 10:49am Mar 26, 2010 10:49am
hello.....i have a little problem with accesing the pf....i am in china right now (maybe having a problem with their firewall)......want to know is there any member from china also that can help me fixing this problem.....
  • #59,239
  • Mar 26, 2010 10:52am Mar 26, 2010 10:52am
Quoting benji533
Hey forexlife,

Tade mangement for me is the toughest part of the whole deal. There is no strict way of doing things like stone made rules. Personally I just look at each opportunity uniqly, based on the overall situation. Based on that I come up with a plan for each specific tarde before I set my pending order.Then I just stick to the plan an not let myself second guess myself. No plan no trade. That's the only rule here.

Now you can ethier say you are going to be extreamley picky and take only the well defined A+++ setups and give them...
thank you. thats helpful. +1v
  • #59,240
  • Mar 26, 2010 10:59am Mar 26, 2010 10:59am
Quoting steven_leo
hello.....i have a little problem with accesing the pf....i am in china right now (maybe having a problem with their firewall)......want to know is there any member from china also that can help me fixing this problem.....
hey i'm from china too, i using SSH to across the great firewall. if you need step by step help pls pm me
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