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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

  • #60,121
  • Apr 7, 2010 11:39am Apr 7, 2010 11:39am
Quoting khairul81
Hey Mike,it must be true then you are picky about girls!! haha

Anyway took 5 trades for the past 3hrs.All winners..Thanks To this thread especially Jim,Mike,Nasir and other senior traders.

I would like to post some charts but how do u put the chart in? I tried but it only shows the link and whats the proper size?

Kai
hahah Aaron would crack up as he knows weekend mike, vs weekday Mike LOL


As for posting a chart. Simply right click your mt4 window. Save Picture as, then check the box that says As is. Save to somewhere on your computer. Then under the box where you are writing a reply is a manage attachments button. Click this and then find your file and upload..

Best
Mike
  • #60,122
  • Apr 7, 2010 11:58am Apr 7, 2010 11:58am
Quoting Dan Gilbert
getting to breakeven in a way that allows for good breathing room.

Very good explanation.
  • #60,123
  • Apr 7, 2010 12:04pm Apr 7, 2010 12:04pm
Guys and girls, need your feedback on these. I hate trading against the trend, but this pin was huge + div. It is demo.

And the second, I was thinking to take it or not, and decided to skip due to the traffic to the left and price making HL. Was my thinking correct?
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  • #60,124
  • Apr 7, 2010 12:05pm Apr 7, 2010 12:05pm
Quoting wh1zz0
Very good explanation.
I think on some of the larger T/Fs, this is a a good way to catch one of those long term "swing trades" without getting yourself stopped out too soon.

My goal right now is to hang on to a trade for 500 pips+.... I have a ton of respect for people who buy at a nice deep low/high and hang onto the position for a couple weeks. that is my ultimate goal to be able to do that.

enough of these 50 pip trades
Many choose unhappiness over uncertainty.
  • #60,125
  • Apr 7, 2010 12:06pm Apr 7, 2010 12:06pm
Quoting Dan Gilbert
getting to breakeven in a way that allows for good breathing room.
How about stacking up? (adding to a position) You know, a good trader always looks for an entry when others are looking for an exit. Going with the trend and stacking up is really a nice way of confirming the trend and taking chunks of meat off of it.

Nasir is doing it nicely.
  • #60,126
  • Apr 7, 2010 12:11pm Apr 7, 2010 12:11pm
Quoting ira
Guys and girls, need your feedback on these. I hate trading against the trend, but this pin was huge + div. It is demo.

And the second, I was thinking to take it or not, and decided to skip due to the traffic to the left and price making HL. Was my thinking correct?

Hey Ira

Firstly this isn't actually a pin. It didn't close within the prior bar which is your first sign of weakness from the bears.
IMO actually that pin is quite small Versus that huge uptrend. If you zoom out a bit you get a better view. I think w4e will see a topping on this pair but look for some substantial PA to do that. So this small pin then took off to that first trouble area and bounced.

Hope that helps
Mike
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  • #60,127
  • Apr 7, 2010 12:13pm Apr 7, 2010 12:13pm
Quoting neutro
How about stacking up? (adding to a position) You know, a good trader always looks for an entry when others are looking for an exit. Going with the trend and stacking up is really a nice way of confirming the trend and taking chunks of meat off of it.

Nasir is doing it nicely.
If you are trading for "swings" then yes! I think these long terms are sick.... You can stack up and up when you see fit.


There's some trending pairs that you can seriously just stick a 500 pip trailing S/L in the middle of the trend and see gains without even looking at it/stressing out. (see EURAUD, EURCAD) Just looking at those very big round numbers and place your trade, let it go. then after it moves 500 pips to the next BRN, look to keep stacking!
Many choose unhappiness over uncertainty.
  • #60,128
  • Apr 7, 2010 12:46pm Apr 7, 2010 12:46pm
Quoting Dan Gilbert
I think on some of the larger T/Fs, this is a a good way to catch one of those long term "swing trades" without getting yourself stopped out too soon.

My goal right now is to hang on to a trade for 500 pips+.... I have a ton of respect for people who buy at a nice deep low/high and hang onto the position for a couple weeks. that is my ultimate goal to be able to do that.

enough of these 50 pip trades
Yeah... That's the way to do it buddy. I usually wait to take those long term trades and hang on to some of them, while I trade Intra-day on another account.

Here's one I'm still holding:

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  • #60,129
  • Apr 7, 2010 1:15pm Apr 7, 2010 1:15pm
Quoting wh1zz0
Yeah... That's the way to do it buddy. I usually wait to take those long term trades and hang on to some of them, while I trade Intra-day on another account.

Here's one I'm still holding:

Attachment
are you closing @ 100.00?
Many choose unhappiness over uncertainty.
  • #60,130
  • Apr 7, 2010 1:22pm Apr 7, 2010 1:22pm
Quoting Dan Gilbert
are you closing @ 100.00?
Yeah that's the plan but I have an alert set at 95.50 area, then I'd know what to do next, if to look to add or look to close all.
  • #60,131
  • Apr 7, 2010 1:23pm Apr 7, 2010 1:23pm
Quoting mbqb11
Hey Scotty

I think I know what you are asking but if I missed please re-ask.

That 4bar matching low, or also DBLHC(it could be seen as a multiple bar low higher close) can give us two signals. Both a reversal signal as it did, and then you can even play a sell below all those matching lows as a strong signal for a breakout. So both ways. I might have missed here though

Best
Mike

Thanks Mike!
Answered it for me.
  • #60,132
  • Apr 7, 2010 1:35pm Apr 7, 2010 1:35pm
Quoting unlv_tj
Ghous,

I passed on the GBPUSD Daily IPB, it was damn tempting. Location was pretty good, closing below the 1.5300 number, and at a small swing high. Also RSI 6 divergence.

Could you give a slight overview of what made you take this trade, and your original SL and TP? I think I have an idea, I just want to double check the ideas in my head.

Thank you!

T.J.
Hey T.J!

1.53, a dominant downtrend, double top, a nice bearish looking IPB...all got me in.

I haven't modified the way I trade my IPB's so the entry was at the close of the bar with an initial SL 10 pips above the bar high. Moved my stop to BE when price moved 30 pips in my favor (I am more cautious with IPB trades compared with the other setups I take) and got out at BE when price pulled back. My TP as always was the IPB low...

Seems it worked out pretty well except that it disagreed to take me along with it lol

g.
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I believe . . .
  • #60,133
  • Apr 7, 2010 1:37pm Apr 7, 2010 1:37pm
Quoting khairul81
Hey Mike,it must be true then you are picky about girls!! haha

Anyway took 5 trades for the past 3hrs.All winners..Thanks To this thread especially Jim,Mike,Nasir and other senior traders.

I would like to post some charts but how do u put the chart in? I tried but it only shows the link and whats the proper size?

Kai

Thanks but don't put my name along with Jim and Mike, I am no where near them.
.
  • #60,134
  • Apr 7, 2010 1:46pm Apr 7, 2010 1:46pm
Thank you Ghous, I would have had much the same plan, but I think I was being too picky to pass on it. Just back from vacation in Washington DC and I gotta get my mind right again.

Thanks!
  • #60,135
  • Apr 7, 2010 1:55pm Apr 7, 2010 1:55pm
Quoting unlv_tj
Thank you Ghous, I would have had much the same plan, but I think I was being too picky to pass on it. Just back from vacation in Washington DC and I gotta get my mind right again.

Thanks!
You don't have to regret not trading this setup TJ. Wasn't the sweetest IPB ever so a pass would earn equal respect from me. It really has to do with what you feel comfortable taking. Sometimes I'll pass on an obvious setup just because "something doesn't feel right", I might not even know what that thing is and honestly I don't even care.

Trading is an instinctive art. If I am staring at a setup wondering what to do with it 99% of the times I'll talk myself out of the trade. Needless to say it will mostly take you a glimpse of the setup to get a good idea of it's worth...there comes a time when even confluence indicators come only second.

g.
I believe . . .
  • #60,136
  • Apr 7, 2010 1:56pm Apr 7, 2010 1:56pm
Quoting wh1zz0
Yeah that's the plan but I have an alert set at 95.50 area, then I'd know what to do next, if to look to add or look to close all.
yeah 95.5 looks rough....

I just think of the trades Jim has posted from users in the private forum who hung onto USDCAD shorts since the 1.25ish range. pretty incredible! I wonder if any of those people have closed at 1.00.....
Many choose unhappiness over uncertainty.
  • #60,137
  • Apr 7, 2010 2:11pm Apr 7, 2010 2:11pm
Quoting ghous
You don't have to regret not trading this setup TJ. Wasn't the sweetest IPB ever so a pass would earn equal respect from me. It really has to do with what you feel comfortable taking. Sometimes I'll pass on an obvious setup just because "something doesn't feel right", I might not even know what that thing is and honestly I don't even care.

Trading is an instinctive art. If I am staring at a setup wondering what to do with it 99% of the times I'll talk myself out of the trade. Needless to say it will mostly take you a glimpse of the...
Does that feel right Ghous?
.
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  • #60,138
  • Apr 7, 2010 2:38pm Apr 7, 2010 2:38pm
Quoting Dan Gilbert
yeah 95.5 looks rough....

I just think of the trades Jim has posted from users in the private forum who hung onto USDCAD shorts since the 1.25ish range. pretty incredible! I wonder if any of those people have closed at 1.00.....
Funny thing is I was short USD/CAD but I didn't like the action so I closed.

Happens sometimes.
  • #60,139
  • Apr 7, 2010 2:52pm Apr 7, 2010 2:52pm
Hi guys,

Thanks for the traffic explanation and the vid

I took the NZD/USD in the end and got stopped for about +35 pips in the end (no complaints there)

I can see a pin on EUR/CAD daily that looks quite nice. It's hard to plot S/R levels as it's trending so much - also I don't want to be trying to pick out tops and bottoms at this stage of my trading....

...but it does look quite nice all the same - also it's not in any traffic

What do you guys think?
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Anything can happen.
  • #60,140
  • Apr 7, 2010 2:53pm Apr 7, 2010 2:53pm
Quoting wh1zz0
Funny thing is I was short USD/CAD but I didn't like the action so I closed.

Happens sometimes.

I hear that. hanging on during 200 pip swings seems impossible to me right now, but I want to be able to not panic in such swings, and ride it to the next BRN...

I just look at pairs like EURAUD and EURCAD and wonder how I only took 1 or two trades inside those 5,000+ pip swings.... when in reality I could have just gripped one nice trade and not looked at it after I got my stop to B/E.... I don't know, just a though!
Many choose unhappiness over uncertainty.
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