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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

  • #61,341
  • Apr 20, 2010 5:17am Apr 20, 2010 5:17am
Quoting Egoman
I hope the chart can explain in more detail.

Please advice. Thank you.
Hi!!

For me (and only for me)...the real FTA (first trouble area) is on the low of 2 bars after the bar you indicate (so the low of 04/15/2010)...ant that area has already been hit today.
Market is like a puzzle, YOU have to fit the pieces!!
  • #61,342
  • Edited 5:50am Apr 20, 2010 5:38am | Edited 5:50am
Quoting Egoman
I hope the chart can explain in more detail.
...
Thanks for the chart.
it's still unclear to me. why 1.3490?
in FXPro, the high of the PB is 1.3496ish. if we use this FXPro value then u have opened a buy prior the PB's close?
normally, we buy(a few pips) above the PB high.

like Chris_B said, price may have already hit the first target/trouble/traffic area.
currently we are hovering 1.3500.
so, depending on your risk appetite, u may opt to stay still (dont move stop), exit now, put stop to BE, or tighten stop.
trade management will depend on you
  • #61,343
  • Apr 20, 2010 6:35am Apr 20, 2010 6:35am
Quoting jarroo
You are right. It was not structurally correct on many feeds. But if you look at other feeds Price went as low as .9200 over the weekend so this incomplete data on other feeds would show that the PB was within the previous bar.
Nice analysis jarroo, I like your clean and simple charts too. I'm in with you on AUD/USD. Not an A+++ setup, but great location with confluence. That pb is off a solid PPZ, the back of a descending TL, and 3rd bounce of a rising TL. If it breaks 9400 I think we have good chance of seeing 9850.

Ross
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  • #61,344
  • Apr 20, 2010 6:47am Apr 20, 2010 6:47am
Quoting Chris_B
I know that for many people these little trades with a few pips are not worth... but let me tell you that with a decent account these are "gold trades", the first trouble area is hit more than 90% of the time, and if you manage to move the stop to BE (or BE+1) when price is near to your TP, you can have a very good hit rate and a very good R:R.
Hello Chris,

You talk about "a very good R:R"... May I ask where you usually place your stops on these little trades?
  • #61,345
  • Apr 20, 2010 7:02am Apr 20, 2010 7:02am
Quoting Mauzzz
Hello Chris,

You talk about "a very good R:R"... May I ask where you usually place your stops on these little trades?
Hi Mauzz, when I say "a good R:R" i talk about moving your stop once the price has done his breakout and is pointing to the first trouble area. The initial R:R is always negative, but you will notice that after the breakout, price most of the times goes to the FTA before retracing, so, if for example your initial stop is 1% of your account, when you are in positive territory of...let's say 15/20 pips...you can reduce your stop (to 0.5% or 0.2%) or move it to BE, in this way your R:R becomes better.

When i put these little trades on, I usually search for a good stop point on the 1H timeframe (watching swings), so instead of having my stop on the other side of the setup bar, I have a reduced stop, most of the time I have a 2:1 RR. But this is just me, I do it because I know what I'm doing. I've studied how price moves and reacts after the breakout of the bar, so I'm confident doing this way. Anyway I'm doing it only in demo at the moment, and I have not enough data to say that this is a good way to place my stops.

Hope this helps!
Market is like a puzzle, YOU have to fit the pieces!!
  • #61,346
  • Apr 20, 2010 8:15am Apr 20, 2010 8:15am
for those who took the trade it looks like that CAD PB will make parity at least, what a phenomena ?? all off of a daily PB
Without women, money would have no meaning - Aristotle Onassis
  • #61,347
  • Apr 20, 2010 8:24am Apr 20, 2010 8:24am
Triple lows around 3650 was a major signal to short this pair, If I may add, triple consecutive 4 hourly lows at this level....all in the first few hundred pages of this very thread, the James16 trading posts...
Without women, money would have no meaning - Aristotle Onassis
  • #61,348
  • Edited 8:48am Apr 20, 2010 8:36am | Edited 8:48am
Quoting shauns1966
Hi Scott

My first wife had a saying:

"Indecision means NO" so I'll probably pass on this and then watch it drop like a stone back to the 10000 level!!!http://cdn.forexfactory.com/images/s...yim/crying.gifhttp://cdn.forexfactory.com/images/s...m/big_grin.gif

Good luck!...
Hey Shaun, it really hit 10000 level OMG! All in under an hr..........Talk about volatility.

CY
  • #61,349
  • Apr 20, 2010 8:39am Apr 20, 2010 8:39am
Quoting mattfx
for those who took the trade it looks like that CAD PB will make parity at least, what a phenomena ?? all off off a daily PB
it sure did. in fact, breached it.
currently below/at parity (1.00)
  • #61,350
  • Apr 20, 2010 8:42am Apr 20, 2010 8:42am
The EURUSD Pin has done exactly what it was supposed to do..
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Market is like a puzzle, YOU have to fit the pieces!!
  • #61,351
  • Apr 20, 2010 8:50am Apr 20, 2010 8:50am
Anyway all traded in the direction of the trend....not much to say about that trend except risk management
Without women, money would have no meaning - Aristotle Onassis
  • #61,352
  • Apr 20, 2010 9:08am Apr 20, 2010 9:08am
Didn't take it!!!!!!

Quoting ertorque
Hey Shaun, it really hit 10000 level OMG! All in under an hr..........Talk about volatility.

CY
  • #61,353
  • Apr 20, 2010 9:16am Apr 20, 2010 9:16am
Quoting ertorque
Hey Shaun, it really hit 10000 level OMG! All in under an hr..........Talk about volatility.

CY
Think it was caused by CAD Bank of Canada Interest Rate Decision.
  • #61,354
  • Apr 20, 2010 9:22am Apr 20, 2010 9:22am
Quoting Scotty2Cues
need to read about these pbs by proxy. everything looked great except the open of the pb but isnt it just because of broker hours, so why is it that relevant?
I also skipped this since the PB is not within the left eye. Instead I took a long trade of CHFJPY.
  • #61,355
  • Apr 20, 2010 9:29am Apr 20, 2010 9:29am
Quoting misterhog
Think it was caused by CAD Bank of Canada Interest Rate Decision.
i was out @ b/e lol
Many choose unhappiness over uncertainty.
  • #61,356
  • Apr 20, 2010 9:34am Apr 20, 2010 9:34am
please help lol. 3rd demo trade and the second time its happened. in profit, hit at BE now watching it fall without me. sell order was 1.01290 looking to hit blue rectangle.

maybe i should have moved it just above BE
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  • #61,357
  • Apr 20, 2010 9:34am Apr 20, 2010 9:34am
Out at .9988 for 1.8R.

We have reached the previous lows (read: traffic) so I don't see a reason why to risk the profit.

Back in to patience mode, waiting for the next quality setup.
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  • #61,358
  • Apr 20, 2010 9:38am Apr 20, 2010 9:38am
Quoting artov
Out at .9988 for 1.8R.

We have reached the previous lows (read: traffic) so I don't see a reason why to risk the profit.

Back in to patience mode, waiting for the next quality setup.
Good trade!!
If I think I exited with only +16 pips.. but that's my style..
Market is like a puzzle, YOU have to fit the pieces!!
  • #61,359
  • Apr 20, 2010 9:48am Apr 20, 2010 9:48am
I moved sl to the current bar's high when it broke the pb, took full profit at 61.8 fib ret.

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skype: ststroud. let's talk trading.
  • #61,360
  • Apr 20, 2010 10:28am Apr 20, 2010 10:28am
2nd trade - Huge 4HR BUOB with Trend at BRN 1.30.

Moved my stops up behind RN after about 20 pips . Really got this thing close to the pip (Kind of lucky, but kind of having a plan and understanding trouble areas). But it hit my TP and I am out

This thing Could retrace and keep going, but I am out at .3R. Another small trade for me but combined with the Gaps I am doing very well this month.

Patience has been the key. Pretty simple stuff and not stressful at all if you have a plan.

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