james16 Chart Thread | Page 3189 | Forex Factory

Options

Go to
Permalinks
Print Thread

Similar Threads

Where can I learn more about Price Action like those in James16 charts? 9 replies

Attachments: james16 Chart Thread
Exit Attachments

james16 Chart Thread

  • #63,761
  • May 14, 2010 3:32am May 14, 2010 3:32am
Quoting Mauzzz
Well, that CHF/JPY trade didn't work out well for me. I got nicked in by two pips and then price reversed and took me out. And now I'm watching it finally making the move down without me. From your experience on trades like these, do you think that 10 pips buffer is not enough, should I use 15?
Yes a 10 pip buffer is good, on a pair like this a 15-20 pip on the Daily maybe better.

There are many things to be learn from this one. Number 1 is what Mike and James16, and many other would say. . .pass on this one . . . even if it works out. Its just not the ideal A+ trade that we are looking for. BEOB is in a consolidation , not at a swing high. . . next.

With that said, the other things would be the time of day. . .wait until london, No hard break, Price not confirming the break or other levels, etc.
Indicators show the past. Price Action "Indicates" the future.
  • #63,762
  • May 14, 2010 3:44am May 14, 2010 3:44am
Look at how PB on the Cad is behaving compared to the BEOB on the Chf/Jpy.

The PB on the Cad is a better setup.
Attached Image(s) (click to enlarge)
Click to Enlarge Name: cad14.gif Size: 24 KB
Click to Enlarge Name: cad144.gif Size: 21 KB
Click to Enlarge Name: cad1441.gif Size: 21 KB
Indicators show the past. Price Action "Indicates" the future.
  • #63,763
  • May 14, 2010 3:50am May 14, 2010 3:50am
Quoting NosferatuMan
I don't know what your level of experience is but, if you truly believe in the setup, why don't you use a full bar SL?

(I assume you are starting to learn this method)

Nos
I am learning this method but I believe in the power of reduced stops combined with quick to B/E approach. It seemed to work quite well in backtesting. In an ideal setup, the price breaks hard and never looks back until reaching the FTA.
  • #63,764
  • May 14, 2010 3:51am May 14, 2010 3:51am
Quoting jarroo
Watching the Cad/Jpy to Atc. Nice charts.

Target hit. Nice test on the 91.12 PPZ level.
Attached Image (click to enlarge)
Click to Enlarge Name: cadjpy14.gif Size: 18 KB
Indicators show the past. Price Action "Indicates" the future.
  • #63,765
  • May 14, 2010 3:53am May 14, 2010 3:53am
Quoting Mauzzz
I am learning this method but I believe in the power of reduced stops combined with quick to B/E approach. It seemed to work quite well in backtesting. In an ideal setup, the price breaks hard and never looks back until reaching the FTA.
I would agree with that Mauzzz.
Indicators show the past. Price Action "Indicates" the future.
  • #63,766
  • May 14, 2010 3:54am May 14, 2010 3:54am
No surprises with this last candle.

Let's see how it closes.
Attached Image (click to enlarge)
Click to Enlarge Name: pic.jpg Size: 131 KB
  • #63,767
  • May 14, 2010 3:57am May 14, 2010 3:57am
Quoting Pinbar
No surprises with this last candle.

Let's see how it closes.
So your looking to take a BEOB at a swing Low Pb?
Indicators show the past. Price Action "Indicates" the future.
  • #63,768
  • May 14, 2010 3:58am May 14, 2010 3:58am
Quoting jarroo
Look at how PB on the Cad is behaving compared to the BEOB on the Chf/Jpy.

The PB on the Cad is a better setup.
Yeah, I picked a wrong trade it seems. Although, the CAD trade is not exactly an A+ setup either, is it?
  • #63,769
  • May 14, 2010 4:04am May 14, 2010 4:04am
Quoting jarroo
Target hit. Nice test on the 91.12 PPZ level.
And I was thinking of taking that one. It behaved perfectly just as I thought it would. Had I taken that trade, I would have scored a win. Instead, I took the stupid CHF/JPY and lost. Of course, the CHF/JPY now reached my target as well.
  • #63,770
  • May 14, 2010 4:05am May 14, 2010 4:05am
I agree with Jarroo CHF/JPY looks like one of those suck em in Again deals.
Attached Image (click to enlarge)
Click to Enlarge Name: Capture.jpg Size: 95 KB
  • #63,771
  • May 14, 2010 4:07am May 14, 2010 4:07am
Quoting Mauzzz
Yeah, I picked a wrong trade it seems. Although, the CAD trade is not exactly an A+ setup either, is it?

Yes, that maybe true. But I'm sure you could say that its better than the Chf/Jpy BEOB.

If you applied the same tight management to the Cad PB as you did to the Chf/Jpy . .I think you would like the results right now.
Indicators show the past. Price Action "Indicates" the future.
  • #63,772
  • May 14, 2010 4:07am May 14, 2010 4:07am
Quoting Mauzzz
I am learning this method but I believe in the power of reduced stops combined with quick to B/E approach. It seemed to work quite well in backtesting. In an ideal setup, the price breaks hard and never looks back until reaching the FTA.

I tend to agree with that approach, though I use it less than the full bar SL (mainly cause I can't always be in front of the screen when the trade is triggered).
  • #63,773
  • May 14, 2010 4:09am May 14, 2010 4:09am
Quoting Mauzzz
And I was thinking of taking that one. It behaved perfectly just as I thought it would. Had I taken that trade, I would have scored a win. Instead, I took the stupid CHF/JPY and lost. Of course, the CHF/JPY now reached my target as well.

Time and practise my friend.
Indicators show the past. Price Action "Indicates" the future.
  • #63,774
  • May 14, 2010 4:13am May 14, 2010 4:13am
Quoting jeurre
nope, nasir, my friend. just get lost on bundy's phrase "In fact you can get some great shorts off of ones like that when they line up with a 61.8% fib too." I don't know if he was talking about crude oil and continuation type of DBLHC, or some other scenarios which I still can not figure out, maybe an example of chart would be nice. I still wait, if bundy don't mind, to have some more explanation. so........ thanks, nasir, you are great, well done, buddy .
Ok. Ask me again next week when I'm back home. I'm a trippin'

...trippin' out. Campin'

Crackers and flares and all happening here. LOL

...damn hooligans.
Bundy's status today: "Waiting..."
  • #63,775
  • May 14, 2010 4:13am May 14, 2010 4:13am
Quoting NosferatuMan
I tend to agree with that approach, though I use it less than the full bar SL (mainly cause I can't always be in front of the screen when the trade is triggered).
A full bar S/L is not a bad way to go. It then comes down to being very picky with your setups.
Indicators show the past. Price Action "Indicates" the future.
  • #63,776
  • May 14, 2010 4:14am May 14, 2010 4:14am
Quoting nasir.khan
Btw i hate setups that appear just near a PPZ, BRN or Swing point but not at them they are the real teasers.lol
.
About sums it up.

That's why Bundy does so much waiting. lol
Bundy's status today: "Waiting..."
  • #63,777
  • May 14, 2010 4:16am May 14, 2010 4:16am
Quoting jarroo
Time and practise my friend.
Can I ask you why you think that the CAD/JPY pin was better than the CHF/JPY BEOB? I mean, why did you think that prior to having any information on how they're going to behave.

What gives me a little bit of confidence is to see that price eventually did reach the target I thought it would reach. Only without me. Oh well, it will work out next time.
http://img17.imageshack.us/img17/791...y13510loss.gif
  • #63,778
  • May 14, 2010 4:17am May 14, 2010 4:17am
Quoting jarroo
So your looking to take a BEOB at a swing Low Pb?

I was thinking that, as price has already tested the 50 fibo and been rejected, this may be a trend continuation all the way to the 23.6
Attached Image (click to enlarge)
Click to Enlarge Name: Capture.PNG Size: 43 KB
  • #63,779
  • May 14, 2010 4:22am May 14, 2010 4:22am
Quoting jarroo
A full bar S/L is not a bad way to go. It then comes down to being very picky with your setups.
Don't get me wrong.

I speak in terms of position sizing and giving a bit of room for the trade do develop (again, we are talking generally and not this specific CHFJPY trade).
This doesn't mean taking a full bar loss if the trade goes against you.

EDIT: lol, I must be still asleep. I totally misunderstood your sentence. I'm sure I agree with you almost 100% cause your posts ahve been very important in my learning.
  • #63,780
  • May 14, 2010 4:24am May 14, 2010 4:24am
Quoting Mauzzz
Can I ask you why you think that the CAD/JPY pin was better than the CHF/JPY BEOB? I mean, why did you think that prior to having any information on how they're going to behave.

What gives me a little bit of confidence is to see that price eventually did reach the target I thought it would reach. Only without me. Oh well, it will work out next time.

Chf/Jpy was in a consolidation area the Cad/Jpy was not (Cad/J was at more of a swing high. If you can see that.) That was the first thing that came to mind.
Indicators show the past. Price Action "Indicates" the future.
363 traders viewing now