james16 Chart Thread | Page 3194 | 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

  • #63,861
  • May 14, 2010 1:11pm May 14, 2010 1:11pm
Quoting extraneo
Thanks Mike
.. perhaps begin to learn something ...
In your opinion, was correct position the SL to the minimum these days?
It depends on the trader ultimately> I always prefer to have my stop loss at the end of the bar this way I have the flexibility to move it as I see fit. You do lower your position size but their are always trade offs. Many times you are going to get nicked out with such a tight stop loss and then price proceeds on its way. Keep demoing and find where you are most comfortable and work from there.

Have a great weekend
Mike
  • #63,862
  • May 14, 2010 1:23pm May 14, 2010 1:23pm
Quoting mbqb11
It depends on the trader ultimately> I always prefer to have my stop loss at the end of the bar this way I have the flexibility to move it as I see fit. You do lower your position size but their are always trade offs. Many times you are going to get nicked out with such a tight stop loss and then price proceeds on its way. Keep demoing and find where you are most comfortable and work from there.

Have a great weekend
Mike

Thanks Mike, you are a phenomenon.
Good Weekend
  • #63,863
  • May 14, 2010 3:26pm May 14, 2010 3:26pm
ym on h1.
support and a buob. but running into resistance at about 10620.
i would buy above 10620.
Attached Image (click to enlarge)
Click to Enlarge Name: ym4.gif Size: 15 KB
meine augen sind die sterne
  • #63,864
  • May 14, 2010 3:34pm May 14, 2010 3:34pm
pinbar on ibm. may run to 133 usd with sl under todays low. not the best r:r, for sure.
Attached Image (click to enlarge)
Click to Enlarge Name: ibm.gif Size: 18 KB
meine augen sind die sterne
  • #63,865
  • Edited 6:08pm May 14, 2010 4:25pm | Edited 6:08pm
Quoting Daneel
Doesn't this go against, the trend is your friend idea? What makes it more risky as a continuation formation than as a reversal? Pure statistics?

(Not arguing, just wondering)
They are risky is the sense that they need more confluences to support them. (imo)

SChaos' point is a valid one. You don't want to be selling at low that might be a bottom. Or buying at a possible top.

Much like any other PA setups, continuation setups need confluences that support them. "Continuation" means just that "continuing" with the trend. So that trend confluence is a given. Other confluences like PPZ levels, BRNs and Retracement levels are needed.

But if you can get a breakout pattern to support the continuation setup even better.

Mike has many examples within this thread (and a whole section in the PF) of how he uses these many different breakout patterns with PA as the trigger or confirmation. I think it would be fair to say, its one of Mike's favorites.

Chart example of continuation setups. 4 Hour Gbp/Jpy.
Attached Image (click to enlarge)
Click to Enlarge Name: gj14.gif Size: 26 KB
Indicators show the past. Price Action "Indicates" the future.
  • #63,866
  • May 14, 2010 4:33pm May 14, 2010 4:33pm
Quoting Atc
Here's one !
That's a Bold PB Atc. Bold is good.
Indicators show the past. Price Action "Indicates" the future.
  • #63,867
  • May 14, 2010 4:48pm May 14, 2010 4:48pm
Quoting fxeturn
Long entry is triggered. Am I setting it to BE too early?

Attachment
Nice targets fxe.

Once in profit, one could say that its never to early to go to break even. (James16 comes to mind).

Just some thoughts.
Indicators show the past. Price Action "Indicates" the future.
  • #63,868
  • Edited 6:03pm May 14, 2010 5:12pm | Edited 6:03pm
Quoting slade1986
USDCAD trade working out. Comments on PPZ's I have marked and overall trade, Please.

Thanks!

Its a nice trade. Why can't they all be like this one.

Where Price closed today, is a PPZ level (in white on my chart).


One thing I like to do to check my Targets or FTAs on a Daily setup is go to the 4 hour or Hourly and see how Price reacted to those levels. Which are previous High/Lows.
Attached Image (click to enlarge)
Click to Enlarge Name: cad14abc.gif Size: 24 KB
Indicators show the past. Price Action "Indicates" the future.
  • #63,869
  • May 14, 2010 5:37pm May 14, 2010 5:37pm
Quoting lovejoy80
Would you recommend reading that book Josh? I've got it as an ebook and keep thinking I must start to read it...
Strongly recommend.
  • #63,870
  • May 14, 2010 7:23pm May 14, 2010 7:23pm
Quoting Dan Gilbert
You may have seen something, but it was not within my standards....
My account is down 3.86% now so I've actually lost a lot. My biggest loser was about -0.2% and the biggest winner was +0.4%. Yes losing is a part of the game, but it's still the part which nobody wants to talk about, mainly because everyone just wants to be smiling and laughing, not worrying. Still, I'm actually glad that I lost 3.86% and not 38.6% or more, because the way I see it, I'm actually learning a lot from my losses and is actually starting to make profit. I'm managing my positions so it will take a hell lot of losing trades to bust my account but just a little winning trades to grow it.
  • #63,871
  • May 14, 2010 7:43pm May 14, 2010 7:43pm
Just woke up from my sleep and this trade reached my target and closed for 150 pips. The next bar showed me how important is exit planning... Oh and another thing, I just learned how to use buy limit and stop limit orders! Gasp~!

Attached Image (click to enlarge)
Click to Enlarge Name: 0514sh42.gif Size: 18 KB
  • #63,872
  • May 14, 2010 8:05pm May 14, 2010 8:05pm
Quoting fxeturn
My account is down 3.86% now so I've actually lost a lot. My biggest loser was about -0.2% and the biggest winner was +0.4%. Yes losing is a part of the game, but it's still the part which nobody wants to talk about, mainly because everyone just wants to be smiling and laughing, not worrying. Still, I'm actually glad that I lost 3.86% and not 38.6% or more, because the way I see it, I'm actually learning a lot from my losses and is actually starting to make profit. I'm managing my positions so it will take a hell lot of losing trades to bust my...
Just maintain your risk, and scale down everytime your account takes a hit, it is virtually imossible to blow an account this way.
Many choose unhappiness over uncertainty.
  • #63,873
  • May 14, 2010 9:24pm May 14, 2010 9:24pm
Quoting fxeturn
My account is down 3.86% now so I've actually lost a lot. My biggest loser was about -0.2% and the biggest winner was +0.4%. Yes losing is a part of the game, but it's still the part which nobody wants to talk about, mainly because everyone just wants to be smiling and laughing, not worrying. Still, I'm actually glad that I lost 3.86% and not 38.6% or more, because the way I see it, I'm actually learning a lot from my losses and is actually starting to make profit. I'm managing my positions so it will take a hell lot of losing trades to bust my...

FX, I notice that you only joined this forum in March of 2010 yet, you are talking about losses. I take it these are only DEMO losses and not real money?
  • #63,874
  • May 14, 2010 9:28pm May 14, 2010 9:28pm
Quoting Pinbar
FX, I notice that you only joined this forum in March of 2010 yet, you are talking about losses. I take it these are only DEMO losses and not real money?
It's real money but my account is very very very small...
  • #63,875
  • May 14, 2010 9:34pm May 14, 2010 9:34pm
Quoting fxeturn
It's real money but my account is very very very small...

What's the problem, you seem to know what you are doing.

Is it not sitting on your hands and letting the trade come to you rather than chasing them. I can chase them and it is deadly, I really have to learn to set the bait, in our case PPZ, and wait for the beast to fall into the trap.
  • #63,876
  • May 14, 2010 9:48pm May 14, 2010 9:48pm
Quoting Pinbar
What's the problem, you seem to know what you are doing.

Is it not sitting on your hands and letting the trade come to you rather than chasing them. I can chase them and it is deadly, I really have to learn to set the bait, in our case PPZ, and wait for the beast to fall into the trap.
Just testing the water without using scared money if you know what I mean. This money I'm using doesn't affect my emotion whether I lose or win, so it's just like playing demo.
  • #63,877
  • May 14, 2010 10:57pm May 14, 2010 10:57pm
spotting this one guys...............wake up to see this one close into a pinbar....
*break consolidation......retrace back to PPZ and make a pinbar......waiting to break the pinbar on monday guys...?comment please....

the first trouble area at....0.9086......

*edit:why the picture isn't come out ya guys...?
Attached Image
  • #63,878
  • May 14, 2010 11:02pm May 14, 2010 11:02pm
the picture of acad...hope it pops out....
Attached Image
  • #63,879
  • May 15, 2010 4:27am May 15, 2010 4:27am
Scaling down after after a hit.....i totally agree with that........i have tried it and worked really well for me.............cheers

Quoting Dan Gilbert
Just maintain your risk, and scale down everytime your account takes a hit, it is virtually imossible to blow an account this way.
  • #63,880
  • May 15, 2010 5:22am May 15, 2010 5:22am
Quoting fxeturn
Just testing the water without using scared money if you know what I mean. This money I'm using doesn't affect my emotion whether I lose or win, so it's just like playing demo.
Is it? I don't think it is. I used to play a lot of poker, and playing for even small cash amounts is a world away from playing for matchsticks. Maybe it's different for you.

I may regret it, but I've been using a live account since two weeks after getting started in forex. I'm using £1 per pip, the minimum amount, and given my trades are managed, it would take a long series of losses before I was concerned.

The reason I'm doing it this way, is I feel that I will trade differently with a demo account that I would with real money (most likely, I'll take more risky set-ups), so I don't think I'll learn nearly as much about my own psychology and money management as I would with a live account. I also don't think I'll get an accurate picture of how effective my trading strategy is.

I'm also going to disagree with Dan on scaling down bet size following a loss. I'd suggest sticking to the same bet size until you've built your account sufficiently to raise it. If you feel that there is a problem with your system, MM or psychological approach, I'd go back to demo or stop trading entirely rather than scale back. Otherwise, stick with it and ride out the bad spell.

Clearly I'm opinionated for a new guy, but in these areas (I'm certainly not going to argue technical points with any of the guys in here!), I don't think lots of forex experience is necessary to form an opinion on approach (I've been gambling and investing in other forms for 15 years).
77 traders viewing now