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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

  • #68,241
  • Jul 9, 2010 5:03am Jul 9, 2010 5:03am
Quoting jarroo
Yeah I saw it too ghous . . the IPB on the 8 hour chart . . nice confluences supporting it . . . lets see how it works out.
Bang!

As easy as it gets.

g.
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I believe . . .
  • #68,242
  • Jul 9, 2010 6:11am Jul 9, 2010 6:11am
Quoting ghous
Bang!

As easy as it gets.

g.

Hi Ghous, Maybe a silly question but how did you play this one exactly?.. a break of the inside bar following the IPB with target of the top of the IPB as first target level? Thanks Shane
  • #68,243
  • Jul 9, 2010 6:43am Jul 9, 2010 6:43am
Quoting Shanetrader
Hi Ghous, Maybe a silly question but how did you play this one exactly?.. a break of the inside bar following the IPB with target of the top of the IPB as first target level? Thanks Shane
I didn't play this. You could say I missed it.

You play these at the close of the IPB with SL few pips beyond the shorter wick and TP just before the longer wick high/low.

Search through my posts with the keyword "IPB introduction"

But before you do that make sure you've read and understood the disclaimer in my sig.

g.
I believe . . .
  • #68,244
  • Jul 9, 2010 7:00am Jul 9, 2010 7:00am
Hey Ghous any thoughts on that EU i posted above ?
  • #68,245
  • Jul 9, 2010 7:07am Jul 9, 2010 7:07am
Quoting djmartymac
Well this did break out, but in the opposite direction! Back to the drawing board
This is breaking hard now!
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  • #68,246
  • Jul 9, 2010 7:11am Jul 9, 2010 7:11am
Quoting pipmyride
Hey Ghous any thoughts on that EU i posted above ?
A truly spectacular setup IMO. Will be watching for sure.

g.
I believe . . .
  • #68,247
  • Jul 9, 2010 7:16am Jul 9, 2010 7:16am
Quoting ghous
A truly spectacular setup IMO. Will be watching for sure.

g.
Nice
Im looking for 1.26 first...
  • #68,248
  • Jul 9, 2010 7:58am Jul 9, 2010 7:58am
Quoting knn9413
Thanks Mike. When you enter on the weekly/daily bar though, isn't the stop loss a lot?
Hey K

I don't think of stop losses in any way but %. So whatever your risk is per trade .5, 1, 2, 5) that means be it a 50 pip stop loss or a 500, that pip amount represents that % risk per trade amount. If you do not already understand position sizing and MM, please be sure to let me know and I will link you to resources.

Best
Mike
  • #68,249
  • Jul 9, 2010 8:00am Jul 9, 2010 8:00am
Quoting supremeChaos
cprao,
woohoooo!
so your chart shows it took off without (much) retracement.
awesome.. thanks for the update.
looking at your chart, so u did enter above 0.8300. your TP is 0.8384.
missed the discussed FTA (0.8380)by 1 pip! what a tease..
as of this writing, price has already broken above 0.8380 & is at 0.8384 (Oanda)
manage it well

(edit: what is the blue MA? 150ema?.. &what broker is that chart from?)
Entry is at .8307 . Yes TP is .8384, missed by a pip. Blue line is 200 EMA.
Broker is FXDD.
  • #68,250
  • Jul 9, 2010 8:05am Jul 9, 2010 8:05am
hey pipmyride i was watching that setup on eu too im in scotland stayed up till 5 am looking for it to pop up too the 12720 area so missed that then got stopped out trying to short it, once i did get in i closed way too soon
  • #68,251
  • Jul 9, 2010 8:33am Jul 9, 2010 8:33am
Quoting guntothehead
hey pipmyride i was watching that setup on eu too im in scotland stayed up till 5 am looking for it to pop up too the 12720 area so missed that then got stopped out trying to short it, once i did get in i closed way too soon
How about moving to Pakistan? London starts 12 noon and Ny closes 10 pm.



lol
I believe . . .
  • #68,252
  • Jul 9, 2010 8:36am Jul 9, 2010 8:36am
Quoting ghous
How about moving to Pakistan? London starts 12 noon and Ny closes 10 pm.



lol
Perfect time !! Don't have to lose sleep over anything !!
  • #68,253
  • Jul 9, 2010 8:40am Jul 9, 2010 8:40am
i wouldnd dream of moving love scotland to much ,although its frustrating when your gut feelings telling you what the likely play is but the market hangs around like a bad smell till your not looking , i amaze myself at some of the trades i see and dont get on or get stopped even though i was right all along ,for example eu short november 09 15150 seen macd divergance i guess my inexpierance held me back.
  • #68,254
  • Jul 9, 2010 8:54am Jul 9, 2010 8:54am
Quoting ghous
How about moving to Pakistan? London starts 12 noon and Ny closes 10 pm.
...
Quoting knn9413
Perfect time !! Don't have to lose sleep over anything !!
12 noon is lunch time...
counter offer:
Frankfurt opens 2pm/London opens at 3pm here in SE Asia (im in the Philippines)

but, ghous, wow, NY starts at 5pm there?
(if im right, i am 3hours ahead of u; question, shouldnt NY close be somewhere around 2/3am there? Thanks)
  • #68,255
  • Jul 9, 2010 8:55am Jul 9, 2010 8:55am
Quoting guntothehead
hey pipmyride i was watching that setup on eu too im in scotland stayed up till 5 am looking for it to pop up too the 12720 area so missed that then got stopped out trying to short it, once i did get in i closed way too soon
Ach away 'n bile yer heed. Ye need yer sleep laddie.
Scot's Wha' Hae...
  • #68,256
  • Jul 9, 2010 9:53am Jul 9, 2010 9:53am
as u said before " be careful with verizon" ....
  • #68,257
  • Jul 9, 2010 9:56am Jul 9, 2010 9:56am
Quoting guntothehead
hey pipmyride i was watching that setup on eu too im in scotland stayed up till 5 am looking for it to pop up too the 12720 area so missed that then got stopped out trying to short it, once i did get in i closed way too soon
What I love about this style of trading is not having to watch and wait for price to reach a certain position. Just put on your stop buy/sell orders in the morning/evening, go to work chek every now and then to move to B/E and that's it. Of course I check it all the time (my broker (GFT) has an iphone app) but I'm trying really hard to wean myself off having to watch price do whatever it's doing in real time. Something that will come with experience I suppose.

Once I put on a trade order in the evening and it got filled and hit the target before I even woke up the next morning - that was a good day
Anything can happen.
  • #68,258
  • Jul 9, 2010 9:57am Jul 9, 2010 9:57am
Quoting jarroo
PA Rules!
I think I can safely say I'll never ever go back to using indicators
Anything can happen.
  • #68,259
  • Jul 9, 2010 10:00am Jul 9, 2010 10:00am
Quoting supremeChaos
12 noon is lunch time...
counter offer:
Frankfurt opens 2pm/London opens at 3pm here in SE Asia (im in the Philippines)

but, ghous, wow, NY starts at 5pm there?
(if im right, i am 3hours ahead of u; question, shouldnt NY close be somewhere around 2/3am there? Thanks)
Yup, around 1 am actually, but the markets do seem to slow down some time before that, so I hardly ever go beyond 9-10 pm to catch an hourly bar.

BTW Pakistan's tough a country to live in, really third world...I eventually plan to move out as well, SE Asia sure seems a good bet.


g.
I believe . . .
  • #68,260
  • Jul 9, 2010 10:01am Jul 9, 2010 10:01am
It can happen pretty often that you miss out on an entry. The best way to prevent it is by simple placing a pending order.

But in case you miss anyway, the best thing is to wait for price to come back. You will be surprised how often there comes a possibility to enter after the break.

I'm short the BEOB on G/U right now, look how often price came back after the initial break

Quoting guntothehead
hey pipmyride i was watching that setup on eu too im in scotland stayed up till 5 am looking for it to pop up too the 12720 area so missed that then got stopped out trying to short it, once i did get in i closed way too soon
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