james16 Chart Thread | Page 3559 | 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

  • #71,161
  • Aug 10, 2010 3:53pm Aug 10, 2010 3:53pm
Quoting mbqb11
You should only change if it doesn't effect your granularity. That is every time you risk 2% of your account you should be able to get as close to that 2% as possible. not 1.8% or 2.2% but 2%. Generally 50k+ before minis(even more really). But if you have the ability to use micro lots and it helps with your granularity then stick with it. The more flexible you can be the better, and these days there is no excuse not to be with the way brokers are set up.
I can't believe how simple it is

Quoting mbqb11
As for your setup, be careful remember for a pinbar the open and close must be within the prior bar.
Thanks for reminding me. Don't know how could I overlooked that

Quoting mbqb11
And MACD would not be relevant as you want to use the peaks under the Zero line for price points that we are looking to go long on. So when you are using the lows of price you want MACD mounds under the zero line to spot divergence. When MACD is above the zero line you would be using it for HIGHS. Basically connect lows to mound lows.

best
Mike
I think I get what you're saying.

Thanks
  • #71,162
  • Aug 10, 2010 4:10pm Aug 10, 2010 4:10pm
Quoting bluetrader
Hey pack, it is a nice looking pin in a bad location in my opinion. Ideally, it should be at a swing high. I wouldn't trade it but the odds of it hitting FTA looks good to me.

-- Danny
in my opinion FTA is at 1,0450 (RN)
(but the candle still has to close)
Attached Image (click to enlarge)
Click to Enlarge Name: chartw.gif Size: 13 KB
  • #71,163
  • Aug 10, 2010 4:12pm Aug 10, 2010 4:12pm
Classic Pin Bar
Attached Image (click to enlarge)
Click to Enlarge Name: usd_chf_pin.gif Size: 26 KB
SNR with Price Action...
BitCrossNG Return Today: na
  • #71,164
  • Aug 10, 2010 4:24pm Aug 10, 2010 4:24pm
classic pin structure yea...not the best location though. It's just diving into a hell lot of traffic there. I think James would prefer PA bars at extreme highs and lows - much more spacey areas.

Also, there is a closer price flip which may cause trouble, especially in this type of environment.

JMO though

Ben
Attached Image (click to enlarge)
Click to Enlarge Name: 2.gif Size: 23 KB
  • #71,165
  • Aug 10, 2010 4:25pm Aug 10, 2010 4:25pm
Quoting Pinbar
Good reminder to us all.

I have posted this before but it may be beneficial for new...
Hey Pinbar!! I tend to lurk more than post over here, mainly due to limited time rather than anything else, but I just wanted to say THANK YOU for the R/R indy! It works amazingly well.

Cheers
Simon
  • #71,166
  • Edited 5:27pm Aug 10, 2010 4:32pm | Edited 5:27pm
  •  jdl
  • | Joined Oct 2006 | Status: going to master this or die trying | 101 Posts
BEOB, almost a DLHLC (off by 2 pips)

Not an ideal location, trafficky consolidation area.
But perhaps a good short if it breaks the strong support at 77.75?
Attached Image (click to enlarge)
Click to Enlarge Name: 08_10_audjpy.jpg Size: 50 KB
  • #71,167
  • Aug 10, 2010 4:34pm Aug 10, 2010 4:34pm
Quoting benji533
classic pin structure yea...not the best location though. It's just diving into a hell lot of traffic there. I think James would prefer PA bars at extreme highs and lows - much more spacey areas.

Also, there is a closer price flip which may cause trouble, especially in this type of environment.

JMO though

Ben
agreed benji, I find this easy to pass, but if you are a quick to b/e trader it could see 1.0400 like on your chart.

What kind of trader are you? (rhetorical question!)
Attached Image (click to enlarge)
Click to Enlarge Name: a.gif Size: 17 KB
  • #71,168
  • Aug 10, 2010 4:37pm Aug 10, 2010 4:37pm
Quoting packhorse
Nice PB to keep an eye on:

 

  1. With the trend
  2. BRN
  3. Monthly Pivot
  4. Nice PB

Any thoughts?

Hey Pack,
I noticed this great PB also but the location isn't that great, the Swissie is consolidating on the Daily at the moment. I'am waiting for the Swissie to break the support for a continuation of the strong downtrend.http://cdn.forexfactory.com/images/icons/icon11.gif

May the force be with you
Attached Image (click to enlarge)
Click to Enlarge Name: FF.jpg Size: 189 KB
Pipcrawler
  • #71,169
  • Aug 10, 2010 4:49pm Aug 10, 2010 4:49pm
If you don't mind... to me it looks almost bullish. The price closed right at the PPZ. Isn't it a price flip level? It also has build some base (almost like mini double bottom), have tried to push thtough 1.0500 but was rejected, I'm afraid it will go for the next try... Thought a lot about it I too like the Pin itself but the location is scary...
Attached Image
  • #71,170
  • Aug 10, 2010 4:49pm Aug 10, 2010 4:49pm
will disagree..
supp near 10440-10450 .. from here move to 1.0530
  • #71,171
  • Aug 10, 2010 4:50pm Aug 10, 2010 4:50pm
Quoting xmzhang
Hey Pack,
I noticed this great PB also but the location isn't that great, the Swissie is consolidating on the Daily at the moment. I'am waiting for the Swissie to break the support for a continuation of the strong downtrend.http://cdn.forexfactory.com/images/icons/icon11.gif

May the force be with you
I am in the trade. I am hoping the US news released earlier will give it the impetus to break the support you refer to.
"Fail to prepare, prepare to fail."
  • #71,172
  • Aug 10, 2010 4:59pm Aug 10, 2010 4:59pm
Quoting Adilius07
Mike, I know you told me this before - it is important to stay as close to 2% as possible. I understand that not more than 2% protects my account, but why do I have to be that precise? Why 1.8% would have less advantages?
I thought about this, cannot understand this.. would you recommend some reading about this? Thank you.
Hey Ad

Let's say you don't have great flexibility where sometimes you can have it equal to 2% but other times 1.8%

If every time you get it to 2% you lose, and every time you get it to 1.8% you win. Just say you have 1:1 on each of those trades for simplicity. You are shooting yourself in the foot.
So take 4 trades where you are trying to get as close to 2% as possible.

Say you start with 5k balance

Trade 1. Win = 1.8% = 90 new balance 5090
Trade 2. win = 1.8% = 91.62 new balance = 5181.62
Trade 3 Loss = 2% = 103.63 new balance = 5077.99
Trade 4 loss = 2% = 101.56 new balance = 4975.44


Scenario 2 with proper granularity

start 5k
trade 1 = win 2% = 100$ new balance 5100
trade 2 = win 2% = 102 = new balance 5202
trade 3 = loss 2% = 104.04 new balance = 5097.96
trade 4 = loss 2% = 101.96 new balance = 4996

over time this is going to hurt you if you are a winning trader, and hurt you if you are a losing trader too.

Now do you see?

Mike
  • #71,173
  • Aug 10, 2010 5:01pm Aug 10, 2010 5:01pm
Quoting mbqb11
agreed benji, I find this easy to pass, but if you are a quick to b/e trader it could see 1.0400 like on your chart.

What kind of trader are you? (rhetorical question!)
Agree with you Mike... I'm still practicing sideways trading.

Needs to monitored closely....is this an example of how to trade a sideways market? Do you think Jim would site this as an example of how to trade sideways?
  • #71,174
  • Aug 10, 2010 5:03pm Aug 10, 2010 5:03pm
Quoting Atc
Agree with you Mike... I'm still practicing sideways trading.

Needs to monitored closely....is this an example of how to trade a sideways market? Do you think Jim would site this as an example of how to trade sideways?
yes bingo. Hey it may break hard and dive bomb. But if it hits those first areas, you can bet for sure james would never in a million years take a loss on this. To me this is what I call a situation to watch close. If you trade it manage it accordingly. Full bar losses on a location like this would keep me up for days
  • #71,175
  • Aug 10, 2010 5:05pm Aug 10, 2010 5:05pm
Quoting mihazupan1
Interesting debate about money management here

On thing I was discussing with my friend today. When is the right time to change the lot size (from micro to mini lot for example)?

I spotted a potential decent sized PB on the NZD/USD daily chart. What do you guys think about it? It's been nicely touching the 38,2% Fibonacci line, but there might be a TA just a bit above the candle.

Attachment

I'd also like a feedback on my MACD plotting. I don't feel really confident plotting them and therefore I'd like your feedback...
Greetings,
I've been watching the kiwi also on the daily, as I pointed out earlier the pair is at the moment consolidating on the daily between two BRN, range-support at 7200 and range-resistance at 7400. Today we saw that support held and price generated a not so great PB at this support, the body of the PB was outside the range of the previous bar. I'am waiting for price to break support, in that case we've a trendreversal, or if price breaks resistance than we've a continuation of previous uptrend. In the meantime this is a notrade for me, of course you could trade this range on the lower TF. I've drawn the MACD the same way. It is actually the MACD-histogram, which is the difference between MACD itself and the signal-line. This difference is then plotted as a histogram. I don't use MACD as a trigger for executing trades but merely for locating divergence, so in that case you only need the extreme values of MACD.

May the force be with you,
Attached Image (click to enlarge)
Click to Enlarge Name: FF.jpg Size: 201 KB
Pipcrawler
  • #71,176
  • Aug 10, 2010 5:06pm Aug 10, 2010 5:06pm
Quoting mbqb11
Hey Ad

Let's say you don't have great flexibility where sometimes you can have it equal to 2% but other times 1.8%

If every time you get it to 2% you lose, and every time you get it to 1.8% you win....

Mike, yes this makes sense now! Thanks. Is just I did not think about it in this way at all. From some videos and charts I have told to myself not to think that much about R:R. And if I come up with something where my R:R is good for me I thought that would not be a problem (where I loose 2.1% and make 4% for exmpl). But as from your example I see that in a "perfect model" it is a disadvantage so I will avoid this. On my demo it is not perfect, in live I will have it perfectly 1% or 2% whichever I will choose. Thanks!
  • #71,177
  • Edited 5:56pm Aug 10, 2010 5:44pm | Edited 5:56pm
Quoting Adilius07
Mike, yes this makes sense now! Thanks. Is just I did not think about it in this way at all. From some videos and charts I have told to myself not to think that much about R:R. And if I come up with something where my R:R is good for me I thought that would not be a problem (where I loose 2.1% and make 4% for exmpl). But as from your example I see that in a "perfect model" it is a disadvantage so I will avoid this. On my demo it is not perfect, in live I will have it perfectly 1% or 2% whichever I will choose. Thanks!
in MY opinion, 1% and less should suffice. What I have learned is that protecting your capital, and good risk management should always be a priority in a trade.
EDIT: the more you risk, the more you risk to lose it sounds so simple, yet so many fail to understand that.

I have 3 steps.

1. Being patient and waiting for a high probability trade, being a trade with good confluence and at good locations. Remember, the more confluence you have, the more likely your trade will succeed.

2. Risk management, after entering a given trade, I now focus on cutting risk, maybe going to B/E as soon as the FTA is hit, or if you cut it slightly, maybe by 1/4th. Depends on each and every trade and market environment.

3. Now, when I have a free trade (B/E) this is when I focus on profits. Whether its a fixed target from step 1, or to trail behind logical areas, also depends on each and every set up.


What I have also been doing more and more, is I try to be as self conscious as I can when I am making trading decisions. "why do I think this.. am I being influenced.. if so by what?.. is it my emotion, is it greed.".. etc.. We are all human, and we will all make bad decisions based on emotion from time to time, but monitoring your thoughts could save you from some bad decisions.
I consider that cutting your emotional risk.


I just felt like sharing a fraction of what I have learned so far.


-V
A person is only limited by the thoughts he chooses.Þeir fá byr sem bíð
  • #71,178
  • Aug 10, 2010 5:55pm Aug 10, 2010 5:55pm
Quoting aserbfx
and here an exemple with a pinbar which closed above a ppz (52usd)...
Quoting jarroo
Yeah . . a classic consolidation breakout. Look for a retest of that consolidation with a possible continuation upward, with a bullish PA for confirmation . .of course.

If that potential PB closed within the consolidation (Chart), I would be looking for more downward movement . .for sure.

Classic break out with a pull back retest. No clear quality Bullish PA for confirmation, even on the lower time frames, on this feed. Touch traders at the 51.75 with a tight stop loss would (imo) not have been crazy.

I think this Mike guy is on to something . . lol Cheers Mike . .
Attached Image (click to enlarge)
Click to Enlarge Name: wmta.gif Size: 22 KB
Indicators show the past. Price Action "Indicates" the future.
  • #71,179
  • Aug 10, 2010 6:23pm Aug 10, 2010 6:23pm
Quoting jarroo
Classic break out with a pull back retest. No clear quality Bullish PA for confirmation, even on the lower time frames, on this feed. Touch traders at the 51.75 with a tight stop loss would (imo) not have been crazy.

I think this Mike guy is on to something . . lol Cheers Mike . .
  • #71,180
  • Aug 10, 2010 6:27pm Aug 10, 2010 6:27pm
Quoting Pinbar
Jarroo

I have been busy reinstalling windows7 on this laptop after some problems.

Just got it back together and have been pondering your chart that we discussed in May.


Got to run.


Do you mean these large and small ranges that this pair has been moving in on the weekly?


I may be a bit lost.
Whoooa . .hold on there tiger . .lol Let's keep it simple here Pb.

The chart(s) we did in May was an exercise in plotting PPZ levels. Now here in Aug. we see that the PPZ levels we plotted on the Weekly Usd/Mxn are still acting like they always do. . . .as PPZ levels.

The Weekly BUOB off the PPZ level (12.45ish) worked out nicely, Yes?. The current PB is a bit small but let's see how she works out.

______________________

My internet connection is still freaking out . on off on off off off on off f**k. . had the cable guy "fix it" but it still freaking out . . . guy is coming back tomorrow to "Git-R-Done" . . Hopefully. So I may be in and out of the thread . . whenever.
Attached Image (click to enlarge)
Click to Enlarge Name: mxna.gif Size: 28 KB
Indicators show the past. Price Action "Indicates" the future.
37 traders viewing now