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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

  • #74,281
  • Sep 8, 2010 9:06am Sep 8, 2010 9:06am
aud/cad h4 beob
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meine augen sind die sterne
  • #74,282
  • Sep 8, 2010 9:08am Sep 8, 2010 9:08am
Quoting Noloqy
I like your trade. You got the trend on your side, and the bears that entered on the retracement probably have thinned out liquidity above the .96 level by setting their SL buy orders there (or at .92 on USDCAD for that matter). Therefore, I expect that if price breaks that level you will see a continuation of the trend.
Good luck managing this trade!
Thanks! Stopped out at B/E. Wasn't able to take 1/2 off at the FTA as I'm at work and it's a demo but if it was live I would've phoned that one in

Still goes in the win column
Anything can happen.
  • #74,283
  • Sep 8, 2010 9:29am Sep 8, 2010 9:29am
Quoting mbqb11
update

up to the market now
The final update on this, did nothing to be surprised about
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  • #74,284
  • Sep 8, 2010 9:32am Sep 8, 2010 9:32am
Took this one earlier... big bar, swing low, divergence, space to FTA.

-- Danny
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  • #74,285
  • Sep 8, 2010 10:02am Sep 8, 2010 10:02am
Quoting ddinnov
Thanks! Stopped out at B/E. Wasn't able to take 1/2 off at the FTA as I'm at work and it's a demo but if it was live I would've phoned that one in

Still goes in the win column
very good DD, this is exactly what we speak about

If you take a loss on this type of setup you are going to be tossing and turning over it. Those bars MUST be managed tight or ignored all together in my opinion.


Best
Mike
  • #74,286
  • Sep 8, 2010 10:14am Sep 8, 2010 10:14am
Quoting bluetrader
Took this one earlier... big bar, swing low, divergence, space to FTA.

-- Danny
yes, but this puppy is in a downtrend since a couple of thousand pips.
I (!) will wait for a retrace of about 50% of the outside bar and enter then. read: I!
meine augen sind die sterne
  • #74,287
  • Sep 8, 2010 10:34am Sep 8, 2010 10:34am
Caught this trendline rejection today. Didn't pocket much, though..
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If you don't risk, you don't ever have to lose.
  • #74,288
  • Sep 8, 2010 10:36am Sep 8, 2010 10:36am
Quoting mbqb11
very good DD, this is exactly what we speak about

If you take a loss on this type of setup you are going to be tossing and turning over it. Those bars MUST be managed tight or ignored all together in my opinion.


Best
Mike
Thankd Mike - not letting a winner turn into a loser is becoming second nature now
Anything can happen.
  • #74,289
  • Sep 8, 2010 10:49am Sep 8, 2010 10:49am
I have gotten so picky...

I took two trades at the beginning of last week, and shut them both down manually at a couple pips better than B/E when I noticed the market was behaving strangely...

Since then, no trades (I'm talking 4hr charts here)

I've just continued to become more and more strict in the bars I chose to trade, and the times in which I chose to trade.

Last night we had a little BUOB coming off the VBRN on GBPCHF 4hr chart at london open, FXPRO data feed that looks like it has played out nicely so far, but I was sleeping

Still trying to figure out how I can consistently be awake for the London open every night of the week.
Many choose unhappiness over uncertainty.
  • #74,290
  • Sep 8, 2010 10:55am Sep 8, 2010 10:55am
Quoting bluetrader
Took this one earlier... big bar, swing low, divergence, space to FTA.

-- Danny
Hey Blue, how do you get 8hour bars? I cant find that timeframe in metatrader
  • #74,291
  • Sep 8, 2010 10:56am Sep 8, 2010 10:56am
Quoting ekling
Hey Blue, how do you get 8hour bars? I cant find that timeframe in metatrader
Here ya go E

http://www.forexfactory.com/showpost...ostcount=64676
  • #74,292
  • Sep 8, 2010 11:06am Sep 8, 2010 11:06am
One for Jarroo
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  • #74,293
  • Sep 8, 2010 11:19am Sep 8, 2010 11:19am
Quoting mbqb11
Here ya go E

http://www.forexfactory.com/showpost...ostcount=64676
Thnx Mike just tested it on a Nice 2 Day PB @ GBP/AUD ...

http://img688.imageshack.us/img688/1263/gbpaud2day.png



nvm just demo ..
  • #74,294
  • Sep 8, 2010 11:31am Sep 8, 2010 11:31am
Quoting Dan Gilbert
I have gotten so picky...

I took two trades at the beginning of last week, and shut them both down manually at a couple pips better than B/E when I noticed the market was behaving strangely...

Since then, no trades (I'm talking 4hr charts here)

I've just continued to become more and more strict in the bars I chose to trade, and the times in which I chose to trade.

Last night we had a little BUOB coming off the VBRN on GBPCHF 4hr chart at london open, FXPRO data feed that looks like it has played out nicely so far, but I was sleeping ...
Yep, I know this feeling. I see some decent trades posted here, but during the low volume month of August, then lots of (what RyanMCD would call "crap trades"). But it is all part of the learning process.

My last trade was in July. I think, if I remember correctly, I did miss a few good trades in August. But all in all, it is still a flat time of year. Big money is coming off vacation. There are a lot of huge economic policies being debated, especially with Democrats pushing for tax cuts, which is mind boggling. I think a lot of people are currently on the sidelines, until some big decisions are made by our elected officials.

I would rather wait for great set-ups, that I know will win 90%~ of the time, and have almost as good of a rate to run for a little, while, than to risk money on 15 pips here and 25 pips there. I guess I see myself as an investor, not a trader. I am not looking to make quick money, I am looking for good investments so I can grow my net worth.
  • #74,295
  • Sep 8, 2010 12:27pm Sep 8, 2010 12:27pm
Quoting unlv_tj
Yep, I know this feeling....
True.

I can sit here and twiddle my thumbs 90% of the time and pull a solid 2-3%/month.... Or I can be forcing trades and make the same, or less.

Over the last two months, I can say that all the very good setups were more than enough to grow the account substantially, while the mediocre, badly timed trades could have been avoided completely and would have given me an extra 3% last month if I had avoided them completely, risking 1% per trade.
Many choose unhappiness over uncertainty.
  • #74,296
  • Sep 8, 2010 1:50pm Sep 8, 2010 1:50pm
I know I've still got 13 min to close....

Thoughts on this PB?

Off BRN, PPZ
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  • #74,297
  • Sep 8, 2010 1:51pm Sep 8, 2010 1:51pm
A+
  • #74,298
  • Sep 8, 2010 1:58pm Sep 8, 2010 1:58pm
Quoting slade1986
I know I've still got 13 min to close....

Thoughts on this PB?

Off BRN, PPZ

I would be careful here. Price is coming off a strong move from a very over sold and choppy market. This is very late in the day to be taking a trade and the only momentum you might get is just profit taking and people closing up shop for the day/weak selling. This makes me think FTA has to be watched very carefully. This is an easy pass as I think it makes mgmt very difficult
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  • #74,299
  • Sep 8, 2010 2:00pm Sep 8, 2010 2:00pm
Quoting slade1986
I know I've still got 13 min to close....

Thoughts on this PB?

Off BRN, PPZ

not forming at the right time of day for me....
Many choose unhappiness over uncertainty.
  • #74,300
  • Sep 8, 2010 2:03pm Sep 8, 2010 2:03pm
Quoting mbqb11
I would be careful here. Price is coming off a strong move from a very over sold and choppy market. This is very late in the day to be taking a trade and the only momentum you might get is just profit taking and people closing up shop for the day/weak selling. This makes me think FTA has to be watched very carefully. This is an easy pass as I think it makes mgmt very difficult
also if we can get away from 1.55 there is more room to work with to the upside. Not that price might not move lower, but conditions are much tougher to the downside with the chop we see. I prefer the scenario below, or say a big continuation BUOB if one forms towards the next london/ny session(say it engulfs 2-3 bars).
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