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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

  • #74,501
  • Sep 10, 2010 4:50am Sep 10, 2010 4:50am
Quoting aserbfx

the setup was fantastic. one of high probability-setups. did what we expected...
good pips! good money! yes!

You took it on the pin and me on BEOB on different feed. But it was location first.
  • #74,502
  • Sep 10, 2010 4:55am Sep 10, 2010 4:55am
Quoting Chelski
You took it on the pin and me on BEOB on different feed. But it was location first.
sure, i like the fact that it formed a pin first and then one hour later a beob.
meine augen sind die sterne
  • #74,503
  • Sep 10, 2010 5:06am Sep 10, 2010 5:06am
Quoting joelcf
For any Australians looking for a micro MT4 broker, two things came to my attention today:

1) IBFX has opened an Australian branch.
2) Hayley from IBFX sounds smoking hot.
You made me laugh. All that i read the first time is that Hayley sounds smoking hot, then i realized that you were talking about IBFX opening an Australian branch. Next time arrange a webcam conversation, just to make sure that she also looks smoking hot

BTW like your new avatar.
  • #74,504
  • Sep 10, 2010 5:09am Sep 10, 2010 5:09am
Quoting spookie94
I actually started like James suggested. Demoed for 4 month (3 profitable, 1 BE). Started small live acct July 1 (4 wins, 1 be, 1 loss to date). Decided to only risk a max of 1% for 6 months.

I guess I'm overly causious. But I have to prove it to myself that its not just luck and maybe I am starting to "see the big picture".
That is not being over cautious. That is more of leaving the herd of losers far behind with common sense and good business.

g.
I believe . . .
  • #74,505
  • Sep 10, 2010 5:46am Sep 10, 2010 5:46am
Quoting mission
I dont know how to communicate well over the net, but newbie helping out newbies, I just want to say that you just cant be spoon fed PASR...
your future is bright!
Keep it up Kim!
  • #74,506
  • Sep 10, 2010 8:47am Sep 10, 2010 8:47am
Hi all,

what do you think about the current AUD/USD situation?
Would you consider this as a valid pinbar setup? Or moved todays bar already too much in the upper direction?

http://i52.tinypic.com/wrxi89.jpg
  • #74,507
  • Sep 10, 2010 8:54am Sep 10, 2010 8:54am
Quoting davetrader
Hi all,

what do you think about the current AUD/USD situation?
Would you consider this as a valid pinbar setup? Or moved todays bar already too much in the upper direction?
Hey Dave,

A pin bar to go short is potentially valid until the high is broken. This pin bar hasn't pierced the high based on your chart.

-- Danny
  • #74,508
  • Sep 10, 2010 8:57am Sep 10, 2010 8:57am
Quoting bluetrader
Hey Dave,

A pin bar to go short is potentially valid until the high is broken. This pin bar hasn't pierced the high based on your chart.

-- Danny
And neither has it broken down for an entry.
  • #74,509
  • Sep 10, 2010 9:01am Sep 10, 2010 9:01am
Ok, here is the trade I just exited for few pips. Rejected off the resistance, closed within the second green line and my entry was below the zone. So, nice and easy trade upto the FTA.
Attached Image (click to enlarge)
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  • #74,510
  • Sep 10, 2010 9:08am Sep 10, 2010 9:08am
Thanks guys for your quick replies, missed these basic pinbar entry informations since I started reading the james16 thread just 2 days ago.

I am really enjoying the thread and already thinking of becoming a member of the J16 group... lets see...
  • #74,511
  • Sep 10, 2010 10:23am Sep 10, 2010 10:23am
break out or.... fake out?
.
Attached Images
  • #74,512
  • Sep 10, 2010 10:45am Sep 10, 2010 10:45am
Quoting raczekfx
break out or.... fake out?
.
I'm at BE, hoping for a breakout Rac... See if 1.2980 holds.

Quoting bluetrader
Took this one earlier...

-- Danny
  • #74,513
  • Sep 10, 2010 10:54am Sep 10, 2010 10:54am
Quoting The Lord
Ok, here is the trade I just exited for few pips. Rejected off the resistance, closed within the second green line and my entry was below the zone. So, nice and easy trade upto the FTA.
Attachment
Looks like an A+ trade , well done! Together with the 4HR pb, there was a 1HR signaling pb accompanied by a divergence on the 30min and on the 15min tf + that 4HR pb was formed out of the 100ema. I was wondering, since it is a great setup, do you sometimes enter another trade pass the fta?


fxtsun
___________________________________
"Chance favours the prepared mind" - Louis Pasteur
  • #74,514
  • Sep 10, 2010 11:16am Sep 10, 2010 11:16am
beob on h4 eur/chf.
already late in the day, so no trade for me...
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meine augen sind die sterne
  • #74,515
  • Sep 10, 2010 11:40am Sep 10, 2010 11:40am
Here are two trades I've done on the EURCHF. Off the 4HR pb that is off the 100ema, managed the trade off the 15 min tf. Couldn't resist the divergence on the 15min


fxtsun
___________________________________
"Chance favours the prepared mind" - Louis Pasteur
Attached Image(s) (click to enlarge)
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  • #74,516
  • Sep 10, 2010 12:39pm Sep 10, 2010 12:39pm
Quoting fxtsun
Here are two trades I've done on the EURCHF. Off the 4HR pb that is off the 100ema, managed the trade off the 15 min tf. Couldn't resist the divergence on the 15min


fxtsun
___________________________________
"Chance favours the prepared mind" - Louis Pasteur
My transition from short TF trading to long TF is going backwards. Instead of starting at the weekly, Daily, and 4HR TF's, I'm starting at the 5/15 min TF going up. Hmm


fxtsun
___________________________________
"Chance favours the prepared mind" - Louis Pasteur
  • #74,517
  • Sep 10, 2010 12:51pm Sep 10, 2010 12:51pm
Quoting bluetrader
I'm at BE, hoping for a breakout Rac... See if 1.2980 holds.


-- Danny
We're out... It's Friday.
Looking for a better price now.

SNB and BOJ are talking....
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  • #74,518
  • Sep 10, 2010 1:12pm Sep 10, 2010 1:12pm
Is there a way to take profit at multiple places with one order? I've been doing it with multiple orders but I hear that costs more spread. Maybe an EA?
  • #74,519
  • Sep 10, 2010 1:36pm Sep 10, 2010 1:36pm
Quoting PenguinTrade
Is there a way to take profit at multiple places with one order? I've been doing it with multiple orders but I hear that costs more spread. Maybe an EA?
Hey Penguin, it costs the same. That's one of the beauties of FX.

For simplicity, let's say 1 lot on EUR/USD costs $5 in spread (3 pips).

Example 1:
Buying 2 lots on a 3 pip spread pair, exit at a profit.
You pay 3 pips per lot.
This costs $10 total for the 2 lots.

Example 2:
Buying 1 lot on a 3 pip spread pair, exit at profit A.
Buying 1 lot on a 3 pip spread pair, exit at profit B.
You pay 3 pips per lot.
This costs $10 total for the 2 lots.

You pay when you buy (pay the ask). When you sell, you're trading off the bid (what metatrader shows). I look at is as paying the spread when I buy (whenever that happens). This spread is proportional to the number of lots you trade, not how you get in and out.

Confusion might come from the equity world where you pay "per trade". You would pay $5 commission to get into 100 shares or 1000 shares. In this case, how you break up your exits may cost you more.

Commissions aren't the same as spread.

Hope this helps.

-- Danny
  • #74,520
  • Sep 10, 2010 1:39pm Sep 10, 2010 1:39pm
Quoting fxtsun
Here are two trades I've done on the EURCHF. Off the 4HR pb that is off the 100ema, managed the trade off the 15 min tf. Couldn't resist the divergence on the 15min


fxtsun
___________________________________
"Chance favours the prepared mind" - Louis Pasteur
Nice trades, sir! I like the way you managed the trades on the second chart you posted, out before BRN and in again after it had been cleared.
If you don't risk, you don't ever have to lose.
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