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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

  • #79,281
  • Nov 4, 2010 11:42am Nov 4, 2010 11:42am
Quoting fxtsun
Yes of-course it is, I saw the video - thank you so much!

My question was, did you enter the trade solely from the weekly TF or did you fine tune the entry from the daily TF?

Thanks

fxtsun
___________________________________
"Chance favours the prepared mind" - Louis Pasteur
Hey Sun

I never personally fine tune my entries. I just keep it real simple

Best
Mike
  • #79,282
  • Nov 4, 2010 11:50am Nov 4, 2010 11:50am
Quoting mbqb11
Hey Sun

I never personally fine tune my entries. I just keep it real simple

Best
Mike
Thank you Mike!

I like simple. Sorry if my questions are annoying. I'm just trying to learn the thought process behind the trades.


fxtsun
___________________________________
"Chance favours the prepared mind" - Louis Pasteur
  • #79,283
  • Nov 4, 2010 11:55am Nov 4, 2010 11:55am
Quoting fxtsun
Thank you Mike!

I like simple. Sorry if my questions are annoying. I'm just trying to learn the thought process behind the trades.


fxtsun
___________________________________
"Chance favours the prepared mind" - Louis Pasteur
not annoying at all bud
  • #79,284
  • Nov 4, 2010 12:04pm Nov 4, 2010 12:04pm
Quoting pipmyride
Hi all,

Hows this market treating everyone in terms of setups per day/week lately ?
For me, good quality setups have been rare lately. Since the beginning of august it's been about one trade every 2 weeks (I check everything down to 1hr charts)
But things seem the be picking up this last week or so

Jonny
  • #79,285
  • Nov 4, 2010 1:00pm Nov 4, 2010 1:00pm
Quoting Jonnyislost
For me, good quality setups have been rare lately. Since the beginning of august it's been about one trade every 2 weeks (I check everything down to 1hr charts)
But things seem the be picking up this last week or so

Jonny
Yeh been a fight hasnt it
  • #79,286
  • Nov 4, 2010 1:04pm Nov 4, 2010 1:04pm
Hiya,
the last 21 days i would say 2-3 per week..
RS
Quoting pipmyride
Hi all,

Hows this market treating everyone in terms of setups per day/week lately ?
  • #79,287
  • Nov 4, 2010 1:19pm Nov 4, 2010 1:19pm
I quick chart of my last trade.
EUR CHF 4 hr. BEOB engulfing the entire consolidation zone. Closed below the PPZ near 1.37. I got in on the break with a tight move to BE then let it run to the BRN of 1.36 where I tightened up the stop with a close trailing stop as I was going to be away from my computer for a bit. Got stopped for 45 pips near the BRN. Now it has pushed through and hopefully, for anyone in this, that will become an area of support.
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  • #79,288
  • Nov 4, 2010 1:51pm Nov 4, 2010 1:51pm
I took this nice BEOB on 4 hrs and i anticipate that the weekly one will be broken.
Regards
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  • #79,289
  • Nov 4, 2010 2:20pm Nov 4, 2010 2:20pm
Quoting Caesar
I quick chart of my last trade.
EUR CHF 4 hr. BEOB engulfing the entire consolidation zone. Closed below the PPZ near 1.37. I got in on the break with a tight move to BE then let it run to the BRN of 1.36 where I tightened up the stop with a close trailing stop as I was going to be away from my computer for a bit. Got stopped for 45 pips near the BRN. Now it has pushed through and hopefully, for anyone in this, that will become an area of support.
nice trade casesar

I love outside bars coming out of ranges like that they are very telling
  • #79,290
  • Nov 4, 2010 2:21pm Nov 4, 2010 2:21pm
Quoting Edonya
I took this nice BEOB on 4 hrs and i anticipate that the weekly one will be broken.
Regards
Would be a heck of a good entry if it starts to come back on the weekly. Let's see if it comes down for you looks like it

Best
Mike
  • #79,291
  • Nov 4, 2010 2:34pm Nov 4, 2010 2:34pm
Thanks.
You guys are dedicated to cheer us up in this fx.
Regards.
  • #79,292
  • Nov 4, 2010 4:40pm Nov 4, 2010 4:40pm
Quoting xmzhang
Well seems like price is respecting the 8750-ish as resistance, triggered a sell off a 30m-PB, price will probably revisit the 8700
Price has reached FTA, previous bar high of the daily DBLHC. I've closed 1/2 of my position for a 29 pip profit and leave my stop untouched. So what's price going to do next
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Pipcrawler
  • #79,293
  • Nov 4, 2010 4:44pm Nov 4, 2010 4:44pm
Quoting spookie94
Jarroo

So, you find your SL area 1st and then see if your FTA covers your risk, close to a 1:1 RR?

So you don't really have a set limit you like to go after on each TF?

Do you drop down to lower TFs to determine when to bail?
Quoting spookie94
Another question on MM. If you always risk 2% of your account, a 20 pip loss is the same as a 100 pip loss, correct? So when you tighten your SL do you also reduce your risk level?
So, you find your SL area 1st and then see if your FTA covers your risk, close to a 1:1 RR?

This is a different style of trade that I do take on occasion, it is based on PA. I look for a situation that a hard break will take place with a clear target. I may wait until the target is hit or make my S/L adjustment before then. My initial S/L is usually 20 to 30 pips.

I said initially 40 pips S/L but would probably get out before that.
On this trade, it would probably would have been 30 pips, just below the Daily Low, in purple.

As soon as my target was hit, I adjusted my S/L to a free trade, (see DIBS trade management).

I had 1% in 40 pips. I will use 2% on trades like this sometimes, but usually just 1%. If this trade took off and the trend changed to an uptrend . .I would have looked to add to this position.

The blue line is what I want to see Price do and adjust my S/L accordingly. Anything short of that and I'm out.

So you don't really have a set limit you like to go after on each TF?

No set limit. I let the charts present the setup and the targets which will differ on each TF.

Do you drop down to lower TFs to determine when to bail?

I do drop down to lower TFs only to see how Price is reacting to the Higher TF setup: breakout, targets, etc. The higher TF S/L level would not change.

Sorry I missed your post, spookie. Let me know if I answered your questions.


Jim
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Indicators show the past. Price Action "Indicates" the future.
  • #79,294
  • Nov 4, 2010 4:53pm Nov 4, 2010 4:53pm
Quoting john225
Well explained thanks Jarroo



Nice to see that some experienced guys tooked the same trade that i tooked too ;-)
Looks like the Daily DBLHC hit its target.
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Indicators show the past. Price Action "Indicates" the future.
  • #79,295
  • Nov 4, 2010 5:16pm Nov 4, 2010 5:16pm
Quoting albinas
Hey Jarroo, don't know the one you mentioned, but I heard a similar one.

Dollar and Cable sitting in the bar, drinking beer. Suddenly, enchantress Euro enters the bar with her red sexy dress. Cable quickly stands up, goes after her, but Dollar quickly calls out:

"Be careful, don't get the inflation"



Also took a trade this week.

H4 E/U BUOVB

What I didn't like was size of second bar (could be bigger) and I saw one more trouble area closer than my FTA.
Good one . . lol


Here's a good example of what Mike talks about have a great story behind a setup.

I agree albinas, that the BUOB could have been bigger, but I like your previous bar high entry. A consolidation breakout, in yellow, wouldn't have been a bad play either.

You can see that this wedge breakout pullback formation around the 1.4000 BRN help support this trade.

Everyone likes a good story ..
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Indicators show the past. Price Action "Indicates" the future.
  • #79,296
  • Nov 4, 2010 5:22pm Nov 4, 2010 5:22pm
Quoting HanSolo
The stronger it closes underneath the blue rectangle the better.

You gotta love those pin bar looking Outside bars . . .
Indicators show the past. Price Action "Indicates" the future.
  • #79,297
  • Nov 4, 2010 5:24pm Nov 4, 2010 5:24pm
Quoting xmzhang
Closed my remaining position on the E-G, price broke a 1H-PB @ RNB 8800, I've banked another 81 pip. Total profit: 95 + 81 = 176 pips If price breaks the previous swing low @ 8750-ish then the short term uptrend breaks and price will probably revisit the RNB @ 8700. If 8750 holds as support then the short term uptrend stays intact and price will probably take another shot at the 8800, lets see how this plays out.
Nicely done, xmz .. .
Indicators show the past. Price Action "Indicates" the future.
  • #79,298
  • Nov 4, 2010 5:29pm Nov 4, 2010 5:29pm
Jarroo, that is really interesting.

If you see a good set-up, you will set your Order 10/15/20 pips whatever beyond the break of the set-up. Then you set your stop loss to 30/40 pips (enough room so that if it moves back as it often does, it still doesn't stop you out) then you take your first half off at break even and the second half off later/gets stopped out.

This is really fascinating. I focus so much on being right, that I forget the purpose is to make money, not to be right.

You might get stopped out more often than me, but often your R:R is 1:1 or greater, while mine is often 1:3 or 1:4 with a mostly or even full bar stop loss.

So even if I am right 3 more times often than you, you are still making more money.

Awesome.
  • #79,299
  • Nov 4, 2010 5:40pm Nov 4, 2010 5:40pm
Quoting unlv_tj
Jarroo, that is really interesting.

If you see a good set-up, you will set your Order 10/15/20 pips whatever beyond the break of the set-up. Then you set your stop loss to 30/40 pips (enough room so that if it moves back as it often does, it still doesn't stop you out) then you take your first half off at break even and the second half off later/gets stopped out.

This is really fascinating. I focus so much on being right, that I forget the purpose is to make money, not to be right.

You might get stopped out more often than me, but often your...
For me, its all about controlling your risk. I will have alot of breakeven trades or net zero trades and even small losses. . .but I'm OK with that. It usually tells me to be more picky with me setups, which all of us can relate to.

Being picky with your setups and eliminating or reducing your risk . .and the profits will come. . .that's why we're here . .right tj?
Indicators show the past. Price Action "Indicates" the future.
  • #79,300
  • Nov 4, 2010 5:51pm Nov 4, 2010 5:51pm
Quoting jarroo
But it depends on the quailty of the Outside Bar and how close the traffic is to that OB. Meaning if the OB is at a nice swing High or Low, good size compared to previous bars, supportive confluences, etc., I will take that break to ride on that momentum.
What would you stop loss be in this situation you enter on the break would you stop loss be 30-40 pips or a full bar loss ?
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