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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

  • #79,601
  • Nov 9, 2010 7:50am Nov 9, 2010 7:50am
Quoting xmzhang
Price is squeezing into a triangle, it could break out both ways. After the 1H-BUOB price couldn't take out the high of the 4H-PB so there's is some bearish momentum. If price breaks above then I would close my short position, lets see...
It has yet to fill the gap from the other day so, I am sticking with these shorts till it shows me otherwise. Thanks for the opinion though, appreciate it.

Its an IT or me thing now, LoL.

Just blowing off steam.
  • #79,602
  • Nov 9, 2010 8:36am Nov 9, 2010 8:36am
Quoting Pinbar
Yeah, tell me about it, LoL

It is hard to imagine there is a big Bad BEOB up there on the weekly.

I think I got into a revenge thing with it, LOL.

It's coming, just when is the problem.

How much are you aiming from this trade?

I'm expecting some extra volatility befor New york close, due some important news which are released twice a year. It can provide some insights and clues about interest rates policy in near future.

I'm already short and expecting some bearish movement but I'm prepare to liquidate if circumstance aren't favorable.

ps: long time haven't post a chart

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  • #79,603
  • Nov 9, 2010 8:45am Nov 9, 2010 8:45am
Quoting triger88990
How much are you aiming from this trade?

I'm expecting some extra volatility befor New york close, due some important news which are released twice a year. It can provide some insights and clues about interest rates policy in near future.

I'm already short and expecting some bearish movement but I'm prepare to liquidate if circumstance aren't favorable.

ps: long time haven't post a chart

Attachment
At your target one, I will roughly be at about BE on the previous short. so, I will close out the other trade and see how this plays out.

This short will be at BE and a free trade by then, if it goes as planned.
  • #79,604
  • Nov 9, 2010 9:01am Nov 9, 2010 9:01am
Hi all! I´ve been testing trading with a smaller stoploss. For example behind the eye or behind some other PPZ before the bar low. The results have been good so far but i´m curious about your experience, could someone share some thoughts? Is it just so personal? I like to put my stop behind the bar low in many ways, but i´m interested in reducing the risk% and using a smaller stop. (Big losses make me sick )

The probability to hit the stoploss is of course bigger (with smaller stop) but so are the profits of course.. (risking 2%) But when we manage to trade only the best setups, this kind of approuch should add some extra to the account.. Good setups break hard often though.. Again needing help, thanks for everything
  • #79,605
  • Nov 9, 2010 9:04am Nov 9, 2010 9:04am
Quoting nuclear62
Hi all! I´ve been testing trading with a smaller stoploss. For example behind the eye or behind some other PPZ before the bar low. The results have been good so far but i´m curious about your experience, could someone share some thoughts? Is it just so personal? I like to put my stop behind the bar low in many ways, but i´m interested in reducing the risk% and using a smaller stop. (Big losses make me sick )

The probability to hit the stoploss is of course bigger (with smaller stop) but so are the profits of course.. (risking 2%) But when we...
Hey Nuc

Nothing wrong with this approach at all. The ability to get a larger position size might way out the extra length in stop loss for your approach.

A good thing to do is track multiple things at once. Track this approach, track where you have a full bar stop loss. Then just make sure to be diligent in tracking this data as you go. 6 months+ down the line you will have a lot of solid real time data to analyze and then make decisions that you have seen done in real time. This is what I always do

Best
Mike
  • #79,606
  • Nov 9, 2010 10:51am Nov 9, 2010 10:51am
  •  Jey
  • | Joined Jun 2009 | Status: Market Slave-Overworked/Underpipped | 283 Posts
Quoting mbqb11
Hey Nuc

Nothing wrong with this approach at all. The ability to get a larger position size might way out the extra length in stop loss for your approach.

A good thing to do is track multiple things at once. Track this approach, track where you have a full bar stop loss. Then just make sure to be diligent in tracking this data as you go. 6 months+ down the line you will have a lot of solid real time data to analyze and then make decisions that you have seen done in real time. This is what I always do

Best
Mike
Mike, just wanted to clarify on this same subject. I have listened to your webinars a number of times where you have asked repeatedly, "Are YOU going to take a full bar loss?" Then you went on and said that personally you wouldn't take a full bar loss on anything. So if that is what we want to avoid, then wouldn't it make sense to just set a smaller SL like behind the nearest S/R.

1. It limits your loss by way of avoiding a full bar SL.
2. It affords you a bigger position sizing.

Or am I missing the point?
I have seen the enemy, and it is me.
  • #79,607
  • Nov 9, 2010 10:54am Nov 9, 2010 10:54am
Quoting jarroo
This weekly bar breaks through and closes above the strong PPZ level, .7600. I now look for the .7600 to act as Support. I then drop down to the Daily, 8 hour, 4 Hour, etc., to look for some quality bullish PA to pull the trigger.
Always quality from you and very well explained too

Zhang is right - you should write a book
Thanks Jaroo -you really make it looks easy
  • #79,608
  • Nov 9, 2010 10:55am Nov 9, 2010 10:55am
hiya, my contribution for today, I think the chart says it all... but was a bit late to the trade as it slid very fast..take care
RS
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  • #79,609
  • Nov 9, 2010 10:57am Nov 9, 2010 10:57am
Quoting Jey
Mike, just wanted to clarify on this same subject. I have listened to your webinars a number of times where you have asked repeatedly, "Are YOU going to take a full bar loss?" Then you went on and said that personally you wouldn't take a full bar loss on anything. So if that is what we want to avoid, then wouldn't it make sense to just set a smaller SL like behind the nearest S/R.

1. It limits your loss by way of avoiding a full bar SL.
2. It affords you a bigger position sizing.

Or am I missing the point?
Hey Jey

It's not that I never take a full bar loss it's that I am always looking for ways to reduce my stop logically while keeping my trade plan in tact.

The reason I use the full bar with a stop to start is this affords me the room to then reduce my stop loss at logical points. If I didn't do that then I wouldn't have that leeway to move my stops. If you watch my trade videos you will see me doing this. Reducing my stop while still sticking to my initial trade thoughts as long as things remain the way I initially saw them.

I hope that helps
Mike
  • #79,610
  • Nov 9, 2010 11:00am Nov 9, 2010 11:00am
  •  Jey
  • | Joined Jun 2009 | Status: Market Slave-Overworked/Underpipped | 283 Posts
Thanks Mike, always enjoyed your webinars.
Hope to join a live session soon so that I can fire away some nice round of questions like an M16.
I have seen the enemy, and it is me.
  • #79,611
  • Nov 9, 2010 11:45am Nov 9, 2010 11:45am
hey, am new here and new to FOREX trading (since Feb 2010), i also trade entirely on price action and for me seems to work, although it has taken a lot of practise just to trade! But now seem to be seeing the fruits and have not made a loss (weekly) for past 8 weeks. I've just subscribed to this thread and look forward to updates etc, Thanks
  • #79,612
  • Nov 9, 2010 12:14pm Nov 9, 2010 12:14pm
Quoting gh0stjpy
hey, am new here and new to FOREX trading (since Feb 2010), i also trade entirely on price action and for me seems to work, although it has taken a lot of practise just to trade! But now seem to be seeing the fruits and have not made a loss (weekly) for past 8 weeks. I've just subscribed to this thread and look forward to updates etc, Thanks
Welcome Ghost

I wish I found PA trading in my first year

Enjoy and ask questions we have a great group of guys/gals around here

Mike
  • #79,613
  • Nov 9, 2010 12:25pm Nov 9, 2010 12:25pm
Quoting mbqb11
Welcome Ghost

I wish I found PA trading in my first year

Enjoy and ask questions we have a great group of guys/gals around here

Mike
Yes the same for me too xD
  • #79,614
  • Nov 9, 2010 12:29pm Nov 9, 2010 12:29pm
Quoting supremeChaos
a few might be interested in the cognition-related video here
http://www.forexfactory.com/showpost...81&postcount=7
I saw that video posted in that other thread and i passed on it and when i saw it posted here i choose to watch it.

lol
.
  • #79,615
  • Nov 9, 2010 12:29pm Nov 9, 2010 12:29pm
Just looking at Silver chart and this lovely over shoot about to be done for dinner . Please check it out cause today tomorrow we may get a lovely retracements bigger than a week ago .

I AM LOOKING FOR A NICE PA RIGHT AT THIS LEVEL WHICH I MARKET COUPLE OF WEEKS AGO AT $ 29.40 . Could be between 29.40 and just under $ 30 . Why $ 30 ?

Because 2004, 2006, 2008 tops joining at this parabolic madness center and am i mad ? No this feels like will mark a 4 year high and develop into multi months decline.

From small things big things grow !!!!! This is a little motto song from and Australian Retiree Fund ad.

As i am writing this I can see a nice 15 min 30cents pinbar ... and allready developed into something nice . Now ofcourse we gonna have second round suckers trying to bite at this Cherry ....


Will see time will tellllll... Now why this level exactly $ 29.40 because this is 1.618 external retracement from 2008 high low swing .....

Man As i am writing this this mother allready droped 70 cents ....


Bless you all!!!
  • #79,616
  • Nov 9, 2010 12:44pm Nov 9, 2010 12:44pm
qUICK UPDATE AND sILVER IS down $1.35

man I THINK I AM ON RIGHT TRACK ? OR

wHAT DO YOU GUYS SAY?

tHIS MIGHT DEVELOP IN TO A VERY NICE DAILY PIN BAR ? tHEN WEEKLY THEN MONTHLY ... ?

cHEERS... KEEP AN EYE ON WATCH THOSE NASTY SNAP BACKS .. wHEN PRICES FALL SHARPLY PARTICULARLY WHEN THE OPTIMISM AT EXTREMES STUPIDLY TRADERS ALWAYS PROPMPTED WITH THEIR PRIMAL INSTICNT .

HERE THAT IS EQUAVALENT TO GREED!

cATCH YA !

cHEERS vITO
  • #79,617
  • Nov 9, 2010 12:47pm Nov 9, 2010 12:47pm
Quoting nasir.khan
I saw that video posted in that other thread and i passed on it and when i saw it posted here i choose to watch it.
lol
.
nyahahahah
sorry for wasting 18minutes of your time.

btw, what's up with gbpusd, eurusd?
it's already 1.45pm EST (DST mode right?; 2.45am my time) & they are still dropping.
make it stop i need to already

PA is wild today, maybe more of the same tomorrow.
let's see
  • #79,618
  • Nov 9, 2010 12:53pm Nov 9, 2010 12:53pm
My friends this thing bound to have a massive daily outside bar... Please please be on the action .!!!!!

And 2008 OIL collapse might remind you a thing or two ))


Cheers Price as I am writing 27.90 from 29.36
  • #79,619
  • Nov 9, 2010 12:56pm Nov 9, 2010 12:56pm
Quoting supremeChaos
nyahahahah
sorry for wasting 18minutes of your time.

btw, what's up with gbpusd, eurusd?
it's already 1.45pm EST (DST mode right?; 2.45am my time) & they are still dropping.
make it stop i need to already

PA is wild today, maybe more of the same tomorrow.
let's see
No it was time well spent.

Today is the best day of the month for me. Look at gold.
.
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  • #79,620
  • Nov 9, 2010 1:04pm Nov 9, 2010 1:04pm
Quoting nasir.khan
No it was time well spent.

Today is the best day of the month for me. Look at gold.
Quoting nasir.khan

Anyway another one before i go to sleep.
and some opened positions
.
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