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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

  • #81,441
  • Dec 2, 2010 9:13am Dec 2, 2010 9:13am
Quoting Adilius07
Try it on big screen TV instead of 2 monitors, man that is something else, lying on couch waiting for the bar to close is now feels much more comfortable.
And I hooked my old netbook to it through simple VGA, wireless keyboard+mouse....if you do it through HDMI it is even cooler

Bingo! Now that's one rocking trade, demo or not. That 'clunk" sound of hitting the nail on the head is adorable each time you hear it no? http://cdn.forexfactory.com/images/s.../yim/happy.gif

g.

Thanks for reminding me I have the cables for the tv---I haven't used it in awhile and forgot I had them.

Thanks---Ghous---if it wasn't for your contributions/teachings/input and others...I don't know if I would be still be here and profitable!

Bill
  • #81,442
  • Dec 2, 2010 9:17am Dec 2, 2010 9:17am
Quoting Atc

Thanks for reminding me I have the cables for the tv---I haven't used it in awhile and forgot I had them.
if I would be still be here and profitable!
and that takes only 2 minutes to plug I was so sorry that I didn't think of that a year ago, lol.
  • #81,443
  • Dec 2, 2010 9:17am Dec 2, 2010 9:17am
Quoting xmzhang
I had my FTA @ 6350-ish, price came in close range at 6350 just before the speach of Trichet, the high of that BUOB was @ 6325. So the FTA was quite nearby, in that case it wouldn't be sensible to take a clear break entry, if you wanted to trade this BUOB. I always try to enter on a pullback via PA on the lower TF, in this trade, as Jarroo already pointed out, we got our buytrigger via a BUOB on the 1H-TF. In that way should the break not sustain, you still may sneak away with some profit as I did. BTW I was stopped out on my remaining position...
Sorry forgot to post my chart for clearity
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Pipcrawler
  • #81,444
  • Dec 2, 2010 9:17am Dec 2, 2010 9:17am
Quoting xmzhang
I'am trying to imagine how that would look like .......
I'm gonna make a pic for you Xmz
  • #81,445
  • Dec 2, 2010 9:18am Dec 2, 2010 9:18am
Just took a short on GU based on IBFX BEOB 4hr + rejection of the down swing low, chart attached.

BEOB
Div
Nice Location imo

Had my TP at 1.5510, price went down till 1.5511 and up again...

Took half at 1.5550
Second half out at BE

Comments are welcomed.

Tc.
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Trade Smart
  • #81,446
  • Dec 2, 2010 9:28am Dec 2, 2010 9:28am
Quoting ghous
Nothing wrong with the entry for sure, the stop was probably too tight. I wonder if you go with tight stops all the time, or was it for this particular setup only Spook?

A lot of times people try to guard their "less than A+ setups" with tight stops. Depending on the situation it may or may not be a viable option.

First thing's first we do agree it isn't A+, don't we? I mean clearly the fact that we didn't close above 63 and the adjoining bar highs and lows would be a reason good enough to keep me out of the trade at least but I clearly understand...
I agree that it wasn't an A+ setup. On my feed it did close above 63, just barely, 63.02. My FTA looked about the same as yours, 63.70ish. I tried to go to a lower TF to place my SL so I could increase my position size. I used this little swing low on the 1HR. Plus, I thought if price hit my entry it had a good chance of hitting my target before much draw down. It was obviously not a good spot. Do you recommend staying with the same TF or dropping down?

I appreciate everyones help. I know there is proably a million ways to play this one, but I think I need a more straight forward answer. If you would of played this pair how would you have done it? Entry, why? SL, why? Target, why? ALL RESPONSES WELCOME.

BTW look at this sucker go now .
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  • #81,447
  • Dec 2, 2010 9:29am Dec 2, 2010 9:29am
Quoting Adilius07
I'm gonna make a pic for you Xmz
I recently finished doing my setup.

A 6 foot pin bar is worth a look.



g.
Attached Image
I believe . . .
  • #81,448
  • Dec 2, 2010 9:31am Dec 2, 2010 9:31am
Quoting ghous
I recently finished doing my setup.

A 6 foot pin bar is worth a look.



g.
ohh man!!! Now I know what I want for my next birthday!!!
  • #81,449
  • Dec 2, 2010 9:34am Dec 2, 2010 9:34am
Quoting geomink
the loss is growin

:-))))
Hey Geo

You keep posting about this and a bunch of us have posted charts(last time too). Did you miss them, I know this thread moves quick but we are here to help and haven't seen if you saw any of them yet.

http://www.forexfactory.com/showpost...ostcount=81327

Best
Mike
  • #81,450
  • Dec 2, 2010 9:34am Dec 2, 2010 9:34am
Quoting xmzhang
I had my FTA @ 6350-ish, price came in close range at 6350 just before the speach of Trichet, the high of that BUOB was @ 6325. So the FTA was quite nearby, in that case it wouldn't be sensible to take a clear break entry, if you wanted to trade this BUOB. I always try to enter on a pullback via PA on the lower TF, in this trade, as Jarroo already pointed out, we got our buytrigger via a BUOB on the 1H-TF. In that way should the break not sustain, you still may sneak away with some profit as I did. BTW I was stopped out on my remaining position...
could you show me where you set your entry and SL on the 1h? Why did you choose the 1Hr?
  • #81,451
  • Dec 2, 2010 9:35am Dec 2, 2010 9:35am
Quoting spookie94
I agree that it wasn't an A+ setup....
I'd recommend staying on the same time frame to manage trades just to keep things simple.

If I had played this, my entry would be at the break. SL at the opposite end of the bar (because that's where I like to keep it before I go into every trade I take - though obviously it would have moved up at this stage - most probably just below 62.5 as mentioned in my previous post) and a straight take profit at the marked.

g.
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I believe . . .
  • #81,452
  • Dec 2, 2010 9:35am Dec 2, 2010 9:35am
Quoting Adilius07
That is like I thought. Bar looked good to me, but the location is really scary. There are too much resistance just above the price. I believe all that zone is resistance... here are the charts
I agree bud, this one was trading in an overall consolidated choppy market and also a current box as well

THey can be much more trouble and often choppy whichever way they choose to go

Mike
  • #81,453
  • Dec 2, 2010 9:36am Dec 2, 2010 9:36am
Quoting xmzhang
Hey Jarroo, how about this 4H-BUOB @ 8400 of E-G ? Entry on a pullback, a nice BUOB on the 10m-TF at previous bar low was my buy trigger. Closed 1/2 position at the important PPZ @ 8450, lets see if she is able to crack the 8450 ......
My remaining position of E-G is going into the right direction now, that newsbar nearly stopped me out due to Trichet's speech, looks like E-G has cracked the 8450.......
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Pipcrawler
  • #81,454
  • Dec 2, 2010 9:39am Dec 2, 2010 9:39am
Quoting ghous
I recently finished doing my setup.

A 6 foot pin bar is worth a look.



g.
Wow KooL !! G. u really do trade from looking at that large board
no wonder, how you get to catch those A+ setup on-time LoL
"""" --- -- - << ..:: ALM ::.. >> - -- --- """"
  • #81,455
  • Dec 2, 2010 9:45am Dec 2, 2010 9:45am
Quoting ghous
I'd recommend staying on the same time frame to manage trades just to keep things simple.

If I had played this, my entry would be at the break. SL at the opposite end of the bar (because that's where I like to keep it before I go into every trade I take - though obviously it would have moved up at this stage - most probably just below 62.5 as mentioned in my previous post) and a straight take profit at the marked.

g.
Thanks G. Looks like our entry and TP is the same I just need to that SL down.

Heres one for the newbies like my self: This may be common sense but if your thick- headed like myself I hope this is a slap in the face for you. IF YOU ARE TRYING TO INCREASE YOUR POSITION SIZE BY TIGHTING UP YOUR SL REMEMBER, A FULL BAR LOSS AT 2% RISK IS THE SAME AS A 30 PIP LOSS AT 2%. IF YOU WANT TO REDUCE RISK PLACE SL AT THE END OF THE BAR AND MAKE ADJUSTMENTS ONCE THE TRADE IS TRIGGERED.
  • #81,456
  • Dec 2, 2010 9:46am Dec 2, 2010 9:46am
Quoting mbqb11
I agree bud, this one was trading in an overall consolidated choppy market and also a current box as well

THey can be much more trouble and often choppy whichever way they choose to go

Mike
Thanks Mike, sometimes I spot good locations, sometimes don't... I need 3-4 months more with this thread and I will be ok, I promise
  • #81,457
  • Dec 2, 2010 9:48am Dec 2, 2010 9:48am
Quoting spookie94
could you show me where you set your entry and SL on the 1h? Why did you choose the 1Hr?
I've zoomed in a bit on the 1H-TF for clearity. Because this is a daily setup, I prefer to look for PA on a 1H-TF, using the 4H-TF is somewhat to large so you could miss some smaller movements, the 15m-TF is too noisy for a daily setup. Do you notice that 1H-BUOB closing above the RNB @ 6300 ? Entry at the previous 1H-bar high, a touch trade off the 6300 would've been another possibility but I prefer PA. As you see that news bar just stopped me out
Also notice divergence, buyingpressure was dissipating, this could be a reason to close the trade earlier.
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Pipcrawler
  • #81,458
  • Dec 2, 2010 9:59am Dec 2, 2010 9:59am
Quoting spookie94
Thanks G. Looks like our entry and TP is the same I just need to that SL down.

Heres one for the newbies like my self: This may be common sense but if your thick- headed like myself I hope this is a slap in the face for you. IF YOU ARE TRYING TO INCREASE YOUR POSITION SIZE BY TIGHTING UP YOUR SL REMEMBER, A FULL BAR LOSS AT 2% RISK IS THE SAME AS A 30 PIP LOSS AT 2%. IF YOU WANT TO REDUCE RISK PLACE SL AT THE END OF THE BAR AND MAKE ADJUSTMENTS ONCE THE TRADE IS TRIGGERED.

I learned from that mistakes earlier too!!
TRADE MANAGEMENT is crucial
"""" --- -- - << ..:: ALM ::.. >> - -- --- """"
  • #81,459
  • Dec 2, 2010 10:00am Dec 2, 2010 10:00am
Quoting Almfx
Wow KooL !! G. u really do trade from looking at that large board
no wonder, how you get to catch those A+ setup on-time LoL
Hey Alm,

Long time bro...where've you been?

g.
I believe . . .
  • #81,460
  • Dec 2, 2010 10:11am Dec 2, 2010 10:11am
Quoting spookie94
Thanks G. Looks like our entry and TP is the same I just need to that SL down.

Heres one for the newbies like my self: This may be common sense but if your thick- headed like myself I hope this is a slap in the face for you. IF YOU ARE TRYING TO INCREASE YOUR POSITION SIZE BY TIGHTING UP YOUR SL REMEMBER, A FULL BAR LOSS AT 2% RISK IS THE SAME AS A 30 PIP LOSS AT 2%. IF YOU WANT TO REDUCE RISK PLACE SL AT THE END OF THE BAR AND MAKE ADJUSTMENTS ONCE THE TRADE IS TRIGGERED.
Now I see why that stop was ultra tight. Well trying to reduce stop size to increase your position size is a BAD idea even with an A+ setup. A lot of times such a thought process gets triggered when you wonder "Ok here we are, with a 140 pip stop and the FTA 30 pips away, let me cut this down to 60 pips so I can at least get hooked up with a 0.5R runner - and hey this setup looks good to shoot for the moon anyways"

In doing so you make a fundamental error. You give too much weight to a single trade. We as traders rely on long term (a big sample space) for our risk diversification and an independent winner or looser has no significance as far as our trading performance is considered.

As J16ers, it's not the R:R that we are concerned about. Its the probability measure of where price is going that makes every trade worthwhile. At the end of the day it's still just the 0.3R that you made, but if you're in the right frame of mind you'll smile and feel sorry for the 5 min scalper who's busy taking 20 trades a day with his nails between the teeth and the A$$ at the edge of the seat.

Don't shoot for 30% a month, you're going to beat almost any 'safe conservative risk averse' investment opportunity out there by going for a modest 8% a month. It's all about consistency which can never be achieved if stops are being tightened to catch that 1% on offer.

g.
I believe . . .
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