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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

  • #82,181
  • Dec 10, 2010 8:47am Dec 10, 2010 8:47am
Quoting spookie94
So how do you usually manage a trade? Do you wait till it hits your target before you take profit or move SL to BE? Do you do as James does and move to BE after so much gain? Just trying to figure out how to make a failed trade into at worst a small lose or BE. Thanks Mike.
Hey Spookie

I wish I had a simple straight forward answer for you but it's just different each time. I have basically 3 main categories of trading as I see them and break them down and each one tends to get looked at as it's own scenario by which I evaluate how to best manage the trade as I see fit. I wish there was a clear summary but combined my 3 methods have about 10,000 posts alone in q&a in the pf so you can imagine there's no short answer here.

Best
Mike
  • #82,182
  • Dec 10, 2010 9:06am Dec 10, 2010 9:06am
Quoting supremeChaos

what u'll notice is my lines are not thick. through time, i have refined my lines, mainly to reduce clutter. the lines are thin BUT im aware that each line is a zone consisting of a number of pips above & below it where price can stop at/bounce off. i plot mini PPZs on H4 & below --- these show up as much shorter horizontal lines (shorter lines relative to Daily & up PPZs; in general, the longer & the thicker the lines [in my charts] = more important)
Thanks for explaining, master. Sorry for the late reply.I slept on my keyboard last night. You conveyed your thoughts well. I compared my PPZ with yours and saw that i missed a few lines and some of my lines were a bit off.
If you don't mind, could you possibly post your charts where you found setup before you take the trade? That way i can see where your PPZ at and follow your thought process. It would only for educational purposes - i promise not to take it as trading advice.
Many Thanks
  • #82,183
  • Dec 10, 2010 9:14am Dec 10, 2010 9:14am
Quoting mbqb11
Hey Spookie

I wish I had a simple straight forward answer for you but it's just different each time. I have basically 3 main categories of trading as I see them and break them down and each one tends to get looked at as it's own scenario by which I evaluate how to best manage the trade as I see fit. I wish there was a clear summary but combined my 3 methods have about 10,000 posts alone in q&a in the pf so you can imagine there's no short answer here.

Best
Mike
no simple 'rule of thumb' huh ?
  • #82,184
  • Dec 10, 2010 9:24am Dec 10, 2010 9:24am
Quoting spookie94
I think the Big Guy was looking at a long setup on this pair...
Yes, i have noticed that.

Quoting ppfx
I was stopped out by one 1 pip. LoL... Just like on the USDCHF a week ago...
Oh, well...thats why im risking only 1% per trade.

Attachment

If only the big guy wouldnt enter the trade against me... then possibly i would be still in.. http://cdn.forexfactory.com/images/s...m/thinking.gif (jk)http://cdn.forexfactory.com/images/s...yim/tongue.gif
But afterall it wouldnt be a bad trade, if only i wouldnt be stopped out... Next time i have to remember then when i set a SL, i must then move it 1-2 pips more so that i wont get stopped out...


Quoting Pinbar
I have been watching it all day.

without even looking at it, I can tell you are referring to the PPZ there at 1.5840 ish.


I want my BEOB bar!!!! LoL
If it closes like this you would have the BEOB you have been waiting the whole day.
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  • #82,185
  • Dec 10, 2010 9:31am Dec 10, 2010 9:31am
Quoting Be Cool
Thanks for explaining.... I compared my PPZ with yours and saw that i missed a few lines and some of my lines were a bit off.
If you don't mind, could you possibly post your charts where you found setup before you take the trade? That way i can see where your PPZ at and follow your thought process....
haha, im a master.... trainee

post charts & thought processes? that would be impossible, as i rarely post charts (as u may have noticed), for several reasons:
- i trade M5 to daily. this thread is mainly focused on higher TFs to facilitate learning for newer traders
-i 'touch trade'/trade without PA; again, for learning purposes, this thread teaches trading with PA
-nowadays, i try to devote more time to trading, reading, practice
-im a very hands-on dad of a similarly inquisitive 2year old
- lastly, & to reiterate, im not a good communicator of my thoughts & IMHO my trading/trade management is not structured enough compared to some people here

having said that, i will help u in other ways as much as possible.

by the way, dont worry about your PPZs. we all will, most of the time, have PPZs at different prices. we are all unique
  • #82,186
  • Dec 10, 2010 9:36am Dec 10, 2010 9:36am
Quoting ppfx
...
But afterall it wouldnt be a bad trade, if only i wouldnt be stopped out... Next time i have to remember then when i set a SL, i must then move it 1-2 pips more so that i wont get stopped out...
u should try to move your stop after it gets hit

Quote
If it closes like this you would have the BEOB you have been waiting the whole day
what a pity...
price moved in favor of Pinbar after he quit waiting for this exact scenario
the market always tries to disappoint



Sorry, Be Cool, most of my 5,000 posts are like these: goofing around.
  • #82,187
  • Dec 10, 2010 10:00am Dec 10, 2010 10:00am
Quoting grahamec
Hi, where would be the best place to put a fib from and too on the gbpusd monthly. I noticed the Nov beob and the retracement bar of this month which just tipped the brn 5900.
Cheers
Grahame
Here's how I see the fibs.

Main fib is light blue. I think we still have to consider the extremes on the monthly.
Secondary of the current swing points is in yellow. From high in July 09 to low in May 10.
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  • #82,188
  • Dec 10, 2010 10:02am Dec 10, 2010 10:02am
Hi Guys

Just been looking at other threadsinfo past few days and there is a lot of conflicting advice about how many pairs we should be looking at when starting to trade fx - some say a few others say as many as you can handle. Anyone got an opinion about this?

kal
  • #82,189
  • Dec 10, 2010 10:05am Dec 10, 2010 10:05am
Quoting Kalbar
..and there is a lot of conflicting advice about how many pairs we should be looking at when starting to trade fx - some say a few others say as many as you can handle. Anyone got an opinion about this?
....
that is unsurprising..we are all different.
try out/follow the suggestion that u are most comfortable with. everything u do should align/be in sync with your trading personality/psychology.
  • #82,190
  • Dec 10, 2010 10:15am Dec 10, 2010 10:15am
Quoting Donkey
Here's how I see the fibs.

Main fib is light blue. I think we still have to consider the extremes on the monthly.
Secondary of the current swing points is in yellow. From high in July 09 to low in May 10.
Thanks Donkey, thats helpful
  • #82,191
  • Dec 10, 2010 10:16am Dec 10, 2010 10:16am
Quoting supremeChaos
u should try to move your stop after it gets hit



Quoting supremeChaos
Sorry, Be Cool, most of my 5,000 posts are like these: goofing around.
You cant be serious all the time. And imho is good to take some time off and goof around.
  • #82,192
  • Dec 10, 2010 10:17am Dec 10, 2010 10:17am
Hi Kal,
Around three months ago I moved from looking at everything to only 4 pairs. My trading has improved like 90%, thats a conservative estimate!!

i think this is mainly because I now know these pairs quite intimately . So when i now what ones doing I have a 'good' feel for the others without always looking at them..

I do miss trades on different pairs, but i choose to only take trades thats spreads are reasonable.

Just my humble observations from my own experience.
cheers
RS


Quoting Kalbar
Hi Guys

Just been looking at other threadsinfo past few days and there is a lot of conflicting advice about how many pairs we should be looking at when starting to trade fx - some say a few others say as many as you can handle. Anyone got an opinion about this?

kal
  • #82,193
  • Dec 10, 2010 10:21am Dec 10, 2010 10:21am
Quoting supremeChaos
that is unsurprising..we are all different.
try out/follow the suggestion that u are most comfortable with. everything u do should align/be in sync with your trading personality/psychology.
Supremo

Thanks for your illuminating comments - wise words as always. You are not a Zen master by any chance are you? Will experiment and see what fits with my 'style'!

Kal
  • #82,194
  • Dec 10, 2010 11:11am Dec 10, 2010 11:11am
Just seen it's your Birthday Mike
wishing you a great Birthday and nice weekend
and thanks for evrything
Best
D
  • #82,195
  • Dec 10, 2010 11:40am Dec 10, 2010 11:40am
Quoting spookie94
no simple 'rule of thumb' huh ?
nope there are just certain things you will do over and over as a trader. So it might not be as simple as 1,2,3 but you develop things that work better in certain situations and apply these, and then in the long run it works as a whole method(remember not a system)

Best
Mike
  • #82,196
  • Dec 10, 2010 11:40am Dec 10, 2010 11:40am
Quoting damien100
Just seen it's your Birthday Mike
wishing you a great Birthday and nice weekend
and thanks for evrything
Best
D
Thanks Damien
  • #82,197
  • Dec 10, 2010 11:58am Dec 10, 2010 11:58am
Hi Taz

Quoting 666Doom
even touch trades don't mean exact line trades they also have tolerance,so if the best exact S/R trades are not exact to the pip,then how can PA trades b exact to the pip
Point taken. Overly concern with refining PPZ doesn't mean accuracy.

Quote
Then the only thing you have to watch out for is a great zone and great PA around that area and proper stop loss.Just try to tweak your mind with things like what price did around that area,
What is its construction story.
Here construction story was,price just sneaked below /into a great area then got hit with buy orders forming a pinnish bar nstead of a bear bar.

Story is more important. Got it.

Quote
Now it may mean we are buying but could it be proved unless buyers show strength and push it out side that big zone ,hell no, they must show me what they want.

Now once you know the story what would you like to see for you to take the trade?

Great explanation. Really appreciate it
  • #82,198
  • Dec 10, 2010 1:14pm Dec 10, 2010 1:14pm
Quoting Revstar
Hi Kal,
Around three months ago I moved from looking at everything to only 4 pairs. My trading has improved like 90%, thats a conservative estimate!!

i think this is mainly because I now know these pairs quite intimately . So when i now what ones doing I have a 'good' feel for the others without always looking at them..

I do miss trades on different pairs, but i choose to only take trades thats spreads are reasonable.

Just my humble observations from my own experience.
cheers
RS
Hey Rev

Thanks for your response - interesting to hear that your trading hasimproved a lot looking at just a few pairs. Not something i 'd thought about before on the pretext that to get setups on the higher TFs you need to look at many pairs to get the A+ setups which dont come around too often.

Something to think about over the weekend. Hope all you guys on here have a good one. See you on sunday,

Kal
  • #82,199
  • Dec 10, 2010 2:59pm Dec 10, 2010 2:59pm
Quoting ppfx
...We have a nice PB forming on the h1, and its just off a s/r area...

Attachment
down again?

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  • #82,200
  • Dec 10, 2010 4:55pm Dec 10, 2010 4:55pm
Quoting supremeChaos

what a pity...
price moved in favor of Pinbar after he quit waiting for this exact scenario
the market always tries to disappoint


Yes, and the market is very good at it, I have noticed.

Well, I am not too rigid, a nice long nosed Bearish PB would have sufficed equally as well.

SC, your goofing posts add that gentle breeze of fresh air in a place that can have tension. Keep it up please.
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