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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

  • #82,581
  • Dec 15, 2010 1:57pm Dec 15, 2010 1:57pm
Quoting mbqb11
Hey Xhale

Remember the bars themselves will not make prices necessarily do anything. It is the context in which they exist(location confluence, bar structure etc). Here for example in my view the lows are two far apart and I can't tell what timeframe or anything, but I don't see anything that jumps out to be getting long. Now they may indicate price wants to but that doesn't necessarily make it a high probability setup. Also remember setups are not valid till the highs/lows break.

Take care
Mike
I still get confused by these at times. Are you looking for a break of the lowest or one of the bar's high? Assuming of course this is a good setup to begin with.
  • #82,582
  • Dec 15, 2010 2:01pm Dec 15, 2010 2:01pm
So when are the TV and chat show appearances ?? haha i'm just kidding, well you never know!
you have probably had more views on here, than some of them anyways!!

@ torontobboy2. with out going over board here it could well be one of the best things I ever did!!

take care
RS
Quoting james16
I see we passed 10 million views.

Im honored and blessed to have so many friends.
  • #82,583
  • Dec 15, 2010 2:02pm Dec 15, 2010 2:02pm
Quoting james16
I see we passed 10 million views.

Im honored and blessed to have so many friends.

Jim, I held off on this one because it didn't look like it had much room and I was a little worried about going against that large BUOB. What made you go for this one? Lately I feel like I'm just trying to find reasons not to place a trade.
  • #82,584
  • Dec 15, 2010 2:04pm Dec 15, 2010 2:04pm
Quoting Dan Gilbert
I know I didn't want to take any december trades... but A+ is A+.... This trade even earned extra credit making it 110% A+ . Only risked 0.5% though due to it be December....

Please specify where was your stop loss? you said 0.5% risk, so i'm trying to wonder where you put your stop loss? I'm trying to understand price action so i hope you reply to this...
  • #82,585
  • Dec 15, 2010 2:22pm Dec 15, 2010 2:22pm
I just don't get it, what is all about this:" is december and I will not dare to tuch the market, because of the liquidity".

I'll make a blank statement that 98% of the traders orders are bucketed(from this thread), their order doesn't hit the true market never. They beat just a fluctuation not the true market.

Can someone enlighten me?
  • #82,586
  • Dec 15, 2010 2:28pm Dec 15, 2010 2:28pm
Quoting NosferatuMan
Hey Mike,

Thanks a lot for the video updates. Really helps.

I have a question that came up while watching the webinar excerpt.
You said you cancelled the sell order because the BEOB didn't break on the next bar and this is a rule for you.

What about if you enter a trade, eventually adjust your SL reducing the risk and then price stalls for a few bars nor reaching TP or SL. Do you have any rule that makes you "kill" the trade?

Probably there is no straight forward answer but I decided to ask you anyway.

Thanks a lot.

Nos
Hey Nos

You are correct, it really depends on each situation and how I view the trade and how it progresses. For example I am still in that eur/gbp and my stop is still under the bar. I want to see the 8500 area hold and will look to see how price reacts around this area. I am a bit more consistent with my entries and a bit more open to interpretation on my exits.

Hope all is well
Mike
  • #82,587
  • Dec 15, 2010 2:29pm Dec 15, 2010 2:29pm
Quoting torontobboy2
Please specify where was your stop loss? you said 0.5% risk, so i'm trying to wonder where you put your stop loss? I'm trying to understand price action so i hope you reply to this...
my initial stop loss was 15 pips higher than the left eye of the pin bar. that gave me an initial stop of 100 pips.

I managed by doing a 100 pip trailing stop until the trade was @ break even, then I just let it go to the target 10 pips above the 1.32 VBRN/PPZ.
Many choose unhappiness over uncertainty.
  • #82,588
  • Dec 15, 2010 2:29pm Dec 15, 2010 2:29pm
Quoting triger88990
I just don't get it, what is all about this:" is december and I will not dare to tuch the market, because of the liquidity".

I'll make a blank statement that 98% of the traders orders are bucketed(from this thread), their order doesn't hit the true market never. They beat just a fluctuation not the true market.

Can someone enlighten me?
Hey Trig

It is a statement about the markets as a whole. If the markets are thinner then the moves can be more drastic and erratic. So traders who say that mean they avoid trading in that environment not necessarily that their orders themselves are treated different

Best
Mike
  • #82,589
  • Dec 15, 2010 2:41pm Dec 15, 2010 2:41pm
Is anyone looking at XAU right now?

It is at 50% retracement and has confluence with trendline support.
What is any ocean but a multitude of drops?
  • #82,590
  • Dec 15, 2010 2:42pm Dec 15, 2010 2:42pm
There is a beautifull pattern on NZDUSD chart. In this case there is no point in putting stoploss above the pb high. With all this confluence it is easy to assume there are sell stop orders below the 0.7400 level. If that is true price should gain good momentum to the downside so tight stop should be a good choice. My stop will be somewhere above 0.7500.
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  • #82,591
  • Dec 15, 2010 2:56pm Dec 15, 2010 2:56pm
Quoting geomink
not much space
there was space, instead
Don't give up
  • #82,592
  • Dec 15, 2010 3:08pm Dec 15, 2010 3:08pm
Hi ya Everyone..

I was wondering if someone could help with this trade I took a loss on today..
I took it as it was off a strong PB, bounced off the RN and above the 365MA..
All I can see is I didn't wait for the top of the PB to be taken out as it was a weekly and looked like a strong move so I went in a bit early....
Is there any thing else I could have done better?..
Also with the MM side of things should I not have taken such a large loss on the bar?..
Did I hold onto the trade for to long and should have cut it a few days earlier?

Cheers,
Adrian
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  • #82,593
  • Dec 15, 2010 3:13pm Dec 15, 2010 3:13pm
Quoting aarangio
Hi ya Everyone..

I was wondering if someone could help with this trade I took a loss on today..
I took it as it was off a strong PB, bounced off the RN and above the 365MA..
All I can see is I didn't wait for the top of the PB to be taken out as it was a weekly and looked like a strong move so I went in a bit early....
Is there any thing else I could have done better?..
Also with the MM side of things should I not have taken such a large loss on the bar?..
Did I hold onto the trade for to long and should have cut it a few days earlier?

Cheers,
Adrian...
Hey Adrian

In terms of the bar. I like the bar itself. Location to me is a bit iffy. Not a lot of space. But still we can have a good trade plan in multiple ways.

First would be a break validates it(like you already said). I am uneasy playing without a break but as you can see even Jim will take trades before the break sometimes(see euro from today). But what I think you can do is if you really don't want to wait for a break we can use that left eye(lower blue line) for trade mgmt). Most likely if that doesn't hold it has a good chance of breaking the other way.

If it broke the upper blue box was pretty much a given as well

Best
Mike
  • #82,594
  • Dec 15, 2010 3:18pm Dec 15, 2010 3:18pm
Quote
But what I think you can do is if you really don't want to wait for a break we can use that left eye(lower blue line) for trade mgmt). Most likely if that doesn't hold it has a good chance of breaking the other way.

If it broke the upper blue box was pretty much a given as well

Hey Mike..

Sorry I can't see what your saying in bold?

Adrian
  • #82,595
  • Dec 15, 2010 3:19pm Dec 15, 2010 3:19pm
Quoting aarangio
Hey Mike..

Sorry I can't see what your saying in bold?

Adrian
forgot the chart
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  • #82,596
  • Dec 15, 2010 3:21pm Dec 15, 2010 3:21pm
Quoting mbqb11
Hey Nos

You are correct, it really depends on each situation and how I view the trade and how it progresses. For example I am still in that eur/gbp and my stop is still under the bar. I want to see the 8500 area hold and will look to see how price reacts around this area. I am a bit more consistent with my entries and a bit more open to interpretation on my exits.

Hope all is well
Mike

Thanks, Mike.

Everything is ok. Still demoing but feeling more comfortable with each trade I take (winners or losers).

All the best.
Nos
  • #82,597
  • Dec 15, 2010 3:25pm Dec 15, 2010 3:25pm
Quoting mbqb11
forgot the chart
Excellent!...I see what your saying..

Just on another, point I was aiming for roughly where you put the blue box....on the MM side of things would it have been wise in the first place to put the stop at the left eye where you put it due to not getting a very high R:R out of the trade compared to where I placed the stop?
  • #82,598
  • Dec 15, 2010 3:27pm Dec 15, 2010 3:27pm
Quoting aarangio
Excellent!...I see what your saying..

Just on another, point I was aiming for roughly where you put the blue box....on the MM side of things would it have been wise in the first place to put the stop at the left eye where you put it due to not getting a very high R:R out of the trade compared to where I placed the stop?
That's really up to the trader. If you do that though likewise you have no way to reduce your risk with that extra length, but on the flip side you get a bigger position size. I use that distance to help reduce my risk on trades personally. Many others start with their stop closer. It's about finding what you are most comfortable with over time

Mike
  • #82,599
  • Dec 15, 2010 3:41pm Dec 15, 2010 3:41pm
Quoting mbqb11
That's really up to the trader. If you do that though likewise you have no way to reduce your risk with that extra length, but on the flip side you get a bigger position size. I use that distance to help reduce my risk on trades personally. Many others start with their stop closer. It's about finding what you are most comfortable with over time

Mike
All clear!..

Big thanks Mike..

Adrian
  • #82,600
  • Dec 15, 2010 3:56pm Dec 15, 2010 3:56pm
Quoting ghous
lol
lol
Indicators show the past. Price Action "Indicates" the future.
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