james16 Chart Thread | Page 4138 | Forex Factory

Options

Go to
Permalinks
Print Thread

Similar Threads

Where can I learn more about Price Action like those in James16 charts? 9 replies

Attachments: james16 Chart Thread
Exit Attachments

james16 Chart Thread

  • #82,741
  • Dec 16, 2010 2:08pm Dec 16, 2010 2:08pm
Quoting spookie94
... I'm having problems managing my trades. I've yet to find one I'm comfortable with. I took this Chf/Jpy trade on the daily. When price moved to my FTA I took 2/3 off (not until it went back up to 86.64 though, I was out plowing snow) and moved my SL to just above the last bar high. When I got stopped out I end up with a very small loss overall. Maybe I just need to simplify it even more for now and just set my TP at my FTA...
Hey Spook what's up.

This state in my trading haunted me for a very long time. You could bang your head against the wall for months (maybe more) trying to figure this piece of the puzzle out. It's a fascinating question that we all need to answer at one point: When do I exit? You could listen to 10 seniors telling you how they do it. And none of it will matter because it comes down to your trading personality and what you are comfortable doing. Essentially: What works for you?

For instance, you may find that exiting at FTA fits your tolerance for risk.
Or you may find taking partial profits is the best of both world.
Or you may find trailing bar highs/lows is simple and effective.
Or you could do all of the above depending on market conditions

It may be confusing now, but only you can answer these questions because trading is an extension of your beliefs about the markets -- and your ability to manage greed/fear.

I'll give you an example of a trade I'm currently in (E/U short). When I entered the trade, I selected an area as a target (see chart). What I do now is trail this out until price hits my target or my stop. That's it. This becomes easier when you:

1. Trade higher quality setups/areas
2. Accept that the market will do whatever it wants.

Hope this helps Spook.

-- Danny
Attached Image
  • #82,742
  • Dec 16, 2010 2:45pm Dec 16, 2010 2:45pm
Quoting bluetrader
Hey Spook what's up.

This state in my trading haunted me for a very long time. You could bang your head against the wall for months (maybe more) trying to figure this piece of the puzzle out. It's a fascinating question that we all need to answer at one point: When do I exit? You could listen to 10 seniors telling you how they do it. And none of it will matter because it comes down to your trading personality and what you are comfortable doing. Essentially: What works for you?

For instance, you may find that exiting at FTA fits...
Hey Danny,

I know that many of you seniors have told us this time and again; I know I've read it many times. I guess it's really a question of being ready to hear it, because your post really hit a chord with me and made sense. I think that for now I'm most comfortable taking small profits at the first risk area I see. My pattern is to get mad if I exit and the trade then goes on for a bigger potential gain that I dodn't participate in. But modest gains, lower anxiety, and tiny losses fit my risk tolerance, psychology, and abilities right now, so that's how I'm going to try to trade for the time being.

You and I both looked at the same E/U trade, saw a tradeable setup, and set completely different targets. Both are valid! Your lesson, I think, is that I need to know and be comfortable with the target, exit strategy, and stop strategy I decide to use, and not worry about how someone else might have done it or about the maximum gain that could have been made in some fictional, ideal trading universe.

Thanks again, Danny, and all the J16 gurus!

--Dave
  • #82,743
  • Dec 16, 2010 2:49pm Dec 16, 2010 2:49pm
Attached Image(s) (click to enlarge)
Click to Enlarge Name: 1.jpg Size: 129 KB
Click to Enlarge Name: 3.jpg Size: 136 KB
Click to Enlarge Name: 2.jpg Size: 120 KB
  • #82,744
  • Dec 16, 2010 3:06pm Dec 16, 2010 3:06pm
Quoting aserbfx
take a look at ko. if it breaks the 65 usd, it could result in a big kaboom.
just 10 minutes later, ko broke through the 65 usd and closed at about 65.30 usd. not the biggest kaboom, but may be good for a rise at least to the next icce zone at ~66.20 usd.
Attached Image (click to enlarge)
Click to Enlarge Name: ko5.gif Size: 23 KB
meine augen sind die sterne
  • #82,745
  • Dec 16, 2010 6:16pm Dec 16, 2010 6:16pm
Quoting ghous
Its the location that decides an IPB more than does the close/shape of the pin bar.

So no, a close below 1.35 didn't make me want to look at it as an IPB. In fact I had no problems with the shape (including bar close) of the PB at all. Like I said the failure of the bar to break hard just invalidated the setup for me.

g.
I see.Need to spend more time studying your IPB posts.Many thanks
  • #82,746
  • Dec 16, 2010 6:30pm Dec 16, 2010 6:30pm
aud/nzd
daily candle
good pin bar if today closes below yesterday's close...
any comments?
  • #82,747
  • Dec 16, 2010 6:31pm Dec 16, 2010 6:31pm
Quoting torontobboy2
aud/nzd
daily candle
good pin bar if today closes below yesterday's close...
any comments?
Hey Toronto

Mine already closed and wasn't able to close within the prior bar. To me the trend has been pretty strong so I would like to see a much stronger close. Some reason to go lower. I am going to watch this area though. That looks yummy

Best
Mike
Attached Image (click to enlarge)
Click to Enlarge Name: a2.gif Size: 27 KB
  • #82,748
  • Dec 16, 2010 6:37pm Dec 16, 2010 6:37pm
here is the chart from my broker
daily candle closes at 11:59PM EST

i'll manage my stop loss once trade is executed but for now this is how i see it.
Attached Image (click to enlarge)
Click to Enlarge Name: aud-nzd.gif Size: 18 KB
  • #82,749
  • Dec 16, 2010 6:55pm Dec 16, 2010 6:55pm
Quoting james16
actually you remind me of me in many ways.

a bit half cocked and then after you blow your top you feel like a heel.

ive been fighting that part of my personality since i was a kid.

what seperates us is we care enough to say i fucked up and im sorry.

jim

Don't remember saying I was Sorry. LoL


I hear you Jim.

Possibly, you also have a short fuse which we always have to keep an eye on. Probably the era we were brought up in and the mean dudes we have had to deal with in our youth. You don't deal with them, with kind words.
  • #82,750
  • Dec 16, 2010 6:58pm Dec 16, 2010 6:58pm
Quoting Dan Gilbert
Honestly, this is the type of trade that for me requires little to no thought....
You must be a very good trader Dan.Hats off to you.Thanks
  • #82,751
  • Dec 16, 2010 7:18pm Dec 16, 2010 7:18pm
Quoting mbqb11
Hey Toronto

Mine already closed and wasn't able to close within the prior bar. To me the trend has been pretty strong so I would like to see a much stronger close. Some reason to go lower. I am going to watch this area though. That looks yummy

Best
Mike
Hey Mike, what was the reason for this trade beside the double top and PB at swing high?Size is not that big after a strong uptrend.This is the kinda location i dont have confidence in.Also when you said strong close, did you mean close lower than open OR close lower than left eye close?Thanks Bud
  • #82,752
  • Dec 16, 2010 7:26pm Dec 16, 2010 7:26pm
Quoting Be Cool
Hey Mike, what was the reason for this trade beside the double top and PB at swing high?Size is not that big after a strong uptrend.This is the kinda location i dont have confidence in.Also when you said strong close, did you mean close lower than open OR close lower than left eye close?Thanks Bud
Hey BC

This is not a trade I would take. I was pointing out to Toronto that my bar did not close as a pin and that the trend up is strong so I would want to see a very strong close to want to short into that up move. A strong close depends on the look but generally speaking it is going to be equal or less then the opening. The chart I posted would be where I am watching in the future for trades.

Best
Mike
  • #82,753
  • Dec 16, 2010 9:10pm Dec 16, 2010 9:10pm
Would you be kind enough to share with us the custom indicator you use for the Trading Range numbers?? Thanks a 1,000,000
  • #82,754
  • Dec 16, 2010 9:23pm Dec 16, 2010 9:23pm
Quoting Atc

A quickie---Bingo!
Attached Image (click to enlarge)
Click to Enlarge Name: bingo.gif Size: 26 KB
  • #82,755
  • Dec 16, 2010 9:31pm Dec 16, 2010 9:31pm
Another quickie or will cut quick to BE
Attached Image(s) (click to enlarge)
Click to Enlarge Name: quickie.gif Size: 28 KB
Click to Enlarge Name: quickie2.gif Size: 25 KB
  • #82,756
  • Dec 16, 2010 9:31pm Dec 16, 2010 9:31pm
Quoting bluetrader
Hey Spook what's up.

This state in my trading haunted me for a very long time. You could bang your head against the wall for months (maybe more) trying to figure this piece of the puzzle out. It's a fascinating question that we all need to answer at one point: When do I exit? You could listen to 10 seniors telling you how they do it. And none of it will matter because it comes down to your trading personality and what you are comfortable doing. Essentially: What works for you?

For instance, you may find that exiting at FTA fits...
Thanks for the advise Danny. I think it all boils down to, like you said, finding something that works for me and sticking to it. I feel very comfortable finding a decent setup and locating the FTA. But when I'm in the game I sometimes don't make the wisest decisions. Need to work on putting it all together.

In the past I would trade one way, read a post about how someone else trades with success and then try something different. This inconsistancy has stalled my growth. I started to get frustrated when I see what seems like some of you are taking trades everyday and I haven't placed a trade in 3 weeks. So I dropped down to the 4hr and 1hr to get more action. Ok, I see a few more setups but I hadn't thought out how I'm going to manage them. Tighter SL, smaller FTA, will I be at my computer when I need to make a move, will I have enough time to react?

At this point in time I feel I should just take a step back and stick with the higher TFs and keep it as simple as possible: 1. Continue to play only the good setups. 2. take full profit at FTA. and 3. do as you suggest, use a trailing stop to help reduce risk as I go. Do you set a standard trailng stop or do you look for obvious spots on the chart?

Thanks for your help.
  • #82,757
  • Dec 16, 2010 10:01pm Dec 16, 2010 10:01pm
Ok its not a true PB by definition but, a new high and 14 bull bars in a row! Friday. Could be a good spot for a little profit taking.
Attached Image
  • #82,758
  • Dec 16, 2010 10:07pm Dec 16, 2010 10:07pm
Quoting spookie94
Do you set a standard trailng stop or do you look for obvious spots on the chart?
Hey Spook, great point about sticking to a single method. This will allow you to feel it out and see if it fits you. I personally trail out using minor support and resistance. This fits my understanding of how price tends to move.

There is no right or wrong way... as long as you are profitable.

-- Danny
  • #82,759
  • Dec 16, 2010 10:10pm Dec 16, 2010 10:10pm
Quoting Pinbar
That NZD/USD Monthly PB just broke.

Don't like the bar highs nearby.

You mean those nearby highs (Resistance) that Price broke through and closed above. Those bar highs?

Looks like that Monthly PB hit its 1st target, pretty close to the previous bar Low.


I wonder if this little poodle puppy PB on the Daily can work out just on location alone. We shall see.
Attached Image(s) (click to enlarge)
Click to Enlarge Name: nu16monthly.jpg Size: 108 KB
Click to Enlarge Name: nu16monthlyddd.jpg Size: 112 KB
Indicators show the past. Price Action "Indicates" the future.
  • #82,760
  • Dec 16, 2010 10:15pm Dec 16, 2010 10:15pm
exactly and its why my wife lives in fear im going to get shot.

i didnt put up with mean people shit when i was young and its damn near impossible for me to change now at 50.

its not 1978 anymore and i know that. mean people carry guns now.

my wife reminds me all the time.

Quoting Pinbar
Don't remember saying I was Sorry. LoL


I hear you Jim.

Possibly, you also have a short fuse which we always have to keep an eye on. Probably the era we were brought up in and the mean dudes we have had to deal with in our youth. You don't deal with them, with kind words.
44 traders viewing now