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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

  • #82,861
  • Dec 17, 2010 9:52am Dec 17, 2010 9:52am
Quoting geniusztc
i set up the order because it has a double bottom and i just stop loss @ the bottom , 40 pips ST. i do not think it is a bad choice. and as you can see ,i closed it too early . i am scared .

the first time i set up TP position @ 9700---9725 ,but.........i am scared
Oh so it wasn't an Inside Bar trade?

Being afraid is the last thing you want to do if going blindly for price patterns is your main trading system.

Have you gone through the thread (at least the first few pages) yet?

g.
I believe . . .
  • #82,862
  • Dec 17, 2010 9:52am Dec 17, 2010 9:52am
Quoting smartS
hey there all

thats my first post here after reading all (not all but a lot ) this thread.

happy to be part of it.

thanks for sharing



Sam
Welcome Sam
  • #82,863
  • Dec 17, 2010 9:54am Dec 17, 2010 9:54am
Quoting ngu
Hey Mike

Regarding your post explanining your Eur/GBP trade, could you just explain what you mean when you say one of your concerns was that swings in December have been a bit 'exaggerated' - what does this mean?

Thanks very much

Mark
Hey Mark

Often in december or summers when their is less participants(holidays) the markets can be thinner(less liquid) so moves can be a bit over exaggerated. So where things might bounce, they could slip through a bit more. It might not be true you never know. But I have seen it pretty consistent to think it is. Basically you can get some crazy volatile swings.

Best
Mike
  • #82,864
  • Dec 17, 2010 9:55am Dec 17, 2010 9:55am
Quoting kayhan7070
hey guys

not much story behind this trade but we have the BRN+365EMA,if this continues to the upside i am not going to take a fullbar loss,will cut it out...
I see I was late to this here, you are on double work today it looks like
  • #82,865
  • Dec 17, 2010 9:55am Dec 17, 2010 9:55am
Thanks for responding to my question (post #82436), bluetrader, fxgroup, and mbqb11. I appreciate it.
  • #82,866
  • Dec 17, 2010 9:55am Dec 17, 2010 9:55am
Quoting neale41
Hi James 16,
I have been lurking around your threads for the last 2 weeks and and would just like to say how encouraging it is to have access to all this information. I started forex trading at the end of July and at this point have really struggled.
To see all this knowledge available not only on your thread but also on others threads, although I have not yet started on those gives me real encouragement for my future in forex trading. The feel of the thread is one of genuine desire to help other people get on in price action trading and to find...
Awesome Neale! Welcome bud, hope you new guys will hang out more often.

Best
Mike
  • #82,867
  • Dec 17, 2010 10:02am Dec 17, 2010 10:02am
Quoting geniusztc
i set up the order because it has a double bottom and i just stop loss @ the bottom , 40 pips ST. i do not think it is a bad choice. and as you can see ,i closed it too early . i am scared .

the first time i set up TP position @ 9700---9725 ,but.........i am scared
Try to risk half of what you are risking now for a single trade. Ocassional losses wont hurt so much and it will be easier to make rational decisions during the trade management.
  • #82,868
  • Dec 17, 2010 10:07am Dec 17, 2010 10:07am
Quoting ghous
Oops! Sorry about missing your post genius,

Someone wants some late Friday fun in the markets it seems. lol

Nice trade, though I genuinely feel a straight TP at 9720 was a bit ambitious. Remember you are on the 1H and price is better equipped to surprise you on the 1H as opposed to the weekly TF. I can see it exploded to your eventual TP but I can't help look at all the S/R areas in between your entry and the TP that price blew through - won't do it each time, so you need to ensure you don't get carried away by this single trade and feel like...
really thank you for your reply . i seted up the TP @9720 just now . but i didnt insist on my judgment .
A chart helps those who can read it.
  • #82,869
  • Dec 17, 2010 10:29am Dec 17, 2010 10:29am
many thanks for all of your advices.
sometimes ,even though you know the principle ,you can't control yourself. especially when you are a newbie. just like "let profit run", i know it .
but ,when i meet the true trade , i just can not do it well. always like this .

there are two resistances on the bullish way (i think).
close the order when price near the first resistance . maybe i was thinking these when i closed my order .lol.
Attached Image (click to enlarge)
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A chart helps those who can read it.
  • #82,870
  • Dec 17, 2010 10:49am Dec 17, 2010 10:49am
CHART
Attached Image (click to enlarge)
Click to Enlarge Name: eu121710.gif Size: 39 KB
  • #82,871
  • Dec 17, 2010 10:52am Dec 17, 2010 10:52am
Quoting geniusztc
many thanks for all of your advices.
sometimes ,even though you know the principle ,you can't control yourself. especially when you are a newbie. just like "let profit run", i know it .
but ,when i meet the true trade , i just can not do it well. always like this .
...
ni hao "chom bing" ,
as u know, it takes time.
& depending on where u are now in the trading path, it takes lots of time.

just like what it says in your Custom User title, beside your avatar --- Patience, perseverance...
  • #82,872
  • Dec 17, 2010 10:55am Dec 17, 2010 10:55am
Quoting james16
CHART
A close below the lows and a break of the BEOB puts 1.3 right in sight
Attached Image (click to enlarge)
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  • #82,873
  • Dec 17, 2010 11:01am Dec 17, 2010 11:01am
Quoting james16
CHART
Our charts look the same, but my MAs are way off. Do we have different settings?
Attached Image
  • #82,874
  • Dec 17, 2010 11:02am Dec 17, 2010 11:02am
Quoting spookie94
Our charts look the same, but my MAs are way off. Do we have different settings?
Hey Spookie

Are you using EMA(exponential) on the close (365 and 150)


Mike
  • #82,875
  • Dec 17, 2010 11:07am Dec 17, 2010 11:07am
for you new people all i have done here is

1. do my best to find a set up that would give me a decent profit initially with some good momentum.
2. Use my understanding of support and resistance to try and stay in the trade for a larger move.
3. not allow a winner to turn into a loser ESPECIALLY AFTER WATCHING PRICE HIT AN INITIAL AREA OF S/R.

thats it.

sometimes your right and sometimes your not but you use your chart time and demo to get good at these simple points

ITS REALLY NOT THAT HARD ON A DAILY CHART WHEN YOU GET GOOD AT IT.

Quoting james16
CHART
  • #82,876
  • Dec 17, 2010 11:08am Dec 17, 2010 11:08am
YOU GOT IT BUDDY.

Quoting mbqb11
A close below the lows and a break of the BEOB puts 1.3 right in sight
  • #82,877
  • Dec 17, 2010 11:11am Dec 17, 2010 11:11am
Mike,

I see that this is a BEOB and if it closes below the 1.32 and that nice box to the left. Just curious if you would take a bar like this? I strictly stick to the 500's and 1000's (BRN) on all time frames, but i was wondering if on the higher time frames you are more lenient to take trades off other round numbers.

I personally will not be taking this trade butjust above 1.30 looks very probable, just asking your thoughts on trades off smaller round numbers on higher time frames. Thanks



Quoting mbqb11
A close below the lows and a break of the BEOB puts 1.3 right in sight
  • #82,878
  • Dec 17, 2010 11:14am Dec 17, 2010 11:14am
Quoting dmc
Mike,

I see that this is a BEOB and if it closes below the 1.32 and that nice box to the left. Just curious if you would take a bar like this? I strictly stick to the 500's and 1000's (BRN) on all time frames, but i was wondering if on the higher time frames you are more lenient to take trades off other round numbers.

I personally will not be taking this trade butjust above 1.30 looks very probable, just asking your thoughts on trades off smaller round numbers on higher time frames. Thanks
If it was a larger box I would Dave. I was speaking in terms of James trade for futher mgmt. Many times we just want to use our knowledge of support/resistance and price bars to help keep us in trades. But yes if this closes as is and price breaks the low, towards 1.3 is very high probability . I am more lenient with my numbers on the daily (since ranges are larger). The lower I go I like to be more on point with my round numbers.

Best
Mike
  • #82,879
  • Dec 17, 2010 11:20am Dec 17, 2010 11:20am
Gotcha. Thanks. Have a great weekend.

Quoting mbqb11
If it was a larger box I would Dave. I was speaking in terms of James trade for futher mgmt. Many times we just want to use our knowledge of support/resistance and price bars to help keep us in trades. But yes if this closes as is and price breaks the low, towards 1.3 is very high probability . I am more lenient with my numbers on the daily (since ranges are larger). The lower I go I like to be more on point with my round numbers.

Best
Mike
  • #82,880
  • Dec 17, 2010 11:23am Dec 17, 2010 11:23am
contemplate this also if your new.

that eu trade has worked for 235 pips so far since i entered.

look at your eu chart. how far is 235 pips? not far huh?

if you were trading at just $50 or $100 a pip would one 200 pip move a month make you happy?

if so do you think you might stop running around trying to trade every set up you see?

of course you would stop.

you would become ultra focused on finding the primo set ups and then it would be only a question of using your knowledge of s/r to win the battle.

sometimes that 200 pip move will turn into a 500 or 600 or more pip at $50 or $100 a pip.

and how/why - will/would that happen?

luck?

shit no it would be because you understand how to trade.

its freaking liberating.

its better than sex. errrrrr well if your 50 its better than sex.







Quoting james16
for you new people all i have done here is

1. do my best to find a set up that would give me a decent profit initially with some good momentum.
2. Use my understanding of support and resistance to try and stay in the trade for a larger move.
3. not allow a winner to turn into a loser ESPECIALLY AFTER WATCHING PRICE HIT AN INITIAL AREA OF S/R.

thats it.

sometimes your right and sometimes your not but you use your chart time and demo to get good at these simple points

ITS REALLY NOT THAT HARD ON A DAILY CHART WHEN YOU GET GOOD AT IT.
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