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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

  • #83,241
  • Dec 21, 2010 5:11am Dec 21, 2010 5:11am
Quoting Bemac
Merry Christmass to ALL that feel they can read some sembelence of sense into the Holiday Market.

Put down the Sniper Rifle, Lay away the Shotgun & pick up a Blunderbuss. You have as much chance of Calling it.


B
best time of year
  • #83,242
  • Dec 21, 2010 5:55am Dec 21, 2010 5:55am
Hey Gang,

First, Happy Holidays to all, wherever you are! Thanks to James, Mike, Jarroo, Ghous, and all the other teachers here for their unselfish wisdom - this is truly a great gift.

I caught the break of this inside bar overnight. My stop was just above the bar; I've now moved it to BE. My question is, since this is heading down into "uncharted" territory, how would folks manage the stop from here on out? We don't have any PPZs to guide us; is this a Mike 2-bar trailing stop situation? Thanks for your advice.

--Dave
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  • #83,243
  • Edited 7:14am Dec 21, 2010 6:08am | Edited 7:14am
Take the pullback of the 4h beob. Short @ 1.5500 BRN.
Move my SL to BE for a free trade.
What can we do? Look at the last low, we can take full profit. We can take partial profit en rest to BE. We can only set the SL to BE.
Choice is yours.
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  • #83,244
  • Dec 21, 2010 6:11am Dec 21, 2010 6:11am
Quoting geomink
Short Daily BEOB Eur/Usd

Already in heavy loss
This is not heavy loss.. heavy loss is me being long this pair from weekly PB
  • #83,245
  • Dec 21, 2010 6:15am Dec 21, 2010 6:15am
Hi guys

Signing off for xmas and new year holidays.......many thanks to ALL who conribute to this great thread, especially the seniors like james, jarroo, mike, ghous ,SC. All of your teachings and trading wisdom is highly valued guys so keep it coming!

Will be back contributing in this great place in around 10 days time. In the meantime wishing you all a happy and peaceful christmas and a prosperous new trading year in 2011.

Kal
  • #83,246
  • Dec 21, 2010 7:18am Dec 21, 2010 7:18am
hello, my friends . i am back . a damn day or not. i had a bad exam ,but a winning trade on NZDUSD .so................study engineering or study forex??? LOL, that is a question.
A chart helps those who can read it.
  • #83,247
  • Dec 21, 2010 7:34am Dec 21, 2010 7:34am
Quoting geniusztc
... i had a bad exam ,but a winning trade on NZDUSD .so................study engineering or study forex??? LOL, that is a question.
calculus is tough too, u know. lol

study both
  • #83,248
  • Dec 21, 2010 7:39am Dec 21, 2010 7:39am
Quoting Pinbar
I'd better get my finger out here, or I shall still be on demo this time next year!

hey pinbar, you asked for my account snap shot which I can not. I saw yours and noticed you are trading 0.1 lot, whereas I went from 1000 to 2500 trading 10,000 and 20,000 contracts. I do not think this was over leveraging as my overall loss was limited to 50 pips. I got a lot of responses from you guys, including james/mike, that this does not seem realistic. This probably means I was over trading, or 10k/20k lots with $1000 are considered over leveraging regardless of risk/reward ratio. Somewhere, something I did wrong in terms of money management but still ended up with good profit. Perhaps, I should slow down as per posts suggesting me to do here.
  • #83,249
  • Dec 21, 2010 8:12am Dec 21, 2010 8:12am
Quoting torontobboy2
hey I do not think this was over leveraging as my overall loss was limited to 50 pips.
Hey tbb2. I think what others are referencing is not the amount of pips you have at risk, rather the percent of account. What percentage of account does the 50 pips represeent? Is it 1% or 5%? If it is 5 you may need to take a look at your money management strategy. What the seniors teach to us beginners is that we should NEVER risk more than 1% of account on any position - even in demo - and often less.

If you're trading daily bars/candles I would also suggest looking into your stop size. When I take daily trade, a small stop for me is 90 pips (I mainly enter around 10 pips on break of a bar and place stop about 10 pips behind the bar). Often stops on daily are 150 pips or more. What this does for me is allow me to react to market movement. I have time to make a decision (which for me is normally reducing risk) before a full position is taken out.

I don't mean to intrude or ramble, just hoping to give you something to think about.
  • #83,250
  • Dec 21, 2010 8:40am Dec 21, 2010 8:40am
J16, I just finished all your posts in this thread, all YOUR posts only. Jeez, I still didn't digest yet.

But I love your comeback with the charts....

More charts are welcome and appreciated........

Leelar

Quoting james16
chart
  • #83,251
  • Dec 21, 2010 8:43am Dec 21, 2010 8:43am
Quoting Thierry
Take the pullback of the 4h beob. Short @ 1.5500 BRN.
Move my SL to BE for a free trade.
What can we do? Look at the last low, we can take full profit. We can take partial profit en rest to BE. We can only set the SL to BE.
Choice is yours.
Went exactly to the FTA. Now we have a pinbar closes just at 1.5500
For me to risky with all the traffic.
  • #83,252
  • Dec 21, 2010 8:47am Dec 21, 2010 8:47am
OK. closed my long position. because the price is now close to the two trend lines.

so ,if it is NOT a good chance for bullish, it is a bearish chance. here is my daily chart . give me your criticism.
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A chart helps those who can read it.
  • #83,253
  • Dec 21, 2010 8:53am Dec 21, 2010 8:53am
Quoting leelar
J16, I just finished all your posts in this thread, all YOUR posts only. Jeez, I still didn't digest yet.
But I love your comeback with the charts....
...
Hello leelar,
depending on your comprehensive ability, u shouldnt expect to understand all in one go.
repetition is always beneficial in understanding things, as well as necessary to imprint stuff in our mind.
  • #83,254
  • Dec 21, 2010 9:16am Dec 21, 2010 9:16am
Quoting geniusztc
OK. closed my long position. because the price is now close to the two trend lines.

so ,if it is NOT a good chance for bullish, it is a bearish chance. here is my daily chart . give me your criticism.
Not really criticism but a couple of thoughts. I'm a newbie, so take with a grain of salt....First I like your exit from the long position. The pair, since the very swing high seems to be making lower highs and lower lows over all. Add to that with the bearish looking Head and shoulders and the BRN .7500 in the way and I think it is a great spot to exit.

I like your upward sloping trend line. Price looks to have broken that trend line and traded back to retest, at which point I would be looking for bearish PA there. You have pretty nice confluence of the TL which could act as support and the 7500 BRN which could support short. I'm not a big fan of the downard TL as it is very steep (again newbie so take with a grain of salt).

Can you explain to me your entry? Just curious as to what made you go long there.

Also, I notice you using the netdania chart. Do you know how to tell what time the 4H and 8H bars close?
  • #83,255
  • Dec 21, 2010 9:31am Dec 21, 2010 9:31am
James16 and Mike,

Is there a way to download all your posts at once? I mean this thread has tons of replies/conversations that are off topic. I would appreciate if you can provide a way to download your posts and the one from Mike for Technical Analysis "only"

Thank you Sir...
  • #83,256
  • Dec 21, 2010 9:40am Dec 21, 2010 9:40am
Quoting torontobboy2
James16 and Mike,

Is there a way to download all your posts at once? I mean this thread has tons of replies/conversations that are off topic. I would appreciate if you can provide a way to download your posts and the one from Mike for Technical Analysis "only"

Thank you Sir...
hey Canadian,

The best way to do it would be to click the link that shows their post count. They are hardly ever beyond "technical analysis" so that shouldn't be much of a problem.

g.
I believe . . .
  • #83,257
  • Dec 21, 2010 9:47am Dec 21, 2010 9:47am
Quoting torontobboy2
James16 and Mike,
Is there a way to download all your posts at once?....
Cyrus & a few others made post compilations.

check out a Cyrus summary, like the recent one:
http://www.forexfactory.com/showpost...ostcount=83095
  • #83,258
  • Dec 21, 2010 10:53am Dec 21, 2010 10:53am
Quoting jarroo
I like to get some bar closes below that 1.55. That would start turning that 1.5500 into Resistance . .don't you think?
Hi jarroo, if the daily bar closes below 5500, would you trade on that close, or wait for a retrace to 5500?
  • #83,259
  • Dec 21, 2010 11:04am Dec 21, 2010 11:04am
any ideas about this ipb?
g/u h4
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meine augen sind die sterne
  • #83,260
  • Dec 21, 2010 11:08am Dec 21, 2010 11:08am
not a pb by textbook. but a triple bottom and good r:r of 3:1.
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meine augen sind die sterne
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