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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

  • #89,681
  • Feb 21, 2011 2:15pm Feb 21, 2011 2:15pm
H4 continuation BUOB still in the game and FTA hasnt been reached. Price is slowly falling and 1.6185 looks like a good place to get into the long trade.
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  • #89,682
  • Feb 21, 2011 2:15pm Feb 21, 2011 2:15pm
Quoting Adilius07
Thanks Jarroo, I need more practice to improve my trade management and my picks. Thanks for reply!

I hear ya, bro . . .that's what we do here . .
Indicators show the past. Price Action "Indicates" the future.
  • #89,683
  • Feb 21, 2011 2:16pm Feb 21, 2011 2:16pm
Quoting Adilius07
Hi Mike, well of course I saw that previous swing low. My feed show the lowest low of that swing is 1.0930 and the high of that bar (spike) is 1.0866 so it didn't make it there by 64 points! In my opinion it did not reach that level. 64 is too much.

Those highs yes I see them, but there is always something on the way, the bar like this should have a potential to break through it. Just like the Pinbar Jarroo showed. It closed right below a very important level 0.9500 but it is tradable as we think it has a potential to break that BRN.

So maybe...
What will help you Adi, or helped me is not viewing the market as a perfect thing. It is a market place where things happen for many reasons. The idea is to develop a method around these workings and realize that there is no perfection in trading. This is what ends up hurting so many people is they can't handle the differences that occur in trading. I look at a situation as just that, a situation. I develop a game plan around it and must live with the result. This one did more then what it was expected to and it is my job as a trader to try to profit, or minimize my losses from it. So the question comes down to style. Like we spoke about previously last week every style has times it works and times it doesn't. Goods and bads. A quick to b/e here is DEFINITELY not taking any sort of loss being up 200+ pips. A style that is more lenient may take a small loss. The list goes on. Just don't try to fit every situation into a perfect box. The market doesn't work like that. That is not our job either as a trader.

Take care
Mike
  • #89,684
  • Feb 21, 2011 2:17pm Feb 21, 2011 2:17pm
Quoting jarroo
James16's "This is Critical" would apply great to this one . . .I haven't found that many that don't apply .. lol
Agree, well again of course I understand that the best is to get to BE at those bar highs (FTA) but unless I use some kind of EA how to do it?

I was thinking to take partial profits there (at any FTA) but my calculations ( ) show that I should be in much better situation if I enter and exit full position... this trade would be ok if I moved to BE from daily bar (after close above entry)...

I need a lot of thinking to do. I see a lot of spikes like this where if I follow "This is critical" I should be at BE at least... but sometimes the spikes happen really fast and the only way to move to BE is to babysit.
  • #89,685
  • Feb 21, 2011 2:18pm Feb 21, 2011 2:18pm
Quoting Greenhaze
H4 continuation BUOB still in the game and FTA hasnt been reached. Price is slowly falling and 1.6185 looks like a good place to get into the long trade.

Nice GH . . newly formed Support level . .going long with confirming bullish PA, of course . .
Indicators show the past. Price Action "Indicates" the future.
  • #89,686
  • Feb 21, 2011 2:22pm Feb 21, 2011 2:22pm
Quoting mbqb11
What will help you Adi, or helped me is not viewing the market as a perfect thing. It is a market place where things happen for many reasons. The idea is to develop a method around these workings and realize that there is no perfection in trading. This is what ends up hurting so many people is they can't handle the differences that occur in trading. I look at a situation as just that, a situation. I develop a game plan around it and must live with the result. This one did more then what it was expected to and it is my job as a trader to try to profit,...

"but in general I would expect a stronger move from the bar like this", that was a red flag for me too Mike.
Indicators show the past. Price Action "Indicates" the future.
  • #89,687
  • Feb 21, 2011 2:24pm Feb 21, 2011 2:24pm
Quoting mbqb11
What will help you Adi, or helped me is not viewing the market as a perfect thing....
Yes. Thanks Mike. I understand this too. But it is still a bit hard for me, but by asking questions like this I truely think I learn. So maybe I just need more time and something will develop, I like my trading plan so far, I just need to polish it and also make it more flexible to account for different situations like you said! Thanks!
  • #89,688
  • Feb 21, 2011 2:25pm Feb 21, 2011 2:25pm
Quoting Adilius07
Agree, well again of course I understand that the best is to get to BE at those bar highs (FTA) but unless I use some kind of EA how to do it?

I was thinking to take partial profits there (at any FTA) but my calculations ( ) show that I should be in much better situation if I enter and exit full position... this trade would be ok if I moved to BE from daily bar (after close above entry)...

I need a lot of thinking to do. I see a lot of spikes like this where if I follow "This is critical" I should be at BE at least... but sometimes...

Buy Stop . .sell Limit. Buy Stop- above the break . .Sell Limit - at the 1.0700 . . .50 pips.
Indicators show the past. Price Action "Indicates" the future.
  • #89,689
  • Feb 21, 2011 2:28pm Feb 21, 2011 2:28pm
Quoting jarroo
"but in general I would expect a stronger move from the bar like this", that was a red flag for me too Mike.
I didn't mean it exactly as I said it, lol. I know I should not really expect market to do something I want it do. But like with FTA's or Targets we do notice some levels where we think price is going. This is like I should have said it
  • #89,690
  • Feb 21, 2011 2:29pm Feb 21, 2011 2:29pm
Quoting jarroo
Buy Stop . .sell Limit. Buy Stop- above the break . .Sell Limit - at the 1.0700 . . .50 pips.
Didn't get it
  • #89,691
  • Feb 21, 2011 2:32pm Feb 21, 2011 2:32pm
Quoting Adilius07
I didn't mean it exactly as I said it, lol. I know I should not really expect market to do something I want it do. But like with FTA's or Targets we do notice some levels where we think price is going. This is like I should have said it
It was a red flag to me Adili . . because I have said the same thing many times. . How I changed this (for me) . . I became more honest or realistic with my targets.
Indicators show the past. Price Action "Indicates" the future.
  • #89,692
  • Feb 21, 2011 2:33pm Feb 21, 2011 2:33pm
Quoting Adilius07
Didn't get it
Its how you would place your trade order, before price broke.
Indicators show the past. Price Action "Indicates" the future.
  • #89,693
  • Feb 21, 2011 2:35pm Feb 21, 2011 2:35pm
Quoting jarroo
It was ared flag to me Adili . . because I have said the same thing many times. . How I change this (for me) . . I became more honest or realistic with my targets.
Understood now. How can I change it for me? The one super way I found here is to BE soon... but when I BE.. after this (to be honest) I just ignore the S/R until the price makes it to my RR or more!
  • #89,694
  • Feb 21, 2011 2:37pm Feb 21, 2011 2:37pm
Quoting Adilius07
Understood now. How can I change it for me? The one super way I found here is to BE soon... but when I BE.. after this (to be honest) I just ignore the S/R until the price makes it to my RR or more!

You got to read more about R/R from Mike and James16's posts.

Have you tried a free trade?
Indicators show the past. Price Action "Indicates" the future.
  • #89,695
  • Feb 21, 2011 2:38pm Feb 21, 2011 2:38pm
Bit exotic pair but weekly looks very promising with 2 IBs in a row. Daily short at 1.2780 with SL above the 1.2800 area might be worth a shot.
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  • #89,696
  • Feb 21, 2011 2:41pm Feb 21, 2011 2:41pm
Quoting jarroo
Buy Stop . .sell Limit. Buy Stop- above the break . .Sell Limit - at the 1.0700 . . .50 pips.
Ah. This will make my profit 3 or 4 times smaller than my risk. What if it broke and immediately reversed on me. Then, I will have to make 3-4 more trades to get the money I lost.....

This one is the hardest part for me to understand: why if we can avoid it (by moving to BE) should we deliberately make our potential profit much smaller than our initial risk? Why this is not forbidden? I don't understand this.
  • #89,697
  • Feb 21, 2011 2:42pm Feb 21, 2011 2:42pm
Quoting jarroo
You got to read more about R/R from Mike and James16's posts.

Have you tried a free trade?
Free trade - I like yes. Still thinking how to incorporate this. Maybe something like I saw with DIBS.

R/R is a concern for me, yes, can't understand
  • #89,698
  • Edited 3:01pm Feb 21, 2011 2:48pm | Edited 3:01pm
Quoting Adilius07
Free trade - I like yes. Still thinking how to incorporate this. Maybe something like I saw with DIBS.

R/R is a concern for me, yes, can't understand

Yes its just like DIBS trade management. But you use a FTA as the free trade target. This gives the same break even outcome but allows more room for Price to retest the break.

It does reduce your risk which also reduces your potential gain. But I have found it to be a great way to be in a trade which zero risk as you grow and learn as a trader.


Read more about R/R in this thread
Indicators show the past. Price Action "Indicates" the future.
  • #89,699
  • Feb 21, 2011 2:52pm Feb 21, 2011 2:52pm
Quoting jarroo
Nice GH . . newly formed Support level . .going long with confirming bullish PA, of course . .
Sometimes you get PA after significant move is done. Proportionaly to expected move i would have to look for it on H1>M15 tf or just put there a small limit order and add to it if it works out.
  • #89,700
  • Feb 21, 2011 2:54pm Feb 21, 2011 2:54pm
Quoting Greenhaze
Sometimes you get PA after significant move is done. Proportionaly to expected move i would have to look for it on H1>M15 tf or just put there a small limit order and add to it if it works out.
I like your style GH .. .
Indicators show the past. Price Action "Indicates" the future.
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