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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

  • #91,201
  • Mar 9, 2011 6:01am Mar 9, 2011 6:01am
Quoting Adilius07
Hi SC, what would you in this case? If there was a slow and unhealthy break but you missed the opportunity to move to BE, you can't sometimes babysit daily chart will you close the trade for a minor loss? Like with the same trade, when I saw the doji after that PB I thought to close it (but I don't have something like this in my plan, and never tested it, so I just followed my plan).
I am always looking for ways to reduce my risk on a trade. Taking even a half bar loss over a full bar loss makes a HUGE difference for me in the long run.

These are all great things to add /test.

Best
Mike
  • #91,202
  • Mar 9, 2011 6:04am Mar 9, 2011 6:04am
Quoting mbqb11
I am always looking for ways to reduce my risk on a trade. Taking even a half bar loss over a full bar loss makes a HUGE difference for me in the long run.

These are all great things to add /test.

Best
Mike
Hi Mike, so this is what you meant on this chart also when said "not a strong enough break" ?

So if you were in that trade would you just exit at the close of that red bar, or move SL behind it?

I really never even thought of something like "strong break" many times they don't break immediately but later become winners or BE...

http://www.forexfactory.com/attachme...1&d=1299618035
  • #91,203
  • Mar 9, 2011 6:05am Mar 9, 2011 6:05am
Quoting Adilius07
Hi SC, what would you do in this case? If there was a slow and unhealthy break but you missed the opportunity to move to BE, you can't sometimes babysit daily chart will you close the trade for a minor loss?....
ah, im the worst person to answer your question as i have a hard time exiting bad trades quickly too. but i have made progress somehow, lol.

yes, kill the trade ASAP if u see warning signs & little chance for trade to go your way.
takes discipline but it's best for your account.
next best thing is be picky with setups u take..
  • #91,204
  • Mar 9, 2011 6:09am Mar 9, 2011 6:09am
Quoting mbqb11
I am always looking for ways to reduce my risk on a trade. Taking even a half bar loss over a full bar loss makes a HUGE difference for me in the long run.

These are all great things to add /test.

Best
Mike
Here is a chart to that post.
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  • #91,205
  • Mar 9, 2011 6:10am Mar 9, 2011 6:10am
Quoting Adilius07
Hi Mike, so this is what you meant on this chart also when said "not a strong enough break" ?

So if you were in that trade would you just exit at the close of that red bar, or move SL behind it?

I really never even thought of something like "strong break" many times they don't break immediately but later become winners or BE...
I want to see a break of 10 pips here(not including spread at least). Again time of day to me totally nullifies this trade as I was showing.


Best
Mike
  • #91,206
  • Mar 9, 2011 6:17am Mar 9, 2011 6:17am
Yes, ok thanks everyone. I think I begin to understand better. I think I misjudged where FTA was. And yes I will test the concept of reducing risk.
So it will be like this:

1. If next bar closed in profit even by 1 pip I will move to BE.
2. If next bar closed in loss (within trigger bar) I will move my SL behind it. (so I still give it a chance to break into the direction I want but my risk is now reduced.)

Sounds good to me. Is just I will now have lots of small lossers, I will need to get used to it I think. Anyway this way my RR should be automatically better than it is now.

Thanks!
  • #91,207
  • Mar 9, 2011 7:21am Mar 9, 2011 7:21am
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  • #91,208
  • Mar 9, 2011 8:03am Mar 9, 2011 8:03am
Have we seen this movie before? If my work is sound, we will see 1.3961 from here and then 1.4038 and maybe higher. Amatuer waver alert! -----Also, looks to me like the DXY is in its fifth wave down and is likely what is setting up for a bit more upside on euro. Wave 5 can extend out and the end of it can sometimes be a tough read. I am watching the 74.51 spot for a possible turn on DXY.
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  • #91,209
  • Mar 9, 2011 8:12am Mar 9, 2011 8:12am
Quoting minos.niu
I got a big loss on this pair cad/jpy. Maybe some one can help me with the rationale?

The only logic of failure that I see could be: the PB was on Friday close, then on Monday it generally is not a good time to trade.

Maybe a look at the PBT&CA or B as Jarroo has been teaching could have helped with the decision to take or leave that PB.

PS: It was also the FTB to the 365 EMA which that PB closed above.
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  • #91,210
  • Mar 9, 2011 8:16am Mar 9, 2011 8:16am
Quoting mbqb11
Hey FXP

My thoughts on chart

Best
Mike
Mike, thank you for posting your trades and helping other traders!!!!!!!!
I have been following you for a couple weeks now.

When you said that the break wasn't strong enough, are you looking to be in profit on the close of the entry bar?

Regards,
Sheldon
  • #91,211
  • Mar 9, 2011 9:13am Mar 9, 2011 9:13am
Quoting Zoomie
Mike, thank you for posting your trades and helping other traders!!!!!!!!
I have been following you for a couple weeks now.

When you said that the break wasn't strong enough, are you looking to be in profit on the close of the entry bar?

Regards,
Sheldon
Hey Sheldon

My pleasure bud

With the euro in that case to me a buffer(meaning where you would place your buy stop above the high of the bar) was just not high enough. A simple 10 pip buffer in this case would keep you out. Now I do look at how strong price breaks too. It isn't that it has to be in profit, but if I am taking a less then stellar setup, or a weaker story setup, and things don't look great I look to cut out. The better the setup the more leeway I will allow with a setup.

The biggest issue is what happens with that euro trade. It's a trade that is occurring at a very slow time(towards end of the major session) and now it breaks by a little catches someone in and they just hold and hold while the session dies down. Price trickles down stops them out and then moves higher in the next session(wipes those stops out and boom higher we go).

But what you say has merit. A great setup is usually pretty high momentum(for the most part). And it's a great starting place to judge how to hold them if one is struggling with losses

Hope that helps
Mike
  • #91,212
  • Mar 9, 2011 10:01am Mar 9, 2011 10:01am
Quoting Atc
1/2 off .....stop to break even ....looking for 2nd target 85.05
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  • #91,213
  • Mar 9, 2011 10:03am Mar 9, 2011 10:03am
Quoting mbqb11
Hey Sheldon

My pleasure bud

With the euro in that case to me a buffer(meaning where you would place your buy stop above the high of the bar) was just not high enough. A simple 10 pip buffer in this case would keep you out. Now I do look at how strong price breaks too. It isn't that it has to be in profit, but if I am taking a less then stellar setup, or a weaker story setup, and things don't look great I look to cut out. The better the setup the more leeway I will allow with a setup.

The biggest issue is what happens with that euro trade....
Yes it does, Thanks!!
  • #91,214
  • Mar 9, 2011 10:34am Mar 9, 2011 10:34am
Quoting minos.niu
I got a big loss on this pair cad/jpy. Maybe some one can help me with the rationale?

The only logic of failure that I see could be: the PB was on Friday close, then on Monday it generally is not a good time to trade.

Me too, However I had my FTA in place and on my broker it missed it by 3 pips so bit unlucky really rather than wrong in our analysis

Cheers
  • #91,215
  • Mar 9, 2011 2:41pm Mar 9, 2011 2:41pm
Quoting aserbfx
out at the first price at 10.81 usd. great trade!

well done aser...I've started to look at stocks myself...so enjoy looking at your charts and reading your analysis.

Thanks
  • #91,216
  • Mar 9, 2011 2:41pm Mar 9, 2011 2:41pm
Quoting Atc
1/2 off .....stop to break even ....looking for 2nd target 85.05

Great !! Was it a touch trade with out PA but in consideration of all the confluence of PPZ, 61.8%, HCR, etc.. But what was your first target ?
  • #91,217
  • Mar 9, 2011 3:26pm Mar 9, 2011 3:26pm
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  • #91,218
  • Mar 9, 2011 4:03pm Mar 9, 2011 4:03pm
There is one hell of a setup developing on the H1 EUR/JPY right now.

I'm bidding at 113.95 and taking the break and pullback long on any move above 115.48.
  • #91,219
  • Edited 5:21pm Mar 9, 2011 5:02pm | Edited 5:21pm
Quoting the_wizard
There is one hell of a setup developing on the H1 EUR/JPY right now.

I'm bidding at 113.95 and taking the break and pullback long on any move above 115.48.
Yeah, monthly BUEOB with a weekly BUEOB as confirmation. First monthly break of this area in a long time.


Interesting
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  • #91,220
  • Mar 9, 2011 5:32pm Mar 9, 2011 5:32pm
Quoting the_wizard
There is one hell of a setup developing on the H1 EUR/JPY right now.

I'm bidding at 113.95 and taking the break and pullback long on any move above 115.48.

Gotta chart?
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