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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

  • #94,101
  • Apr 20, 2011 5:44am Apr 20, 2011 5:44am
Quoting Miko1
I am in same trade as Thierry on EUR/CHF but I am still in and have some questions.

The SL below the BUOB would be very huge. Would like to hear other opinions.

My first TP is just below 1.30. When would we pull the SL to BE?

Thanks for your thought
HI Miko, I had the same problem for a long time. I found one simple way and in my backtest it show good results. Maybe something you can consider.

1. Initial SL is -75% ret of a top of a setup bar.
2. Move to BE when price broke the setup bar and reached +23% or +38% (that is if you have problem identifying FTA objectibely on chart)

If you do your own backtest you will see that it looks promising
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  • #94,102
  • Apr 20, 2011 6:07am Apr 20, 2011 6:07am
Waching the eur usd daily. A close above 1.45 would be nice for a long trade.
  • #94,103
  • Apr 20, 2011 6:33am Apr 20, 2011 6:33am
IPB, looks good to me
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  • #94,104
  • Apr 20, 2011 6:48am Apr 20, 2011 6:48am
Quoting Adilius07
IPB, looks good to me
Another shot at GU? eh?

Nah..... It's not that sexy imo.
  • #94,105
  • Apr 20, 2011 6:50am Apr 20, 2011 6:50am
Quoting Greenhaze
Another shot at GU? eh?

Nah..... It's not that sexy imo.
Hi GH,

Not sexy? Really big and thick and strong...

Well looks as it will close bullish now (green) so skip for me probably.

EDIT: ah the one off 1.64 would be more sexy yes.
  • #94,106
  • Apr 20, 2011 7:05am Apr 20, 2011 7:05am
Hi everyone,

''YOU NEVER RISK MORE THAN 2 OR 3 PERCENT OF YOUR ACCOUNT ON ANY ONE TRADE.''

Sorry for noob question but does this mean you can risk 2-3% of you account per trade and trade cpl of contracts?
  • #94,107
  • Apr 20, 2011 7:13am Apr 20, 2011 7:13am
Quoting HankT
Hi everyone,
''YOU NEVER RISK MORE THAN 2 OR 3 PERCENT OF YOUR ACCOUNT ON ANY ONE TRADE.''
Sorry for noob question but does this mean you can risk 2-3% of you account per trade and trade cpl of contracts?
hello HankT,
if u are gonna trade a single instrument/currency pair, risk 2-3% on the total position (all contracts combined)
this is just a general 'rule', which u may or may not follow.

for new traders, i suggest demo/trade a small live account until confident&experienced, & risk +/-1% (increase the risk accordingly, experience-wise)

hope this helps

Quoting Thierry
Watching the eur usd daily. A close above 1.45 would be nice for a long trade.
it has been good for a while for long positions.
it was a blessing to trade it today
EUR is/has been awesome.
  • #94,108
  • Apr 20, 2011 7:14am Apr 20, 2011 7:14am
Quoting HankT
Hi everyone,

''YOU NEVER RISK MORE THAN 2 OR 3 PERCENT OF YOUR ACCOUNT ON ANY ONE TRADE.''

Sorry for noob question but does this mean you can risk 2-3% of you account per trade and trade cpl of contracts?
Well, yes and no (the usual answer!)

It might be wise to set yourself a limit on your overall exposure (%) at any one time.

Also ask yourself if you should trade two highly correlated instruments at once, as a big move on one means a big move on the other.

I hope this has given you something to work on

Best

If


Edit: Jeez SC, that was a quick reply
  • #94,109
  • Apr 20, 2011 8:02am Apr 20, 2011 8:02am
Hi Ghous!
Did you play this IPB?
I did not, just was monitoring it, as the MA confused me.
Whould you be kind to say a word about it!
Thanks
Monika
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  • #94,110
  • Apr 20, 2011 8:09am Apr 20, 2011 8:09am
Quoting HankT
Hi everyone,

''YOU NEVER RISK MORE THAN 2 OR 3 PERCENT OF YOUR ACCOUNT ON ANY ONE TRADE.''

Sorry for noob question but does this mean you can risk 2-3% of you account per trade and trade cpl of contracts?
Hey Hank

Here is a good thread to read up on Money Mgmt, which should become a very easy habit

http://www.forexfactory.com/showthre...light=beginner

Hope it helps
Mike
  • #94,111
  • Apr 20, 2011 8:26am Apr 20, 2011 8:26am
Hey Hansolo

Haven't seen you around in a while.

Still got your hands full with the PF?

Good see you around, man.
  • #94,112
  • Apr 20, 2011 8:42am Apr 20, 2011 8:42am
Hi all!

Is this a good PB on E/C H4? Fta @ 1.2900.
Im still newbie, so comments are welcome
Ty.
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  • #94,113
  • Apr 20, 2011 9:26am Apr 20, 2011 9:26am
Hi everyone, I'm a newbie on the thread. I'm very insterting in the thread and going to follow the thread from now on. I have spent some weeks to study the materials in the thread. It is hard for me to go through all the posts as too many posts here and my language is not English. I just got a little understanding on the thread.

Attached chart is my first trade following the thread. It is a loser.
AUDCAD, short after BEOB formed at PPZ area with divergence of RSI.
The initial SL was put above BEOB high. Target was 1.0000, FTA(I'm not sure if the FTA set is correct or not). After next bullish Pin bar was formed, the SL was moved to above PB high.
Finally, I was out at SL. It ever have 50 pips profile. But I think 50 pips is a little small as it is a daily trade, so I didn't move SL to BE.

Hope the senior members in the thread can give comments on entry and exit for my first trade. It is a good PA set up? Thanks a lot!
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  • #94,114
  • Apr 20, 2011 9:27am Apr 20, 2011 9:27am
Quoting aserbfx
weekly and daily charts of cck. approaching the 40 usd. good volume on the fridays daily with a strong close. it needs a 1.2% gain to reach the 40 usd which seems doable on monday. (check the nice pinbar occurring at the bottom, too).
comments appreciated -as always-.
i am glad that this trade didn't get triggered. cck on daily. high today was 40 usd. i had a stop buy at 40.04 usd. reportings from yesterday drove it down.
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meine augen sind die sterne
  • #94,115
  • Apr 20, 2011 9:41am Apr 20, 2011 9:41am
Quoting Panthera
Hi Ghous!
Did you play this IPB?
I did not, just was monitoring it, as the MA confused me.
Whould you be kind to say a word about it!
Thanks
Monika
It was a great trade. BRN 1.80. SL 20 pips and TP 200. I like IPBs because of their clearly defined tight stoploss and also the risk:reward ratio.

Among AUDNZD, GBPNZD and EURNZD, EURNZD paid off the most - 200 pips on Day 1 and 250 had you held till today. AUDNZD was also at a great location - it was discussed over the weekend as well.

0908
  • #94,116
  • Apr 20, 2011 10:03am Apr 20, 2011 10:03am
Hi SChaos
Thought about taking this 2day PB -off PPZ/WLCS 1.2760, also bottom of box
and retest of Long term down TL. But due to the close not above 1.2900, i didnt take it. 1.2900 is also a daily PPZ and 61.8% fib. So i watched the lower TF (H4) to see how price react to 1.2900. Price close above it and formed BUOB. FTA in blue.

Question is, is it ok to take this BUOB as continuation (also break of 2D PB) while we only have H4 close above 1.2900 ?

Would love to hear your opinion, thanks
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  • #94,117
  • Apr 20, 2011 10:11am Apr 20, 2011 10:11am
update:
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Quoting leelar
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  • #94,118
  • Apr 20, 2011 10:36am Apr 20, 2011 10:36am
Very newbish questions about James 16 and price action

1. Is price action good with scalping (I'm very new)

2. Is the James 16 website good for completely raw forex newbs? Or should I start paying when I have a better idea of what I'm doing? The monthly amount is not the issue but I'm a hardcore newbie with little or knowledge.
  • #94,119
  • Apr 20, 2011 11:40am Apr 20, 2011 11:40am
Quoting Pinbar
Yes, I see what you mean completely.
It looks like that daily close was a bad deal anyway.
Sorry, PB - i still dont understand
Why is 1.3400 not a concern to Mike? Because if you draw fib from July 2010 and Jan 2011 -they pile up around 1.3400 as well

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  • #94,120
  • Apr 20, 2011 11:44am Apr 20, 2011 11:44am
Quoting Be Cool
Sorry, PB - i still dont understand
Why is 1.3400 not a concern to Mike? Because if you draw fib from July 2010 and Jan 2011 -they pile up around 1.3400 as well

Hey BC

What looks more significant in the market place there. The 1.34 or that low that sticks out like a sore thumb

I am not a big fib guy, and only one fib can be drawn there, no other fibs have a bearing since we are moving from a swing high to a swing low and retracing a very small move down

Best
Mike
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