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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

  • #94,941
  • May 5, 2011 3:42pm May 5, 2011 3:42pm
Quoting pex
comments? if it close above previous bar high....
Hey Pex

Do you see those to previous lows? It would have to close above those for me, to fight that huge move down.


Best
Mike
  • #94,942
  • May 5, 2011 3:51pm May 5, 2011 3:51pm
Quoting mbqb11
Hey Pex

Do you see those to previous lows? It would have to close above those for me, to fight that huge move down.


Best
Mike
and that would be also above RN....
thn mike
  • #94,943
  • May 5, 2011 3:53pm May 5, 2011 3:53pm
Quoting Greenhaze
Oh man...what a day. Why do this stupid, greedy beast in me take control over my actions from time to time.
Thanks for sharing Greenhaze. I'm sure there's a tendancy for us to post the more successful charts and shy away from our unfortunate decisions. Much respect
  • #94,944
  • May 5, 2011 4:22pm May 5, 2011 4:22pm
Quoting mbqb11
Here is one a bunch of us are in, this was as A+ as it gets for me
Hi Mike

Is this the type of analysis we would see in the private forum?

Another question if I may, but a little more subjective. When is one 'ready' to trade larger sums?

1 year of chart time, 5 months in this forum and I believe I am 'ready'.

The last month or two have been particularly good and I feel that I have come a long way. However, when I see a good setup, I get cold feet and put a micro trade in only to see it do what was expected (Well, far more often than not).

How do I commit? I hate to lose and I'm already trying to rescue a negative account (trading prior to J16). It's a minimal sum, but psychologically I'm behind.

I know that there is no easy answer and that it's all subjective, but it's proven to be my largest hurdle.

Todays volatility has only made me more eager, but I am still filled with scepticism.

Happy to receive comments from others (SupremeC, you seem to understand the psychology of trading )

Thanks in advance.

Tomek
  • #94,945
  • Edited 5:15pm May 5, 2011 4:23pm | Edited 5:15pm
Quoting mbqb11
Hey Pex

Do you see those to previous lows? It would have to close above those for me, to fight that huge move down.


Best
Mike
Would you have the same view for the CADCHF pair as well Mike? A strong close above .90 would have made it a better setup.

Pros:
Decent size pinbar at swing low
Head of pin appears to be within body of previous bar
Location
Double bottom?

Cons:
Couldn't close above .90 BRN and previous low
Not much other confluence
Against the long term trend
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Price is beautiful. A repetitive method is a competitive method.
  • #94,946
  • May 5, 2011 4:37pm May 5, 2011 4:37pm
Watching for bullish PA here.

Price broke through 1.0200 now it's coming back for the retest.

Anyone else?
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  • #94,947
  • May 5, 2011 4:47pm May 5, 2011 4:47pm
hope all are doing well. i took a break due to some commitments but now back to my daily trading...see you around!
Trading is a test match not a Twenty20.
  • #94,948
  • May 5, 2011 5:02pm May 5, 2011 5:02pm
Quoting nwo-trader
Would you have the same view for the CADCHF pair as well Mike? A strong close above .90 would have made it a better setup.

Pros:
Decent size pinbar at swing low
Head of pin appears to be within body of previous bar
Double bottom?

Cons:
Couldn't close above .90 BRN and previous low
No divergence
Not much other confluence
Against the long term trend

I almost pulled the trigger on that CADCHF pin nwo-trader, but I decided against taking it in the end. There's very little confluence as you say and the price action above it is pretty choppy. In terms of how a pin bar ought to look though its very nice.
  • #94,949
  • May 5, 2011 6:29pm May 5, 2011 6:29pm
Quoting mbqb11
Here is one a bunch of us are in, this was as A+ as it gets for me
Great stuff there mike - could you please post more examples of your A+ setups as us lesser mortals learn so much from them!! Just wanted to ask what your final target was for this trade?

Thanks

Kal
  • #94,950
  • May 5, 2011 6:35pm May 5, 2011 6:35pm
Quoting 5.25
Hi Mike

Is this the type of analysis we would see in the private forum?

Another question if I may, but a little more subjective....
Hey Tomek

I like to think of the PF as more of everything we do here. So not to bombard this thread with that but from my perspective I break down my different types of styles, entries, exits and real examples etc. Now don't get me wrong though I share a lot here, it's just not as coherent and I really like to keep this thread as 'newbie' friendly as possible. I think we can all agree with the exposure it gets, thats for the best.

As for when to go "big". I could never ever(or legally for that matter) so for your situation when it's right. I don't think anyone can tell you. To me it's about doing it smart. I have been one to build slowly over the years. I wasn't born with 500k under my bed sheets to go big with. So for me it's about being smart building what I have, being consistent and knowing that over the coming years great things are to come from that. I also think probably psychologically this has made the transition to some larger numbers easier for me.

I think one can't go wrong with demo(as per j16 min requirements), then move to small sums, and continue to add and grow that as one gets comfortable. I have known people that have done all kinds of things from small to big, to straight to big etc. No one can tell you in this case what is best for you. I just say be real smart about it. The emails I dread the most are people who are not taking responsibility in this business.

Don't be in a rush to get to that finish line is all I can say. I'm walking this marathon

Best
Mike
  • #94,951
  • May 5, 2011 6:37pm May 5, 2011 6:37pm
Quoting nwo-trader
Would you have the same view for the CADCHF pair as well Mike? A strong close above .90 would have made it a better setup.

Pros:
Decent size pinbar at swing low
Head of pin appears to be within body of previous bar
Location
Double bottom?

Cons:
Couldn't close above .90 BRN and previous low
Not much other confluence
Against the long term trend
Bingo for me at least. That doesn't make this not valid, but those little things go a long way in my trading style. We can always still produce logical targets and approach a trade logically, but it doesnt always make it worth it(trader dependent)

This is why demoing is SO important,

Mike
  • #94,952
  • May 5, 2011 6:38pm May 5, 2011 6:38pm
Quoting Kalbar
Great stuff there mike - could you please post more examples of your A+ setups as us lesser mortals learn so much from them!! Just wanted to ask what your final target was for this trade?

Thanks

Kal
Hey Kal

No such thing as lesser mortals here my friend, it's just time and experience and learning

In all my posts there are many of my trades, I try to sprinkle them in here and there

My final target is on that chart the lower dotted red line. I have trailed my stop down and will probably get stopped out before that with a decent profit none the less


Take care
Mike
  • #94,953
  • May 5, 2011 8:33pm May 5, 2011 8:33pm
EURCAD shows BEOB at the top of a wedge, divergence, but near 1.4000. I think it's good signal.
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  • #94,954
  • May 5, 2011 8:41pm May 5, 2011 8:41pm
Quoting mbqb11
Bingo for me at least. That doesn't make this not valid, but those little things go a long way in my trading style. We can always still produce logical targets and approach a trade logically, but it doesnt always make it worth it(trader dependent)

This is why demoing is SO important,

Mike
couldn't really get u Mike:but those little things go a long way in my trading style...
do u mean that u being picky as pin couldn't CA 0.9000 or something?

can u elaborate it?
  • #94,955
  • May 5, 2011 9:06pm May 5, 2011 9:06pm
Set up a trade on my demo account, I wasn't confident enough to go real.. b/c this par is not showing a clear long term direction to me yet.

anybody has any toughts about this trade?

I set a buy stop 10 pips above the high of that PB w/ stop at about 30% of it.

Any senoir members could enlighten me about this, would be very appreciated.

Cheers,
soave
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How bad do you want it? That's the attitude!
  • #94,956
  • May 5, 2011 9:44pm May 5, 2011 9:44pm
Quoting soavesoave
Set up a trade on my demo account, I wasn't confident enough to go real.. b/c this par is not showing a clear long term direction to me yet.

anybody has any toughts about this trade?

I set a buy stop 10 pips above the high of that PB w/ stop at about 30% of it.

Any senoir members could enlighten me about this, would be very appreciated.

Cheers,
soave
Hi soave...not a senior, but thought i'd drop my 2 pips. The bar tested important level of BRN 80, but there isn't much other confluence.

I don't like the close of that bar. It's not actually a pin bar because close is lower than previous bars low. I see the setup as trading into strong resistance - bottom of current consolidation. I would prefer to see a close close in that box before going long. My feed is a little different due to close time.

The setup may work out, but it doesn't scream "trade me" when I look at it.
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  • #94,957
  • May 5, 2011 9:52pm May 5, 2011 9:52pm
Quoting March2011
EURCAD shows BEOB at the top of a wedge, divergence, but near 1.4000. I think it's good signal.
Hey March...I love the shape of the bar. It's large and shows momentum with a great close. However the BRN of 1.4000 looks to be a strong ppz that is the current support level. I would personally need a close below the bar highs I've marked up to get in. I always try to be aware of the 365 (red) and 150 (blue) ema's.
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  • #94,958
  • May 5, 2011 10:02pm May 5, 2011 10:02pm
Quoting Donkey
Hey March...I love the shape of the bar. It's large and shows momentum with a great close. However the BRN of 1.4000 looks to be a strong ppz that is the current support level. I would personally need a close below the bar highs I've marked up to get in. I always try to be aware of the 365 (red) and 150 (blue) ema's.

I agree totally, let's see how the weekly candle closes today.
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  • #94,959
  • May 5, 2011 11:39pm May 5, 2011 11:39pm
Quoting AvanishDemo
couldn't really get u Mike:but those little things go a long way in my trading style...
do u mean that u being picky as pin couldn't CA 0.9000 or something?

can u elaborate it?
Hey Avanish

Yes this is exactly what I mean. Those little things that might seem silly, in the long run for me make a huge difference. This helps keep my "edge"

Best
Mike
  • #94,960
  • May 5, 2011 11:42pm May 5, 2011 11:42pm
Quoting Donkey
Hey March...I love the shape of the bar. It's large and shows momentum with a great close. However the BRN of 1.4000 looks to be a strong ppz that is the current support level. I would personally need a close below the bar highs I've marked up to get in. I always try to be aware of the 365 (red) and 150 (blue) ema's.
Strongly agree, looking out for that close. BTW this week, i ve made +298pips, -10pips.. getting better..
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