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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

  • #94,981
  • May 6, 2011 8:59am May 6, 2011 8:59am
Quoting mbqb11
Here is the final close out of the trade my trailing stop hit last night
Hi Mike,
Can you throw some more light on your trade. BEOB at swing low and you have taken a short trade which is against the norm. Knowing you your SL for the trade must be at the top of the BEOB which gave you an R:R of less than 1. I also see that you had a Full bar loss a few days earlier. I am member of the PF and would like to agree to Fiji and your idea that we should not go for a fixed R;R but close the trade at the FTA or atleast be vigilant (BE) when the trade hits FTA or take some posn off the table. However, taking Full bar losses and taking profits at FTA has put my equity in negative. Its a case a many small gains which get wiped in about two Full bar losses. Obviously something is wrong though I cannot put my finger on it. Your comments appreciated.
Cheers
Novice198 ( in retrograde mode)
  • #94,982
  • May 6, 2011 9:08am May 6, 2011 9:08am
Quoting novice198
Hi Mike,
Can you throw some more light on your trade. BEOB at swing low and you have taken a short trade which is against the norm. Knowing you your SL for the trade must be at the top of the BEOB which gave you an R:R of less than 1. I also see that you had a Full bar loss a few days earlier. I am member of the PF and would like to agree to Fiji and your idea that we should not go for a fixed R;R but close the trade at the FTA or atleast be vigilant (BE) when the trade hits FTA or take some posn off the table. However, taking Full bar losses and...
Hey Novice

If you check the PF I just posted a live trade video of this that I think will help you with much of your question about the trade. This is not against the norm for me at all Novice, I am not sure if you have been in my sections much but this is a scenario that is one of my favorites. Remember it's all about the story. Again check those videos out or PM if you can't find them.

Let me address this R:R thing and my personal take on my trades

Yes I did take the full bar loss on the gbp/jpy the other day. But b/c I tend to reduce my risk on my trades(that is as the trade moves and FTA and other areas are hit I move my stop down, not neccesarily close my trade or go to b/e - although soemtimes that depends on the trade). This in the long run effectively raises my overall R:R.

Now when you see that video you will notice I moved my stop RIGHT away effectively reducing half my risk off that bat. This in turn is what I explain above here. This happens A LOT of the times. The full bar loss has become a pretty rare appearance for me. In the course of two trades(both have videos there for you, you will see I made that up).

The problem I see has actually nothing to do with R:R(as I don't pay attention to that, it works itself out). For me it's that most don't do something at these areas of trouble more times then not. Will the occasional full bar loss creep in? Sure of course. Again depending on ones style potentially more then others. But most people simply don't do anything and just keep hoping and hanging onto every trade. I look for ways to effectively remain in a trade(if it calls for it) while reducing my net exposure on that trade. It's what works for me. Taking a 1/4 bar loss or 1/2 bar loss instead of 2 full bar losses has a HUGE impact on my overall confidence as well as bottom line. It's something I have worked very hard on to reduce my variance. Now others approach it different, always getting to b/e at the FTA, or a portion off etc etc. But you still can't hold onto those losers, ESPECIALLY then. You need to cut even sooner. But b/c as a whole I hold my trades a bit more the strategy for me to just reduce risk is easier. Too many people take poor trades, and hold these poor trades through areas that can reverse them too much and it leads to digging a hole.

I hope this helps, there is no clean cut one right way. Each trade for me is it's own scenario, and I apply the best logic I can at the time. Everyone should be doing that even if their entries and exits are not the same as mine.

Hope that helps
Mike
  • #94,983
  • May 6, 2011 9:11am May 6, 2011 9:11am
Quoting zoli
Nice and clear trade Sir.

Good to see something worth learning. I allways think that one of the most important part of trading is the ability to prevent onself from shooting from the hip. As an evidence I can see my statement - it shows the damage done by thinking over and over again how much could that very imidiate next move add to the ballance. Instead, it adds nothing. on the contrary, only trading rarely te selected few set ups and waiting long payed so far.

EDIT: So if I am so wise ho come I do not get my own wisdom? Suggestion?
At the end of the day Zoli, one has to make the conscious decision to fix bad habits. That is admitting to them, and working on them.

If this means every time you put on a trade going through a mental check list of your past issues and asking if you are repeating them , then do it.

It's like the kid that touches the hot stove, trading is no different. Eventually you learn that the stove is hot and you stop, or you keep getting burned.

Most keep touching the burner

It's not an easy journey, but it's just about working on these things over time

At least that's my take on it
Mike
  • #94,984
  • May 6, 2011 9:11am May 6, 2011 9:11am
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hey Mike, what do you think on this pb?

Thanks
  • #94,985
  • May 6, 2011 9:11am May 6, 2011 9:11am
Took a weekly trade on EUR/SEK.
Entry Short 8.9060
SL 9.0750
SL was just hit for a full bar loss.
Comments appreciated.
Cheers
Novice198
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  • #94,986
  • May 6, 2011 9:19am May 6, 2011 9:19am
Quoting novice198
Took a weekly trade on EUR/SEK.
Entry Short 8.9060
SL 9.0750
SL was just hit for a full bar loss.
Comments appreciated.
Cheers
Novice198
Hey Novice

We talked about this one in a webinar a few weeks ago(I really hope you can find time to watch these and use the resources you are paying/paid for in the PF) I think they will help a lot. I know there is a crap ton to keep up with and go through, but do it at a pace you can it's very important

Here is the problem with this bar. It's nothing more then a bar. What's the story here?

If you notice the space is very limited meaning your FTA is right there and this can be a major issue for a trade as limited as this. So if you STILL think it's worth taking(I wouldn't - but that doesn't mean your wrong) then you have to think what should I do here? At this point isn't it more logical to at least move your stop say above the RN, and take that small loss, the "hope" it breaks? Again without a bigger better story holding past a FTA like this to me is too much hope. Also you say full bar loss, but price hasn't gone above the pin yet, so what made you place your stop there, as opposed to say above the high? To me it's more you just picked for a bit tighter stop but in that case did nothing on the flip side(which is very important)

I hope this helps

Mike
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  • #94,987
  • May 6, 2011 9:21am May 6, 2011 9:21am
Quoting leelar
Attachment

hey Mike, what do you think on this pb?

Thanks
Hey Lee

Thoughts on a chart for you

Best
Mike
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  • #94,988
  • May 6, 2011 9:32am May 6, 2011 9:32am
Quoting mbqb11
Hey Lee

Thoughts on a chart for you

Best
Mike
Thanks for the clarification. If it were a green, it would be better, right?
  • #94,989
  • May 6, 2011 9:34am May 6, 2011 9:34am
Quoting leelar
Thanks for the clarification. If it were a green, it would be better, right?
A close above the previous bars close would make it "green" and yes much stronger as you have a close above a strong level and move back to the upside in your area would be highly likely

Remember (this is to all) the bars are a small part of what you want to look at, they give you a ground work but just cause a bar can be called one of the terms James teaches us, doesn't mean to trade it. All those little things are very very important

To me at least

Best
Mike
  • #94,990
  • May 6, 2011 9:35am May 6, 2011 9:35am
can you make some comments on this mike?
red lines-weekly ppz
black-daily
is this a valid DBHLC?
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  • #94,991
  • May 6, 2011 9:42am May 6, 2011 9:42am
Quoting pex
can you make some comments on this mike?
red lines-weekly ppz
black-daily
is this a valid DBHLC?
Yep sure is

I initially didn't look at your feed just the pair, and went to do a breakdown on FXpro the 5pm est close. Then I came back and saw your feed. I smiled so big.

Hopefully you can see why. Posting both charts
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  • #94,992
  • May 6, 2011 9:46am May 6, 2011 9:46am
Quoting novice198
Took a weekly trade on EUR/SEK.
Entry Short 8.9060...
pretty bad location.
like Mike said, no space --- left side & area below BEOB is crowded.
technically, we can say the BEOB did hit its FTA 8.8700 - 8.89 area.
unideal setups like these would require tight management &/or at least 'not expecting a runner'
  • #94,993
  • May 6, 2011 9:46am May 6, 2011 9:46am
Just had my worst trade and first major broken trading rule in quite a long time today... so what did I do?

I traded the M15 tf. Broke my %risk in 5 minutes, took EURUSD short before NFP data release... got stopped out due to the spread increase... and then took another short position with greater risk then the last one and closed it for total -7%.

Shame on me.

To conclude, its been a great day in terms of learning... never ever do I want to exposure myself again to the same feelings I have today, never ever will I trade the news again with real money. Can't say that I do not want to trade lower tf's beacuse that is what I intend to do in the future.

Tonight call for some drinks to bury todays misery


Have a nice weekend!
  • #94,994
  • May 6, 2011 9:47am May 6, 2011 9:47am
Took this trade last night too. Price action at its best


http://cdn.hotstockmarket.com/c/c4/1...086bd6_eur.gif
  • #94,995
  • May 6, 2011 9:53am May 6, 2011 9:53am
Quoting mbqb11
Yep sure is

I initially didn't look at your feed just the pair, and went to do a breakdown on FXpro the 5pm est close. Then I came back and saw your feed. I smiled so big.

Hopefully you can see why. Posting both charts
on my feed close was 1.4875....took it in demo,just to folow b/c spred is 24pips at my broker...my FTA was at 1.824,now i move Sl at BE a want to see if it fall to 1.8
thanx a lot
  • #94,996
  • May 6, 2011 10:03am May 6, 2011 10:03am
Closed 60% of my position for EUR/NZD at the 365EMA. Letting the rest ride
  • #94,997
  • May 6, 2011 10:03am May 6, 2011 10:03am
Quoting mbqb11
Those little things that might seem silly, in the long run for me make a huge difference. This helps keep my "edge"
This is so true and I'm really starting to notice this in my trades as well
  • #94,998
  • May 6, 2011 10:11am May 6, 2011 10:11am
Quoting mbqb11
Hey Novice

We talked about this one in a webinar a few weeks ago(I really hope you can find time to watch these and use the resources you are paying/paid for in the PF) I think they will help a lot. I know there is a crap ton to keep up with and go through, but do it at a pace you can it's very important

Here is the problem with this bar. It's nothing more then a bar. What's the story here?


I hope this helps

Mike
Thanks for the explanation. My reason for taking the trade was PB / BEOB combination rejecting a BRN, with the dominant trend and at a pullback area. I did tweak the SL inorder to get a better R:R ratio though it was at previous candle high. Being a weekly trade only two bars had formed and I was trying to give the Trade some room to play.
A very demanding JOB is keeping me away from trading and the PF. Have taken three trades in last two months, one at BE followed by two full bar losses are taking their toll on my confidence. Hope to turnaround the corner by the end of this year.

Will be posting the second failed trade and will look for your comments
Cheers
Novice198
  • #94,999
  • May 6, 2011 10:17am May 6, 2011 10:17am
Quoting supremeChaos
pretty bad location.
like Mike said, no space --- left side & area below BEOB is crowded.
technically, we can say the BEOB did hit its FTA 8.8700 - 8.89 area.
unideal setups like these would require tight management &/or at least 'not expecting a runner'
Yes SC,

After i lost the trade I analyzed the trade again and did see that I was trading straight into the traffic area.
may be next time I will be more choosy / picky.
Cheers
novice198
  • #95,000
  • May 6, 2011 10:19am May 6, 2011 10:19am
Quoting mbqb11
Hey Novice

If you check the PF I just posted a live trade video of this that I think will help you with much of your question about the trade....
Hi Mike,
Thanks for the explanantion. Will check the videos.
cheers
novice198
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