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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

  • #97,561
  • Jun 29, 2011 9:21am Jun 29, 2011 9:21am
Quoting snowly
I search for patterns on only 1 chart(my usual chart - EST in my case, but I've picked EST without a particular reason). But closing time is irrelevant as far as I'm concerned - 4 charts however would help with comfort since you won't have to compound bars in your head.

I use 2 because I want to see what others are seeing, which I think is important, and since London and NY are the big ones, I stick with GMT and EST.

Also, I use mostly H1 and I prefer to compound in my head H1 bars to get an action then use the H4, but that's a matter of...

Thank you very much, snowly, for the detailed answer!
  • #97,562
  • Jun 29, 2011 9:25am Jun 29, 2011 9:25am
Quoting Bemac
Sorry if this question has been answered before....
How Much should I risk... How Many Pairs should I track...


95% of you will try to win this {mostly Demo} race.
5% of us don't see it that way.

When you DO get to the point of having to decide How Much Should I Risk...
Back in the 90's {20 years ago}while I was Trading a Private Fund & watching "Everything" I devised a Trading Exposure Rule that worked out just fine.

30/8

No More than 30% of account exposed to Margin.
No More than 8% OF THE 30% exposed to the same Market.

{Homework...
Great stuff there Bemac and well worth a read. Loved the expression of 'formative years' - nobody could describe it better than that!

Kal
  • #97,563
  • Jun 29, 2011 9:38am Jun 29, 2011 9:38am
Quoting mbqb11
who's more fun then Bemac to read
Farging Iccehole... 'twern't meant to be funny. Luv ya bud.
  • #97,564
  • Jun 29, 2011 9:40am Jun 29, 2011 9:40am
Quoting Bemac
Farging Iccehole... 'twern't meant to be funny. Luv ya bud.
sorry B I have fun when learning from someone like you
  • #97,565
  • Edited 9:55am Jun 29, 2011 9:51am | Edited 9:55am
Quoting mbqb11
sorry B I have fun when learning from someone like you
Mike. Seriously. Your Trading Experience puts you beyond my 'Teachings'. All I can offer you {and others that are content in their method} is 'Just another View'

I think it is important to say that & I think Jim would agree.
How to Skin a Cat...

Don't stop reading yet. I'm not done.

From Bill Garry, Larry Williams through Jake Bernstien & even Welles Wilder...
{The Gurus of my formative/sophmore years that were selling advice... yes. I paid them all}
Not One of them taught me more than Jim did about Reading Now.

Honest & True.

B
  • #97,566
  • Jun 29, 2011 10:03am Jun 29, 2011 10:03am
eur/nzd with a pinbar in a sideways market. broke below 1.75 but managed to climb up again and closed strong.
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meine augen sind die sterne
  • #97,567
  • Jun 29, 2011 10:15am Jun 29, 2011 10:15am
Quoting aserbfx
thanks guys.
---------------
aud/chf is approaching an old low. wait for bullish price action on the high tf (D1 or W) to confirm entry.
Excellent shout aserbfx - did you trade this?

I was in after the break of the daily pin just under 200 pips up now.
How did you play it, where did you enter? Thanks Matt

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Free speech is an oxymoron
  • #97,568
  • Jun 29, 2011 10:16am Jun 29, 2011 10:16am
Quoting aserbfx
eur/nzd with a pinbar in a sideways market. broke below 1.75 but managed to climb up again and closed strong.
ooohh Good Eyes Aser...
I'm On Track.
Chart promotion.
Thanks.

B
  • #97,569
  • Jun 29, 2011 10:23am Jun 29, 2011 10:23am
Quoting Banzaisky
How did you play it, where did you enter? Thanks Matt

Attachment
enter will the break of the bar. that means above 1.7570.
please note that this isn't an A+-setup. if you look to the left you use a big area of congestion right between 1.76 and 1.77. SL under 1.75.
meine augen sind die sterne
  • #97,570
  • Jun 29, 2011 10:32am Jun 29, 2011 10:32am
Quoting aserbfx
enter will the break of the bar. that means above 1.7570.
please note that this isn't an A+-setup. if you look to the left you use a big area of congestion right between 1.76 and 1.77. SL under 1.75.
it's nice when you have options too

I prefer to see us break down , but if we bounce higher and consolidate more we have opportunities outside the wedge as well
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  • #97,571
  • Jun 29, 2011 10:41am Jun 29, 2011 10:41am
Quoting aserbfx
enter will the break of the bar. that means above 1.7570.
please note that this isn't an A+-setup. if you look to the left you use a big area of congestion right between 1.76 and 1.77. SL under 1.75.
Hi aser, sorry, i was referring to audchf - did you trade this?
Free speech is an oxymoron
  • #97,572
  • Jun 29, 2011 10:47am Jun 29, 2011 10:47am
Quoting Banzaisky
Hi aser, sorry, i was referring to audchf - did you trade this?
yes, i took it as a touch trade. entry was 0.8728, i got out about 3 hours ago at 0.8873. still seems to have more upwar potential, but i was afraid of the resistance area to the left. hth
meine augen sind die sterne
  • #97,573
  • Jun 29, 2011 10:49am Jun 29, 2011 10:49am
Quoting mbqb11
it's nice when you have options too

I prefer to see us break down , but if we bounce higher and consolidate more we have opportunities outside the wedge as well
Already many of good pairs are All Time Swing Low..
looks like this also want to join the party..
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  • #97,574
  • Edited 11:07am Jun 29, 2011 10:54am | Edited 11:07am
Quoting aserbfx
yes, i took it as a touch trade. entry was 0.8728, i got out about 3 hours ago at 0.8873. still seems to have more upwar potential, but i was afraid of the resistance area to the left. hth
Yeah Yeah..i liked the location..i had my buy order on this one at 0.8685..but i closed it later wasn't confident.i posted this on Rac's thread..lol..but loving the way its riding now..
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  • #97,575
  • Jun 29, 2011 11:08am Jun 29, 2011 11:08am
Quoting mbqb11
Hey Biz

Check out this post for my approach. It varies from trade to trade that I take based on what I see around and what I consider the most logical approach to exiting that trade

http://www.forexfactory.com/showthre...22#post2853922

If I think a trade warrants me to trail out I trail out
If I think a trade warrants a quick take profit - I do that
If I think a trade warrants a quick move to b/e but let run I do that.
If I think a trade warrants a trail out and a fixed target if reached - I do that

The list...

Hey Mike

I think that one of my biggest problems in trading is that in most of cases I'm following only one of your rules:
If I think a trade warrants a quick take profit - I do that
When I started to learn trading I did that on M5, so it is difficult for me now to keep the trades open for long time (even on bigger timeframes).

For Example, with my "average" Stop Loss ~40 pips (for the moment I'm trading on H1) I could do yesterday
[150 pips] + [40 pips]
<- in two trades. But I felt that I need to close those trades earlier, when they became profitable, so I finished with
[30 pips] + [-15 pips]
===>>> +15 pips in total.

Next time when I will lose the trade the lost will be bigger than this gain.
I'm curious if it is common problem in trading and I'd like to know what is the best way to solve it.


Thank you!
  • #97,576
  • Edited 11:38am Jun 29, 2011 11:16am | Edited 11:38am
A very good PB formed on eurcad daily. My entry hits, few pips below the setup bar and my target hits, few pip above 1.39371 support.

As a newbie, making a consistently +ve trades sounds great, thats quite an eye opener.

Full marks to JAMES16 and the team. more greese to your elbow
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  • #97,577
  • Jun 29, 2011 11:43am Jun 29, 2011 11:43am
Quoting bizkam
Hey Mike

I think that one of my biggest problems in trading is that in most of cases I'm following only one of your rules:
If I think a trade warrants a quick take profit - I do that
When I started to learn trading I did that on M5, so it is difficult for me now to keep the trades open for long time (even on bigger timeframes).

For Example, with my "average" Stop Loss ~40 pips (for the moment I'm trading on H1) I could do yesterday
[150 pips] + [40 pips]
<- in two trades. But I felt that I need to close those trades earlier, when...
Hey Biz

There's nothing wrong with fixed targets IF it works for you.

You might have a horrible R:R but win over 90% of your trades. YES I said 90% of your trades. The trader that does this is SUPER cautious, getting stops to b/e and watching FTA like a hawk. This person is also super picky.

I think the reason most traders fail is their inability to be picky and patient. Yes those cliches we hear time and time again.

You might have a horrible R:R. but what if you took the best 4 or 5 trades a month. It's all about the $$ and turning profit.

Ultimately it takes time and one should test all their ideas thoroughly on demo to see what works best for you. Often what we think works best and what actually works best is two different things(most of the time).

Just keep testing and practicing
Mike
  • #97,578
  • Jun 29, 2011 11:46am Jun 29, 2011 11:46am
I like this BEOB but think FTA is a little close.
How do we know which FTA is stronger or weaker?
Or we do not know just be aware of every of them?
Thanks
Monika
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  • #97,579
  • Jun 29, 2011 11:59am Jun 29, 2011 11:59am
Quoting Fx4real
A very good PB formed on eurcad daily. My entry hits, few pips below the setup bar and my target hits, few pip above 1.39371 support.

As a newbie, making a consistently +ve trades sounds great, thats quite an eye opener.

Full marks to JAMES16 and the team. more greese to your elbow
Nice trade Fx, I was looking at this one last night myself. I ended up passing on it for various reasons. However I really thought it had a good chance of making it back to .4000, sure enough.

Jacob
  • #97,580
  • Jun 29, 2011 12:25pm Jun 29, 2011 12:25pm
Quoting Panthera
I like this BEOB but think FTA is a little close.
How do we know which FTA is stronger or weaker?
Or we do not know just be aware of every of them?
Thanks
Monika
Hi Monika, I like it too, my order waits below BEOB, but if it doesn't trigger soon I will probably cancel it.

Personally I like to round the FTA to the nearst round number, so here for me it will be almost like you show @ 0.8950.
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