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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

  • #98,021
  • Jul 7, 2011 11:50am Jul 7, 2011 11:50am
Quoting torontobboy2
Mike, which broker are you using for the analysis? I do not see this pin bar in FXPro or MBT MT4.
Hey TB

That was alpari UK feed

Best
Mike
  • #98,022
  • Jul 7, 2011 11:52am Jul 7, 2011 11:52am
Quoting Khurr@m
Hi all,

just wanted to share what i experienced today, down and out.

after spending some time here i was going very nice. yesterday i took the short trade (USDCAD) of the 1H pinbar at 0.9652 . my SL was above the high of that pinbar. after going into +15 pips it went back to break even and stuck in a range for a long long time. now the depression start and once its started going against me i just closed it and thinking that the trend has changed i entered long at 0.9665. immediately price started moving south. Well, at this point i...
Hey Khurr

You said it best, hop back to daily/weekly it will help build a strong foundation. James says it for a reason and it really is important.

Notice the usd/cad short you took under that HUGE pinbar. Now that is what I am talking about. Big bar, lots of space. Your buy above the box seemed more emotional then actually planned (as you said as well). Eur/usd check out my post from today on the 4hr(yes 4hr but still). Notice the difference in size in my bar vs your two small bars coming off that "falling" bearish movement.

These are all GOOD lessons to learn. This is why we demo, this is why we spend a long time learning it. Things get easier with time, that can't be avoided.

Take care
Mike
  • #98,023
  • Jul 7, 2011 11:56am Jul 7, 2011 11:56am
Quoting Knight Rider
Great posts Mike.

What a day it has been today!

Could you elaborate on:

"R:R doesn't mean anything to me I pay no attention to it"

Does this mean you get to breakeven and let your trade ride as a free trade, or something else (e.g. you trade up to a trouble area and get out)?

I tried asking Bemac something similar to this, but got no response. I asked Bemac (in particular) as he implied small stop losses were a waste of time. I could mention a few things about how I got my stop losses to the absolute minimum (over time) but I suppose...
Hey KR

I use a variety of stop losses. The majority of my stop losses start below the bar. Some do not. It depends on the different situations and setups. I have had tight stops, and I have had large stops. Neither one(tight vs large) is better then the other in my eyes. They all have trade offs. Everything in trading has trade offs.

As for R:R, the reason I say I don't care about it, is that my focus is on a great entry and focused on managing it smart. Be it I end up with a .5% gain or a 5% gain.

Every trade and situation I analyze on it's own and if I decide to pull the trigger I decide how to best manage it from there no matter what that R:R looks like when the trade might close. A good setup is a good setup to me.


Hope that helps
Mike
  • #98,024
  • Jul 7, 2011 12:03pm Jul 7, 2011 12:03pm
mbqb11

what do you think of this.

ITs a quick one im taking on a demo for educational purposes only.

eurchf short.
on the 4hr.
pinbar showing
switch to daily plot a fib from swing high to low.
and its touching the 23.6 virtually by the pip also shown as previous resis looking to left aswell, its already visited 38.2 and come off it.
Your views on this one much appreciated
http://i55.tinypic.com/2moqys9.jpg
  • #98,025
  • Jul 7, 2011 12:05pm Jul 7, 2011 12:05pm
Quoting mbqb11
Hey KR

I use a variety of stop losses. The majority of my stop losses start below the bar. Some do not. It depends on the different situations and setups. I have had tight stops, and I have had large stops. Neither one(tight vs large) is better then the other in my eyes. They all have trade offs. Everything in trading has trade offs.

As for R:R, the reason I say I don't care about it, is that my focus is on a great entry and focused on managing it smart. Be it I end up with a .5% gain or a 5% gain.

Every trade and situation I analyze on it's...
Thanks Mike.

So basically you are saying you trade to make a profit (any profit) every time no matter how big the stop loss is, as long as your risk remains constant. Do you at least let some of your trades run, even if it is a fraction of your initial trade?

Am I correct in stating this?

(By the way, Bemac's former club/thread might be interested to look at the 4 hour eur/chf early on this week. In particular, how much retracement was there when this pair was on the run? How big would your stop losses have had to be also? Worth thinking about.)

KR
  • #98,026
  • Jul 7, 2011 12:09pm Jul 7, 2011 12:09pm
Quoting deankenny21
mbqb11

what do you think of this.

ITs a quick one im taking on a demo for educational purposes only.

eurchf short.
on the 4hr.
pinbar showing
switch to daily plot a fib from swing high to low.
and its touching the 23.6 virtually by the pip also shown as previous resis looking to left aswell, its already visited 38.2 and come off it.
Your views on this one much appreciated
http://i55.tinypic.com/2moqys9.jpg
Be careful here Dean this is not a pinbar. This is a neutral bar notice the open and close are in the middle of the bar with equal tails. This shows indecision

Best
Mike
  • #98,027
  • Jul 7, 2011 12:11pm Jul 7, 2011 12:11pm
Quoting mbqb11
Be careful here Dean this is not a pinbar. This is a neutral bar notice the open and close are in the middle of the bar with equal tails. This shows indecision

Best
Mike
yep i see it, im learning thank you Mike
  • #98,028
  • Jul 7, 2011 12:14pm Jul 7, 2011 12:14pm
Quoting Knight Rider
Thanks Mike.

So basically you are saying you trade to make a profit (any profit) every time no matter how big the stop loss is, as long as your risk remains constant. Do you at least let some of your trades run, even if it is a fraction of your initial trade?

Am I correct in stating this?

(By the way, Bemac's former club/thread might be interested to look at the 4 hour eur/chf early on this week. In particular, how much retracement was there when this pair was on the run? How big would your stop losses have had to be also? Worth thinking...
Hey KR

I let a trade run if I believe its that type. There are trades good for quick moves. Some I like to hold if thats the type of setup. An example of that are breakouts. Those I tend to trail out or have a final target. I never leave partial positions. I am either all in or all out.

As for eurchf I am not sure what timeframe setup etc.

Best
Mike
  • #98,029
  • Jul 7, 2011 12:44pm Jul 7, 2011 12:44pm
Hi folks

Missed this Pin by 2pips, I had my Limit Order at 0.9668 with my TP at 0.9580 and my SL at 0.9705

- Off 0.97000 Round Number
- Retrace Pin with strong bearish close
- Selling with the Higher Time frame trend
- Space to FTA
- Off 0.9700 PPZ

No worries there - I ll just wait until next week for the next set-up

Happy trading

Anthony
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  • #98,030
  • Jul 7, 2011 1:03pm Jul 7, 2011 1:03pm
Quoting deankenny21
Good decision on closing trading till Monday, because you are all over the place here. Closing short and going long straigh away, wow you need to slap yourslef in the face. At the point of you goin long the short trade is still valid. I used to see trades go against me all the time, i put a short eurjpy this week within 10 min it was 30 pips against me, so i stuck to my sl woke up next day and it was plus 50 pips in profit, i eventually closed it at over 150 pips profit. Im still a novice and i would never have done what you shown in your first...

hi dk21,

yes budy what i did was extreme stupidity, a mistake i should not have made. however being human we do make silly mistakes in our learning curves. the important thing is, what you learn from them. i ll surely slap in my face if i l make the same mistake again. but for now i am only going on a long weekend

happy trading
.
  • #98,031
  • Jul 7, 2011 1:18pm Jul 7, 2011 1:18pm
Quoting Khurr@m
hi dk21,

yes budy what i did was extreme stupidity, a mistake i should not have made. however being human we do make silly mistakes in our learning curves. the important thing is, what you learn from them. i ll surely slap in my face if i l make the same mistake again. but for now i am only going on a long weekend

happy trading
Yep good thought process, half the battle is acknowldging you were wrong. I closed a EUR CHF long yesterday early after a gd looking 4 hr setup, because it was floating around too much at aroun -10 to -15 pips. It ended up goin nicely into profit, so a mistake for me here too. I put my sl where i put it for a reason, because i believe price will have trouble getting to that point, so on that thought i will stick with plan and let the sl decide whether its time to end the trade
  • #98,032
  • Jul 7, 2011 2:03pm Jul 7, 2011 2:03pm
Quoting Khurr@m
hi dk21,

yes budy what i did was extreme stupidity, a mistake i should not have made. however being human we do make silly mistakes in our learning curves. the important thing is, what you learn from them. i ll surely slap in my face if i l make the same mistake again. but for now i am only going on a long weekend

happy trading
Honestly don't think twice about what happened this week. You seemed to fully recognize your errors and that is something that is rare with people starting out. The key is that once you recognize them you begin to remove them from your trading. It is a long journey and you are on your way. Keep in mind that all of the basic rules are contained in the first few pages of this thread. Master those first and then begin to make any small changes that you find along the way while still in demo. So long as you keep an open mind and continue to learn then you will make it. Keep on rocking!

Ryan
  • #98,033
  • Jul 7, 2011 3:10pm Jul 7, 2011 3:10pm
Quoting mbqb11
Hey KR

I let a trade run if I believe its that type. There are trades good for quick moves. Some I like to hold if thats the type of setup. An example of that are breakouts. Those I tend to trail out or have a final target. I never leave partial positions. I am either all in or all out.

As for eurchf I am not sure what timeframe setup etc.

Best
Mike
Hi Mike.

I have a question. Is there any particular reason for not having any partial positions at all?
Thank you for your answer in advance. You help us new guys a lot.
  • #98,034
  • Jul 7, 2011 3:33pm Jul 7, 2011 3:33pm
Can anyone recommend something really good on psychology of trading?

Some book or thread? Something advanced, I have read millions of those googled articles too... maybe there is some author particularly good at this subject?

Thanks for any help!
  • #98,035
  • Jul 7, 2011 3:44pm Jul 7, 2011 3:44pm
Does anyone know if there is a correlation between the length of the nose on a Pin Bar and subsequent price action. Is there a higher probability price will move where you think it will when the PB has a long nose? Attached is a 4 hr EURGBP chart with 3 PB's labelled 1,2,3. #1 and #3 had a long noses and also resulted in a nice moves.

Thanks.
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  • #98,036
  • Jul 7, 2011 3:56pm Jul 7, 2011 3:56pm
So here is my first chart post. Here's to unlurking . Today there was a BUOB on the H4 chart, with most other time frames also showing an end to the most recent short term downtrend (with divergence as well). As EUR/USD is winding up very tightly, this would be a scenario where I would look to take profit quickly, around 1.44, as anything beyond that would be too unpredictable. The H1 chart is now showing stacked inside bars, just like SC likes them.

PS - I had a hard time getting charts to upload. I had to change them from .bmp to .jpg to get it to work. Apologies if it doesn't display properly.
Attached Images
Fail to plan, plan to fail.
  • #98,037
  • Jul 7, 2011 4:03pm Jul 7, 2011 4:03pm
Quoting Mebius
Does anyone know if there is a correlation between the length of the nose on a Pin Bar and subsequent price action. Is there a higher probability price will move where you think it will when the PB has a long nose? Attached is a 4 hr EURGBP chart with 3 PB's labelled 1,2,3. #1 and #3 had a long noses and also resulted in a nice moves.

Thanks.
Hey Meb

yes a nice long nose can be VERY important to how well a trade does. But it is not the only factor. How the bar closes, the location, what it is trading into are all important factors. But size of bar plays a very important role for me, so those are good observations that will help you

Best
Mike
  • #98,038
  • Jul 7, 2011 4:04pm Jul 7, 2011 4:04pm
Quoting Adilius07
Can anyone recommend something really good on psychology of trading?

Some book or thread? Something advanced, I have read millions of those googled articles too... maybe there is some author particularly good at this subject?

Thanks for any help!

Have you picked up Trading in the Zone yet like I suggested? If your mind is ready to conquer your psychological aspects then the book will speak volumes to you. If not, then it will at least get you started in the right direction. I bought the book off of several other people who recommended it and the reviews of it are very good too. I bought it from Amazon, but I am not sure where you might be able to get it in Khazakstan
  • #98,039
  • Jul 7, 2011 4:09pm Jul 7, 2011 4:09pm
Quoting gungriffin
Have you picked up Trading in the Zone yet like I suggested? If your mind is ready to conquer your psychological aspects then the book will speak volumes to you. If not, then it will at least get you started in the right direction. I bought the book off of several other people who recommended it and the reviews of it are very good too. I bought it from Amazon, but I am not sure where you might be able to get it in Khazakstan
Yeah, it was one of the first ones I read. Usually this is the first book people recommend after Rem. of Stock Operator.
Very nice book indeed.
  • #98,040
  • Jul 7, 2011 4:11pm Jul 7, 2011 4:11pm
Quoting cold chisel
Hi Mike.

I have a question. Is there any particular reason for not having any partial positions at all?
Thank you for your answer in advance. You help us new guys a lot.
For me I stopped taking partial profits (while still in demo) when I started to believe in myself as a trader. In the future I may find a situation where it is advantagous, but I don't see one right now. I think of it like this- I lay in waiting to take only the trades that I see as the absolute best possible setups. If that is the case then why take partial profits? I see it as sacrificing pips due to a lack of trust in the trade itself, and if that is my viewpoint then I believe I need to be taking a look at if I should even be in the trade in the first place... It all comes down to personal style, but I believe that it also comes down to where you currently are as a trader. As you learn trust the information and mindset for trading that you have obtained it also seems that you learn to trust your decision to trade as well.
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