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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

  • #98,141
  • Jul 11, 2011 7:35am Jul 11, 2011 7:35am
Quoting Adilius07
On my feed it triggered by 12 pips.
But situation/location is too scary for me yes.
again there's another issue: we all dont use the same buffer. heheh
(some use 5, some 10; i cant comment as i dont trade weekly charts)

Quoting danielga
first target hit..
anyone short on this pair? can advise for second tp
i'm thinking 1.0650 is pretty good support, or should i just let it ride?

In general ,what do you do when price hits first target
when do you take all when you exit some of it
and when exiting the rest?
there is no single correct answer to this.
u have to experiment until u find a comfortable trade management strategy suited to your personality.
one thing is for sure about taking profits: often, we will exit earlier than we should or we will leave a lot on the table.

watch PA & look to TP around 1.0600-1.0650 area, then 1.0550-580, 1.0500-530 areas.... & more below. lol!
Good luck on your trade, manage it well!
  • #98,142
  • Jul 11, 2011 7:37am Jul 11, 2011 7:37am
Quoting Knight Rider
Well, that's that!

Both failed on the weekly bueob despite textbook price action on eur/chf. Pinbar's stop loss (at support) should have held, but it didn't. There was no reason imo why this should have failed looking at pure price action.

We were set up for the killing. So many bueob's on so many pairs prior to last week - you could have taken your pick (e.g. AUD/USD, USD/CAD). What a joke.

I told you the markets didn't "feel" right last week, didn't I?

I lost money today, but if I'd followed this thread to the letter, I would have lost...
yes, but if you'd follow exactly why they "didn't feel right" you'd lose more time... it's a tradeoff... It's easy - ADP got out of whack(which it does 30-40% of the time) and then nfp slapped it...

Leaving aside that it's a thread on the internet; if you'd put money on the line because of what some ppl. are saying over the internet, sorry, but you have 110% of the blame...

Everyone says his oppinion; you get to see other ppl's oppinions, but that's that. If you base trades on what other ppl say, stop trading.

Quoting danielga
first target hit..
anyone short on this pair? can advise for second tp
i'm thinking 1.0650 is pretty good support, or should i just let it ride?


In general ,what do you do when price hits first target
when do you take all when you exit some of it
and when exiting the rest?
from memory(so recheck) - 1.066x and 1.0585-1.0615. But where you tp and so on should be planned before you enter the trade, not after...

I have as target 1.0585, but I'm not too convinced(as I said a page ago, I would've liked to transfer it on aud/jpy, but... didn't get the chance).

and given the massacre in eur, it drops slow; weirdly slow. Clearly there's interest in buying aud for probably not very speculative reasons(or at least not very short term ones).

Quoting Valinn
Hey guys, quick question. I just want to ask, for those of you that trade lower then the daily time frame, what for sleep schedule you are on? With me being on the east cost and trading GMT, my daily bars close at 8pm. Which is great, but Ive been trading 1hr/15min for the past two years and it has my sleep schedule messed up. Now it seems, short of moving, that having a poor/irregular sleep schedule its just part of the game of lower time frame trading, at least on the east cost. The problem is its starting to affect my rest and recovery...
I usually like start Asia when stops are hunted; that's 1-5am for me. I just look in the evening if I consider it'll be action or not and I do 1-2 weeks on/1-2 weeks off(depends on my wife's schedule too).

And yes, when I'm taking daily trades, I'm always ready to spend next "unknown" ammount of hours around it and my friends know I might not show up.

And many times when I have open trades I wake up every couple of hours to check... But then I hardly use SL; or well, use them, but placed very far away, so I don't get wiped. But I don't remember last time I got a sl hit - so I have to exit by hand at "mental" stops - that usually screws up sleep - it's a tradeoff...

it's forex; stocks have a schedule; shrug... I like forex... and since childhood my program was hectic and I preferred learning during nighttime. But bar teaching someone else(very dubious if you ask me) I don't know what you can do beside going on/off(but restarting I find hard - you have to "get back in the zone")
  • #98,143
  • Jul 11, 2011 7:45am Jul 11, 2011 7:45am
Quoting supremeChaos
again there's another issue: we all dont use the same buffer. heheh
(some use 5, some 10; i cant comment as i dont trade weekly charts)

I don't trade them neither, but since my USDJPY daily don't trigger I just have nothing else to do but talk

EDIT: WOW just checked finally it triggered, so I'm short USDJPY
  • #98,144
  • Jul 11, 2011 7:47am Jul 11, 2011 7:47am
Quoting supremeChaos
again there's another issue: we all dont use the same buffer. heheh
(some use 5, some 10; i cant comment as i dont trade weekly charts)


there is no single correct answer to this.
u have to experiment until u find a comfortable trade management strategy suited to your personality.
one thing is for sure about taking profits: often, we will exit earlier than we should or we will leave a lot on the table.

watch PA & look to TP around 1.0600-1.0650 area, then 1.0550-580, 1.0500-530 areas.... & more below. lol!
Good luck on your trade,...



man it's tough. harder than entry!
when you say watch pa, on what TF ? can i go to 1h even 15m?
  • #98,145
  • Jul 11, 2011 7:49am Jul 11, 2011 7:49am
Quoting snowly
....
I usually like start Asia when stops are hunted; that's 1-5am for me. I just look in the evening if I consider it'll be action or not and I do 1-2 weeks on/1-2 weeks off(depends on my wife's schedule too)....
guys, if u can... move to Asia. your sleep & health wont be disrupted.
for example, here in the Philippines, Europe session starts 2 hours after lunch. London opens at 3pm & closes at 12midnight
there were many periods (weeks, months) in the past when i watched the markets for 15 to 30+hours -- my timezone can afford me that.

Quoting danielga
man it's tough. harder than entry!
when you say watch pa, on what TF ? can i go to 1h even 15m?
yes, in a way, harder.
again, the TF, that's trader-dependent. watch the TF u placed a trade on, if u feel comfortable checking lower TF, then try it.
personally, i trade M1 - H4, but i check M1 - Weekly all the time (monthly, quite often too).
  • #98,146
  • Jul 11, 2011 7:52am Jul 11, 2011 7:52am
Quoting supremeChaos
guys, if u can... move to Asia. your sleep & health wont be disrupted.
for example, here in the Philippines, Europe session starts 2 hours after lunch. London opens at 3pm & closes at 12midnight
there were many periods (weeks, months) in the past when i watched the markets for 15 to 30+hours -- my timezone can afford me that.
it's... overcrowded to say the least?

hardly nice if you're the antisocial type
  • #98,147
  • Jul 11, 2011 8:00am Jul 11, 2011 8:00am
Quoting snowly
it's... overcrowded to say the least?
hardly nice if you're the antisocial type
overpopulated, u mean?
just stay at home
once u got a lot of trading profits, u can afford the best places (residence, beach to visit, mall, restaurants, etc) ----which usually aren't crowded.

overcrowded place = usually a relatively very cheap place. (or it happens to be a weekend, or there's a national holiday, or there's a mall-wide sale, LOL)
not so overcrowded place = usually a relatively much less cheaper place. (or it's off-peak season, lol)
either way, it's relatively cheap here.
  • #98,148
  • Jul 11, 2011 8:02am Jul 11, 2011 8:02am
Quoting supremeChaos
overpopulated, u mean?
just stay at home
once u got a lot of trading profits, u can afford the best places (residence, beach to visit, mall, restaurants, etc) ----which usually aren't crowded.
the key
  • #98,149
  • Jul 11, 2011 8:08am Jul 11, 2011 8:08am
im long at the mo on GBPCAD aiming for 1.5500
  • #98,150
  • Jul 11, 2011 8:08am Jul 11, 2011 8:08am
Quoting Adilius07
the key
u are too humble, Adilius.
if u can afford to travel leisurely to Canada etc., u can live here/Asia for a few months/years.
  • #98,151
  • Jul 11, 2011 8:11am Jul 11, 2011 8:11am
Quoting supremeChaos
i will reserve a more detailed post if u post your charts.
until then, there were eur$ & eurchf weekly charts posted here recently, if i remember correctly, but they never triggered on Oanda live (i think in other broker's too).
basics taught here is that u trade the break of the PA setups. if a PA setup doesnt break, there is NO trade.
if u try to be a hero & trade prior a PA setup break, it's your choice.
when i make mistakes, i dont blame a thread or anybody else. but why do u?

if u told us that, then WHY didnt u...

Was going to reply to this, but the truth and quality of yours this sums it up. This is an execellent answer.


Quoting supremeChaos
even if it is a valid BUOB, it didnt trigger/break.
also, we are not taught to trade all PA setups; we are taught to look at the overall situation, not just the PA setup.
let's wait for his charts
You will probably be waiting for a while. 172 posts in and he has yet to post up a single chart in this thread. Another easy example of simple rules and protocol not followed and who knows why.
  • #98,152
  • Edited 8:36am Jul 11, 2011 8:18am | Edited 8:36am
Quoting supremeChaos
u are too humble, Adilius.
if u can afford to travel leisurely to Canada etc., u can live here/Asia for a few months/years.
Thanks for remembering my Canada trip, that was one amazing time there

Well I think it is probably like this in where you live (based on how we live here): ok food, clothes, first necesseties, maybe utilities are cheap. So it won't cost much per month. However when you go to buy good car, or a good house in a good neighbourhood you will probably pay much more ( like 5 times more) than Canadians do for the car or house, plus their mortgage rates are like for kids to afford we have it about 15% on avarage for the mortgage (15 years in US Dollars)... eh (

If so is a trade off again, just like in trading...

EDIT:

Here is an example, I just found this used car in classifieds for comparison. A friend of mine drives ecxactly the same old hyundai in Toronto, she bought it for 2500 CAD. Here it is $12990!!!

FML!

Makes me want to leave everything and move to Canada!
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  • #98,153
  • Jul 11, 2011 8:39am Jul 11, 2011 8:39am
Quoting gungriffin
.
thank you, Sir!
Quoting Adilius07
Thanks for remembering my Canada trip, that was one amazing time there ..
of course, i remember it! i love Canada & im jealous of your trip!
( i wanna visit & live there, anybody wanna send me supporting documents? )
yes, of course there can be trade offs.

http://en.wikipedia.org/wiki/World%2...livable_cities
http://en.wikipedia.org/wiki/List_of...iate_employees
do u live in #71 Almaty? check Philippines out, below #150
any body from US/NZ/etc. can confirm that some US/NZ cities are really cheap to live in (those below #150)? thanks

Quoting Adilius07
..
EDIT:
Here is an example, I just found this used car in classifieds for comparison. A friend of mine drives ecxactly the same old hyundai in Toronto, she bought it for 2500 CAD. Here it is $12990!!!
Makes me want to leave everything and move to Canada!
maybe there are few car dealers there?
location as u know, plays a part. just like in trading, lol
of course, Canada, like many developed countries, offers a lot of the best stuff.

here, u can buy second hand cars for +/-$3000 too..

ok, feels like weekend, but that's enough..
  • #98,154
  • Jul 11, 2011 8:42am Jul 11, 2011 8:42am
Quoting supremeChaos
thank you, Sir!

of course, i remember it! i love Canada & im jealous of your trip!
( i wanna visit & live there, anybody wanna send me supporting documents? )
yes, of course there can be trade offs.

http://en.wikipedia.org/wiki/World%2...livable_cities
http://en.wikipedia.org/wiki/List_of...iate_employees
do u live in #71 Almaty? check Philippines out, below #150
any body from US/NZ/etc. can confirm that some US/NZ cities are really cheap to live in (those below #150)? thanks
Oh interesting table!
I think though now we have moved up significantly
But even here Toronto is 5 points cheaper.

I see Manila, ok I'm coming!
  • #98,155
  • Jul 11, 2011 8:43am Jul 11, 2011 8:43am
Quoting supremeChaos
maybe there are few car dealers there?
of course, Canada, like many developed countries, offers a lot of the best stuff.

Too many dealers, is just governemnet with its taxes, fees, commissions, quotes, customs etc etc
  • #98,156
  • Jul 11, 2011 8:46am Jul 11, 2011 8:46am
Quoting Adilius07
Oh interesting table!
I think though now we have moved up significantly
But even here Toronto is 5 points cheaper.

I see Manila, ok I'm coming!

Look SC, I found Winston-Salem, United States in your table, is like one of the cheapest places on earth. Who needs Canada is too cold
That's where we all should move!
  • #98,157
  • Jul 11, 2011 8:48am Jul 11, 2011 8:48am
Quoting Adilius07
Thanks for remembering my Canada trip, that was one amazing time there

Well I think it is probably like this in where you live (based on how we live here): ok food, clothes, first necesseties, maybe utilities are cheap. So it won't cost much per month. However when you go to buy good car, or a good house in a good neighbourhood you will probably pay much more ( like 5 times more) than Canadians do for the car or house, plus their mortgage rates are like for kids to afford we have it about 15% on avarage for the mortgage (15 years in US...
You should bro. Come to Toronto. Canada is awesome
  • #98,158
  • Jul 11, 2011 8:50am Jul 11, 2011 8:50am
Quoting thermobee
You should bro. Come to Toronto. Canada is awesome
Yes I spent some awesome 15 days in Toronto. And still have to come for my other exams sometime this year. Awesome is true
  • #98,159
  • Jul 11, 2011 8:52am Jul 11, 2011 8:52am
Quoting thermobee
You should bro. Come to Toronto. Canada is awesome
sponsor us!
yeah, i think it's a very nice place
Quoting Adilius07
Look SC, I found Winston-Salem, United States in your table, is like one of the cheapest places on earth. Who needs Canada is too cold
That's where we all should move!
we need confirmation first from those who live there
it's tropical in my place, u'll love it
  • #98,160
  • Edited 9:05am Jul 11, 2011 8:52am | Edited 9:05am
Quoting supremeChaos
thank you, Sir!

any body from US/NZ/etc. can confirm that some US/NZ cities are really cheap to live in (those below #150)? thanks...
There are so so many nice places here in the 'States that are inexpensive and for what you get. To give an example I live in Denver Colorado and my share of the rent/utilities with a 2 roommates is only $475. Our house is about 2,800 sq ft. There is a killer public transit system too. I make too much money as a server at a restaurant . It rocks. Plus gas is super cheap here when compared with many areas of the world...

*Edit* It is always good to toss a few of these posts in for the new people reading from the front of the thread. It gives their minds a chance to rest for a moment and get a laugh from us
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