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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

  • #100,521
  • Aug 16, 2011 8:14pm Aug 16, 2011 8:14pm
Quoting jarroo
I like the long trade when the PB broke. Target at the previous bar Lows (in Blue ) and/or the 90.00. At a Swing Low and not bad Size and not bad Space .. .
Thanks for sharing ur thoughts, Jarroo.
  • #100,522
  • Aug 16, 2011 8:16pm Aug 16, 2011 8:16pm
Quoting Frxter
Thanks, Mike. I am taking ur advice and looking at instruments other than Forex.

OK, with this move, it looks like we're targetting ~250 pips (87 to 89.5). Is that correct? On a related note, another noob question coming up.... what would be considered a reasonable pip figure to target? I understand it depends on volatility, capital invested and therefore, position size, etc. But, should I work out the average pip move per week for the past x number of weeks and then decide to enter a trade? What is ur thought process in deciding whether to...

I only look at things in terms of %. So I risk 2% etc.

I don't set weekly monthly and very vague yearly goals

I think chasing X amount a day(pip or %) is a dangerous trading game and psychological game to play.

Instead take great setups and let the rest take care of itself(pending your method works)

Just my 2 cents though
Mike
  • #100,523
  • Aug 16, 2011 8:20pm Aug 16, 2011 8:20pm
Quoting mbqb11
I only look at things in terms of %. So I risk 2% etc.

I don't set weekly monthly and very vague yearly goals

I think chasing X amount a day(pip or %) is a dangerous trading game and psychological game to play.

Instead take great setups and let the rest take care of itself(pending your method works)

Just my 2 cents though
Mike
Point noted: KISS.

Thanks
  • #100,524
  • Aug 16, 2011 8:22pm Aug 16, 2011 8:22pm
Quoting Frxter
Thanks for sharing ur thoughts, Jarroo.
Sure thing Frzter . .I can see James16 doing Where is Price Going with that PB . .


Quoting james16
charts


Quoting james16
more charts
Indicators show the past. Price Action "Indicates" the future.
  • #100,525
  • Aug 16, 2011 8:23pm Aug 16, 2011 8:23pm
Quoting mbqb11
I only look at things in terms of %. So I risk 2% etc.

I don't set weekly monthly and very vague yearly goals

I think chasing X amount a day(pip or %) is a dangerous trading game and psychological game to play.

Instead take great setups and let the rest take care of itself(pending your method works)

Just my 2 cents though
Mike
That's worth Waaayyy more than 2 Cents Mike. Way More.
If Anyone is Holding a Trade simply because it hasn't met their % Gain Expectations then, I believe, they are Doomed to be extinct.

When a Trade Withers, Exit.

When a Trade Hurts, Exit.

Capital Preservation.

Stay in The Game.

Avoid Hope & Fear.

B
  • #100,526
  • Aug 16, 2011 8:42pm Aug 16, 2011 8:42pm
Quoting jarroo
Sure thing Frzter . .I can see James16 doing Where is Price Going with that PB . .
Awesome charts from James16. Studying them, saving them, will study them again later.

Cheers
  • #100,527
  • Aug 16, 2011 8:47pm Aug 16, 2011 8:47pm
Quoting Bemac
That's worth Waaayyy more than 2 Cents Mike. Way More.
If Anyone is Holding a Trade simply because it hasn't met their % Gain Expectations then, I believe, they are Doomed to be extinct.

When a Trade Withers, Exit.

When a Trade Hurts, Exit.

Capital Preservation.

Stay in The Game.

Avoid Hope & Fear.

B

Noting down all you guys have been saying. If and when u guys visit Australia sometime I'll shout u some beers.
  • #100,528
  • Aug 16, 2011 10:46pm Aug 16, 2011 10:46pm
Quoting Frxter
Noting down all you guys have been saying. If and when u guys visit Australia sometime I'll shout u some beers.
Another Australian, Where you from? I'm on the gold coast
  • #100,529
  • Aug 16, 2011 11:02pm Aug 16, 2011 11:02pm
Quoting Strick
Another Australian, Where you from? I'm on the gold coast
Wow... Gold Coast... Surfers Paradise... I miss the beaches, fun, night life... hmmm.... time for another visit


Oh... back to hard reality... I am in Sydney
  • #100,530
  • Aug 16, 2011 11:02pm Aug 16, 2011 11:02pm
Quoting Bemac
That's worth Waaayyy more than 2 Cents Mike. Way More.
If Anyone is Holding a Trade simply because it hasn't met their % Gain Expectations then, I believe, they are Doomed to be extinct.
When a Trade Withers, Exit.

When a Trade Hurts, Exit.

Capital Preservation.

Stay in The Game.

Avoid Hope & Fear.

B
Hi Bemac, may I ask, if so how to deal with those full losses that will wipe out 3-4 previous winners?
How to make it profitable if RR doesn't really matter?
  • #100,531
  • Edited 11:30pm Aug 16, 2011 11:08pm | Edited 11:30pm
Quoting Bemac
I agree.
On April 12thI mentioned that I could see USDCHF hitting 0.82xx and placed a Sell Stop just below the (at that time) all time Low. I don't like the Noise around BRNs. That's why I put it at 0.9175. (25 Pips below the 0.9200 BRN)

I was looking for a Test of the Golden Diag & knew it would have to break my 23.61% ICCE Line to get there.
The rest was easy.
Yes. I did liquidate All Positions @ 0.8180 (same "Noise" princepal) & I do know that it has since moved to my next Fib level but I had a Plan & I stuck with it. I took close to 1,000...

Hey B,
glad to read your analysis.
So, do you wait for a golden diagonal test or break now?
Jarda


EDIT:Found the answer already :-)
Quoting Bemac
Yep. I agree & in post # 100517 you can see it as a red dashed line that is Bear Diag Offence #1.
I also suspect there will be a Bear Push @~ 0.8080 on the Bull Diag Def #13.
I expect both to fail as the Golden Diag plays Trumps.
0.8245 is where I expect a fight. Battle...

Attachment

B
Follow my trading on Twitter and FB: @pumlitch
  • #100,532
  • Aug 16, 2011 11:37pm Aug 16, 2011 11:37pm
Anybody still in this short?

I took the break of PB and added on the BEOB retrace with very tight stop. Closed half at 1.3705. That BEOB retrace entry was the one with very high probability. Now lets see if price can broke that support... Cheers
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  • #100,533
  • Aug 17, 2011 12:34am Aug 17, 2011 12:34am
Quoting Greenhaze
Anybody still in this short?
Nope. Just closed it due to lack of momentum. I liked the PB followed by BEOB, like you say. No doubt it'll break south now that I'm not in it...

T
  • #100,534
  • Aug 17, 2011 12:40am Aug 17, 2011 12:40am
hi mike,

AUDCAD .... is possible going up ..... waiting to break the line.. 1.03
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  • #100,535
  • Aug 17, 2011 12:45am Aug 17, 2011 12:45am
I guess EUR/AUD needs to break 1.3680 before taking a short position now? Is that a correct interpretation?
  • #100,536
  • Aug 17, 2011 1:28am Aug 17, 2011 1:28am
Quoting AQs
Many thanks...
Moved my stop loss to BE now... just to understand... I managed to be in a free trade now, but the price is approching a support level, and that's why it could be stop moving... that's why you would move stop loss to BE and take a small profit?
Suppose there wasn't any support withing 1000 pips, would you move stop loss to BE and take only a few pips profits?

Again ty and sorry for my noobness
Just trying to bump my question to AQs since new pages are added at an alarming rate.

Can you tell me what happened to you on this trade?

You can pm me if you don't want to post here.

I will show you something that will change your profitability dramatically.
  • #100,537
  • Aug 17, 2011 2:18am Aug 17, 2011 2:18am
Hey Mike,
Swiss Central Bank made an announcement about CHF that was not foreseen by anyone and after the announcement USD/CHF dropped to 0,7850.
As far as I know you ignore all of the news and let PA tell you what to do.
The question is; is it wise to manage the trade more tightly from now on? Or should the news and its probable effects be ignored again?
Thanks
  • #100,538
  • Aug 17, 2011 2:28am Aug 17, 2011 2:28am
Hi Folks , my first posting on this group , been monitoring for a short while now.
let me introduce myself,, Mike from Hout Bay , a village on the coast, about 20 kilometers from Cape Town Central,that's about pretty close to the most Southern part of Africa.
Been trading a short while , and kinda holding my own..
Aware of some of what you talk about.
I am curently monitoring the current posts , as well as reading from post 1,
I wont be reading all the posts though.
regards to all,
From a warm (24C) sunny windless , cape Town
Mike
  • #100,539
  • Aug 17, 2011 2:43am Aug 17, 2011 2:43am
Quoting mmikemj
Hi Folks , my first posting on this group , been monitoring for a short while now.
let me introduce myself,, Mike from Hout Bay , a village on the coast, about 20 kilometers from Cape Town Central,that's about pretty close to the most Southern part of Africa.
Been trading a short while , and kinda holding my own..
Aware of some of what you talk about.
I am curently monitoring the current posts , as well as reading from post 1,
I wont be reading all the posts though.
regards to all,
From a warm (24C) sunny windless , cape Town
Mike
I was in Hout Bay a few months ago - beautiful place!

Welcome - a couple of posts that make the thread easier are the first post (as you discovered), this one for acronyms, this one for 'what the hell is a PPZ', and this one for thoughts on R:R from Mr Mike.

Oh, and these summaries are really great timesavers,.
When you have to shoot, shoot. Dont talk.
  • #100,540
  • Aug 17, 2011 2:50am Aug 17, 2011 2:50am
Quoting the_wizard
Just trying to bump my question to AQs since new pages are added at an alarming rate.

Can you tell me what happened to you on this trade?

You can pm me if you don't want to post here.

"I will show you something that will change your profitability dramatically"
Please share with all of us,thanks.
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