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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

  • #102,341
  • Sep 27, 2011 10:51pm Sep 27, 2011 10:51pm
Quoting biDc
usd/cad i was stopped out at BE. Could I have taken partial profit? Yes. But it did reach my designated area. And also, as j16 said its very dependent upon account size. Because I trade with small account I did this...if I was trading full lots, TP would be a lot more different.
Quoting biDc
stop is now at BE! Anyone think this will reach 1.002?
I still like the confluenced level of the 1.0300. It still has a good chance to reach parity (1.0). . .I would like to see some bullish PA there . .

If the size of the BEOB on the Daily was bigger I would have liked its chances. . .but still its a great level (1.0300). .
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Indicators show the past. Price Action "Indicates" the future.
  • #102,342
  • Sep 27, 2011 11:00pm Sep 27, 2011 11:00pm
Quoting jarroo
I still like the confluenced level of the 1.0300. It still has a good chance to reach parity (1.0). . .I would like to see some bullish PA there . .

If the size of the BEOB on the Daily was bigger I would have liked its chances. . .but still its a great level (1.0300). .
Yeah the confluences there are definitely strong. I'll be on the watch for another chance to go in if it presents itself!
  • #102,343
  • Sep 27, 2011 11:08pm Sep 27, 2011 11:08pm
Quoting biDc
Yeah the confluences there are definitely strong. I'll be on the watch for another chance to go in if it presents itself!


I'll take a decent size Hourly PB .. .

Possible touch trade there as well
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Indicators show the past. Price Action "Indicates" the future.
  • #102,344
  • Edited 11:43pm Sep 27, 2011 11:26pm | Edited 11:43pm
Quoting Edonya
I have attached two charts to look at them and advice me accordingly whether i have drawn them correctly or not.
scrolling through posts, i saw this.
this thread moves fast for sure.

i think your PPZs are ok. (i sometimes have more lines than that; some are like me while some traders have much less lines)
just remember the lines u plot should be based on your trading personality & how u trade.
  • #102,345
  • Sep 28, 2011 12:26am Sep 28, 2011 12:26am
Quoting jarroo
I forgot to add the Weekly Fib level (61.8) with the other confluences.

So this was more of a Locational Confluence trade . .the Daily PB was pretty small compared to the strong move down . .it was an important part of the over all story here, but its part was small. The level, .7800ish, and its supportive confluences was the main story. Where have we heard this before: Location, Location, Location . .

Even though the level had alot of strength, the size of the PB was still a concern . . meaning, if the PB was bigger I would give...
Hi Jim,
Thank you for your detailed reply. I have tried to explain it through chart what my thinking was.

For me (I know it might sound stupid) the hardest part is managing the trade while I am in it. I can wait for PA to come a good SR, Fib or MA and enter the trade but then the real HELL start.

Also I know trade management is every individual's personal thinking but I would love to learn that from you. I need a guidance from a Senior member like you.

I am going through the thread but mostly all chart talk about entry. What I am more concerned is about exit. When to know how to take profit. When to leave the money on the table and when to put the trade in BE

If you could posts some charts where you recently in a trade and why you exited them would be great for me.

Thanks Jim
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  • #102,346
  • Sep 28, 2011 1:46am Sep 28, 2011 1:46am
Phew, my fiber optic connection got severed again by some workman for the second time in two weeks. Hence I have been offline for several days.

Anyway, I utilized this time in trying to get my mind around Bemac's forecast for the pairs he posted. This is the best I could come up with.
Note that the charts will probably have changed dramatically since Friday, which is the only data I had on these charts.
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  • #102,347
  • Sep 28, 2011 1:47am Sep 28, 2011 1:47am
two more
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  • #102,348
  • Edited 5:04am Sep 28, 2011 3:33am | Edited 5:04am
After yesterdays and Monday's setups on my 60m charts. Nothing really lighting my fire this morning. Nothing off the current day high on euro. Cable had an iffy looking pin bar off the high, but I would have like to have seen the body develop further down the bar. The only way I would be interested in this setup would be if price retraced to a 50% level of the pin bar which would be 5653. That means my 1st target could be at 30 which is the low of the bar, and also the high of yesterdays noon-13:00GMT bar, which also lines up nicely with the overnight asian PA.

Only time will tell. If price carries on moving down without the retrace entry, then so be it. Not taking an iffy entry.

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  • #102,349
  • Edited 3:50am Sep 28, 2011 3:45am | Edited 3:50am
Just doing some more digging and zooming out a little on my 60m charts. Seeing some promising Fib confluences on EURO and CABLE. GBPUSD looking the most promising.

GBPUSD

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EURUSD

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Just got to wait and see IF/WHEN price gets to these levels, and see if it gives me a setup.
  • #102,350
  • Sep 28, 2011 3:54am Sep 28, 2011 3:54am
Quoting Bemac
I have to stop postingwhilst BBQ'n, and Entertaining.
73.286 & Thank You. You Stopped me from being silly.

Attachment


B

Oh. 63 was a typo?

Just set my chart up with ICE and was still wondering how the heck, it was going to get to 63, before I read your post again. LOL
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  • #102,351
  • Sep 28, 2011 6:58am Sep 28, 2011 6:58am
Hi Guys

Hope trading is going well for all today. Have just spent the morning going over the last few months and analysing my trades takenresults which are as follows:

June 6 trades taken 5 winners 1 loser + 318 pips

July 2 trades taken 1 winner 1 BE +77 pips

August 5 trades taken 3 winners 2 losers +15 pips

September 8 trades taken 4 winners 1BE 3 losers +218 pips.

So a total of 12 wins, 2 BE and 6 losers.


This is trading with real money though at very small micro size lots. Although I have got to be resonably content with this performance in so far as this meets J16 requirements the main purpose of the exercise has been to identify weaknessesareas for improvement and this is what I have found:

1. Still taking some(though not many) undisciplined trades;

2. Coming out of virtually ALL trades too early before they hit TP;

3. Sometimes failing to pull the trigger;

4. Watching trades too closelynot letting them breathe;

5. Planning of trades could still be much better.

So lots to work on but slowly progressing and my next target is to try and achieve 3 more + months in terms of pips and work on these weaknesses. Not concentrating on money but trading wellbetter will be my main focus in next 3 months.

Therefore so far a mixture of birdies and bogeys as they say in golf!! But overall a slowly improving performance and incentive to work harder.

Kal
  • #102,352
  • Edited 8:02am Sep 28, 2011 7:51am | Edited 8:02am
Patience has been rewarded today so far.

New setup on GBPUSD 60m off the high of the day. DBHLC with an entry at 48. First target for me was just above the Asian range high at 40, on a little bit of news that target has been met.

Stop now at entry. Next price area I'm looking at it the lows of the Asian range at 15, which also lines up quite nicely with todays 50% fib retrace from lows to highs. Had 4 touches of the low and one attempted breakout. All failed. So I think this is a good area to watch.

I am going to watch it carefully with a view to trailing it down to a previously mentioned confluence area for me at 5600.

Attached Image (click to enlarge)
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UPDATE: last part of the trade stopped out at entry. So just +8 on this one. Have a feeling it's going to run down a bit as well. Damn it.
  • #102,353
  • Sep 28, 2011 8:26am Sep 28, 2011 8:26am
Quoting Kalbar
Hi Guys

Hope trading is going well for all today. Have just spent the morning going over the last few months and analysing my trades takenresults which are as follows:

June 6 trades taken 5 winners 1 loser + 318 pips

July 2 trades taken 1 winner 1 BE +77 pips

August 5 trades taken 3 winners 2 losers +15 pips

September 8 trades taken 4 winners 1BE 3 losers +218 pips.

So a total of 12 wins, 2 BE and 6 losers.


This is trading with real money though at very small micro size lots. Although I have got to be resonably content with this performance...
way to go Kal keep it up bud!

Mike
  • #102,354
  • Sep 28, 2011 8:35am Sep 28, 2011 8:35am
Quoting mbqb11
way to go Kal keep it up bud!

Mike
Thanks Mike, appreciate it. Its encouragement from guys like yourself and others on this great thread that helps to motivate me to keep at it and improve and learn. Hope to improve on the weaknesses but the journey is starting to get enjoyable!

Cheers

Kal
  • #102,355
  • Sep 28, 2011 8:38am Sep 28, 2011 8:38am
positive returns each month is what it's all about Kalbar. Don't worry about daily or weekly returns too much, as long as the month end is positive. Bigger picture and all that
  • #102,356
  • Sep 28, 2011 9:15am Sep 28, 2011 9:15am
http://www.pictureshoster.com/thumbn...wtlh_thumb.gif

Hi all,
I didn't post for a long time, but I am still reading very carefully
I took this trade a couple minutes ago. Reasons:

1. With the trend
2. Bearish 4H pinbar
3. Closed below 60MA
4. 50% retrace

Entered at previous bar high.

Comments appreciated
  • #102,357
  • Sep 28, 2011 9:24am Sep 28, 2011 9:24am
Can anyone tell me what does "Stop at BE" means?What is BE,according to James16?
  • #102,358
  • Sep 28, 2011 9:58am Sep 28, 2011 9:58am
well on a daily chart there is a double false break , first from down and the second from up. for me the signal is still not clear actually . and the daily candle is still in favour of a downtrend so why not waiting for the close of the daily candle and to see where it is goin to close then u enter on retrace...
  • #102,359
  • Sep 28, 2011 10:15am Sep 28, 2011 10:15am
BE - break even.
  • #102,360
  • Sep 28, 2011 11:06am Sep 28, 2011 11:06am
Quoting mikeb
http://www.pictureshoster.com/thumbn...wtlh_thumb.gif

Hi all,
I didn't post for a long time, but I am still reading very carefully
I took this trade a couple minutes ago. Reasons:

1. With the trend
2. Bearish 4H pinbar
3. Closed below 60MA
4. 50% retrace

Entered at previous bar high.

Comments appreciated
B E A utiful.
I took it as well.
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