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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

  • #103,261
  • Oct 19, 2011 6:45am Oct 19, 2011 6:45am
^ possible.
we got some news in about 40minutes. might be the catalyst needed to move price in either direction. (& we have the US session too)
  • #103,262
  • Oct 19, 2011 6:52am Oct 19, 2011 6:52am
Quoting supremeChaos
^ possible.
we got some news in about 40minutes. might be the catalyst needed to move price in either direction. (& we have the US session too)
Check out this M5 BEOB.
I was just seeing what news was around and I only have the indicator showing news on M5.
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  • #103,263
  • Oct 19, 2011 7:12am Oct 19, 2011 7:12am
Well, this blew my long breakout theory apart.

I suppose it was only based on M30 candles.
There is an H4 bearish PB off the lower PPZ, but it could be a fake out.
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  • #103,264
  • Oct 19, 2011 7:20am Oct 19, 2011 7:20am
Quoting Pinbar
Well, this blew my long breakout theory apart.

I suppose it was only based on M30 candles.
There is an H4 bearish PB off the lower PPZ, but it could be a fake out.
This TL provided some resistance and support before.
It looks like 106.22 holds the key to more upside now. It was a good opportunity to short the retest of this level a moment ago for quick bounce.
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  • #103,265
  • Oct 19, 2011 7:34am Oct 19, 2011 7:34am
Still think that H4 PB back is going to break.

Can't explain it but, that H4 PB does not feel right, it was just hanging there not off a real strong area.
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  • #103,266
  • Oct 19, 2011 7:38am Oct 19, 2011 7:38am
Quoting Pinbar
Still think that H4 PB back is going to break.

Can't explain it but, that H4 PB does not feel right, it was just hanging there not off a real strong area.
yeah It could be a break of the high, or a false break of the high, then a flop round.

I saw this type of setup on Euro last week I think it was. PB break of the high. Another PB then break of the high again.
  • #103,267
  • Oct 19, 2011 7:39am Oct 19, 2011 7:39am
Quoting Pinbar
Still think that H4 PB back is going to break.

Can't explain it but, that H4 PB does not feel right, it was just hanging there not off a real strong area.
Yep... News made it happen
  • #103,268
  • Oct 19, 2011 7:43am Oct 19, 2011 7:43am
Quoting Greenhaze
Anybody who bought JPY or USD is in deep DD or already lost. I have long USDNOK and i dont care much about the loss at the moment. If it happens ....it happens.... nothing you can do about it ... Next trade like that might be a runner.

Aud/jpy is a carry pair which means when the equities are going up this pair will follow and in case of crash, this pair will colapse like you can see on higher tf. This pair will lead all ***/jpy pair most of the time.
Hmm.. technically, AJ is still a valid signal since it hasn't reached above the highs... well i've just got to wait for A+ setups.

AJ is a carry pair meaning AUD give higher interest rate compared to JPY and hence attract alot of investors on the long side of the pair?
  • #103,269
  • Oct 19, 2011 7:45am Oct 19, 2011 7:45am
My EJ retrace entry number is looking close now. The 50% retrace of the OB is at .50.

Got a couple of entries waiting on AJ and CADJPY just below the RNs. Not shorting into a RN, I'd rather wait for a break past it of 10-15 pips. I'll pop some charts up of them when FF stops telling me it's overloaded.
  • #103,270
  • Oct 19, 2011 7:52am Oct 19, 2011 7:52am
Yeah, looks like we are off to test the 106.612
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  • #103,271
  • Oct 19, 2011 7:55am Oct 19, 2011 7:55am
Quoting fascist
AJ is a carry pair meaning AUD give higher interest rate compared to JPY and hence attract alot of investors on the long side of the pair?
Correct. It usually works like that when markets are calm
  • #103,272
  • Oct 19, 2011 7:58am Oct 19, 2011 7:58am
Quoting Greenhaze
Correct. It usually works like that when markets are calm
aw..if only i knew that..maybe i would take a short trade against the "trend" there is - the carry trend.
  • #103,273
  • Oct 19, 2011 8:25am Oct 19, 2011 8:25am
going to be a good time to short EURCHF. PB at M15.
  • #103,274
  • Oct 19, 2011 8:29am Oct 19, 2011 8:29am
Quoting fascist
Hmm.. technically, AJ is still a valid signal since it hasn't reached above the highs... well i've just got to wait for A+ setups.

AJ is a carry pair meaning AUD give higher interest rate compared to JPY and hence attract alot of investors on the long side of the pair?
Might still work out. Sometimes things just are about timing. I took a reduced loss on this one, but still say it could make it

A great great area to watch here guys

Trend+ breakout pattern+ BRN of 2.00 = yummy
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  • #103,275
  • Oct 19, 2011 8:58am Oct 19, 2011 8:58am
It's looking like I may possibly miss the boat on EJ for the short entry, but the other 2 jpy trades are pending and nearing the trigger levels.

CADJPY

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AUDJPY

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I've put the target for taking half off just above the low of the BEOBs, which lined up with RNs. So I've gone 10pips above the RN as a target.
  • #103,276
  • Oct 19, 2011 9:32am Oct 19, 2011 9:32am
Quoting picon1
It's looking like I may possibly miss the boat on EJ for the short entry, but the other 2 jpy trades are pending and nearing the trigger levels.

CADJPY

Attachment

AUDJPY

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I've put the target for taking half off just above the low of the BEOBs, which lined up with RNs. So I've gone 10pips above the RN as a target.
hmm..what pattern you playing on AJ? IB?
  • #103,277
  • Oct 19, 2011 9:33am Oct 19, 2011 9:33am
How do you guys manage your trades? I took the bearish engulfing bar trade on the Aud/Jpy & manually closed it for a loss that wiped out the previous gains & now I'm confused.

Normally when I take a trade, I use the traditional "break of the bar" entry & exit. I usually close the trade in full at the first trouble area. In the Aud/Jpy case I saw the first trouble area right below .7700 so I placed my limit order right above .7700. Going this route, one full bar loss will wipe out multiple winning trades. So what do I do? What are my options?

Thanks.
  • #103,278
  • Oct 19, 2011 9:39am Oct 19, 2011 9:39am
Quoting rd122481
How do you guys manage your trades? I took the bearish engulfing bar trade on the Aud/Jpy & manually closed it for a loss that wiped out the previous gains & now I'm confused.

Normally when I take a trade, I use the traditional "break of the bar" entry & exit. I usually close the trade in full at the first trouble area. In the Aud/Jpy case I saw the first trouble area right below .7700 so I placed my limit order right above .7700. Going this route, one full bar loss will wipe out multiple winning trades. So what do I do? What are my options?

Thanks....
Hey RD

This is a common problem as most people seem to do the following

- Take a full bar loss or take profit at FTA. This leads to needing a high hit rate to profit. It can be done I have tracked all my trades at a FTA take profit and came away with just over a 90% win rate

It doesn't have to be one or the other. a FTA is simply that, a FTA. Many times I simply reduce my risk at these areas. I think for those that are quick to always take profit quick, then likewise on a trade you need to be ready to take a quick loss. THis is what James preaches. Quick to b/e or cut your loss and move on. But you have just as many options with your stop loss as you do with your take profit.

There is always a trade off. I tend to let a lot of my trades "work" and by nature have a lower win rate, but a larger R-multiple. It's about finding the proper balance for you.

I highly recommend tracking multiple exits/mgmt styles in a spreadsheet alongside with your demo trading. You will learn a great deal.

Here is a post on the subject in a general nature
http://www.forexfactory.com/showthre...an#post2853922

Best
Mike
  • #103,279
  • Oct 19, 2011 9:46am Oct 19, 2011 9:46am
Quoting rd122481
How do you guys manage your trades? I took the bearish engulfing bar trade on the Aud/Jpy & manually closed it for a loss that wiped out the previous gains & now I'm confused.

Normally when I take a trade, I use the traditional "break of the bar" entry & exit. I usually close the trade in full at the first trouble area. In the Aud/Jpy case I saw the first trouble area right below .7700 so I placed my limit order right above .7700. Going this route, one full bar loss will wipe out multiple winning trades. So what do I do? What are my options?

Thanks....
i face this problem too and i kinda have my own rule now.

usually for PB and engulfing trades (BEOB/BUOB) the next daily bar (i only play daily for now) should follow through with the direction of the trade you're taking. something like this:

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If it hits a stalling pattern then its advisable to close at a loss and wait for the next A + set up.

IMO its useless to try to stay in the trade and hope it goes your way. the toughest thing to do is to take a loss but we have to think in the long term - this trade MIGHT work out but it had very little momentum judging the fact that it didnt move ur way in the next day so might as well close it out at a small loss and wait for the next set up.

remember its a marathon and NOT a sprint.
  • #103,280
  • Oct 19, 2011 9:49am Oct 19, 2011 9:49am
Thanks Mike. Thank you too, fascist.

I would love to hear everyone's response to my previous question so please keep them coming! There is no such thing as too much info when speaking about trading!
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