james16 Chart Thread | Page 5165 | Forex Factory

Options

Go to
Permalinks
Print Thread

Similar Threads

Where can I learn more about Price Action like those in James16 charts? 9 replies

Attachments: james16 Chart Thread
Exit Attachments

james16 Chart Thread

  • #103,281
  • Oct 19, 2011 9:52am Oct 19, 2011 9:52am
Quoting fascist
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:

Attachment

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...

great stuff F, this is EXACTLY the type of stuff to track.

Losses happen, but it's about making them tolerable and easier to recoup. For me avoiding my full bar losses and keeping myself int he game for the runners is where I feel most comfortable. Take 2-3 losses in a row that are quarter, halfbar etc, is WAY easier emotionally to deal with and overcome.

But again it depends so greatly on what is comfortable and works for the trader

Best
Mike
  • #103,282
  • Oct 19, 2011 10:19am Oct 19, 2011 10:19am
Thanks mike for the informative post. I conclude that if you know why you are in the trade than you should know when to get out.

I generally try to have an idea of what target is based on fibs/ppzs/rn. If the trade is successful it gets there. But when the target is within few pips I tighten my stop to lock most of the profits as we consider ppz “zones”.
I don’t have a method as such to trail my stops but I have noticed that I want to get in to free trade quickly, After that I usually let the trade work out until it has reached my predefined levels and don’t bother with moving the stops too much unless there are PA bars giving opposite signs.
I try to get to breakeven after my pre-defined FTA is hit. This method keeps me out of most trades where I think the FTA is within 15-20 pips.
In terms of cutting the losses, I still find it hard to cut the losers but now I am looking at the highs/lows around the PA bar to see if I can cut lose earlier if the support/resistance doesn’t hold based on nearby “tails”.
Trading is a test match not a Twenty20.
  • #103,283
  • Oct 19, 2011 10:21am Oct 19, 2011 10:21am
For stops I tend to look at obvious trouble areas. Swing highs and lows on different time frames, and remember as long as you stick to your trade plan there is no such thing as a bad trade, just one that didn't work out for you.

You aren't going to win em all. Monetary losses are just refunds to the market. If you ran a store, there are going to be days when you seem to have a lot of refunds, compared to sales. The end of month, quarter and year is the important thing.
  • #103,284
  • Oct 19, 2011 10:21am Oct 19, 2011 10:21am
Quoting decentchap
Thanks mike for the informative post. I conclude that if you know why you are in the trade than you should know when to get out.

I generally try to have an idea of what target is based on fibs/ppzs/rn. If the trade is successful it gets there. But when the target is within few pips I tighten my stop to lock most of the profits as we consider ppz “zones”.
I don’t have a method as such to trail my stops but I have noticed that I want to get in to free trade quickly, After that I usually let the trade work out until it has reached my predefined...
THis is great D, and I often have a final target/general area in mind as well.

It's important to take good notes and track multiple things. I did this for a VERY long time

Best
Mike
  • #103,285
  • Oct 19, 2011 10:22am Oct 19, 2011 10:22am
Quoting fascist
hmm..what pattern you playing on AJ? IB?
The pattern for me is a BEOB based off my data with some other factors thrown in like a few fib confluences, and some S&R areas.
  • #103,286
  • Oct 19, 2011 10:26am Oct 19, 2011 10:26am
Quoting picon1
The pattern for me is a BEOB based off my data with some other factors thrown in like a few fib confluences, and some S&R areas.
shouldnt you short at the break of the BEOB and if that is the case won't it be at a loss now?
  • #103,287
  • Oct 19, 2011 10:32am Oct 19, 2011 10:32am
Quoting fascist
shouldnt you short at the break of the BEOB and if that is the case won't it be at a loss now?
That was the original entry, yes, but as I wasn't at the charts when that setup and triggered, I opted to wait for the 50% retrace entry, with my 1st target at the low of the BEOB.
  • #103,288
  • Oct 19, 2011 10:37am Oct 19, 2011 10:37am
Quoting picon1
That was the original entry, yes, but as I wasn't at the charts when that setup and triggered, I opted to wait for the 50% retrace entry, with my 1st target at the low of the BEOB.
ok, i get it..
  • #103,289
  • Oct 19, 2011 11:02am Oct 19, 2011 11:02am
Hi Mike

Is this a valid scenario for a flag pattern? or am I just feeting curves?

just for educational purpose..your views please..
Attached Image (click to enlarge)
Click to Enlarge Name: eg.gif Size: 18 KB
Trading is a test match not a Twenty20.
  • #103,290
  • Oct 19, 2011 11:06am Oct 19, 2011 11:06am
Obviously not trying to steal Mike's answer and I may be wrong but I can give you my view

I think this is in an overall sideways mode.

I think you want more of a defined trend, say bearish, then a raising channel (the flag)

Then a continuation to the downside.

You can't really see a direction here at least in my opinion this is kind of winding up.

Quoting decentchap
Hi Mike

Is this a valid scenario for a flag pattern? or am I just feeting curves?

just for educational purpose..your views please..
  • #103,291
  • Oct 19, 2011 11:09am Oct 19, 2011 11:09am
just want to say Thank You for Your nice thread guys. I found it few days ago. And it inspires to join You and post some my thoughts and learn a lot from You. Today I want to share two very nice short opportunities I found in my charts I think it will bring some pips to You and me
Attached Image(s) (click to enlarge)
Click to Enlarge Name: EUR-short.jpg Size: 255 KB
Click to Enlarge Name: cable-short.jpg Size: 365 KB
all is eternal - this is good news for people who loves bad news
  • #103,292
  • Oct 19, 2011 11:09am Oct 19, 2011 11:09am
Quoting decentchap
Hi Mike

Is this a valid scenario for a flag pattern? or am I just feeting curves?

just for educational purpose..your views please..
Hey D

It could be valid, but the issue for me is more in the structure and then how that will present opportunities. It's possible a breakout on the daily would be easier to play, but from a weekly perspective I don't like the size of the pattern(too small for me) and the angle of the downward sloping TL, and the overall structure of the pattern(if you compare to say my gbp/sgd which is very well formed). So it's not that you are necessarily wrong, but I just think it would be difficult to trade based on that pattern(a lot of patterns make sense, but it's more important to me if I will be able to logically trade start to finish off them, that's why my criteria and way of picking them is probably different then a lot of people)

Here is another example of a well formed pattern in my view



Best
Mike
Attached Image (click to enlarge)
Click to Enlarge Name: a.gif Size: 26 KB
  • #103,293
  • Oct 19, 2011 11:10am Oct 19, 2011 11:10am
Quoting dmc
Obviously not trying to steal Mike's answer and I may be wrong but I can give you my view

I think this is in an overall sideways mode.

I think you want more of a defined trend, say bearish, then a raising channel (the flag)

Then a continuation to the downside.

You can't really see a direction here at least in my opinion this is kind of winding up.
all very good points D, you can steal my answers any day
  • #103,294
  • Oct 19, 2011 11:22am Oct 19, 2011 11:22am
thank you guys, I will digest your answers..

Mike, I was looking at this patttern on daily and have managed to put in weekly chart here. The thing that got me interested was the way (fat) pin bar formed yesterday and it respected the tl i drew for this pattern.

Thanks again for your time and knowledge!
Trading is a test match not a Twenty20.
  • #103,295
  • Oct 19, 2011 12:34pm Oct 19, 2011 12:34pm
Quoting meshka
just want to say Thank You for Your nice thread guys. I found it few days ago. And it inspires to join You and post some my thoughts and learn a lot from You. Today I want to share two very nice short opportunities I found in my charts I think it will bring some pips to You and me
welcome meshka

I like the yogi avatar


Best
Mike
  • #103,296
  • Oct 19, 2011 2:16pm Oct 19, 2011 2:16pm
thank You Mike thats so called confluence my nick is meshka what in lithuanian means bear so i googled for the best picture of me

...and I am just happy what a lovely picture EURUSD is drawing right now on daylies...
all is eternal - this is good news for people who loves bad news
  • #103,297
  • Edited 5:07pm Oct 19, 2011 2:31pm | Edited 5:07pm
CADJPY and AUDJPY finally moving in my direction. Had to sit through a little bit draw down. Only 20-30 pips.

CADJPY 1st target reached....sort of. My target was 75.10, and price got to 75.15 and just started messing around, so I made the executive decision to take 75.20 to close out half. I'm not gonna argue over 10 pips when the trade is up 60pips. So the last half has had the stop moved to entry. I may yet close that out earlier than planned depending on PA before bed.

CADJPY
Attached Image (click to enlarge)
Click to Enlarge Name: Screen Shot 2011-10-19 at 20.23.16.png Size: 48 KB


AUDJPY I'm still waiting for price to get in reach of first target at 78.10 before making any decisions.

UPDATE: It's now 22:55GMT as I type this, and I've made the decision to close out the remaining open positions. I don't feel like leaving these open over night this time. Something in the back of my mind telling me to take the pips and re-assess things in the morning.

So it was +42 on the last part of the CADJPY trade, and +27 for both parts of the AUDJPY trade. That one never quite found it's legs. No shame in taking pips. I'd rather take them now, than go to sleep and see the open profits taken away by an asian rally. I would have been tempted to leave them running overnight if price had followed through to the low of the BEOB that setup the trades. But not this time.

CADJPY was a nice little runner +60 on first half and +42 on the second. AUDJPY was a bonus ball.
  • #103,298
  • Oct 19, 2011 6:44pm Oct 19, 2011 6:44pm
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.
I'm still in the AUDJPY....I admit I wasn't expecting such a deep draw down. I was actually expecting this morning that by day end I would have be taking my first full bar loss of the year. However, knowing how Outside bars and PIns normally behave, it's not really surprising that the trade is in DD and where the retrace ultimately stalled.

I may get taken out yet, but I'm going to give it another 24hrs or so to see if price can push lower one more time. I also admit that I paid the bar lows (current support) little attention when entering.
Attached Image (click to enlarge)
Click to Enlarge Name: lt28b.gif Size: 25 KB
  • #103,299
  • Oct 19, 2011 8:08pm Oct 19, 2011 8:08pm
Quoting Donkey
I'm still in the AUDJPY....I admit I wasn't expecting such a deep draw down. I was actually expecting this morning that by day end I would have be taking my first full bar loss of the year. However, knowing how Outside bars and PIns normally behave, it's not really surprising that the trade is in DD and where the retrace ultimately stalled.

I may get taken out yet, but I'm going to give it another 24hrs or so to see if price can push lower one more time. I also admit that I paid the bar lows (current support) little attention when entering....
nice D, I think it's looking just fine now, just wanted to pullback a bit further this time around

Hopefully continues moving for you guys

Mike
  • #103,300
  • Oct 19, 2011 8:12pm Oct 19, 2011 8:12pm
Hi Mike,
I've got a chart here with some questions for learning purpose:

-The bar with an arrow is considered a neutral bar (2 pips diff bet open & close). Yes?

-If that bar had been a PB, wld u have considered it a gd setup to go long on break of high base on PPZ and BRN 105 support and fib 38%. The con being its not at swing low but this type wld be considered continuation of trend PB.

-Shld we take FTA based on most recent action or areas that has more flips & touches but less recent?
Case in pt: Just assuming if it had been a PB and we entered trade, in this chart, wld u consider FTA to be the recent swing high (bar just b4 our so call PB) or wld u consider FTA to be the thinner red line where there were quite a few previous touches in the past yr?

Above just hypothetical qn for learning purpose

Btw, are u using MT4 as well? How do u get those nice arrow drawings and wordings on your charts?
Attached Image (click to enlarge)
Click to Enlarge Name: eurjpy_qn.gif Size: 30 KB
42 traders viewing now