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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

  • #105,161
  • Dec 13, 2011 7:29pm Dec 13, 2011 7:29pm
Shorted NU on last Thursday's BEOB. This was A+ for me, strong closing BEOB engulfing a number of previous bars with confluence of: 50% Fib, 365ema, RN 7800, previous LCS. Entry on break of bar, initial s/l behind bar high. Reduced stop slightly on Friday after price went to FTA.

Today price closed today below an important level to me - the 7600. I've reduced 75% of risk, using minor PPZ, RN 7700 and 365ema to hide my stop. Price has already gone past my first 2 trouble areas and may be stalling - so this trade has done more than expected. However, because it has been making Lower Highs and Lows since July, I'm comfortable letting this one ride for another day or so with most of my risk off the table. Really going to be watching the BRN 7500 to 7550 close (currently support) and the gap just below 7500.

We'll see how it plays out.
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  • #105,162
  • Dec 13, 2011 7:49pm Dec 13, 2011 7:49pm
Quoting Donkey
Shorted NU on last Thursday's BEOB. This was A+ for me, strong closing BEOB engulfing a number of previous bars with confluence of: 50% Fib, 365ema, RN 7800, previous LCS. Entry on break of bar, initial s/l behind bar high. Reduced stop slightly on Friday after price went to FTA.

Today price closed today below an important level to me - the 7600. I've reduced 75% of risk, using minor PPZ, RN 7700 and 365ema to hide my stop. Price has already gone past my first 2 trouble areas and may be stalling - so this trade has done more than expected....
nice brotha
  • #105,163
  • Edited 9:46pm Dec 13, 2011 9:38pm | Edited 9:46pm
Lots of hype on Other Threads.
I'm not convinced the Swiss are not content at simply Stopping the Drop.
(which they did succinctly)

{Point to Consider: The Swiss could learn a thing or two about Banking & Finance. True or False?}

Trade Opportunity? Perhaps.
I have merley dropped it into my FileBank for Spring or Summer.
If the Swiss are serious about this... They don't want a two week remedy.
Two BIG Up Days with no followthrough tells me that this may well be a Bullish Meander North.
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Bullish, I am, but my purse strings remain tied.
I reserve Judgment and respectfully "Stand Aside".

B
*Edit* Add ----
Next Fence North lies around the 1.2825 area.
Hurdles @ 1.2510 & 1.2635

B
  • #105,164
  • Dec 14, 2011 12:55am Dec 14, 2011 12:55am
Quoting mbqb11
Hey Dave

The majority of the time I keep my stops above/below the bar to start. That's probably 90% of the time I do that

Best
Mike
Thanks Mike.
  • #105,165
  • Dec 14, 2011 1:51am Dec 14, 2011 1:51am
Quoting Bemac
Lots of hype on Other Threads.
I'm not convinced the Swiss are not content at simply Stopping the Drop.
(which they did succinctly)

{Point to Consider: The Swiss could learn a thing or two about Banking & Finance. True or False?}

Trade Opportunity? Perhaps.
I have merley dropped it into my FileBank for Spring or Summer.
If the Swiss are serious about this... They don't want a two week remedy.
Two BIG Up Days with no followthrough tells me that this may well be a Bullish Meander North.
Attachment

Bullish,...
Hey B.

Even in strong risk-averse theme yesterday, eurchf managed to stay above 1.23 and that says a lot about the current sentiment.
  • #105,166
  • Dec 14, 2011 2:36am Dec 14, 2011 2:36am
Quoting Donkey
Shorted NU on last Thursday's BEOB. This was A+ for me, strong closing BEOB engulfing a number of previous bars with confluence of: 50% Fib, 365ema, RN 7800, previous LCS. Entry on break of bar, initial s/l behind bar high. Reduced stop slightly on Friday after price went to FTA.

Today price closed today below an important level to me - the 7600. I've reduced 75% of risk, using minor PPZ, RN 7700 and 365ema to hide my stop. Price has already gone past my first 2 trouble areas and may be stalling - so this trade has done more than expected....
I am with You Donkey. re-entered @ 0.7606 at a beob on 4H yesterday reduced risk to 0.7635 now. stoped after Thursday Daily BEOB because of pin on friday. 0.7500 and 0.7375 are my targets.
all is eternal - this is good news for people who loves bad news
  • #105,167
  • Dec 14, 2011 5:39am Dec 14, 2011 5:39am
Quoting Donkey
Shorted NU on last Thursday's BEOB. This was A+ for me, strong closing BEOB engulfing a number of previous bars with confluence of: 50% Fib, 365ema, RN 7800, previous LCS. Entry on break of bar, initial s/l behind bar high. Reduced stop slightly on Friday after price went to FTA.

Today price closed today below an important level to me - the 7600. I've reduced 75% of risk, using minor PPZ, RN 7700 and 365ema to hide my stop. Price has already gone past my first 2 trouble areas and may be stalling - so this trade has done more than expected....
Hi Donkey

I commend you on your good trade management on this trade, well done there. However would just like to ask you about reducing your stop when price hit FTA - price retraced hard and ended in a (long) pin bar on the day after entry (Friday). Just trying to see what your thought processes were at this point when we got the positive Pin yet you say you were reducing risk? I am just trying to ask what your thinking on the trade was at that precise point as the trade was in profit then suffered some drawdown with a reverse pinbar. At what point did you plan to get out if it went against you?

Thanks,

Kal
  • #105,168
  • Dec 14, 2011 6:40am Dec 14, 2011 6:40am
Quoting Kalbar
Hi Donkey

I commend you on your good trade management on this trade, well done there. However would just like to ask you about reducing your stop when price hit FTA - price retraced hard and ended in a (long) pin bar on the day after entry (Friday). Just trying to see what your thought processes were at this point when we got the positive Pin yet you say you were reducing risk? I am just trying to ask what your thinking on the trade was at that precise point as the trade was in profit then suffered some drawdown with a reverse pinbar. At what...
Hey K. Basically I saw the the 7800 level as a highly confluenced level - reasons on chart. The pin did make me nervous as FTA was rejected strongly. However for this trade, my plan was to reduce about 20 - 25% of risk to above the consolidation area once price hit FTA and see if price went through or would test again. I basically trusted the level enough to let Price take me out at that point - even though the pin could have been a signal to cut out. I admittedly play my stops a little looser than many and don't go to FTA as quickly. Also, I see this pair moving in waves and am really looking for a bit of a larger move...at this point if BRN stalls price quickly I'm likely to cut out.

Jarroo commented on a trade in my PF journal one time where I was mad that I manually closed after some drawdown and price took off without me....to "trust your levels". That's what I'm trying to learn to do. In this case I trusted the 7800...it's worked out so far on this trade.

Hope that helps.
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  • #105,169
  • Dec 14, 2011 7:07am Dec 14, 2011 7:07am
Hey Donkey

Thanks for that explanation......makes perfect sense and well done on your excellent analysis on this trade. Hope it gives you up more pips!

Kal
  • #105,170
  • Dec 14, 2011 7:23am Dec 14, 2011 7:23am
Quoting meshka
I am with You Donkey. re-entered @ 0.7606 at a beob on 4H yesterday reduced risk to 0.7635 now. stoped after Thursday Daily BEOB because of pin on friday. 0.7500 and 0.7375 are my targets.
We've really got watch the 7500 level on this one. I'm particulary watching the Oct 1 close of 752ish and the Oct 2 low below 7500. Price is currently testing that area.
  • #105,171
  • Dec 14, 2011 7:33am Dec 14, 2011 7:33am
I wonder if Dan Gilbert was looking at the Daily I4B on GBPCAD, hovering right on the 1.60? Did anyone else notice it, consider trading it, or actually trade it?

Also the new FxPro iPhone iTrader app is worth taking a look at, so you can check real time market prices on the go. Previously I was using the Oanda app, but the fxpro app is far better.
Price is beautiful. A repetitive method is a competitive method.
  • #105,172
  • Dec 14, 2011 7:40am Dec 14, 2011 7:40am
Do you need a live account with FXPro for their app?
  • #105,173
  • Dec 14, 2011 7:43am Dec 14, 2011 7:43am
Quoting Donkey
Do you need a live account with FXPro for their app?
You can use it with a demo account. I used to have a live account with them 2 years ago, but they went through some changes and canceled that account and no longer allow Canadians to sign up.
Price is beautiful. A repetitive method is a competitive method.
  • #105,174
  • Dec 14, 2011 7:48am Dec 14, 2011 7:48am
Also a note for any hard working J16 students who wish to treat themselves for Christmas. ForexTester has a 25% off Christmas promotion, if your considering purchasing a back tester, now would be a pretty good time.
Price is beautiful. A repetitive method is a competitive method.
  • #105,175
  • Dec 14, 2011 7:54am Dec 14, 2011 7:54am
Hi Guys , theres been some discussion abut the dangers of small accounts.
I'm trading a small account and heres what I do.
I traded demo for 3 mths , showing a small profit in each month. The profits started very small , but increased as my skills did.
I am now trading a live small account, and only with the "jucy " trades , and simultaneously I trade a demo , .. all the live trades are traded demo as well as some other , perhaps no quite as "jucy".
I find that this is helping me build confidence in trading live , I'm building my account , and on demo I am enjoying the benefits of compounding profit.
I'v been doing this for 6 weeks now, and initially there was not a heck of a lot on sinergy between the trades on the two accounts, but as the weeks have gone by the trades taken on the two accounts are stating to have a similar appearance,
I guess that I am taking less "chancy" trades on demo , and more trades live,
The risk to profit ration plays an important part for me in deciding if a trade is an a+, if the risk is against me , I just dont take the trade, )On both demo and live)
Oh yes , I only trade dailey + , but take input for entry from 4h and some times 1h
I'd really enjoy some comments and input, on this method , .
mike
  • #105,176
  • Dec 14, 2011 8:09am Dec 14, 2011 8:09am
Quoting mmikemj
Hi Guys , theres been some discussion abut the dangers of small accounts.
I'm trading a small account and heres what I do.
I traded demo for 3 mths , showing a small profit in each month. The profits started very small , but increased as my skills did.
I am now trading a live small account, and only with the "jucy " trades , and simultaneously I trade a demo , .. all the live trades are traded demo as well as some other , perhaps no quite as "jucy".
I find that this is helping me build confidence in trading live , I'm building my account...
Sounds good to me Mike, looks like you are holding yourself more and more accountable as time goes on.

Keep at it and let us know your progress sounds like you are doing well right now

Mike
  • #105,177
  • Dec 14, 2011 8:09am Dec 14, 2011 8:09am
Hi all, still lurking around on here.

Quick re-cap: Almost blew up my first live PA account (lack of patience and revenge trading) when a light went on. "Maybe James16 is smarter than me? Perhaps go back to trading on larger time frames when you used to make money...." To put it into context I used to trade 20 years ago without leverage based on macroeconomics (sorry, I'm an Economics graduate but I swear I'm not that boring!!!

Got onto a few in the last week, USDNZD based on daily, EURCAD for a quick hit on daily.

One I am still in is this one; entered based on PBT and closed above what I have as a weekly resistance, not a RN but still at 1.250, confirmed rejection (resistance into support) by the bar with arrow under it, SL was below this bar originally, 150 EMA, now taken 60% off and moved the stop. Will let it run and move SL accordingly.

Any comments welcome. I've been studying PA since mid 2009 and have really come full circle. I.e. started off disciplined and patient, made money, got ahead of myself and lost money. I have struggled with patience for a while and hope this time I have turned the corner.

Any new and younger people trying this please stick to what the amazing team here recommends, larger time frames and be patient. Hope to post more and contribute more to this amazing community.

Just my 2 Dirhams worth and sorry for a bit of a ramble......
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  • #105,178
  • Dec 14, 2011 8:16am Dec 14, 2011 8:16am
Quoting Grousman
Hi all, still lurking around on here.

Quick re-cap: Almost blew up my first live PA account (lack of patience and revenge trading) when a light went on. "Maybe James16 is smarter than me? Perhaps go back to trading on larger time frames when you used to make money...." To put it into context I used to trade 20 years ago without leverage based on macroeconomics (sorry, I'm an Economics graduate but I swear I'm not that boring!!!

Got onto a few in the last week, USDNZD based on daily, EURCAD for a quick hit on daily.

One I am still...
I love this post, thanks for sharing G. I think it's so crucial to build that proper foundation as you have shared with us. Good to hear you are righting the ship back. Nice trades there

Usd/CAD is nearing its gap and some other confluenced areas. A lot of pairs are, so I think we will fill them up but could find some strong bounces in the region. I'm still holding my gbp/nzd which is similar to the usd/cad too

Welcome back

what were you saying about econom....ics......

haha just kidding of course

Best
Mike
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  • #105,179
  • Dec 14, 2011 8:50am Dec 14, 2011 8:50am
Quoting mbqb11
I love this post, thanks for sharing G. I think it's so crucial to build that proper foundation as you have shared with us. Good to hear you are righting the ship back. Nice trades there

Usd/CAD is nearing its gap and some other confluenced areas. A lot of pairs are, so I think we will fill them up but could find some strong bounces in the region. I'm still holding my gbp/nzd which is similar to the usd/cad too

Welcome back

what were you saying about econom....ics......

haha just kidding of course

Best
Mike
Cheers.

As always amazingly prompt response. Just took one lot off at 1.0412 and move SL to 1.0338, will let last lot run......

Studying Economics taught me a lot actually... how to drink beer, smoke, and scrape myself up to a lecture at 10am....

I agree with "this is simple, just be patient", problem until recently has been the patience is lacking. I'm not there yet but its ridiculous that good set ups leap out at you, just wait for them.

I explained it to my father recently:

Son: "Dad, its pretty easy, you just wait for a good set up and you make money"

Dad: "...and...."

Son: "I did well to start with, made money, waited....."

Dad:"....and...."

Son:" then i just got too impatient Dad, and lost money"

Dad:" So if you are patient and wait you make money, you know that, but you don't wait and lose money?"

Son: " Yes Dad"

Dad:"you know what.."

Son:" What????"

Dad: "You're an idiot Son...."

Theres a moral in that story somewhere.....
  • #105,180
  • Dec 14, 2011 8:53am Dec 14, 2011 8:53am
Quoting Grousman
Cheers.

As always amazingly prompt response. Just took one lot off at 1.0412 and move SL to 1.0338, will let last lot run......

Studying Economics taught me a lot actually... how to drink beer, smoke, and scrape myself up to a lecture at 10am....

I agree with "this is simple, just be patient", problem until recently has been the patience is lacking. I'm not there yet but its ridiculous that good set ups leap out at you, just wait for them.

I explained it to my father recently:

Son: "Dad, its pretty easy, you just wait for a good...
hahahahah good story

I took a lot of econ classes too, I learned how to not attend class and sleep in lolol


Best
Mike
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