james16 Chart Thread | Page 5349 | 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

  • #106,961
  • Feb 7, 2012 7:28am Feb 7, 2012 7:28am
Quoting Michael-SPA
Altering The Initial Trade Plan

In an attempt to make the trade stress free, I moved level of the first target higher at $1702. The stop loss for the second position will be moved to break even and it will be trailed according to new chart data. The $1702 is not a random level but it is the low of the BEOC ($1723) minus the average true range ($26) which equals to $1697. Yet, the $1697 is below a round number therefore I placed it above the round number plus $2.
hi michael, i'm already out of this trade for +110 pips. closed all my position at bottom trendline touch.

i came out because i think price will probably soon reject above my BE point and it could even draw a double top, so i took my profits and ran away from the high risk of seeing my trade goes back to BE. price has made a very strong long move and it will probably make some little ups and downs before jumping down or up again in my opinion.

i hope you'll reach your tp anyway

best regards
  • #106,962
  • Feb 7, 2012 8:15am Feb 7, 2012 8:15am
Quoting meshka
Yes it is fatal question Its esoteric question already...

Logicaly should be charts through which mega money is trading but it seems there is no central shop for it.
The good thing is it really doesn't matter a great deal what feed you use. Price never changes, only the aggregation of price changes. What this means is the information is still all there and if we are picky with locations, bars, and forming our Stories then we still will be ok.

I am a believer in using a daily close more near the end of NY, but I truly don't think someone using a later feed that is going to make or break them as a trader. Then ones edge would be so small as it is.

Location is everything but I also used to think about this stuff too, but those are the conclusions I came too long ago that allowed me to move forward

Best
Mike
  • #106,963
  • Feb 7, 2012 8:32am Feb 7, 2012 8:32am
Quoting mbqb11
The good thing is it really doesn't matter a great deal what feed you use. Price never changes, only the aggregation of price changes. What this means is the information is still all there and if we are picky with locations, bars, and forming our Stories then we still will be ok.

I am a believer in using a daily close more near the end of NY, but I truly don't think someone using a later feed that is going to make or break them as a trader. Then ones edge would be so small as it is.

Location is everything but I also used to think about this...
and this is the kind of statement that makes Mike one of the legends around here, everything this guy says should be noted down always

Alot of what Mike has said has really turned my trading around, when i say turned it around, i have tripled my account (LIVE ACCOUNT) in less than 18 months
  • #106,964
  • Feb 7, 2012 9:00am Feb 7, 2012 9:00am
Quoting deankenny21
and this is the kind of statement that makes Mike one of the legends around here, everything this guy says should be noted down always

Alot of what Mike has said has really turned my trading around, when i say turned it around, i have tripled my account (LIVE ACCOUNT) in less than 18 months
That's awesome DK, but that's on you. You guys are the ones who have to work hard to learn it.

Keep it up buddy!

Mike
  • #106,965
  • Feb 7, 2012 9:01am Feb 7, 2012 9:01am
Quoting mbqb11
The good thing is it really doesn't matter a great deal what feed you use. Price never changes, only the aggregation of price changes. What this means is the information is still all there and if we are picky with locations, bars, and forming our Stories then we still will be ok.

I am a believer in using a daily close more near the end of NY, but I truly don't think someone using a later feed that is going to make or break them as a trader. Then ones edge would be so small as it is.

Location is everything but I also used to think about this...
Yeah....It is possible to wright a philosophical esse about this theme... how people are staring at the same thing - price in our case - and see completely different scenarios and make completely different decisions and when they face outcomes of these decisions how they differently react to it
and so on... it is similar to religion - everyone is searching his way to it... there are gurus ... there are followers and there is Market
all is eternal - this is good news for people who loves bad news
  • #106,966
  • Feb 7, 2012 9:06am Feb 7, 2012 9:06am
Quoting mbqb11
That's awesome DK, but that's on you. You guys are the ones who have to work hard to learn it.

Keep it up buddy!

Mike
You right, its not a easy ride, its been a steep learning curve with some tough times along the way, i went and studied supply and demand with Sam Seiden for 6 months after being here at J16 thread.

This combined has really helped the way i see the market for what is really behind the charts, and how to see that simply by looking at price action IE: support and resitence levels with reactions such as pinbars, beob and the rest.

One tip i could give to the newbies, is when you first come here, you will be wanting to take every single pinbar and beob etc, and thats exactly what i did, and i come out no better than Breakeven, Like Mike stresses being picky is the key, i used to think if i had no trades open then im missing out and i HAVE to be in a trade, so i would look for half decent setups and then get burnt.

The turndaround was trading DAILY only for 6-8 months, and then only with profit showing i traded 4hr charts too.

With every price action bar i MUST have at least 3 confluences to go with it, and thats not including the SR level, it can be trendline, fib level, Supply demand level, divergence whatever, and these little thing put in place basically put a checklist down of how to be picky, and BAMN it all come together
  • #106,967
  • Feb 7, 2012 9:10am Feb 7, 2012 9:10am
good stuff dean!

just one question came to my mind.

what is the difference between a S&R area/level vs. a supply&demand area/level?
  • #106,968
  • Feb 7, 2012 9:12am Feb 7, 2012 9:12am
Quoting Miko1
good stuff dean!

just one question came to my mind.

what is the difference between a S&R area/level vs. a supply&demand area/level?
This is something i covered rigourously in my supply and demand thread.

here is one post where i explain it

http://www.forexfactory.com/showthre...18#post4979718

you got to remember that alot of ppl mark areas as a line only, when its an area you got to watch for rather than one single line
  • #106,969
  • Feb 7, 2012 9:17am Feb 7, 2012 9:17am
Quoting Miko1
good stuff dean!

just one question came to my mind.

what is the difference between a S&R area/level vs. a supply&demand area/level?
none really at least it's not a secret, it's simply about understanding the why and where things are likely to be located. This is the deeper level of understanding you get with time and practice.

Like S/r There are variations to it, and it's not as simple as here is support here is resistance. Such as patterns, round numbers, former strong buying/selling etc and all that other good stuff we chat about. People just hear the words supply and demand and get excited. It means selling and buying.

If you think about why your bars are there, or why a level is a good/bad one, or look deeper into creating a story on why/where we should be buying or selling this will play directly off it.

People hear supply/demand or orderflow and think it's some complicated different subject. If you study your charts you are studying both of them. If you learn concepts and then learn the deeper parts of the concepts you will be getting a deeper understanding. Just like all pinbars are not created equal, all areas on are charts are not either.

But keep it simple. ALWAYS. If I could go back ten years I would scream in my own face that until I listened

Hope that helps
Mike
  • #106,970
  • Feb 7, 2012 9:21am Feb 7, 2012 9:21am
Quoting deankenny21
You right, its not a easy ride, its been a steep learning curve with some tough times along the way, i went and studied supply and demand with Sam Seiden for 6 months after being here at J16 thread.

This combined has really helped the way i see the market for what is really behind the charts, and how to see that simply by looking at price action IE: support and resitence levels with reactions such as pinbars, beob and the rest.

One tip i could give to the newbies, is when you first come here, you will be wanting to take every single pinbar and...
I wonder if we can squeeze in some testimonials on post 1? Mike?

These success stories that come along with an elaboration of the means to get there are little gems and I am not sure if its ok to allow them to get lost in the sea of posts this thread now receives on a daily basis.

Congratulations D, Keep it up bro!

g.
I believe . . .
  • #106,971
  • Feb 7, 2012 9:26am Feb 7, 2012 9:26am
Quoting ghous
I wonder if we can squeeze in some testimonials on post 1? Mike?

These success stories that come along with an elaboration of the means to get there are little gems and I am not sure if its ok to allow them to get lost in the sea of posts this thread now receives on a daily basis.

Congratulations D, Keep it up bro!

g.
Thanks i appreciate that.

Im an honest guy and dont like to hide anything, or pretend to be something im not

When i started my own journal, i took it one step further in honesty, and trade LIVE in front of all my followers every day.

I didnt hide anything, ppl even seen me browsing my facebook, checking my emails, and buying things off ebay.

What i traded in front of them was also my LIVE account, with everything showing and all the analysis. This gained alot of trust and ppl respected that. I also think i set a few ppl off in the trading world too from a couple of testimonial email of thanks i recieved.

I saved a few of my live recordings and put them on the first page of my thread, but everything i owe always resorts back to here.

Not just the method but the business side thinking of it aswell, how to be patient and treat it like a business thinking LONG TERM rather than i want $2000 this week, as that will get you nowhere.
  • #106,972
  • Feb 7, 2012 10:02am Feb 7, 2012 10:02am
EURUSD knocking up...
Attached Image (click to enlarge)
Click to Enlarge Name: EURUSD knocking up.jpg Size: 153 KB
all is eternal - this is good news for people who loves bad news
  • #106,973
  • Feb 7, 2012 10:28am Feb 7, 2012 10:28am
Quoting meshka
EURUSD knocking up...
EURUSD was on my radar , too . Didn't got a pullback .
I should be aware of 1.3400 though
Attached Image (click to enlarge)
Click to Enlarge Name: 13 EURUSD.PNG Size: 54 KB
  • #106,974
  • Feb 7, 2012 10:31am Feb 7, 2012 10:31am
Quoting Pinbar
Yeah, had my eye on the monthly Pin for a while.
Now we have tha expected breakout feed by all the buy stops. Lets see what will happen no
  • #106,975
  • Feb 7, 2012 10:56am Feb 7, 2012 10:56am
Mike
Hello

How about H1 gold
He created pb

Sorry for my bad English
Attached Image (click to enlarge)
Click to Enlarge Name: goled.gif Size: 21 KB
  • #106,976
  • Feb 7, 2012 11:06am Feb 7, 2012 11:06am
Quoting Greenhaze
Hi Guys!

Anybody watching this Massive H&S neckline on EU?

What happens after the breakout will be very interesting.
Hi GH,
i dont use H&S.
but 1.35 is something i am watching..not bcos its a BRN,but it has something more to the story.

Euro is something i will not like to buy atm.
if this blah-blah rally continues i will definitely look for short oppportunites and 1.35 catches my attention.

do let know if i am wrong.
Attached Image (click to enlarge)
Click to Enlarge Name: eu.gif Size: 22 KB
  • #106,977
  • Feb 7, 2012 11:17am Feb 7, 2012 11:17am
Quoting AvanishDemo
Hi GH,
i dont use H&S.
but 1.35 is something i am watching..not bcos its a BRN,but it has something more to the story.

Euro is something i will not like to buy atm.
if this blah-blah rally continues i will definitely look for short oppportunites and 1.35 catches my attention.

do let know if i am wrong.
Hi Avanish,

H&S works very well but not in the way everybody else are playing it. Simple neckline breakout is an easy way to donate money imo . Personally i see EU as a good buy opportunity on pullback atm but i've got this feeling we might reach the top during next couple of days (i would be a bit surprised to see 1.35 before some stronger action to the downside)..... but who knows ,right?

Best,
gh
  • #106,978
  • Feb 7, 2012 12:21pm Feb 7, 2012 12:21pm
Price is testing the weekly unconfirmed resistance. It is the level that will determine the outcome of the trade. It is very important for trading psychology to know the weakness of a trade and be prepared to face them. Why price is at this level was anticipated.
Attached Image (click to enlarge)
Click to Enlarge Name: gold trade update.gif Size: 35 KB
  • #106,979
  • Feb 7, 2012 12:28pm Feb 7, 2012 12:28pm
I have to add that the above is a demo trade because I am currently in another trade with maximum risk exposure. But I treat both accounts, real and demo the same way with the proper required respect.
  • #106,980
  • Feb 7, 2012 12:49pm Feb 7, 2012 12:49pm
Guys, the pinbar off the eurcad on the daily worked.


pinbar off the PPZ & BRN . Great trade.

Hit my target. 115 pips!!
Attached Image (click to enlarge)
Click to Enlarge Name: eurcad_daily.gif Size: 40 KB
408 traders viewing now