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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

  • #112,921
  • Jun 10, 2012 9:32pm Jun 10, 2012 9:32pm
Quoting mbqb11
remember folks if you are new to follow closely what James teaches. We want pinbars at good swing points when starting out.

Pinbar from thursday was at a very minor swing. If we use the concept of "space" we know EXACTLY where price is going. This is not even using confluence just the bar. You really want to use confluence and take things a step further. What this should show new folks is how simplistic we can make things though and how important it is.

Fridays bar is a pinbar, but again we want a bearish pin at a swing high, this is...
Hey Mike,
I see what you mean by it was not at a full high, i went on the retracement sell pinbar at 1.0250 after it bounced at 1.02 previously( 50 pips in profit now on trade )..

A bit risky like you say especially if missread.. Will take note of what you said thanks..

I wanted to add that i did enter sell after the end of pinbar next bar over 50 pips away from a major support, but also cause of the bullishness of the aud/usd at the same time ( generally opposing currency pair ) which showed a bullish pin at same time.. This gave me confidence in where price was going overall even if only for a short time like everyone is saying to 1.02..
  • #112,922
  • Jun 10, 2012 9:46pm Jun 10, 2012 9:46pm
Quoting tinny79
Hey Rona,
I see what you mean as it is FTA.. However i entered just after the pin ( so in profit ) so will wait and see how it goes at that weekly support line.. Most likely it will bounce but will adjust stop loss in profit zone just in case this happens..
Hi Timon ,

yeah that's what i meant , Plus as Jim Commented Pattern wasn't at swing High so at least I needed to see break below this Area , I'm Glad to know that it's in Profit . yes Try to set Stop loss To Break even , wish you all the Best,
Regards
Rona
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  • #112,923
  • Jun 10, 2012 9:48pm Jun 10, 2012 9:48pm
Quoting balloontree
is it okay to analysis and trade all the pairs that is available? there's about 23 pairs in FXCM.

just wondering if there's a correlation between all the pairs; if it's like if u get one wrong, u get all the rest wrong - they move somewhat together
Hey Balloon

A lot of pairs have correlation but not exactly perfect. I watch about 80 FX pairs. The idea is just to search for the best trades.

If you get say trades popping up on similar pairs like xxx/jpy pairs you don't want to be taking all of them as they will probably either all work or not work. Then again if it fits someones risk profile and style of trading thats ok as long as one realizes this.

If you are picky correlation is rarely an issue

Best
Mike
  • #112,924
  • Jun 10, 2012 9:51pm Jun 10, 2012 9:51pm
Quoting balloontree
the RR looks horribly tiny...........
i'm still unsure...........


ETA:
reason why I choose the TP/Entry/SL
TP = just under 1.0350 (guessing it will run out of steam there)
entry = need it to break the 1.0300......
SL = it probably wouldn't go further than 1.0200


but J16 said something like you wouldn't want to take full bar loss; so where should I place my SL? 1.0240?




a confused newbie

Hey Balloon

Sure it makes sense. R:R is a very misunderstood topic. A good trade is a high probability trade. In the case above you could do multiple things.

For example

-start with a higher stop loss thus a bigger position size
-start with a full stop loss and use that area to reduce your risk quickly getting to b/e or taking a small loss

Here are some posts on R:R too, I think its a very misunderstood topic in trading. In my opinion of course

http://www.forexfactory.com/showthre...46#post3909546
http://www.forexfactory.com/showthre...88#post3909588

My R:R is rarely ever fixed. I am generally looking for ways to reduce my risk as my trading works or doesn't work in my favor. Also my exits are dependent on the situation as well another post that may help you

http://www.forexfactory.com/showthre...22#post2853922

Hope this helps
Mike
  • #112,925
  • Edited 11:24pm Jun 10, 2012 9:53pm | Edited 11:24pm
Now here is a level to keep an eye on.
its a Jarroo special, with icing on the cake.
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  • #112,926
  • Jun 10, 2012 9:56pm Jun 10, 2012 9:56pm
example trade I am in with how I manage stops(in this situation)

It's all about the story for me, start to finish. Taking into account all the different concepts and blending them together.

Hope this helps a bit

Mike
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  • #112,927
  • Jun 10, 2012 10:01pm Jun 10, 2012 10:01pm
Quoting mbqb11
Hey Balloon

A lot of pairs have correlation but not exactly perfect. I watch about 80 FX pairs. The idea is just to search for the best trades.

...

If you are picky correlation is rarely an issue

Best
Mike


thanks mike!
  • #112,928
  • Jun 10, 2012 10:06pm Jun 10, 2012 10:06pm
Quoting mbqb11
Hey Balloon

Sure it makes sense. R:R is a very misunderstood topic. A good trade is a high probability trade. In the case above you could do multiple things.

For example

-start with a higher stop loss thus a bigger position size
-start with a full stop loss and use that area to reduce your risk quickly getting to b/e or taking a small loss



OMG! thanks, you have confirmed what I thought J16 is trying to say in his guest video!!

ok; now i'm more at ease now~~
  • #112,929
  • Jun 10, 2012 10:58pm Jun 10, 2012 10:58pm
Quoting Rona
Hi Timon ,

yeah that's what i meant , Plus as Jim Commented Pattern wasn't at swing High so at least I needed to see break below this Area , I'm Glad to know that it's in Profit . yes Try to set Stop loss To Break even , wish you all the Best,
Regards
Rona
Hey Rona,
Yeah i see what you all mean, if i got in at swing high it would be more than 100 pips in profit now.. I was a bit late there.. I put stop loss at 10 pips in profit and will wait and see with this trade... Currently just over 40 pips in profit.. Will wait and see how it goes at the support at 1.02 area.. Either way it is a free trade now anyways..

  • #112,930
  • Jun 10, 2012 11:43pm Jun 10, 2012 11:43pm
Quoting Bones
its bearish Sonic,whats your view ??
It is hitting nice triple bot range..
Not yet bullish but not bearish..


U live in Hawaii while trading full time?? U r living the dream mate..

Sonic
  • #112,931
  • Jun 11, 2012 1:40am Jun 11, 2012 1:40am
No Sonic its a joke my friend has with me ,thats all

Ive never been but I would like too

Quoting sonicdeejay
It is hitting nice triple bot range..
Not yet bullish but not bearish..


U live in Hawaii while trading full time?? U r living the dream mate..

Sonic
On-site guru & also FF member's' psychiatrist, when not drinking tea
  • #112,932
  • Jun 11, 2012 2:09am Jun 11, 2012 2:09am
Can you tell us why are you very bearish on gold ? please. I cant help myself i think its 50/50 - down- lower highs, alot of up pins, strong sr down here... saw some triangels ... thank youuu
  • #112,933
  • Jun 11, 2012 2:23am Jun 11, 2012 2:23am
Yea course the monthly

Quoting Bones
so up one time frame what do we see ,major long term tl taken ,push up rejected ,we should be on toes ,No ?
We should be carefull of not taking longs without break ,No?
but break agree up to first point

really I dont see this as difficult stuff I apply to all trades
On-site guru & also FF member's' psychiatrist, when not drinking tea
  • #112,934
  • Jun 11, 2012 2:30am Jun 11, 2012 2:30am
I have traded against the pins on w1 ,on monthly I feel I'm right ,also if you look from the monthly I posted at the close of that
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On-site guru & also FF member's' psychiatrist, when not drinking tea
  • #112,935
  • Jun 11, 2012 2:34am Jun 11, 2012 2:34am
Quoting Bones
I have traded against the pins on w1 ,on monthly I feel I'm right ,also if you look from the monthly I posted at the close of that
U've got balls, mate

Where's ur TP?
  • #112,936
  • Jun 11, 2012 2:40am Jun 11, 2012 2:40am
gold hasn't been fantastic for me to be honest ,I have taken profit and lost in the moves
If it breaks or goes to the first line thats good now
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On-site guru & also FF member's' psychiatrist, when not drinking tea
  • #112,937
  • Jun 11, 2012 2:43am Jun 11, 2012 2:43am
I do draw confidence from the close ,sure under would have been better ,but picture I have is confirmed enough if you know what I mean

Quoting Bones
I have traded against the pins on w1 ,on monthly I feel I'm right ,also if you look from the monthly I posted at the close of that
On-site guru & also FF member's' psychiatrist, when not drinking tea
  • #112,938
  • Jun 11, 2012 2:44am Jun 11, 2012 2:44am
Quoting Pinbar
Now here is a level to keep an eye on.
its a Jarroo special, with icing on the cake.
I just got triggered on this one. Nice to see some extra J16 thread 'confluence'
Anything can happen.
  • #112,939
  • Jun 11, 2012 2:52am Jun 11, 2012 2:52am
Quoting ddinnov
I just got triggered on this one. Nice to see some extra J16 thread 'confluence'

Not sure what you mean D?
This area has not yet been reached.
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  • #112,940
  • Jun 11, 2012 2:53am Jun 11, 2012 2:53am
Sorry for me, im annoying, but still didnt get it. I see noting on bearish on monthly but i agree with bearish couse saw 2nd similar video in last 14 days http://finance.yahoo.com/blogs/break...171851817.html
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