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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

  • #115,401
  • Aug 13, 2012 6:33am Aug 13, 2012 6:33am
  •  BlazG
  • | Joined Jul 2012 | Status: Trading with Family Savings | 19 Posts
Let's have a mini pool What will price do? Will 1.2340 hold? Will it find resistance at 1.2400? Shoot through?
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  • #115,402
  • Aug 13, 2012 6:34am Aug 13, 2012 6:34am
Hey do you use fixed tp-levels like 1; 1,5 or 2R (adjusted by s/r -levels), so that ideally every trade yields the same or do you trail them?
For me its very hard to place the trailing stops, sometimes they are to far, so i give a lot of the pips back or sometimes they are too close, so im out very fast
  • #115,403
  • Aug 13, 2012 6:35am Aug 13, 2012 6:35am
GBP NZD acted exactly , EXACTLY as I anticipated it to act ....
Study the charts below to understand what I mean ...
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Human
  • #115,404
  • Aug 13, 2012 6:47am Aug 13, 2012 6:47am
Quoting jarroo
Yes, that is a very valid Weekly setup . Patience, my friend . .Price may retrace down still and trigger your entry . ..
But it is also valid to use PBT&CArorB on the Daily . . . with Weekly HCR/LCS levels . .charts
Hi Jarroo,
thank you for everything you have been doing for us newbs! I've been learning a lot but still strugling with the basics... takes time I guess

Can I bother you with another newb question? Here it goes:
Why do you think price reacts to Weekly HCR/LCS on the Daily charts. Does buy or sell orders acumulate at those levels? I thought that the market looked more to the Highs and Lows...

Thank you very much for everything.
  • #115,405
  • Aug 13, 2012 7:14am Aug 13, 2012 7:14am
Quoting Chanya
Hey Raf , You are probably out of the GBPNZD trade at BE aren't you ??? Wanna know an interesting thought ???
I was out at be some time ago
Sure, everything interesting is always welcome
I should have know, that going against you isn't best idea
take care my friend
  • #115,406
  • Aug 13, 2012 7:22am Aug 13, 2012 7:22am
Quoting SlapShot
Hey do you use fixed tp-levels like 1; 1,5 or 2R (adjusted by s/r -levels), so that ideally every trade yields the same or do you trail them?
For me its very hard to place the trailing stops, sometimes they are to far, so i give a lot of the pips back or sometimes they are too close, so im out very fast
Hey SS

Everyone will be different. I prefer to use discretion just as I do for my exits. Some trades I set a fixed tp, some trades I trail out etc. When I say trail though I do NOT use a trailing stop like a broker offers. I trail my stop manually based on S/R and price action

Best
Mike
  • #115,407
  • Aug 13, 2012 7:24am Aug 13, 2012 7:24am
Quoting mbqb11
Hey SS

Everyone will be different. I prefer to use discretion just as I do for my exits. Some trades I set a fixed tp, some trades I trail out etc. When I say trail though I do NOT use a trailing stop like a broker offers. I trail my stop manually based on S/R and price action

Best
Mike
Hello mike , Can you please provide us with your views about USD JPY ???
Human
  • #115,408
  • Aug 13, 2012 7:38am Aug 13, 2012 7:38am
Quoting Chanya
Hello mike , Can you please provide us with your views about USD JPY ???

I think 78-78.2 area is nice. Sorry that i can't be more specific, I'm using phone, so no chart either

Love to see Mike's view.

cheers
  • #115,409
  • Aug 13, 2012 7:40am Aug 13, 2012 7:40am
Quoting Chanya
Hello mike , Can you please provide us with your views about USD JPY ???
Price is holding on a nice PPZ. As with what jarroo said right now price is failing to close below the previous resistance "box" area. This is support to me. From a lower timeframe perspective we are consolidating tight. Likely a strong breakout to occur soon. We are basically boxing on top of another box

Best
Mike
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  • #115,410
  • Aug 13, 2012 8:48am Aug 13, 2012 8:48am
Quoting jarroo
That's an interesting observation HC, but I do look at both levels of the (damn) gaps of HCR/LCS levels.
Jim
HI . Why do you hate gaps so much ? I don't seem to have any problems due to them yet ... Infact , it gives me an additional confidence in the trade considering there are two levels instead of one to protect the trade ...
Human
  • #115,411
  • Aug 13, 2012 9:12am Aug 13, 2012 9:12am
Gold is in the trench between the Monthly gap at 1623.50-1619.95

Worth keeping an eye or two on.
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  • #115,412
  • Aug 13, 2012 9:30am Aug 13, 2012 9:30am
Chanya:

I saw it a little different and would have been a loss!
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  • #115,413
  • Aug 13, 2012 9:39am Aug 13, 2012 9:39am
Quoting euro_dude
Chanya:

I saw it a little different and would have been a loss!
I think it would be BE. Remember to pay attention to wicks!!!

cheers
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  • #115,414
  • Aug 13, 2012 10:29am Aug 13, 2012 10:29am
Hi folks,

Just closed off a modestly successful demo trade on dollar-swiss. I attach the chart here.

You can check out my rationale (good or bad?) at my trading journal here: http://moneyblogpost.com/2012/08/13/...-swiss-usdchf/

Appreciate any thoughts, especially from the J16 crew about how they would rate the set-up.

Thanks!
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  • #115,415
  • Aug 13, 2012 10:33am Aug 13, 2012 10:33am
Quoting dabbledave
Hi folks,

Just closed off a modestly successful demo trade on dollar-swiss. I attach the chart here.

You can check out my rationale (good or bad?) at my trading journal here: http://moneyblogpost.com/2012/08/13/...-swiss-usdchf/

Appreciate any thoughts, especially from the J16 crew about how they would rate the set-up.

Thanks!
Hey Dave

Put some notes on a chart for you if you need any more explanation let me know

Best
Mike
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  • #115,416
  • Aug 13, 2012 10:36am Aug 13, 2012 10:36am
Hi all!
My view on USD/JPY
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  • #115,417
  • Aug 13, 2012 10:38am Aug 13, 2012 10:38am
Quoting mbqb11
Hey Dave

Put some notes on a chart for you if you need any more explanation let me know

Best
Mike
PS I see you did EXACTLY that and played it tight. KUDOS to you my friend

You would make James very proud


Mike
  • #115,418
  • Aug 13, 2012 10:42am Aug 13, 2012 10:42am
Quoting mbqb11
Hey Dave

Put some notes on a chart for you if you need any more explanation let me know

Best
Mike
Hi Mike,

Thanks very much.

I figured it was a tight one and one to watch closely.

Would you bother with set ups like this? Or wait for even better ones?

Cheers

D
  • #115,419
  • Aug 13, 2012 11:36am Aug 13, 2012 11:36am
Quoting dabbledave
Hi Mike,

Thanks very much.

I figured it was a tight one and one to watch closely.

Would you bother with set ups like this? Or wait for even better ones?

Cheers

D
Hey D

I don't bother with stuff like this. I'll just watch and say where do I think price is going. In my view it's much easier to wait for ones that jump out more. But everyone has a different style and that's the good part about this stuff

Best
Mike
  • #115,420
  • Aug 13, 2012 12:15pm Aug 13, 2012 12:15pm
Quoting mbqb11
Hey SS

Everyone will be different. I prefer to use discretion just as I do for my exits. Some trades I set a fixed tp, some trades I trail out etc. When I say trail though I do NOT use a trailing stop like a broker offers. I trail my stop manually based on S/R and price action

Best
Mike
Thank you!

Does anybody have an ea that automatically sets the sl after x pips at a given price? Cause sometimes i only want to reduce my risk instead of oing to be with the sl for the whole position
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