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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

  • #116,061
  • Aug 22, 2012 4:40pm Aug 22, 2012 4:40pm
Quoting haircut
The way I am demoing is that I work out how big my top loss needs to be by protecting it behind a bar high or swing point. Once I have done this I can work out the amount I am going to trade in order to stay in my money management plan.

Once I have done this I place 2 orders. I place 3/4's or say 2/3's of the trade amount for example on the first trade with stop loss set and a limit order set at the FTA so that once the price hits the FTA the trade is closed.
The second order has 1/4 or 1/3 placed on it with the stop loss but no limit order so...
Haircut,
Thanks for reply. Could I just (in my ignorance) clarify a couple of points:-

1 When you say you protect your stop loss bbehind a bar high or swing point, do you regularly put the stop behind the bar which makes the breakthrough.
2 Could you clarify what placing the limit order at the fta means and how this closes the first trade. e.g. if you place a buy order at say 1.0010 and fta is 1.0050, is it a buy limit or sell limit you place at 1.0050?

Many thanks for your help.
M
  • #116,062
  • Aug 22, 2012 4:50pm Aug 22, 2012 4:50pm
I use FX Pro Meta Trader as my broker. I have been trying to load an expert advisor which I downloaded into my platform so I saved it in the experts folder of my program files. It will not however show up under my expert advisors in the navigator window, but it shows up in the meta editor. I spoke to my broker asking for assistance and they said I possibly need to compile it from the meta editor and if that didn't work (which it didn't), I should try an ea forum which I don't want to do. Has anyone else come across this problem?

Thanks
M
  • #116,063
  • Aug 22, 2012 4:52pm Aug 22, 2012 4:52pm
EURAUD anyone?

EDIT: I was thinking a short, but my previous notes are saying wait for pullback for long. Maybe this signal is not so clear what to do..what do you think? It seems like it may be treating that BRN as a nice pullback spot for a kind of PBT trade, but its also a bearish little pin
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  • #116,064
  • Aug 22, 2012 4:59pm Aug 22, 2012 4:59pm
Quoting millions
I use FX Pro Meta Trader as my broker. I have been trying to load an expert advisor which I downloaded into my platform so I saved it in the experts folder of my program files. It will not however show up under my expert advisors in the navigator window, but it shows up in the meta editor. I spoke to my broker asking for assistance and they said I possibly need to compile it from the meta editor and if that didn't work (which it didn't), I should try an ea forum which I don't want to do. Has anyone else come across this problem?

Thanks
M
whats the data file ? .mq4 or .ex4 ?
Hero calls followed by margin calls...
  • #116,065
  • Aug 22, 2012 5:13pm Aug 22, 2012 5:13pm
Possible trade oppurtunity with Daily Gold. We have a descending triangle with a possible third touch of the trendline coming up. Let's see what happens.

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  • #116,066
  • Aug 22, 2012 5:13pm Aug 22, 2012 5:13pm
Quoting haircut
The way I am demoing is that I work out how big my top loss needs to be by protecting it behind a bar high or swing point. Once.......
Hi Haircut,

Good post.

I'm interested in catching a few runners, I have no problems in picking entries, it's the entire trade management thing/ideal times to exit that is the psychological issue at this stage.

I have a demo account with oanda - if my thinking is clear here, I can bet a total position of say £100 (for examples sake), and close it in 2 increments i.e. £60 (at FTA) and allow £40 to run free from BE stops placed at the FTA..

I like the format you have described here - thinking in terms of r/r seems too restrictive. Why close a winner, when we can allow something to grow and grow (for free, effectively)?

Could you expand on the 'never take a full bar loss'? You never, for example - allow your stops to get hit, or if your stop is more than 50% of the way down - you kill the trade?

Cheers...
  • #116,067
  • Aug 22, 2012 5:18pm Aug 22, 2012 5:18pm
Quoting deltaskelta
EURAUD anyone?

EDIT: I was thinking a short, but my previous notes are saying wait for pullback for long. Maybe this signal is not so clear what to do..what do you think? It seems like it may be treating that BRN as a nice pullback spot for a kind of PBT trade, but its also a bearish little pin
Was going to ask what you were thinking, but saw your edit. My thoughts...

My feed isn't actually a pin. Tuesday's bar was a DBLHC that broke through resistance, which is now likely to act as support. The DBLHC ended up going straight to the FTA, which was close. I see price currently trapped between pretty close S/R and wouldn't be suprised to see some consolidation there. Trading in this tight space requires too tight of management for my style and I don't see much of "story" on the pair, so I will pass here. If my arme were twisted, I would prefer your long scenario - pull back to the expected support before - which would bacically be a retrace entry of the daily DBHLC.
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  • #116,068
  • Aug 22, 2012 5:22pm Aug 22, 2012 5:22pm
Quoting PhAnTi'
whats the data file ? .mq4 or .ex4 ?
Phanti,
Ex4

Thanks
M
  • #116,069
  • Aug 22, 2012 5:27pm Aug 22, 2012 5:27pm
Hi! What do you think about this?
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  • #116,070
  • Aug 22, 2012 5:28pm Aug 22, 2012 5:28pm
Quoting Rosco_P
Possible trade oppurtunity with Daily Gold. We have a descending triangle with a possible third touch of the trendline coming up. Let's see what happens.

Attachment
Just curious as to how you would enter here.....would you be playing the touch of the descending TL? Or waiting for PA confirmation?

I would be afraid that shorting here would be right back into what I see as a pretty significant PPZ. Also there seems to be a long time between touches and not much other confluence for short (to me anyway). NOw a huge BEOB of the TL like the last touch might be enough story to enter.
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  • #116,071
  • Aug 22, 2012 5:42pm Aug 22, 2012 5:42pm
Quoting Donkey
Just curious as to how you would enter here.....would you be playing the touch of the descending TL? Or waiting for PA confirmation?

I would be afraid that shorting here would be right back into what I see as a pretty significant PPZ. Also there seems to be a long time between touches and not much other confluence for short (to me anyway). NOw a huge BEOB of the TL like the last touch might be enough story to enter.
I won't be shorting in this area, and will be waiting for PA confirmation, if we get any. Not doing any touch trading at this time, maybe here in a few months.

Like you said a nice BEOB or maybe a above average pinbar would do the trick, but only if the spacing is good. Would be using that PPZ area you highlighted as the FTA.
  • #116,072
  • Aug 22, 2012 5:45pm Aug 22, 2012 5:45pm
I'm long at eur/usd
It breaks a very important resitence level.
I think it will go up to next resistence level in next days.
Daily chart
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  • #116,073
  • Aug 22, 2012 5:51pm Aug 22, 2012 5:51pm
Quoting Rosco_P
I won't be shorting in this area, and will be waiting for PA confirmation, if we get any. Not doing any touch trading at this time, maybe here in a few months.

Like you said a nice BEOB or maybe a above average pinbar would do the trick, but only if the spacing is good. Would be using that PPZ area you highlighted as the FTA.
....Sounds very logical to me. Too bad that touch isn't at BRN like the 1700.00, would add a little more story.
  • #116,074
  • Aug 22, 2012 5:58pm Aug 22, 2012 5:58pm
Quoting Kalap
Hi! What do you think about this?
Welcome Kalap. There is a lot of traffic fo short right there for my taste. I don't really see a PA bar on my feed. What is your reason for entering here?
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  • #116,075
  • Aug 22, 2012 7:00pm Aug 22, 2012 7:00pm
my setup for today..
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all is eternal - this is good news for people who loves bad news
  • #116,076
  • Aug 22, 2012 7:57pm Aug 22, 2012 7:57pm
Quoting meshka
my setup for today..
You are trading directly to a weeakly suport zone!
I only go short when prices break this suport zone.
Look to this weeakly chart, you can see a perfect suport zone.
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  • #116,077
  • Aug 22, 2012 11:02pm Aug 22, 2012 11:02pm
Maybe another possible set-up for this week. Does this look like an inverted head and shoulders pattern to anyone or am I imagining this?

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  • #116,078
  • Aug 22, 2012 11:21pm Aug 22, 2012 11:21pm
I think it was a good entry

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  • #116,079
  • Aug 22, 2012 11:52pm Aug 22, 2012 11:52pm
Quoting meshka
my setup for today..
thats why i sometimes dont like the LCS trades etc.... you sold right at demand... dont you wait for a break of the lows and sell the retest ?

best,
Jonas
Hero calls followed by margin calls...
  • #116,080
  • Aug 23, 2012 12:59am Aug 23, 2012 12:59am
According to my analysis The Euro will take a drop from here. Lets see.
Because 1.2600 will be a resistance area.
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Price Is The Best Indicator Itself.
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