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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

  • #117,601
  • Sep 6, 2012 10:51am Sep 6, 2012 10:51am
Quoting C-12
Just took a long on GBPUSD. The HCR lined up nicely with the daily pivot and the small 30m demand level.
Well that took off like a rocket. I'm definitely adding HCR and LCS levels to my toolbox. Never had any idea the NY close was so important.
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  • #117,602
  • Sep 6, 2012 10:56am Sep 6, 2012 10:56am
Hello to all,

I have been a member of james16group last year and loved the experience. I have been following this thread for more than 2 years on and off now and would like to thank all of you guys for the incredible help.

I entered a trade at 1.5905 since last daily candle closed above 1.59, thus a PBTCA, the 1.59 being a BRN and the trendline being broken with a close above it as you can see.
BUT, I feel like I am missing something here...

Thanks,
MontrealTrader
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  • #117,603
  • Sep 6, 2012 10:58am Sep 6, 2012 10:58am
Added some extra pairs on Fxpro (56 pairs now).

Price action works on every pair/instrument. Its about trademgt to make money.
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  • #117,604
  • Sep 6, 2012 11:01am Sep 6, 2012 11:01am
Quoting C-12
Well that took off like a rocket. I'm definitely adding HCR and LCS levels to my toolbox. Never had any idea the NY close was so important.
C-12, how are you going to manage this one? I went long on that one today too and am sitting at 50+ pips, but this is usually where I blow it because I don't know how to manage the trade.
  • #117,605
  • Sep 6, 2012 11:17am Sep 6, 2012 11:17am
Quoting Slider20
C-12, how are you going to manage this one? I went long on that one today too and am sitting at 50+ pips, but this is usually where I blow it because I don't know how to manage the trade.
I'm all out.

I was only using a 12 pip stop and my position size was larger than normal and making me wary. Didn't want to overstay my welcome.

If I was still in in my stops would probably be here. You can always re-enter again if you get taken out and that way you lock in some pips.



.. Or you could take 1/2 off and stick your stop at break even.
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  • #117,606
  • Sep 6, 2012 11:21am Sep 6, 2012 11:21am
Quoting MtlTrader
Hello to all,

I have been a member of james16group last year and loved the experience. I have been following this thread for more than 2 years on and off now and would like to thank all of you guys for the incredible help.

I entered a trade at 1.5905 since last daily candle closed above 1.59, thus a PBTCA, the 1.59 being a BRN and the trendline being broken with a close above it as you can see.
BUT, I feel like I am missing something here...

Thanks,
MontrealTrader...
Hi MT, great to see you here. What exactly do you mean? Have you seen Mike's post on GBPUSD? Here it is:
Quoting mbqb11
Here is a beauty to watch too.

I do this all day long with patterns, I love it
I think we're well-advised to handle this one with care (protect profits, move stop to BE). As Mike pointed out it may very well lose momentum soon. But if it closes above the 1.5950ish area it has a chance to take us even higher IMO.
Thanks J16, Sam Seiden, Udine and Jacko
  • #117,607
  • Sep 6, 2012 11:26am Sep 6, 2012 11:26am
Quoting C-12
I was only using a 12 pip stop and my position size was larger than normal and making me wary.
Hey C-12, but you were already in profit, weren't you? Or did you close it prematurely?
Thanks J16, Sam Seiden, Udine and Jacko
  • #117,608
  • Sep 6, 2012 11:29am Sep 6, 2012 11:29am
So the squeeze indicates a possibility that we might lose the momentum the further we get into it ?

Thanks a lot HanSolo !

Quoting HanSolo
Hi MT, great to see you here. What exactly do you mean? Have you seen Mike's post on GBPUSD? Here it is:

I think we're well-advised to handle this one with care (protect profits, move stop to BE). As Mike pointed out it may very well lose momentum soon. But if it closes above the 1.5950ish area it has a chance to take us even higher IMO.
  • #117,609
  • Sep 6, 2012 11:34am Sep 6, 2012 11:34am
Green horizontal line below is weekly LCS.
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  • #117,610
  • Sep 6, 2012 11:38am Sep 6, 2012 11:38am
Quoting HanSolo
Hey C-12, but you were already in profit, weren't you? Or did you close it prematurely?
All out now. Should have probably left some on the table to see if I could catch a runner but saw Mike's rising wedge earlier and decided to bail since price couldn't close above it.
  • #117,611
  • Sep 6, 2012 11:39am Sep 6, 2012 11:39am
DBLHC shaping up.
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  • #117,612
  • Sep 6, 2012 11:45am Sep 6, 2012 11:45am
Quoting C-12
I'm all out.

I was only using a 12 pip stop and my position size was larger than normal and making me wary. Didn't want to overstay my welcome.

If I was still in in my stops would probably be here. You can always re-enter again if you get taken out and that way you lock in some pips.



.. Or you could take 1/2 off and stick your stop at break even.
I just took the whole thing off too. I don't know what to do so I figured it'd be best to get out. Now that I'm getting a few more winners, trade management is becoming more of a problem. A good problem, but a problem nonetheless.
  • #117,613
  • Sep 6, 2012 11:50am Sep 6, 2012 11:50am
Hi! My trades for today.
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  • #117,614
  • Sep 6, 2012 11:56am Sep 6, 2012 11:56am
Hello,

I have question to all of you . I try to find hcr and lcs levels, but not every level on chart because in this case i will have s/r level on every 20 pips . So first of al i try to find swing, not just 2 candle to place s/r level and go in this way that level play until it die. So I my nzd/usd chart, I have first hcr level in lime line as nice swing. There was next test of this level, but daily candle close below so there was cause to go short. Here is first question, where and why take profit from this trade ?. next this level was PBT&CA so waiting for retest and on retest we go long. Everything is ok. Then LCS level, when waiting to go long on retest, the daily candle but there was close below, so this is PBT&CB, so waiting for retest ang go short yes ?. Ok, everything looks nice, but we are in this trade, and price reverse ... Why ? There is space on left side, why why ?.

And blue line, is there hcr level ? I think "no" but i take short , we will see.
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  • #117,615
  • Sep 6, 2012 11:58am Sep 6, 2012 11:58am
Quoting AustinWilder
Hi! My trades for today.
Human
  • #117,616
  • Sep 6, 2012 12:01pm Sep 6, 2012 12:01pm
In this already. Fairly nice bullish outside bar.
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  • #117,617
  • Sep 6, 2012 12:04pm Sep 6, 2012 12:04pm
quick question that I've seen alluded to but cannot find any solid posts on it...

Do you ever open multiple trades with the same currency? For example its looking like I want to get long on the Aussie pretty much across the board, but I know this can't be a good idea...

Do you usually pick the best one? the top two? How do you deal with this situation?
  • #117,618
  • Sep 6, 2012 12:05pm Sep 6, 2012 12:05pm
Trying to cope with sideways market. Mike, please take a look on that one. Is it ok from your point of view? Thoughts on the chart.
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If not up, then down, otherwise sideways :-)
  • #117,619
  • Sep 6, 2012 12:13pm Sep 6, 2012 12:13pm
Quoting Rosa
Hello,

I have question to all of you ....
I think there is the strong PPZ on the way of the price. I'd close my trade wrigth there. Correct me if I am wrong
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  • #117,620
  • Sep 6, 2012 12:25pm Sep 6, 2012 12:25pm
Quoting Rosa
Hello,

I have question to all of you . I try to find hcr and lcs levels, but not every level on chart because in this case i will have s/r level on every 20 pips . So first of al i try to find swing, not just 2 candle to place s/r level and go in this way that level play until it die. So I my nzd/usd chart, I have first hcr level in lime line as nice swing. There was next test of this level, but daily candle close below so there was cause to go short. Here is first question, where and why take profit from this trade ?. next this level was PBT&CA...
Hi Rosa, this is my opinion: Great places to take profit are those PPZs or prominent support/resistance lines. Where exactly I take profit depends on how much I trust a level. If I think it breaks through I put my stop behind a line where I think price won't wipe it out. If I'm not sure if price breaks through the level I usually am conservative and rather protect my profits with a tight SL or take full profit. If I think a level is gonna hold and price returns on me I will take full profit.

I think Jarroo gave us a great method to move our stops even if we're not sure what the outcome of the trade will be. Mark all the significant PPZ, HCRs, LCSs etc. on the way down and move your stop behind them after price closed on the TF you are trading on. That's one way to do it.
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Thanks J16, Sam Seiden, Udine and Jacko
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