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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

  • #119,361
  • Oct 3, 2012 3:22am Oct 3, 2012 3:22am
Quoting patapouer
Hi guys,

I got a question regarding Buy/Sell limit orders.

Basically, you put these orders when anticipating a retest of a S/R, HCR/LCS, etc.

For example, I put a Buy limit order on GBPAUD after PBTCA daily HCR at 1.56 RN, thinking price would retest the RN before moving up.
Well, obviously, price didn't, and moved up to the 1st and now 2nd trouble areas boxed in the chart.

How do you deal with that?
I know that, as one said earlier, better safe than sorry (something like I'd better not be in a trade I wish I would than being in a trade...
In this situation I would wait for price coming back to HCR to retest it. if not let it ride freely we always have few other pairs to watch. and the 1.6000-6100 is nice boxed level next to watch. now price pushing higher strongly but soon the bulls should lost the ground and it should retrace back. then You can watch precisely for long opportunity . Jumping now in such move naked with market order protected by large stp is killing your ROI most of the time.
all is eternal - this is good news for people who loves bad news
  • #119,362
  • Oct 3, 2012 3:35am Oct 3, 2012 3:35am
Quoting meshka
In this situation I would wait for price coming back to HCR to retest it. if not let it ride freely we always have few other pairs to watch. and the 1.6000-6100 is nice boxed level next to watch. now price pushing higher strongly but soon the bulls should lost the ground and it should retrace back. then You can watch precisely for long opportunity . Jumping now in such move naked with market order protected by large stp is killing your ROI most of the time.
Thanks a lot for your reply, Meshka

Basically, you say "no need to rush, let the price behave the way we can catch it".

Right, I can understand this. Me and my damn impatience...
Slow & steady
  • #119,363
  • Oct 3, 2012 4:23am Oct 3, 2012 4:23am
H4 signature at the monthly level.
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  • #119,364
  • Oct 3, 2012 4:27am Oct 3, 2012 4:27am
Quoting patapouer
Thanks a lot for your reply, Meshka

Basically, you say "no need to rush, let the price behave the way we can catch it".

Right, I can understand this. Me and my damn impatience...
I'm still demoing touch trading, so not posting such trades, but this one deserves a look. All in the sense of that patience we are talking here

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  • #119,365
  • Oct 3, 2012 5:38am Oct 3, 2012 5:38am
german linde seems interesting...
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meine augen sind die sterne
  • #119,366
  • Oct 3, 2012 6:48am Oct 3, 2012 6:48am
  •  BlazG
  • | Joined Jul 2012 | Status: Trading with Family Savings | 19 Posts
Is anyone here trading exclusively on weekly time frames? I guess it takes a lot more patience, but is it worth waiting for "more reliable" setups?

Blaz
  • #119,367
  • Oct 3, 2012 8:13am Oct 3, 2012 8:13am
Quoting BlazG
Is anyone here trading exclusively on weekly time frames? I guess it takes a lot more patience, but is it worth waiting for "more reliable" setups?

Blaz
Hey Blaz

Nothing wrong with trading just the weekly, especially if time permits you not to be able to check your charts as frequently. I would say reliability really doesn't come with the timeframe as much as being able to decipher the information. This is why starting on daily/weekly is stressed here to build that ability and give oneself enough time to process the information.

I think those that have time/work commitments and can't watch both daily/weekly should watch at least the weekly and heck if youc an't do that the monthly

Best
MIke
  • #119,368
  • Oct 3, 2012 8:25am Oct 3, 2012 8:25am
Quoting meshka
chart
Looks loke a truck
If not up, then down, otherwise sideways :-)
  • #119,369
  • Oct 3, 2012 10:44am Oct 3, 2012 10:44am
Mike, Would really appreciate your opinion on this area of interest. If we get a decent PA formation here for a long ...

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Cheers
Dan
  • #119,370
  • Oct 3, 2012 11:50am Oct 3, 2012 11:50am
Quoting dan89
Mike, Would really appreciate your opinion on this area of interest. If we get a decent PA formation here for a long ...

Attachment

Cheers
Dan
Hey Dan

Absolutely price has proven this is support in the past. Good PA would be a strong indication of that as well. But now beyond that we have to keep taking the story further and understand the market conditions. Price is boxing. Thus we are in consolidation and thus price is sideways. So we must take that into consideration when examining the PA signals as well as how to manage that PA

Likewise if price gets under this box that support has a great chance of turning into resistance. Simple PPZ + Boxing here

Best
Mike
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  • #119,371
  • Edited 12:17pm Oct 3, 2012 11:58am | Edited 12:17pm
Quoting mbqb11
Hey Dan

Absolutely price has proven this is support in the past. Good PA would be a strong indication of that as well. But now beyond that we have to keep taking the story further and understand the market conditions. Price is boxing. Thus we are in consolidation and thus price is sideways. So we must take that into consideration when examining the PA signals as well as how to manage that PA

Likewise if price gets under this box that support has a great chance of turning into resistance. Simple PPZ + Boxing here

Best
Mike
oh ok . So looking for a long off this area is not that great. Better to look for a short when price gets below it.... Did it again

Mike can you do me a big favour and please post your key levels to watch for PA on a few of the Major pairs, even just 3 - 4 charts. Ive got what I think are decent levels on my charts but would like to compare.

Dan
  • #119,372
  • Oct 3, 2012 12:33pm Oct 3, 2012 12:33pm
Quoting dan89
oh ok . So looking for a long off this area is not that great. Better to look for a short when price gets below it.... Did it again

Mike can you do me a big favour and please post your key levels to watch for PA on a few of the Major pairs, even just 3 - 4 charts. Ive got what I think are decent levels on my charts but would like to compare.

Dan
here are a few charts I sent out to the PF on usd/cad
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  • #119,373
  • Oct 3, 2012 12:42pm Oct 3, 2012 12:42pm
Quoting dan89
oh ok . So looking for a long off this area is not that great. Better to look for a short when price gets below it.... Did it again
Dan
No. You are spot on. You just have to take into account that price is in the box. E.g. You can take some profit in FTA and move your stop soon. You just have to monitor the trade closely, because there is not much space. Or you can just take full profit at first target... as long as the target is not at moon.

Mike likes to trade outside the box, but there is nothing wrong trading inside the box.
  • #119,374
  • Oct 3, 2012 12:45pm Oct 3, 2012 12:45pm
Quoting BlazG
Is anyone here trading exclusively on weekly time frames? I guess it takes a lot more patience, but is it worth waiting for "more reliable" setups?

Blaz
Hey Blaz- I trade only weekly setups, and have been extremely successful recently. I started trading only Daily and Weekly charts following James16's advice, but found that my trades on the weekly time frame were more consistently positive.

The patience thing is subjective. I actually find it takes more patience to trade daily and lower TFs because you tend to look at the charts all the time and I find that gives me an itchy trigger finger.

With the weekly charts I set up entries and just let them run, checking my charts 1-2 times a day for 15 minutes. I started trading Weekly about half way through this balance chart, and you can see how the equity curve has smoothed out.

Like anything though, it's subjective. The weekly seems to suit me extremely well, but it will drive others crazy. You might want to try having a couple of demo accounts and trading one exclusively on the weekly time frame. Or conversely, just make journal notes as to what TF the entry was based on.
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  • #119,375
  • Oct 3, 2012 12:52pm Oct 3, 2012 12:52pm
Quoting mbqb11
here are a few charts I sent out to the PF on usd/cad
Thank you for the charts Mike. I was just looking at this level and was wondering why this nice looking BEOB at this same level failed not too long ago: Chart below.

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Could you post a few more charts with the key levels, I need to know if im looking at the correct levels or just ones that are pretty useless.

Thank you
Dan
  • #119,376
  • Oct 3, 2012 1:04pm Oct 3, 2012 1:04pm
Quoting dan89
Thank you for the charts Mike. I was just looking at this level and was wondering why this nice looking BEOB at this same level failed not too long ago: Chart below.

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Could you post a few more charts with the key levels, I need to know if im looking at the correct levels or just ones that are pretty useless.

Thank you
Dan
Hey Dan

That beob worked out fantastically well. Check out the charts I posted. Where did price go?


Best
Mike
  • #119,377
  • Oct 3, 2012 1:05pm Oct 3, 2012 1:05pm
Quoting Barefoot
Hey Blaz- I trade only weekly setups, and have been extremely successful recently. I started trading only Daily and Weekly charts following James16's advice, but found that my trades on the weekly time frame were more consistently positive.

The patience thing is subjective. I actually find it takes more patience to trade daily and lower TFs because you tend to look at the charts all the time and I find that gives me an itchy trigger finger.

With the weekly charts I set up entries and just let them run, checking my charts 1-2 times a day for...
fantastic!
  • #119,378
  • Oct 3, 2012 1:08pm Oct 3, 2012 1:08pm
Quoting mbqb11
Hey Dan

That beob worked out fantastically well. Check out the charts I posted. Where did price go?


Best
Mike
it went to the trendline. So is RR irrelevent to you. As in would you take a trade where first target is say 0.3% and risk is 1-2% ?

Thanks
Dan
  • #119,379
  • Oct 3, 2012 1:11pm Oct 3, 2012 1:11pm
Quoting dan89
it went to the trendline. So is RR irrelevent to you. As in would you take a trade where first target is say 0.3% and risk is 1-2% ?

Thanks
Dan
Hey Dan

I often don't know my R:R as my trades are not set and forget. Some might be but many are about managing my risk and managing my trades logically. Often my risk is not full 2% either as once you reduce your stop loss youa re taking risk off the table. This means my R:R is often dynamic

Here are some posts on R:R for you
http://www.forexfactory.com/showthre...46#post3909546
http://www.forexfactory.com/showthre...88#post3909588

R:R is generally a very misunderstood concept in trading. It's what works that matters. What makes money in the long run. R:R for any one trade is too small a window to generalize

Best
Mike
  • #119,380
  • Oct 3, 2012 1:16pm Oct 3, 2012 1:16pm
i am watching this aud/jpy setup. my favorite scenario would be a positive close to get a nice looking pinbar.
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