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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

  • #119,621
  • Oct 9, 2012 4:38pm Oct 9, 2012 4:38pm
Quoting mbqb11
here are a few charts I sent out to the PF on usd/cad
updated USD/cad chart
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  • #119,622
  • Oct 9, 2012 5:27pm Oct 9, 2012 5:27pm
Quoting meshka
trade idea
I like it and entered at market after today's close. Chart is similar but I have 2 targets in mind.
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  • #119,623
  • Oct 9, 2012 6:46pm Oct 9, 2012 6:46pm
Quoting Winston Reed
But.... I tend to think this thread leans towards price action of which I see none in the trade you took. In fact you took a long (a scalp in my book) in the face of overwhelming bearish signals. I can see the lows here are in a demand area and some are quite adept at scalping in these areas. But that is not what this thread is about....I think. I am aware that there could be a reversal in this demand area but as yet there has been no clear price action to suggest a reversal is occurring or will occur (although on H4 time frame there was some...
Winston, I also enterred long this afternoon on aud....my feed on the daily looks good....your comments?
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  • #119,624
  • Oct 9, 2012 6:49pm Oct 9, 2012 6:49pm
Quoting Swede
Winston, I also enterred long this afternoon on aud....my feed on the daily looks good....your comments?

I was short this morning from the blue hcr....but changed direction....using a tight stop....
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  • #119,625
  • Oct 9, 2012 8:20pm Oct 9, 2012 8:20pm
Hi Meshka,

Just curious why the entry is in the middle of BEOB ?

Thanks
JJ





Quoting meshka
trade idea
  • #119,626
  • Oct 9, 2012 9:06pm Oct 9, 2012 9:06pm
Quoting Swede
Winston, I also enterred long this afternoon on aud....my feed on the daily looks good....your comments?
This trade has been based on a weekly close as shown. I entered this trade on a retrace of a daily BEOB but wish I would have waited for 61.8% retrace so I have endured a few uncomfortable pullbacks. So far the BEOB has not been broken to the upside so I have stuck with the trade. My SL is above the daily BEOB.

As has been pointed out we are in a not-so-fresh demand area where I believe longs are being exhausted. Certainly opportunities for long "scalps" have probably played out well for some but that is not my style. The daily closes to the upside so far have been weak IMHO.

Anyway an experiment in trading from weekly levels so we'll see how it plays out. I appreciate everyone's comments. Thanks!
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  • #119,627
  • Oct 9, 2012 10:51pm Oct 9, 2012 10:51pm
Quoting asim.iqbal
Mr. Ghous!
Can we say it also a fake out from 1.30?
Not really because price managed to close above 1.3 on the bullish bar prior to the pull back into 1.3.

The stronger fake out trades are the ones where the fake out bar does not close above/below the swing high/low.

g.
I believe . . .
  • #119,628
  • Oct 9, 2012 10:57pm Oct 9, 2012 10:57pm
Quoting Rust
So what's the lesson here ? - Mind lows/highs!
A see a lot of you guys, i really don't know why, ignore lows for closes. Closes are important sure thing, but don't forget that FX is not a centralized market. It NEVER closes!!! What this means? It means that they are no REAL closes out there (except for hourly and lower). The closes you see are your broker chopping up the price movements in pieces for your convenience I am sure you know that already, but closes differ from one broker to another, whether the time they choose to close!
In...
The blog is pretty outdated and I regret not keeping it lively. Things have changed a bit and I have dumped the "daily strategy" altogether. So I no longer take the HCR/LCS into consideration on the higher time frames. Its all about the bar lows and highs now (like the intra day strategy)

I promise to be right back though sooner than later and will be posting my live trades and updating the "How I trade part" with the latest findings.

When you set about developing a new strategy it takes a lot of trial and error and permutations and combinations to find the right fit for that consistent edge and that can take a bit of tinkering. And that's exactly what I am up to these days.

So hang on and thanks for the kind words and your interest in the blog.

g.
I believe . . .
  • #119,629
  • Oct 9, 2012 11:01pm Oct 9, 2012 11:01pm
Quoting ghous
The blog is pretty outdated and I regret not keeping it lively. Things have changed a bit and I have dumped the "daily strategy" altogether. So I no longer take the HCR/LCS into consideration on the higher time frames. Its all about the bar lows and highs now (like the intra day strategy)

I promise to be right back though sooner than later and will be posting my live trades and updating the "How I trade part" with the latest findings.

When you set about developing a new strategy it takes a lot of trial and error and permutations and combinations...
I will be checking out your blog. Sounds interesting.
  • #119,630
  • Edited 4:46am Oct 10, 2012 1:43am | Edited 4:46am
Quoting ghous
The blog is pretty outdated and I regret not keeping it lively. Things have changed a bit and I have dumped the "daily strategy" altogether. So I no longer take the HCR/LCS into consideration on the higher time frames. Its all about the bar lows and highs now (like the intra day strategy)

I promise to be right back though sooner than later and will be posting my live trades and updating the "How I trade part" with the latest findings.

When you set about developing a new strategy it takes a lot of trial and error and permutations and combinations...

It will be Great to have you back Ghous.

Are you still trading the Constrictor base type system.
  • #119,631
  • Edited 6:14am Oct 10, 2012 2:19am | Edited 6:14am
Quoting bullzeye
GBP/CHF

this was though... took me 3 weeks to get there, hit almost my first SL but then turn around

Attachment
Hey,
I think that's a horrible way to manage a trade. You let it come into 60%+ drawdown and just hoped it would reverse....??

Once it broke those lows, why assume full risk anymore? Cut your losses short (reduced SL being hit) with the chance it would have dropped hard.
I don't need easy. I just need possible.
  • #119,632
  • Oct 10, 2012 10:51am Oct 10, 2012 10:51am
Quoting Winston Reed
This trade has been based on a weekly close as shown. I entered this trade on a retrace of a daily BEOB but wish I would have waited for 61.8% retrace so I have endured a few uncomfortable pullbacks. So far the BEOB has not been broken to the upside so I have stuck with the trade. My SL is above the daily BEOB.

As has been pointed out we are in a not-so-fresh demand area where I believe longs are being exhausted. Certainly opportunities for long "scalps" have probably played out well for some but that is not my style. The daily closes to...
I bring this up again......My chart is showing a dblhc...a strong one I might add.....then the huge retrace....that is the entry in my books accoding to everything I have read so far......but just look at the difference in chart from GMT based time period to the NY based open on my chart....(midnight eastern new daily candle)....I agree your chart did not have a strong candle on the open.....
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  • #119,633
  • Oct 10, 2012 11:13am Oct 10, 2012 11:13am
Quoting DaGrizlyBull
Hey,
I think that's a horrible way to manage a trade. You let it come into 60%+ drawdown and just hoped it would reverse....??

Once it broke those lows, why assume full risk anymore? Cut your losses short (reduced SL being hit) with the chance it would have dropped hard.
well, i don't hope my friend, hope in Forex is just for the amateurs. I have a well defined SL and TP. Both fits in my trade and risk management. Why it should be horrible?
  • #119,634
  • Oct 10, 2012 12:41pm Oct 10, 2012 12:41pm
Quoting bullzeye
well, i don't hope my friend, hope in Forex is just for the amateurs. I have a well defined SL and TP. Both fits in my trade and risk management. Why it should be horrible?
Because when price closes below those lows, there is no logical reason to keep risk at 100%. Move the SL just above the previous support area (where you see fit) and this creates 2 things:

1) Reduced risk, with the SL placed behind a LOGICAL reason for the market ( S turned into R, instead the high of some random BEOB)
2) This gives you a higher RR ratio since you risk less to win the same amount.

What you did there WAS hope, whether you realize it or not. You gradually watched it go into a huge drawdown cause you were scared or (just didn't notice/think) to take a small loss when the market gave you the opportunity. (Not to mention the fact that you took that BEOB disregarding that huge Support/PPZ into which it was trading).

But ofc, this is my opinion.

GL in the future
I don't need easy. I just need possible.
  • #119,635
  • Oct 10, 2012 1:48pm Oct 10, 2012 1:48pm
Quoting DaGrizlyBull

1) Reduced risk, with the SL placed behind a LOGICAL reason for the market ( S turned into R, instead the high of some random BEOB)
2) This gives you a higher RR ratio since you risk less to win the same amount.
Reduce risk but don't compromise the story.I saw it in the last Mike`s webinar... very very good webinar!

http://imageshack.us/a/img856/9346/gbpchfa.gif

Am I correct Mike,please?
  • #119,636
  • Oct 10, 2012 1:59pm Oct 10, 2012 1:59pm
Quoting iuliu00
Reduce risk but don't compromise the story.I saw it in the last Mike`s webinar... very very good webinar!

http://imageshack.us/a/img856/9346/gbpchfa.gif

Am I correct Mike,please?
Very good Iuliu glad it helped

This is very much how you will see me trade on many trades. It's not a hard and fast rule for everyone. But it will help cut a lot of losses(they happen) short and then still keep us in logically. If we are picky enough with our trades and mgmt over time you will come out on top. I stress this a lot from my experiences that I share

Best
Mike
  • #119,637
  • Oct 10, 2012 2:14pm Oct 10, 2012 2:14pm
I also went short at the break of the BEOB on the eur/gbp. Today there are still a couple of hours to go till the close of the day, but it looks like a pin might form (see chart below). Question is: Is it better to cut the trade for a reduced risk or just let it play out?

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  • #119,638
  • Oct 10, 2012 2:31pm Oct 10, 2012 2:31pm
Quoting DaGrizlyBull
Because when price closes below those lows, there is no logical reason to keep risk at 100%. Move the SL just above the previous support area (where you see fit) and this creates 2 things:

1) Reduced risk, with the SL placed behind a LOGICAL reason for the market ( S turned into R, instead the high of some random BEOB)
2) This gives you a higher RR ratio since you risk less to win the same amount.

What you did there WAS hope, whether you realize it or not. You gradually watched it go into a huge drawdown cause you were scared or (just didn't...
everybody has a different style of placement SL and TP. Why do you think yours is logical than mine?


""..S turned into R, instead the high of some random BEOB"...well look at this crazy BEOB again, do you really think its random?

And again buddy, i had not hoped. I doesn't risk my whole account on that or something like that. And i am not a BE trader, if you know what i mean. I think if you will trade successful on daily charts your trades should have space to breathe...

but we going anywhere with this discussion, so take care

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  • #119,639
  • Oct 10, 2012 2:36pm Oct 10, 2012 2:36pm
Quoting bullzeye
everybody has a different style of placement SL and TP. Why do you think yours is logical than mine?


""..S turned into R, instead the high of some random BEOB"...well look at this crazy BEOB again, do you really think its random?

And again buddy, i had not hoped. I doesn't risk my whole account on that or something like that. And i am not a BE trader, if you know what i mean. I think if you will trade successful on daily charts your trades should have space to breathe...

but we going anywhere with this discussion,...
GL
I don't need easy. I just need possible.
  • #119,640
  • Oct 10, 2012 3:12pm Oct 10, 2012 3:12pm
Quoting iuliu00

Am I correct Mike,please?
Thanks my friend!

Off course you right. And, isn't easy to give advices after the fact? Maybe you can post a few live trades?
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