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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

  • #119,781
  • Oct 17, 2012 2:44am Oct 17, 2012 2:44am
My trades (Sell) were in USDCAD. I can't understand yet why the USD behave differ here.
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Price Is The Best Indicator Itself.
  • #119,782
  • Oct 17, 2012 3:26am Oct 17, 2012 3:26am
Quoting Rust
Well, the bounce was there, just not enough. So in the end it turned to be a loss. I can't find anymore reasons to be in it, so I cut it for -2/3 R .
That's it
It still was i high probability trade in my view.
nobody understood this piece of art this time Rust except us two lol
all is eternal - this is good news for people who loves bad news
  • #119,783
  • Oct 17, 2012 5:09am Oct 17, 2012 5:09am
Hi Guys,

What do you think of going long at 0.9900 with a tight stop? Its at a 50% Fib level and price has rebounded a few times from this level. Or is it better to wait for a break of this level and go short?

Thanks.
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  • #119,784
  • Oct 17, 2012 5:49am Oct 17, 2012 5:49am
Quoting meshka
nobody understood this piece of art this time Rust except us two lol

That's what happens when everybody is using their complicated EA robots...they don't buy on the right place and ruin the textbook examples
  • #119,785
  • Oct 17, 2012 5:52am Oct 17, 2012 5:52am
Quoting bullzeye
Hey Rust,

good trader doesn't scare about losses, you are a good one. I like it
What can i say about the setup? Even the best one can not hold you up from a loss...

The area is still interesting for me...lets wait for confirmation
But it ruined my killing spree! It supposed to be a 7th win in a roll

And thanks for the kind words man, appreciate it
  • #119,786
  • Oct 17, 2012 5:55am Oct 17, 2012 5:55am
Quoting mbqb11
...
Instead I prefer to watch for a potential breakout(that pin could be the tip off) but I want to look for PA above this area so we can trade away from the "squeeze"

Best
Mike
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Just two words here - Thank you Mike!
I can't describe how much your teachings improved my view to the overall picture...
  • #119,787
  • Oct 17, 2012 7:21am Oct 17, 2012 7:21am
hello all,
this morning at around 1 am i placed 4 trades. 3 of them ar still running in small profit, but the one below failed. seniors and anyone else for that matter can you help me with an explanation why?

i entered on the break of that big buob with the stop on the dashed line. i wasn't expecting price to retrace the way it did and when i got home now i found that the sl had been hit.
please see attached and thank you for your input!

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  • #119,788
  • Oct 17, 2012 7:40am Oct 17, 2012 7:40am
Not a bad area to watch. Ummmm touch trade maybe??

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The Eyes Believe What They See And The Ears Believe What Others Say.
  • #119,789
  • Oct 17, 2012 7:56am Oct 17, 2012 7:56am
Mike, do u trade mostly breakouts with patterns?
If not up, then down, otherwise sideways :-)
  • #119,790
  • Oct 17, 2012 8:04am Oct 17, 2012 8:04am
Quoting Rust
Attachment

Just two words here - Thank you Mike!
I can't describe how much your teachings improved my view to the overall picture...
Did you catch the breakout Rust ?

Glad your trading is going well
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  • #119,791
  • Oct 17, 2012 8:12am Oct 17, 2012 8:12am
Quoting heaven
hello all,
this morning at around 1 am i placed 4 trades. 3 of them ar still running in small profit, but the one below failed. seniors and anyone else for that matter can you help me with an explanation why?

i entered on the break of that big buob with the stop on the dashed line. i wasn't expecting price to retrace the way it did and when i got home now i found that the sl had been hit.
please see attached and thank you for your input!

Attachment
Can't find nothing wrong with it. Sometimes it happens with the good ones, too
  • #119,792
  • Oct 17, 2012 8:13am Oct 17, 2012 8:13am
Quoting Magestic
Mike, do u trade mostly breakouts with patterns?
Hey M

No I simply take what the market gives. Sometimes the market gives a lot of patterns sometimes it swings, and sometimes we get major reversals. I just look for a story and consider breakout trading another tool I have. For example I teach my trading broken down to 4 major parts. My breakouts, my intraday, my general trading, and wick plays. But many times these are overlapping and that's just confluence/story

Hope that helps
Mike
  • #119,793
  • Oct 17, 2012 8:16am Oct 17, 2012 8:16am
Quoting heaven
hello all,
this morning at around 1 am i placed 4 trades. 3 of them ar still running in small profit, but the one below failed. seniors and anyone else for that matter can you help me with an explanation why?

i entered on the break of that big buob with the stop on the dashed line. i wasn't expecting price to retrace the way it did and when i got home now i found that the sl had been hit.
please see attached and thank you for your input!

Attachment
Hey Heaven

This wasn't a bad trade but it's important to know the market environment you are in. Trades rarely fail but the market does what it should.

If you see we are trading in a very tight channel range, so the market is likely to continue to range. If the BRN doesn't hold price would likely fail and move lower. THis is what has occurred. So there was good opportunity to cut out on this for a smaller loss

Best
MIke
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  • #119,794
  • Oct 17, 2012 8:20am Oct 17, 2012 8:20am
Quoting sg_1988
Hi S,

http://www.forexfactory.com/showthread.php?t=29052

Jim uses the 150 and 365 ema's for confluence, he has found that price reacts off both them two ema's regularly providing long term flips in s/r.

I hope going through that thread makes things a little clearer

Kind Regards
Sanil

waaoh. a golden thread. thanks Sanil
"Taking Responsibility is The Cornerstone of A Winning Attitude"
  • #119,795
  • Oct 17, 2012 8:25am Oct 17, 2012 8:25am
Quoting mbqb11
Did you catch the breakout Rust ?

Glad your trading is going well
I wish hehe
I am at the point where i try to be modest with profits. FTA is a good place for me to take it all. Too much $ lost due to big expectations. Now i prefer to see it run to the moon without me, but with some profit, than giving away nice profit or even a loss.
Only if i have a nice bigger story, that i like very much i will give it a go

All that after a good thinking over all my trades over the last several months. I already have the confidence that i can pick good trades. Now i am working on tuning down my management to extract the optimum of them!
  • #119,796
  • Oct 17, 2012 10:05am Oct 17, 2012 10:05am
thank you all for your thoughts. Mike i saw that we were in a channel and i was expecting price to continue dropping upon breaking the channel. however now i see it is developing into a pin on my feed. i will continue to watch it!.

on another note guys, any thoughts on eurjpy, audjpy and chfjpy?

best regards!
  • #119,797
  • Oct 17, 2012 12:38pm Oct 17, 2012 12:38pm
Looks like a nice area to short if we get a pin.
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  • #119,798
  • Oct 17, 2012 1:27pm Oct 17, 2012 1:27pm
Hi,
what do you think about this one ?

Regards,
Peter

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  • #119,799
  • Oct 17, 2012 1:33pm Oct 17, 2012 1:33pm
Hey Mike,
It looks good so far...I`ve just reduced my risk from 1% to 0.3%.
http://imageshack.us/a/img32/4684/nzdusd161020121.jpg
  • #119,800
  • Oct 17, 2012 4:53pm Oct 17, 2012 4:53pm
Quoting iuliu00
Hey Mike,
It looks good so far...I`ve just reduced my risk from 1% to 0.3%.
http://imageshack.us/a/img32/4684/nzdusd161020121.jpg
Great Iuliu

I got in via that 3hr buob near the breakout area

Best
Mike
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