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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

  • #123,621
  • Mar 7, 2013 4:55pm Mar 7, 2013 4:55pm
Quoting toti1981
Hey, Mike!
I used your wedge plus Jarroo's PBT&CA + 1h and 4h signature for entry and exit on the Daily closes lvl (bottom one seems very strong with mulptiple daily touches. Broke hard!

Like i always say:
Mike+Jarro = a lot of pips and bamms :-)

Thank You very much, guys!

You are awsome!

toti
Way to go toti

nice trade!

Mike
  • #123,622
  • Mar 7, 2013 4:57pm Mar 7, 2013 4:57pm
Quoting forextrini1
Heys guys,

Have not been on here for about 6 months with school/work at all. I got a question...What is the longest anyone has held on to a loosing trade? I had this bad trade that I did on my demo account, it got like a big draw down but never hit my stop so I just left it and eventually forgot I even had the trade open. Then in late Feburary it hit the profit target. It was done around the Aug 5th 2012 to buy. Looking back at this trade I can see so many mistakes. Glad it was only a demo, but then again if we don't take demo trading seriously,...
Hey Trini

A lot of good lessons here. First off and the easiest thing you can learn is MM. With MM we ALWAYS have a stop and thus always know our risk. It's nice when price comes back to hit our TP, but with a strict business mindset you would never allow your capital to just openly float with what could be drastic results.

Also part of game planning a trade is understanding at what point that trade is no longer valid. This is where the stop loss comes into play and thus where position sizing and money mgmt come into play. Start defining your risk before you enter the trade that way you always know worst case scenario what you can lose. This will become the easiest part of your trading after no short time

Take care
Mike
  • #123,623
  • Mar 7, 2013 6:00pm Mar 7, 2013 6:00pm
Thanks Mike

I think I removed the stop and did leave it to float. I was too busy to keep track of it. Could have easily got a margin call had this been a live account. So I risked like $500 to make $50 in 5 months lol, does not make sense does it.
I also can point out my own mistakes.

 

  1. I entered a trade against the trend.
  2. The pair was at a major pivot 1:1
  3. Lack of Management of trade...MM
  4. Failure to look at the big picture.Look at daily and weekly charts to see what is going on.
  5. Failure to follow my own trading plan. I think I broke every rule in my plan with that trade.

New guys take notes and don't just make a plan, stick to it.

Stop thinking like a retail trader
Forextrinitrader3.0 Profit This Month: na
  • #123,624
  • Mar 7, 2013 10:59pm Mar 7, 2013 10:59pm
Dear All,

I'm a newbie and I try to learn more and come across this thread James16 Chart. I have a question as per the chart attached.

thank you all
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  • #123,625
  • Mar 8, 2013 8:11am Mar 8, 2013 8:11am
Quoting Merryweather
Dear All,

I'm a newbie and I try to learn more and come across this thread James16 Chart. I have a question as per the chart attached.

thank you all
Hey Merry

Welcome to the thread

Yep that is a DBLHC. So that is good you identified that. But we always then want to understand the location of these bars. Here is why I would not want to buy back at this area.

So this would be a great bar had it closed much higher up

Hope this helps and welcome to the thread

Mike
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  • #123,626
  • Mar 8, 2013 9:12am Mar 8, 2013 9:12am
I decided to go short here. .. .
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all is eternal - this is good news for people who loves bad news
  • #123,627
  • Mar 8, 2013 9:37am Mar 8, 2013 9:37am
Quoting meshka
I decided to go short here. .. .
That is just about as good as a pin bar will ever get...shape wise.

Unfortunately its fighting for space IMHO. I would be extremely cautious heading into the 143.00 RN which is also a proven PPZ in confluence with the 50 fib.

At the very least we know we have to keep an eye out for our trouble areas right Meshka?

g.
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I believe . . .
  • #123,628
  • Mar 8, 2013 9:46am Mar 8, 2013 9:46am
Quoting ghous
That is just about as good as a pin bar will ever get...shape wise.

Unfortunately its fighting for space IMHO. I would be extremely cautious heading into the 143.00 RN which is also a proven PPZ in confluence with the 50 fib.

At the very least we know we have to keep an eye out for our trouble areas right Meshka?

g.
I think the shape isn't great. Well I should say the close. Wick is good but it looks like it's holding on for dear life in the recent strong up move. Plus the other xxx/jpy pairs didn't close strong and we haven't got much confluence. I think these have to break hard and not look back or jump ship. In my book that is

Has a "wick" play feel to me. Feels very flimsy coming off that NFP

I'm in the when in doubt stay out for all the bars from this AM

Mike
  • #123,629
  • Mar 8, 2013 9:54am Mar 8, 2013 9:54am
Quoting mbqb11
I think the shape isn't great. Well I should say the close. Wick is good but it looks like it's holding on for dear life in the recent strong up move. Plus the other xxx/jpy pairs didn't close strong and we haven't got much confluence. I think these have to break hard and not look back or jump ship. In my book that is

Has a "wick" play feel to me. Feels very flimsy coming off that NFP

I'm in the when in doubt stay out for all the bars from this AM

Mike
yeah that 143 down there strengthens the case for your wick play Mike, but I agree these NFP bursts can be really tricky...

g.
I believe . . .
  • #123,630
  • Mar 8, 2013 9:55am Mar 8, 2013 9:55am
Quoting ghous
yeah that 143 down there strengthens the case for your wick play Mike, but I agree these NFP bursts can be really tricky...

g.
no one wants a headache on a friday right G


Mike
  • #123,631
  • Mar 8, 2013 10:00am Mar 8, 2013 10:00am
Quoting mbqb11
no one wants a headache on a friday right G


Mike
Sure! Particularly when there is a good chance it'll linger on over the much awaited weekend

g.
I believe . . .
  • #123,632
  • Mar 8, 2013 10:56am Mar 8, 2013 10:56am
german fdax is coming into a mega resistance area....
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meine augen sind die sterne
  • #123,633
  • Mar 8, 2013 10:57am Mar 8, 2013 10:57am
Quoting aserbfx
german fdax is coming into a mega resistance area....
wow that is some clean resistance there. That's going to be a great area to watch

Good eye Aser

Mike
  • #123,634
  • Edited 11:23am Mar 8, 2013 11:10am | Edited 11:23am
I would like to hear your opinions about this trade. Did anyone take it? It is buob closing above descending trendline and RN 0.93.
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  • #123,635
  • Mar 8, 2013 11:21am Mar 8, 2013 11:21am
Quoting Martin600
I wolud like to hear your opinions about this trade. Did anyone take it? It is buob closing above descending trendline and RN 0.93.
way to go Martin, saw a few people take that one

great trade you caught!

Mike
  • #123,636
  • Mar 8, 2013 11:25am Mar 8, 2013 11:25am
Quoting mbqb11
way to go Martin, saw a few people take that one

great trade you caught!

Mike
Mike,

I think this is a good example of what you mentioned in your post from earlier today:

Quote
I think these have to break hard and not look back or jump ship. In my book that is

A nice strong break, and a close above the round number, easing out the management part on the trade.

Great trade Martin!

g.
I believe . . .
  • #123,637
  • Mar 8, 2013 11:48am Mar 8, 2013 11:48am
Quoting ghous
That is just about as good as a pin bar will ever get...shape wise.

Unfortunately its fighting for space IMHO. I would be extremely cautious heading into the 143.00 RN which is also a proven PPZ in confluence with the 50 fib.

At the very least we know we have to keep an eye out for our trouble areas right Meshka?

g.
oh yeah guys... thank you for reminder... i know sometimes my trades looks crazy...lol

I like the EURCAD also.... im short on EURUSD cable EURAUD and beast, long USDCHF
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all is eternal - this is good news for people who loves bad news
  • #123,638
  • Mar 8, 2013 11:57am Mar 8, 2013 11:57am
Quoting mbqb11
Hey Merry

Welcome to the thread

Yep that is a DBLHC. So that is good you identified that. But we always then want to understand the location of these bars. Here is why I would not want to buy back at this area.

So this would be a great bar had it closed much higher up

Hope this helps and welcome to the thread

Mike
Thank you Mike, really great info. I understand much better. As shown in your pic, if it can close higher than the recent TL, it would be a good set-up for long order? Suppose it is, we then place a buy stop 10 pips above the 2nd bar? And should I place SL under both bars?
  • #123,639
  • Mar 8, 2013 12:07pm Mar 8, 2013 12:07pm
Quoting meshka
oh yeah guys... thank you for reminder... i know sometimes my trades looks crazy...lol

I like the EURCAD also.... im short on EURUSD cable EURAUD and beast, long USDCHF
Nothing wrong about taking tight trades if you know your trouble areas well.

143.00 was a crucial first target for this setup and we're there without any hiccups. What a James16er will never do is take a full bar loss from this point on

g.
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I believe . . .
  • #123,640
  • Mar 8, 2013 1:21pm Mar 8, 2013 1:21pm
Quoting ghous
Nothing wrong about taking tight trades if you know your trouble areas well.

143.00 was a crucial first target for this setup and we're there without any hiccups. What a James16er will never do is take a full bar loss from this point on

g.
great job G, on a friday like this take your pips and love them!
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