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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

  • #125,241
  • May 8, 2013 10:01am May 8, 2013 10:01am
Quoting si mcc
{quote} Hi Mav, Thanks for the reply. What sort of % is your target a month? Was thinking if I only trade the J16 method and only a few trades come up per month then its not going to return a huge amount due to using large stops. I'm probably looking at it the wrong way though!
Hi si,
I donīt have this kind of target. I think when you set yourself target of certain number of percent per month then youīll get yourself under pressure because in order to reach you target you will have to take less quality (and more risky) trades, also if you wonīt reach your target you will be under more pressure next month because you will have to make more money to make up for previous month. So to sum up my thoughts, I donīt have set specific number I want to make every moth, if there are good opportunities in the market then Iīll take them, but if thereīs nothing tradeable for me then I will sit on my hands and do nothing. But again just my opinion, Iīm still deep in learning process

Mav
  • #125,242
  • May 8, 2013 10:27am May 8, 2013 10:27am
Hi Mav,

That sounds like good advice : ) I'm still learning too and just need to find my feet a little. I'm still reading through the huge thread to make sense of it all, I'm liking the trailing stop loss method so going to trial that for the time being and experiment with varying sizes of stop losses to see what works for me.

Si
  • #125,243
  • May 8, 2013 10:44am May 8, 2013 10:44am
Quoting si mcc
Hi Mav, That sounds like good advice : ) I'm still learning too and just need to find my feet a little. I'm still reading through the huge thread to make sense of it all, I'm liking the trailing stop loss method so going to trial that for the time being and experiment with varying sizes of stop losses to see what works for me. Si
Hi, yes, you hit the nail right on the head, in the end itīs all about whatīs working for you.
Anyway, I just remembered that Mike talked about your previous question in his webinar that he posted here, so check link.

http://www.forexfactory.com/showthre...95#post6555995

Mav
  • #125,244
  • May 8, 2013 11:10am May 8, 2013 11:10am
Nice, thanks for that!
  • #125,245
  • May 8, 2013 11:36am May 8, 2013 11:36am
Quoting mbqb11
{quote} updated chart, nice quick breakout as to be expected with such a quality TL I'm out at the major trouble area {image}
I also made a profit with this pin bar but I still don't understand too well when it's good to trade against such a strong trend and when it's not good. I took the trade because I liked the pin bar size. If the pin was smaller I wouldn't have traded it. I was also afraid of the traffic from the left.
  • #125,246
  • May 8, 2013 11:52am May 8, 2013 11:52am
Quoting si mcc
I have a question for anyone else who entered the AUD/NZD pin bar trade. What were your entries and exits? I entered at 1.2060 and had a 100 pip stop (just below the low of the pin bar). I am still in the trade and it has reached the first problem area. I still can't get my head around the fact that if I take full profit now for an 80 pip win that I have risked 100 pips to gain this. I am most likely going to take half profit and leave the rest in. I have seen previously that James has posted that he doesn't care about the R:R ratio but was wondering...
I entered 1.2085 and left 1.2121. sl was same yours. Exit the whole poz. No need to take a full bar loss. its all about money managment. Go throuh Mikes posts and you will see what I mean
If not up, then down, otherwise sideways :-)
  • #125,247
  • May 8, 2013 12:05pm May 8, 2013 12:05pm
Quoting str8
{quote} I also made a profit with this pin bar but I still don't understand too well when it's good to trade against such a strong trend and when it's not good. I took the trade because I liked the pin bar size. If the pin was smaller I wouldn't have traded it. I was also afraid of the traffic from the left.
Hey str8, for me this was a breakout trade using the pin as confluence I wanted to see the left eye hold and price to break through bearish tl where I entered at 2065 just past that traffic and rn 2050. Lining up the full story rather than just pa alone. I'm sure mike will have a much better explenation. Just sharing how I viewed the trade
  • #125,248
  • May 8, 2013 2:54pm May 8, 2013 2:54pm
Anyone watching this? Been looking at this for a while now. A retrace to the TL and I'll be looking to get in.
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  • #125,249
  • May 8, 2013 3:18pm May 8, 2013 3:18pm
Quoting Magestic
{quote} I entered 1.2085 and left 1.2121. sl was same yours. Exit the whole poz. No need to take a full bar loss. its all about money managment. Go throuh Mikes posts and you will see what I mean
Thanks for the post. I've moved my stop up t just below BRN, no doubt I will regret as everyone seems to have exited. I'm on demo and want to learn the hard way! Making my way through Mike's posts, can't realistically read the entire thread but some kind souls have sumarised the best posts so making my way through those and the vids on the guest section.
  • #125,250
  • May 8, 2013 3:31pm May 8, 2013 3:31pm
I'm looking through some recent charts and noticed this at the end of April (see chart). Would this be a good setup? I just want to get some confirmation that I'm recognising the right types of setups. Reason is due to the confluence of the fib, ema and BRN, it's also with the trend too. Thought there are a few things that would have concerned me is the PB has opened and closed below all three of these levels, and they are also mid bar rather than the top.

Any advice appreciated,

Si
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  • #125,251
  • May 8, 2013 4:08pm May 8, 2013 4:08pm
Quoting pip_la
Anyone watching this? Been looking at this for a while now. A retrace to the TL and I'll be looking to get in. {image}
Close was pretty weak on this unfortunately.
  • #125,252
  • May 8, 2013 4:10pm May 8, 2013 4:10pm
Quoting si mcc
I'm looking through some recent charts and noticed this at the end of April (see chart). Would this be a good setup? I just want to get some confirmation that I'm recognising the right types of setups. Reason is due to the confluence of the fib, ema and BRN, it's also with the trend too. Thought there are a few things that would have concerned me is the PB has opened and closed below all three of these levels, and they are also mid bar rather than the top. Any advice appreciated, Si {image}
Hey Si

Careful here that isn't a pinbar but a neutral bar. Notice the open and close are near the middle of the bar with equal "tails" sticking out of both ends. This indicates indecision in the market place

Best
Mike
  • #125,253
  • May 8, 2013 5:15pm May 8, 2013 5:15pm
Quoting pip_la
Anyone watching this? Been looking at this for a while now. A retrace to the TL and I'll be looking to get in. {image}
My chart is slightly different now. I was watching this one for a long time.
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If not up, then down, otherwise sideways :-)
  • #125,254
  • May 8, 2013 7:17pm May 8, 2013 7:17pm
Quoting Magestic
{quote} My chart is slightly different now. I was watching this one for a long time. {image}
great chart M
  • #125,255
  • May 8, 2013 7:29pm May 8, 2013 7:29pm
Quoting str8
{quote} I also made a profit with this pin bar but I still don't understand too well when it's good to trade against such a strong trend and when it's not good. I took the trade because I liked the pin bar size. If the pin was smaller I wouldn't have traded it. I was also afraid of the traffic from the left.
Yes the overall story is always the most important. No doubt I like my big bars but not every bar has to be huge. This one was a very good size being just about as big or bigger than all the bars in the "trend" that we were looking to break. The confluence of the area just made this a beauty

Best
Mike
  • #125,256
  • May 8, 2013 7:32pm May 8, 2013 7:32pm
all about confluence and story

Here is a chart to watch . Notice the fib confluence for those that like fibs. The BRN and the rising TL.

Try going through your charts and marking up these confluenced areas as we show , then wait


Mike
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  • #125,257
  • May 8, 2013 7:55pm May 8, 2013 7:55pm
Quoting mbqb11
all about confluence and story Here is a chart to watch . Notice the fib confluence for those that like fibs. The BRN and the rising TL. Try going through your charts and marking up these confluenced areas as we show , then wait Mike {image}
Here is one I am watching that is a little similar.
Hey Mike, why is the word CONFLUENCED never recognized by the spell checker? Is it not a real word? Man, it annoys me every time I type it and it is underlined in red. We need to campaign to get it recognized as a word. Haaa
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  • #125,258
  • May 8, 2013 7:58pm May 8, 2013 7:58pm
Quoting Pinbar
{quote} Here is one I am watching that is a little similar. Hey Mike, why is the word CONFLUENCED never recognized by the spell checker? Is it not a real word? Man, it annoys me every time I type it and it is underlined in red. We need to campaign to get it recognized as a word. Haaa {image} {image}
haha yea some words the spell checker stinks with

If you right click it just click add to dictionary. and BOOM! no more red squiggly lol

and nice clean chart there
  • #125,259
  • May 8, 2013 8:11pm May 8, 2013 8:11pm
Quoting mbqb11
{quote} haha yea some words the spell checker stinks with If you right click it just click add to dictionary. and BOOM! no more red squiggly lol and nice clean chart there

Oh, we can add it to the forum dictionary, thanks. Did not know that.
Yeah, looking at SPs in more depth seems to have cleared up both my head and my charts, the latter more than the former. Ha

How is the sinus infection, better I hope?
I get them and they are truly horrible.
  • #125,260
  • May 8, 2013 8:27pm May 8, 2013 8:27pm
Quoting Pinbar
{quote} Oh, we can add it to the forum dictionary, thanks. Did not know that. Yeah, looking at SPs in more depth seems to have cleared up both my head and my charts, the latter more than the former. Ha How is the sinus infection, better I hope? I get them and they are truly horrible.
still pretty bad lol. Did a video for the group yesterday and I sound like shit or I would have posted it here too lol

Tree Pollen is killin me!
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