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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

  • #125,261
  • May 8, 2013 8:29pm May 8, 2013 8:29pm
Hi Mike , Pinbar,
Thanks for the charts and material, will be practicing this!
  • #125,262
  • May 8, 2013 8:33pm May 8, 2013 8:33pm
Quoting mbqb11
{quote} 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!

Oh, pollen is the cause.
Which pollen is the culprit, you isolate it?

You tried those new pollen blockers in spray form.
  • #125,263
  • May 8, 2013 8:36pm May 8, 2013 8:36pm
never knew I had allergies till yesterday, thought pink eye was coming back but I was sneezing like crazy.
  • #125,264
  • May 8, 2013 9:07pm May 8, 2013 9:07pm
would this be correct? pa at the 8400 fib confl. tl. ?
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  • #125,265
  • May 8, 2013 9:13pm May 8, 2013 9:13pm
Quoting 4xjoema
would this be correct? pa at the 8400 fib confl. tl. ?{image}
Hey Joe

Your second fib for me isn't relevant. Some will say it is but I like nice obvious swing points. Your larger first one for me makes sense.

I think that rising TL is just over kill too.


For me I think price is wedging around the BRN and that's enough information for me to wait and see

Best
Mike
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  • #125,266
  • May 8, 2013 9:25pm May 8, 2013 9:25pm
Quoting mbqb11
{quote} Hey Joe Your second fib for me isn't relevant. Some will say it is but I like nice obvious swing points. Your larger first one for me makes sense. I think that rising TL is just over kill too. For me I think price is wedging around the BRN and that's enough information for me to wait and see Best Mike {image}
Thanks mike, that was how I had my chart before, as a wedge. should of left it that way.
  • #125,267
  • May 8, 2013 10:20pm May 8, 2013 10:20pm
What do you guys think about this pinbar i'm pesently long in.
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  • #125,268
  • May 8, 2013 10:22pm May 8, 2013 10:22pm
Hello All,

I had been watching GBPCHF for last few days. Just took a short based on the pinbar looking thing on May 7. So far the daily bar has closed below the support line at 1.4530. I know this setup is far from perfect but I have been trading these "daily bar close" above/below S/R zones for few months with some success.

Would love to hear your opinion about this.

Peace!
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  • #125,269
  • May 8, 2013 10:38pm May 8, 2013 10:38pm
Here look at this chart.

Market is prob still bearish because of declining trend line.

Although there is a higher low in the trend i'll put my money on it's bearish.
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  • #125,270
  • May 8, 2013 10:43pm May 8, 2013 10:43pm
Quoting Fx-chriz
What do you guys think about this pinbar i'm pesently long in. {image}
Hey chriz, just something to note. Its located just above a bit of resistance (right where the SL is) and with the confluence, seems a good trade so far. It has a qualifying shape, and the eyes look cute too. However, IMO, the SL is a bit close. Usually, I'm a bit more comfortable with the SL placed below the nose. This in return gives a bit more "wiggle room" as the average daily range looks a bit more than the width of your stop. If you don't understand, I can post up a chart. Of course, I can also be wrong...

Nice work sticking to the higher time frames BTW.
  • #125,271
  • May 8, 2013 10:46pm May 8, 2013 10:46pm
Quoting springger
{quote} Hey chriz, just something to note. Its located just above a bit of resistance (right where the SL is) and with the confluence, seems a good trade so far. It has a qualifying shape, and the eyes look cute too. However, IMO, the SL is a bit close. Usually, I'm a bit more comfortable with the SL placed below the nose. This in return gives a bit more "wiggle room" as the average daily range looks a bit more than the width of your stop. If you don't understand, I can post up a chart. Of course, I can also be wrong... Nice work sticking to...
I was going for a more aggressive trade on this one, but I usually do put my stops above the nose. But not today, thanks for input.
  • #125,272
  • Edited 11:09pm May 8, 2013 10:54pm | Edited 11:09pm
Quoting Fx-chriz
What do you guys think about this pinbar i'm pesently long in. {image}
Watch out for the consolidation its going into.
Has a distinct lack of space about it.
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  • #125,273
  • May 8, 2013 11:47pm May 8, 2013 11:47pm
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}
Hi Mike, this entry was excellent = pinbar, round number, major support and macd divergence for whoose use it.
After the initial breakout, it make an pull back, retest the trend line it broke and now we have an nice pinbar again in H4.
Very good setup, what do you think ?
thanks
Greg
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  • #125,274
  • May 9, 2013 2:23am May 9, 2013 2:23am
Quoting mbqb11
{quote} 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
Thanks Mike. I thought so, still more studying to do!
  • #125,275
  • May 9, 2013 2:34am May 9, 2013 2:34am
Hello everyone, I need some help.
how can I figure out which is the correct level to position the Stoploss between 1.8358 weekly and 1.8380 daily?
http://i1243.photobucket.com/albums/...ps3e173b92.jpg
  • #125,276
  • May 9, 2013 3:32am May 9, 2013 3:32am
Quoting GiovanniV
Hello everyone, I need some help. how can I figure out which is the correct level to position the Stoploss between 1.8358 weekly and 1.8380 daily? {image}
The stop loss should be figured out before entering a trade so that, you can work out how much you could possibly lose.
And also, the SL will be decided by the number of lots you entered and your risk ratio applied to your account size.
  • #125,277
  • May 9, 2013 5:56am May 9, 2013 5:56am
Thanks Pinbar,
my trade is already locked in profit and still running. My question was about the proper trade management and, in particular, about how to choose the right protection profit level.
  • #125,278
  • May 9, 2013 8:37am May 9, 2013 8:37am
Quoting Fx-chriz
What do you guys think about this pinbar i'm pesently long in. {image}
Hey Chriz

I am guessing that is oandas feed hence why our feeds are so different. But information is the same. Notice the tight box we are in, with the midpoint of the box being a major BRN with a major flip to trade back into. This is why traffic bars give new traders so much trouble and I recommend learning to trade pinbars with more space first


Best
Mike
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  • #125,279
  • May 9, 2013 8:40am May 9, 2013 8:40am
Quoting Cricketer
Hello All, I had been watching GBPCHF for last few days. Just took a short based on the pinbar looking thing on May 7. So far the daily bar has closed below the support line at 1.4530. I know this setup is far from perfect but I have been trading these "daily bar close" above/below S/R zones for few months with some success. Would love to hear your opinion about this. Peace! {image}
Hey Cricketer

This one is very similar to the above situation on nzd/usd. Although I like the gbp/chf bar formation better the boxing and traffic effect in here often make these tricky and/or difficult to manage especially trading back into a BRN. Could chop around for a bit if you are ok with that but that area is strong too. Here was my chart on this one

http://www.forexfactory.com/showthre...42#post6663842

Notice right where price went and stalled


Best
Mike
  • #125,280
  • May 9, 2013 9:15am May 9, 2013 9:15am
Quoting mbqb11
{quote} Hey Cricketer This one is very similar to the above situation on nzd/usd. Although I like the gbp/chf bar formation better the boxing and traffic effect in here often make these tricky and/or difficult to manage especially trading back into a BRN. Could chop around for a bit if you are ok with that but that area is strong too. Here was my chart on this one http://www.forexfactory.com/showthre...42#post6663842 Notice right where price went and stalled Best Mike

Thank you Mike! I never understood where you get all the free time to help us out

I closed the trade with few pips earlier this morning.

I want to ask you about a MM question. I have been averaging around 2-4% gains per month. Using a 100:1 mini leverage account. I watch around 24 pairs every day for an hour and aim for 5-6 trades a month yielding around 300-400 pips using 1% position size (100 pips = 1% so basically no leverage).

Do you think that I should reduce position size and try to get more pips to keep ROI at 4% or I should decrease number of trades and increase position size ?

Thanks mate!
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