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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

  • #126,641
  • Jul 5, 2013 2:48am Jul 5, 2013 2:48am
Quoting patapouer
{quote} Thanks buddy, yep, it can't be that simple, can it? {quote} Thank you Steve, I do totally adhere to what you say. I have followed your discussion with Jim about targets and SFP, and I have the feeling there is something to dig here. And the fact that Tom, Jarroo, Ghous - and you! have dedicated time and energy to this emphasize its importance BUT this is the exact reason why I don't want to work on this now I first want to practice. I'm quite pragmatic, and I put practice before theory. It has always worked better for me than the...

I hear you and practice is exactly what, we are doing, by research I mean practical application.

Take your time and feel free to pop over and post your setups anytime.
  • #126,642
  • Jul 5, 2013 3:49am Jul 5, 2013 3:49am
Quoting Pinbar
{quote} I hear you and practice is exactly what, we are doing, by research I mean practical application. Take your time and feel free to pop over and post your setups anytime.
We're on the same page
R&d,practice, trial and error, then progress. Thank you for your words on encouragement!
Slow & steady
  • #126,643
  • Jul 5, 2013 3:53am Jul 5, 2013 3:53am
Quoting str8
{quote} Thanks for the answer. I've put this question because all my daily trades that I have lost because the pending orders opened and retraced immediately without giving me the possibility to at least move to break even where opened either during Asia session either late Friday.If I would have waited until Europe session the trades wouldn't have been opened.
Hi,
Can't tell you for sure...
Where was your SL? Your fta? Where did you plan to take profit ? To move your stop to be ? Or to reduce your risk?
Maybe you could post some of these setups ?
Can't tell you I will have an answer but maybe a more advanced trader could shade some light....
Slow & steady
  • #126,644
  • Jul 5, 2013 4:10am Jul 5, 2013 4:10am
Does anyone know if there is a keyboard short cut to switch between charts in Metatrader 4?
  • #126,645
  • Jul 5, 2013 5:14am Jul 5, 2013 5:14am
Quoting patapouer
{quote} Hi, Can't tell you for sure... Where was your SL? Your fta? Where did you plan to take profit ? To move your stop to be ? Or to reduce your risk? Maybe you could post some of these setups ? Can't tell you I will have an answer but maybe a more advanced trader could shade some light....
All of them were not very good. I usually put my stop loss at the other side of the bar. I didn't have the opportunity to trail my stop to break even or a small loss because when Europe session started price immediately reversed against me and I took a full bar lose. I guess it doesn't have much importance if you enter on Asia session or not if you only take good trades but if I would have waited for Europe session the pending orders wouldn't have opened and I would have canceled them.
  • #126,646
  • Jul 5, 2013 5:19am Jul 5, 2013 5:19am
  •  sg_1988
  • | Joined Dec 2011 | Status: Cause I'm P*ssed Off For Greatness | 70 Posts
Quoting bee24
Does anyone know if there is a keyboard short cut to switch between charts in Metatrader 4?
Hey Bee,

I think you could try Ctrl+F6 to switch between the charts on MT4, been a while since I last used MT4 though. Hope it works.

Kind Regards
Sanil
  • #126,647
  • Jul 5, 2013 5:24am Jul 5, 2013 5:24am
Quoting sg_1988
{quote} Hey Bee, I think you could try Ctrl+F6 to switch between the charts on MT4, been a while since I last used MT4 though. Hope it works. Kind Regards Sanil
Oh nice, it does work, but it does not go in the order I would like it too, but I'll figure it out. It saves a lot of clicking, thank you!
  • #126,648
  • Jul 5, 2013 7:30am Jul 5, 2013 7:30am
Quoting bee24
Does anyone know if there is a keyboard short cut to switch between charts in Metatrader 4?
Hi, I know your question was already answered by sg 1988. I just thought I post link to thread with some other MT4 shortcuts, maybe it will be useful for someone

http://www.forexfactory.com/showthread.php?t=125642

Mav
  • #126,649
  • Jul 5, 2013 9:09am Jul 5, 2013 9:09am
Hi there,


I'm posting this chart with a view of obtaining opinions of whether this is a good trade or not. Apologies for the dealy in uploading it, but unfortunately work got in the way! However, I'm really to see whether my thoughts were valid or not:


Daily price is on a general uptrend.
BRN of 0.86 is a pivot point and has been tested a number of times.
The 60 SMA is on its way up.
The current candle has now broken through the BRN and if continues will have lots of space around.

Thanks, Dave
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  • #126,650
  • Jul 5, 2013 9:39am Jul 5, 2013 9:39am
An BUOB i played. box breakout type setup...


jon
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PATIENCE... DISCIPLINE
  • #126,651
  • Jul 5, 2013 9:42am Jul 5, 2013 9:42am
the gb turned out nice also...


jon
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PATIENCE... DISCIPLINE
  • #126,652
  • Jul 5, 2013 10:40am Jul 5, 2013 10:40am
Quoting g_j_hook@yah
the gb turned out nice also... jon {image}
this pair (along with gbp/jpy) is the devil. moves 100 pips in minutes. i like to trade it.
good trade, btw.
meine augen sind die sterne
  • #126,653
  • Jul 5, 2013 12:46pm Jul 5, 2013 12:46pm
Hope everyone had an awesome 4th that celebrated(we still love our friends over the pond)! I went down to see the Macy fireworks here in NYC. Always fun but man was it hot!

continuation bars in my eyes should always be learned after the classic way we teach to trade outside bars

But they are great when in the right spot. Look at this massive buob engulfing a large range and closing above that importan previous box. Anyone know the best part about a trade like this?

I closed this one out
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  • #126,654
  • Edited 3:09pm Jul 5, 2013 2:47pm | Edited 3:09pm
Hi Mike

Please forgive me if I'm wrong, but is the best part the fact that you can eliminate most of your risk on this trade very quickly because we know the top of the box (former resistance) should act as support. If price goes much below the top of the box then the probability of the trade diminishes quickly, and so we can close out for a small loss?
  • #126,655
  • Jul 5, 2013 3:50pm Jul 5, 2013 3:50pm
Quoting g_j_hook@yah
the gb turned out nice also... jon {image}
Hi jon!

Have you (or anyone else) considered to squeeze the last pip out of a trade? Here I mean that of taking TP i would give up X (a VERY small number of pips - here like 5 or so) and moving your stop there - cause then you might get like +20-30 pips with a move..
Its something i will test soon and im just asking if you or any of you - have any experience with that...

Cheers, Have a nice weekend
Stephen
It's all psychology...
  • #126,656
  • Jul 5, 2013 5:23pm Jul 5, 2013 5:23pm
Quoting aserbfx
{quote} this pair (along with gbp/jpy) is the devil. moves 100 pips in minutes. i like to trade it. good trade, btw.
yeah man, the gb/yen is hard for me to trade. it doesnt play ball!! it not as technical as say the eu/gb or gold. at least the gb/nz plays ball a little better.


jon
PATIENCE... DISCIPLINE
  • #126,657
  • Jul 5, 2013 5:29pm Jul 5, 2013 5:29pm
Quoting mbqb11
Hope everyone had an awesome 4th that celebrated(we still love our friends over the pond)! I went down to see the Macy fireworks here in NYC. Always fun but man was it hot! continuation bars in my eyes should always be learned after the classic way we teach to trade outside bars But they are great when in the right spot. Look at this massive buob engulfing a large range and closing above that importan previous box. Anyone know the best part about a trade like this? I closed this one out {image}
nice trade

im guessing but.. space??


jon
PATIENCE... DISCIPLINE
  • #126,658
  • Jul 5, 2013 5:38pm Jul 5, 2013 5:38pm
Quoting LamerTrader
{quote} Hi jon! Have you (or anyone else) considered to squeeze the last pip out of a trade? Here I mean that of taking TP i would give up X (a VERY small number of pips - here like 5 or so) and moving your stop there - cause then you might get like +20-30 pips with a move.. Its something i will test soon and im just asking if you or any of you - have any experience with that... Cheers, Have a nice weekend Stephen
I suppose it depends on how many times your gonna give away 5-10 pips to make the extra 30?? it might come in handy if price runs away?
The problem i see is that if your closing out a trade your probably gonna use a PPZ etc as your target. If thats so price is likely to react to it even if it eventually breaks through. So the 5-10 pips wont probably be enough, its natural movement will have a much wider range.When you start going to 30-50 + then the pips you could be giving away every trade becomes unexceptable imo

jus my opinion


jon
PATIENCE... DISCIPLINE
  • #126,659
  • Jul 6, 2013 12:36am Jul 6, 2013 12:36am
hello everyone
i would like to ask a Question to senior traders or anyone who knows the answer
why there is a spike above or below the market price when there is news release like NFP , GDP etc the market moves 40-50 pips within seconds i want to know the reason of this spike in terms of demand and supply
thanks
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  • #126,660
  • Jul 6, 2013 12:43am Jul 6, 2013 12:43am
Quoting g_j_hook@yah
{quote} nice trade im guessing but.. space?? jon
People want to trade longs at swing highs because they know Mike does it, but I just love the fact that even though he looks to be taking a lot of risk, he knows how to mitigate it by clicking his mouse over lovely break out setups.

Notice how the BUOB is actually poking out of the consolidation box to the left. This means that the BUOB is likely to push and propel forward like a steam engine. Such a setup provides you with a cutting edge where you know exactly what you want from price. If it decides to hang about then that's not very breakout-ish, and if it does what you expect it to do, like what happened with this this trade, it enables you to bank quick profits, reduce stop sizes etc. hence countering the increased degree of risk.

As much as this is a breakout setup and shot off like a rocket, I don't see how it's running short of space Jon, or maybe I am missing something?

g.
I believe . . .
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