james16 Chart Thread | Page 6382 | Forex Factory

Options

Go to
Permalinks
Print Thread

Similar Threads

Where can I learn more about Price Action like those in James16 charts? 9 replies

Attachments: james16 Chart Thread
Exit Attachments

james16 Chart Thread

  • #127,621
  • Sep 2, 2013 7:36pm Sep 2, 2013 7:36pm
Quoting Yawlarutan
Price left the triangle on USD/JPY chart. A good time to look for PA confirming the move up. And to look out for a false breakout. {image}
Japan introduced a sales tax, so there's yen weakness to start the month. Looking at daily USDJPY, price is bullish through a previous H4 resistance zone and there's +ve forecast on the non-farm payroll data for US this Friday and unch unemployment @ 7.4%.

USDJPY - Daily

Attached Image (click to enlarge)
Click to Enlarge Name: usdjpy.png Size: 79 KB
Politics is the womb in which war develops.
  • #127,622
  • Sep 2, 2013 7:46pm Sep 2, 2013 7:46pm
Just to put Yen weakness into context, top-left currency strength shows green line (JPY futures) is down -1.5% since the week / month open and AUD (orange line) is the strongest.

AUDJPY is trapped between two support / resistance boxes, both on daily TF:

Attached Image (click to enlarge)
Click to Enlarge Name: aj.png Size: 119 KB


_________________________________
FXNewsAlert - Signals, Strength and News
Politics is the womb in which war develops.
  • #127,623
  • Sep 3, 2013 6:07am Sep 3, 2013 6:07am
Hi again,
here is another question for every1's opinion becuse i discovered a lot of people hear makes sensible contributions most time. Assume you have 6 pairs you are watching for a month, then at a point one of them broke and you place an entry, if another breaks while you are managing the first 1 would you enter that also or would you literally wait till the first is over before any other trade. Also if two of your best setups broke at the same time would you trade them all, If yes how many trade do you manage at the same time (max)? Mike i will like your opinion to be included because it will give insight to a lot of newbie like me around. Thanks



Jibson
Still trying to get to meet myself...
  • #127,624
  • Sep 3, 2013 9:00am Sep 3, 2013 9:00am
Quoting jibson007
Hi again, here is another question for every1's opinion becuse i discovered a lot of people hear makes sensible contributions most time. Assume you have 6 pairs you are watching for a month, then at a point one of them broke and you place an entry, if another breaks while you are managing the first 1 would you enter that also or would you literally wait till the first is over before any other trade. Also if two of your best setups broke at the same time would you trade them all, If yes how many trade do you manage at the same time (max)? Mike i...
hey jibson, from what i've come to realise is that it all depends on your comfort level which comes overtime. for me when in such a scenario i don't allow my total risk to be more than 6%. mike has said that he doesn't like to expose himself when the setups are from correlated pairs and happening at the same time and so he takes only the best one and most obvious one. But then it all comes to what percentage of your equity are you comfortable exposing wisely.
All the best.


AL
  • #127,625
  • Sep 3, 2013 9:05am Sep 3, 2013 9:05am
Just went long EURGBP when price broke 0.84731 level. Stop at 0.84450 for 2% account risk. Imma see how this goes. Fingers crossed.
Attached Image (click to enlarge)
Click to Enlarge Name: FF1.JPG Size: 96 KB
There is no good news or bad news. Only news.
  • #127,626
  • Sep 3, 2013 10:10am Sep 3, 2013 10:10am
Quoting jibson007
Hi again, here is another question for every1's opinion becuse i discovered a lot of people hear makes sensible contributions most time. Assume you have 6 pairs you are watching for a month, then at a point one of them broke and you place an entry, if another breaks while you are managing the first 1 would you enter that also or would you literally wait till the first is over before any other trade. Also if two of your best setups broke at the same time would you trade them all, If yes how many trade do you manage at the same time (max)? Mike i...
Hey Jibson


Albus is correct it will come back to personal tolerance as a trader. Generally I am concerned with open risk(that is total risk at any one time if all my stop losses got hit ) as opposed to open trades. If I have reduced stop losses or locked in profits that open risk is lower then just considering it an open trade.


I do watch at opening two similar trades at any one time . For example say you have pinbars on all the xxx/jpy pairs at the same time. More times than not these will move in tandem which by taking more then one will just be like increasing your exposure to one idea or raising your risk per trade. So if it works out you're very rewarded if it doesn't you're very hurt.

A current example is I am in drawdown on the eur/nzd weekly trade but have my exposure reduced by half. At the same time today a trade came up intraday(8hr) chart on the aud/nzd. I took the aud/nzd but having the eur/nzd was a separate trade and it played no factor into my aud/nzd trade.

So ultimately play the charts, be picky and begin to demo and figure out your risk tolerance overall.

Hope that helps
Mike
  • #127,627
  • Sep 3, 2013 10:11am Sep 3, 2013 10:11am
aud/nzd 8hr buob I took this morning just closed

This is based on this chart I posted here too watch
http://www.forexfactory.com/showthre...62#post6919362

these are my charts from the PF
Attached Image(s) (click to enlarge)
Click to Enlarge Name: a.gif Size: 27 KB
Click to Enlarge Name: a1.gif Size: 36 KB
  • #127,628
  • Sep 3, 2013 7:54pm Sep 3, 2013 7:54pm
hi mike,

i was looking at the EUR/USD daily and a pin bar formed on 30/08/13... it did not work and i assume that it was cos the day was a friday, where there is quite a bit of profit taking. i have attached the chart and marked the pin bar with an arrow. Please do have a look.


Regards

Den
Attached Image (click to enlarge)
Click to Enlarge Name: eurusddaily.png Size: 36 KB
  • #127,629
  • Sep 3, 2013 8:40pm Sep 3, 2013 8:40pm
Quoting dennis4u15
hi mike, i was looking at the EUR/USD daily and a pin bar formed on 30/08/13... it did not work and i assume that it was cos the day was a friday, where there is quite a bit of profit taking. i have attached the chart and marked the pin bar with an arrow. Please do have a look. Regards Den {image}
Hey Dennis

I put some notes on a chart to help you avoid bars like this

Best
Mike
Attached Image (click to enlarge)
Click to Enlarge Name: a.gif Size: 43 KB
  • #127,630
  • Sep 4, 2013 1:40am Sep 4, 2013 1:40am
Finally a promissing trade after 2 loses in a row...
Attached Image(s) (click to enlarge)
Click to Enlarge Name: gbpauddaily к h4.png Size: 63 KB
Click to Enlarge Name: gbpaudh4.png Size: 65 KB
If not up, then down, otherwise sideways :-)
  • #127,631
  • Sep 4, 2013 3:45am Sep 4, 2013 3:45am
Quoting Magestic
Finally a promissing trade after 2 loses in a row... {image} {image}
Hi Magestic, cheers for the chart dude.

If you don't mind could you take me through your thought process behind this trade?

Cheers

Mak
  • #127,632
  • Sep 4, 2013 5:12am Sep 4, 2013 5:12am
Quoting makwana
{quote} Hi Magestic, cheers for the chart dude. If you don't mind could you take me through your thought process behind this trade? Cheers Mak

Sure! This is a classic sqeeze pattern with clear TL. Price broke the tredline. The trigger it BEOB from 4H perspective. Its good size.
If not up, then down, otherwise sideways :-)
  • #127,633
  • Sep 4, 2013 6:59am Sep 4, 2013 6:59am
Hey guys,

This is a trade I took on Gold BUT I came out the trade at break even and want to know what I should've done to mitigate a B/E trade.

Now for instance after forming the PB, price shot up yesterday and I was up by around 150 points, entering at just above the high of the PB. Now as soon as I was up by about 60 points, I moved by S/L to B/E and let the trade run 'risk-free' (BTW still demo-ing here) and I was up with some good pippage. In these cases how could I mitigate my B/E and atleast come out with some points. If there isn't anyway, fair enough and I'll live however if there is, I'd like to learn.

Mak
Attached Image
  • #127,634
  • Sep 4, 2013 7:20am Sep 4, 2013 7:20am
Gold us weekly pinbar
  • #127,635
  • Sep 4, 2013 8:53am Sep 4, 2013 8:53am
Is this a good place to watch PA to go long?
Attached Image (click to enlarge)
Click to Enlarge Name: eurcaddaily.png Size: 73 KB
Try to understand English Try to understand Forex
  • #127,636
  • Sep 4, 2013 11:59am Sep 4, 2013 11:59am
Mike, Albus999 thanks for the great reply. Yet another one. I attached 4H chart pattern below. i want to know if this is a valid small pattern (rectangle), if yes is there any adjustment that should be made TLs. I placed a buy entry on brk of the BUOB above the 0.7800 and the TL on the 1H chart but it pulled bck on me taking me out before the final BUOB which pushed it all the way. IMO the BOUB is a good size Bar. want you opinion.

This is to MIke... What really gives you the sign of moment in the market apart from bar size. Also what is your opinion about news because in one of your video you said you dont consider it because it can be complex then in another comment of yours, you where talking about the anticipation of interest rate coming up which made traders take profit on a friday. Can you recommend any PDF data gives good details of fundamentals.
Attached Image
Attached Image
Attached Image
Still trying to get to meet myself...
  • #127,637
  • Sep 4, 2013 1:40pm Sep 4, 2013 1:40pm
Quoting jibson007
Mike, Albus999 thanks for the great reply. Yet another one. I attached 4H chart pattern below. i want to know if this is a valid small pattern (rectangle), if yes is there any adjustment that should be made TLs. I placed a buy entry on brk of the BUOB above the 0.7800 and the TL on the 1H chart but it pulled bck on me taking me out before the final BUOB which pushed it all the way. IMO the BOUB is a good size Bar. want you opinion. This is to MIke... What really gives you the sign of moment in the market apart from bar size. Also what is your opinion...
Last chart it seems the outside bar crashed into overhead resistance - the next outside bar had some room to rise. This is only a comment after a quick glance, others may comment further.
every Saint has a past. Every Sinner has a Future
  • #127,638
  • Sep 4, 2013 2:15pm Sep 4, 2013 2:15pm
Quoting mbqb11
aud/nzd 8hr buob I took this morning just closed This is based on this chart I posted here too watch http://www.forexfactory.com/showthre...62#post6919362 these are my charts from the PF {image} {image}
Maybe this orderflow stuff is getting around my head but still - this trade seems amazing. You enter right where the peoples stops would be (stops from the trend line, and stops from the breakout of the high)
Giand bullish candle with a long wick indicating that there were people sitting on the wrong side of the fence...

Amazing
It's all psychology...
  • #127,639
  • Sep 4, 2013 3:57pm Sep 4, 2013 3:57pm
Quoting Magestic
Finally a promissing trade after 2 loses in a row... {image} {image}
nice job M

you're getting good at this
  • #127,640
  • Sep 4, 2013 4:13pm Sep 4, 2013 4:13pm
Quoting makwana
Hey guys, This is a trade I took on Gold BUT I came out the trade at break even and want to know what I should've done to mitigate a B/E trade. Now for instance after forming the PB, price shot up yesterday and I was up by around 150 points, entering at just above the high of the PB. Now as soon as I was up by about 60 points, I moved by S/L to B/E and let the trade run 'risk-free' (BTW still demo-ing here) and I was up with some good pippage. In these cases how could I mitigate my B/E and atleast come out with some points. If there isn't anyway,...
Hey Mak

I think getting to b/e quick on a bar like this is the best thing you can do.

If you zoom out your chart a lot you can see that it's a very tiny pinbar with very little "space". So once that space runs out you are hitting a major trouble area especially trading back into the last most important selling point. This is what makes tiny pinbars that lack space very difficult. Most people see a pinbar on say gold to go long and it feels like lets buy and hold, but that's very tricky in this case. Now you did the right thing and got to b/e. That's crucial with a bar like this


If you are interested check out my video space vs traffic in the guest section. It's one of the most important concepts in trading for me
http://www.james16group.us/Guests/guest.html


Best
Mike
Attached Image (click to enlarge)
Click to Enlarge Name: a.gif Size: 27 KB
130 traders viewing now