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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

  • #130,581
  • Apr 17, 2014 1:16am Apr 17, 2014 1:16am
EURNZD fakeout trade
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  • #130,582
  • Apr 17, 2014 1:17am Apr 17, 2014 1:17am
Quoting mbqb11
{quote} you can try the think or swim platform for weekly charts(data I believe is delayed but that's ok for demoing I go through 3000 stocks a week and their are always weeks(like this one) that none appear too Mike
Hi Mike

Did I understand it right that you trade equities only on the weekly chart because the risk of being stopped out by a huge gap is less. Would you not recommend trading them on the Daily charts?


Regards,
aserafino
  • #130,583
  • Apr 17, 2014 1:38am Apr 17, 2014 1:38am
Both my CAD trades are starting to turn green.

SL for USD/CAD is moved to BE, While CAD/JPY is left as is.

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W
It's a sport, an artform and a science.
  • #130,584
  • Apr 17, 2014 3:09am Apr 17, 2014 3:09am
Hey all,

Havent posted here for a while Will need to read up on what i missed. Hows all the regulars ?

Take care
Dan
  • #130,585
  • Edited 3:50am Apr 17, 2014 3:32am | Edited 3:50am
Have been away from the forum for a month, been struggling a bit. Thought some time alone would help - it didn't! Although March didn't suck too bad, I only took four trades - 2 BE's. one 13pips profit and one 49 loss.

Riding low this month, but not worrying too much. The important thing is that I'm still at it I'll get there.

Glad to come back in time to catch Mike's video on boxes and exits - fantastic stuff. Thank you Mike, really got some light bulbs flashing. Outstanding for you to take the time to do this stuff. Something has started to click around the difference in breakout and consolidation trading. Still a bit cloudy, but a few ideas are starting to form.

Also came back to the forum late enough to miss Mike's reasoning on why he didn't take GBPUSD - thankfully ;D I'm currently in that with my stop sitting just below today's daily bar. The temptation to follow up tight or take profit is strong, but I'm trying to fight that. Am I right in thinking that GBPUSD is now a breakout trade?

PS - Mike, just so I have my thinking correct here - you stayed out of GBPUSD because a long was right into the top of the current box, so logically speaking price didn't have far to go before hitting a major point of resistance. The fact that price has got over this is just luck on my part to catch a breakout?

I loved Nicholas Darvas' book, so great to see boxes being discussed in such detail here.
We are what we repeatedly do. Excellence, then, is not an act, but a habit
  • #130,586
  • Apr 17, 2014 5:12am Apr 17, 2014 5:12am
active trades
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  • #130,587
  • Apr 17, 2014 7:39am Apr 17, 2014 7:39am
USDJPY
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  • #130,588
  • Apr 17, 2014 7:44am Apr 17, 2014 7:44am
Quoting Neytiri
USDJPY {image}
I took the same on my testing account....

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Lose small, win BIG
  • #130,589
  • Apr 17, 2014 8:11am Apr 17, 2014 8:11am
Quoting ProsteJa
{quote} I took the same on my testing account.... {image}
You made a great entry. I was waiting for it to close above brn 102. Why did you enter when price was trading into brn 102 and not wait for it to close above 102?

Neytiri
  • #130,590
  • Apr 17, 2014 9:31am Apr 17, 2014 9:31am
Quoting Neytiri
{quote} You made a great entry. I was waiting for it to close above brn 102. Why did you enter when price was trading into brn 102 and not wait for it to close above 102? Neytiri
I wanted to see retest of my blue box. I dont think we should be afraid of BRN because of being BRN. Price did what was supposed to do. I try to read a whole story. That wick was enough confirmation for me. I decreased the risk almost immediately because price can revert to downside.

And it is my "coffee account" (making money for coffee), that I use to test new ideas. As you can see I opened only 0.01 lot. I test trading S/R with very little confirmation as I can move my SL almost always to BE. There is very high win rate (if BE is considered to be a winner). But in "real account I trade more of Mike's stuff" waiting for good setups.

You can see more about my testing at: http://www.forexfactory.com/showthread.php?t=480059

adam
Lose small, win BIG
  • #130,591
  • Apr 17, 2014 10:05am Apr 17, 2014 10:05am
Hey guys will catch up on your questions today

I received an email this morning form a Viktoras but the email keeps bouncing when I respond. Vik if you see this can you email me again

Thanks
Mike
  • #130,592
  • Apr 17, 2014 12:27pm Apr 17, 2014 12:27pm
Quoting zohaib
{quote} I have got it. 8 hr BUOB breaking downward trend line. Entered on the break of new High but missed the retest entry. Now plus 70 and SL moved to BE {image}
nice job Z, looks like you caught a nice one there


Mike
  • #130,593
  • Apr 17, 2014 12:29pm Apr 17, 2014 12:29pm
Quoting cesar8
good day I present this pair for the analysis of trading, I see highly likely to generate a change in direction by having a well-defined resistance. I welcome your comments. thanks {image}
it's a great area to watch cesar. I like the daily picture blending with the weekly. Just wait for nice PA though. Could come or price could continue higher. I'm watching for STRONG reversal signs only
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  • #130,594
  • Apr 17, 2014 12:29pm Apr 17, 2014 12:29pm
Quoting Donaciello
{quote} Very -, extraordinarily helpful webinar Mike! The fact that boxes can help as future profitability-projections and gathering the information, so as to dissect it for all it's various intents and purposes, BRILLIANT! Not many people make it towards consistent profitability in trading, but you made it to the next level by being able to clearly transmit the valuable nuggets of information & experience, using no more than circles and arrows. In Einstein terms, you've reached perfection. Keep up the great work Mike! Wouter.
glad you found it helpful D

Thanks for the nice words, it's just time spent is all
Mike
  • #130,595
  • Apr 17, 2014 12:33pm Apr 17, 2014 12:33pm
Quoting dda
{quote} With all that you watch, How many trades would you say you average a week or a month?
Hey DDa

It really does vary, his year I am averaging about 5 trades a month. But april i've taken 1 trade only I believe. So as you can see you just gotta roll with what the market gives you. If that means 20 trades one month and zero the next i'm ok with that. The best thing is not to worry about those kinds of things. Most people feel very frustrated by that because they make it too much about the numbers. One common thing I hear ALL the time is you need X amount of trades to know if you have an edge. Some people come up with this arbitrary statistical needs. And believe me I understand that as good as anyone, I took many stat classes and get the numbers but trading is it's own unique business. Turning profit is the ONLY thing that matters and it's a funny thing with trading where less is more. It's also why I always recommend those that are struggling to turn a profit to get themselves one or two trades only a month. If you can't find one great trade a month and turn a profit over the course of a few months that person has much deeper issues of understanding. But also the power behind a couple good trades escapes most people. It's sort of natural or the way we are wired. I just want people to see what it's like to trade profitably. Once you taste that a lot of your views will change.

I ranted off your original question but don't get distracted by the numbers is my main point

Best
Mike
  • #130,596
  • Apr 17, 2014 12:39pm Apr 17, 2014 12:39pm
Quoting Forextm
mike what about this pin on ppz? {image}
Hey TM

Be careful with these tiny bars fighting the overall trend. THey are going to be very difficult to pull price up if your location isn't perfect

Another thing to watch is notice price couldn't close above all the bar lows. So you are trading into the previous support area that is likely to hold as resistance

I marked off the area
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  • #130,597
  • Apr 17, 2014 12:42pm Apr 17, 2014 12:42pm
Quoting aserafino
{quote} Hi Mike Did I understand it right that you trade equities only on the weekly chart because the risk of being stopped out by a huge gap is less. Would you not recommend trading them on the Daily charts? Regards, aserafino
Hey Aserafino

Yes this is one big reason that I find weekly equity charts easier to trade. Don't get me wrong it's ok to trade daily charts. If I did I would very much make sure they look "smooth" like a forex or weekly equity chart does. That's the key for me. And just cause a stock is high volume doesn't mean it doesn't gap heavily on the daily or weekly. Another reason is simply with all the FX charts and weekly equity charts keeping up with daily charts would be just over the top for me. Plenty to watch this way. At least for me. I can't remember the last time I traded a daily equity chart

Best
Mike
  • #130,598
  • Apr 17, 2014 12:55pm Apr 17, 2014 12:55pm
Quoting dan89
Hey all, Havent posted here for a while Will need to read up on what i missed. Hows all the regulars ? Take care Dan
how are you buddy
  • #130,599
  • Apr 17, 2014 1:00pm Apr 17, 2014 1:00pm
Hi Mike,

What software do you use for drawing objects in your webinar?
Lose small, win BIG
  • #130,600
  • Apr 17, 2014 3:28pm Apr 17, 2014 3:28pm
german muenchener rueck (muv2) with a breakout.
daily and monthly chart.
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meine augen sind die sterne
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