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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

  • #131,341
  • Jun 23, 2014 1:18am Jun 23, 2014 1:18am
Quoting Neytiri
I just want to thank you guys mike (mbqb11), ghous (angel), and j16 for all your guidance. Without that the following results would never have been possible - My last 6 six trades gave me the following: 6. eur/jpy long + 15 pips 5. eur/usd long + 27 pips 4. gbp/jpy short - 34 pips 3. aud/chf long + 40 pips 2. eur/aud short + 40 pips 1. eur/cad long -10 pips and few days back my greatest trade GBP/USD long gave me +215 pips (in two days). Thanks, Neytiri ** P.S. I am not mentioning this with an intention of boasting.
hi neytiri
congratulations on your results so far, just wondering what time frames are you trading?
i am currently doing a lot of learning, using a market replay EA on the daily charts. i only find a few entries on AUD/USD over multiple months so i was interested to know if more opportunities will arise if i trade multiple pairs
thanks,
flash
  • #131,342
  • Jun 23, 2014 1:25am Jun 23, 2014 1:25am
Hi,
hereīs trade I was thinking about for some time. Itīs a PB on USDNOK with a lot of space around. In the end I didnīt take it because of that huge move up and since it was a friday pinbar, so it could be created because of profit taking and closing positions before weekend (especially when we see that huge up move from thursday). Also this pair is very choppy. Mike or anynone else could you please write your opinion about this?

Mav
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  • #131,343
  • Jun 23, 2014 4:11am Jun 23, 2014 4:11am
Quoting mbqb11
{quote} Hey Nazarm I put some notes on charts how I see them Gbp/cad is one on my watch list but as a channel. The problem is the DBHLC is that it's in a sideways market thus our fta is very close and becuase we've been so sideways can bounce price. I'd be most excited about a breakout long with the trend if we can get back to the channel top. These types of bars if they don't break hard can be a headache because of the lack of space. Aud/zar- is sitting just above a strong previous resistance area. Price is beginning to show a lack of momentum...
Thank's Mike!
  • #131,344
  • Jun 23, 2014 4:32am Jun 23, 2014 4:32am
Trade Update

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Whether you can or you can't, you are both right.
  • #131,345
  • Jun 23, 2014 5:34am Jun 23, 2014 5:34am
Quoting fartist
Trade Update {image}
Mind if I ask what your TP is?

I also opened short positions at 1.44010

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  • #131,346
  • Jun 23, 2014 5:35am Jun 23, 2014 5:35am
Dear Mike,

I learn a lot from your charts. I have some questions regarding breakout. I trade only daily charts but I am missing many breakout trades due to large size of daily bars after the breakout.

1. For Breakout trades (Wedge B/out, Trend Line B/out, Triangle B/out, H&S breakout), do you wait for Daily bar close or enter in H4 bar itself?
2. In that case, do you use buy stop order entry or retrace entry?
3. After H4 breakout, if the following H4 bars close inside the break out area or Trend Line, do you close the trades or wait for daily close?

Thanks once again.
Naveen
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  • #131,347
  • Jun 23, 2014 6:32am Jun 23, 2014 6:32am
Quoting dan89
{quote} Hey Neytiri, Nice results mate. Well done ! Its always good however to measure your win/loss in percentage terms of your account. What was the % gain/loss on thos 6 trades ? Take care Dan
Hey Dan,

I am trading using a demo account and I trade only 0.01 lots per trade. This is arbitrary and I am not paying much importance to position size for the time being.
However, I am giving much importance to my stop loss and try to make it as small as possible, so that this will in future help me in placing a larger position size.

I have not calculated the % gain/loss for each trade and for the time being I am focused only on accumulating pips.

Thanks,

Neytiri
  • #131,348
  • Jun 23, 2014 6:47am Jun 23, 2014 6:47am
Quoting EveningStar
{quote} Mind if I ask what your TP is? I also opened short positions at 1.44010 {image}
I'm taking half off at the swing low.

I'm letting the other half run and watching if it gets to 1.4100.
Whether you can or you can't, you are both right.
  • #131,349
  • Jun 23, 2014 6:49am Jun 23, 2014 6:49am
Quoting flash4
{quote} hi neytiri congratulations on your results so far, just wondering what time frames are you trading? i am currently doing a lot of learning, using a market replay EA on the daily charts. i only find a few entries on AUD/USD over multiple months so i was interested to know if more opportunities will arise if i trade multiple pairs thanks, flash
Hey Flash,

My successful trades are the ones that were based on analyzing price action on daily and 4 hr charts.
You can of course find more opportunities when you analyze multiple charts and different time frames. But I have consciously taken a decision not to trade the lower time frames. I also don't trade exotics, I know I will have limited choices, but that's OK.

Good luck,

Neytiri
  • #131,350
  • Jun 23, 2014 10:14am Jun 23, 2014 10:14am
Quoting Neytiri
I just want to thank you guys mike (mbqb11), ghous (angel), and j16 for all your guidance. Without that the following results would never have been possible - My last 6 six trades gave me the following: 6. eur/jpy long + 15 pips 5. eur/usd long + 27 pips 4. gbp/jpy short - 34 pips 3. aud/chf long + 40 pips 2. eur/aud short + 40 pips 1. eur/cad long -10 pips and few days back my greatest trade GBP/USD long gave me +215 pips (in two days). Thanks, Neytiri ** P.S. I am not mentioning this with an intention of boasting.
fantastic buddy, made me smile to start off my week

Keep it up!

Mike
  • #131,351
  • Jun 23, 2014 10:17am Jun 23, 2014 10:17am
Quoting Mav13
Hi, hereīs trade I was thinking about for some time. Itīs a PB on USDNOK with a lot of space around. In the end I didnīt take it because of that huge move up and since it was a friday pinbar, so it could be created because of profit taking and closing positions before weekend (especially when we see that huge up move from thursday). Also this pair is very choppy. Mike or anynone else could you please write your opinion about this? Mav {image}
Hey Mav

I'll come back to this as I sent this out as a homework chart for the group. So I don't want anyone to cheat before I send my answer back. I'll post it here later today

Thanks
MIke
  • #131,352
  • Jun 23, 2014 10:20am Jun 23, 2014 10:20am
Quoting whynotnaveen
Dear Mike, I learn a lot from your charts. I have some questions regarding breakout. I trade only daily charts but I am missing many breakout trades due to large size of daily bars after the breakout. 1. For Breakout trades (Wedge B/out, Trend Line B/out, Triangle B/out, H&S breakout), do you wait for Daily bar close or enter in H4 bar itself? 2. In that case, do you use buy stop order entry or retrace entry? 3. After H4 breakout, if the following H4 bars close inside the break out area or Trend Line, do you close the trades or wait for daily close?...
Hey Naveen

When I identify a breakout pattern i'll generally look for PA bars on the same timeframe that I spotted the pattern and one timeframe lower

For example the usd/mxn I posted and took. I identified the pattern on the daily and found price action confirmation. What I call I pre-emptive breakout bar on the 4hr

Here were those charts
http://www.forexfactory.com/showthre...54#post7523254
http://www.forexfactory.com/showthre...95#post7528795

So a close outside of a breakout area is not enough for me in almost all cases. I'm looking for PA to confirm my patterns

Hope this helps
Mike
  • #131,353
  • Edited 2:48pm Jun 23, 2014 1:13pm | Edited 2:48pm
Hi all. Here some interesting signals for me.

AUDNZD. We reached 50 fibo level on retracement. If bulish outside bar completes, price could reach next pivot zone at 1.09
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EURNZD. Price is on pivot zone at 1.56. If pin bar completes it could be a start of bulish retracement.
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  • #131,354
  • Jun 23, 2014 4:57pm Jun 23, 2014 4:57pm
Quoting mbqb11
{quote} Hey Naveen When I identify a breakout pattern i'll generally look for PA bars on the same timeframe that I spotted the pattern and one timeframe ......e
Thank you very much mike.
  • #131,355
  • Jun 23, 2014 9:58pm Jun 23, 2014 9:58pm
Quoting Mav13
Hi, hereīs trade I was thinking about for some time. Itīs a PB on USDNOK with a lot of space around. In the end I didnīt take it because of that huge move up and since it was a friday pinbar, so it could be created because of profit taking and closing positions before weekend (especially when we see that huge up move from thursday). Also this pair is very choppy. Mike or anynone else could you please write your opinion about this? Mav {image}
here ya go mav just sent this to the group
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  • #131,356
  • Jun 24, 2014 1:07am Jun 24, 2014 1:07am
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  • #131,357
  • Jun 24, 2014 1:23am Jun 24, 2014 1:23am
Quoting mbqb11
{quote} here ya go mav just sent this to the group {image}
Hi Mike,

thanks for the chart and analysis.

Mav
  • #131,358
  • Jun 24, 2014 9:32am Jun 24, 2014 9:32am
Hi,
I know many people were writing that there is so much material about trade management and risk management (I mean here seeing other side of the trade) but somehow I was not able to find something that would make it clear... Would any of you be so kind and provide me some good references to both of these topics?
Thank you.
  • #131,359
  • Jun 24, 2014 9:40am Jun 24, 2014 9:40am
Hey Forex Factory,

This is my first post ever, I'm excited to join everyone here!! So I wanted to post a trade I just took to get some critique and also as a way to present a new idea. First off, was this a good trade in your guys' eyes? I saw pin bar formation, not a lot of traffic around the trade (potential for larger movement), as well as divergence (signified by the green lines on my chart). Also where would you have put the stop loss? I tried to place it at the next support and resistance lines. Now on to presenting a new idea. The green lines on the chart is an indicator created by Rob Booker called Knoxville divergence. This indicator
looks for MACD to rise above the zero line at the same time the stochastic oscillator is oversold, as well as a burst upward to RSI above 60. Do you think this could be a useful indicator to signify divergence along with the formation of a strong pin bar at a swing point? Let me know your thought, and thanks so much in advanced
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  • #131,360
  • Jun 24, 2014 10:02am Jun 24, 2014 10:02am
Quoting mbqb11
{quote} here ya go mav just sent this to the group {image}
and no shock where price turns on a dime
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