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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

  • #131,901
  • Aug 21, 2014 1:07pm Aug 21, 2014 1:07pm
Quoting mbqb11
{quote} Hey P Yes equities has pretty much been where the majority of my time has been trade wise I'm in a few others too but heres another that i'm close to closed out of. I entered on a slight pullback look at the beautiful pin at such a strong previous resistance point. I'll be out this week i'm sure we are right near my take profit where we have clear space running out. But i'm going to watch how we react at this major trouble area. If price can close above that area it could be off to the races into the bigger box and that midpoint. {image}...
Cool!...and simple.
I'm wating if this outside bar is going to bring us lower. FTA shows some strenght.
Attached Image (click to enlarge)
Click to Enlarge Name: 14_08_21#VZWeekly.png Size: 56 KB


P.
Follow my trading on Twitter and FB: @pumlitch
  • #131,902
  • Aug 21, 2014 2:06pm Aug 21, 2014 2:06pm
Quoting FxLester
{quote} Great to see your trades Pumlitch. I see you and I take quite similar setups!

Cheers!
Follow my trading on Twitter and FB: @pumlitch
  • #131,903
  • Aug 21, 2014 4:40pm Aug 21, 2014 4:40pm
Quoting zamfir
{quote} Hi, yes, 1:3 would be nice if it the sentiments and SRs allow it. you can only get higher R/Rs only if market is in strong trend which it rarely is in(JPY is exception). so simply assume that market ranges on higher TF most of the time. In a ranging market condition , you will be lucky to get 1:1 or 1:2 depending on where the Strong S/Rs are. How many times have you got 1:1 or 1:2 and the market has reversed on you. sure you could take partial profits , that's one way , but you MUST consistently take money from markets otherwise you will...
I've got a 85% win rate with 1:4 RR if I dont include BE trades. Since BE are just null trades I dont include them. I like to get my stops to BE as quickly as possible, this really helps smooth out your equity curve and allows for stress free trading However with the FX market as slow as its been lately, i just have not been trading. Im happy staying out and just waiting to volatility returns. With that being said ... just took a trade lol

Take care
Dan
  • #131,904
  • Aug 21, 2014 4:42pm Aug 21, 2014 4:42pm
Quoting dan89
{quote} I've got a 85% win rate with 1:4 RR if I dont include BE trades. Since BE are just null trades I dont include them. I like to get my stops to BE as quickly as possible, this really helps smooth out your equity curve and allows for stress free trading Take care Dan
Excellent results!

Can you explain how do you have 1:4RR with 85% Win Rate?
  • #131,905
  • Aug 21, 2014 4:49pm Aug 21, 2014 4:49pm
Quoting nc_trader
{quote} Excellent results! Can you explain how do you have 1:4RR with 85% Win Rate?
Simple. I let my trades go. Get stop to BE using good, logical management and then let price do what it wants to do. There is a MASSIVE difference between hoping a trade will go your way whilst your capital is still at risk, and hoping when your at BE and your money is safe. Im sure Mike can better explain what im trying to say here, I believe he thinks along the same lines.

Take care
Dan
  • #131,906
  • Aug 21, 2014 5:44pm Aug 21, 2014 5:44pm
Quoting dan89
{quote} Simple. I let my trades go. Get stop to BE using good, logical management and then let price do what it wants to do. There is a MASSIVE difference between hoping a trade will go your way whilst your capital is still at risk, and hoping when your at BE and your money is safe. Im sure Mike can better explain what im trying to say here, I believe he thinks along the same lines. Take care Dan
I like to place stop loss in break even, but i put it to early and most of the times price hit my stops.
And for that reason at this moment i don't use because i never know what's the best moment to place it in break even
  • #131,907
  • Aug 21, 2014 8:12pm Aug 21, 2014 8:12pm
question for you guys... sorry if this has been answered before. If a setup presents a BEOB but does not break the 10-15 pip threshold for the entry signal but goes the other way for a day and comes back and then breaks the threshold is the setup still valid?

Example is eur/gbp right now
  • #131,908
  • Aug 21, 2014 8:33pm Aug 21, 2014 8:33pm
Quoting jibjib210
question for you guys... sorry if this has been answered before. If a setup presents a BEOB but does not break the 10-15 pip threshold for the entry signal but goes the other way for a day and comes back and then breaks the threshold is the setup still valid? Example is eur/gbp right now
If you're referring to the bullish engulfing, the top hasn't broken yet but need to see the immediate resistance above then the first trouble area isn't very far. Bit of sideways action now.
Attached Image (click to enlarge)
Click to Enlarge Name: EURGBPDaily-1.png Size: 33 KB
  • #131,909
  • Aug 21, 2014 8:41pm Aug 21, 2014 8:41pm
because it's friday and who doesn't love the weekend (although i get just as excited for sunday market opens - we're a sick breed)

Here is my last webinar as a treat and a thanks for all those being patient for the new site open


Enjoy

Inserted Video
  • #131,910
  • Aug 21, 2014 9:39pm Aug 21, 2014 9:39pm
Quoting mbqb11
because it's friday and who doesn't love the weekend (although i get just as excited for sunday market opens - we're a sick breed) Here is my last webinar as a treat and a thanks for all those being patient for the new site open Enjoy http://youtu.be/xhYqYpF8FOk
Loving those equity charts Mike. You're getting tons of opportunity in that market!
Follow me on twitter @FxLester
  • #131,911
  • Aug 21, 2014 9:56pm Aug 21, 2014 9:56pm
Quoting FxLester
{quote} Loving those equity charts Mike. You're getting tons of opportunity in that market!
thanks buddy, it's been a bit see-saw last few months so hopefully this is the new trend in the coming months lol

Hope you are enjoying your trip!
Mike
  • #131,912
  • Aug 22, 2014 4:21am Aug 22, 2014 4:21am
Is this a valid channel?

http://s4.postimg.org/to139hj99/NZDCHFDaily.png
free image hosting
  • #131,913
  • Edited 5:15am Aug 22, 2014 5:04am | Edited 5:15am
It's to late to take a short position, but what do you think about my analysis of EUR/JPY (H4 chart):
mbqb11, someone's else?

Attached Image (click to enlarge)
Click to Enlarge Name: eur-jpy.png Size: 132 KB


Attached Image (click to enlarge)
Click to Enlarge Name: eur-jpy-zoom.png Size: 102 KB


--
Regards,
Marcin
  • #131,914
  • Aug 22, 2014 5:05am Aug 22, 2014 5:05am
Quoting mbqb11
because it's friday and who doesn't love the weekend (although i get just as excited for sunday market opens - we're a sick breed) Here is my last webinar as a treat and a thanks for all those being patient for the new site open Enjoy http://youtu.be/xhYqYpF8FOk
Hi mike,
very great vid- you have the ability to clearly and understandable explain this stuff! Keep on.
Have a nice day
  • #131,915
  • Aug 22, 2014 5:15am Aug 22, 2014 5:15am
Quoting nc_trader
Is this a valid channel? {image} free image hosting
Hi NC,
I`m in since 18.8. but as I learned from Mike`s video today its buying straight into a trouble area....so no good idea!
No value trade...
Attached Image (click to enlarge)
Click to Enlarge Name: NZDCHF.png Size: 35 KB
Have a nice day
  • #131,916
  • Aug 22, 2014 5:35am Aug 22, 2014 5:35am
EUR/USD continue trading in his strong down trend.
Today it tested a new resistance level (old support level) and price clearly moves down after hit this new resistance level.
I think it will continue moving down to next support level at 1.3106 zone.


http://s21.postimg.org/i4eip76rb/EURUSDDaily.png
imagen
  • #131,917
  • Aug 22, 2014 5:36am Aug 22, 2014 5:36am
Quoting mbqb11
because it's friday and who doesn't love the weekend (although i get just as excited for sunday market opens - we're a sick breed) Here is my last webinar as a treat and a thanks for all those being patient for the new site open Enjoy http://youtu.be/xhYqYpF8FOk
Love your youtube videos.
Please continue posting it.
  • #131,918
  • Aug 22, 2014 5:39am Aug 22, 2014 5:39am
Quoting doerpn
{quote} Hi NC, I`m in since 18.8. but as I learned from Mike`s video today its buying straight into a trouble area....so no good idea! No value trade... {image}
I have to agree, at this moment i will not close the trade becuase it is positive, but i will move stop to break even when price it FTA
  • #131,919
  • Aug 22, 2014 5:45am Aug 22, 2014 5:45am
Hi Mike and @ll,
like to learn about targets. I`m in EURAUD with 2 positions. Position 1 already saved by SL lower entry.Position 2 is developing. I intend to set a "tight" target for position 2 because it`s nearer to actuel price. Furthermore I want to let position 1 ran as far as possible because EURAUD is in a downtrend (see monthly chart) and I see potential down to 1.18 (=2400 pips!)
Any opinions?
Attached Image (click to enlarge)
Click to Enlarge Name: targets euraud.png Size: 75 KB
Have a nice day
  • #131,920
  • Aug 22, 2014 5:52am Aug 22, 2014 5:52am
Quoting nc_trader
{quote} I have to agree, at this moment i will not close the trade becuase it is positive, but i will move stop to break even when price it FTA
Hi NC,
you wrote:"I like to place stop loss in break even, but i put it to early and most of the times price hit my stops.
And for that reason at this moment i don't use because i never know what's the best moment to place it in break even"

As FTA is near, you maybe will have the same dilemma you complained about.....
So take the profit there and look for better situations.
Have a nice day
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