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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

  • #131,921
  • Aug 22, 2014 7:24am Aug 22, 2014 7:24am
Quoting doerpn
{quote} 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.
Maybe you are right.
Definitely i don't know how to manage Break Even stops.
  • #131,922
  • Aug 23, 2014 2:24pm Aug 23, 2014 2:24pm
Quoting nc_trader
{quote} Maybe you are right. Definitely i don't know how to manage Break Even stops.
Hi mate,

It really depends on how you look at a stop out on a BE trade. For me, I just get my stops to BE and let it go. I no longer care what happens after that (within reason of course). It it goes positive I will either trail it at 1R or simply look for a decent level where price is likley to stall hard or reverse. I like my 1:4 trades because it removes the emotional aspect from the losses.

Take care
Dan
  • #131,923
  • Aug 23, 2014 3:11pm Aug 23, 2014 3:11pm
Oi!

Im not a great believer of BEs. Since you enter at a random price if you move your stop to BE you move your stop to a place which is meaningless to the market --> you will be dropped out much often at BE.
If I were you, I would make an excel spreadsheet with the followings: "BE hit after trade reached 0,5RR/1RR/1,5RR/2RR. - And fill the cells with true/false".
Over the months you will see the probability of your BE getting hit and then you can manage your risk much more professional.
BE doesnt make much sense for me but maybe for YOUR system/method it will.

Good Luck!
Tom.
STN_Industries.
  • #131,924
  • Aug 23, 2014 6:51pm Aug 23, 2014 6:51pm
Quoting dan89
{quote} Hi mate, It really depends on how you look at a stop out on a BE trade. For me, I just get my stops to BE and let it go. I no longer care what happens after that (within reason of course). It it goes positive I will either trail it at 1R or simply look for a decent level where price is likley to stall hard or reverse. I like my 1:4 trades because it removes the emotional aspect from the losses. Take care Dan
Good reasons why i must learn how to place stop in break even.


Anyone looking to usd/chf?

It was trading in a descending channel since 2001!!
And this week price breaks this descending channel.
After that, price tested this old channel that is now acting like a support level.
Next big resistance level is at 1$.

Will usd/chf see 1$ again in long term?

http://s24.postimg.org/8ee691085/CHF.png
upload image online
  • #131,925
  • Aug 24, 2014 5:01am Aug 24, 2014 5:01am
Apologies if this has been covered before, but with so much information on here I may have missed the answer.

Noobie mistake, but I seem to have charts with a plethora of fibs and PPZ lines; sometimes it is hard to see the candles.

How do I determine which fibs and PPZs are important?

Is this approach reasonable:

  1. Fib on weekly covering year high/low
  2. Fib on weekly using most recent peak formation high/low
  3. Fib on daily covering most recent peak formation high/low
  4. On daily two or three PPZs above current price based on most recent resistance, if looking "left" how far back is it reasonable to go? No more than 3 months if no more recent price action supports this zone?
  5. 2 to 3 PPZs below

I have 150 and 365 ema on too and a 200 sma


I suppose in essence this is a question of how to set up charts. The issue I have is almost any area is now, or has been at some point in the past, support or resistance. I need to undertake a major defaorestation of the wood to make the trees visible

Many thanks for any assistance.

  • #131,926
  • Aug 24, 2014 5:38am Aug 24, 2014 5:38am
Quoting HiArt
Apologies if this has been covered before, but with so much information on here I may have missed the answer. Noobie mistake, but I seem to have charts with a plethora of fibs and PPZ lines; sometimes it is hard to see the candles. How do I determine which fibs and PPZs are important? Is this approach reasonable: Fib on weekly covering year high/low Fib on weekly using most recent peak formation high/low Fib on daily covering most recent peak formation high/low On daily two or three PPZs above current price based on most recent resistance, if looking...
Oi!

By practice.
1) Draw the PPZs now and check a week later if price actually reversed at your level.
2) Backtest --> Simply scroll back on your chart start drawing them - scroll forward and look if they were correct. Achieve 70%-80% ratio and then you are good.

There are no mechanical stuffs in trading --> drawing S/R is an ART as well...
If you are a newbie football player you wont get much better by watching professional football. You will ONLY get better if you start practicing it yourself.

Good Luck!
Tom
STN_Industries.
  • #131,927
  • Edited 9:18am Aug 24, 2014 6:49am | Edited 9:18am
Quoting marbej
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? {image} {image} -- Regards, Marcin
Hi marcin,
always look at the bigger picture, too....
Attached Image(s) (click to enlarge)
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Have a nice day
  • #131,928
  • Aug 24, 2014 9:38am Aug 24, 2014 9:38am
Hi all,
what about CADCHF?
Attached Image (click to enlarge)
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Have a nice day
  • #131,929
  • Aug 24, 2014 10:21am Aug 24, 2014 10:21am
Quoting nc_trader
{quote} Anyone looking to usd/chf? It was trading in a descending channel since 2001!! And this week price breaks this descending channel. After that, price tested this old channel that is now acting like a support level. Next big resistance level is at 1$. Will usd/chf see 1$ again in long term? {image} upload image online
Hi NC,
if looking deeper into USDCHF weekly chart........but waiting for further breakout and rebounce may be an constellation worth trading.
My opinion....
Attached Image (click to enlarge)
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Have a nice day
  • #131,930
  • Aug 24, 2014 10:33am Aug 24, 2014 10:33am
Hi all,
USDJPY interesting anyone? Opinions are welcomed.
Attached Image (click to enlarge)
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Have a nice day
  • #131,931
  • Aug 24, 2014 11:48am Aug 24, 2014 11:48am
Charts.
Attached Image(s) (click to enlarge)
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STN_Industries.
  • #131,932
  • Aug 24, 2014 12:02pm Aug 24, 2014 12:02pm
If we look at the Weekly Chart of USD/JPY, it can definitely go on much higher! ON the daily chart, we have hit a strong resistance we must expect a pullback before going higher. I think we are very likely to see 105 and above in the coming weeks to months.

Attached Image (click to enlarge)
Click to Enlarge Name: USDJPY.jpg Size: 152 KB

www.hubertkoh.com
  • #131,933
  • Aug 24, 2014 12:34pm Aug 24, 2014 12:34pm
Hi I was trading my BEOB bar (short - see blu bar) on AUDUSD when a nice PIN bar in the opposit direction cames (see red arrow) !
(the chart is daily)
what is your opinion ? I would ilke to stay on my position but......

PS: in my trade, tp@0,91; sl@0,93

cheers
Xam
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  • #131,934
  • Aug 24, 2014 12:48pm Aug 24, 2014 12:48pm
Quoting doerpn
{quote} Hi NC, if looking deeper into USDCHF weekly chart........but waiting for further breakout and rebounce may be an constellation worth trading. My opinion.... {image}
your chart are different from mine, in my chart price is above descending trend line and not bellow.
  • #131,935
  • Aug 24, 2014 1:15pm Aug 24, 2014 1:15pm
Quoting marbej
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? {image} {image} -- Regards, Marcin
Hey Marb

Definitely a nice area to watch for shorts. We are in a tight box on the daily so things can chop around quite a bit. That means you get a short reaction as expected(at the top of box and PPZ) but likewise just under us is the midpoint of this tight box too which is where price is stalling now. Price may now want to climb up and if it can close above the top of the box that's a solid area to turn back into support. I think targeting the bottom of the box without more solid PA is tough. Of course some will and just in turn protect themselves and take some off the table and get to b/e. Certainly don't take a loss after getting the bounce that is expected.

best
Mike
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  • #131,936
  • Aug 24, 2014 1:15pm Aug 24, 2014 1:15pm
Quoting doerpn
{quote} Hi mike, very great vid- you have the ability to clearly and understandable explain this stuff! Keep on.
Thanks D glad it is helpful

Mike
  • #131,937
  • Aug 24, 2014 1:17pm Aug 24, 2014 1:17pm
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}
ya this is a choppy tough pair right now
  • #131,938
  • Aug 24, 2014 1:31pm Aug 24, 2014 1:31pm
Quoting nc_trader
{quote} Love your youtube videos. Please continue posting it.
thanks NC we will be
  • #131,939
  • Aug 24, 2014 7:18pm Aug 24, 2014 7:18pm
Quoting Xamarass
Hi I was trading my BEOB bar (short - see blu bar) on AUDUSD when a nice PIN bar in the opposit direction cames (see red arrow) ! (the chart is daily) what is your opinion ? I would ilke to stay on my position but...... PS: in my trade, tp@0,91; sl@0,93 cheers Xam {image}
Hi Xamarass,

This short was a tricky one. I personally would have taken profit or moved to saftey (BE) very long ago. Here were the areas I saw.
Attached Image (click to enlarge)
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  • #131,940
  • Aug 25, 2014 8:54am Aug 25, 2014 8:54am
Quoting doerpn
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? {image}
Hey D

For me here the key makeup is the boxing effect. Trying to anticipate if price gets passed these boxes is a bit far off for me(for some of your further targets). Right now price is just stuck in another box. For me the question would be based on your entry what is it that makes you think price should get that far as opposed to say taking profit at the major points of the box(at this point box bottom).Being such a strong support area i'd rather be out now and then re-evaluate if we get new PA indicating a further short is coming,. I think new traders often get blinded by this massive "possible" move but give up tons of profit trying to get price there. For the few that do end up running many more will run to their logical targets and bounce or make a move there very difficult to manage and those traders give up a lot of profit. Of course it also depends greatly on your mgmt style and reasons for entering initially too. All those things play into why you might want to hold or not(ie taking some of table / getting to b/e and being ok with b/es etc). But I think a lot of people don't take profit at key areas for fear of missing out of that homerun. Singles and doubles work great too

Hope that helps
Mike
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