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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

  • #133,101
  • Nov 22, 2014 6:51am Nov 22, 2014 6:51am
as for UJ I dont see any reason to place shorts, I'll buy some dips with stop at 116.30/35 , target is 119,80

we will get some Yen action on tuesday, lets c

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Hero calls followed by margin calls...
  • #133,102
  • Nov 22, 2014 10:50am Nov 22, 2014 10:50am
Quoting Verbal
Last night's trade... {quote} {quote} Apparently I wasn't the only one :-) Probably I should've waited until the PB had been taken out. {image}
Hey Verbal

Actually you played it the right way. I've been spending a lot of time in the private group on entries(taking retraces vs on the open vs breaks). It's one of the most important things to identify for each bar we take. Certain bars do not make sense taking one way and will greatly impact the trade mgmt and the risk we have open.

Your trade was perfect because price is either going to dive bomb around the left eye(which is right near where your feed closed) and then break and shoot down ot it's likely to go the other way past the left eye(so you jump out for the tiny loss) or it breaks the pin and turns around at which point you would be at breakeven or your stop reduced above that days high

You played it perfect in this case nice job
Mike
  • #133,103
  • Nov 22, 2014 10:50am Nov 22, 2014 10:50am
Quoting Dovilo
On monday starts my third and last trading month I need for qualifying for job. I will post my trade ideas tomorrow. Meanwhile I was playing on bookmaker site on their ,,finance" tab. This is ridiculous how easy I could get money there, what a pity they have set strict limits already. In two days I managed to earn there 1400% with simple strategy of double tops/bottoms on low-violence markets. Quite easy money for me but this is unfortunately just a game since one can not make too much money by that. Bookmakers will simply not allow it. But at least...
way to go Dovilo
  • #133,104
  • Nov 22, 2014 10:58am Nov 22, 2014 10:58am
Quoting mbqb11
{quote} Hey Verbal Actually you played it the right way. I've been spending a lot of time in the private group on entries(taking retraces vs on the open vs breaks). It's one of the most important things to identify for each bar we take. Certain bars do not make sense taking one way and will greatly impact the trade mgmt and the risk we have open. Your trade was perfect because price is either going to dive bomb around the left eye(which is right near where your feed closed) and then break and shoot down ot it's likely to go the other way past the...
haven't put a video here in a bit so here is an expansion on this

This is my aud/usd trade from here i did a live video for the group
http://www.forexfactory.com/showthre...45#post7863545

Now notice how if i had a played a break of the buob you are playing to far from the crucial area and your trade mgmt will be a mess. Since price is likely to retrace to the crucial area that retrace would put you in massive drawdown, as opposed to for me it allows extreme flexibility since my entry is so close to this area. Focus on your entries near the most crucial area of your story. Your impact on your losses will be huge(as well as your wins). I rarely take big losses even when I do which allows me to do well when the wins trickle in. It's how you can cut losses and let winners run. The old saying that people talk about but never really show you how to do
Inserted Video



Enjoy the weekend folks tomorrow is a short week here in the states with Thanksgiving

Mike
  • #133,105
  • Nov 23, 2014 10:12am Nov 23, 2014 10:12am
Quoting mbqb11
{quote} haven't put a video here in a bit so here is an expansion on this This is my aud/usd trade from here i did a live video for the group http://www.forexfactory.com/showthre...45#post7863545 Now notice how if i had a played a break of the buob you are playing to far from the crucial area and your trade mgmt will be a mess. Since price is likely to retrace to the crucial area that retrace would put you in massive drawdown, as opposed to for me it allows extreme flexibility since my entry is so close to this area. Focus...
Hi Mike,
again thanks for all your help here.
Have a nice day
  • #133,106
  • Nov 23, 2014 10:54am Nov 23, 2014 10:54am
So like I said earlier here are pairs I will be watching in near future:

AUDJPY W1:

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We are getting near all time highs. There are two important resistances but I'm not sure where we will see repulse.
On D1 we can see a pinbar but I would not take it, there is no important resistance, next is over 130 pips higher.

AUDNZD D1:

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This looks rather nice.Price bounced off important support, we are in range market, upper boundry is 300 pips higher.

AUDUSD D1:

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This one looks great. Break of important support + pinbar on retest.

CADJPY W1:

We are near important resisstance but for now there is nothing to see.

CHFJPY W1:

There is pinbar but we are on all time highs so there is no supports or resistances... I'm not sure what to do now

EURCAD D1:

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Clear break of support. I will wait for retest.

NZDJPY:

We are near all time highs but for now there is nothing to see.

USDCHF W1:

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We are still near that 4-years reistsiances. Another small bounce?
  • #133,107
  • Nov 23, 2014 11:41am Nov 23, 2014 11:41am
Quoting Dovilo
So like I said earlier here are pairs I will be watching in near future: AUDJPY W1: {image} We are getting near all time highs. There are two important resistances but I'm not sure where we will see repulse. On D1 we can see a pinbar but I would not take it, there is no important resistance, next is over 130 pips higher. AUDNZD D1: {image} This looks rather nice.Price bounced off important support, we are in range market, upper boundry is 300 pips higher. AUDUSD D1: {image} This one looks great. Break of important support + pinbar on retest. CADJPY...
Hi Dovilo,
thanks for sharing your thoughts with us....I`ll watch some of your pairs...
Have a nice day
  • #133,108
  • Nov 23, 2014 2:56pm Nov 23, 2014 2:56pm
Quoting zamfir
{quote} Just had to repost this...what a move on CAD news... locked 100+ pips. {image}
I saw that you got a few really nice trades with news. My question is that when you take trades before major news, do you looking for the trade to absorb the news and go your way or you just ignore the news??

I was looking to take eur/cad beob but unfortunately didnt take it...
  • #133,109
  • Nov 23, 2014 3:25pm Nov 23, 2014 3:25pm
The currency pairs that I am watching....for next week


A. EUR/CAD> The price has moved but still there is a chance to get to break even on this trade. To get to break even on Fx Charts is great for new people in my opinion. Once the trade is put in a break even bucket all we have to do is to manage the trade and let the trade run.

B. AUD/NZD > Daily Chart . Triple bottom price moving in a range. There may be a trade on this chart if some PA shows up but the price is nicely trending in a range that is not too narrow and has enough pips. Also if it goes down then it will be touching a major PPZ and there is a trade here is PA shows up

C. EUR /JPY Trade> I am currently in this trade and if the price moves down will move the stop to break even. CHF/JPY settings are more attractive to me than EUR/JPY. As price has already moved when I got into this trade I am down 20 pips currently.

D. CHF /JPY > great pin bar on CHF /JPY. the price has moved on Daily but there is still a trade on weekly chart.

E. GBP/CAD is testing the BRN 1.75000 and if it breaks that and has some PA then there may be a potential move to 1.65000
  • #133,110
  • Nov 23, 2014 7:05pm Nov 23, 2014 7:05pm
Quoting rnz11
{quote} I saw that you got a few really nice trades with news. My question is that when you take trades before major news, do you looking for the trade to absorb the news and go your way or you just ignore the news?? I was looking to take eur/cad beob but unfortunately didnt take it...
I just trade based on my analysis. The news just speeds up the price movements.

Do not care what the news outcome is - bad or good it doesn't matter. But watch the calender and see which pairs have news and they are likely ones to move and you need moves to make money. So news should be factored in your trading plan , not necessarily the outcome of news.
  • #133,111
  • Nov 24, 2014 9:06am Nov 24, 2014 9:06am
Quoting prasad99
The currency pairs that I am watching....for next week A. EUR/CAD> The price has moved but still there is a chance to get to break even on this trade. To get to break even on Fx Charts is great for new people in my opinion. Once the trade is put in a break even bucket all we have to do is to manage the trade and let the trade run. B. AUD/NZD > Daily Chart . Triple bottom price moving in a range. There may be a trade on this chart if some PA shows up but the price is nicely trending in a range that is not too narrow and has enough pips. Also if it...

I have lost on the EUR/JPY trade as the price retraced. My entry was not optimal so what was supposed to be a break even trade turned into a losing trade. I took half a bar loss on this one and this being a micro account it does not pinch me that much. And Mike is right when he said that our thinking is different when we trade with large accounts.
  • #133,112
  • Nov 24, 2014 9:27am Nov 24, 2014 9:27am
When trading I would not not actually worry if my strategy fails...but I would worry if the error is on my side. No matter what strategy you have you cannot succeed all the time.

The trade that I took last week was an impulsive trade , the price has already moved past a good entry but I wanted to be in the trade because there was a great pin bar and I did not see any resistance for at least two bar moves.
  • #133,113
  • Nov 24, 2014 9:40am Nov 24, 2014 9:40am
Quoting zamfir
{quote} Yes, IB are very much effective. Just as much as Pins or OB. Please do paper trade and understand how they work. I have posted many IB setups if you want to refer.

Thanks Zamfir. That helps and I will look into that.
  • #133,114
  • Nov 24, 2014 10:08am Nov 24, 2014 10:08am
Quoting PhAnTi'
Pinbaaaaar : p..... anyway I'll looking for longs again {image}

shorted it.... wanna play the pin here,

lets c

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actaully i dont feel pretty comfortable playing against the trend, but yeah...dont know
Hero calls followed by margin calls...
  • #133,115
  • Nov 24, 2014 10:58am Nov 24, 2014 10:58am
Hi,

I am take a long entry in EURJPY as I expected nice 50% Fib retrace occurred and last bar closed above previous high..

Trying to practice what I have learned from Mike....

Adhav
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  • #133,116
  • Nov 24, 2014 11:19am Nov 24, 2014 11:19am
Quoting Adhavan
Hi, I am take a long entry in EURJPY as I expected nice 50% Fib retrace occurred and last bar closed above previous high.. Trying to practice what I have learned from Mike.... Adhav {image}
Hey Ad

It may come down but I think the better entry in this case is actually a break of the bar. We are coming off a strong uptrend and price creates a pinbar but notice the pinbars inability to close udner the previous swing high and the BRN of 145. This makes me more skeptical to want to get in on any shorts. if I HAD to trade it I would rather play a break because that what put us UNDER this area and potential PPZ.

Hope this gives you another viewpoint about what I mean about the best entry at the most significant area.

Best
Mike
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  • #133,117
  • Nov 24, 2014 1:22pm Nov 24, 2014 1:22pm
GbpZar - Triangle breakout. Retrace entry from the bottom trendline. Safer entry would be the break of the blue area.
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Keeping it Simple
  • #133,118
  • Nov 24, 2014 2:29pm Nov 24, 2014 2:29pm
Quoting habeeb
GbpZar - Triangle breakout. Retrace entry from the bottom trendline. Safer entry would be the break of the blue area. {image}
Weekly is a cool time frame Here a trade I'm in. eur aud, inverted pinbar (thanks Ghous) on some resistance by 1.40 / 1.4020. TP1 is (was) the internal PPZ by 1.4380. Next target could be the top of the IPB, confluenced with the top of consolidation box + 365EMA + descending trendline.Now is wait and see
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Slow & steady
  • #133,119
  • Nov 24, 2014 6:07pm Nov 24, 2014 6:07pm
I entered yesterday AUDUSD, +80 pips for now, tp on +100 pips but I'm thinking about closing it manually now.

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I'm short on EURCAD too, two positions, first was prematurely taken, that was a mistake. I thought price will retest former support but price was moving so slow I got baited.

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  • #133,120
  • Nov 24, 2014 6:17pm Nov 24, 2014 6:17pm
This was an interesting trade for me. It was missing an entry signal on the 8H chart, but the story that the chart was telling me was so clear that I felt comfortable enough to enter without one. This was also the first time I've used a trend line/channel in a trade, mainly because usually I'm no good at drawing them.

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(Moved my stop when price reached orange line)
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Confluence is king.
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