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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

  • #133,641
  • Jan 22, 2015 8:49am Jan 22, 2015 8:49am
Quoting prasad99
{quote} Mike 1% increase on trades is really good and when you consider compounding the account grows quickly. Now my question is did you use PA on the hourly chart to enter the trade on Daily channel. Because I dont see the beob on the Daily.
Hey P

Yep the entire entry was based on the 1hr beob. It was off the massive clean support area that's easier to see on the 4hr/1hr

Best
Mike
  • #133,642
  • Jan 22, 2015 8:52am Jan 22, 2015 8:52am
Quoting Adhavan
Hi Mike, Sometimes I can see the good story in Chart pattern and have a confident that price will reach the expected level, but during that period PA bar not formed as expected even though in lower time frame also.. The decision based on factors like S/R line, Fib, breakout..Most of times price reached my expected level. So, i may say that primarily focus on story and if i am have confident, PA bar is not part of it. My guessing is right?? i expect your input. Adhav
Hey Adhav

I'll say something that may help or might not

I watch TONS of things and i'll mark exactly the areas i'm looking for PA and have a great idea what will happen. No solid enough PA shows up , i don't enter and exactly as you said price goes onto where I want. BUT this does not make me change my approach because part of the confluence of many of my trades is getting that extra bit of confluence in a PA bar and the level of confidence that adds to the setup. If I didn't do that I would trade more and have more wiggle room and potentially get myself into more trouble areas.

Now does that mean I always wait for PA to trade. Of course not look at my eur/sek trade it was a simple touch trade but at such a strong area I was willing to enter with no PA

You have to find the balance for you. Try seeing how you will do if you don't always wait for PA. What happens to most people is they begin to over trade if they haven't trained themselves on discipline enough. It's easy to over trade even for people who have been around for a long time.

So hopefully this helps you at least understand that there is no perfect solution in trading. What I try to focus on instead is being consistent in what my approach is. Your approach can be your own personal thing. Whatever you land on that you have proven work you then need to be consistent to have long term success

Best
Mike
  • #133,643
  • Jan 22, 2015 9:19am Jan 22, 2015 9:19am
Quoting mbqb11
{quote} Hey P Yep the entire entry was based on the 1hr beob. It was off the massive clean support area that's easier to see on the 4hr/1hr Best Mike
Mike

Thanks for the feedback.
  • #133,644
  • Jan 22, 2015 9:23am Jan 22, 2015 9:23am
I thought I'd ask a question, mainly for my benefit, but also for the benefit of anyone stopping by the thread in need of some extra help.

My question is a general one about managing a trade once you are in, in particular, this idea of moving your stop to break-even. Specifically, what kind of things do we need to take in to account to judge when to do this.

I'm guessing it comes down to the time-frame that we used to get in to the trade and striking a balance of giving the trade room to come good and deciding that subsequent movement of price nullifies our original thinking about a trade.

I'm asking this both from a position of wanting to learn something specific about how to manage a trade, but also from a psychological perspective. I notice that once in a trade I have a tendency to then want to close it straight away , especially if I see it has any amount of profit, and to avoid taking a loss. I can observe myself doing this and recognise that (to put it simply) the emotions of fear and greed are taking over my ability to act rationally (so thats one thing I need to spend some time working on as I start to trade).

Perhaps you'd take the gold trade I posted above as an example - I'm thinking that this is a short term play - the trend is down on the weekly/recent daily chart, its been up on the 4 hr and is hitting a potentially strong area of resistance, but of course it can go towards 1350 at least and still respect the weekly trendline. So, in view of this and as for me its a short term play, I'm thinking that if it breaches 1305 cleanly, I should close the trade.

Appreciate any insights.
  • #133,645
  • Edited 12:20pm Jan 22, 2015 9:24am | Edited 12:20pm
Quoting prasad99
I have netted 60 pips on this one so far but not enough to move my stop to break even. It seems like the spread is too large for unconventional pairs and this makes it hard to take them unless the setup is really good Without PA it can be very treacherous to trade because without one being aware of that trading can easily turn into gambling. That means you can lose your shirt. It may take years before the intuition and expertise can be honed to a level where one can take touch trades. Definitely not for the beginner in my opinion. {image}

I have so far netted 220 pips on this trade. But still I have difficulty to move this to break even because I am trading off the Weekly Chart. I am trying to play it according to the PA shown on the weekly. I would like to reduce the risk at least but I should be ready to get out of the trade prematurely. The ability to see the money vanish in the trade does not come easy. There are no easy ways in trading. Trading on the higher frames means one should be willing to take more risk. This is ok on a micro account but can be prohibitive where you play a regular lot.

I will be watching this trade further but got out of this trade at 300 pips profit.
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  • #133,646
  • Jan 22, 2015 10:08am Jan 22, 2015 10:08am
Quoting patapouer
{quote} Hi Ad, Not Mike, but that's a question I've had for quite some time. ... Take care
Quote
Hey Adhav I'll say something that may help or might not

Thanks for your reply..

The main reason to post this question is, When I am studying the chart from different people in this forum, some times those PA bar has not match with my chart. I understood that the bar type slightly differ for different broker due to various factors, but the story remains same throughout all the brokers.

Come out from this situation, I told to myself that BE part of your chart, not others one.

Adhav
  • #133,647
  • Jan 22, 2015 10:53am Jan 22, 2015 10:53am
Quoting FrenchPips
I thought I'd ask a question, mainly for my benefit, but also for the benefit of anyone stopping by the thread in need of some extra help. My question is a general one about managing a trade once you are in, in particular, this idea of moving your stop to break-even. Specifically, what kind of things do we need to take in to account to judge when to do this. I'm guessing it comes down to the time-frame that we used to get in to the trade and striking a balance of giving the trade room to come good and deciding that subsequent movement of price nullifies...
Paper trading is a great solution to perfect the technique. And after that we have to work on the emotions using a small account. The problem with trading is it is not quick. It takes quite a bit of time. There may be some folks who are like 1, 2, 3 and then get it quickly but I am not one of them.
  • #133,648
  • Jan 23, 2015 5:40am Jan 23, 2015 5:40am
Quoting prasad99
{quote} I have so far netted 220 pips on this trade. But still I have difficulty to move this to break even because I am trading off the Weekly Chart. I am trying to play it according to the PA shown on the weekly. I would like to reduce the risk at least but I should be ready to get out of the trade prematurely. The ability to see the money vanish in the trade does not come easy. There are no easy ways in trading. Trading on the higher frames means one should be willing to take more risk. This is ok on a micro account but can be prohibitive where...

I got out of this trade prematurely because I wanted to stay positive for the month. After I exited the trade it has moved another 300 pips as you can see in the chart. It is racing towards my original profit target. It is hard to stay in the trade if we are not used to earning large number of pips. It is the mental thing.

I still have to learn to stay in large moves and let the price move and reach its profit target. I could have let it run but the fact that I am in a job makes it hard to leave large number of pips on the table without watching. My earlier decision was to move the SL to break even and let the price reach the target but then somehow then I changed the decision and got out of trade.
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  • #133,649
  • Jan 23, 2015 7:51am Jan 23, 2015 7:51am
thanks Jarro, wherever you are, I thank you with all my heart for leaving valuable advice and I hope that one day you will return to visit to this thread
  • #133,650
  • Edited 7:45am Jan 24, 2015 1:58am | Edited 7:45am
Quoting Adhavan
{quote} {quote} Thanks for your reply.. The main reason to post this question is, When I am studying the chart from different people in this forum, some times those PA bar has not match with my chart. I understood that the bar type slightly differ for different broker due to various factors, but the story remains same throughout all the brokers. Come out from this situation, I told to myself that BE part of your chart, not others one. Adhav

Adhavan

If you are passionate about trading it will eventually overcome everything. Passion is the most important thing.
  • #133,651
  • Jan 24, 2015 7:55pm Jan 24, 2015 7:55pm
I see a great break out trade supported by PA on the last week NZDUSD 4 hr chart. I see quite a few good trades last week that I missed. Entry is at 7600.
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  • #133,652
  • Jan 25, 2015 8:42am Jan 25, 2015 8:42am
hello everyone

anyone gonna play this daily pb on gbp/cad ?,


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  • #133,653
  • Jan 25, 2015 12:31pm Jan 25, 2015 12:31pm
Quoting PB_lover
hello everyone anyone gonna play this daily pb on gbp/cad ?, {image}
Hey PB

Careful on this one it's not really a pinbar. You don't want the body of the bar(open-close) to be equal or bigger than that nose of the bar. So you really want a much longer nose here to have a better understanding if it's a potential short situation

Let me know if that makes sense
Mike
  • #133,654
  • Jan 25, 2015 2:19pm Jan 25, 2015 2:19pm
thx a lot Mike

sure it makes sense and i wont play it .
  • #133,655
  • Jan 25, 2015 6:29pm Jan 25, 2015 6:29pm
one im watching for the coming week
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  • #133,656
  • Jan 26, 2015 7:51am Jan 26, 2015 7:51am
Quoting prasad99
{quote} Adhavan If you are passionate about trading it will eventually overcome everything. Passion is the most important thing.
Yes Prasad, i accept your ponit..

Adhav
  • #133,657
  • Jan 26, 2015 8:49am Jan 26, 2015 8:49am
Topic is very useful to everyone, hello everyone .
  • #133,658
  • Jan 26, 2015 9:16am Jan 26, 2015 9:16am
Quoting VoThuong
Topic is very useful to everyone, hello everyone .
Hey Vo

Welcome

Mike
  • #133,659
  • Jan 26, 2015 10:19am Jan 26, 2015 10:19am
Quoting mbqb11
{quote} Hey Vo Welcome Mike
  • #133,660
  • Jan 26, 2015 1:39pm Jan 26, 2015 1:39pm
Is this a valid inside bar at the price low on the EURUSD chart. Does the inside bar has to totally inside the main body(without tails) of the previous bar.
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