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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

  • #133,681
  • Jan 29, 2015 4:24am Jan 29, 2015 4:24am
USDZAR
4hr pin off resistance.
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Weekly BeOB
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Keeping it Simple
  • #133,682
  • Jan 29, 2015 4:39am Jan 29, 2015 4:39am
Quoting ontoast
Hi guys, can someone please explain to me why my MT4 has entered this trade? I put a pending buy order on but I didn't intend for it to buy until 18.180. As far as I can see, the price hasn't reached there yet but it's entered the trade anyway. Ignore the lot size and risk etc, this is only demo (luckily for me). {image}

Long Orders will executed by the bid price. shorts by the ask price. Actualy you are se only the ask price. In MT4 go to Options -> Trading and aktivate the checkbox (Show bid price). Now you se two lines. The bid and the ask price. the space between is the Spread or Spreeeeeeeeead, witch is depends on your broker

keep focused and trade well.

Whoops sorry i was to late Liquidity was a little faster. Anyway...
  • #133,683
  • Jan 29, 2015 5:48am Jan 29, 2015 5:48am
Quoting Liquidity
{quote} Hey mate. On your charts, there is always a bid price (the price you can sell at) and an ask price (the price you can buy at). The price that is charted is the BID price. The ask price will always be slightly above the bid price. This slight gap between the two prices is the "spread". When you place a buy stop, like in your trade, you will be entered into the trade when the ask price (the price you can buy at) hits the buy stop. This is how you got entered even though the price that's charted (the bid price) never hit your buy stop. You...
Make a lot of sense mate,even I get it,cheers Al
  • #133,684
  • Jan 29, 2015 7:18am Jan 29, 2015 7:18am
Thank you very much Liquidity and Mr Weiss. That makes perfect sense. As I said, lucky I'm on demo lol.
  • #133,685
  • Jan 29, 2015 8:44am Jan 29, 2015 8:44am
I hate it when this happens. Fortunately the weekly formation still holds. Hoping to get a retrace to the 11.58 area to short, then 11.50 needs to be broken, and a drop to 11.38.
If only it was as easy as I've typed it...
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Keeping it Simple
  • #133,686
  • Jan 29, 2015 8:48am Jan 29, 2015 8:48am
nailed this one to the pip for a 2% gain , had two trades that missed my entry by a couple pips this month costing me 6% in gains so it's nice to get one your way! Missed my mt4 demo by a pip which I run along side so people in the PF can follow my trades but here is what price did

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  • #133,687
  • Jan 29, 2015 11:07am Jan 29, 2015 11:07am
Quoting mbqb11
nailed this one to the pip for a 2% gain , had two trades that missed my entry by a couple pips this month costing me 6% in gains so it's nice to get one your way! Missed my mt4 demo by a pip which I run along side so people in the PF can follow my trades but here is what price did {image} {image}
Nice one dude.., I also had pending on that one little higher, didnt get triggered.

Also im on AUD/NZD OB and doesnt look good lol, hope OB low wont be taken out
  • #133,688
  • Jan 29, 2015 12:51pm Jan 29, 2015 12:51pm
Quoting mbqb11
nailed this one to the pip for a 2% gain , had two trades that missed my entry by a couple pips this month costing me 6% in gains so it's nice to get one your way! Missed my mt4 demo by a pip which I run along side so people in the PF can follow my trades but here is what price did {image} {image}
MIke

Probably I am not right but it seems like you had less than 1:1 profit target with respect to stop loss. I know there is a PPZ on the downside and your profit target is based on that but price sometimes goes across PPZ. Do you watch the trades and move the profit target in those cases.
  • #133,689
  • Jan 29, 2015 1:56pm Jan 29, 2015 1:56pm
Quoting prasad99
{quote} MIke Probably I am not right but it seems like you had less than 1:1 profit target with respect to stop loss. I know there is a PPZ on the downside and your profit target is based on that but price sometimes goes across PPZ. Do you watch the trades and move the profit target in those cases.
Hey P

Not quite. Risk Reward is one of the most mis understood topics in trading in my view. People view R:R as black and white when it is often gray.

What I like to talk about I call DYNAMIC risk reward. By that means our risk is not fixed but variable. And often that risk is known that we won't let price get much past a certain point. Now I base my initial risk on the full bar in this case. Why? Because I risk 3% per trade in this case. I want to have room to be able to cut out. This is the variable part and this is RISK management. This is different than money mgmt.

So in this case my REAL risk is about .85% and my reward is 2%. I'll take that all day long on a high probability trade.

DO I sometimes look to target more? Sure but it depends on the story. In this case you have a very choppy pair trading into some major stuff. Not worth giving up 2% of profit which most people would kill for month to month. This trade puts me up 3.2% for the month and all it takes is being picky and managing those losses. This is how I cut my losses but let profits run. Another misunderstood topic in my view too.

Of course this is just how I do it and not the only way

Hope that helps
Mike
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  • #133,690
  • Jan 30, 2015 7:10am Jan 30, 2015 7:10am
S&P500
Mouteki / DeMark trade on the 4hr. Target seems a bit deep, but not impossible.
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Keeping it Simple
  • #133,691
  • Jan 30, 2015 7:16am Jan 30, 2015 7:16am
EurJpy
Similar entry on EJ. The 1hr pin off the trendline made entering short easier.
Used Fibonacci Extension for targets on this one.
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Keeping it Simple
  • #133,692
  • Jan 30, 2015 7:26am Jan 30, 2015 7:26am
Quoting mbqb11
{quote} Hey P Not quite. Risk Reward is one of the most mis understood topics in trading in my view. People view R:R as black and white when it is often gray. What I like to talk about I call DYNAMIC risk reward. By that means our risk is not fixed but variable. And often that risk is known that we won't let price get much past a certain point. Now I base my initial risk on the full bar in this case. Why? Because I risk 3% per trade in this case. I want to have room to be able to cut out. This is the variable part and this is RISK management. This...

Take this words serious guys, print it out, frame it and hang it over your bed!
  • #133,693
  • Jan 30, 2015 7:27am Jan 30, 2015 7:27am
UsdZar
Daily Pin off trendline resistance.
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Today, being the last trading day of the month, we'll probably see some crazy action due to profit taking.
Keeping it Simple
  • #133,694
  • Jan 30, 2015 11:07am Jan 30, 2015 11:07am
Quoting mbqb11
{quote} Hey P Not quite. Risk Reward is one of the most mis understood topics in trading in my view. People view R:R as black and white when it is often gray. What I like to talk about I call DYNAMIC risk reward. By that means our risk is not fixed but variable. And often that risk is known that we won't let price get much past a certain point. Now I base my initial risk on the full bar in this case. Why? Because I risk 3% per trade in this case. I want to have room to be able to cut out. This is the variable part and this is RISK management. This...

This is sinking into me slowly but this is great trade and money management. My understanding is when you speak about risk management you are talking about risk applied to each trade. And risk related to money management is related to the trading account as a whole. 3.2 % appreciation of the trading account for each trade is really awesome if one can do that.

I am still trying to figure the dynamic risk management part. If you plan to use only around 1% risk why you are placing the stop loss at 3%. Probably in some cases you need more room to maneuver the trade and this is a bit of grey area and will understand the advantage of this with some real practice.

Cutting losses as you say is the most crucial thing in this whole business. Thanks for your response again. I have to work on both my profit targets (limited targets will do if I am not watching the trade. I am trying to get a work from home job and it may not happen soon) and keep the losses to the minimum.

Thanks for the response and it helped.
  • #133,695
  • Jan 30, 2015 1:40pm Jan 30, 2015 1:40pm
Quoting mbqb11
{quote} Hey P Not quite. Risk Reward is one of the most mis understood topics in trading in my view. People view R:R as black and white when it is often gray. What I like to talk about I call DYNAMIC risk reward. By that means our risk is not fixed but variable. And often that risk is known that we won't let price get much past a certain point. Now I base my initial risk on the full bar in this case. Why? Because I risk 3% per trade in this case. I want to have room to be able to cut out. This is the variable part and this is RISK management. This...
Hi Mike and all,
is there a video or post where we can read more about how to draw the ppz (white box in your chart ) ?
cheers
  • #133,696
  • Jan 31, 2015 8:00am Jan 31, 2015 8:00am
take a look at fpe3 (germany) for the next week...
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meine augen sind die sterne
  • #133,697
  • Jan 31, 2015 8:23am Jan 31, 2015 8:23am
Quoting prasad99
I just dont post anything other than trading related topics on this board but I feel depression and anger by reading some of the news. It seems like ocean life is facing mass extinction and how humans expect to survive by killing everything around them is beyond my knowledge and is so offensive. http://www.nytimes.com/2015/01/16/sc...cean-life.html And then we have fanatics of all hues , leanings and persuasions all around the world who just want to eliminate all those who disagree with them....
Rest assured, brother;many here experience the same feelings.
every Saint has a past. Every Sinner has a Future
  • #133,698
  • Feb 1, 2015 6:32am Feb 1, 2015 6:32am
Quoting ontoast
Hi guys, can someone please explain to me why my MT4 has entered this trade? I put a pending buy order on but I didn't intend for it to buy until 18.180. As far as I can see, the price hasn't reached there yet but it's entered the trade anyway. Ignore the lot size and risk etc, this is only demo (luckily for me). {image}
Hey Ontoast,

Silver tanked! Sorry to see you were triggered, but some useful words from others here re. bid and ask. Always useful to set you stops a good few pips beyond the price marked by the highs and lows of the PA signal - that way you only get triggered when price has moved definitely in your direction. You may miss a few pips reward, but I think it's worth it to limit those times you find yourself in a bad trade that was triggered by a touch on your stop price!

If you are trading daily charts, then 5-10pips or so ( depending on the volatility of the pair ) shouldn't make that much difference to your bottom line.
We are what we repeatedly do. Excellence, then, is not an act, but a habit
  • #133,699
  • Feb 2, 2015 1:31am Feb 2, 2015 1:31am
Hi Mike and everyone
Is this something you would trade?
My thoughts are... BRN, pinbar with long wick, and divergence (I think?). I was looking at the green line as an entry point and the pink line as FTA, and stop below the bar low. Do I have the FTA correct? but maybe it would be too close and too risky to trade?
Thanks in advance.

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  • #133,700
  • Feb 2, 2015 2:46am Feb 2, 2015 2:46am
Quoting leanne087
Hi Mike and everyone Is this something you would trade? My thoughts are... BRN, pinbar with long wick, and divergence (I think?). I was looking at the green line as an entry point and the pink line as FTA, and stop below the bar low. Do I have the FTA correct? but maybe it would be too close and too risky to trade? Thanks in advance. {image}
Hi Leanne,

After being rather passive during the last half year, I'd really like to get involved here a bit more actively again.
I've been in an overtrading frenzy during january and started the year with a losing month and way too many sub-par trades.

As for the E/Z setup, here's my take on it:

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The downtrend in Eur/Nzd has significantly slowed down, which leaves the pinbar in a rather choppy area.
Ideally, a pinbar setup follows an accelleration of price. (the 'swing-into' the setup).
Pinbars in range could still make for a good setup, but for that to be worth the risk, the pinbar should be located at edge of a range, with the wick protruding far beyond the range's boundraries. (this leaves you a low-risk potential exit, because price going against you, would mean price leaves the range.)
Also it gives the trade space to run.

In this occasion, the pinbar is formed close to the middle of the range (not a very well defined range, but still).
This makes that if price were to turn against you, the lower edge of the range (aug'12 low) is almost the full bar risk.
The location of this pinbar poses risks that are difficult to manage, because it lacks a good area to exit with a small loss.

Good luck!
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