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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

  • #133,741
  • Feb 4, 2015 3:27pm Feb 4, 2015 3:27pm
Missed on a pin bar trade because of distractions. Here is the chart.
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  • #133,742
  • Edited 4:28pm Feb 4, 2015 3:56pm | Edited 4:28pm
Quoting mbqb11
{quote} well that's the point of it for me. One good trade a month can be a game changer and is beating out 99% of what people are doing out there/saying they are doing. That's why I scream from the rooftop about stop over trading and learn to trade smart and be picky. You can build off that and have months way better. But the focus shouldn't be how many trades a month but how many quality trades you take. If it's one it's one, if its 20, it's 20. Of course people all have different risk tolerances and different goals as well as what they are willing...

Mike

Thanks for sharing your honest opinion. Trading world is full of hype and fluff and one can get lost easily. I began trading with real money in Jan and I have faced all the typical problems such as over trading and impulse trading. Impulse trading is my biggest problem and I did exit those trades with a small loss. I am planning not to enter a trade unless I have made previous note on it. I was checking price levels concept so lost a couple of trades but then decided to move that to the practice account. The rest of the trades I have taken based on PA and supporting factors and had approx 15 percent appreciation of my account in one month. It could have been 20 percent if the broker did supported me with the CHF trade. I am posting the numbers here for everyone to see.

I have a commitment not to be in more than two trades at the same time and also stick with PA (to control overtrading) but I have to figure out other psychologically acceptable ways not to over trade as I go forward . I want to repeat a positive return for a couple more months to improve my confidence levels.

I am using a micro account but if that is regular account that is a lot of returns in terms of US dollars. Sometimes I wonder if I am ready even to take what the market can give. I did exit the EUR/HUF trade prematurely on the weekly and even now it is still valid trade.

I know it may be hard to repeat this performance because CHF trade worked in my favor but I took that based on clear PA and rules.
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  • #133,743
  • Feb 4, 2015 4:09pm Feb 4, 2015 4:09pm
Quoting mbqb11
{quote} yes exactly goldberg, it's going to make managing these much easier.
thanks a lot guys, nice job prasad!
“Life breaks free. Life expands to new territories.
  • #133,744
  • Feb 4, 2015 4:49pm Feb 4, 2015 4:49pm
I decided to take the EURNZD BEOB. I believe it was with the trend, at the 1.55 BRN, at a PPZ and fibs also lined up. Wish I was still in it but don't yet have the confidence to hold trades for long and I entered the trade right before I went to bed so I set a tp for a quick 25 pips because based on the size of the bar I believed it would be able to move that far.

Anybody else take this one?
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  • #133,745
  • Feb 4, 2015 7:35pm Feb 4, 2015 7:35pm
Quoting Goldberg
{quote} thanks a lot guys, nice job prasad!
Goldberg

Mike and folks here at J16 have helped me to get to this point. My assignment is in NJ and if it is in NY I would invite Mike for a beer. Before this I had tried with trend trading and could not get beyond break even point. I really wanted to get past this point.

In percentage terms what Mike quoted in his post is realistic, I think I just got lucky.
  • #133,746
  • Feb 4, 2015 11:48pm Feb 4, 2015 11:48pm
Hi everyone

Just saw this BEOB on EURCHF, here's my thoughts:
1.05 BRN
With the trend
38.2 fib level
My Concerns: No PPZ that lines up and also not a huge bar compared to some of the recent bullish bars.

Would anybody else take this one? I appreciate all feedback. thanks
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  • #133,747
  • Feb 5, 2015 4:47am Feb 5, 2015 4:47am
Quoting leanne087
Hi everyone Just saw this BEOB on EURCHF, here's my thoughts: 1.05 BRN With the trend 38.2 fib level My Concerns: No PPZ that lines up and also not a huge bar compared to some of the recent bullish bars. Would anybody else take this one? I appreciate all feedback. thanks {image}
I'm never going near the CHF pairs again - can't trust the Swiss bankers!
We are what we repeatedly do. Excellence, then, is not an act, but a habit
  • #133,748
  • Feb 5, 2015 8:37am Feb 5, 2015 8:37am
Quoting mbqb11
My favorite entry based on yesterdays bars was gbp/usd. I believe it offers the lowest risk potential with the breakout here is my private forum chart {image}
here are some updated charts from the PF

I moved my stop right away when my order got triggered reducing my risk from 3% to only 1%. This is that dynamic R:R i've been speaking about


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now we can see price popped back to the major trouble area now which is the base point of the TL. I've gone ahead and reduced nearly all my risk now leaving me with only .25% risk on the table but my full position size and full reward still in tact. IF we can get past this base point it should be a straight shot to the next BRN. Let's see what happens. Now is when a trader can use HOPE that we break an area because this is basically a risk free trade.

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  • #133,749
  • Feb 5, 2015 9:03am Feb 5, 2015 9:03am
Quoting mbqb11
{quote} here are some updated charts from the PF I moved my stop right away when my order got triggered reducing my risk from 3% to only 1%. This is that dynamic R:R i've been speaking about {image} now we can see price popped back to the major trouble area now which is the base point of the TL. I've gone ahead and reduced nearly all my risk now leaving me with only .25% risk on the table but my full position size and full reward still in tact. IF we can get past this base point it should be a straight shot to the next BRN. Let's see what happens....
Hi Mike,

Thanks for your post! Got a few questions if you have a minute?

You say you moved your stop as soon as the trade got triggered. In this case, what is the point of having a stop under the BEOB ( where I assume it was ) in the first instance? Wouldn't it be the same thing to identify the main trouble area under your trigger point and put the stop there at the start?

Thanks! B
We are what we repeatedly do. Excellence, then, is not an act, but a habit
  • #133,750
  • Feb 5, 2015 9:22am Feb 5, 2015 9:22am
Quoting Berserker
{quote} Hi Mike, Thanks for your post! Got a few questions if you have a minute? You say you moved your stop as soon as the trade got triggered. In this case, what is the point of having a stop under the BEOB ( where I assume it was ) in the first instance? Wouldn't it be the same thing to identify the main trouble area under your trigger point and put the stop there at the start? Thanks! B
Hey B

I start with my stop under the bar to determine my position size on the trade. As well as I don't know where that first retrace of the new bar will be. So once my trade is triggered we then know the low of the current day and more importantly a point where for sure price should not have to come past(in combination really with the TL and PPZ area)

Some people say why not start with a tighter stop and a bigger position size. You certainly can but then you lose the flexibility to reduce your risk on the trade as you have less room to move your stop loss which in turn reduces your risk. This is how i utilize risk management and is what I mean when I speak about dynamic R:R.

Hope that helps
Mike
  • #133,751
  • Feb 5, 2015 9:33am Feb 5, 2015 9:33am
http://xan.su/images/2015/02/05/50.jpg
http://xan.su/images/2015/02/05/52.jpg
  • #133,752
  • Feb 5, 2015 9:40am Feb 5, 2015 9:40am
Quoting mbqb11
{quote} Hey B I start with my stop under the bar to determine my position size on the trade. As well as I don't know where that first retrace of the new bar will be. So once my trade is triggered we then know the low of the current day and more importantly a point where for sure price should not have to come past(in combination really with the TL and PPZ area) Some people say why not start with a tighter stop and a bigger position size. You certainly can but then you lose the flexibility to reduce your risk on the trade as you have less room to...
Yes, it does. Cheers Mike
We are what we repeatedly do. Excellence, then, is not an act, but a habit
  • #133,753
  • Feb 5, 2015 9:40am Feb 5, 2015 9:40am
Quoting leanne087
Hi everyone Just saw this BEOB on EURCHF, here's my thoughts: 1.05 BRN With the trend 38.2 fib level My Concerns: No PPZ that lines up and also not a huge bar compared to some of the recent bullish bars. Would anybody else take this one? I appreciate all feedback. thanks {image}

Leanne

After that crazy move a few weeks back CHF pairs are still unstable. And the PA that you show on the chart is in the middle of the chart and can be risky. I would not get into CHF until something significant shows up.

Hope that helps.
  • #133,754
  • Feb 5, 2015 9:55am Feb 5, 2015 9:55am
Quoting Berserker
{quote} Hi Mike, Thanks for your post! Got a few questions if you have a minute? You say you moved your stop as soon as the trade got triggered. In this case, what is the point of having a stop under the BEOB ( where I assume it was ) in the first instance? Wouldn't it be the same thing to identify the main trouble area under your trigger point and put the stop there at the start? Thanks! B

B

I think Mike covering the retrace risk by placing the stop loss below the bar in the first place. This gives some room for the trade to develop. Once the order is triggered the direction is set so that might allow to reduce the risk on the trade. Really good risk management on the trade.
  • #133,755
  • Feb 5, 2015 11:06am Feb 5, 2015 11:06am
While I am still not comfortable trading IB (inside bars) and CHF pairs I do see one good trade that has developed on this one. One could have entered this trade at the break of 134.00. There is a lot of space all around and the only resistance I see on the downside is at 124 and 118 which are quite far away. Would like to here comments if someone thinks this is not a good setup.
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  • #133,756
  • Feb 5, 2015 3:52pm Feb 5, 2015 3:52pm
Thanks Berserker and Prasad
  • #133,757
  • Feb 5, 2015 4:18pm Feb 5, 2015 4:18pm
Not an A plus but I see something on this chart. There is some PA that breaks BRN and a Major PPZ. The price is well past optimum entry though.
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  • #133,758
  • Feb 6, 2015 10:26am Feb 6, 2015 10:26am
I was thinking yesterday about the problem of over trading that all new traders face and how to tackle this in a natural way. Sometimes it seems like mind is a dumb thing and it operates like that in some matters. We have to take advantage of this dumbness of the mind. Now this is how it works. The mind is big on comparison and let us you browsed through the charts and found a good setup. You start feeling a rush to enter the trade and think like this is an A plus setup. And then when you continue browsing the charts and you will see another one which is much better than this one and suddenly this earlier A plus becomes an A...mind will do its job of downgrading it....and so on and so forth and you get the drift. One setup is only good till you get one much better than that. Mind does this in all things in some cases leading to damaging results.

Now all you have to do is browse the chart for an hour or two or three whatever is comfortable for you and just let the mind do its job. Scanning the charts has to be an activity that you just do without any compulsion to place a trade. Mind does its usual job of comparing and will give you short list of highly probable trades. And then from here you can have 3 strong reasons to enter a trade to avoid impulse trading. I have to test this all out but 3 works for me conceptually.

Different people may find different ways to trade based on their personality and all are good and respected provided they make money in the markets.
  • #133,759
  • Feb 6, 2015 2:38pm Feb 6, 2015 2:38pm
Hey guys! I try to trade breakouts as Mike show in his graph. Please tell me where is my mistake. Big BUOB breakout PPZ 1.4600. retrace to 1.46. I buy on retrace.
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  • #133,760
  • Feb 6, 2015 3:24pm Feb 6, 2015 3:24pm
Quoting prasad99
I was thinking yesterday about the problem of over trading that all new traders face and how to tackle this in a natural way. Sometimes it seems like mind is a dumb thing and it operates like that in some matters. We have to take advantage of this dumbness of the mind. Now this is how it works. The mind is big on comparison and let us you browsed through the charts and found a good setup. You start feeling a rush to enter the trade and think like this is an A plus setup. And then when you continue browsing the charts and you will see another one...
Well said
“Life breaks free. Life expands to new territories.
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