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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

  • #134,601
  • Apr 23, 2015 11:37pm Apr 23, 2015 11:37pm
Quoting FutureEx
{quote} How come you have marked that spot as a trouble area? To my n00bie eyes it all looks like traffic to me.
FutureEx,

See the highlighted area. Its having trouble moving now. Not much news today so i don't expect it to move at all. Lets see monday onwards..

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  • #134,602
  • Apr 24, 2015 1:18am Apr 24, 2015 1:18am
NU target hit, GU target hit, EU target hit. Nice way to sleep lol.
  • #134,603
  • Edited 2:17am Apr 24, 2015 1:36am | Edited 2:17am
EUR/USD Stopped out for a loss. Price may be heading to 1.10500 area. Will look to get short again further up if PA presents.

NZD/USD Stopped out at BE. At least i bagged some pips on this one. Will look to get short again if PA presents at resistance 0.76000 AREA.

Good job YL. Can you post a chart? Best wishes, G.
'Fail to plan, plan to fail'
  • #134,604
  • Apr 24, 2015 1:40am Apr 24, 2015 1:40am
Yeh I had a small target on that pair it was still looking like it could turn around.
  • #134,605
  • Apr 24, 2015 3:15am Apr 24, 2015 3:15am
Quoting Guitarbloke
{quote} I like it, but my losses are substantial (2 orders) when a trade goes wrong.
Hi GB

Looks like you are going great. Just wanted to say that from the little snippet I quoted above, it sounds like you are not halfing your entries. If you were, then you wouldn't have substantial risk because of 2 orders. Generally, you look at how much you want to risk and if you are placing 2 orders to capture 2 differerent TPs, you spread your total risk over those 2 orders (usually half each), so that you maintain the total risk on that position.

I was actually reading some posts by FX Lester (who posts in here too) and he described a method where he splits his entries in to 3 - at different points around a pin bar. In this case, it is a way to increase (diversify) the opportunities to get triggered on a trade but similar priniciple as he looks at the total amount he wants riding on a trade and then divides that across multiple orders.
  • #134,606
  • Apr 24, 2015 3:28am Apr 24, 2015 3:28am
Quoting Guitarbloke
EUR/USD Stopped out for a loss. Price may be heading to 1.10500 area. Will look to get short again further up if PA presents. NZD/USD Stopped out at BE. At least i bagged some pips on this one. Will look to get short again if PA presents at resistance 0.76000 AREA. Good job YL. Can you post a chart? Best wishes, G.
Yeh ill post some charts on my next lot of trades, im not used to doing that but no problems.
  • #134,607
  • Apr 24, 2015 3:57am Apr 24, 2015 3:57am
Quoting yorkshirelad
{quote} Yeh ill post some charts on my next lot of trades, im not used to doing that but no problems.
No worries YL. My purpose in posting charts is it can help me when others give feedback or suggestions. e.g. position sizing suggestions i'm currently getting from helpful folk in recent posts. All stem from me posting my charts and reasons for trade. The more discussion the better i reckon.
'Fail to plan, plan to fail'
  • #134,608
  • Edited 4:14am Apr 24, 2015 4:03am | Edited 4:14am
Quoting FrenchPips
{quote} Hi GB Looks like you are going great. Just wanted to say that from the little snippet I quoted above, it sounds like you are not halfing your entries. If you were, then you wouldn't have substantial risk because of 2 orders. Generally, you look at how much you want to risk and if you are placing 2 orders to capture 2 differerent TPs, you spread your total risk over those 2 orders (usually half each), so that you maintain the total risk on that position. I was actually reading some posts by FX Lester (who posts in here too) and he described...
Thanks FP. Spot on. Yep, i'm across the halving of my position on 2 trades. I forgot all about that basic concept in the rush to find set-ups! I haven't worried about it too much at this stage, but yes, good reminder for me re my quote. I'll look out for Lester's method. I'm liking Jim's method of 2 orders so far but always keen to read how others do it. Much appreciated mate. G
'Fail to plan, plan to fail'
  • #134,609
  • Edited 5:26am Apr 24, 2015 5:00am | Edited 5:26am
EUR/USD H1. Short on PB rejecting BRN 1.09000 area with main down trend.

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EDIT: 1st target hit. 30 pips banked. at BE. Free trade. As Jim said here 10 years ago or words to this effect....i don't give a fat rats clacker if i take 20-30 pips move SL to BE and get stopped out. nothing worse than watching a trade go back against you. 30 pips don't sound much, but if i think like a big acct holder, that's $300, $3000, $30,000 flashing before your eyes.

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'Fail to plan, plan to fail'
  • #134,610
  • Apr 24, 2015 5:11am Apr 24, 2015 5:11am
AUDUSD H1 - Nice BEOB
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  • #134,611
  • Apr 24, 2015 6:25am Apr 24, 2015 6:25am
AUD/USD H4. Sell. PB rejecting BRN 0.7800 and 365 ema. Trading in a fair amount of traffic. see how he goes.

Just saw your post FXin. Noted that bar. All the best with it.

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'Fail to plan, plan to fail'
  • #134,612
  • Apr 24, 2015 6:29am Apr 24, 2015 6:29am
Here goes first chart AUDNZD, we have pin @ big round number above that price has come back from and previously held as support in march.

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  • #134,613
  • Apr 24, 2015 7:25am Apr 24, 2015 7:25am
Quoting yorkshirelad
Here goes first chart AUDNZD, we have pin @ big round number above that price has come back from and previously held as support in march. {image}
All the best with it YL. Glad to see you have your order set below PB as Aussie dollar looking pretty bullish at the moment. But price below BRN and 365 ema. G
'Fail to plan, plan to fail'
  • #134,614
  • Apr 24, 2015 7:28am Apr 24, 2015 7:28am
Quoting Guitarbloke
{quote} All the best with it YL. Glad to see you have your order set below PB as Aussie dollar looking pretty bullish at the moment. G
Aye probably a bum call like and it wont come to anything but still a lot of the day left.
  • #134,615
  • Apr 24, 2015 8:58am Apr 24, 2015 8:58am
USDJPY finally moving my way.Locked in some profit.

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  • #134,616
  • Apr 24, 2015 9:45am Apr 24, 2015 9:45am
Quoting Guitarbloke
EUR/USD H1. Short on PB rejecting BRN 1.09000 area with main down trend. {image} EDIT: 1st target hit. 30 pips banked. at BE. Free trade. As Jim said here 10 years ago or words to this effect....i don't give a fat rats clacker if i take 20-30 pips move SL to BE and get stopped out. nothing worse than watching a trade go back against you. 30 pips don't sound much, but if i think like a big acct holder, that's $300, $3000, $30,000 flashing before your eyes. {image}
Hey GB,

Thanks for clearing up that 2 position issue, I always wondered about that. It should be a real help because I can't tell you how many times I've had this happen to me recently. It's really frustrating going from 30-40 pips straight down to BE or even worse a loss. What started as a great week for me ended badly but I'm still gonna push on because I know eventually it'll click. Happy trading everyone.

Regards,
CK
  • #134,617
  • Apr 24, 2015 10:20am Apr 24, 2015 10:20am
Does anyone have an alert or know how to code an alert for engulfing candles that only involve the candle bodies? I don't need the engulfing candle to engulf the previous candle's wicks, just the body.

Thanks,

Bry
  • #134,618
  • Apr 24, 2015 10:45am Apr 24, 2015 10:45am
Quoting Idkurv
{quote} I will watch closely at this area 1.027 - 1.0285 if seeking to short. Just my 2 cents.
I took Short AN at 1.03, will see..
tp 1.0255 1.022 1.02 1.015
  • #134,619
  • Apr 24, 2015 12:02pm Apr 24, 2015 12:02pm
Hello every body! I am watching this thread and how you trade guys long time, and i have couple questions to more experience guys.

1. How you guys avoiding to get caught in consolidation? its starts to p***off, it effects my profits and nerves. What approach are you using not to get caught? example: eur/sgd i was triing to get brakeout and now stuck for couple days. It efect my pfrofits.

2. How you guys managing your position on weekends? closing all trades or leaving? i have couple trades, and questioning my self, to hold at BE or take everything from the table? Here are my trades at the moment:
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  • #134,620
  • Apr 24, 2015 12:31pm Apr 24, 2015 12:31pm
Quoting Vilko
Hello every body! I am watching this thread and how you trade guys long time, and i have couple questions to more experience guys. 1. How you guys avoiding to get caught in consolidation? its starts to p***off, it effects my profits and nerves. What approach are you using not to get caught? example: eur/sgd i was triing to get brakeout and now stuck for couple days. It efect my pfrofits. 2. How you guys managing your position on weekends? closing all trades or leaving? i have couple trades, and questioning my self, to hold at BE or take everything...
Hey Vilko

Welcome to the thread

The first thing to do is to be able to decipher what is a sideways market and what ways to play it. Do you, play it and know that your FTA is close and price is likely to chop around? Use that information to AVOID trading that sideways market? Or look for a breakout?

All are something to be considered based on the situation. What is ultimately going to decide that is your understand of the story at hand if if one should even get involved. Based on seeing how many positions you have open it tells me that you are likely over trading your charts and finding more then really is there. This is VERY tough to do. I don't say that condescendingly at all so please don't take it that way. I say that cause i see it every day and can see the symptoms.

Sideways markets eat traders account sin two ways. Price either chops them up continuously and stop them out over and over. Or people feel as if the sideways will continue and they don't use stop losses and price breaks out and it's a blow up.

Personally I trade both in sideways markets and outside of them. My last post here was a sideways market trade I am taking. Knowing this I know both the boundaries to cut my trade for a loss if needed as well as knowing I am in a sideways market so FTA(first trouble areas) are likely to cause price to bounce and thus I tend take profit or move my stops quicker.
http://www.forexfactory.com/showthre...68#post8222268

I'll use your chf/jpy as one example here. What was your reasons to go long? You bought right on the resistance point. I actually sold right where you bought. Price failed to breakout of the PPZ, gave us a large beob and retraced back to that PPZ. Now I know I am in a tight sideways market so Price could get choppy and i'll play my stops and move them accordingly
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To me I always think it's easiest to learn PA with "space" as I call it. See this video
Inserted Video


Then build your way up to trading different environments like sideways markets, or breakouts(continuation bars)

I see the most people struggle with trading sideways markets and even more with trying to play continuation bars. And perhaps the hardest thing for traders learning to be profitable is they try to do too much at once and learn too many things at once. Build your toolbox up

Of course this is all personal opinion and just what I see teaching traders for a long time now. Some of this may or may not apply to you but I used your post for a spring board. Hopefully it helps in some way

Best
Mike
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