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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

  • #134,701
  • Apr 29, 2015 4:41pm Apr 29, 2015 4:41pm
GB, Look forward to your posts/charts also.. Keep em rolling mate!
  • #134,702
  • Apr 29, 2015 5:03pm Apr 29, 2015 5:03pm
Hey everyone,

I see a nice pin developing on USD/CAD daily.


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Oh and keep those charts coming GB, I sometimes get jealous that I can't find as many setups as you do.
  • #134,703
  • Edited Apr 30, 2015 1:08am Apr 29, 2015 10:33pm | Edited Apr 30, 2015 1:08am
Thanks Codekid and everyone for your words of encouragement. I am here to learn, and the way I see it is there are far more experienced heads here than me, so posting set-ups gets the conversation and questions flowing, through which I can hopefully learn and improve. Having said that, I am reminded to be mindful of the trades I take and post. Everyone's a winner!

CK I would've preferred that PB to have closed bullish, but all the best with it if you're in the trade.

Just when you thought you'd go home empty handed, I found this set-up and have taken it.

AUD/USD H4. Blended candle wizardry combining the 2 large bars at top conjuring up a bearish PB rejecting key weekly/daily level at swing high.

EDIT: 1st TP hit. BE. Free trade from here.

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'Fail to plan, plan to fail'
  • #134,704
  • Edited 11:01pm Apr 29, 2015 10:50pm | Edited 11:01pm
GBP/USD H4 IB breakout above S/R level. 140 pips up. Time to exit this trade from a couple of days ago. My original TP was above next resistance, but I see my target could've been better at resistance around 1.5480. Too greedy!

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'Fail to plan, plan to fail'
  • #134,705
  • Edited Apr 30, 2015 12:46am Apr 29, 2015 11:41pm | Edited Apr 30, 2015 12:46am
AUD/JPY H1. Double top at swing high. Entered on BEOVB a couple bars back. Doji/indecision candle on yesterdays Daily rejecting traffic around 95.00-96.00 level encourages me to go short.

Dean, are you still in this trade? I was stopped out last time going short, but I reckon it's heading south now.

EDIT: 1st TP hit. Now at BE. Free trade.

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'Fail to plan, plan to fail'
  • #134,706
  • Apr 30, 2015 12:25am Apr 30, 2015 12:25am
Although Im very picky and confident about this trade, prefer to move my SL to BE.
Rule #1: PROTECT & PRESERVE MY CAPITAL!
Reza
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  • #134,707
  • Apr 30, 2015 5:31am Apr 30, 2015 5:31am
I took a small trade on that AUDCAD daily pin - 12 hr chart attached. It was around a decent support and is back above the big figure. No TP set and I'll probably move to BE soon as I'll be monitoring this one until (if) it takes off. There's a BOC guy speaking later today which will probably cause this to whip around a bit.

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  • #134,708
  • Apr 30, 2015 9:41am Apr 30, 2015 9:41am
Quoting Guitarbloke
AUD/JPY H1. Double top at swing high. Entered on BEOVB a couple bars back. Doji/indecision candle on yesterdays Daily rejecting traffic around 95.00-96.00 level encourages me to go short. Dean, are you still in this trade? I was stopped out last time going short, but I reckon it's heading south now. EDIT: 1st TP hit. Now at BE. Free trade. {image}
Hi GB, i have been following your trades quite a lot recently. Very nice trading, I like your approach. I also assume that you must have a high win rate, since your risk is always higher than your return. I am also wondering how many times the second free lot did provide a substantial profit? because from my testing, second lot gets stopped out at BE more often than making a run; hence this makes the R:R even weaker, since for example you risk 2 lots X 100 pips each and you exit with 1st lot at 30 pips profit and most of the time second lot closes at BE.

I don't know if i expressed myself clearly here
Market can stay irrational longer than you can stay solvent.
  • #134,709
  • Apr 30, 2015 10:06am Apr 30, 2015 10:06am
Quoting FXBat
{quote} Hi GB, i have been following your trades quite a lot recently. Very nice trading, I like your approach. I also assume that you must have a high win rate, since your risk is always higher than your return. I am also wondering how many times the second free lot did provide a substantial profit? because from my testing, second lot gets stopped out at BE more often than making a run; hence this makes the R:R even weaker, since for example you risk 2 lots X 100 pips each and you exit with 1st lot at 30 pips profit and most of the time second...
Hi,

Not GB but I'll give it a try

Try and consider BE trades as winners. You secure your gain by a first TP. You reduce your risk, at your convenience (I do it little by little, along with the trade's progression), to eventually get to BE on your second position.

Then the only thing you have to do is wait and grab more pips.
Only one of the following 3 things may happen:

1- stopped out at BE, and the trade move against yuo - you're happy you've secured your 1st profit.

2- stopped out at BE, then the trade blasts off in your direction - you get frustrated (I know I do ). What I try is giving the trade enough room to breath but not enough to kill my profit. Not easy, I've been floating around BE+ on my account lately because of that

3- The trade takes off, with you on board, and now you're happy.
Well, depending on you and on the trade's progression, you grab the pips you want. The difficulty I see here is taking as much as possible but again giving the trade some space to develop. And again, I got frustrated when I see a trade stopped after x pips and then move again a crazy amount of pips in my direction but I guess there is always another trade to wait for...

The last thing I needed some time to figure out, is that you (I) have to take action at the FTA. But this does not mean I have to close one of my positions. I often simply reduce my risk, while my TP1 is further...

Hope this helps a bit,

Take care
Slow & steady
  • #134,710
  • Apr 30, 2015 10:11am Apr 30, 2015 10:11am
Quoting codekid
Hey everyone, I see a nice pin developing on USD/CAD daily. {image} Oh and keep those charts coming GB, I sometimes get jealous that I can't find as many setups as you do.
USD/CAD looks like it might be going places. Nice movement up, hopefully it goes even further.

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  • #134,711
  • Apr 30, 2015 10:14am Apr 30, 2015 10:14am
Beeing stopped out in such trades posted below is the reality in trading.
I recommend many not to waste your life with trading.



.
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  • #134,712
  • Apr 30, 2015 12:25pm Apr 30, 2015 12:25pm
Finally some quick profit from a nice setup (in my opinion), the monthly statement won't look so ugly! :]

Orange line - Weekly PPZ
Brown line - Daily PPZ

Greg
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  • #134,713
  • Apr 30, 2015 12:29pm Apr 30, 2015 12:29pm
Kershey, you're right- I'm packing it all in now lol.

Wow, what a day guys. Some volatility for sure!
  • #134,714
  • Apr 30, 2015 12:31pm Apr 30, 2015 12:31pm
Quoting hawassy
Finally some quick profit from a nice setup, the monthly statement won't look so ugly! :] Orange line - Weekly PPZ Brown line - Daily PPZ Greg {image}
Nice trade Greg and helpfully annotated, thank you.
  • #134,715
  • Apr 30, 2015 12:50pm Apr 30, 2015 12:50pm
Quoting hawassy
Finally some quick profit from a nice setup (in my opinion), the monthly statement won't look so ugly! :] Orange line - Weekly PPZ Brown line - Daily PPZ Greg {image}
well done ! I was waiting for a retrace but it broke hard and without delay
Slow & steady
  • #134,716
  • Apr 30, 2015 5:05pm Apr 30, 2015 5:05pm
AUD/NZD D1. PB rejecting resistance level at swing high with main downtrend. Bearish close. I can't find a reason not to take this trade.

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'Fail to plan, plan to fail'
  • #134,717
  • Apr 30, 2015 5:18pm Apr 30, 2015 5:18pm
Quoting FXBat
{quote} Hi GB, i have been following your trades quite a lot recently. Very nice trading, I like your approach. I also assume that you must have a high win rate, since your risk is always higher than your return. I am also wondering how many times the second free lot did provide a substantial profit? because from my testing, second lot gets stopped out at BE more often than making a run; hence this makes the R:R even weaker, since for example you risk 2 lots X 100 pips each and you exit with 1st lot at 30 pips profit and most of the time second...
Hi FXBat. You are correct. My win rate is getting higher, but I do face the problem as you point out of large stops being hit too. This is something I am working on and haven't found the best method for me yet. Still a work in progress. I may well go back to looking at RR more closely before entering trades, but I'm experimenting at the moment with Jim's 2 order method and BE after 1st takes profit. Definitely something I see as an issue. Appreciate your post. Good trading, G.
'Fail to plan, plan to fail'
  • #134,718
  • Apr 30, 2015 5:34pm Apr 30, 2015 5:34pm
Quoting Guitarbloke
{quote} Hi FXBat. You are correct. My win rate is getting higher, but I do face the problem as you point out of large stops being hit too. This is something I am working on and haven't found the best method for me yet. Still a work in progress. I may well go back to looking at RR more closely before entering trades, but I'm experimenting at the moment with Jim's 2 order method and BE after 1st takes profit. Definitely something I see as an issue. Appreciate your post. Good trading, G.
Easier to obtain a proper %Risk by changing your position size.

Examples as per your last pin bar on A-N D1: (just playing with numbers as an example, using 182 pip stop from high to low of that bar)

You have a $5,000 account and you risk 2% every trade ($100)
Your stop loss is 182 pips away from your entry
Position size is 0.07 (I've got a spreadsheet I've mentioned before that does this all for me, I just put in the entry, the stop, then the position size is calculated for me)

You have $25,000 account and you risk only 1% every trade ($250)
Stop loss is still 182 pips
Position size is 0.17

Same stop loss in pips, but use the position size to determine your $ at risk.

Simple stuff and all part of important MM strategy

HTH
This is you against your ego - James16
  • #134,719
  • Apr 30, 2015 5:51pm Apr 30, 2015 5:51pm
Quoting spideysteve
{quote} Easier to obtain a proper %Risk by changing your position size. Examples as per your last pin bar on A-N D1: (just playing with numbers as an example, using 182 pip stop from high to low of that bar) You have a $5,000 account and you risk 2% every trade ($100) Your stop loss is 182 pips away from your entry Position size is 0.07 (I've got a spreadsheet I've mentioned before that does this all for me, I just put in the entry, the stop, then the position size is calculated for me) You have $25,000 account and you risk only 1% every trade ($250)...
Thanks Steve. Yep. I like that idea. Any chance of a link to that spreadsheet calculator? G
'Fail to plan, plan to fail'
  • #134,720
  • Apr 30, 2015 6:16pm Apr 30, 2015 6:16pm
EURGBP - H4

Another nice looking PB at SH.
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