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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

  • #135,001
  • May 19, 2015 8:30am May 19, 2015 8:30am
Quoting habeeb
{quote} Hi Rex, When I started I traded cable (GbpUsd) exclusively for about 9 months. I eventually got a feel for that pair, so I would automatically know when a setup wasn't going to work. I traded all PA setups and formations. Currently, it doesn't matter what the market is, the PA setups and patterns are the same for them all. Take Care Habeeb
Hello Habeeb,
thank you for your answer. I was leaning towards this approach as well. Thank you for your input.
I have been following EUR/USD exclusively for the past weeks as well and I am starting to develop a feel for the pair and its own characteristics.

Rex
  • #135,002
  • May 19, 2015 12:01pm May 19, 2015 12:01pm
Gold
Price has arrived. Time to board this bus to 1260. Waiting for nice entry.
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Keeping it Simple
  • #135,003
  • May 19, 2015 12:31pm May 19, 2015 12:31pm
Got in at 1207. Hopefully the trip will be quick.
Keeping it Simple
  • #135,004
  • May 19, 2015 2:11pm May 19, 2015 2:11pm
GbpNzd
Price back up again. 1hr BeOB off resistance.
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Keeping it Simple
  • #135,005
  • May 19, 2015 5:33pm May 19, 2015 5:33pm
Quoting Kershey
Bought USD-CAD after a 4H close over a 3 week high. Wow Guitarbloke, you made the 135,000th post, hope you account has the same size . {image}
Hey Kershey. I'll take that as a sign of good fortune! Speaking of fortunes, sheesh. Yesterdays trading bagged a few. EUR/USD 100+pips. EUR/JPY 200 pips. GBP/USD 150 pips. Gold as below hit the 38.2 fib to the pip. Profit locked in and letting it run. Trailing stop so will let market take me out. Warning to self: It is in these situations G bloke that you don't git cocky and think you're on a winning streak thus taking C grade trades and giving your winnings back to the market. I can take the rest of the month off to strum me guitar on a deserted beach somewhere.

XAU/USD D1.

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'Fail to plan, plan to fail'
  • #135,006
  • May 19, 2015 11:54pm May 19, 2015 11:54pm
USDJPY Daily

Anyone play this breakout? Just missed it.. always the retrace. I think its a runner. .Lets see how it plays.
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  • #135,007
  • May 20, 2015 1:34am May 20, 2015 1:34am
Quoting Guitarbloke
{quote} Hey Kershey. I'll take that as a sign of good fortune! Speaking of fortunes, sheesh. Yesterdays trading bagged a few. EUR/USD 100+pips. EUR/JPY 200 pips. GBP/USD 150 pips. Gold as below hit the 38.2 fib to the pip. Profit locked in and letting it run. Trailing stop so will let market take me out. Warning to self: It is in these situations G bloke that you don't git cocky and think you're on a winning streak thus taking C grade trades and giving your winnings back to the market. I can take the rest of the month off to strum me guitar...
Great trading GB
600 pips in a days work. Take the rest of the week off.
Keeping it Simple
  • #135,008
  • May 20, 2015 1:48am May 20, 2015 1:48am
Thanks Habeeb. But I'm back for more! lol.

EUR/USD H1 BEOVB sell. I am back in on the Euro freight train for more pips. 4H chart pictured below as H1 didn't show this major S'R level I'm selling into. I am confident price will smash through to the downside. Let's see. - Missed that U/J trade FXin. Yes, always another set up around the corner.

Attached Image (click to enlarge)
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'Fail to plan, plan to fail'
  • #135,009
  • May 20, 2015 1:57am May 20, 2015 1:57am
Quoting Guitarbloke
Thanks Habeeb. But I'm back for more! lol. EUR/USD H1 BEOVB sell. I am back in on the Euro freight train for more pips. 4H chart pictured below as H1 didn't show this major S'R level I'm selling into. I am confident price will smash through to the downside. Let's see. - {image}
LOL
Keeping it Simple
  • #135,010
  • May 20, 2015 1:57am May 20, 2015 1:57am
S&P500
Daily Pin at all time high.
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Keeping it Simple
  • #135,011
  • May 20, 2015 2:08am May 20, 2015 2:08am
Hey GB,

Did I hear you say drinks are on the house?
  • #135,012
  • May 20, 2015 3:18am May 20, 2015 3:18am
Quoting Guitarbloke
Thanks Habeeb. But I'm back for more! lol. EUR/USD H1 BEOVB sell. I am back in on the Euro freight train for more pips. 4H chart pictured below as H1 didn't show this major S'R level I'm selling into. I am confident price will smash through to the downside. Let's see. - Missed that U/J trade FXin. Yes, always another set up around the corner. {image}
EUR/USD. EDIT: I may need to reassess my short position. If the H4 pin bar forming off resistance stays that way at close in 45 minutes, it looks like i'll be going long. (I could've at least waited to see what price would do at this level, but nooo, I had to get in.

Drinks on me Fxin. But I reckon see Habeeb if you want top shelf.
'Fail to plan, plan to fail'
  • #135,013
  • May 20, 2015 4:34am May 20, 2015 4:34am
Big loss on GBPJPY. I opened three positions (as always) and all went against me, -200 pips.

My entry was on the yellow line

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I set a tight SL a little above the trendline. I was convinced that it will run down. It also has confluence with the 61 fib.

What errors did I make? Let's see if I can recover that loss this week :S
Had to be me. Someone else might have gotten it wrong.
  • #135,014
  • May 20, 2015 4:42am May 20, 2015 4:42am
Quoting mordin
Big loss on GBPJPY. I opened three positions (as always) and all went against me, -200 pips. My entry was on the yellow line {image} I set a tight SL a little above the trendline. I was convinced that it will run down. It also has confluence with the 61 fib. What errors did I make? Let's see if I can recover that loss this week :S
Hi Mordin,
I hope it's a demo account.
Can you post the reasons for your entry, and chart showing your entry (lower timeframe).

PS: No revenge trading. You don't need to recover your losses immediately.
Keeping it Simple
  • #135,015
  • May 20, 2015 5:04am May 20, 2015 5:04am
Quoting habeeb
{quote} Hi Mordin, I hope it's a demo account. Can you post the reasons for your entry, and chart showing your entry (lower timeframe). PS: No revenge trading. You don't need to recover your losses immediately.
Thanks for the quick answer. Yes, it is demo account, I'm still on demo, besides this, I'm doing better at least.

I don't look at a lower TF to enter, I trade what I see in the current TF.

My reasons were that the price is in downtrend and it showed a rejection from the trendline. Also, confluence of trendline, resistence, and 61 fib.


I think I will post a couple of losers more later. For example EURAUD H4 showed a pinbar and I took it, still not in my direction. perhaps because it was right in front a TL. Small errors that take away the little profit I made. This month I'm in profit (first month in a while, but until late april I was not paying much attention to PA), yesterday I was +600 pips, and today +400, a couple of losses more and I'm on BE.


Perhaps something fails with my strategy of opening three positions? By default I open three positions with +25, +50, +100 TPs, with 50 pips stop.
So by default, max loss is a total of 150 pips and max win is 175. Problem is when I have to set a higher TP or when I do not reach the latest TP, that is when an entire loser trade takes more than a winner. I've been thinking into trailing manually with S/R the latest TP, because sometimes I miss part of big movements.

Thanks for all the help
Had to be me. Someone else might have gotten it wrong.
  • #135,016
  • May 20, 2015 5:14am May 20, 2015 5:14am

IDEA PLEASE EUR/USD TO WHERE I AM SHORT @1.1077
  • #135,017
  • May 20, 2015 5:15am May 20, 2015 5:15am
Quoting mordin
{quote} Thanks for the quick answer. Yes, it is demo account, I'm still on demo, besides this, I'm doing better at least. I don't look at a lower TF to enter, I trade what I see in the current TF. My reasons were that the price is in downtrend and it showed a rejection from the trendline. Also, confluence of trendline, resistence, and 61 fib. I think I will post a couple of losers more later. For example EURAUD H4 showed a pinbar and I took it, still not in my direction. perhaps because it was right in front a TL. Small errors that...
On which timeframe do you look for your trend?
Also, support and resistance are meant to be broken. They don't hold forever. Even when there's alot of confluence, it's safer to wait for PA setup than to enter a touch trade.
Your 50pip stop is too small for GJ. USe bar highs and lows, or support and resistance areas for your stops too.
Trailing your stop will work better if you're targeting big pips. But there's nothing wrong in taking smaller profit.
Post some more charts. You'll get good at this in no time.
Keeping it Simple
  • #135,018
  • May 20, 2015 5:15am May 20, 2015 5:15am
Gold
Attached Image (click to enlarge)
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Keeping it Simple
  • #135,019
  • May 20, 2015 5:30am May 20, 2015 5:30am
Quoting habeeb
{quote} On which timeframe do you look for your trend? Also, support and resistance are meant to be broken. They don't hold forever. Even when there's alot of confluence, it's safer to wait for PA setup than to enter a touch trade. Your 50pip stop is too small for GJ. USe bar highs and lows, or support and resistance areas for your stops too. Trailing your stop will work better if you're targeting big pips. But there's nothing wrong in taking smaller profit. Post some more charts. You'll get good at this in no time.
Thank you very, very much habeeb.

I look for trend on the current TF, in this case H4. You're right, I should have waited until PA setup, I'm not pro to make touch trades!
On GJ I set a bigger TP, but this time everything seems to be wrong, so it didn't matter lol.
I know that there is nothing wrong in taking smaller profit, I just like to have at least a RR of 1:1, that's why I'm thinking into trailing, because I could get a better RR.

I'll post more charts and doubts later when I get home, I'm in the office (hope someday I can trade full time! and buy a supercar too lol) and making screenshots takes too much time.

Thanks again!!!
Had to be me. Someone else might have gotten it wrong.
  • #135,020
  • May 20, 2015 5:30am May 20, 2015 5:30am
Quoting forexer11
IDEA PLEASE EUR/USD TO WHERE I AM SHORT @1.1077
Hi Forexer11, how you doing?
Here's what I see on EurUsd.
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Keeping it Simple
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