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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

  • #135,021
  • May 20, 2015 5:33am May 20, 2015 5:33am
Quoting habeeb
Gold {image}
Nice pinbar on confluence. This is what I should have waited, right? In this case, I would have entered on the break above the pinbar
Had to be me. Someone else might have gotten it wrong.
  • #135,022
  • May 20, 2015 5:34am May 20, 2015 5:34am
Quoting mordin
{quote} 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...
Trading full time is not nice, but it depends on the individual. The downside is that it's too boring. The upside is that you got time to do everything else.
Whenever you got time, throw up a chart.
Keeping it Simple
  • #135,023
  • May 20, 2015 5:37am May 20, 2015 5:37am
Quoting mordin
{quote} Nice pinbar on confluence. This is what I should have waited, right? In this case, I would have entered on the break above the pinbar
Correct. Entering on the break is the safest.
Keeping it Simple
  • #135,024
  • May 20, 2015 5:59am May 20, 2015 5:59am
Quoting habeeb
Gold {image}
H
I have never traded gold.
Is it better to trade higher time frames (Four hours plus) or can one trade gold on the lower time frames?
I spread bet with IG in the UK and note their spread is reasonably low.
every Saint has a past. Every Sinner has a Future
  • #135,025
  • May 20, 2015 6:11am May 20, 2015 6:11am
Quoting turnip15
{quote} H I have never traded gold. Is it better to trade higher time frames (Four hours plus) or can one trade gold on the lower time frames? I spread bet with IG in the UK and note their spread is reasonably low.
You can trade Gold on the lower timeframes as well. Depends on the spread if you're wanting to take quick profit.
Keeping it Simple
  • #135,026
  • May 20, 2015 6:16am May 20, 2015 6:16am
Quoting habeeb
{quote} You can trade Gold on the lower timeframes as well. Depends on the spread if you're wanting to take quick profit.
Thanks Habeeb
every Saint has a past. Every Sinner has a Future
  • #135,027
  • May 20, 2015 6:18am May 20, 2015 6:18am
Quoting turnip15
{quote} Thanks Habeeb
Habeeb is the man
  • #135,028
  • May 20, 2015 6:27am May 20, 2015 6:27am
Quoting mordin
{quote} By default I open three positions with +25, +50, +100 TPs, with 50 pips stop.
Hi Mordin

I'm not sure where you opened your GBP/JPY from looking at your chart - perhaps 187.3 ?? That looks kind of logical if you were going to play the 4h BEOB. If so, wouldn't all of your TPs of 25, 50 & 100 been hit ? That would be for this particular trade, but in general you want to set your TP based on logical and achievable positions on the chart, ideally using the same understanding of price action and location to set your TP. It does sound a bit like 25, 50 and 100 are numbers plucked from the air.

Also, the net number of pips you make over a week, month, year isn't as relevant as how much cash you are risking per pip/trade. Are you calculating (even roughly) how much cash you are putting at risk on each trade (so the GBP/JPY was one trade spread across 3 positions or entries) ? As is often quoted, for good money management, you want to be putting at risk a small amount of your trading capital per trade (0.5 to 2% is often put forward but starting at the low end of that scale or lower might be preferable to begin with).

Good luck with your trading
  • #135,029
  • May 20, 2015 7:24am May 20, 2015 7:24am
Quoting habeeb
Gold {image}
Thanks for the heads up Habeeb. I'll keep an eye on this. I may need to cash in my short trade and look to go long.

Stick with it Mordin!
'Fail to plan, plan to fail'
  • #135,030
  • May 20, 2015 12:30pm May 20, 2015 12:30pm
Quoting FrenchPips
{quote} Hi Mordin I'm not sure where you opened your GBP/JPY from looking at your chart - perhaps 187.3 ?? That looks kind of logical if you were going to play the 4h BEOB. If so, wouldn't all of your TPs of 25, 50 & 100 been hit ? That would be for this particular trade, but in general you want to set your TP based on logical and achievable positions on the chart, ideally using the same understanding of price action and location to set your TP. It does sound a bit like 25, 50 and 100 are numbers plucked from the air. Also, the net number of pips...
Thanks Guitarbloke! I'm not giving up! It it just frustrating some times you know. But I'm decided to get that golden wheelbarrow for carrying the pips!

I attach a better view of the GJ chart

Attached Image (click to enlarge)
Click to Enlarge Name: GBPJPY H4.png Size: 64 KB


I don't know why I ignored the BEOB, maybe I didn't see it because it was engulfing little candles. I thought that the price was being rejected by the confluence of the TL, resistance and even the 61 fib, so I went short. Now I see my error.

Usually as I'm on demo, I don't calculate the 2%, although I do have the calculator. Currently I'm splitting a full lot in three parts (not exact). So perhaps I set my positions with 0.3 lots, or 0.2.
The TPs are just for quick profit (25), medium (50) and large (100). It feels good when you at least grab some pips (for example today I hit the 25 and 50 TP on EURNZD). But yes, I feel like I should use something more logical, at least for the TP2 and TP3. I think grabbing a quick profit is not that bad, but I'm open to suggestions on maximizing profits.


On this EURAUD, I entered on the marked pinbar. Is it really a pinbar? The price seems stalled and not going up

Attached Image (click to enlarge)
Click to Enlarge Name: EURAUD H4.png Size: 73 KB


Thanks everyone!
Had to be me. Someone else might have gotten it wrong.
  • #135,031
  • May 20, 2015 6:30pm May 20, 2015 6:30pm
EUR/USD H1. Out of this trade for a 20 pip loss. A lesson here: Not a good idea to trade straight into a major S/R zone as I have done here. Best to wait to see if price will either break through, or reverse. P.A. will show me the way. Protecting capital by pulling out of this choppy market.

Attached Image (click to enlarge)
Click to Enlarge Name: EURUSDH121515.png Size: 27 KB
'Fail to plan, plan to fail'
  • #135,032
  • May 20, 2015 6:34pm May 20, 2015 6:34pm
Quoting Guitarbloke
EUR/USD H1. Out of this trade for a 20 pip loss. A lesson here: Not a good idea to trade straight into a major S/R zone as I have done here. Best to wait to see if price will either break through, or reverse. P.A. will show me the way. Protecting capital by pulling out of this choppy market. {image}
Like James says, let and wait for price come to S/R.
  • #135,033
  • Edited 7:11pm May 20, 2015 6:46pm | Edited 7:11pm
Quoting mordin
{quote} Thanks Guitarbloke! I'm not giving up! It it just frustrating some times you know. But I'm decided to get that golden wheelbarrow for carrying the pips! I attach a better view of the GJ chart {image} I don't know why I ignored the BEOB, maybe I didn't see it because it was engulfing little candles. I thought that the price was being rejected by the confluence of the TL, resistance and even the 61 fib, so I went short. Now I see my error. Usually as I'm on demo, I don't calculate the 2%, although I do have the calculator. Currently...
Hey Mordin. My beginners analysis re GBP/JPY is there is still room for price to go up. The last high is Nov. 2014 around 189.70, so 100 pips higher than current price. It may not go that far, but always something to watch. That BEOB engulfing smaller candles a few bars back has been invalidated because price broke and closed higher taking it out, although that bar is probably still a part of the PA story. Weekly/monthly highs are close as mentioned, so price may well reverse soon. So your analysis may not have been too far out, just your entry point. P.S. As mentioned by others, there didn't seem to be any set up/PA to go short.

Re EUR/AUD. That PB looks ok, but I am not real happy with it's location. It doesn't stick out away from surrounding price enough for me, but it may well go up. It is just above BRN of 1.4000, but I would prefer to see it form lower at the daily S/R zone that the previous PB formed at. It looks to be in no mans land a little. Look at that PB at the swing low a few bars back. That's the kind of set up to look for IMO. Just my humble analysis. More experienced heads may chime in. G
'Fail to plan, plan to fail'
  • #135,034
  • May 20, 2015 6:49pm May 20, 2015 6:49pm
Quoting fxin
{quote} Like James says, let and wait for price come to S/R.
Right on Fxin. I can be my biggest enemy, or biggest asset. Patience is the key to the kingdom and the holy grail to me.
'Fail to plan, plan to fail'
  • #135,035
  • May 20, 2015 6:59pm May 20, 2015 6:59pm
Quoting Guitarbloke
{quote} Right on Fxin. I can be my biggest enemy, or biggest asset. Patience is the key to the kingdom and the holy grail to me.
mate, spot on.. tell me about it. like they say,, its not the investment that's risky but the investor himself.
  • #135,036
  • May 20, 2015 7:58pm May 20, 2015 7:58pm
AUD/CAD H4. IB breakout a few bars back. 1st target hit. SL to BE. Free trade from here.

Attached Image (click to enlarge)
Click to Enlarge Name: AUDCADH421515.png Size: 40 KB
'Fail to plan, plan to fail'
  • #135,037
  • May 20, 2015 8:03pm May 20, 2015 8:03pm
Quoting forexer11
IDEA PLEASE EUR/USD TO WHERE I AM SHORT @1.1077
Hi Forexer. PricE is at a major S/R zone around 1.1066 level. Wait for price action to show you the way. To me, it could break through south, or reverse to the upside as Habeeb suggests. I am waiting like a crocodile in shallow waters. Proceed with caution friend. G
'Fail to plan, plan to fail'
  • #135,038
  • Edited 4:02am May 21, 2015 12:47am | Edited 4:02am
XAU/USD H4 Entered long a little late on PB rejecting 365 ema and .38 fib and s/r level. Further confluence is price closing above 150 ema on H1 chart. Took profit coming down. Let's see if we can make some pips going up. See how she goes.

Attached Image (click to enlarge)
Click to Enlarge Name: XAUUSDH421515.png Size: 33 KB


USD/CHF H4 BEOVB. doji on daily, price behaving bearishly. At daily pivot s/r level. Sell back in line with D1 downtrend.

Attached Image (click to enlarge)
Click to Enlarge Name: USDCHFH421515.png Size: 29 KB


EDIT: USD/CHF. 1st target hit. BE. Nice BEOVB forming on H4 if it stays that way on candle close in 27 mins.

Attached Image (click to enlarge)
Click to Enlarge Name: USDCHFH421515A.png Size: 28 KB


USD/CAD H4. Sell stop order preferred over retrace sell limit order to assist with confirmation/confluence of price reversal down. PB and IBPB combo rejecting 365 ema at pivot zone. Could go the other way of course.

Attached Image (click to enlarge)
Click to Enlarge Name: USDCADH421515.png Size: 35 KB
'Fail to plan, plan to fail'
  • #135,039
  • May 21, 2015 5:43am May 21, 2015 5:43am
Update on my positions:

EURAUD hit my three TPs long, but my GBPCAD went all against me.
EURUSD, hit my first TP long, but I made BE too soon and got stopped out of the other too.
I missed all GBP/*** pinbars, so for now, no more trades. At least I'm in profit as of today: 11 pips -.-
Will see on the next H4 candle, in 1 hour.
Had to be me. Someone else might have gotten it wrong.
  • #135,040
  • May 21, 2015 6:18am May 21, 2015 6:18am
Quoting mordin
Update on my positions: EURAUD hit my three TPs long, but my GBPCAD went all against me. EURUSD, hit my first TP long, but I made BE too soon and got stopped out of the other too. I missed all GBP/*** pinbars, so for now, no more trades. At least I'm in profit as of today: 11 pips -.- Will see on the next H4 candle, in 1 hour.
That's great. Don't forget to post a chart when you make your next trade. It'll get you into the habit of following some rules.
Keeping it Simple
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