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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

  • #135,281
  • Edited 8:25am Jun 5, 2015 7:37am | Edited 8:25am
Just remembered NFP today. Bit of a price spike went my way, aside from USD/JPY, where I'm stopped out for a loss. That pair was in an uptrend. My approach may've been better waiting for a pullback to go long rather than banking on a reversal.

Some profit locked in on this one. GBP/USD D1 PB sell.

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EUR/CAD D1. stopped out for 195 pips. Now to work on reducing my losses, which is more to do with entry and SL placement.

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'Fail to plan, plan to fail'
  • #135,282
  • Jun 5, 2015 7:43am Jun 5, 2015 7:43am
GBP/USD and EUR/USD targets hit after news.

CADJPY took off....profits locked.

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  • #135,283
  • Edited 8:53am Jun 5, 2015 7:51am | Edited 8:53am
Quoting AbhijetPandi
yes... waiting for 1.5 fib level for EURUSD: {image}
Good job Abhijet. As we see there were more pips to be had. This pair can take off like a freight train these days.

Good stuff Zamfir!

EDIT: On a personal note, I'm finding there is no good reason to be on the wrong side of a trade. With some patience, and simply waiting for price to arrive at S/R levels/zones, waiting for a decent set-up, looking left, consult trading plan, and go for it. There will always be losing trades, but I don't have to encourage them with greed and my human impatience. The sooner I take the emotion out of trading, the better. I love trading (when I'm on the right side of price), and I see how it's possible for ordinary folk like me to make a few bucks consistently. You just need a simple strategy/set-up or 2, screen time, some passion for trading and study, and above all for me......patience. G
'Fail to plan, plan to fail'
  • #135,284
  • Jun 5, 2015 8:58am Jun 5, 2015 8:58am
Quoting Guitarbloke
EUR/USD D1 PB. Sell EDIT: 1st target hit. BE. 2nd order free trade going for gold. {image} EUR/CAD D1 PB. Sell. EDIT: 1st target hit. stop to BE. 2nd order free trade. Target next TA around 1.3760 {image}
Hi Guitarbloke
can i ask why you take profits so quickly? your R:R would have been great if the full position had have been left open.
cheers

jon
PATIENCE... DISCIPLINE
  • #135,285
  • Jun 5, 2015 9:03am Jun 5, 2015 9:03am
some nice moves today, i liked the eu/us pin bar, hope some of you took some pips!!!


happy hunting

jon
PATIENCE... DISCIPLINE
  • #135,286
  • Jun 5, 2015 9:33am Jun 5, 2015 9:33am
Quoting g_j_hook@yah
{quote} Hi Guitarbloke can i ask why you take profits so quickly? your R:R would have been great if the full position had have been left open. cheers jon
Hey Jon. Yeah, it's not ideal. It's something new I'm trying as per Jim's suggestion in the early pages here. I set 2 orders, the first trouble area i TP (usually around 30 pips), then I move to BE. Great when I get a runner, but yep, I'm often stopped out when price turns around, then heads again in intended direction. I'm always open to suggestions and different approaches to this. G
'Fail to plan, plan to fail'
  • #135,287
  • Jun 5, 2015 9:45am Jun 5, 2015 9:45am
Quoting Guitarbloke
{quote} ... I love trading (when I'm on the right side of price), ... G
  • #135,288
  • Jun 5, 2015 10:01am Jun 5, 2015 10:01am
Quoting Guitarbloke
{quote} Hey Jon. Yeah, it's not ideal. It's something new I'm trying as per Jim's suggestion in the early pages here. I set 2 orders, the first trouble area i TP (usually around 30 pips), then I move to BE. Great when I get a runner, but yep, I'm often stopped out when price turns around, then heads again in intended direction. I'm always open to suggestions and different approaches to this. G
Yeah, its something i had issues with aswell. firstly for me i found it was a confidence issue, if i were very picky with my trades i had more confidence to let them run there course. i sometimes chopped my trade up so much even if it went massively my way the size of the position was too small to be really profitable. i had the danger of sometimes getting out too early (acording to my plan) then looking for ways to get back in after the boat had left!?!?not good results lol
Also i found it depended on the setup, did the chart really look like i might be catching a runner? was it trading saideways, was it a quick price shift within a price box/block etc. if i felt i might have a runner then it could well pay great R:R with a smaller pertion of the position but if i thought it was more a quick in and out it gave me much better returns to let it run to the FTA and take full profits.
Remember the winning trades have to make it profitable over what we loose on our bad trades.
jus my thoughts bro

happy hunting


jon
PATIENCE... DISCIPLINE
  • #135,289
  • Jun 5, 2015 10:08am Jun 5, 2015 10:08am
Quoting g_j_hook@yah
{quote} Yeah, its something i had issues with aswell. firstly for me i found it was a confidence issue, if i were very picky with my trades i had more confidence to let them run there course. i sometimes chopped my trade up so much even if it went massively my way the size of the position was too small to be really profitable. i had the danger of sometimes getting out too early (acording to my plan) then looking for ways to get back in after the boat had left!?!?not good results lol Also i found it depended on the setup, did the...
Thanks Jon. Much appreciated. Yep, all of the above has crossed my mind. I'm seeing for me it really boils down to a more patient assessment of the trade before I get in. i.e. more picky! :nerd:
'Fail to plan, plan to fail'
  • #135,290
  • Jun 5, 2015 10:24am Jun 5, 2015 10:24am
Hi guys, I have a question on automatic partial closing of trades and moving of SL.

How can I automatically partial close an open position at a specified price and at the same time move my stop loss to breakeven? I have searched around and I believe the EA in mt4 is able to do that, however I am clueless at how to go about doing that. Would appreciate any help. Thank you!
  • #135,291
  • Jun 5, 2015 11:27am Jun 5, 2015 11:27am
Quoting albus999
{quote}
Dontcha know it Al!
'Fail to plan, plan to fail'
  • #135,292
  • Jun 5, 2015 11:34am Jun 5, 2015 11:34am
Quoting oxygn
Hi guys, I have a question on automatic partial closing of trades and moving of SL. How can I automatically partial close an open position at a specified price and at the same time move my stop loss to breakeven? I have searched around and I believe the EA in mt4 is able to do that, however I am clueless at how to go about doing that. Would appreciate any help. Thank you!
Hi Oxy. I don't know friend, but I do know there are a few EA heads/coders and threads around here right up on this subject. You will find the answer to your quest sooner or later. Post a chart while you're here so we can have a butchers and discuss.

Best wishes, G
'Fail to plan, plan to fail'
  • #135,293
  • Edited 3:32pm Jun 5, 2015 3:00pm | Edited 3:32pm
Quoting srt
CADJPY: On my watchlist. BRN>>100 {image}
CADJPY Update:

Above 100 so next week I'll look to buy on a retrace to 100.
***Good labor report today for Canada.
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  • #135,294
  • Jun 6, 2015 2:06am Jun 6, 2015 2:06am
Quoting srt
{quote} CADJPY Update: Above 100 so next week I'll look to buy on a retrace to 100. ***Good labor report today for Canada. {image}
Where would you look to place your stop loss?
  • #135,295
  • Jun 6, 2015 12:27pm Jun 6, 2015 12:27pm
three weekly charts from the german stock market.

trading ideas only. do your own analysis, please.

bertrand bdt, brenntag bnr and samsung ssu
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meine augen sind die sterne
  • #135,296
  • Jun 6, 2015 12:51pm Jun 6, 2015 12:51pm
Hi All,

The success of Trading is how you look the market, that's Isolate the winners from losers..

Sometimes can realize the real meaning of the quotes when you are in one of them like above one..Here I would like to share my experience of losing trade to clarify bit more from experts to improve myself.

Attached Image (click to enlarge)
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Still I am not clear about the entry and i would be very thankful if you guide which area i have lagged more..

Adhavan
  • #135,297
  • Edited 3:26pm Jun 6, 2015 1:50pm | Edited 3:26pm
Quoting Adhavan
Hi All, The success of Trading is how you look the market, that's Isolate the winners from losers.. Sometimes can realize the real meaning of the quotes when you are in one of them like above one..Here I would like to share my experience of losing trade to clarify bit more from experts to improve myself. {image} Still I am not clear about the entry and i would be very thankful if you guide which area i have lagged more.. Adhavan
CadJpy is the one I've been waiting for to go long. (A few posts above)
Mike talks about trading into "traffic" vs. trading into "space". This is an example of that. You should watch the video he has explaining it.
Look @ the long tails on the candles from the last few days. After price closed above 99, price traded down near 99 for 3 of 4 days but buyers stepped in pushing it higher closing above 99.5 each day.
I'm waiting for an entry to go long on a pullback near 100.
Attached Image (click to enlarge)
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  • #135,298
  • Jun 7, 2015 4:28am Jun 7, 2015 4:28am
Quoting Adhavan
Hi All, The success of Trading is how you look the market, that's Isolate the winners from losers.. Sometimes can realize the real meaning of the quotes when you are in one of them like above one..Here I would like to share my experience of losing trade to clarify bit more from experts to improve myself. {image} Still I am not clear about the entry and i would be very thankful if you guide which area i have lagged more.. Adhavan
Attached Image (click to enlarge)
Click to Enlarge Name: CADJPYDaily.png Size: 59 KB
  • #135,299
  • Jun 7, 2015 8:33am Jun 7, 2015 8:33am
Quoting zamfir
GBP/USD and EUR/USD targets hit after news. CADJPY took off....profits locked. {image}
Hello Zamfir, on which setup is based this trade? Thanks a lot for answer.
  • #135,300
  • Jun 7, 2015 8:55am Jun 7, 2015 8:55am
Quoting wellard
{quote} Hello Zamfir, on which setup is based this trade? Thanks a lot for answer.
I entered on the touch of Pivot and TL.
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