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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

  • #135,321
  • Jun 9, 2015 11:47am Jun 9, 2015 11:47am
Quoting zamfir
{quote} Mike will be better able to give a even more detail response. I m just giving you my opinion. Firstly , you are too focused on minor details like traffic / space ...etc. what you need to do is take a step back and look at the market conditions. Market is ALWAYS in two conditions , either trending or sideways/consolidation. you should be able to tell visually what the market is doing. There should be no confusion here. Simple tip : if you cannot CLEARLY identify a trend , then the market is in consolidation/sideways phase. Most of the time...
Zamfir,

Thanks for your detailed response.

Adhav
  • #135,322
  • Jun 9, 2015 11:57am Jun 9, 2015 11:57am
Quoting fxin
{quote} Good work D. Looks like this trade worked out well for you.
Yes, thanks Fxin.
However, I got scared seeing price bounce off a H4 level and saw my trade neatly hit the preproposed TP :/.
Stay within the TF is the moral here:
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Quoting Aelgen
Hi guys, Would really appreciate some feedback on this trade that I took yesterday. I ended up getting stopped out by a couple of pips and now price has reversed a bit, will see what it does during the day. NZDUSD - 4H - short My reason for entering is: downtrend, big BEOB engulfing previous 5 bars with fairly strong close below support that has been well respected in the past. I decided to enter on a retrace to the support area by setting a sell order right at the previous support/resistance. FTA is previous lows. Any input will be greatly appreciated!...
He there Aelgen,

I took this trade very similarly to how you took it and as was pointed out immediatly after you posted, we were trading right in to a swing-low closely missing the BRN 0.7000.
I was bummed out losing on this trade, because I knew full well this wasn't the strongest story.
I still think the area you pointed out is significant, but I (maybe both of us) should have better waited for PA to confirm a retrace at the PPZ.
Hope this makes sense.

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It's a sport, an artform and a science.
  • #135,323
  • Jun 9, 2015 12:37pm Jun 9, 2015 12:37pm
Greetings fellow traders. Just a quick question for those of you using price action candle setups to trade the 4 hour charts. Do you also find them to be a lot less reliable compared to the daily charts? I've only ever traded daily charts and have been quite successful thus far with a 70-80% win ratio. However recently, due to not having very many "A-Trade" setups on the daily charts I've started trading the 4 hour charts and am finding it virtually impossible to do. In fact, I've traded it 3 times and lost all 3 trades. I think this is the first time that I've lost 3 consecutive trades. There's a beautiful Inside Bar False Breakout setup (my favourite setup which has like an 80% expectancy on the daily chart) on the 4 hour GBP/USD but I wouldn't dare trade it because I have no confidence whatsoever in 4 hour charts. But I've noticed that many of the regulars on this thread are trading them. Do you also find them less reliable compared to daily charts? Or is it just me?
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  • #135,324
  • Jun 9, 2015 12:53pm Jun 9, 2015 12:53pm
Quoting incognito517
Greetings fellow traders. Just a quick question for those of you using price action candle setups to trade the 4 hour charts. Do you also find them to be a lot less reliable compared to the daily charts? I've only ever traded daily charts and have been quite successful thus far with a 70-80% win ratio. However recently, due to not having very many "A-Trade" setups on the daily charts I've started trading the 4 hour charts and am finding it virtually impossible to do. In fact, I've traded it 3 times and lost all 3 trades. I think this is the first...
This is quite rangebound at the moment.
Also, I don't like the close, nor how little space it has to the RN on the upside.

H4 chart isn't less reliable, but quality of a setup matters most, on all TF's.
The story here is weak and I wouldn't be at all surprised to see this one fail.

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I think you made a good choice staying on the sidelines for now.
It's a sport, an artform and a science.
  • #135,325
  • Jun 9, 2015 2:23pm Jun 9, 2015 2:23pm
Hi zamfir thanks for the help yu are giving.

Been studing your chats for a while,how do you lock in your profits on a daily chart.do you use trendlines to trail your stop or trail them on the low of the preveous bar if uptrend.

And how do you identify target levels i.e do you place targets all the time,what if there is space for the trade to run how do u manage it.

Thanks in advance.
  • #135,326
  • Jun 9, 2015 3:36pm Jun 9, 2015 3:36pm
Quoting zamfir
{quote} Aelgen, When price retraced to the support area, there was no confirmation of resistance. Had it given a bar confirmation then you could go short. My guess is that you were trying to play a touch trade. For a touch trade you need a good amount of confluence. e.g if we had a round number on that support turned possible resistance along with some Trendline or 50/61 fib retrace, then you probably had higher chance of the trade working out. Hope this helps.
ok he said it better

take care
Slow & steady
  • #135,327
  • Jun 9, 2015 3:37pm Jun 9, 2015 3:37pm
Quoting mozyr
{quote} Hi Mike, Thanks you so much for your patience with new members and sharing your knowledge. I have 2 specific questions regarding your answer above: 1. Is there any specific criteria you applied when you decided to watch half of 80-90 FX pairs you check on daily/weekly/monthly basis? I.e. what is special about those 40-45 pairs you check on 1H/4H basis? 2. Is there any specific reason why you decided to focus on Rissell 3000 companies and not something else (ex. S&P500 list)? Thanks again and your inputs a VERY helpful! Michael

Hey Michael

I got your PM sorry about missing that. FF has a probation period and I always miss those posts

The reason i tend to watch only about half of those intraday is either based on spread or movement. Some pairs spreads are just a bit too high for my liking once you get to the 4hr and hourly etc. The other reason are some pairs are just way too choppy on the lower timeframes and the higher timeframes help smooth that out

As for the russell 3000 I wanted a very large list of highly traded stocks. The rus 3000 gives you the 3000 largest US companies, so it's a good selection. Within it you have to watch volume on some of them and of course borrowing vs buying is always trickier if its not easy to borrow.

Hope that helps and drop a line any time
Mike
  • #135,328
  • Jun 9, 2015 3:47pm Jun 9, 2015 3:47pm
Quoting philemon123
Hi zamfir thanks for the help yu are giving. Been studing your chats for a while,how do you lock in your profits on a daily chart.do you use trendlines to trail your stop or trail them on the low of the preveous bar if uptrend. And how do you identify target levels i.e do you place targets all the time,what if there is space for the trade to run how do u manage it. Thanks in advance.
Locking in targets and moving SL is a part of trade management. Trade management is purely subjective and depends on your a/c size and hence your psychology.

There is no right or wrong way.

I have no idea how many pips you want to make per month , i have no idea what your a/c size is and as a result of that you may want to hold on longer if a/c is smaller and you may close early on if a/c size is bigger. Profit targets depends on the trader and SL management depends on the trade.

Trade management depends on the trader and his a/c size.
  • #135,329
  • Jun 9, 2015 3:48pm Jun 9, 2015 3:48pm
Quoting zamfir
{quote} Mike will be better able to give a even more detail response. I m just giving you my opinion. Firstly , you are too focused on minor details like traffic / space ...etc. what you need to do is take a step back and look at the market conditions. Market is ALWAYS in two conditions , either trending or sideways/consolidation. you should be able to tell visually what the market is doing. There should be no confusion here. Simple tip : if you cannot CLEARLY identify a trend , then the market is in consolidation/sideways phase. Most of the time...
this is an A+ chart and explanation , thanks Z I haven't been around here much and it's great to see the spirit kept alive by you old timers

Thanks
Mike
  • #135,330
  • Jun 9, 2015 4:08pm Jun 9, 2015 4:08pm
Quoting mbqb11
{quote} this is an A+ chart and explanation , thanks Z I haven't been around here much and it's great to see the spirit kept alive by you old timers Thanks Mike
No problem Mike. Glad to help.
  • #135,331
  • Jun 9, 2015 4:52pm Jun 9, 2015 4:52pm
Quoting incognito517
Greetings fellow traders. Just a quick question for those of you using price action candle setups to trade the 4 hour charts. Do you also find them to be a lot less reliable compared to the daily charts? I've only ever traded daily charts and have been quite successful thus far with a 70-80% win ratio. However recently, due to not having very many "A-Trade" setups on the daily charts I've started trading the 4 hour charts and am finding it virtually impossible to do. In fact, I've traded it 3 times and lost all 3 trades. I think this is the first...
I find trading 4 hour charts difficult also. In fact, I've come to realize when it comes to 4 hour charts I will lose almost every time, whereas on daily charts I would win almost every time. On a week to week basis I would make my money (demo) on daily charts and lose all my gains going down to 4 hour charts, this has produced breakeven results. Since discovering this about myself I have realized there is no need to go down to 4 hour. Funny thing is I would have doubled my account if not more had I not traded 4 hour at all. Why should I feel pressured to go down to 4 hour just because other people are doing it. And something else dawned on me...most of the 4 hour pinbars and outside bars that you should be trading end up pinbars and outside bars on daily charts anyways. REALLY. With this in mind, why should I go down to 4 hour? Why? Why am I erasing my gains made on daily charts when I go down to 4 hour? I shouldn't. Period.

Basically, don't feel bad that you can't trade 4 hour, or that you should trade 4 hour because you see other people doing it. Also, I know there are plenty of successful traders who trade lower timeframes, but on the whole, do you honestly think the REAL successful people in this business sit up for every 4 hour bar? If I had millions I would go enjoy my day AS MUCH AS POSSIBLE and trade AS LITTLE AS POSSIBLE.

To be honest I probably won't ever trade 4 hour again. And that's the truth. There's just no need, at all. You'll be alright, take a week off if you need to. Hope this helps.
  • #135,332
  • Jun 9, 2015 5:27pm Jun 9, 2015 5:27pm
Quoting comptonfx
{quote} I find trading 4 hour charts difficult also. In fact, I've come to realize when it comes to 4 hour charts I will lose almost every time, whereas on daily charts I would win almost every time...

Well said, totally agree with you.
  • #135,333
  • Jun 9, 2015 5:30pm Jun 9, 2015 5:30pm
Small profit after new D1 low of USD-CAD today.
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  • #135,334
  • Jun 9, 2015 10:22pm Jun 9, 2015 10:22pm
Quoting zamfir
{quote} Locking in targets and moving SL is a part of trade management. Trade management is purely subjective and depends on your a/c size and hence your psychology. There is no right or wrong way. I have no idea how many pips you want to make per month , i have no idea what your a/c size is and as a result of that you may want to hold on longer if a/c is smaller and you may close early on if a/c size is bigger. Profit targets depends on the trader and SL management depends on the trade. Trade management depends on the trader and his a/c size.
Hi zamfir thanks for your reply.I have a small live account that i use for practice.I usually target 150-300 pips per trade sometime more or less depending on the situation.Basically i target larger moves while trailing my stop behind the previous day low candle if its an uptrend.but trade managment is still a big challange to me.give me your thoughts on how you manage your trades,your best way for locking profits to get maximum profits e.t.cthanks
  • #135,335
  • Jun 10, 2015 12:21am Jun 10, 2015 12:21am
Quoting philemon123
{quote} Hi zamfir thanks for your reply.I have a small live account that i use for practice.I usually target 150-300 pips per trade sometime more or less depending on the situation.Basically i target larger moves while trailing my stop behind the previous day low candle if its an uptrend.but trade managment is still a big challange to me.give me your thoughts on how you manage your trades,your best way for locking profits to get maximum profits e.t.cthanks

Well my way of managing the trades is quite simple.

Depending on the market conditions

1. if market is consolidating/sideways - i take profit at the FTA.

2. if markets are trending - i have my PPZ and i trail my SL behind the PPZs and let the price run until it takes out my stop.

The general logic behind this is that in a trend the price has to break the S/Rs and keep moving , so you try to catch the major part of the trend. you get fewer setups in trend.This is more like positional trading.

In consolidation , price will keep chopping around , so its best to take target at the next trouble area otherwise it will just take out your BE entries or hit your original SL. you also get many setups in consolidation. So its more like scalping.
  • #135,336
  • Jun 10, 2015 2:35am Jun 10, 2015 2:35am
Quoting comptonfx
{quote} I find trading 4 hour charts difficult also. In fact, I've come to realize when it comes to 4 hour charts I will lose almost every time, whereas on daily charts I would win almost every time. On a week to week basis I would make my money (demo) on daily charts and lose all my gains going down to 4 hour charts, this has produced breakeven results. Since discovering this about myself I have realized there is no need to go down to 4 hour. Funny thing is I would have doubled my account if not more had I not traded 4 hour at all.
Exactly! If daily suits you stay with just that, i am No reason really to go lower if daily generates you best resoults. Up to 1 hour of screen time per day CAN be enough to build your account.
  • #135,337
  • Jun 10, 2015 2:57am Jun 10, 2015 2:57am
Eur/usd - be.

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usd/chf - be.

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  • #135,338
  • Jun 10, 2015 3:02am Jun 10, 2015 3:02am
Quoting Donaciello
{quote} This is quite rangebound at the moment. Also, I don't like the close, nor how little space it has to the RN on the upside. H4 chart isn't less reliable, but quality of a setup matters most, on all TF's. The story here is weak and I wouldn't be at all surprised to see this one fail. {image} I think you made a good choice staying on the sidelines for now.
Agreed! The IBFB seems to be playing off relatively well but like you pointed out there isn't much room to rally. The 1.55 handle had been quite resistive in the past and unless today's Manufacturing Production news can cleanly break it, I'd expect this market to range between 1.55 and 1.52 until there's some serious momentum in either direction. I guess I'll just sit on the sidelines until then.
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  • #135,339
  • Jun 10, 2015 3:21am Jun 10, 2015 3:21am
Quoting comptonfx
{quote} I find trading 4 hour charts difficult also. In fact, I've come to realize when it comes to 4 hour charts I will lose almost every time, whereas on daily charts I would win almost every time. On a week to week basis I would make my money (demo) on daily charts and lose all my gains going down to 4 hour charts, this has produced breakeven results. Since discovering this about myself I have realized there is no need to go down to 4 hour. Funny thing is I would have doubled my account if not more had I not traded 4 hour at all. Why should I...
ComptonFX, totally! Some traders have been trading these 4 hour charts for a long time and they seem to understand its dynamics well enough to trade them profitably. For you and me though it's a big NO! Until we get enough screen time at the very least. Stick to what you're good at. All the best to you going forward!
  • #135,340
  • Jun 10, 2015 3:38am Jun 10, 2015 3:38am
Quoting zamfir
{quote} Well my way of managing the trades is quite simple. Depending on the market conditions 1. if market is consolidating/sideways - i take profit at the FTA. 2. if markets are trending - i have my PPZ and i trail my SL behind the PPZs and let the price run until it takes out my stop. The general logic behind this is that in a trend the price has to break the S/Rs and keep moving , so you try to catch the major part of the trend. you get fewer setups in trend.This is more like positional trading. In consolidation , price will keep chopping around...
Thanks alot zamfir.
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