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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

  • #136,521
  • Aug 17, 2015 11:55pm Aug 17, 2015 11:55pm
Quoting mbqb11
{quote} Hey K Sorry to hear you are discouraged. This is part of trading though you have to learn from your mistakes that takes a lot of time and patience. Losses are of course a part of the game. R:R is always relative to how you get into and out of your trades. R:R is a misunderstood topic in all of trading The problem here wasn't so much even the trade you took as opposed to HOW you trade it. It was misplayed from the start which is going to both cause you poor R:R , get yourself into trouble. The situation is price is in a small box and formed...
Mike, thanks for posting this. This is very closely related to one of my more recent questions on buying on break vs buying on retrace that you also answered, so I really appreciate it!
  • #136,522
  • Edited Aug 18, 2015 4:57am Aug 17, 2015 11:58pm | Edited Aug 18, 2015 4:57am
EUR/JPY D1. DBHLC.

Stick with it Kershey. You look like you have the elements of a successful trader.

Speaking of retrace entry, I missed this one and would've gladly taken it. No worries though.

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EUR/GBP. D1 BEOVB.

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'Fail to plan, plan to fail'
  • #136,523
  • Aug 18, 2015 12:19am Aug 18, 2015 12:19am
Quoting Kershey
Iam starting to get disappointed with this trading method. ... {image}
Looking at your chart, and entry point, I think the error is not on the trading method, but on the application.
My 2 cents.

*I agree with mbqb11 explanation.
  • #136,524
  • Aug 18, 2015 12:24am Aug 18, 2015 12:24am
Quoting Guitarbloke
EUR/JPY D1. DBHLC. ... {image}
Love your chart, nice and clear as usual
I am bearish on EUR.
  • #136,525
  • Aug 18, 2015 1:05am Aug 18, 2015 1:05am
Quoting Guitarbloke
EUR/JPY D1. DBHLC. Stick with it Kershey. You look like you have the elements of a successful trader. Speaking of retrace entry, I missed this one and would've gladly taken it. No worries though. {image}
Nice one, I saw that setup, but was just sitting right into the 138 RND, so I passed.

Were you aware of the RND? If so, what made you take the trade?
Had to be me. Someone else might have gotten it wrong.
  • #136,526
  • Edited 5:28am Aug 18, 2015 1:24am | Edited 5:28am
Quoting mordin
{quote} Nice one, I saw that setup, but was just sitting right into the 138 RND, so I passed. Were you aware of the RND? If so, what made you take the trade?
Yo Mordin. My entry was below the BRN at 137.850, and deliberately so because of that BRN level you mention. I entered when price closed below that level. i.e. the H1 chart where there was some bearish behaviour. But I also would've entered some 50 pips above on the retrace of that large bearish bar if I'd have caught it. Anyway, who knows how the trade will go, and most importantly, I'm comfortable with my S/L and risk. Best wishes friend for the trading week. There are always opportunities. GB.

GBP/JPY Monthly. I maybe a slow learner, but I reckon this pair's going north. Will look to pick up some longs on pullbacks/resting places. Dynamic stop play applies.

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'Fail to plan, plan to fail'
  • #136,527
  • Aug 18, 2015 5:33am Aug 18, 2015 5:33am
Quoting zamfir
Setups for Aug 10-14. Total Pips = 620. There were other setups , but they are break even for now, so not included. Also note you could make these 600 pips only if you had the sunday bar. I know most people ignore this but this just gives you an additional bar in the week and that makes SOME difference. Had this not been there you could barely make about 200 pips this week. Oanda gives this, i don't know about other brokers. Most markets were pretty dull this week. just regular chop as we close this week. Have a nice weekend. {file}
zamfir
Thank you so much for your post.
It was a really eye opening experience for me as my broker also has 6 days feed.
Up to this post I always took an extra caution if my feed was very different from 5 days feed of NY close (ex: www.tradingview.com ). Actually I didn't take a LOT of trades based on "sunday bar" as it's seen many comments here and at another PA sources on the web that usually people trade "5 days NY close" charts.
Now, after reading your post I understood that 6 days feed of Sunday could be used for the trades and bring some extra value.

Could you please elaborate a little bit more your considerations regarding "sunday bar"?
Do yo apply some additional/different thoughts?
Have you seen different behavior on "sunday bar" when you back tested your strategies?

PS: please keep posting your weekly charts as they are very informative for many participant over here.
  • #136,528
  • Aug 18, 2015 6:23am Aug 18, 2015 6:23am
Quoting mozyr
{quote} zamfir Thank you so much for your post. It was a really eye opening experience for me as my broker also has 6 days feed. Up to this post I always took an extra caution if my feed was very different from 5 days feed of NY close (ex: www.tradingview.com ). Actually I didn't take a LOT of trades based on "sunday bar" as it's seen many comments here and at another PA sources on the web that usually people trade "5 days NY close" charts. Now, after reading your post I understood that 6 days feed of Sunday...
Yo Moz. NY close charts are something to seriously consider as a lifestyle friend. Best wishes either way.
'Fail to plan, plan to fail'
  • #136,529
  • Aug 18, 2015 7:11am Aug 18, 2015 7:11am
Quoting mozyr
{quote} zamfir Thank you so much for your post. It was a really eye opening experience for me as my broker also has 6 days feed. Up to this post I always took an extra caution if my feed was very different from 5 days feed of NY close (ex: www.tradingview.com ). Actually I didn't take a LOT of trades based on "sunday bar" as it's seen many comments here and at another PA sources on the web that usually people trade "5 days NY close" charts. Now, after reading your post I understood that 6 days feed of Sunday...
Nothing new or different with Sunday bars. Treat them like any other day bar.

with Sunday bar being small , you usually get a OB Setup on monday or a IB setup right after sunday. But catching the IB setup might not be easy for everyone due to time and Monday open. If your brokers gives you this and you are awake to take the setup after sunday bar , that's great otherwise you always have Monday.

BTW superb move on silver intraday. Anyone else catch it?
  • #136,530
  • Edited 8:20am Aug 18, 2015 7:42am | Edited 8:20am
Quoting zamfir
{quote} BTW superb move on silver intraday. Anyone else catch it?
No, but will this do?

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EUR/USD IB breakout (10 bars back).

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'Fail to plan, plan to fail'
  • #136,531
  • Aug 18, 2015 8:01am Aug 18, 2015 8:01am
Quoting Guitarbloke
{quote} No, but will this do? {image}
Where did you get in and where did you get out ?
every Saint has a past. Every Sinner has a Future
  • #136,532
  • Aug 18, 2015 8:10am Aug 18, 2015 8:10am
Quoting Guitarbloke
{quote} No, but will this do? {image}
nice one GB. But tell me how do you sit infront of the terminal all day watching 1hr charts. I would go crazy...

This is my trade on EURGBP. BE for now.

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  • #136,533
  • Aug 18, 2015 8:15am Aug 18, 2015 8:15am
Quoting turnip15
{quote} Where did you get in and where did you get out ?
See the chart above. I'm still in the trade. Sell order is printed. Why aren't you selling this?
'Fail to plan, plan to fail'
  • #136,534
  • Aug 18, 2015 8:18am Aug 18, 2015 8:18am
Quoting zamfir
{quote} nice one GB. But tell me how do you sit infront of the terminal all day watching 1hr charts. I would go crazy. {image}
Yep. good point. lol. All part of the learning experience for me.
'Fail to plan, plan to fail'
  • #136,535
  • Aug 18, 2015 8:35am Aug 18, 2015 8:35am
Quoting Guitarbloke
{quote} Yo Moz. NY close charts are something to seriously consider as a lifestyle friend. Best wishes either way.
Interactive Broker's TWS is good at starting daily and weekly at NY close, but I am steamed that they start 4hr bars at 00:00, so you get one bar at 16:00, then another bar at 17:15. Silly.
1.02^200
  • #136,536
  • Aug 18, 2015 8:57am Aug 18, 2015 8:57am
GBPPLN 4hr, area to watch for PA on a retrace, BRN + S&R area. May even be a false break and give an opportunity to short, let PA show the way.

Attached Image
  • #136,537
  • Aug 18, 2015 9:27am Aug 18, 2015 9:27am
Quoting alphac
GBPPLN 4hr, area to watch for PA on a retrace, BRN + S&R area. May even be a false break and give an opportunity to short, let PA show the way. {image}
Sticking my beak in...if it's downtrend on the daily, I'd be looking for short PA Al.
'Fail to plan, plan to fail'
  • #136,538
  • Aug 18, 2015 9:48am Aug 18, 2015 9:48am
I generally don't take trends into account, just price action and areas where price is reacting to. GBPPLN has been sideways since June, it's just finding areas within where price reacts, I'm always open to buys or sells depending on everything else being in place.

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  • #136,539
  • Aug 18, 2015 10:04am Aug 18, 2015 10:04am
Quoting Guitarbloke
{quote} No, but will this do? {image}
Killer trade!
  • #136,540
  • Aug 18, 2015 10:05am Aug 18, 2015 10:05am
Quoting alphac
I generally don't take trends into account, just price action and areas where price is reacting to. GBPPLN has been sideways since June, it's just finding areas within where price reacts, I'm always open to buys or sells depending on everything else being in place. {image}
Yep cool. I get it. Good trading.
'Fail to plan, plan to fail'
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