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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

  • #138,581
  • Feb 16, 2016 4:13pm Feb 16, 2016 4:13pm
Thanks Jim. No doubt these Vids will prove informative

Guys and Girls, i have a BIG question! I really hope several of you can help me (and anyone else thinking my way).

A bit of background first: At the moment, i make a trade usually based on D1 or mostly 4h and i make 20 to 120 pips profit depending on whatever. That's ok, i'm grateful don't get me wrong, but these trades are usually intraday and i have to find new ones constantly. I'm currently analyzing charts trying to find the "key" to successful longer trades but so far the answer, if there is one, has eluded me. So, my question is:

What is the secret to successful longer term trading?
And by that i mean 500 to 1000 (or more, that's not a problem) pips over weeks or a month.

Bill
  • #138,582
  • Feb 16, 2016 4:53pm Feb 16, 2016 4:53pm
Brent (UK) Oil Daily, shame the BEOB wasn't higher, it's got a lot of hoops to jump through and difficult to manage, it's a nice size bar but has to be left alone for me.

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  • #138,583
  • Feb 16, 2016 5:26pm Feb 16, 2016 5:26pm
Quoting alphac
You in the GJ 4hr BEOB Greg? {image}
Missed that one Al, but have a sell order at 164.10 looking for retrace on D1 BEOVB. Continuation sort of trade which ain't my specialty, but I see room for this to fall lower still when zooming out on monthly-W1. Laptop stuffed and not gr8 trying to trade on a small phone screen! It's tough in the trenches. Gr8 to c u drop in Jim! Looking forward to those vids thanks. Bill, good question and one I can wrestle with. I think Jim will take the money and run, but I know Mike takes some longer term positions. Look forward to more experienced heads chiming in on this one. Welcome new folks. GB
'Fail to plan, plan to fail'
  • #138,584
  • Feb 16, 2016 6:11pm Feb 16, 2016 6:11pm
the secret of success is discipline. How do you signal each month? how many pips you make per month?
  • #138,585
  • Feb 16, 2016 6:14pm Feb 16, 2016 6:14pm
Quoting Bill618
Thanks Jim. No doubt these Vids will prove informative Guys and Girls, i have a BIG question! I really hope several of you can help me (and anyone else thinking my way). A bit of background first: At the moment, i make a trade usually based on D1 or mostly 4h and i make 20 to 120 pips profit depending on whatever. That's ok, i'm grateful don't get me wrong, but these trades are usually intraday and i have to find new ones constantly. I'm currently analyzing charts trying to find the "key" to successful longer trades but so far the answer, if...
Hey Bill

It's different strokes for different folks. I don't like to focus on pips so much as the trade itself. For me it's all risk based. 120 pips can be worth more than 500 pips or vice versa as it's all relative to my %R per pip. Easier to think of % risk per trade. The way I trade mostly is using a fixed risk per trade. This varies on setup but for example a standard say full bar stop on a pinbar/outside bar etc will be 3%. So the way I view risk is in that scope. If i'm risking 3% on 150 pips or 500 pips. Now getting MORE pips is just built into the trade itself. Some trades warrant shooting for less, others for more. So I wouldn't so much focus on the pips from my end but focus on the setups and risk for that setup. If you are keeping your lot size the same(which some do and it's not wrong) just consider what the impact is vs risking a fixed percentage per trade and position sizing based on that. This sort of is the great equalizer and pips begin to become viewed from a different lens.

Hope that helps
Mike
  • #138,586
  • Feb 16, 2016 6:42pm Feb 16, 2016 6:42pm
Quoting mbqb11
{quote} Hey Bill It's different strokes for different folks. I don't like to focus on pips so much as the trade itself. For me it's all risk based. 120 pips can be worth more than 500 pips or vice versa as it's all relative to my %R per pip. Easier to think of % risk per trade. The way I trade mostly is using a fixed risk per trade. This varies on setup but for example a standard say full bar stop on a pinbar/outside bar etc will be 3%. So the way I view risk is in that scope. If i'm risking 3% on 150 pips or 500 pips. Now getting MORE pips is just...
how many transactions you each month? Trade what you win ?
  • #138,587
  • Feb 16, 2016 8:34pm Feb 16, 2016 8:34pm
Quoting Bill618
Thanks Jim. No doubt these Vids will prove informative Guys and Girls, i have a BIG question! I really hope several of you can help me (and anyone else thinking my way). A bit of background first: At the moment, i make a trade usually based on D1 or mostly 4h and i make 20 to 120 pips profit depending on whatever. That's ok, i'm grateful don't get me wrong, but these trades are usually intraday and i have to find new ones constantly. I'm currently analyzing charts trying to find the "key" to successful longer trades but so far the answer, if...
Trade weekly charts? eg. Take trades with trend off a PPZ and trend line/ PA confluence for tighter stop? Something I'm starting to look for. All the best Bill. Welcome new trend
'Fail to plan, plan to fail'
  • #138,588
  • Feb 16, 2016 11:36pm Feb 16, 2016 11:36pm
Quoting Guitarbloke
{quote} Trade weekly charts? eg. Take trades with trend off a PPZ and trend line/ PA confluence for tighter stop? Something I'm starting to look for. All the best Bill. Welcome new trend
Firstly thanks to all that have responded so quickly. Please keep those thoughts coming folks!

Yeah possibly GB but what i'm really looking for is something that goes beyond a single time frame or risk management or short term WIPG. I'm looking for a signal or something, if it exists, that says "Jump on-board the long-term trend gravy train. Get your tickets, train leaves in 12 hours."

The closest thing i have found to this "signal" is purely Support and Resistance markers and trading between them, because you know approximately how many pips are involved. There's no question they are brilliant to trade from and a great example is the beautiful chart below - up and down between S&R.

But is there something else? Is there a book, a thread, a system...
Maybe i'm dreaming. Or perhaps the answer lies in the fundamentals and not the technicals. But anyone successfully trading longer term, i (we) would love to hear your input.

Bill
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  • #138,589
  • Feb 17, 2016 12:43am Feb 17, 2016 12:43am
Quoting Bill618
{quote} Firstly thanks to all that have responded so quickly. Please keep those thoughts coming folks! Yeah possibly GB but what i'm really looking for is something that goes beyond a single time frame or risk management or short term WIPG. I'm looking for a signal or something, if it exists, that says "Jump on-board the long-term trend gravy train. Get your tickets, train leaves in 12 hours." The closest thing i have found to this "signal" is purely Support and Resistance markers and trading between them, because you know approximately...
HiAs GB said: shifting from H4 to monitoring price mouvement on weekly / price reaction at weekly levels, I moved from dozen of pips to hundred of pips. Oanda fxtrade doesnt grive access to monthly charts or I'll go one TF higher Then pips is only one part of the equation
Slow & steady
  • #138,590
  • Edited 3:42am Feb 17, 2016 1:23am | Edited 3:42am
Right, finally some action!
GBP/JPY Beob D1, H8 and H1 with a PPZ at my back. Just noticed it so missed the retrace but that's ok.
About to hit first trouble.

EDIT: And trouble it was, over in a flash and stopped out for 20 pip gain Talk about WIPG! (see bottom chart).
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  • #138,591
  • Feb 17, 2016 4:18am Feb 17, 2016 4:18am
Hi
Buy Gbp/usd h1.
I used the right time of NeoWave
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  • #138,592
  • Feb 17, 2016 5:04am Feb 17, 2016 5:04am
Hello. can anyone tell me whats the standard Timezone of the charts(price actions)? i'm using Oanda GMT-5. its looks different than other brokers charts. which one i should focus on?
Thanks!
  • #138,593
  • Feb 17, 2016 5:41am Feb 17, 2016 5:41am
Quoting vaxx
Hi Buy Gbp/usd h1. I used the right time of NeoWave {image}

Vaxx, i have also just bought in here. Your BUOB on the 1h is part of a PB coming off a decent trendline on the 4h.
Happy Days.
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  • #138,594
  • Feb 17, 2016 8:22am Feb 17, 2016 8:22am
Quoting newtrend
{quote} how many transactions you each month? Trade what you win ?
Hey New

Yep I take whatever the market gives. I watch a lot of markets about 80FX 3000 equities (weekly monthly) and couple futures. Some months I can have 20-30 trades some months just a couple. I just try to focus on the setup and not on attaining a certain percentage or amount of pips at any time

Best
Mike
  • #138,595
  • Feb 17, 2016 8:24am Feb 17, 2016 8:24am
Quoting forexlife
Hello. can anyone tell me whats the standard Timezone of the charts(price actions)? i'm using Oanda GMT-5. its looks different than other brokers charts. which one i should focus on? Thanks!
Hey FX

A lot of us like to use 5pm et ny as the unofficial official close. I've used it for as long as I can remember. I consider it the official close ofo the FX markets. Oanda allos you to shift the charts to GMT + 2 if you have a live account under server settings(for mt4) you can change the time in their FXtrade platform too

Best
Mike
  • #138,596
  • Feb 17, 2016 9:57am Feb 17, 2016 9:57am
Hi all,

Just a question to you guys, when do you consider that the setup is not valid anymore? There is a bullish pinbar but it isnt triggered yet so should I cancel my pending order?

Chart Daily SGDJPY
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Im gonna beat this game.
  • #138,597
  • Feb 17, 2016 10:07am Feb 17, 2016 10:07am
Quoting trader1212
Hi all, Just a question to you guys, when do you consider that the setup is not valid anymore? There is a bullish pinbar but it isnt triggered yet so should I cancel my pending order? Chart Daily SGDJPY {image}
Hey Trader

Are you referring to the bar your red arrow is pointing at? If so that isn't a pinbar as price didn't close within the previous bar. But that bar did break the high though. Let me know if that's the one or I missed your question

Mike
  • #138,598
  • Feb 17, 2016 11:01am Feb 17, 2016 11:01am
Quoting mbqb11
{quote} Hey FX A lot of us like to use 5pm et ny as the unofficial official close. I've used it for as long as I can remember. I consider it the official close ofo the FX markets. Oanda allos you to shift the charts to GMT + 2 if you have a live account under server settings(for mt4) you can change the time in their FXtrade platform too Best Mike
so you use GMT + 2 right? can you tell me which broker/tools that you view charts.
Thank you!
  • #138,599
  • Feb 17, 2016 12:02pm Feb 17, 2016 12:02pm
Quoting forexlife
{quote} so you use GMT + 2 right? can you tell me which broker/tools that you view charts. Thank you!

Hey FXlife

I've used Fxpro DEMO feed for years and years. They have that 5pm close. oanda recently added that live accounts with mt4 can now get the 5pm close. Forever it was midnight close only.

So you can always chart with a 5pm broker and transfer your orders to whatever your actual broker is. Price is price so it won't matter. I also use thinkorswim for it's 5pm charts too

Hope that helps
mike
  • #138,600
  • Feb 17, 2016 1:44pm Feb 17, 2016 1:44pm
Quoting Bill618
{quote} Vaxx, i have also just bought in here. Your BUOB on the 1h is part of a PB coming off a decent trendline on the 4h. Happy Days. {image}
Well that didn't work, loss of about 60 pips. I make no secret i dislike pinbars as i am obviously bad at picking them. I don't thnk i will ever trade them again. I must admit though it did achieve WIPG (see below) but i was expecting more.
On to the next one...
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