Thanks Jim, I have been studying mikes charts as well as james16 charts, learning a lot. thanks again, to all of you!
![](https://resources.faireconomy.media/images/emojis/64/1f44f.png?v=14.0)
Where can I learn more about Price Action like those in James16 charts? 9 replies
DislikedWell maybe Mike only had a half smile because that initial Price Pattern Break Out didn't have a BRN (like the .9000 BRN) in its make up to Support the trade. . .(no half smile smiley faces . .)
JimIgnored
DislikedWell i really want to enter but it did not retrace to my target at least at the .9320
So i guess no luck this time.Ignored
DislikedThanks Jim, I have been studying mikes charts as well as james16 charts, learning a lot. thanks again, to all of you!Ignored
DislikedNice charts, Steve . .
That EurSek is fun to watch . .we watched the birth of an uptrend from its beginnings . .didn't we . .Ignored
DislikedSure do Jim.
Although that pair is a bit too exotic and has a high spread for my liking.
Still, that does not stop us from watching and learning from it.Ignored
DislikedYes, that's true. But if we look at many of the Yens pairs it looks just like the EurSek back then, only in reverse . .
Let me show you . .let me change my bar colors and flip it upside down and and reverse it on some Yen Pairs.
Does it look familiar to the EurSek? back then. .
many of the Yen pairs look like this
JimIgnored
DislikedHey guys
Something has been confusing me recently, I've tried looking online but I'm still confused.
Take EUR/USD as an example and imagine the spread is 5 pips.
Let's say I look at my chart and see I want to long at at 100, set a stop loss at 80 and a TP of 120.
How would I go about executing that order? Would I just put my buy stop at 105, my SL at 80 and put my TP at 120?
Second example:
If I look at my chart and see I want want to go short at 100, have a TP at 80 and a SL at 120.
How would I go about executing...Ignored
DislikedHey Mike,
Can I have your opinion at this one,please?
EURTRY weekly,BEOB in big resistance,2.3900,it also broke the rising wedge.
Thank you very much!
http://img28.imageshack.us/img28/5139/0eurtryw1.gifIgnored
DislikedHey Hunzul
Most brokers operate on the premise that you buy at the ask price sell at the bid
So when you are going long you want to add the spread to your price
So if you want to go long at 1.3000 price will get you in when the ASK price hits that number. So really you want to put your buy stop order at 1.3005 in order to compensate for that 5 point spread(which would put the bid at 1.3000). Your stop loss can then go at the exact number you want price to close you out at since you bought at the ask and will close back at the bid.
Now if you...Ignored
I hope I'm making sense...
DislikedThanks Mike, that makes sense now.
Just one more thing, for our TP, if we are long and we want to TP at 1.3000 we just get out at 1.3000 exactly
If we are short though and we want to TP at 1.3000 then we have to put our order at 1.3005?
Because I read somewhere: "when you place a sell trade you have to add the spread to your stop losses and subtract it from your take profits"
I hope I'm making sense...
Ignored
DislikedYep, your take profit order is always the opposite of your entry order(it's treated just like your stop loss)
if you buy, your take profit is a sell
If you sell your take profit is a buy order
Hope that helps
MikeIgnored
DislikedYes, that's true. But if we look at many of the Yens pairs it looks just like the EurSek back then, only in reverse . .
Let me show you . .let me change my bar colors and flip it upside down and reverse it on some Yen Pairs.
Does it look familiar to the EurSek? back then. .
Many of the Yen pairs look like this.
JimIgnored