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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

  • #141,221
  • Nov 22, 2017 10:34am Nov 22, 2017 10:34am
based on my trading method...
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profitable trading does not mean trading everyday
  • #141,222
  • Nov 22, 2017 10:37am Nov 22, 2017 10:37am
Quoting sirovai
{quote} thank you alphac. so you're saying there wasn't room for this trade? Watching the chart again i can see i take position in the middle of the range...
If those two candles were at the top of the range you then have:

A good place for a tight stop loss (or to move your stop loss)
Room for price to move
Or to reduce risk even more you could take a retrace trade with a tight stop, maybe look on lower time frame for entry.

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  • #141,223
  • Nov 22, 2017 12:31pm Nov 22, 2017 12:31pm
GBP/AUD H1 box

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  • #141,224
  • Nov 22, 2017 7:29pm Nov 22, 2017 7:29pm
Quoting alphac
{quote} If those two candles were at the top of the range you then have: A good place for a tight stop loss (or to move your stop loss) Room for price to move Or to reduce risk even more you could take a retrace trade with a tight stop, maybe look on lower time frame for entry. {image}
based on my approach it was just counter trend action...
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profitable trading does not mean trading everyday
  • #141,225
  • Nov 23, 2017 12:27am Nov 23, 2017 12:27am
Quoting richadi36
{quote} based on my approach it was just counter trend action... {image}
either in the EURJPY chart you posted the swing was lower but you bought a pinbar on the support. wasn't it?
  • #141,226
  • Nov 23, 2017 9:52am Nov 23, 2017 9:52am
Quoting sirovai
{quote} either in the EURJPY chart you posted the swing was lower but you bought a pinbar on the support. wasn't it?
which one you are talking about?
https://www.forexfactory.com/attachm...4&d=1510276140
or
https://www.forexfactory.com/attachm...9&d=1511235118
profitable trading does not mean trading everyday
  • #141,227
  • Nov 23, 2017 9:53am Nov 23, 2017 9:53am
the first one
  • #141,228
  • Nov 23, 2017 10:04am Nov 23, 2017 10:04am
Quoting sirovai
the first one
there (in the key support line) I took the trade after two PBs. And the market picture told me that the price may go up...
profitable trading does not mean trading everyday
  • #141,229
  • Nov 23, 2017 10:09am Nov 23, 2017 10:09am
Quoting richadi36
{quote} there (in the key support line) I took the trade after two PBs. And the market picture told me that the price may go up...
thank you richadi. Are you going to buy the second PB?
  • #141,230
  • Nov 23, 2017 10:27am Nov 23, 2017 10:27am
Quoting sirovai
{quote} thank you richadi. Are you going to buy the second PB?
I doubt. Market picture tells me the price may go either way...
profitable trading does not mean trading everyday
  • #141,231
  • Nov 23, 2017 12:37pm Nov 23, 2017 12:37pm
USD/TRY H4

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  • #141,232
  • Nov 23, 2017 1:22pm Nov 23, 2017 1:22pm
Quoting alphac
{quote} If those two candles were at the top of the range you then have: A good place for a tight stop loss (or to move your stop loss) Room for price to move Or to reduce risk even more you could take a retrace trade with a tight stop, maybe look on lower time frame for entry. {image}
I love your analysis alphac, if you have time please continue to post your trades.
  • #141,233
  • Nov 24, 2017 6:29am Nov 24, 2017 6:29am
Quoting richadi36
{quote} I doubt. Market picture tells me the price may go either way...
Can you pls clarify why you think the price may go either way?
cheers
  • #141,234
  • Edited 9:30pm Nov 24, 2017 9:51am | Edited 9:30pm
Quoting novice198
{quote} Can you pls clarify why you think the price may go either way? cheers
I risked and took the trade. But now the trade is on my favour. Why I think the price may go either way - 1. long tailed PBs tells me that the price rejects some kind of level, price or BRN etc. and it could lead to go up. 2. It may go down, cause the price went lower of the previous low. I hope it makes sense.
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profitable trading does not mean trading everyday
  • #141,235
  • Nov 25, 2017 10:42am Nov 25, 2017 10:42am
It seems as simple as 2+2. Identify trend, find the possible swing level and take trades with PA along the trend!
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profitable trading does not mean trading everyday
  • #141,236
  • Nov 26, 2017 8:29am Nov 26, 2017 8:29am
Quoting richadi36
{quote} I risked and took the trade. But now the trade is on my favour. Why I think the price may go either way - 1. long tailed PBs tells me that the price rejects some kind of level, price or BRN etc. and it could lead to go up. 2. It may go down, cause the price went lower of the previous low. I hope it makes sense. {image}
Thanks for your clarification. My views for taking the long trade, (1) Price is trading in a range and at the lower boundary, (2) Long tailed PB, the tail of PB was lower than the previous lows of the range indicating that many buyers still there rejecting the lower price, (3) as the R:R will not be good if we take the trade on the break of the PB, therefore, entered long on retrace @ 131.73 with SL at 131.10 with TP1 @ 133.78 and TP 2 @ 134.21
  • #141,237
  • Nov 26, 2017 10:08am Nov 26, 2017 10:08am
Quoting novice198
{quote} Thanks for your clarification. My views for taking the long trade, (1) Price is trading in a range and at the lower boundary, (2) Long tailed PB, the tail of PB was lower than the previous lows of the range indicating that many buyers still there rejecting the lower price, (3) as the R:R will not be good if we take the trade on the break of the PB, therefore, entered long on retrace @ 131.73 with SL at 131.10 with TP1 @ 133.78 and TP 2 @ 134.21
Yes, I agree. You know, long tailed PBs gives us more trading opportunity if they occur in the key S/R levels. They sometimes can change the whole direction of the trend...
profitable trading does not mean trading everyday
  • #141,238
  • Nov 27, 2017 2:31am Nov 27, 2017 2:31am
Trendline break on the USDCAD.
Sold the PB on the BEOB retrace
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  • #141,239
  • Nov 27, 2017 3:00am Nov 27, 2017 3:00am
Quoting sirovai
Trendline break on the USDCAD. Sold the PB on the BEOB retrace {image}
Mate that is a doji not a PB.
  • #141,240
  • Nov 27, 2017 3:08am Nov 27, 2017 3:08am
This one?
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