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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

  • #13,381
  • Sep 4, 2008 4:42am Sep 4, 2008 4:42am
Quoting jarroo
When I'm available, I'm looking for DIBS (and 4 hour) set-ups with pairs that are trending strong. Like the Euro, Cable and Gbp/Jpy. Only taking the bottom breaks.
I read on one of the recent posts I think re daily pins you place yr stop at the opposite end of that bar. For DIBS I recall P.C. saying he put his stop on other side of the dib, do you do the same?
Regarding 4hr price action do you place your stop based on the same basis, that is at the other end of the price action bar in that time frame? If so is this a golden rule, set in concrete, or are there times when you would set the stop in a different position? If so where, when and why. Thanks
  • #13,382
  • Sep 4, 2008 5:31am Sep 4, 2008 5:31am
Quoting leis
I read on one of the recent posts I think re daily pins you place yr stop at the opposite end of that bar. For DIBS I recall P.C. saying he put his stop on other side of the dib, do you do the same?
Regarding 4hr price action do you place your stop based on the same basis, that is at the other end of the price action bar in that time frame? If so is this a golden rule, set in concrete, or are there times when you would set the stop in a different position? If so where, when and why. Thanks
The ideal location of all Price Action stop losses is above or below the given PA set-up.
However, if a strong fib level or a strong S/R level (preferablely a PPZ) one can place a stop loss above or below this level which may reduce your risk.

Example: BEOB currently on the Usd/Cad Daily chart.

Price broke this BEOB. On the break, one would (ideally) place their s/l above the top of this formation (above 1.0775). But there is a Resistence level at 1.0722 . One could place their s/l there and reduce the risk.
Attached Image
Indicators show the past. Price Action "Indicates" the future.
  • #13,383
  • Sep 4, 2008 5:53am Sep 4, 2008 5:53am
How do i upload a chart

Thanks HH
  • #13,384
  • Sep 4, 2008 6:01am Sep 4, 2008 6:01am
Hi Ryanmcd,

Interesting posts - its good to see people who trade lower timeframes post here. Can you please explain what you mean by "counting bars" ?

Regards.

Joe

Quoting Ryanmcd
It's pure price action, J16 is PA and this is it's most true from. You can trade one setup but the market will change over time and that may not work as well as it did before, today was a great day to show price action as it was a SU day, SU = Solid Up. You only get SU / SD days about 25% or less but the people that keep shorting a SU day get hammered and get hammered bad. You really only have about 3-4 kind of days for the most part, SU / SD or sideways of the up down up, or down up down day. I will post a few more charts each day and once you see the same kinda days it's the same deal over and over. Also one thing I see no one talk about is TIME, time is just as big as price to me but no one is talking time at all. 8:30, 10:30, 2:30 EST are HUGE price action times, 11:30 - 12:30 = slow a good bit of the time. Think about who trades these markets and they are human just like us, they goto lunch and at 2:30 they want to get finished for the day. Also I count bars. One last thing before I call it a night, on Avid trader back in 1997 they had a poster by the name of Oleman, he was by far the best trader I have ever chatted with and told me this and I will never forget it.


"If you buy every correction in a bull market, you'll only be wrong once--the top. If you sell every rally in a bull market, you'll only be wrong once--the bottom."
  • #13,385
  • Sep 4, 2008 7:06am Sep 4, 2008 7:06am
Here's an interesting approach to the Eur/Usd Daily Pin Bar.

Price has broke the top and has retraced.

The hourly has a Pin Bar at a hourly PPZ. (1.4466)

A small risk trade to get in a daily PB. (entry at 1.4482, s/l at 1.4446)
Attached Images
Indicators show the past. Price Action "Indicates" the future.
  • #13,386
  • Sep 4, 2008 7:26am Sep 4, 2008 7:26am
strange price action at the moment, lots of uncertainty. On 4hr charts we have a BUOB on UJ, a DBHLC on EU, a DBLHC on GJ. Only ones with the prevailing trend are EU and UJ.
  • #13,387
  • Sep 4, 2008 7:38am Sep 4, 2008 7:38am
Looks like the hourly pin failed on eur/usd
  • #13,388
  • Sep 4, 2008 7:47am Sep 4, 2008 7:47am
Quoting hharrington
Looks like the hourly pin failed on eur/usd
Had to be nimble to grab some pips.
Attached Image
Indicators show the past. Price Action "Indicates" the future.
  • #13,389
  • Sep 4, 2008 8:02am Sep 4, 2008 8:02am
Enjoy the chart, I love 1 hour work days
Attached Image (click to enlarge)
Click to Enlarge Name: eur-usd5min.jpg Size: 142 KB
Keep taking CT trades, I need more money
  • #13,390
  • Sep 4, 2008 8:03am Sep 4, 2008 8:03am
Quoting jarroo
Had to be nimble to grab some pips.

Trend is down on 1hr, 4hr, and daily. Seems most people like to be CT hero's on here
Keep taking CT trades, I need more money
  • #13,391
  • Sep 4, 2008 8:20am Sep 4, 2008 8:20am
Quoting Ryanmcd
Trend is down on 1hr, 4hr, and daily. Seems most people like to be CT hero's on here
Just play'em as I see'em.

Your the hero playing the 5 min chart.
Indicators show the past. Price Action "Indicates" the future.
  • #13,392
  • Sep 4, 2008 8:40am Sep 4, 2008 8:40am
Quoting jarroo
Just play'em as I see'em.

Your the hero playing the 5 min chart.

Not a hero, just playing knowing what I am going up against. I knew on that trade it was higher risk and if I went -10 I had several hours to turn that to +10, if that was the 1st trade and it was past 2:00pm I would of passed on it. Also going back looking at the charts it seems that 90% of the PB's people are going with are against the trend, maybe that is why people are having a problem in the past few months due to the market trending. Here is a 4hr chart taking ALL PB's that are with the trend, seems a lot easier to me then trying to catch them tops / bottoms
Attached Image (click to enlarge)
Click to Enlarge Name: eur-usd4hr.jpg Size: 121 KB
Keep taking CT trades, I need more money
  • #13,393
  • Sep 4, 2008 8:44am Sep 4, 2008 8:44am
Quoting jarroo
The ideal location of all Price Action stop losses is above or below the given PA set-up.
However, if a strong fib level or a strong S/R level (preferablely a PPZ) one can place a stop loss above or below this level which may reduce your risk.
OK that's very useful to know - will allow for when looking for possible set ups
  • #13,394
  • Sep 4, 2008 8:56am Sep 4, 2008 8:56am
Quoting Ryanmcd
Not a hero, just playing knowing what I am going up against. I knew on that trade it was higher risk and if I went -10 I had several hours to turn that to +10, if that was the 1st trade and it was past 2:00pm I would of passed on it. Also going back looking at the charts it seems that 90% of the PB's people are going with are against the trend, maybe that is why people are having a problem in the past few months due to the market trending. Here is a 4hr chart taking ALL PB's that are with the trend, seems a lot easier to me then trying to catch them tops / bottoms
Well said.
Indicators show the past. Price Action "Indicates" the future.
  • #13,395
  • Sep 4, 2008 9:53am Sep 4, 2008 9:53am
Quoting cosgrove
Who wants to catch the falling knife?
Is somebody at the hospital because of this falling knife??? I´m lucky I was not at home....
  • #13,396
  • Sep 4, 2008 10:01am Sep 4, 2008 10:01am
Quoting malvarezdel
Is somebody at the hospital because of this falling knife??? I´m lucky I was not at home....
I got a small cut. No stitches.
Indicators show the past. Price Action "Indicates" the future.
  • #13,397
  • Sep 4, 2008 10:32am Sep 4, 2008 10:32am
Nice PB short on the EUR/USD 1hr charts.
Keep taking CT trades, I need more money
  • #13,398
  • Sep 4, 2008 10:40am Sep 4, 2008 10:40am
on the current bar? maybe I'm missing it...care to post a chart?

edit: unless you meant the older one http://www.james16group.us/forums/im...ilies/1087.gif
  • #13,399
  • Sep 4, 2008 11:02am Sep 4, 2008 11:02am
Quote
Does anybody average their PB trades? I.e. if the trade kicks in at the break of the PB, instead of opening a full position (say 2% of the equity), one could open 1%-size position. If the price then retraces, one could keep adding further 0.25% at key retracement points (keeping SL the same).

That means that from SL point of view, you are averaging down, i.e. if the SL is finally hit, you'd lose less with averaged 2% compared to opening a 2% position at the very beginning.

From the profit point of view, you are averaging up - i.e. again, if your TP target is hit, the profit with averaged 2% is more compared to opening a full 2% position right away.

If the price does not retrace, one could add another 1% to the original 1% position at any convenient time (dropping down to a lower TF, for example).

Does that make sense?

Hello Forex007,

Very interesting statement above !!

Did you test this method with another % regarding the second entry if prices retrace ? If yes, did it improve results ?

For example, 2% of your equity as a full position sizing :

a) Open 1% size position at the break of the set-up
b) Keep adding further 0.50% or 0.75% at key retracement points keeping Stop Loss the same.

Thanks for your attention

Happy trading

Angel65
  • #13,400
  • Sep 4, 2008 11:36am Sep 4, 2008 11:36am
Quoting Angel65
Hello Forex007,

Very interesting statement above !!

Did you test this method with another % regarding the second entry if prices retrace ? If yes, did it improve results ?

For example, 2% of your equity as a full position sizing :

a) Open 1% size position at the break of the set-up
b) Keep adding further 0.50% or 0.75% at key retracement points keeping Stop Loss the same.

Thanks for your attention

Happy trading

Angel65
I don´t know, the method is very interesting, and sounds good because of the total loss reduction, but in all my books you can read "NEVER ADD TO A LOOSER"...
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