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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

  • #24,461
  • Mar 23, 2009 2:55am Mar 23, 2009 2:55am
Quoting BWise
Just for clearification. If there is a PA setup (ie. PD, IB, BUOB, BEOB, etc.) at a PPZ/S&R level and the trade isnt triggered in the next bar, it becomes invalid right?

And what do you mean there is some weekend gap tha needs filling? I know it gapped up over the weekend but how does that figure into you trading plan?

Thanks

BTW, i still have my eye on the 0.8550 - 0.8500 area on the AUD/CAD as well as the IB on the EUR/USD. Let's see what it gives us this week.
Hey Bwise

Quote
If there is a PA setup (ie. PD, IB, BUOB, BEOB, etc.) at a PPZ/S&R level and the trade isnt triggered in the next bar, it becomes invalid right?
Yes and no.

It depends on 2 things:

1) How hard price breaks our PA bar in the direction opposite to the one we had our orders waiting on,

2) The strength of the setup.

Although I base my decision on the intensity of both the above mentioned points on most occasions I will end up pulling my order/trade off,

the reason is this..."A broken pin bar is a broken pin bar and there is nothing left to argue about"...

However I will hardly ever discard the setup, if it's off a good location there probably will be another time, (jumping down to a lower tf here could be a smart thing to do),

Instead of having to bank on an invalid pin bar IMO it's sensible to wait for another one to appear.

Quote
And what do you mean there is some weekend gap tha needs filling? I know it gapped up over the weekend but how does that figure into you trading plan?
Price gaps are defined by a series of price levels where both the parties (buyers and sellers) are unwilling to exchange the relative currencies and which appears on our chart as an epty space between 2 bars hence termed a "GAP".

Resuming after a weekend will often result in these gaps and as the market moves away from them it tries it's level best to fill it firt (I am not sure why but it just does it) it won't do it all the time but mostly it will...

the weekend gap on the AUD/CAD is below the current price level and it won't be a bad idea to anticipate some bear intervention to fill the gap and then probably a further move down south. Ofcoarse it may not happen atall, but it certainly is an odd that we can count on as one favoring short

Quote
BTW, i still have my eye on the 0.8550 - 0.8500 area on the AUD/CAD as well as the IB on the EUR/USD. Let's see what it gives us this week.


Regards,
Ghous.
I believe . . .
  • #24,462
  • Mar 23, 2009 4:19am Mar 23, 2009 4:19am
This puppy should explode up...

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  • #24,463
  • Edited 5:34am Mar 23, 2009 4:28am | Edited 5:34am
Quoting Blackinc
Have you considered that price needs to break the PA bar in order for it to be validated?
Yep, I would agree in general terms. However breaking the pin doesn't automatically validate the trade, does it ? The price can break and then go against you. And I agree this is a very agressive entry. I'm learning and practising, have two separate demo accounts. One for a conservative and one for quite aggressive entries. Hence the difference.

Quoting Blackinc
From the looks of things, you took the long on the GU on the close of the PA bar, and the other CAD trade, you took it without the bar breaking..

I know thats part of some peoples trading plans, but i got a small feeling thats not the case here..
I don't trade real money, again learning and testing. At the end of the 3 month period I will compare results form both strategies and see which works better. Taking an aggressive entry allows for smaller S/L (hence MM calculation allows to trade an extra lot or two) I know it's risky and I'm happy with it.
Here is just one example how the aggressive entry and a bit of patience payed of nicely. Long NZD/USD on the daily. I believe this Kiwi trade was highlighted by James already.
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Quoting Blackinc
I know thats part of some peoples trading plans, but i got a small feeling thats not the case here..
Don't know why my intentions are looking so dirtyto you, anyway thank you for answer. I hope this post explains a bit my "non-existent" plan
  • #24,464
  • Mar 23, 2009 4:43am Mar 23, 2009 4:43am
Quoting ghous
As I see it pakiestra was rying to trade this as a retrace entry to the 0.92 region...

The retrace entry being more aggressive than the conventional break of the high/low entry it must be selected very carefully.

"A simple rule is...A trade that you wouldn't take on the break of the high/low MUST never be traded in an other aggressive manner"

I will add on that retrace entries are best played when you already have an order above an A+ BUOB (including great shape, location and space) and a very important ppz or round number somewhere...
Thank you Ghous for your answer and kind words.
I'm sorry I've caused so much of a fuss with my setups. Ok let's call them "setups" and then I will remove quotation marks when somebody more senior will think it's time for it.
So far I'm learning. I know, there are 2 strategies (a conservative and aggressive). I want to give them both a try, I hope it's not a crime isn't it ?
Two separate demo accounts are for them to be tested. I know that in reality I won't be trading two accounts, hence I will have to make up my mind. Before I do that I want to have some data, some experience. Of course I'm going back to check historical charts but that is not the same as managing the trade live.
Hope my intentions are a bit clearer, next I will mark which strategy I'm using. I'm not trading 4HRS, 1HR 5MIN setups, want to follow the rules and the only "modification" is 2nd account with aggressive entries, that's it.
Regards
  • #24,465
  • Mar 23, 2009 4:56am Mar 23, 2009 4:56am
Quoting pakiestra
Don't know why my intentions are looking so dirtyto you,

Not at all dirty.

Perhaps i come across short and discouraging. This is not my intention at all. I just see certain signs of inexperience and i want to try to help people get through it. By all means its nothing personal pakiestra. Keep up the hard work
  • #24,466
  • Mar 23, 2009 5:42am Mar 23, 2009 5:42am
We're approaching interesting zone on the GBP/JPY..
Waiting for some PA on the 4h and/or daily TF.
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  • #24,467
  • Mar 23, 2009 6:17am Mar 23, 2009 6:17am
Quoting Blackinc
Not at all dirty.

Perhaps i come across short and discouraging. This is not my intention at all. I just see certain signs of inexperience and i want to try to help people get through it. By all means its nothing personal pakiestra. Keep up the hard work
I'm a greenhorn and there is no doubt about, therefore I will take all the criticism on my shortcomings. I'm here to learn and would like to use your experience as an aid in the process, I don't mind.
Thank you for reply. I didn't take it personally, no worries
  • #24,468
  • Mar 23, 2009 6:20am Mar 23, 2009 6:20am
78 was nice daily PPZ, on CAD/JPY. I took H4 PIN short from this level, but was stopped out again. It looks they are not very reliable lately.
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  • #24,469
  • Mar 23, 2009 6:21am Mar 23, 2009 6:21am
hi guys.

searching for some more information regarding inside/outside bars. could you direct me to a site/thread, or break a chart down for me.

e.g. if i have a bearish outside bar,
1. must the close engulf the previous candles body/entire candle?
2. do i wait for the retrace before going short, or place a sell stop below the low of the engulfing candle? - or for that matter, does it signify a bearish market?

thanks
  • #24,470
  • Mar 23, 2009 6:37am Mar 23, 2009 6:37am
heres gb/yen at an important price level,make or break time i think.
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PATIENCE... DISCIPLINE
  • #24,471
  • Mar 23, 2009 6:40am Mar 23, 2009 6:40am
Quoting zimdonks
hi guys.

searching for some more information regarding inside/outside bars. could you direct me to a site/thread, or break a chart down for me.

e.g. if i have a bearish outside bar,
1. must the close engulf the previous candles body/entire candle?
2. do i wait for the retrace before going short, or place a sell stop below the low of the engulfing candle? - or for that matter, does it signify a bearish market?

thanks
try this then then as everybody would tell you,start the thread from post one ,its important.
regards ,jon
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PATIENCE... DISCIPLINE
  • #24,472
  • Mar 23, 2009 6:41am Mar 23, 2009 6:41am
Quoting pakiestra
Thank you Ghous for your answer and kind words.
I'm sorry I've caused so much of a fuss with my setups. Ok let's call them "setups" and then I will remove quotation marks when somebody more senior will think it's time for it.
So far I'm learning. I know, there are 2 strategies (a conservative and aggressive). I want to give them both a try, I hope it's not a crime isn't it ?
Two separate demo accounts are for them to be tested. I know that in reality I won't be trading two accounts, hence I will have to make up my mind. Before I do...
There is nothing wrong with having multiple accounts set up to try different approaches, in fact it's what Jim recommends just make sure you keep all your approaches distinct, at first it's easy to get mixed up and start implementing one method in the other, sometime later in your career this is exactly what you will have to learn but until then it's important to keep all your approaches packed in different boxes.

All the best Bro!

Regards,
Ghous.
I believe . . .
  • #24,473
  • Mar 23, 2009 6:45am Mar 23, 2009 6:45am
Quoting g_j_hook@yah
try this then then as everybody would tell you,start the thread from post one ,its important.
regards ,jon

thanks very much! yeah, this thread is fantastic!! nothing but compliments can be read in here, testament to the quality of traders. by sharing your knowledge you helping me and many others on my way top becoming their own boss one day! no more 9-5 and working christmas eve
  • #24,474
  • Mar 23, 2009 6:46am Mar 23, 2009 6:46am
I see the some of the AUD pairs still haven't closed their gap, anyone playing these??
  • #24,475
  • Mar 23, 2009 6:53am Mar 23, 2009 6:53am
Quoting alter
78 was nice daily PPZ, on CAD/JPY. I took H4 PIN short from this level, but was stopped out again. It looks they are not very reliable lately.
I can tell you there were enough reasons to go for this trade IMO,

I am keeping my eyes off the 4H for some time but I can tell you if i were watching this setup I would have gone for it also.

Since it never really would have given one any chance to manage a break even this would have to be a loosing trade. And this is where sound Money Management has to play it's role. It's one of the most underestimated yet an extremely important subject in your trading.

Given that were'nt saying...

"HMMM....10% a month is like 2 years to get to 5 figures, I've had a good bunch of positive trades recently, how abt going big on this extraordinary setup...(in times like these such "good" setups" can easily transform into the "extraordinary setups" that anatgonistic spirit is always at work, even inside the ost professional of traders....the idea really is to keep it quiet while you trade instead of having to get rid off it, trust me you can't!! )...I could make it to 5 figures in less than 6 months...now that's smart! "

...you should move to the next setup, the market is more generous than you think, if you allow yourself the next trade should well cover your loss

Regards,
Ghous.
I believe . . .
  • #24,476
  • Mar 23, 2009 6:55am Mar 23, 2009 6:55am
Quoting zimdonks
thanks very much! yeah, this thread is fantastic!! nothing but compliments can be read in here, testament to the quality of traders. by sharing your knowledge you helping me and many others on my way top becoming their own boss one day! no more 9-5 and working christmas eve
couldnt agree more,, i learn something everyday on this thread!
PATIENCE... DISCIPLINE
  • #24,477
  • Mar 23, 2009 6:58am Mar 23, 2009 6:58am
Quoting dmc
I see the some of the AUD pairs still haven't closed their gap, anyone playing these??
waiting with for prey to make some sound from behind the bushes, Sniper's ready

I believe . . .
  • #24,478
  • Mar 23, 2009 7:03am Mar 23, 2009 7:03am
Thank you ghous for your opinion. It was just 1% of my account. I trade H4 as I don't see any good setups on daily. In fact I had only 2 daily trades this month. This kind of trades don't help my confidence
alter
  • #24,479
  • Mar 23, 2009 7:05am Mar 23, 2009 7:05am
Hallo Guys i need your help about exit strategy .... .
I 'm Demo-trading PA as James 16 teaches with good results on Daily TF,but i am quite unsure about my exit strategy.I'am used to divide my 1% risk per trade in a 2 positions of 0,5% and to bring SL at BE once TP1 is reached and then let price run until TP2.

What do you think about my method ? Shall i switch to lower time frame looking for PA to get out of a position????
I am very confused.....please help
Patience is essential
  • #24,480
  • Mar 23, 2009 7:05am Mar 23, 2009 7:05am
Hi everyone;

As you may know that i have embarked some time ago on compiling this thread. i spent many weeks almost lost in this huge document and not sure where or how to begin. As the days passed, i have come across many posts of other fellow traders of this thread, some veterans and some new followers, and in their posts they have referred to or compiled the locations/posts concerning certain issues. I opened each and every link and edited its contents and added it to my compilation. At last i succeeded in uploading part one, so here it is. And i will upload part two in another post with credit to those whom i used their compilation and who are also included in this compilation.

Of course, more work can be done and all are welcome to participate, but at least anyone new to this thread can grasp its contents in a shorter time and with less efforts (I hope ).

Seb
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