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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

  • #29,661
  • May 11, 2009 12:05pm May 11, 2009 12:05pm
Quoting gorubin
Hey Tia,

Can you post a link to that thread? I did a search in FF and couldn't find it..

Thanks,
Rubin.
It's on the James16 private forum I'm afraid Rubin which is a paid members' site...

Worth checking out the guest area if you've never seen it. They have some great educational videos and you get to hear mbqb11's husky sexy voice talking about pinbars....
  • #29,662
  • May 11, 2009 12:22pm May 11, 2009 12:22pm
Just wanted to add a thought on trade selection and management.

I am noticing that I have two types of approach. There are the bars that Mike would take where I would give them a little more room before going to break even and look for bigger moves. There's usually 1-3 of those a month, they're at key levels with really good confluence. And then there's the ones that are still good but not quite in the same grade where I'd look to get to break even quickly and take some off at first target. 'Finesse' type trades more like James16 or Jarroo. There are more trading opportunities but quicker profit trading means that they often yield less when played according to my plan.

The problem is that in employing the two styles it's very tough on the psych. I often end up taking profit quickly on the 'Mike' bars or trying to let the 'finesse' ones run (like the AUDUSD that I took a small loss on). I'm never that comfortable with the idea of classifying 'A' trade, 'A+' or 'B' because it implies that there are clear distinctions between the trades, and also one man's A trade is another man's B-. They're either trades I want to throw my money behind or not.

So unless I can clearly look at a trade and say "trade plan: finesse" or "trade plan: give it room" I might focus on one or the other.

What I see in my future is a level of comfort in knowing what "my" setups look like, and knowing exactly how I like to manage them. Then if others take setups that work, good for them. But I want a smooth easy comfort zone that makes this stuff almost automatic.

Just some thoughts.
  • #29,663
  • May 11, 2009 12:34pm May 11, 2009 12:34pm
Quoting TiaForex
Just wanted to add a thought on trade selection and management.

I am noticing that I have two types of approach. There are the bars that Mike would take where I would give them a little more room before going to break even and look for bigger moves. There's usually 1-3 of those a month, they're at key levels with really good confluence. And then there's the ones that are still good but not quite in the same grade where I'd look to get to break even quickly and take some off at first target. 'Finesse' type trades more like James16 or Jarroo. There...
Very interesting post Tia - I guess I'm at the stage of keeping it simple and going the 'finesse' route every time - that would be a 'belt and braces' approach I guess and likely to result in reduced gains on what you describe as the 'give it room' trades. But right now as a beginner I'm okay with that.

Hey, watch you don't miss your flight...
When in doubt, sit on your hands...
  • #29,664
  • May 11, 2009 12:48pm May 11, 2009 12:48pm
Quoting Jduester
Nice work Gododdin!
Thanks Josh - I think I'm getting the hang of it slowly...
When in doubt, sit on your hands...
  • #29,665
  • May 11, 2009 1:12pm May 11, 2009 1:12pm
Quoting gododdin
Very interesting post Tia - I guess I'm at the stage of keeping it simple and going the 'finesse' route every time - that would be a 'belt and braces' approach I guess and likely to result in reduced gains on what you describe as the 'give it room' trades. But right now as a beginner I'm okay with that.

Hey, watch you don't miss your flight...
Lots to be said for this approach. High win rate, nice and simple, fixed targets, you don't have to be quite so picky (although still pretty picky). The downsides are that the occasional 1R loss can wipe out 5 0.2R winners and also the fact that you can miss those big moves like the recent UCAD that happen pretty frequently. Every trade management style has it's up and downside and it's about maximising profit and also maximising comfort level.

In both my back and forward testing I keep a few columns on the spreadsheet with various exit strategies for my trades so I can compare how I would have done if I'd managed it differently. Ultimately I'd like to get to a situational trade management situation where I deploy what is most appropriate to the scenario.
  • #29,666
  • May 11, 2009 1:50pm May 11, 2009 1:50pm
Quoting Rainmaker
Even if it was just one, it would be worth it.
Thanks James

RM

It saved me a couple of years ago...
  • #29,667
  • May 11, 2009 2:00pm May 11, 2009 2:00pm
posted these in my pf journal.

just getting back to things as have been on vacation for the last 5 weeks.

back to daily trading while looking @ 4 & 1 hr till I get my rythem back.

gj short from 150 & break of daily pin
eugbp break of buob to 90. held as it pushed through but closed when it failed to hold as support.
gbpchf beob to 1.6650
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  • #29,668
  • May 11, 2009 2:25pm May 11, 2009 2:25pm
Still in the EUR/AUD, its kinda stalled, but the bar is a nice bullish one so no reason to worry. Might move my stop to next bar low to reduce the risk a bit, will wait for todays bar to end first.
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Economists have forecast 9 out of the last 5 recessions
  • #29,669
  • May 11, 2009 2:31pm May 11, 2009 2:31pm
Quoting rustyjeff
posted these in my pf journal.

just getting back to things as have been on vacation for the last 5 weeks.

back to daily trading while looking @ 4 & 1 hr till I get my rythem back.

gj short from 150 & break of daily pin
eugbp break of buob to 90. held as it pushed through but closed when it failed to hold as support.
gbpchf beob to 1.6650

Welcome Back Rusty. Glad to have your input back on this awesome thread. Oh yeah, Nice trades too... you haven't lost a thing.

josh
  • #29,670
  • May 11, 2009 3:03pm May 11, 2009 3:03pm
Quoting rustyjeff
posted these in my pf journal.

just getting back to things as have been on vacation for the last 5 weeks.

back to daily trading while looking @ 4 & 1 hr till I get my rythem back.

gj short from 150 & break of daily pin
eugbp break of buob to 90. held as it pushed through but closed when it failed to hold as support.
gbpchf beob to 1.6650
nice charts, cheers
jon
PATIENCE... DISCIPLINE
  • #29,671
  • May 11, 2009 3:15pm May 11, 2009 3:15pm
Hi all, I've a question

The attached chart of NZDJPY showed an hour ago a nice pin bar forming.

Now, though, price has moved further so the pin is no longer a pin, the body is much too big.

I know it is technically a BEOB with a long nose, but, my question is, is this type of bar just as powerful as a pin? Should it be considered as potential PA? And what if price didn't quite make it to be a BEOB? Is it still a powerful bar to consider?

thanks

Tony
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  • #29,672
  • May 11, 2009 3:20pm May 11, 2009 3:20pm
Quoting ajhill
Hi all, I've a question

The attached chart of NZDJPY showed an hour ago a nice pin bar forming.

Now, though, price has moved further so the pin is no longer a pin, the body is much too big.

I know it is technically a BEOB with a long nose, but, my question is, is this type of bar just as powerful as a pin? Should it be considered as potential PA? And what if price didn't quite make it to be a BEOB? Is it still a powerful bar to consider?

thanks

Tony

This bar is price action to consider at the close. It is a BEOB at a swing high and will form a double top.

K.I.S.S.
  • #29,673
  • May 11, 2009 3:27pm May 11, 2009 3:27pm
Will this eurgbp daily bar close below 8973 to become a PB with the trend?
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Trading: the skill of avoiding trades
  • #29,674
  • May 11, 2009 3:30pm May 11, 2009 3:30pm
Quoting ajhill
Hi all, I've a question

The attached chart of NZDJPY showed an hour ago a nice pin bar forming.

Now, though, price has moved further so the pin is no longer a pin, the body is much too big.

I know it is technically a BEOB with a long nose, but, my question is, is this type of bar just as powerful as a pin? Should it be considered as potential PA? And what if price didn't quite make it to be a BEOB? Is it still a powerful bar to consider?

thanks

Tony
Great question Tony,
I have often wondered this myself. It's a tough one to test though, IMO. Generally, I have found that the location is much more important than the actual price action bar setup. As Kissfan says, this would signal a double top, at a nice PPZ.
I personally like to see price move a certain amount prior to entering on a new day... what I mean is, IF price closes at the low of this current bar, I will not simply set my entry 10-15 pips below the low (close). Instead, I will watch to see what happens, but would be more likely to place my order 30-40 pips below the low. This is a personal preference that gives me a little more confirmation.
I should note that I haven't gone through my charts for today yet, since I still have 30 minutes left on my daily bar... so I might or might not take this trade.

Josh
  • #29,675
  • May 11, 2009 3:33pm May 11, 2009 3:33pm
Gbpchf would be great if turns into white before the end of the day...
Oposite to previous post.
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Trading: the skill of avoiding trades
  • #29,676
  • May 11, 2009 3:40pm May 11, 2009 3:40pm
I just discovered a new 'joy' of this method! As I posted earlier I'm currently short GBP/JPY and have taken part profit and moved stop to break even on the remainder.

So now (and yes, of course it's obvious, but it hadn't occured to me - doh! ) I can start looking for new trades without increasing my risk, and just let that one run (and run!).

Markets close here in an hour and 20 minutes, so I'll be going through my charts then.
When in doubt, sit on your hands...
  • #29,677
  • May 11, 2009 3:42pm May 11, 2009 3:42pm
A pity so many resistances below daily nzdusd, and against the trend...
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Trading: the skill of avoiding trades
  • #29,678
  • May 11, 2009 3:46pm May 11, 2009 3:46pm
Quoting KissFan
This bar is price action to consider at the close. It is a BEOB at a swing high and will form a double top.

K.I.S.S.

have to say that a double top isnt one untill price has broken the neckline.(technically speaking).

ajhill ,hi there, i dont know about the other bars but in my experience BEOBs and BUOBs can be just as powerfull as pin bars. Trading these setups is about the location so (imo) each signal can carry the same weight if taken from good PPZs.
jon
PATIENCE... DISCIPLINE
  • #29,679
  • May 11, 2009 3:48pm May 11, 2009 3:48pm
come on NZ/US get below .6000, you can do it!
  • #29,680
  • May 11, 2009 3:54pm May 11, 2009 3:54pm
Hi

K.I.S.S. , Josh, Jon thanks for your quick replies. Appreciate it. Looks like the NSDJPY would be a potential once the close is in.

NZDUSD looks even better. My SR levels are weekly round number ppz only. Has divergence too.

Tony
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