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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

  • #30,021
  • May 14, 2009 6:48am May 14, 2009 6:48am
Quoting FxMatt
I would appreciate thoughts from the experienced guys. Yesterday I set a long on the break of the pin shown below (on demo) on the basis that;

  1. The trend was long
  2. Low of pin found support at the 50 MA and previous lows

Market went up 25 pips from the high of the pin, opening the order before coming back down again since and hitting the stop set below the low of the pin.

Was my criteria for setting the order in line with the principles of this thread, or why should I have passed on this trade?

Appreciate your help guys!
Matt...

I'm also a newbie but, a little to the left of the pin that bar that has the "R" above it, the lows of that bar coincide with many other bar lows/highs right there, it is also the 1.52 area.

Datogio beat me to it.
  • #30,022
  • May 14, 2009 6:48am May 14, 2009 6:48am
Quoting supremeChaos
g_j_hook@yah,
what's your target for that trade? that looks like a PB followed by a doji a on your chart.

1st post on page 2000 it is. so, the default really is 15 posts per page. that was the giveaway i mentioned earlier.
Steve/mrsingha
looks like you go home with the trophy supremechaos
page number 2000, mr singha a close second

congratulations to the winner supremechaos....
Without women, money would have no meaning - Aristotle Onassis
  • #30,023
  • May 14, 2009 6:50am May 14, 2009 6:50am
Collect Your Trophy
if your trophy is not redeemed it will go to charity......
Without women, money would have no meaning - Aristotle Onassis
  • #30,024
  • May 14, 2009 6:53am May 14, 2009 6:53am
Quoting FxMatt
I would appreciate thoughts from the experienced guys. Yesterday I set a long on the break of the pin shown below (on demo) on the basis that;

  1. The trend was long
  2. Low of pin found support at the 50 MA and previous lows

Market went up 25 pips from the high of the pin, opening the order before coming back down again since and hitting the stop set below the low of the pin.

Was my criteria for setting the order in line with the principles of this thread, or why should I have passed on this trade?

Appreciate your help guys!
Matt...

It depends on how you play these bars and what your strategy is.

Price was not at a major swing low and therefore the traffic you were trading into needed to be noted. If you are trading pins with no space to move into you need to get your stop to break even pretty fast.

It could be said that 25 pips above a 4 hour bar was sufficient to get stop to break even but it really depends on how you play them.

You are definitely close with this sort of trade but need to look out for pinbars with big noses at obvious swing high/lows with PPZ confluence etc.

Also not sure if you have followed James16 recommendation to trade dailies first? Among other things it gives more time to manage the trade which helps.

Hope this helps.

FXP
  • #30,025
  • May 14, 2009 6:59am May 14, 2009 6:59am
Quoting markmm
Thanks Gov,

I used the 2 bar stop initally keep my in the trade, but once I saw the break above the round number and resitance area (for a few hours and is still there), I decided to hide my stop just below there. Thinking that is would use it as support, plus it seemed to be facing heavy resitance area....
Hi Mark

I was looking at taking my initial PA signal on the 10pip break of the daily, and just managing all the SL's (initial and running SL) using the 2-bar countback line on the 4 hour chart. Is this what you are doing? How is it going as I have just started backtesting?

Thanks

Adam
WARNING: Don't follow me as I'm just learning
  • #30,026
  • May 14, 2009 7:20am May 14, 2009 7:20am
Quoting fxprocessor
It depends on how you play these bars and what your strategy is.

Price was not at a major swing low and therefore the traffic you were trading into needed to be noted. If you are trading pins with no space to move into you need to get your stop to break even pretty fast.

It could be said that 25 pips above a 4 hour bar was sufficient to get stop to break even but it really depends on how you play them.

You are definitely close with this sort of trade but need to look out for pinbars with big noses at obvious swing high/lows with PPZ confluence...
Thank you FXP - I appreciate yours and the other guys responses.

I guess that I need to keep my eyes open more than I am doing. I thought that the 5200 was going to provide resistance and those earlier highs were at the same point. Moving the stop to BE would have been the right and cautious approach.

Thanks guys - will look for clearer set-ups next time.

Matt
  • #30,027
  • May 14, 2009 7:22am May 14, 2009 7:22am
Quoting adam777
Hi Mark

I was looking at taking my initial PA signal on the 10pip break of the daily, and just managing all the SL's (initial and running SL) using the 2-bar countback line on the 4 hour chart. Is this what you are doing? How is it going as I have just started backtesting?

Thanks

Adam
Hi Adam,
I want to start by saying I am newish to trading 1 year, and only 4 months in PA/J16 method. Although I have spend significant time in that 4 months studying (I wasnt working for 2 months).

I stay on the daily, I don't look at 4 hourly at all. All my trading is discretionary as I believe each trade situation is unique. For example regarding entries, I don't have a no of pips below break rule. I look to see if there are places it can be better placed like below a round number or lows of previous bars, rather than 10 pips below bottom of pa bar, although if there are no significant areas I will place it 10pips plus spread below on daily.

I am still developing my style and have took Mbqb's PA on daily style as a starting point, which works for me as I work full time.

Regards

Mark
Economists have forecast 9 out of the last 5 recessions
  • #30,028
  • May 14, 2009 7:28am May 14, 2009 7:28am
Another thing to note with this trade...the size of the pin compared to the bar immediately preceding it....to small.

Quoting FxMatt
I would appreciate thoughts from the experienced guys. Yesterday I set a long on the break of the pin shown below (on demo) on the basis that;

  1. The trend was long
  2. Low of pin found support at the 50 MA and previous lows

Market went up 25 pips from the high of the pin, opening the order before coming back down again since and hitting the stop set below the low of the pin.

Was my criteria for setting the order in line with the principles of this thread, or why should I have passed on this trade?

Appreciate your help guys!
Matt...

  • #30,029
  • May 14, 2009 7:54am May 14, 2009 7:54am
Quoting joebryce
Another thing to note with this trade...the size of the pin compared to the bar immediately preceding it....to small.
Good point! thanks Joe
  • #30,030
  • May 14, 2009 7:56am May 14, 2009 7:56am
Quoting markmm
Hi Adam,
I want to start by saying I am newish to trading 1 year, and only 4 months in PA/J16 method. Although I have spend significant time in that 4 months studying (I wasnt working for 2 months).

I stay on the daily, I don't look at 4 hourly at all. All my trading is discretionary as I believe each trade situation is unique....
I'm new too.

Jarroo plays a 30-40 pip SL with a break of the PA, that means he's day trading the daily bars using strong momentum. So I'm just trying understand and backtest the reasoning, and find an intraday place to hide my SL closer to the break of the daily PA bar.
WARNING: Don't follow me as I'm just learning
  • #30,031
  • May 14, 2009 8:00am May 14, 2009 8:00am
Quoting fxprocessor
I have a hard TP set on the AUD/USD @ .7340

It could be a big mover but my reading of the weekly chart and the big Bullish Bar from last week has me looking for a modest target. This area is the 23 fib and obvious previous resistance could turn support line.
me too.was gonna post the same!!thats how i see it also. target .7350ish
jon
PATIENCE... DISCIPLINE
  • #30,032
  • May 14, 2009 8:03am May 14, 2009 8:03am
Quoting adam777
I'm new too.

Jarroo plays a 30-40 pip SL with a break of the PA, that means he's day trading the daily bars using strong momentum. So I'm just trying understand and backtest the reasoning, and find an intraday place to hide my SL closer to the break of the daily PA bar.
OK, I always place my stop at least above/below the PA bar by 10 pips plus spread, I think this is what Jim and Mike teach.

Regards

Mark
Economists have forecast 9 out of the last 5 recessions
  • #30,033
  • May 14, 2009 8:16am May 14, 2009 8:16am
Hello everybody .
Can somebody say which point I need find for right apply Fibo levels on daily chart or when I can read about that. Sometime it easy but sometime I can't decide , for example for GU which points be better on pic 1 , 2 or 3 ?
Thanks so much
Peter
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  • #30,034
  • May 14, 2009 8:38am May 14, 2009 8:38am
Hopefully with a bit of patience we hit it
Quoting g_j_heook@yah
me too.was gonna post the same!!thats how i see it also. target .7350ish
jon
  • #30,035
  • May 14, 2009 8:49am May 14, 2009 8:49am
Quoting pitpiter
Hello everybody .
Can somebody say which point I need find for right apply Fibo levels on daily chart or when I can read about that. Sometime it easy but sometime I can't decide , for example for GU which points be better on pic 1 , 2 or 3 ?
Thanks so much
Peter
not sure what you are getting at here.
if i dont hit the mark let me know
im sure theres loads a stuff here at ff but if you google it you get tons of hits.
jon
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PATIENCE... DISCIPLINE
  • #30,036
  • May 14, 2009 8:52am May 14, 2009 8:52am
Quoting pitpiter
Hello everybody .
Can somebody say which point I need find for right apply Fibo levels on daily chart or when I can read about that. Sometime it easy but sometime I can't decide , for example for GU which points be better on pic 1 , 2 or 3 ?
Thanks so much
Peter

Hi pitpiter,

Start with the monthly chart. You need to find the very obvious clean waves. For starters. Don't over do it.
Try and stay within' the waves that encapsulate your current price action if you can. Higher time frame down to lower time frame.

.
AUD/USD

Anyone else notice where the daily BEOB stopped so far on the way down??

Edit: I've been eyeing the confluence above us here as a possible long target , by the way. Just look at that level!

There's actually another fib from the Yearly chart in confluence too.
I was keener on the E/U set-up than this one for this very reason. Profited on E/U too, because I wasn't greedy and didn't assume I was right.
.
NOW .....will they give us more??
.
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Bundy's status today: "Waiting..."
  • #30,037
  • May 14, 2009 8:55am May 14, 2009 8:55am
Quoting fxprocessor
Hopefully with a bit of patience we hit it
...if you got any spare PM me!!
i left the house so i didnt mess with my trades!!
PATIENCE... DISCIPLINE
  • #30,038
  • May 14, 2009 9:04am May 14, 2009 9:04am
Quoting bundyraider

Hi pitpiter,

Start with the monthly chart....
and to the pip almost!!
lol.. if id known you were going to post an explanation i would have left it to you!!
thanx for the PM, im sure i will be wanting MORE MORE MORE!!!!!!
lol. only joking
cheers
jon
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PATIENCE... DISCIPLINE
  • #30,039
  • May 14, 2009 9:06am May 14, 2009 9:06am
Quoting bundyraider

Hi pitpiter,

Start with the monthly chart....
I noticed you hadn't drawn a fib from the last weekly high? you'll see price is hitting the 61 fib and could bounce down off it. You can draw fibs to support or doubt any trade, I dont put alot of weight into them, like divergence. PA and S/R is much more important.
Economists have forecast 9 out of the last 5 recessions
  • #30,040
  • May 14, 2009 9:18am May 14, 2009 9:18am
Quoting markmm
I noticed you hadn't drawn a fib from the last weekly high? you'll see price is hitting the 61 fib and could bounce down off it. You can draw fibs to support or doubt any trade, I dont put alot of weight into them, like divergence. PA and S/R is much more important.
Yeah, I was trying to keep the explanation clear.

I look for verification of my fibs.
If price is forming obvious flip levels (PPZs) around a particular fib study's levels (like a monthly waves fib), that's when I give it weight in my planning. I try to erase all fib studies that have no clear evidence of influence in my charts.

Verification is important (in ALL line studies). Otherwise you'd freeze up over the multitude of possibilities.
Bundy's status today: "Waiting..."
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