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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

  • #34,021
  • Jun 19, 2009 9:47am Jun 19, 2009 9:47am
NIce pinabar!
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  • #34,022
  • Jun 19, 2009 10:17am Jun 19, 2009 10:17am
Tried a different angle 1hr IB see what happens
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  • #34,023
  • Jun 19, 2009 10:22am Jun 19, 2009 10:22am
Its a freetrade at this point s/l @ b/e
  • #34,024
  • Jun 19, 2009 10:39am Jun 19, 2009 10:39am
Going to watch pa up in this part of the hood for a possible short, I dont like that its friday and gettin late but got an eye on it.
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  • #34,025
  • Jun 19, 2009 10:40am Jun 19, 2009 10:40am
Although it didnt have the initially high momentum, my TP has been hit for 40 pips, righ where I expected it to go. (sorry cant post chart now, but you guys can see). "This stuff is dirt simple folks!"

Quoting 4fun
Its a freetrade at this point s/l @ b/e
  • #34,026
  • Jun 19, 2009 10:47am Jun 19, 2009 10:47am
kidding.... lol

shorted $jpy. exited with + 27. 1 position only (i'm on a tiny account).
exited on expected bounce around 96.30 area(today's pivot).
price will stall around here if we don't get additional willing sellers (it's already Friday ).
or bounce further up.

Nice trade people.
  • #34,027
  • Jun 19, 2009 10:57am Jun 19, 2009 10:57am
Quoting dmc
"This stuff is dirt simple folks!"
Dunno... When will I be able to say that same words
"""" --- -- - << ..:: ALM ::.. >> - -- --- """"
  • #34,028
  • Jun 19, 2009 11:02am Jun 19, 2009 11:02am
Look at that daybar building, this could run south next week pretty nicely.If it gets in 94 area the longs will get the jitters and close shop and this could build momentum as shorts climb aboard I am bearish on this pair so this my dream sceanario hehe Time will tell
  • #34,029
  • Jun 19, 2009 11:23am Jun 19, 2009 11:23am
Throwing in the towel time to pop some tops have a great weekend all!
  • #34,030
  • Jun 19, 2009 12:13pm Jun 19, 2009 12:13pm
Quoting 4fun
Look at that daybar building, this could run south next week pretty nicely.If it gets in 94 area the longs will get the jitters and close shop and this could build momentum as shorts climb aboard I am bearish on this pair so this my dream sceanario hehe Time will tell
there are better trades out there
  • #34,031
  • Jun 19, 2009 12:13pm Jun 19, 2009 12:13pm
Stopped out on the GBPJPY. Got in at 158.26. Took 50% at 50 pips and move SL to break even. 30% at 80 pips, 15% at 100 pips and let the rest ride. Would have liked to see it go further but I feel fairly well on how I managed this trade.

Still riding on the GBPCHF. Only managed to rack in 50 pips so far and moved SL to BE.
  • #34,032
  • Jun 19, 2009 1:10pm Jun 19, 2009 1:10pm
Quoting dengzhi
there are better trades out there
Sure there are. But I liked it myself on the 4hr. I marked a minor area of interest on the attached chart. It is 2PM NY time on a Friday, and things are winding down now. This was an easy winner. Look at how tight those EMA's bunched up. I love that. First time back to the 150 and 365, on a PPZ and retrace to the 50% from the last swing high to low. The only thing missing was that it was not at an extreme, but on the shorter time frames these can be nice with all the confluences.

Right now we are in a fairly broad range, (aka a 'sideways market') and I am looking forward to a nice longer term play on a breakout. I'd like to spot a nice entry on the hourly or 4hr.
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I'm pretty much done with all this ...
  • #34,033
  • Jun 19, 2009 5:37pm Jun 19, 2009 5:37pm
Quoting jarroo
Nothing better then no draw down (ok, 1pip) after the break to confirm that the setup is correct. Daily PB in Blue

Nice.
Hello Jaroo,

What is your trade managment on this pair? What is your first profit target and when do you move to BE on this trade?

Also, your UJ trade? Do you play that 2D PB, I was in that trade, I only get 50% for when it reach 28 pips. I play break of the 2D PB. How do you manage this one?

Thanks!
  • #34,034
  • Jun 19, 2009 8:04pm Jun 19, 2009 8:04pm
Quoting PippingMama
Hello Jaroo,

What is your trade managment on this pair? What is your first profit target and when do you move to BE on this trade?

Also, your UJ trade? Do you play that 2D PB, I was in that trade, I only get 50% for when it reach 28 pips. I play break of the 2D PB. How do you manage this one?

Thanks!
On the Eur/Gbp, I was still in with a half position from this setup (4 hour PB http://www.forexfactory.com/showpost...ostcount=33837 )

But if I was to trade this Daily PB as I told wwtravel, that it was not the best setup and manage it accordingly. http://www.forexfactory.com/showpost...ostcount=33940

Meaning to play it tight, how hard does it break and move to break even quickly. And use the previous Highs/Lows on the Daily, 8 hour or 4 hour for possible Targets.
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Indicators show the past. Price Action "Indicates" the future.
  • #34,035
  • Jun 19, 2009 8:23pm Jun 19, 2009 8:23pm
Quoting jarroo
On the Eur/Gbp, I was still in with a half position from this setup (4 hour PB http://www.forexfactory.com/showpost...ostcount=33837 )

But if I was to trade this Daily PB as I told wwtravel, that it was not the best setup and manage it accordingly. http://www.forexfactory.com/showpost...ostcount=33940

Meaning to play it tight, how hard does it break and move to break even quickly. And use the previous Highs/Lows on the Daily, 8 hour or 4 hour for possible Targets.

Hi Jaroo,

Did you take the UJ trade too on the 2day PB?
  • #34,036
  • Edited Jun 20, 2009 1:21pm Jun 19, 2009 9:43pm | Edited Jun 20, 2009 1:21pm
Quoting PippingMama
Hello Jaroo,

What is your trade managment on this pair? What is your first profit target and when do you move to BE on this trade?

Also, your UJ trade? Do you play that 2D PB, I was in that trade, I only get 50% for when it reach 28 pips. I play break of the 2D PB. How do you manage this one?

Thanks!
The Usd/Jpy 2 Day PB had the potential of being a great trade and it still may turn out the way.

The PB could have been better in size and the swing low could have been deeper, but the confluences supporting it looked good.

The PB has a strong Resistance level right infront of it. The 97.00 round number, PPZ level and the 38.2 Fib. If the strength of a two day Pin Bar could break that Resistance level then turn into a Support level then we would be in business.

Remember this from James16's "This is Critical":
"Notice a strong s/r area just beyond our PA if it exists.
Know that if we trade into it we had better be prepared for a quick reversal that could give us a loss if we are not prepared. "

I took the break and moved to break even once it got to about 17-18 pips away. It got to that heavy Resistence level (97.00) and then reversed and stopped me out at break even. This was a break even trade for me.

I then watched Price break the 97.00 level and waited to see if it would hold. It did not. This is a good sign that Price broke the level. But I am not going to hold a long drawdown or take a big loss to see if it breaks it again.

The 8 hour had a nice bearish PB off this 97.00 level but I didn't take it. Other feeds showed a nice bearish PB on the 4 hour, again off this strong 97.00 level.

Jim
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Indicators show the past. Price Action "Indicates" the future.
  • #34,037
  • Jun 19, 2009 10:06pm Jun 19, 2009 10:06pm
Quoting jarroo
The 8 hour had a nice bearish PB off this 97.00 level but I didn't take it. Other feeds showed a nice bearish PB on the 4 hour, again off this strong 97.00 level.

Jim
Charts;
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Attached Image
Indicators show the past. Price Action "Indicates" the future.
  • #34,038
  • Jun 19, 2009 10:12pm Jun 19, 2009 10:12pm
Quoting jarroo
The Usd/Jpy 2 Day PB had the potential of being a great trade and it still may turn out the way.

The PB could have better in size and the swing low could have been deeper, but the confluences supporting it looked good.

The PB has a strong Resistance level right infront of it. The 97.00 round number, PPZ level and the 38.2 Fib. If the strength of a two day Pin Bar could break that Resistance level then turn into a Support level then we would be in business.

Remember this from James16's "This is Critical":
"Notice a strong s/r area...
Jim,

A few questions for you. You style is clearly quite hands on once the trade breaks and not of the set and forget type (unless PA is A++, then I guess you can split the positions, set TPs and relax). So do you stay glued to your computer waiting for the break, or do you use alerts? Which sessions do you watch and what do you do when it comes time to sleep? Do you pull the order or sleep with an alert?

I am testing your strategy because I like the RR. So far I have two options. Two positions each with 30-40 pip stops based on SR, one with TP 30-40 pips away, the other with no TP. Set order at NY close and sleep through Asia. Or have the full position on and an alert set for the break or just watch until it breaks, pulling the order if I sleep. (unless it is triple a grade PA).

Also, are you getting pickier in trade selection recently? It seems that you're passing on more trades. If so what brought this change on?

And finally, when you're looking for 30-40 pip hard break moves, does the spread factor into your thinking more? Especially for the higher ranging pairs.

Sorry for the barrage of questions. Thanks as always for your efforts here. I really like your charts and analysis.

Aaron
  • #34,039
  • Jun 19, 2009 10:31pm Jun 19, 2009 10:31pm
Quoting jarroo
Charts;
Hello Jaroo,

Thank you for the detail explanation and it really give me a lot of help.

The most thing concern me is:

How much pips will you give out in case you do not have time to move BE and price go back. Do you always have a maximum number of pips for stoploss for monitoring the break? Like 20 or 30 pips. Or you will judge base on the situation when there is a potential resistence or support that might push the price back if you are in the drawdown. What if the potential support or resistence require a drawdown for over 30 pips, maybe 40 or 50 pips? Will you want to give it a try or you just cut the loss immediately no matter how?

How do you manage that?

Thanks again Jaroo.
  • #34,040
  • Jun 20, 2009 2:18am Jun 20, 2009 2:18am
Quoting TiaForex
Jim,

I am testing your strategy because I like the RR. So far I have two options. Two positions each with 30-40 pip stops based on SR, one with TP 30-40 pips away, the other with no TP. Set order at NY close and sleep through Asia. Or have the full position on and an alert set for the break or just watch until it breaks, pulling the order if I sleep. (unless it is triple a grade PA).
Aaron
Hi Aaron and PippingMama, I guess I want this to refer to both of you.

I've been trying the method too but having doubts on where to place the stops, I'm thinking of utilizing the pair's ATR, but haven't tried it yet, if I've done so I'll let you guys know.

For the TP, I tend to use previous bar highs/lows on the daily to identify the highest probability area that will cause a retracement once the pending orders are filled, so far if the PA is high grade, and most importantly has space, the R/R has been very good, especially when the second half just runs like crazy to the next PPZ, but the account killers are mostly the trigger finger mid-level PA that we usually found in heavy consolidation.

I've still got a lot of backtesting to do, so I'll let you guys know on anything I've found out during it.

Best.

Marcel.
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