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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

  • #39,901
  • Aug 4, 2009 11:55am Aug 4, 2009 11:55am
Quoting StoragePro
Just one I liked today.

EURJPY BUOB on the hourly. Not the biggest in the world, but in the right place. (Round number and confluence with a PPZ and on the 50% retrace) (Nice how things are a bit slow around the office!)

8AM EST bar. Scale your chart out a bit and you'll see we are entering an area of consolidation. Manage accordingly. Could be a 2R trade (or close) - if you are keeping track.

I also saw numerous pretenders out there - bars without a home (PPZ and confluence)
Nice one STO,

the location was awesome!
I believe . . .
  • #39,902
  • Edited 12:16pm Aug 4, 2009 12:05pm | Edited 12:16pm
Quoting aserbfx
usd/jpy H4. good resistance at 95.50 ?
short?
It's a trap !

http://smiliesftw.com/x/ackbartrapfinal.gif

With how sideways it is lately the only PA I would personally be looking for is PA pierced by the .95, looking to use the .95 as a launch pad if you get me.

I just naturally think that trading back into round numbers is looking for trouble.

EDIT - Chart attatched, it can be seen cleaner on the 1HR.

Quoting StoragePro
Just one I liked today.

EURJPY BUOB on the hourly. Not the biggest in the world, but in the right place. (Round number and confluence with a PPZ and on the 50% retrace) (Nice how things are a bit slow around the office!)

8AM EST bar. Scale your chart out a bit and you'll see we are entering an area of consolidation. Manage accordingly. Could be a 2R trade (or close) - if you are keeping track.

I also saw numerous pretenders out there - bars without a home (PPZ and confluence)
Good shootin' here bro,

http://planetsmilies.net/violent-smiley-1464.gif

The location really pulled it through.

Quoting mbqb11
My only trade was on the 5 min yest


It's ok Mike, you just have to admit it to yourself that deep down you love the darkside . . .

http://planetsmilies.net/star-wars-smiley-5493.gif


EDIT -

Chart added for the UJ
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  • #39,903
  • Aug 4, 2009 2:13pm Aug 4, 2009 2:13pm
Quoting mbqb11
Also now a days especially in forex we should never be subjected to poor money mgmt. There is always a broker out there that can make position sizing properly possible. For example if you had even $100, you still could do it properly with a broker like Oanda that offers perfect granularity. What happens is the brokers advertise, deposit for as little as $500!. GREAT! But they only allow mini lots, etc. When it comes time to go live, find a broker that will allow you the proper flexibility.

Take care
Mike
Yes, exactly... At FXCM they will allow you to open a micro account (10 cent pips), but the kicker is you are not allowed an account size greater than $5000).

So, If I have a $10,000 account I can only have a mini account. That sucks because if I want to risk 1% with a 300 pip SL at a pip value of 1, then I should only be entering with 0.33 mini lots (3.3 micro lots), but FXCM's minimum on a mini account is 1 mini lot (10 micro lots). So if I want to take that trade, they force me to risk 3%.

With Oanda, you can trade as small as you want...Oanda is great for trading small account sizes (their charts suck though).

Anyways that is IMHO....

GregB
  • #39,904
  • Aug 4, 2009 2:20pm Aug 4, 2009 2:20pm
Quoting batesmotel
Yes, exactly... At FXCM they will allow you to open a micro account (10 cent pips), but the kicker is you are not allowed an account size greater than $5000).

GregB
simple move brokers
  • #39,905
  • Aug 4, 2009 2:33pm Aug 4, 2009 2:33pm
Quoting mbqb11
simple move brokers
I started with IBFX and FXCM...I kept those accounts and opened another with MBT, for news trades....and finally I clued in and have opened another account with Oanda... Each has their advantages, but for the J16 strategy, I would recommend Oanda for any account size less than $10,000...IMO

GregB
  • #39,906
  • Aug 4, 2009 2:54pm Aug 4, 2009 2:54pm
Quoting batesmotel
Yes, exactly... At FXCM they will allow you to open a micro account (10 cent pips), but the kicker is you are not allowed an account size greater than $5000).

So, If I have a $10,000 account I can only have a mini account. That sucks because if I want to risk 1% with a 300 pip SL at a pip value of 1, then I should only be entering with 0.33 mini lots (3.3 micro lots), but FXCM's minimum on a mini account is 1 mini lot (10 micro lots). So if I want to take that trade, they force me to risk 3%.

With Oanda, you can trade as small as you want...Oanda...
There is a solution though. You can open account with smaller amount and keep the rest in your bank account.
Example. If the limit is 5k then transfer only 5k and other 5k keep in your bank account. And trade with the amount of 10k. Easy as it is...
  • #39,907
  • Aug 4, 2009 3:33pm Aug 4, 2009 3:33pm
Quoting idejs
There is a solution though. You can open account with smaller amount and keep the rest in your bank account.
Example. If the limit is 5k then transfer only 5k and other 5k keep in your bank account. And trade with the amount of 10k. Easy as it is...
Yes, I guess that is one way around it (hmmm...glad I thought of it...lol)...
  • #39,908
  • Aug 4, 2009 3:37pm Aug 4, 2009 3:37pm
Quoting Cyrus
Anyone in this now btw?

GBPJPY 4hour. Shape and Location look good. Space... so so. Looks like its counter a big move up, not hoping for a homerun, just a grab

I didn't trade this one, but Price went right where we thought it would. Da ja vue. (Sorry can't post charts now)
Protect yourself when this level hits and it may have turned into a homerun. Easy to say now after it didn't.

There has been many a trade that I've said the same thing, "Hit that first obvious 1TP level and I'll put it to break even and forget about it." Only to return with it going to the moon.

No one knows where Price may go. Why not limit or eliminate our risk in the process and see where she goes.

Nice trade Cyrus.

Jim
Indicators show the past. Price Action "Indicates" the future.
  • #39,909
  • Aug 4, 2009 3:47pm Aug 4, 2009 3:47pm
We'll see how this one goes...I'm long AUDCAD on weekly IB break...GregB
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  • #39,910
  • Aug 4, 2009 3:59pm Aug 4, 2009 3:59pm
Quoting Jduester

To me there is a little heirarchy:
1. Location (PPZ) (includes how much space/traffic is there)(Round numbers)
2. PA at the location
3. FIBS, Divergence, Trendlines, EMAs (not currently using), etc.

I need both 1. and 2. in order to bother looking at 3.

Josh
Top notch as always Josh.

( add to "This is Critical" next to computer.)
Indicators show the past. Price Action "Indicates" the future.
  • #39,911
  • Aug 4, 2009 6:32pm Aug 4, 2009 6:32pm
Anyone else feeling the bullish engulfing bar on AUDCAD?

Has a lot of space to run, 23.6 fib, and right on a resistance line

Buy limit above resistance, stop below bar
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  • #39,912
  • Aug 4, 2009 6:48pm Aug 4, 2009 6:48pm
Quoting Grover
Anyone else feeling the bullish engulfing bar on AUDCAD?

Has a lot of space to run, 23.6 fib, and right on a resistance line

Buy limit above resistance, stop below bar
I like that actually.

So, yeah.... Feelin' it. lol

Nicely spotted.
Attached Image (click to enlarge)
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Bundy's status today: "Waiting..."
  • #39,913
  • Aug 4, 2009 6:54pm Aug 4, 2009 6:54pm
Hi Grover

See the attached chart. As you can see price has rejected off of the bar highs I have marked. Not a surprise really.

Also, we try to look for Outside Bars at an extreme - a sing low or high. This is not where we'd like it.

That said, sometimes they do play out, but I'd normally expect it to close well above that resistance area for proof. What might be a good way to play this is to wait for a break out above and a pull back to that level and look for PA there.

BTW - if you look back in time, the area we are in has had a lot of price interest in the past, so we are at the right place to watch for a good setup.

I see me and the Bundy are at odds... Go figure.


Quoting Grover
Anyone else feeling the bullish engulfing bar on AUDCAD?

Has a lot of space to run, 23.6 fib, and right on a resistance line

Buy limit above resistance, stop below bar
Attached Image (click to enlarge)
Click to Enlarge Name: ac 8-4 daily.gif Size: 20 KB
I'm pretty much done with all this ...
  • #39,914
  • Aug 4, 2009 7:04pm Aug 4, 2009 7:04pm
Quoting StoragePro
I see me and the Bundy are at odds... Go figure.
Not so sure about that. Haven't set a trade yet. lol

My chart actually has another PPZ that's hidden by the price line that I'd play an entry off. My thoughts were entering right now (unconfirmed) and watching the 9100 level. The PA just 'looks' right.

I like Outside Bars for retrace entries. Pretty consistent for me.

edit: I'm telling ya. This damn habit of the forum software cutting up our quotes is a pain in the butt!!
Bundy's status today: "Waiting..."
  • #39,915
  • Aug 4, 2009 7:11pm Aug 4, 2009 7:11pm
Quoting bundyraider
Not so sure about that. Haven't set a trade yet. lol

My chart actually has another PPZ that's hidden by the price line that I'd play an entry off. My thoughts were entering right now (unconfirmed) and watching the 9100 level. The PA just 'looks' right.

I like Outside Bars for retrace entries. Pretty consistent for me.
Yeah me too - I just like this kind of trade to be 'emphatic' - meaning that I want it past that resistance first. I will sometimes play a range breakout on an outside bar - but man - that thing had better run a well defined range limit pretty hard.

How is this a retrace bar? The PB on the 24th is the retrace end - no? Or we on different books? Not trying to pick a fight - just want to understand what you see.

But that is just me. I'll be watching. These do sometime keep on going.... and going.... and going....
I'm pretty much done with all this ...
  • #39,916
  • Aug 4, 2009 7:25pm Aug 4, 2009 7:25pm
Quoting StoragePro

But that is just me. I'll be watching. These do sometime keep on going.... and going.... and going....
That's what I'm hoping for...
  • #39,917
  • Aug 4, 2009 7:28pm Aug 4, 2009 7:28pm
Quoting jarroo
I didn't trade this one, but Price went right where we thought it would. Da ja vue. (Sorry can't post charts now)
Protect yourself when this level hits and it may have turned into a homerun. Easy to say now after it didn't.

There has been many a trade that I've said the same thing, "Hit that first obvious 1TP level and I'll put it to break even and forget about it." Only to return with it going to the moon.

No one knows where Price may go. Why not limit or eliminate our risk in the process and see where she goes.

Nice trade Cyrus....
Thanks Jarroo.

This is a reaaalllly long thread, and the PF videos span hours upon hours, so I've yet to quite go through all the material yet.

I hope no one's asked this yet. =P

Was thinking about something regarding home-run potential for a trade...
For the 4hour charts, if trading
(a) counter a 4hour run up which is also
(b) counter the daily trend,
the probability of a counter-trend homerun seems rather small.
Hence counter-trend = grab @ PPZ 1.
If pro-trend (4hour/daily) = t/p maybe 1/3 or 1/4, shift to BE and wait, cause the 4hour and daily trend should by right, continue to push the trade higher.

In this manner, it should increase the overall profitability of trading PA.

Anyone have comments on this?
One Mind, Any Market
  • #39,918
  • Aug 4, 2009 7:46pm Aug 4, 2009 7:46pm
Some interesting PA on eur/cad....H4 IB sitting nicely on 1.5400, and a doji-type bar on H1. Also, still respecting the bullish trendline


Attached Image (click to enlarge)
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Attached Image (click to enlarge)
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skype: ststroud. let's talk trading.
  • #39,919
  • Aug 4, 2009 7:47pm Aug 4, 2009 7:47pm
Quoting StoragePro
How is this a retrace bar? The PB on the 24th is the retrace end - no? Or we on different books? Not trying to pick a fight - just want to understand what you see.
It's cool. I'm hearing ya.

Different book for sure. lol ...Sorry, I meant "Retrace of the signal bar" entries.

I have no trouble at all playing retraces of outside bars when they are in the right spot. (Usually after consolidation breakouts etc.)

Quote
But that is just me. I'll be watching. These do sometime keep on going.... and going.... and going....
I'm staying out of this one too.
I've had a few weeks away from trading ( mostly. ) ...took me a few minutes to slap myself on the face and say....."errm..... mate.... there are better trades than this. ...You idiot!"

To clarify, I'd still take this continuation location if it weren't for the mess to the left in this price area. It's off of the type of minor PPZs I'm used to basing bar retrace entries on. (0.9025...ish)
Bundy's status today: "Waiting..."
  • #39,920
  • Aug 4, 2009 8:12pm Aug 4, 2009 8:12pm
Quoting bundyraider

I'm staying out of this one too.
I've had a few weeks away from trading ( mostly. ) ...took me a few minutes to slap myself on the face and say.....[color=Blue]"errm..... mate.... there are better trades than this. ...You idiot!"
Ah - poop. Now you've done it. It will run now.
I'm pretty much done with all this ...
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