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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

  • #41,061
  • Aug 15, 2009 5:19am Aug 15, 2009 5:19am
Quoting ljr
Hi All

I have been short from the weekly pin 2 weeks ago after my order triggered last Friday at 9825 Price retraced quite sharply but I had decided to give this a bit more room being a weekly trade.

Chf seemed to be strong yesterday against all other currencies which has favoured this trade and a BEOB has now formed on the Weekly.

As the price closed yesterday near the weeks low I have now closed this trade. Reason for this is firstly I expect to see some retracement and secondly I think the BEOB could be traded so I can get back in around...
Why else do you think James recommends higher time frames to get the real hang of price action?

Holding on to your analysis, your trades, your thoughts, is so damn important. And nothing can teach you this better than holding on to a trade 100 pips in red for 5 days in a row and then going in the right direction finally.

Here's an example similiar to what Ijr posted above, I was short Eu off the weekly Pin Bar, huge resistance at 1.43, close below 50 fib, a bearish IPb right next to it...the idea was and still is to catch the ride with the bears...

All this week it kept me in the red, at most -150 (only a few pips from my SL), but still managed to close as a decent indecision bar,

Point is, when you make a plan you need to stick to it...Jeff talked abt this in his last post and this is just one more occasion where "sticking to the plan" does appear to work..

How to master controlling emotions? You guessed it. The higher time frames.

Ghous.

EDIT: was not aimed at you Ijr, just a general thought. The reason your trade ended up as a loss for you is pretty special. We hope to see him/her on the thread soon.
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  • #41,062
  • Aug 15, 2009 5:42am Aug 15, 2009 5:42am
Quoting ljr
I closed the trade for 75 pips profit however thanks to my 4.5 year old son and me leaving my computer unattended for 5 minutes he managed to close half the trade last Friday evening when the price had retraced about 160 pips so overall this has been a loss. It only takes 2 clicks to close a trade on my platform but I'm still amazed he managed to do this. Maybe its a sign that he wants to start trading .

Anyhow back to the charts. The BEOB looks quite good although not at an extreme swing high with the nose of the Pin sticking out higher....
The CADCHF IMO, is right at a ppz at the moment....perhaps your son made the correct move! If it can penetrate that 1st ppz, there is a good chance that it will run in order to test the lower channel TL....

BTW, I probably would have stayed away from this trade just because we would have to trade into (toward) a ppz...we must try to trade away from a ppz and use it to protect our SL....but it seemed to turn out good for you and your son! Good going.

GregB
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  • #41,063
  • Aug 15, 2009 5:58am Aug 15, 2009 5:58am
Quoting ghous
Why else do you think James recommends higher time frames to get the real...
Good going Ghous....you definitely have gonads of iron....that is the only draw back for me with weekly trades....one must wait so bloody long to bear any fruit....it's almost better for me to set my orders and vow never to open the chart until a) TP1 is hit, or b) SL is taken out....

Anyways, way to hang in there!

GregB
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  • #41,064
  • Aug 15, 2009 6:00am Aug 15, 2009 6:00am
hey guys what do you think about thouse 2 setups that I have identified, any thoughs

the first one is the daily GBPAUD at:
- BUOB
- round number
- swing low
- close above the 1.98
the first are of trouble at the blue rectangle wich will be my full TP,because this is a CT

the second chart is the weekly AUDJPY:

- BEOB
- at round number
- the close below the 80.00
- 50% fib ret
- swing high
- with a lott of space
the first area of TP at the next major PZZ wich is 75.00

any comments will be apreciate!

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  • #41,065
  • Aug 15, 2009 6:20am Aug 15, 2009 6:20am
Quoting triger88990
hey guys what do you think about thouse 2 setups that I have identified, any thoughs

the second chart is the weekly AUDJPY:

- BEOB
- at round number
- the close below the 80.00
- 50% fib ret
- swing high
- with a lott of space
the first area of TP at the next major PZZ wich is 75.00

any comments will be apreciate!
I'm warming up to your AJ BEOB....There seems to be a 169 pip window of opportunity before any ppz support troubles...

PA has respected a) the convergence of 150/365ema's and b) 82.60 monthly resistance.

GregB
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  • #41,066
  • Aug 15, 2009 6:36am Aug 15, 2009 6:36am
Quoting triger88990
hey guys what do you think about thouse 2 setups that I have identified, any thoughs

the first one is the daily GBPAUD at:
GBPAUD looks a little "busy" for me....but on the other hand, there seems to be a 182 pip window of opp, and it looks as though the PA has respected the 1.9818 monthly support level....

Half decent PB on weekly too!
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  • #41,067
  • Aug 15, 2009 6:54am Aug 15, 2009 6:54am
Quoting jarroo
That would be just an Inside Bar. Nice Bullish candle before it, almost a BUOB or Triple Bar Low Higher Close. Maybe building momentum to continue the short term uptrend. Or stalling out to drop and continue the longer term down trend.

Yes nice location.
ok, thanks Jaroo and ghous
  • #41,068
  • Aug 15, 2009 7:10am Aug 15, 2009 7:10am
[quote=batesmotel;2957415]GBPAUD looks a little "busy" for me....but on ..........quote]

hey man thanks a lot
as you say there are some nice windows that we can play them,

and I know that there will be plenty of opportuniy to have A++ setups

but if you know what are you doing and how to manage them I think that this worth a try.

many thanks Grag
  • #41,069
  • Aug 15, 2009 11:44am Aug 15, 2009 11:44am
Hi everybody

I've been reading sporadically through the thread in the last weeks, while going through a losing strike and seeing 2/3 of the profit I made in the 10 months of trading vanish in 4 weeks.

Even though I was profitable, I was not satisfied with my trading. Not because I wanted more profit, but because I wanted consistency and I couldn't achieve it. I was aware that if I would achieve consist profits I could increase my account and the order size and the profit would increase automatically. What bothered me most was that the biggest part of the profit was due to one of my first trades when I put a trade on friday, not knowing yet that the market closes friday afternoon. So the market closed and my position stayed over the weekend. On sunday night, the market opens with a huge GAP in my favor that bypasses by faaar the TP I had set. Of course I closed the position as soon as I saw the huge profit, happy the GAP didnt happen in the other direction.

Anyway, I started reading everything I could find about trading and continued trading intraday with reasonable success. I had a time where I passed trough strikes of 20 successful trades in a row. All without any plan or system, just get in and get out as soon as I saw some profit. The problem was that I would lose most of the profits in just a few trades that would go wrong.

So here I am now, 30% up and 20% down in my first 10 months of trading when I decided to look into the forums and soon find out about this thread. I realized by now that intraday trading requieres too much baby sitting in order to be profitable. While I still think that one could make it as an intraday trader, I realise that I can't combine work, family and intraday trading and be successful in all three. Many of the losses I made were because I wasn't around the computer or didn't have time to close a profitable position that turned around before hitting the TP.

So I decided to follow James recommendations and start demo trading daily while learning as much as possible. I started trading pin bars. Had a few losses, a break even and one winning trade so far.

Which brings me to the real reason for this post. I noticed the last two weekly bars on USDJPY that would form a very nice pin bar on an imaginary 2 weeks chart, crosses the trend and falls back after bouncing at 38.2% FIB. What do you guys think, is this a good setup? And if not, why not? If yes, what would be a reasonable TP level?

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  • #41,070
  • Aug 15, 2009 11:58am Aug 15, 2009 11:58am
Quoting faces
Hi everybody

I've been reading sporadically through the thread in the last weeks, while going through a losing strike and seeing...
Hi mate,

Welcome and congrats on your first post.

Glad you don't begrudge the higher time frames like a lot many do specially when they start off.

2 bar 3 bar PA formations work just as good as a single bar PA formation.

So considering the 2 weekly bars on Uj as a single pin bar is not a bad idea,

Abt trading it,

I don't see it off any major fib level (50 or 61.8) or MA, but given that it's with the trend, it is still very much playable IMO at least down to the 9200 level...

Cheers and do post more,

Ghous.
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  • #41,071
  • Aug 15, 2009 3:16pm Aug 15, 2009 3:16pm
Thank you for explaining. I understand what you are talking about.

Can I assume regarding PPZs alone, If I am trading the H4, Daily and Weekly Time frame, we can base it off the Daily and weekly PPZs and we need not use the H4 PPZs as a guide for PA. But of course, when the PA is formed, we have to analyse the first trouble area and see if there is enough space for it to run to allow us to take profit and move stop to BE.

If we trade on the H1 timeframe, which I am not doing currently, is it also good enough just to use the Daily and Weekly time frame or should we also use the H4 time frame then? Just wondering on this.

Quoting jarroo
Yes and no. lol.

Meaning I use the Weekly and Daily PPZ levels as the foundation where all Price Action setups develop. Which can ocurr on, obviously, on the Weekly and Daily charts but also on the 2 Day, 8 hour, 4 hour time frames.

I then use the time frame that a the PA setup was presented and use that time frame's PPZ levels as Price targets and/or trade managnent (stop losses).

For example the 4 PB on the Eur/Jpy on 8-12-09.

The Weekly and Daily PPZ levels are pretty obvious as shown on my charts. You don't have to be too technical...
  • #41,072
  • Edited 4:34pm Aug 15, 2009 3:40pm | Edited 4:34pm
Quoting tac
Great advice Jeff, however I can see some people arguing that sticking to rigid rules might limit the profit, if we agree that the market is a dynamic entity. Should manage each trade dynamically based on how it develops, or the surrounding areas of s/r? I suppose for new traders just sticking to a plan then tweaking it as we gain experience then this is a good plan.

Mark

Jeff, great post, thanks!
But I think I tend to agree with the sir above.

Sometimes I see real nice shaped pin bars off confluence, and I just automatically place my TP order at the first trouble area without thinking, if I know this isn't a long term potential trade (maybe lots of traffic ahead, just a pullback (against the trend), etc...
On the other hand, If I will see a very nice setup at extreame high or low, and with a lot of space to move ahead, I wont have a certain exit rule. I will trail my stop according to the development of the trade, PA. SR areas, etc. (ok. in fact I do use a kind of "rule". But "rule" isn't the right word. It is more a method which combines ton of common sense).
Does that make sense?

Ben
  • #41,073
  • Aug 15, 2009 4:17pm Aug 15, 2009 4:17pm
Im watching this $U$HI for the coming week.
....outside bar closed below 80.00. 1st t.p 75.00, 2nd 70.00, 3rd....
Happy weekend to you all....and PEACE
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Respect a man, and he will do all the more.
  • #41,074
  • Aug 15, 2009 4:36pm Aug 15, 2009 4:36pm
Quoting benji533
Jeff, great post, thanks!
But I think I tend to agree with the sir above.

Sometimes I see real nice shaped pin bars off confluence, and I just automatically place my TP order at the first trouble area without thinking, if I know this isn't a long term potential trade (maybe lots of traffic ahead, just a pullback (against the trend), etc...
On the other hand, If I will see a very nice setup at extreame high or low, and with a lot of space to move ahead, I wont have a certain exit rule. I will trail my stop according to the development of the trade,...

Yes I agree.
My post says this is just an example for the purpose of following a simple plan, not for results. Results are secondary for the exercise for if you cant do that you will never be consistantly profitable.
everyone should should come up with their own plan but if nothing else try what i said for an exercise.
cheers
Jeff
  • #41,075
  • Aug 15, 2009 4:38pm Aug 15, 2009 4:38pm
Quoting rustyjeff
Yes I agree.
My post says this is just an example for the purpose of following a simple plan, not for results. Results are secondary for the exercise for if you cant do that you will never be consistantly profitable.
everyone should should come up with their own plan but if nothing else try what i said for an exercise.
cheers
Jeff
That makes perfect sense
Thanks.

Ben
  • #41,076
  • Aug 15, 2009 6:10pm Aug 15, 2009 6:10pm
NZD/USD daily pin bar off highs. Daily and weekly bearish divergence.
Always wait for the opportune moment… just be careful not to miss it.
  • #41,077
  • Aug 15, 2009 6:56pm Aug 15, 2009 6:56pm
Hi,
after reading alot of times reading the thread, this is what I got....i think that the price is going to go down but would like to know what all the gurus think
Happy trading
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  • #41,078
  • Aug 15, 2009 7:00pm Aug 15, 2009 7:00pm
Another one...i think that this is yelling about the price action, but since i am still trying to learn how to crawl, would like to see the comments from the gurus. happy trading
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  • #41,079
  • Aug 15, 2009 7:09pm Aug 15, 2009 7:09pm
Quoting fxvision
NZD/USD daily pin bar off highs. Daily and weekly bearish divergence.
Glad to see you back, FXV!

RM
  • #41,080
  • Aug 15, 2009 7:50pm Aug 15, 2009 7:50pm
Quoting fxvision
NZD/USD daily pin bar off highs. Daily and weekly bearish divergence.
The return of fxvision! Welcome back. Great to see you here again.
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