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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

  • #41,981
  • Aug 25, 2009 12:48am Aug 25, 2009 12:48am
Quoting mbqb11
Hey Lapin

I would just be careful here, the problem with this trade and a choppy sideways market is you run into all sorts of problems. To the downside you are essentially trading right into the 135 round number, if you look under that there is some heavy support that could come in. I marked it in blue on my chart.

Best
Mike
Thanks Mike.
I was targeting a fast trade not looking for a runner.
My TP was around 134.5 for few pips profit.

Cheers

PS: Big thanks a lot for contributing all these fundamental informations that have enlightened my trading.
  • #41,982
  • Aug 25, 2009 12:51am Aug 25, 2009 12:51am
Quoting benji533
Didn't have any trades today...boring charts, so I went out most of the day.
Here is an update to this breakout trade, which I am carrying from last week.

This is a clear pattern IMO, broke that heavy support area, pulled back and formed a pin bar. Basically that isn't a beauty pin, and I wouldn't play it alone....but the location here was more important for me. I believe I have placed my stop far enough into the traffic. That old heavy support will do it's resistance work now, IMO. So I have confidence in this trade. I have also the 365ema,...
Your charts are improving by the day Ben,

So much so...I have to scroll back to the beginning of the post every time I see your chart/s...they strongly remind me of Mike's,

Nice, Clean and dirt simple stuff every time you come up with one.

This is how we do it folks!

g
I believe . . .
  • #41,983
  • Aug 25, 2009 12:58am Aug 25, 2009 12:58am
Looking interesting. Double bottom, DBLHC........daily bullish pin?
  • #41,984
  • Aug 25, 2009 1:05am Aug 25, 2009 1:05am
Watching EURJPY and AUDJPY for buying entries on 4H. Also bought AUDUSD from 8350. PB on EURJPY, BUOB on AUDJPY. Both off PPZ.
Always wait for the opportune moment… just be careful not to miss it.
  • #41,985
  • Aug 25, 2009 1:07am Aug 25, 2009 1:07am
i was still looking at aud cad as the 2 week pin bar combo going down but it didnt get very far
im never sure what to do here... on the daily there is a kinda 3 pin bars on alternate days going different directions lol
  • #41,986
  • Aug 25, 2009 1:11am Aug 25, 2009 1:11am
Quoting supermatt
i was still looking at aud cad as the 2 week pin bar combo going down but it didnt get very far
im never sure what to do here... on the daily there is a kinda 3 pin bars on alternate days going different directions lol

You're right about that Matt. Just hoping the overall trend wins out.
  • #41,987
  • Aug 25, 2009 1:16am Aug 25, 2009 1:16am
yeh that 90 level seems pretty strong and a good long term trend up
  • #41,988
  • Aug 25, 2009 1:19am Aug 25, 2009 1:19am
Quoting fxvision
Watching EURJPY and AUDJPY for buying entries on 4H. Also bought AUDUSD from 8350. PB on EURJPY, BUOB on AUDJPY. Both off PPZ.
Eur/Jpy looks swweeet!

365 ema
trend line
ppz
with the current time frame trend
lot's of space.
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I believe . . .
  • #41,989
  • Aug 25, 2009 1:27am Aug 25, 2009 1:27am
Quoting fxvision
Watching EURJPY and AUDJPY for buying entries on 4H. Also bought AUDUSD from 8350. PB on EURJPY, BUOB on AUDJPY. Both off PPZ.
That is exaxtly what I am watching right now, too.
  • #41,990
  • Aug 25, 2009 1:51am Aug 25, 2009 1:51am
Quoting ghous
Eur/Jpy looks swweeet!

365 ema
trend line
ppz
with the current time frame trend
lot's of space.
and gj.

10 mins are remaining in this 4H candle close it could be more tradable until that.
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  • #41,991
  • Aug 25, 2009 1:57am Aug 25, 2009 1:57am
Quoting nasir.khan
and gj.

10 mins are remaining in this 4H candle close it could be more tradable until that.
Gj concerns me with that daily ppz hovering over head...
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I believe . . .
  • #41,992
  • Aug 25, 2009 2:02am Aug 25, 2009 2:02am
Quoting ghous
Gj concerns me with that daily ppz hovering over head...
But that's still 200 pips away.
  • #41,993
  • Aug 25, 2009 2:05am Aug 25, 2009 2:05am
Quoting nasir.khan
But that's still 200 pips away.
I have it 30 pips away
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I believe . . .
  • #41,994
  • Aug 25, 2009 2:15am Aug 25, 2009 2:15am
Quoting ghous
I have it 30 pips away
Ohhh sorry i thought we were talking about next one above.
  • #41,995
  • Aug 25, 2009 2:40am Aug 25, 2009 2:40am
Quoting ghous
You need to be extremely careful with these pull back entries...

A limit order towards the left eye is barely ever sufficient.

What's the point in trying to force yourself to 1:1 when you're compensating the MM risk with being overly aggressive?

I don't attempt these pull back entries anymore but I guess the safest way to play them is to wait for the break up first

I know that wasn't the main point of your post, but still felt I had to get this across Cyrus.

Happy trading,

G
Just as Ghous said, pullback entries are a dangerous game. The breach is all important in price action trading as it is the final compnenet that actually makes it a pinbar (or whatever). Without a break it isn't a pin.

Rac is the master of retrace entries but he often uses price action on lower timeframes at levels he has plotted out. These levels are heavily confluenced, with strong PPZs, trendlines and fibs all lining up.

The danger is that you enter a retrace without any sign of it actually reversing and then it's an utterly avoidable loss.

Personally I will only enter on a retrace when all bells are ringing and often after the bar has already breached. For example the 4H pinbar on the EJ that printed today was at a strong area of 4h consolidation that would have made it a valid setup on its own, but it is a retrace not only of the daily BUOB (50% ret) but also of the weekly pin. That's the kind of odds I like.

For those looking to squeeze more pips from your dailies (and it's a dangerous game) why not do some testing around reduced stops when the bar breaches. That way you can still play the break and enter the same time as a conservative price action setup, but can have your stop at perhaps 50% of the bar, or even have a 50 pip target and 50 pip stop based around the break. You have to be much nimbler about break even and take profit with this, but the advantage is that you are in and out with your profit relatively quickly. It's what Jarroo does. His stop levels are marked on his charts.

Whatever your ideas, in your spreadsheet (and I highly recommend keeping a spreadsheet record of all your trades) add an extra column for whatever style you are considering. I have one for "50 pip stop" and one for "reduced stop based on SR". Then after a few months I see what the results of my trades would have been had I tried the alternative style. Gives me confidence if I intend to switch.

Confidence is everything. Helps you stick to your guns through those losing streaks, especially if they come at the beginning of you implementing your new strategy. That's when a loser is hardest to take psychologically.
  • #41,996
  • Aug 25, 2009 2:48am Aug 25, 2009 2:48am
not sure if any of you no nial fuller from australia but I think he is great and he often uses the 50% retrace of a pin bar method for an entry strategy. Think he says it can give you a better risk reward but some moves might take off without you if you wait for a 50% retrace.
I guess you cant have it both ways

I believe james16 is mentioned on his site and being one of his influences.
  • #41,997
  • Aug 25, 2009 3:03am Aug 25, 2009 3:03am
Quoting ghous
Eur/Jpy looks swweeet!

365 ema
trend line
ppz
with the current time frame trend
lot's of space.
not a fan of EJ. Looking at the daily, it isnt definitively with the trend - although it could be! Looks like it could easily head south still.

Plus, that big PPZ doesnt wanna be broken just yet, although there is clearly upwards pressure there - maybe a break above those two pins (on the 1H) could convince me otherwise though

(keep in mind it is a zone, but I have it drawn in as a line for some unknown reason)

Attached Image (click to enlarge)
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*edit* daily
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*double edit*
id be careful of AUDCAD too, it is still ranging and I would be weighting a downmove more than an upmove. The 4H pin should be good for a quick trade, but dont get married to it
When you have to shoot, shoot. Dont talk.
  • #41,998
  • Aug 25, 2009 3:11am Aug 25, 2009 3:11am
Quoting supermatt
not sure if any of you no nial fuller from australia but I think he is great and he often uses the 50% retrace of a pin bar method for an entry strategy...
Yes, many traders here, most notably my idol ( lol) raczekfx, use retracement entries. many traders way before us enter on retraces, as far as i know.
  • #41,999
  • Edited 3:32am Aug 25, 2009 3:17am | Edited 3:32am
Quoting joelcf
not a fan of EJ. Looking at the daily, it isnt definitively with the trend - although it could be! Looks like it could easily head south still.
....
yes, im bearish jpy crosses, have been. i have shorted ej 2x earlier (closed trades).
big MA's (150 to 365, ema, 200sma) are clustered above current price from M15-H4 in my charts. btw, gj is weaker than ej as evidenced in H4-Monthly charts. eur is stronger than gbp as evidenced by eurgbp's strength.
ej, imho, may bump around between 134 - 135 but i think it'll eventually fall, notwithstanding the H4 bullish PB/BUOB. check out previous 2 H1 bars' long upper wicks (to me, this is supply/sellers). ej stays bearish unless it breaches 134.70 -135 convincingly, imo.
  • #42,000
  • Aug 25, 2009 3:17am Aug 25, 2009 3:17am
Hi Guys,

I've got a bit of spare time this week so will try to post if any good setups come.

I do like this BUOB off PPZ and 150ema. Open target as it's in the direction of the daily trend and same direction as daily BUOB from two days ago.



cheers


fxp
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