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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

  • #53,561
  • Feb 1, 2010 1:00pm Feb 1, 2010 1:00pm
watching closely how will end this bar on a daily... hope it closes above the 0.71 or at least above the 0.7075 area

what do you think guys? i know that the BUOB is not that big but i like the area (RN and ppz)

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  • #53,562
  • Feb 1, 2010 1:28pm Feb 1, 2010 1:28pm
Quoting ppfx
watching closely how will end this bar on a daily... hope it closes above the 0.71 or at least above the 0.7075 area

what do you think guys? i know that the BUOB is not that big but i like the area (RN and ppz)

Attachment
Best Daily setup for today I think but it has to close above previous bar.
The big issue for me is that it seems to be in a range since 1 week -> lot of traffic & trouble zones.
Any thought ?
  • #53,563
  • Feb 1, 2010 1:39pm Feb 1, 2010 1:39pm
Quoting supremeChaos
The seniors from US & Europe are still out, so I'll try.
usually, trades with a 'free trade' stem from a multi-position trade, that is, 2 or more lots/positions per trade.
u exit 1 position in the immediate S/R or PPZ, then the remaining position/s u move the stop to BE (or BE + x; 'x' is a few pips) & see if u get a good move in your trade's favor.
u can have a free trade with 1 position, but it sometimes/often entails a much wider (more than 10-50) stop so as not to get stopped out. (unless u are very picky with setups u take)


sometimes...
Thank you Supreme Chaos. I believe I understand your response perfectly. Let me focus in on your reference to the first support/resistance zone. Lets use long trades for examples. In one or two videos, James16 makes numerous references to the high or low of the first bar immediately preceding the pin bar or outside reversal bar as providing the first resistance target. When price hits that first target, which is often very close, he seems to say that he moves his stop to break even and often times takes his first profit there. Do I understand this concept correctly? This is the only part of the method that I am grappling with because, as I said earlier this often produces a movement of one's stop to break even so quickly and leaves so little room between current price and the break even stop price that one often gets stopped out. Yet, it does save a lot of losers from turning into losers even though you get your share of stop outs that then go on for nice gains that you miss out on. Anyone who understands this concept, please comment in detail too.

Thanks to all for considering my issue.
  • #53,564
  • Feb 1, 2010 1:46pm Feb 1, 2010 1:46pm
Quoting ppfx
watching closely how will end this bar on a daily... hope it closes above the 0.71 or at least above the 0.7075 area

what do you think guys? i know that the BUOB is not that big but i like the area (RN and ppz)

Attachment
That is a great daily bar... we still have a little time before it closes, but yeah a close higher than the high of the previous bar will be absolutely perfect! The 150 EMA is right there too (and today is the first time price has touched the 150 EMA since 5-5-09).

Definately going on the Live account, IF it closes higher than the previous high... I see a lot of potential on this one... Nice tail on it too.... decent distance before it hits a serious problem area (plenty of minor problem areas in between, but the one I highlighted is a major) please close good for me... PLEASE!
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Many choose unhappiness over uncertainty.
  • #53,565
  • Feb 1, 2010 1:48pm Feb 1, 2010 1:48pm
Quoting Dan Gilbert
That is a great daily bar... we still have a little time before it closes, but yeah a close higher than the high of the previous bar will be absolutely perfect!...
Hi Dan:

Thanks for posting your chart. Could you share what your money management strategy will be on this trade (i.e. where will you exit, what portion, when will you move your stop to break even, when will you exit all the trade)?
  • #53,566
  • Feb 1, 2010 2:04pm Feb 1, 2010 2:04pm
Quoting Dan Gilbert
That is a great daily bar... we still have a little time before it closes, but yeah a close higher than the high of the previous bar will be absolutely perfect!...
thanks for the reply and confirmation im still kinda new to this and i was a little unsecure
  • #53,567
  • Feb 1, 2010 2:07pm Feb 1, 2010 2:07pm
Quoting marxdhr
Hi Dan:

Thanks for posting your chart. Could you share what your money management strategy will be on this trade (i.e. where will you exit, what portion, when will you move your stop to break even, when will you exit all the trade)?
well im not Dan (hope you dont mind that im responding a question which is destinated to you) but i will put my stops about 15pips below the 0.7000 area and i would take half profit and move my stops to BE around 0.7150 ...
  • #53,568
  • Feb 1, 2010 2:10pm Feb 1, 2010 2:10pm
Quoting marxdhr
Hi Dan:

Thanks for posting your chart. Could you share what your money management strategy will be on this trade (i.e. where will you exit, what portion, when will you move your stop to break even, when will you exit all the trade)?
My stop would start off below the low of the BUOB, 2% risk of account. The way I manage trades varies.... I usually watch 4hr for clues, and manually trail my stop along what I see to be "fit" for the trade. If I see price stall for a while and it looks like a breakout zone, I will move my stop up to being underneath the lows those consolidating bars.... It all depends on how price behaves... I think most recently I have been just feeling it out, noticing how price acts at times and deciding whether or not I want to be out of the trade... Unfortunately, i cannot predict what price will do yet, but I will keep you posted on how I manage this, IF I do decide to take it.

I had a loser trade I posted a little while back where I attempted a breakout long position on NZDUSD, and basically I killed the trade when I realized it wasn't doing anything close to what I thought it was going to do, I moved my stop up and lost 1.3% on that trade (instead of the full 2%).... What I'm saying is, I can't really decide exactly what I'm going to do, until I see what happens along the way.
Many choose unhappiness over uncertainty.
  • #53,569
  • Feb 1, 2010 2:16pm Feb 1, 2010 2:16pm
my 4hr play audusd, buob from double bar low, higher close. Nearing the 50% retrace so we'll see how it handles that area
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  • #53,570
  • Feb 1, 2010 2:25pm Feb 1, 2010 2:25pm
Quoting bigandrich
my 4hr play audusd, buob from double bar low, higher close. Nearing the 50% retrace so we'll see how it handles that area
Hi Bigandrich,

This actually isn't a BUOB. The low of the bar needs to be lower than the previous bar. Also, it is better if the close of the bar (not just the high) is higher than the high of the previous bar.

This looks more like a two bar pin to me. Anyway, I'm glad your trade is going well . I just wanted to clarify so there isn't any confusion on BUOBs for new people.

Cory
  • #53,571
  • Feb 1, 2010 2:40pm Feb 1, 2010 2:40pm
Quoting marxdhr
Hi Dan:

Thanks for posting your chart. Could you share what your money management strategy will be on this trade (i.e. where will you exit, what portion, when will you move your stop to break even, when will you exit all the trade)?
Assuming it closes correctly, my low will be below the buob with an initial TP at .7194. 1/2 will be taken off (if it gets there), the rest moved to break-even with a final TP of .7293 for the remaining half.

My entries will be staggered though (less conservative), one order for the break and a retracement order as well.

Nathan
  • #53,572
  • Feb 1, 2010 2:54pm Feb 1, 2010 2:54pm
Quoting Cbh123
Hi Bigandrich,

This actually isn't a BUOB. The low of the bar needs to be lower than the previous bar. Also, it is better if the close of the bar (not just the high) is higher than the high of the previous bar.

This looks more like a two bar pin to me. Anyway, I'm glad your trade is going well . I just wanted to clarify so there isn't any confusion on BUOBs for new people.

Cory
Oops, 1 pip from dblhc and 2 pips from buob, my bad...at least on my feed. As far as the close, it's comfortably in the top quarter to third of the bar. I was fine with it. Thanks for the clarification.
  • #53,573
  • Feb 1, 2010 3:06pm Feb 1, 2010 3:06pm
USDCAD is nice too.... coin toss between NZD and CAD daily bars.
Many choose unhappiness over uncertainty.
  • #53,574
  • Feb 1, 2010 3:22pm Feb 1, 2010 3:22pm
Quoting dobe_r_man
Assuming it closes correctly, my low will be below the buob with an initial TP at .7194. 1/2 will be taken off (if it gets there), the rest moved to break-even with a final TP of .7293 for the remaining half.

Nathan

Nathan,

I am looking at the exact same spot for my first take profit/breakeven point. There are several touches of the .7200 area so I hope everyone who takes this trade if it materializes takes notice. Good call

Cory
  • #53,575
  • Feb 1, 2010 3:23pm Feb 1, 2010 3:23pm
Quoting dobe_r_man
Assuming it closes correctly, my low will be below the buob with an initial TP at .7194. 1/2 will be taken off (if it gets there), the rest moved to break-even with a final TP of .7293 for the remaining half.
That is just a little bit too robotic for my tastes - - but it would be a reasonable and effective strategy.
Many choose unhappiness over uncertainty.
  • #53,576
  • Feb 1, 2010 3:27pm Feb 1, 2010 3:27pm
How do the big guys look at fundies???

Quoting wh1zz0
Great decision to hang in there Dan "Breakout" Gilbert. Let's manage this. I'm still in on them.

Notice anything? Here's what just happened. The people who like to bank their hopes too much on fundies just got taken out.... LOL. Damn, sometimes you gotta love this business. They were told that if GBP gets a 2.0 deviation they should buy and I guess they did. Now the big guys who know the real deal and who not only look at the bigger picture in all things but also look at fundies in a very different way used these "smaller guys" as additional...
  • #53,577
  • Feb 1, 2010 3:41pm Feb 1, 2010 3:41pm
Hello Mike,
if you'd be so kind and answer following question I'd be thankful...

1, Are you still using 2 bar exit strategy?
2, If yes, how is it working over time?
3, Do you use it with trades on daily chart?
4, Are you still extra extra picky, even more than james?
5,On daily chart, how many trades do you take a month?
6, Do you close trade only when you're stopped out based on this strategy or do you also have some definitive profit target?

You see, I'm at work every day, so I'm not able to manage my trades closely and move SL or take profits anytime it's needed. I thought that maybe this strategy can be right for me so I can do my trading only in the evening(of course I'm learning during the weekends).

I'm now watching about 25 forex trades and I'd like to try bullet exercise, how much bullets do you think should I give to myself?

If I could manage one day to have few trades a month which I could manage only in the evenings and I'd make 5% a month that would be fantastic! Do you think it is possible?
  • #53,578
  • Edited 3:53pm Feb 1, 2010 3:41pm | Edited 3:53pm
Quoting Pinnocchio_S
How do the big guys look at fundies???
With a view to when the Next 'Pertinent' News Release is & an eye on Global Events. Certainly not on where Price will be 30 Min Later.

Can you say "Deep Pockets" or "My Money Management"?

News is only News when that Green @ changes to a Number but it's gonna be That Number for a Month or so.
Think about it.

PA is Extremly Important but I would like to see an Indepth analisys of the effect that Prior {or FA Released Before the Pin} Positive (or Negative) FA had on the Sweet Pin...
  • #53,579
  • Feb 1, 2010 3:51pm Feb 1, 2010 3:51pm
Hey Michal My answers in bold

Hello Mike,
if you'd be so kind and answer following question I'd be thankful...

1, Are you still using 2 bar exit strategy?
Yes it is part of my arsenal of exits.

2, If yes, how is it working over time?

Still works just as good as ever. It is knowing when to apply it. I will use it when price has a lot of room to move and no other basis for which to start to reduce my risk. A lot of times I use it in combo with other exit mgmt. For example start with a 2 bar and work my way towards a profit target or what not. It all depends on each trade.
3, Do you use it with trades on daily chart?
I will use it on any timeframe

4, Are you still extra extra picky, even more than james?
I would say we are picky in our own ways. I tend to focus on certain areas and certain conditions and have a different mgmt style. But we are both picky

5,On daily chart, how many trades do you take a month?
Roughly 3-5 sometimes none, sometimes more

6, Do you close trade only when you're stopped out based on this strategy or do you also have some definitive profit target?
As above, I have a wide variety of exits. For the most part they are just based on s/r. For breakouts I might use the BAT to trail out when something breaks hard, or the 2bar. For trades that I feel have less room to move I look to flat take profit at certain areas. I am always use bar analysis and s/r to determine ways to reduce my open risk.

You see, I'm at work every day, so I'm not able to manage my trades closely and move SL or take profits anytime it's needed. I thought that maybe this strategy can be right for me so I can do my trading only in the evening(of course I'm learning during the weekends).
It certainly might be. If you use a flat out trailing method, you tend to have a lower win rate and catch some bigger winners when they do run. It is always a balancing act of what works for one individual.

I'm now watching about 25 forex trades and I'd like to try bullet exercise, how much bullets do you think should I give to myself?
3

If I could manage one day to have few trades a month which I could manage only in the evenings and I'd make 5% a month that would be fantastic! Do you think it is possible?
I mean sure, it depends on your risk and style, but I don't see why anyone can't make b/w 1-5% monthly and still be rather conservative. But I wouldn't focus on I want to make 5%, instead I would focus on finding what works for you and seeing what the markets give and getting a more general avg of what it might produce.

Hope this helps
Mike

[/quote]
  • #53,580
  • Feb 1, 2010 4:01pm Feb 1, 2010 4:01pm
Quoting mbqb11
Hey Michal My answers in bold

Hello Mike,
if you'd be so kind and answer following question I'd be thankful...

1, Are you still using 2 bar exit strategy?
Yes it is part of my arsenal of exits.

2, If yes, how is it working over time?

Still works just as good as ever. It is knowing when to apply it....
It helps very much indeed. I'm now officially giving myself 3 shots for february. Hope I'll pick best trades coming out there

THANK YOU MIKE! You're always a great help!
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