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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

  • #55,341
  • Feb 18, 2010 11:31am Feb 18, 2010 11:31am
Quoting ghous
You got that right.

Just remember that whether you play a pure or break or wait for a retrace trade the safest option is to have an initial SL always at the opposite end of the outside bar...

You of coarse have the option to tighten it later if the trade works out or shows signs of working out, depending on how you like to manage your trades.

cheers,

g.
Thank you very much Ghous , I'm still trying to learn as much as possible from you pals out-here , That why I LOOOOOOVE this thread .

Thank you too Faizal you've been a great help Cheers
  • #55,342
  • Feb 18, 2010 12:35pm Feb 18, 2010 12:35pm
Quoting TiaForex
Anyway, some guys posted the 4H GJ trade today.

That's pretty much what I look for. Good bars with strong confluence, that also have room to run to first target. The I go to break even and look for bigger moves.
If anyone doubts the material, take a look at this 'after' chart. It bounced off both target areas I had shaded before. Any decisions after that are entirely up to your management style. I am more conservative and do not like drawdown after first target is reached (I hate winners turning into losers), so it was a breakeven trade for me. But crucially it was another confidence builder in the J16 material.

However you managed it, this is a good example of how, using this material and being picky in your entries, you can tell exactly where price is going.

As Jim would say, armed with this knowledge tell me what can stop you?
Attached Image (click to enlarge)
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  • #55,343
  • Feb 18, 2010 12:40pm Feb 18, 2010 12:40pm
And another one from today.

BUOB at big round number which is also a PPZ, two EMAs, and a pullback to the trend. The target areas are marked. Let's see what it does. (Update: It's moving)

A good bar with massive confluence means I sleep a little better and don't start to sweat the minute I enter the trade. Been there, done that and really don't want to go back.

As a footnote I may have gotten a little greedy with this one as I have wanted to be long gold for a while and I am looking for it to breach the highs. It may come back after bouncing from those highs and stop me at break even, but that's the risk you take when looking for a runner.
Attached Image (click to enlarge)
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  • #55,344
  • Feb 18, 2010 12:42pm Feb 18, 2010 12:42pm
Aaron, I was watching for a touch at this area, but the 4H price action never got me to put down a trade.

Did you enter on a lower time frame, or was this a touch entry?

Just curious what I overlooked.

Thank you.

T.J.
  • #55,345
  • Feb 18, 2010 12:54pm Feb 18, 2010 12:54pm
Quoting unlv_tj
Aaron, I was watching for a touch at this area, but the 4H price action never got me to put down a trade.

Did you enter on a lower time frame, or was this a touch entry?

Just curious what I overlooked.

Thank you.

T.J.
I don't play touch entries TJ. This was a 4H entry (if you're referring to gold) and there is a BUOB on the chart right there off the 1100.

If you're referring to the GJ chart I took the bearish pinbar at the swing high and the yellow shaded areas are just targets.
  • #55,346
  • Feb 18, 2010 1:18pm Feb 18, 2010 1:18pm
I missed this trade today, I had the ta setup but just missed my Limit buy. Trendline, ppz and 50 fib.
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  • #55,347
  • Feb 18, 2010 1:44pm Feb 18, 2010 1:44pm
Quoting chatzi
I missed this trade today, I had the ta setup but just missed my Limit buy. Trendline, ppz and 50 fib.
I think you curve fitting your Fibs. Or maybe I should get some sleep. feeeeeeling like............aaaagghhhhhhh..................................................................ZZZZZZZzzzzzzzzzzzzzzzzzzzzzzzzzz.
  • #55,348
  • Feb 18, 2010 1:44pm Feb 18, 2010 1:44pm
Ah, I gotcha Aaron, thank you!
  • #55,349
  • Feb 18, 2010 2:04pm Feb 18, 2010 2:04pm
Quoting nasir.khan
I think you curve fitting your Fibs. Or maybe I should get some sleep. feeeeeeling like............aaaagghhhhhhh..................................................................ZZZZZZZzzzzzzzzzzzzzzzzzzzzzzzzzz.
I think you are right, should be clear swing lows and highs.
  • #55,350
  • Feb 18, 2010 2:14pm Feb 18, 2010 2:14pm
Hi guys

Would really appreciate any feedback on this setup which did not work out.

Short was taken based on the daily based on:
-downtrend
- doji off PPZ, fib 61.8, hidden bearish divergence

granted doji is indecision and not PB.
It went well but reversed quickly.

Is there any reason why the trade did not go as expected?

Thanks.
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  • #55,351
  • Feb 18, 2010 2:19pm Feb 18, 2010 2:19pm
Quoting the novice
Hi guys

Would really appreciate any feedback on this setup which did not work out.

Short was taken based on the daily based on:
-downtrend
- doji off PPZ, fib 61.8, hidden bearish divergence

granted doji is indecision and not PB.
It went well but reversed quickly.

Is there any reason why the trade did not go as expected?

Thanks.
Where did you expect the trade to go?

#1) We look for good bars at good locations. The location here is okay, not the best, and the bar says indecision. Unless you got in on PA on a lower time frame.

#2) When did you take the trade? On the break of the indecision bar? There was not much room below this bar and traffic. Or did you take it on the close of yesterdays bar? If so, I would have at least been break even at the low of the indecision bar (if I was forced to trade this).

Be patient, there will be much better set-ups. The secret to this business is being patient enough to wait for set-ups you are comfortable with.
  • #55,352
  • Feb 18, 2010 2:23pm Feb 18, 2010 2:23pm
Couple of trades I took during US Session;

First trade was Geppy - Had a sell order, and was up 40+ pips before i got stopped out at -10 pips. Wasn't sure it would retrace back into its channel, but sure did. Had a buy order. Got out at 65 pips before it retraced back where I bought it.

Closed swissy with +30, and aud/usd with +144 pips (TP's hit)

GREAT week!
Attached Image(s) (click to enlarge)
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lowest draw down possible please.
  • #55,353
  • Feb 18, 2010 2:27pm Feb 18, 2010 2:27pm
There is a nice 2 bar low on GBPUSD 4 hour, right on a ppz. Bet there is a gazillion stops below there, my sell stop being one of them (on demo though lol).

Any other fellows traders taking it?
Attached Image (click to enlarge)
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  • #55,354
  • Feb 18, 2010 2:31pm Feb 18, 2010 2:31pm
Quoting the novice
Hi guys

Would really appreciate any feedback on this setup which did not work out.

Short was taken based on the daily based on:
-downtrend
- doji off PPZ, fib 61.8, hidden bearish divergence

granted doji is indecision and not PB.
It went well but reversed quickly.

Is there any reason why the trade did not go as expected?

Thanks.
Hi novice,

With a trade like this, you should be moving stop to BE asap, and locking in profit at first level of trouble (122.90) which it did reach. Given that it as more of a doji it still did do what I would expect.

Chatzi
  • #55,355
  • Feb 18, 2010 2:33pm Feb 18, 2010 2:33pm
Quoting unlv_tj
Where did you expect the trade to go?

#1) We look for good bars at good locations. The location here is okay, not the best, and the bar says indecision. Unless you got in on PA on a lower time frame.

#2) When did you take the trade? On the break of the indecision bar? There was not much room below this bar and traffic. Or did you take it on the close of yesterdays bar? If so, I would have at least been break even at the low of the indecision bar (if I was forced to trade this).

Be patient, there will be much better set-ups. The secret to this...
I took it off an inside bar on H4.
i expected the trade to go off the 'good location' to at least somewhere near the ascending trendline.
My reasoning was that even though it was an indecision bar, the location was good. There were many times I have seen a trend start with a lousy looking PB. So I thought that location was paramount.
  • #55,356
  • Feb 18, 2010 2:36pm Feb 18, 2010 2:36pm
Quoting the novice

granted doji is indecision and not PB.
That's the reason right there.

A pinbar signals a reversal. A Doji or neutral bar signals indecision in the market and no direction on way or another. So this was not an entry based on a bar but more of a blind entry based on a level and IMO that's where it went wrong.

Even if it had been a pinbar it still went exactly where we'd expect. The two bar highs where your 38 fib is. But this is a sideways market at best with no real bar signal so I would say that was a very weak setup.

Looking for the bigger bars at the best locations pays off every time
  • #55,357
  • Feb 18, 2010 2:40pm Feb 18, 2010 2:40pm
Potential small pin bar on CHFJPY 4 hour at PPZ. If it breaks maybe back to 83.90?
Attached Image (click to enlarge)
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  • #55,358
  • Feb 18, 2010 2:51pm Feb 18, 2010 2:51pm
Quoting chatzi
Potential small pin bar on CHFJPY 4 hour at PPZ. If it breaks maybe back to 83.90?
Hey C

WHen the body of the bar(distance b/w open and close) is bout the same as the tail then it really isn't a pin. We want a long nose to protrude away from prior bar to indicated the "lie"

Best
Mike
  • #55,359
  • Feb 18, 2010 2:52pm Feb 18, 2010 2:52pm
Took it on the way up yesterday so lets see if we can ride it back down.

Clear divergence and I like the way price has stalled near the 50% fib and a PPZ on the 10800 mark. I have also noticed how price wasn't able to take out the high from the 14th.

Only negative is that we don't have a pin bar (yet) and if it does form it wont protrude as far out from the rest of the PA.

Its not an A+ trade but the relatively small stop placement and a certain amount of confluence makes it interesting for me.

Comments please.

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  • #55,360
  • Feb 18, 2010 3:00pm Feb 18, 2010 3:00pm
Quoting mbqb11
Hey C

WHen the body of the bar(distance b/w open and close) is bout the same as the tail then it really isn't a pin. We want a long nose to protrude away from prior bar to indicated the "lie"

Best
Mike
Thanks Mike, sorry, I posted that a bit early the bar has still to close just keeping an eye on it.
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