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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

  • #56,401
  • Feb 26, 2010 5:51am Feb 26, 2010 5:51am
Round Number, PPZ, 61.8 Fib level (classic), but not the best of pins I would want to see after such a sharp sell off & also appears in a congested area but I got filled anyway (in 1%) and @ BE because it's already at the first trouble area, the management hereon is what trading is all about. For me, in my book, if this wasn't a touch trade, I would not have taken it.

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....I just posted this blindly. I need to catch up on the recent posts (reading backlog), still on page 3664.... Phew!!! People post a lot here.
  • #56,402
  • Feb 26, 2010 5:55am Feb 26, 2010 5:55am
Quoting bundyraider
The next time you'll just end up changing your rules just to 'not miss out'.
Yes thats the biggest time wasting trap lol.

Thanks br
  • #56,403
  • Edited 9:06am Feb 26, 2010 6:30am | Edited 9:06am
I remember a few weeks back someone asked me if moving my stop to break even at the first trouble instead of letting it more space have saved me from a lose. He wanted an example.

Here is a recent example. I took this bar as a pure James16 trade. A nice pinbar size with close within the prior bar, extreme swing low in space (check Mike's pinbar video) and some supporting divergence.
It took a bit time, but eventually price went exactly where I knew it will go, and reserved. I came out with a break even. This will happen 95% of the time.

These kind of trades encourage me X1000 more than the slam dunk winners. This is a perfect example of KNOWING what is likely to happen, and why it is likely to happen. It is so encouraging because I was able to make a smart business based on knowledge and protect myself from losing money which I wasn't supposed to lose. I believe this is way more important from your entry and exit method and style. Not many have this skill. But we have, thanks to James.
I am absolutely not surprised to see what price has done where it has done.
People can say whatever they want about the news, trend, moving average or another thing is responsible for price falling where it did. But I believe it's that minor side to side support and resistance price flip marked with blue arrows. I know that.

I'm gonna say that again. IMHO, knowing to protect yourself like this is way more important than catching the top of an 10 years downtrend. And I'm talking psychological and mind set aspects mainly.
I feel great after this winner. Thanks James.

Ben
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  • #56,404
  • Feb 26, 2010 6:51am Feb 26, 2010 6:51am
Still Bearish on USD/CHF , with that nice BEOB yesterday & a confirmation with TL Broken , may target 1.0604 , Cheers
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  • #56,405
  • Feb 26, 2010 7:02am Feb 26, 2010 7:02am
Quoting triger88990
This is the 2th time I enter on this pair

the first entry was from the break of BEOB (first read arrow)
-I was forced to KILL it after I saw how the highlated bar in gray have been developed at +9 pips,I wouldn't take a loss on this one in a million of years

I re-enter on the break of the PB second red arrow and I liquidate all my position at the fisrt trouble zone from where we had the first rejection
the rest of the story is right on the chart,

this is just one way of how you could manage a trade

trade wisely!!

Attachment ...
Thank you so much for the great sharing, I am learning again.

By the way, is that the kinda huge bullish bar (highlighted bar) seeming to be rejected made u kill the trade? I am sorry for this stupid question, I am very new to the PA stuff. Thanks so much in advance.

Best Regards,
Kristopher
Dreams are hard to follow, but don't let anyone, tear them away...
  • #56,406
  • Feb 26, 2010 7:02am Feb 26, 2010 7:02am
Quoting benji533
I remember a few weeks back someone asked me if moving my stop to break even at the first trouble instead of letting it more space have saved me from a lose. He wanted an example.

Here is a recent example. I took this bar as a pure James16 trade. A nice pinbar size with close within the prior bar, extreme swing low in space (check Mike's pinbar video) and some supporting divergence.
It took a bit time, but eventually price went exactly where I knew it will go, and reserved. I came out with a break even. This will happen 95% of the time.

These...
And here is another BE trade from a few days back. I moved my stop to break even at the first trouble area, 23 pips away, within 30 minuets.
Yes, I miss big moves sometimes. But does it make me thinking about my method? hell no. I won't change my mindset or start mess around funking up my psych because I see this happen. If it will happen again, I would do the exact same thing again.
Mike made money on this trade and I did not. Neither of us are right or wrong. But both of us are right by following our plan and knowing what we are doing.

This is just an example I thought I would throw out so new traders won't think that I'm a market wizard winning all my trades and not getting these type of situations which can very badly destroy traders with the wrong mindset.

Ben
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  • #56,407
  • Feb 26, 2010 7:09am Feb 26, 2010 7:09am
Quoting benji533
This is just an example I thought I would throw out so new traders won't think that I'm a market wizard winning all my trades and not getting these type of situations which can very badly destroy traders with the wrong mindset.

Ben
Not ALL the trades benji , Only 99 % ( just kidding )
I really like your charts being simple and informative , go on buddy keep up the good stuff coming
  • #56,408
  • Feb 26, 2010 7:17am Feb 26, 2010 7:17am
Quoting triger88990
hey antagal
I don't know what is your own process thought that pointed you in this trade

but here is my brief:

Lets look at line chart what do you see, we have made till now along this rally HH and LH and suddenly price did make it to make a new HH and tested the last one giving us the PB,

I know is not the best one,if you don't master the basics I wouldn't recommended to try this approach.

Look at the oscillator How nicely pointed out that this rally is beginning to retrace

Price need to rest he can't go in one direction without...
cheers for the insight,

guess i had some beginners luck! (im new)

i actually did not see the sideways traffic but instead saw what i wanted to see - a daily pb

tbh, i needed to get in a trade to feel the dynamics of the market (s and r importance) as ive been reading loads but not practising, this week trading opportunities have been very few, no?

anyways ,thanks

Anthony
  • #56,409
  • Feb 26, 2010 7:19am Feb 26, 2010 7:19am
Quoting benji533
And here is another BE trade from a few days back. I moved my stop to break even at the first trouble area, 23 pips away, within 30 minuets.
Yes, I miss big moves sometimes. But does it make me thinking about my method? hell no. I won't change my mindset or start mess around funking up my psych because I see this happen. If it will happen again, I would do the exact same thing again.
Mike made money on this trade and I did not. Neither of us are right or wrong. But both of us are right by following our plan and knowing what we are doing.

This...
Thank you so much for sharing Ben.
While I am still demoing, I think my style is very much like you in term of moving the stop. Very often though, I see myself being stopped out and then the price reversed again and continued in the direction I originally wanted. Like you said, I may have missed some very big trades, but hey, I didn't lose anything either. There's always the NEXT trade.

Best Regards,
Kristopher
Dreams are hard to follow, but don't let anyone, tear them away...
  • #56,410
  • Feb 26, 2010 7:22am Feb 26, 2010 7:22am
Quoting ghous
For the reasons highlighted...absolutely!!

g.
thanks ghous!

think i had beginners luck though

Anthony
  • #56,411
  • Feb 26, 2010 7:26am Feb 26, 2010 7:26am
Quoting mbqb11
Funny you say that but actually there is something interesting. When a candle/bar closes at its very low, or closes at its very high. Meaning the high = the close, or the low = the close. There is a large tendency for price to reverse on those bars. I read it from Larry Williams, and I never really got around to much testing, but it is pretty interesting at the right places

Mike
Isn't that what some call a railroad formation
Conquer the beast with disciplined determination and intellegent control.
  • #56,412
  • Feb 26, 2010 7:37am Feb 26, 2010 7:37am
Quoting Riskee
Still Bearish on USD/CHF , with that nice BEOB yesterday & a confirmation with TL Broken , may target 1.0604 , Cheers
Hmm I just exited a long off the PPZ, TL.

I marked the area then scorlled down the time frames looking for clues to support a bounce and find a good pin with divergence on the 30min.
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  • #56,413
  • Feb 26, 2010 7:52am Feb 26, 2010 7:52am
Quoting s005606
Thank you so much for the great sharing, I am learning again.

By the way, is that the kinda huge bullish bar (highlighted bar) seeming to be rejected made u kill the trade? I am sorry for this stupid question, I am very new to the PA stuff. Thanks so much in advance.

Best Regards,
Kristopher
yes about that one I talked

all the best!!
  • #56,414
  • Feb 26, 2010 8:48am Feb 26, 2010 8:48am
Quoting triger88990
yes about that one I talked

all the best!!
Thank you again and happy weekend!
Dreams are hard to follow, but don't let anyone, tear them away...
  • #56,415
  • Feb 26, 2010 9:43am Feb 26, 2010 9:43am
Here is an example for an A+++ trade in my book.
Great looking pinbar at a double bottom with divergence off a big round number.

I do not trade the 1h, but I thought it would be cool watching. Spot these on daily, and imo you get one of the best price action pattern available. I'm sure James would love it.

Ben
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  • #56,416
  • Feb 26, 2010 10:26am Feb 26, 2010 10:26am
Yeeehaw cowgirl.
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lowest draw down possible please.
  • #56,417
  • Feb 26, 2010 10:27am Feb 26, 2010 10:27am
Closed out E/U at target.

U/CHF half off at first area. Will take off remaining lots at second area of traffic (aqua). Moved stop just above right eye.

These are counter-trend trades, not trying to be a hero.

-- Danny
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  • #56,418
  • Feb 26, 2010 10:52am Feb 26, 2010 10:52am
lol sorry for attacking this thread today. just so much good opportunities.
Here is another one which could make a great deal to your account if managed correctly. I missed it.

It's just pure quality of price action bars at the right locations. Nothing fancy.
Tight management with a big enough account is all you need if you have the right mindset. Catch the best three from all these opportunities, and you are more than fine for this month.
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  • #56,419
  • Feb 26, 2010 11:06am Feb 26, 2010 11:06am
this was as easy as pie

took the break of the first "two day pin par" ./ " bearish engulfing. of round number and strong divergence..

clicked in the trade then spend a few days in the red.

Then yesterday piin bar with double top divergence off the 365 first time back. added to my position at the break of that one.

Like guaranteed money

out with almost 7 % on that one
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  • #56,420
  • Feb 26, 2010 11:09am Feb 26, 2010 11:09am
Quoting benji533
lol sorry for attacking this thread today. just so much good opportunities.
Here is another one which could make a great deal to your account if managed correctly. I missed it.

It's just pure quality of price action bars at the right locations. Nothing fancy.
Tight management with a big enough account is all you need if you have the right mindset. Catch the best three from all these opportunities, and you are more than fine for this month.

there is also macd divergence from the feb 4 low.

great trade. missed it cuz i was in the middle of my other trade
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