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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

  • #60,861
  • Apr 14, 2010 7:04pm Apr 14, 2010 7:04pm
Quoting Dan Gilbert
yes in hindsight i could have closed up a bit of the AUDUSD trade, but I just find it silly to close a portion of trade when you're only in 19 pips of profit lol.... I think trading a daily chart means avoiding scalping . I like the long TF trades because I can gain more pips with less work.

GBPJPY, are you suggesting I could have closed up 1/3 @ the 150 EMA?

Remember my new method of getting stops to B/E as well, that is what I have been following on these trades. That is the reason the stops weren't at B/E. I was really hoping the AUDUSD...

Its not so much the 150 ema but what the 150 ema was confluencing with; a Daily PPZ level. Long term MAs will have more strengh when they confluence with PPZ levels, Fib levels, 50% ret. levels, etc., than they will by themselves. So this level in blue would have been a good obvious target.

Yeah, I saw your stop loss method and it looks good. Now if you can incorporate that S/L method with a 1st target, 2nd target, etc., and let run strategy then your on to something. In reviewing your link on your S/L method, it doesn't mention targets or taking profits.

Your looking good Dano. I like that . . . let Price or your charts decide what your suppose to do.


Edit: I think you do have this strategy down . . .1/3 off at 1st Target then S/L mehtod?
Attached Image (click to enlarge)
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Indicators show the past. Price Action "Indicates" the future.
  • #60,862
  • Apr 14, 2010 7:44pm Apr 14, 2010 7:44pm
Quoting jarroo
Yeah I'm having alot of fun with these IPBs. This one was on demo. My IPB demo account is going through the roof. lol.

Being strict in structure, form and location is very important as you have mention. This is making a difference on my IPB demo acc.



On the Eur/Gbp Daily IPB that we talked about (post above) I did take this one. A lot of good things going for it but it didn't work out . What was the loss . . . -12 pips !! lol No hanging on to long drawn out draw downs on these IPBs.


On the Daily Gbp/Usd IPB:...
.
I believe . . .
  • #60,863
  • Apr 14, 2010 9:08pm Apr 14, 2010 9:08pm
Any significance ?

On USDJPY, the BEOB is at swing high.
Attached Image(s) (click to enlarge)
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  • #60,864
  • Apr 14, 2010 9:10pm Apr 14, 2010 9:10pm
Quoting cprao
Any significance ?

On USDJPY, the BEOB is at swing high.
Hey C

Based on your chart(cause my weekly looks significantly different usd/jpy) that would be a BEOB. The gbp/usd would technically be a BUOB but a very small one at a swing high.

Best
Mike
  • #60,865
  • Apr 14, 2010 9:30pm Apr 14, 2010 9:30pm
Quoting mbqb11
Hey C

Based on your chart(cause my weekly looks significantly different usd/jpy) that would be a BEOB. The gbp/usd would technically be a BUOB but a very small one at a swing high.

Best
Mike
Thank you Mike. Here is another one USDSGD. H1 Chart.

Pros:
Swing low.
Pin bar is long
Head is little above the previous bar

but the head is not out of the traffic. Not off any round number.

What do you say ?
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  • #60,866
  • Apr 14, 2010 9:37pm Apr 14, 2010 9:37pm
Quoting cprao
Thank you Mike. Here is another one USDSGD. H1 Chart.

Pros:
Swing low.
Pin bar is long
Head is little above the previous bar

but the head is not out of the traffic. Not off any round number.

What do you say ?
Hey C

After that huge bearish move down I would be very reluctant to try to pick the bottom with a small bar of that size. That could be created simply by some profit taking or a slight pause. Notice how the next bar couldn't even break the high of that pin, that shows me a real lack of momentum to the up side for now as well.

Hope that helps
Mike
  • #60,867
  • Apr 14, 2010 9:49pm Apr 14, 2010 9:49pm
Quoting mbqb11
Hey C

After that huge bearish move down I would be very reluctant to try to pick the bottom with a small bar of that size. That could be created simply by some profit taking or a slight pause. Notice how the next bar couldn't even break the high of that pin, that shows me a real lack of momentum to the up side for now as well.

Hope that helps
Mike
Thank you. Yes it helps. I was not planning to take any trade.. I was trying to determine how a trader has to respond to such situations.

As always, thank you for your explanation.
  • #60,868
  • Apr 14, 2010 9:50pm Apr 14, 2010 9:50pm
Quoting badhairday
Hello everyone, I have 1 question and its about how you guys would deal with a level retrace.

The trend move that goes up like stairs instead of a zigzag.

Attachment

Price does start to move back up again, but the James16 method states that heavy traffic is a NO NO, but then again I see these types of retrace all the time where there is no movement down. Is this something better ignored and me just being greedy? or is there some way of telling that the price will continue to move up or break back down thats clear?
Hey BHD

I will try to take a stab at your question as there isn't a simple answer.

Yes price moves in different types of formations. We never know for sure as each situation is unique but we can REACT to different types of situations. This is where the role of s/r and price action come into play. There are many ways to play retraces. For example some people will use fibs to denote areas of buying back into the trend. Others will wait for breakout type plays of these areas of consolidation. The key is to use Price action and s/r to help you time your entries for whatever the situation that you are comfortable. For consolidation plays I like to wait for a breakout of the area then watch for a pullback to that former breakout area and look for confirmation in the form of price bars as taught in this thread. You won't find entries for every move, or know whats going to happen the 100% of the time. It is all about probabilities and then using that to help us enter and manage our trades. For example if you were long already and saw price consolidate you can place your stop loss under this area at a logical point to help you both lock in profit/reduce your risk and still have the potential for a breakout higher.

Best
Mike
  • #60,869
  • Apr 14, 2010 10:27pm Apr 14, 2010 10:27pm
Quoting badhairday
Hello everyone, I have 1 question and its about how you guys would deal with a level retrace.

The trend move that goes up like stairs instead of a zigzag.
To add to Mike's answer BHD...

Not all moves give you entry opportunities, as mike said.

One of the better/safer ways to get in is like so...
(Where you would wait for a GOOD Pin etc at point X)
(If the entry point also includes other good confluence you should do ok, on average. Just be wary of divergence)
Attached Image
Bundy's status today: "Waiting..."
  • #60,870
  • Apr 14, 2010 10:41pm Apr 14, 2010 10:41pm
Hi guys, i see there's been some discussion about price gaps lately and many believe that most of the time gap will be filled. But what is the definition of gap filled? For example EUR/USD gap up this week. Does the price has to retrace back to the high or the close of the bar prior the gap to be considered the gap is filled?
  • #60,871
  • Apr 14, 2010 10:44pm Apr 14, 2010 10:44pm
Quoting esbatu
Hi guys, i see there's been some discussion about price gaps lately and many believe that most of the time gap will be filled. But what is the definition of gap filled? For example EUR/USD gap up this week. Does the price has to retrace back to the high or the close of the bar prior the gap to be considered the gap is filled?
Hey E

For the most part there isn't really a "Gap". Visually we see it due to our brokers, but if you notice depending on the time your broker opened you may or may not even see a gap. I like to think of it as filling back and checking out what kind of "interest" is at that gap area. So I never look for a full closing so much as price getting close enough to that former area. I have seen some who wait for an exact close but like I said previously often times price reverses just before the gap closes, moves away, then comes back up to refill it again. I just prefer to view it in this sense and it makes more sense to me structurally.

Just my views
Mike
  • #60,872
  • Apr 14, 2010 10:54pm Apr 14, 2010 10:54pm
Quoting squeezy
yup very good size bar, im sure Mike didnt take this but i did...
aha, so u were the one who hit my tight stop on my longs
  • #60,873
  • Apr 14, 2010 11:01pm Apr 14, 2010 11:01pm
Quoting jeurre
Hi, bertie123, congratulations ! how did you manage your "waiting patienly" mode? I tend to pull trigger, I hate this, but, no idea how to control the impulse to take a trade...
create a set of qualifications/rules before taking a trade.
if not ALL of the qualifications are met, dont trade.
  • #60,874
  • Apr 14, 2010 11:03pm Apr 14, 2010 11:03pm
Quoting Dan Gilbert
yes in hindsight i could have closed up a bit of the AUDUSD trade, but I just find it silly to close a portion of trade when you're only in 19 pips of profit lol.... I think trading a daily chart means avoiding scalping ...
i think this is what Sir james16 calls "daytrading the Daily (higher timeframes)"
  • #60,875
  • Apr 14, 2010 11:16pm Apr 14, 2010 11:16pm
Wow Mike, that is a super fast response. Thanks. So it is best to treat this gap as another S/R area than looking for an exact close of the area since the gap does not really exist. Am i getting your point correctly?
  • #60,876
  • Apr 14, 2010 11:17pm Apr 14, 2010 11:17pm
Thanks Bundy and Mike.

I'm starting to realize that I'm reaching the point of where I read so much that I'm freezing due to mixture of anxiety and desire for perfection.

Gotta start applying and testing if I'm going to make it...
  • #60,877
  • Apr 14, 2010 11:45pm Apr 14, 2010 11:45pm
Quoting esbatu
Wow Mike, that is a super fast response. Thanks. So it is best to treat this gap as another S/R area than looking for an exact close of the area since the gap does not really exist. Am i getting your point correctly?
Yep this is more or less how I look at them, be it looking to trade them for a "close" or to trade off them for a bounce. Most things in trading IMO are zones/areas

Mike
  • #60,878
  • Apr 15, 2010 12:09am Apr 15, 2010 12:09am
Quoting badhairday
Thanks Bundy and Mike.

I'm starting to realize that I'm reaching the point of where I read so much that I'm freezing due to mixture of anxiety and desire for perfection.

Gotta start applying and testing if I'm going to make it...
That's where starting out on the daily charts helps.

If you can wait most of a month for those one or two (or so) easy trades, you're doing it right. You'll build a skill that will work all the way down the time frames later on.

The anxiety comes from needing to make money NOW and working on hope. Trying to hop onto more potential moves than YOUR advantage actually gives you.
Bundy's status today: "Waiting..."
  • #60,879
  • Apr 15, 2010 12:20am Apr 15, 2010 12:20am
Quoting jarroo
Its not so much the 150 ema but what the 150 ema was confluencing with; a Daily PPZ level. Long term MAs will have more strengh when they confluence with PPZ levels, Fib levels, 50% ret. levels, etc., than they will by themselves. So this level in blue would have been a good obvious target.

Yeah, I saw your stop loss method and it looks good. Now if you can incorporate that S/L method with a 1st target, 2nd target, etc., and let run strategy then your on to something. In reviewing your link on your S/L method, it doesn't mention targets or taking...
you tend to always point out ppzs that I just don't catch.... Although that one confluenced with the 150 should have been obvious!

You were asking about profit taking+that manual trail method to get stop to B/E, yes I do scale out, even if the stop is not yet at B/E. I just didn't see it necessary to scale out in the case of G/J (although I should have closed 1/3 there). I did, however, scale out of the AUDNZD trade before my stop was at B/E.

I'm going to post the developments on this live account trade I took, the first 1/3 of my position was closed out @ 1.6240 (yellow line), and I was targeting the VBRN of 1.60 as my next 1/3 close target.

Price is retracing a bit now (bouncing right where we would expect it to), price currently is SMACK on a vital daily PPZ, we'll see if it bounces down from this area.
Attached Image
Many choose unhappiness over uncertainty.
  • #60,880
  • Apr 15, 2010 12:47am Apr 15, 2010 12:47am
Quoting Dan Gilbert
you tend to always point out ppzs that I just don't catch.... Although that one confluenced with the 150 should have been obvious!

You were asking about profit taking+that manual trail method to get stop to B/E, yes I do scale out, even if the stop is not yet at B/E. I just didn't see it necessary to scale out in the case of G/J (although I should have closed 1/3 there). I did, however, scale out of the AUDNZD trade before my stop was at B/E.

I'm going to post the developments on this live account trade I took, the first 1/3 of my position was...

Very nice Dano. Your signtaure serves you well. Many people don't even have a plan and then wonder why things aren't working out.

I agree, the Gbp/Chf is at a good level right now. Price bouncing about the PPZ levels, isn't that always the case. lol.

Managing and reducing risk is good thing my friend.

Jim
Attached Image (click to enlarge)
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Indicators show the past. Price Action "Indicates" the future.
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