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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

  • #61,721
  • Apr 24, 2010 5:48am Apr 24, 2010 5:48am
Quoting jarroo

Obviously A+ trades are so much easier to manage, I thought it would fun to show some different trade management strategies. I get many PMs about trade management so I thought I would answer some of those questions here. And did I mention that if would be fun. ( I got to get out more myself ghous).


Jim
Yeah this thread's been moving slow these days...like only at about 5 pages a day or so. You got to get out more.

g.
I believe . . .
  • #61,722
  • Apr 24, 2010 5:48am Apr 24, 2010 5:48am
Quoting ghous
Yeah this thread's been moving slow these days...like only at about 5 pages a day or so. You got to get out more.

g.
lol
Indicators show the past. Price Action "Indicates" the future.
  • #61,723
  • Apr 24, 2010 5:53am Apr 24, 2010 5:53am
This one will go down as a forever memorable trade setup. Won't ever find a better example of the fact that markets are never 100% predictable.

g.
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I believe . . .
  • #61,724
  • Apr 24, 2010 5:57am Apr 24, 2010 5:57am
Quoting ghous
This one will go down as a forever memorable trade setup. Won't ever find a better example of the fact that markets are never 100% predictable.

g.
If that Close was lower then the Open I wonder if that structue deficiency would have made the difference or at least gave up some more pips to the down side. Probably not.
Indicators show the past. Price Action "Indicates" the future.
  • #61,725
  • Apr 24, 2010 5:58am Apr 24, 2010 5:58am
Sometimes I can drive myself crazy trying to figure out if this is a good setup....but discovered....if I have to do this then personally I should not trade this....It should be simple with all confluences and all systems go...I don't want to break my rules or else psychologically I will disappoint myself....and this is harmful.

the negatives---360ma above and 88.00 BRN above and some traffic and potentially ranging not a continuation play

the positives---BUOB off support with 50%Fib and BRN 86.00

Is this what you see? ...any comments appreciated
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  • #61,726
  • Apr 24, 2010 6:03am Apr 24, 2010 6:03am
Quoting Atc
Sometimes I can drive myself crazy trying to figure out if this is a good setup....but discovered....if I have to do this then personally I should not trade this....It should be simple with all confluences and all systems go...I don't want to break my rules or else psychologically I will disappoint myself....and this is harmful.

the negatives---360ma above and 88.00 BRN above and some traffic and potentially ranging not a continuation play

the positives---BUOB off support with 50%Fib and BRN 86.00

Is this what you see? ...any comments...
To qualify as a BUOB doesent it need to totally engulf the previous bar ie it doesnt go low enough?
Also does the 100% fib need to go slightly lower

dont know how relevant the traffic before Dec is either...
  • #61,727
  • Apr 24, 2010 6:03am Apr 24, 2010 6:03am
Quoting jarroo
If that Close was lower then the Open I wonder if that structue deficiency would have made the difference or at least gave up some more pips to the down side. Probably not.
Might have been a minor factor J,

But too much was in favor of this one to give this setup anything less than an A+ IMHO.

g.
I believe . . .
  • #61,728
  • Apr 24, 2010 6:05am Apr 24, 2010 6:05am
Quoting Scotty2Cues
To qualify as a BUOB doesent it need to totally engulf the previous bar ie it doesnt go low enough?
Also does the 100% fib need to go slightly lower
Yes --thanks
  • #61,729
  • Apr 24, 2010 6:06am Apr 24, 2010 6:06am
Quoting ghous
Might have been a minor factor J,

But too much was in favor of this one to give this setup anything less than an A+ IMHO.

g.

I agree . . . . what was the stop loss on that one? . . . small . . lol

Yeah, chalk it up to not 100% but maybe 99% lol
Indicators show the past. Price Action "Indicates" the future.
  • #61,730
  • Apr 24, 2010 6:09am Apr 24, 2010 6:09am
Quoting jarroo
I agree . . . . what was the stop loss on that one? . . . small . . lol

Yeah, chalk it up to not 100% but maybe 99% lol
lol

yeah

g.
I believe . . .
  • #61,731
  • Edited 6:39am Apr 24, 2010 6:19am | Edited 6:39am
Depending on Mondays opening, thinking of a sell stop just below Fridays low.
Yellow line is fib con (50, 38) from previus highs.

Not the greatest pb, would like to have seen high go through fib ret.

Resons to like.
1) Large downtrend for over a year.
2) Failed to close above 1.0000

Would baby sit it, moving to BE quickly if breaks?
Or am I way off?
Thanks
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  • #61,732
  • Apr 24, 2010 6:26am Apr 24, 2010 6:26am
Quoting ghous
lol

yeah

g.
Hi ghous,

A quick question. Do you have to be in James16 paid up group to use the James16 avatar on FF? I am really feeling part of this great thread.

Thanks

Glynn
"Fail to prepare, prepare to fail."
  • #61,733
  • Apr 24, 2010 6:29am Apr 24, 2010 6:29am
Quoting HanSolo
Hello,

my name is Andreas and I stumbled upon this thread about two years ago. I have read it silently and intermittendly ever since. My trading ambitions became more serious over time. I now feel ready to participate in this thread.
I joined Jackos trading group in January, which is great and teaches me a lot about trading (especially what it really means to be patient). Nevertheless, I want to enhance my knowledge and so my trading opportunities. This thread and Jim's group seems to be the perfect place for that. That said I've learned a lot...

Just to add what Mike had said . . .

I understand your concerns with what's going on with the high time frames. But as Mike said, the time frame that the PA setup was presented on is what's important.

But let's look at the Weekly I4B and BUOB . . (chart).

The Weekly I4B hit its target, the previous High or more specifically the 1.0. IMO that I4B fullfilled its purpose. Targets on PA setups are usually levels where we know Price may either reversal on us or continue. Or in other words, they are levels that warn us that uncertainty is at this level and adjustments to our trade should be made. (imo)

The Weekly BUOB is not where we like BUOBs to be located. They are better served at swing Lows. So the BUOB is not the ideal. Sure, the weekly uptrend is strong and the BUOB may be tradable as a continuation setup. But that can be risky, again due to its poor location.

With all that being said, the high time frame (Weekly) actually gave a good indication that a high quailty bearish PA setup was viable.

Just some observations and welcome btw.


Jim
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Indicators show the past. Price Action "Indicates" the future.
  • #61,734
  • Apr 24, 2010 6:34am Apr 24, 2010 6:34am
Quoting packhorse
Hi ghous,

A quick question. Do you have to be in James16 paid up group to use the James16 avatar on FF? I am really feeling part of this great thread.

Thanks

Glynn
There are no such restrictions on the use of avatars as far as I know.

g.
I believe . . .
  • #61,735
  • Apr 24, 2010 6:43am Apr 24, 2010 6:43am
Quoting james16
nice mike.

been awol for a few weeks but about to get plugged back in.

jim

Hey . . . its the big guy.

Welcome back Jim.
Indicators show the past. Price Action "Indicates" the future.
  • #61,736
  • Apr 24, 2010 7:08am Apr 24, 2010 7:08am
Quoting Trndsurfer
Yeah took a 1% position on the break and another 1% on the retrace, although I was expecting it to reach 81 and left it, went to work now it's re traced and going against me, cant do anything cause my brokers closed,
Also am short the Euro, at 1.33 and nows it bounced hope it doesnt gap up past my stop ouch...
something is wrong with my head every time I start to get ahead I do something stupid and go right back to my starting point.
I have a $200 account I have been up to $800, $600 and multiple $500 and every time I end straight back where...

Sounds like a bit of over trading my friend. Not sure why you went short on the Euro at 1.33, got a chart?

One problem may be the over expectations of where Price is heading or being overly aggressive on your target selections. I see this all the time and I've done it many times. You know where the 1st target is located and yet you see if you can get more without protecting yourself and/or not taking profits.

The Cotton PB had some previous Highs it was contending with. I don't have a smaller time frame chart but I'll bet you those Highs is where the retracement back into the PB started. (gray lines)

The 82.0 RN was a PPZ level shown by the Support and Resistance levels in purple lines. That was the target and protecting youself at that level at a minimum, would be my play. Sure it could go down to the 81.0 but maybe not. Why turn a profit into a loss. If you have been reading this thread for any length of time, that is a big no-no.

I believe you understand this when you say, "I wake up and start being conservative and looking after my money and slowly make my way back up." Don't look at it as being "conservative", look at it as being a smart, disciplined trader.


Jim
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Indicators show the past. Price Action "Indicates" the future.
  • #61,737
  • Apr 24, 2010 7:28am Apr 24, 2010 7:28am
Quoting Seismograph
Hi James & Co,
I think I do not need to emphasize how much your work has helped small traders (like me). Hundreds of others have it already done, so don’t feel bad If I simply reconfirm their statements.
While following some comments here on the AUD/CAD and screening the charts an interesting setup in the daily AUD/USD has caught my attention.
That could have a high probability.

[font=Calibri][size=3]Best...

Looks good. You gotta like those PBs with the trend.

The 93.00 looks like a pretty strong level. How Price reacts to that level is key but it does have potential to reach those previous Highs as you have indicated.
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Indicators show the past. Price Action "Indicates" the future.
  • #61,738
  • Apr 24, 2010 7:48am Apr 24, 2010 7:48am
Quoting Atc
I recall Jim saying that most anyone can trade trending markets....but the range bound markets can make or break a trader...most often we are in a range.....

thought this was a good example/chart---maybe you disagree?

BRN 86.00

Off 50% Fib

3 4hr pins for some pips

Still learning

I would have the Fib levels at the most recent High and Low, still at the 38.2. PA in the range is very tradable as James16 teaches. I like the big PB in Blue as the obvious best of the three. Green 2nd best and yellow one, although it worked out nicely, would have been a pass just because it was too small. Letting setups pass and then seeing them work out is part of being a picky trader. You'll get use to it.
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Indicators show the past. Price Action "Indicates" the future.
  • #61,739
  • Apr 24, 2010 7:49am Apr 24, 2010 7:49am
Quoting ghous
This one will go down as a forever memorable trade setup. Won't ever find a better example of the fact that markets are never 100% predictable.

g.
The only thing I could maybe say about that was that there was a lot of upside 'pressure' on price. Although a great setup for the IPB itself the chances of a follow through down through the low of the IPB was very low.

We have had a lot of matching highs and have an ascending triangle and with the formation of the IPB we have had a lower low than the 2 previous bars and atouch of the ascending TL...Thus in the formation of the IPB itself we have had a very quick rejection of the the TL and you could say that you can now expect buyers to have control and the momentum to overcome the resistance above.

Not sure if I've explained the above very well but maybe if the IPB had been at an extreme high it would have had a better chance of working out rather than being formed after a series of matching highs where price was winding up for a breakout.

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  • #61,740
  • Apr 24, 2010 8:17am Apr 24, 2010 8:17am
Quoting Scotty2Cues
Depending on Mondays opening, thinking of a sell stop just below Fridays low.
Yellow line is fib con (50, 38) from previus highs.

Not the greatest pb, would like to have seen high go through fib ret.

Resons to like.
1) Large downtrend for over a year.
2) Failed to close above 1.0000

Would baby sit it, moving to BE quickly if breaks?
Or am I way off?
Thanks

Bearish PB looks great its just at a poor location, better at a swing High. As a continuation PB? Maybe, but I would be looking for a more pronounce PA maybe a big BEOB at the 1.0 or a big BUOB at the 1.0.

But then again it could be showing us the way down. Should be fun to watch.
Indicators show the past. Price Action "Indicates" the future.
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