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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

  • #61,841
  • Apr 26, 2010 4:25am Apr 26, 2010 4:25am
Quoting skinfx
nice drawing...lol

Thanks skin. lol I'll check for the same relative size on the 4 hour as well.

I'm sure Mike is a eye balling that 145.00 too.
Indicators show the past. Price Action "Indicates" the future.
  • #61,842
  • Apr 26, 2010 4:26am Apr 26, 2010 4:26am
Quoting nasir.khan
Hehee.
....
On the other hand Ej is has gone good. There was this PB (proxy i think)...
.
Hey Nasir,
nice charts.
ej was a touch trade & via limit order, correct?
when was the first trade executed: prior/while the PB (by proxy) formed/was forming, or was it executed on the bearish bar [bar after this PB (by proxy)]?
Thanks!
  • #61,843
  • Apr 26, 2010 4:33am Apr 26, 2010 4:33am
Been thinking about what happens when I got stopped out at BE on a couple of trades only to see it rocket off without me.

Think I like to move stop to BE quickly. Been thinking about how I can get both... Is the following valid?

1) Say we have bearish pin at swing high. I put sell entry just below the nose. Move my stop to BE. Price moves back up to hit my stop.

2) Place another sell order around WITH A SMALL SL around where we were stopped out for BE hoping to get a second chance.

Or am I way off?
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  • #61,844
  • Apr 26, 2010 4:34am Apr 26, 2010 4:34am
Quoting supremeChaos
Hey Nasir,
nice charts.
ej was a touch trade & via limit order, correct?
when was the first trade executed: prior/while the PB (by proxy) formed/was forming, or was it executed on the bearish bar [bar after this PB (by proxy)]?
Thanks!
No it was manual i don't use limit orders most of the times cause of horrible spreads.

Trade was entered after the PB was formed (on the next bar).

.
  • #61,845
  • Apr 26, 2010 4:40am Apr 26, 2010 4:40am
Quoting nasir.khan
Hehee.

But this PPZ @ 330 has spoiled the hard break. I think there will be a bounce of some 20-30 pips @ 280 (if price can touch it) if not a complete reversal cause its a nice head & shoulder too.

On the other hand Ej is has gone good. There was this PB (proxy i think) and when i saw price going up against it i checked weekly and monthly and found the show stopper PPZ .lol
.
Closed both positions. Waiting EU to hit 270 for a long.

I have reversed EJ. Looking at big bull bar of Friday i think it's enough for a retrace and also 125 is a very strong level.
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  • #61,846
  • Apr 26, 2010 4:42am Apr 26, 2010 4:42am
Quoting Scotty2Cues
Been thinking about what happens when I got stopped out at BE on a couple of trades only to see it rocket off without me.

Think I like to move stop to BE quickly. Been thinking about how I can get both... Is the following valid?

1) Say we have bearish pin at swing high. I put sell entry just below the nose. Move my stop to BE. Price moves back up to hit my stop.

2) Place another sell order around WITH A SMALL SL around where we were stopped out for BE hoping to get a second chance.

Or am I way off?
I personally don't like it. But back test it and see how it works out for you.

I think you traded that Cad PB very well, as we discussed before. These things happen, it won't be the 1st time. The free trade approach is not a bad way to go either. It protects you while giving the trade room to run.
Indicators show the past. Price Action "Indicates" the future.
  • #61,847
  • Apr 26, 2010 4:54am Apr 26, 2010 4:54am
Quoting Scotty2Cues
2) Place another sell order around WITH A SMALL SL around where we were stopped out for BE hoping to get a second chance.
This reminds me of a James16 quote :

"The ultimate edge in trading is when a traders "use" of breakeven overpowers and conquers the "use" of hope."
Indicators show the past. Price Action "Indicates" the future.
  • #61,848
  • Apr 26, 2010 5:05am Apr 26, 2010 5:05am
Quoting Scotty2Cues
Been thinking about what happens when I got stopped out at BE on a couple of trades only to see it rocket off without me.
....
in your idea here (in #2), will u sell at the same spot as your first entry price?

why not open your first trade with 2 positions at the onset instead? (1st position is put to BE quickly, the remaining position's SL remains intact or is slightly reduced)

also, how small is "small SL"? u should understand that often, prior/after a trade setup (A+ or not) is activated/executed, price retraces into the setup. in your chart's case, there was a minor retrace before price shot down. your "small SL" may or may not be hit in the process.

imho, once PPZ or S/R identification improves, trade management improves too/'gets easier'.
i hope this helps
  • #61,849
  • Apr 26, 2010 5:16am Apr 26, 2010 5:16am
thanks, datogio, particularly for the trick you shared with

Quoting datogio
You've come to the right place my friend, the edge that you're looking for is possible to achieve with the material shared in this thread, but only after you put in some effort. The trick is very simple just switch to the line charts and you'll see clearly where the market is flowing and in witch direction is the power.
  • #61,850
  • Apr 26, 2010 5:23am Apr 26, 2010 5:23am
Thanks jaroo and SC.

Assume a main DT. My sell entry just below the pin gets stopped for BE.

I watch as price retraces up into pin. I could then place another sell stop just below the pin, again looking to get to BE quickly.

But yes SC, my second and third demo trade were stopped to the pip and there was no retrace so maybe a few pips below my original entry

trying it now on the audusd pin
lol maybe I should forget this for now until i have more experience
  • #61,851
  • Edited 6:15am Apr 26, 2010 5:29am | Edited 6:15am
Quoting ghous
You have your 500 Dan.

g.
Hey ghous,

I cannot find an IPB that was structurally correct . . . fail. (all quality requirements in location, confluences, etc., being equal)

Now don't get me wrong, there are many that don't meet the Open/Close structure that do work out just fine. Examples on the Usd/Jpy Weekly chart below in blue. Notice the next bars were IPB that work out great.

I haven't checked every chart on every time frame but maybe you know of one that did fail when they were structurally correct. I just thought I'd throw that your way after the DJI and #WK0.
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Indicators show the past. Price Action "Indicates" the future.
  • #61,852
  • Apr 26, 2010 5:31am Apr 26, 2010 5:31am
Hey Scotty,
i looked back the usdcad H1 chart. (i personally consult higher/lower timeframes when i trade)
did u enter at/below the pin around 1.0124-0134?
imho u put your SL to BE very quickly. (price hit/breached your entry price twice in the H1 chart).
i have no charts but notice the quick reversal of price when it reached your entry area (H1 chart). to me this means, price is quite bearish(imho, this is key) & stop hunting(?). eventually i learned that there was news, so to me this (news) was the reason price stalled prior the 1.0100... before diving down.

if u have 2 positions open at that time, u could've exited 1/2 at/prior 1.0100. remaining position SL can stay intact (in this case, above the pin) or reduced (trader discretion), to take advantage of possible price run/trend.
  • #61,853
  • Apr 26, 2010 5:31am Apr 26, 2010 5:31am
[quote=jarroo;3669754]
Making money is better then not losing money. But not losing money is a key active role that we apply to our trade management when entrying a trade. Appling this to your trades (for me) is more important then setting a take profit, especially in the beginning.


couldnt agree with you more, thanks for the advice, I will post ome more charts when I get a chance
  • #61,854
  • Apr 26, 2010 5:32am Apr 26, 2010 5:32am
Quoting Scotty2Cues
Thanks jaroo and SC.

Assume a main DT. My sell entry just below the pin gets stopped for BE.

I watch as price retraces up into pin. I could then place another sell stop just below the pin, again looking to get to BE quickly.

But yes SC, my second and third demo trade were stopped to the pip and there was no retrace so maybe a few pips below my original entry

trying it now on the audusd pin
lol maybe I should forget this for now until i have more experience

No keep doing it on demo of course. And do the free trade too on demo. Work it out for yourself . . . . you got to see it for yourself.
Indicators show the past. Price Action "Indicates" the future.
  • #61,855
  • Apr 26, 2010 5:34am Apr 26, 2010 5:34am
Quoting Scotty2Cues
...
lol maybe I should forget this for now until i have more experience
just saw your post...
that is an alternative. but it's all up to u
  • #61,856
  • Apr 26, 2010 5:41am Apr 26, 2010 5:41am
Quoting nasir.khan
Closed both positions. Waiting EU to hit 270 for a long.

I have reversed EJ. Looking at big bull bar of Friday i think it's enough for a retrace and also 125 is a very strong level.
.
Half closed stop moved to BRN @ 125.

I hope this 4H could close above 126.40 and make a BUOB.

Just saying.......
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  • #61,857
  • Apr 26, 2010 5:46am Apr 26, 2010 5:46am
[quote=Trndsurfer;3670622]
Quoting jarroo
Making money is better then not losing money. But not losing money is a key active role that we apply to our trade management when entrying a trade. Appling this to your trades (for me) is more important then setting a take profit, especially in the beginning.


couldnt agree with you more, thanks for the advice, I will post ome more charts when I get a chance

Sounds great Trndsurfer.
Indicators show the past. Price Action "Indicates" the future.
  • #61,858
  • Apr 26, 2010 6:25am Apr 26, 2010 6:25am
Quoting supremeChaos
Hey Scotty,
i looked back the usdcad H1 chart. (i personally consult higher/lower timeframes when i trade)
did u enter at/below the pin around 1.0124-0134?
imho u put your SL to BE very quickly. (price hit/breached your entry price twice in the H1 chart).
i have no charts but notice the quick reversal of price when it reached your entry area (H1 chart). to me this means, price is quite bearish(imho, this is key) & stop hunting(?). eventually i learned that there was news, so to me this (news) was the reason price stalled prior the 1.0100......
yeah I entered at 1.0129 and went to BE quickly (just after Dan Gilbert I think). Think someone also mentioned interest rates in Canada which could send it up.

Will look at the 2 positions also.

Having second go at aud/usd pin. took 20 pip profit. It retraced back into pin. Having another go

Thanks again
  • #61,859
  • Apr 26, 2010 6:40am Apr 26, 2010 6:40am
usd/cad getting close to being broken.

Do you guys have any sort of monthly targets, pips or % account return.
Does this affect exit strategy?

Diallist excellent thread in J16 guest material suggests 10%-20% per month easily acheived with 100-200 pips, so probably wouldnt need to worry too much about catching the ones that rocket off?
  • #61,860
  • Apr 26, 2010 6:44am Apr 26, 2010 6:44am
well guys I'm starting to feel better about my trading now. I've been taking demo trades seriously now for 6 months and my account has doubled. (although I am still probably taking slightly too much risk..)

For the first time in 5 years of trading and losing I am seeing light at the end of the tunnel. I plan to keep demoing for another 6 months until I know for sure I have a chance, then I will trade a micro account making sure I am not over-leveraged.

this is a long and dark journey but maybe, just maybe, it CAN be done...
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