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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

  • #65,821
  • Jun 9, 2010 8:47am Jun 9, 2010 8:47am
Quoting ITradeDaily
I'd love to get one of the more advanced practitioners of James16 to answer this question on trade management.

At what point do you say, "I'm going to let this run" or "It's not going to do anything, break-even is fine".
Im not a more advanced practitioner of J16, but sounds to me that you already know the answer.

To me the point i want to be out of the trade if goes against me is actually where i put the SL, not a pip before that. I take my time calculating how much money is that and set my mind that im ok losing that if everything goes wrong. That usually aplies also when the trade has been positive and back to negative, sometimes takes more than 1 day, i dont mind leting open trades overnight, some people dont like it.

hope my opinion help you
  • #65,822
  • Jun 9, 2010 8:51am Jun 9, 2010 8:51am
Quoting benem
I know you guys are already aware of this aerea on Eur/Usd..but i'd like to make a remainder of what i see.....

50% Fibo
PPZ
TL

Shall we get a PA ??
I don't see any PA on the 4H nor the 1H. Price just shot up breaking 1.2 efforrtlessly. Do you see anything (according to J16 principles)that might point to long.
MIke (mbq), you are watching this I know, did you get to enter?

CY
  • #65,823
  • Jun 9, 2010 8:53am Jun 9, 2010 8:53am
Quoting mbqb11
Hey IT

Can you post your chart with the reasons for taking the trade? Was this just a touch trade?

Thanks
Mike
I've attached it here. Basically, I saw it as a double bottom counter-trend and I took the trade. The chart will also show my TP and SL.
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  • #65,824
  • Jun 9, 2010 8:56am Jun 9, 2010 8:56am
Quoting Dan Gilbert
manipulated shmanipulated. trend is friend. Also, why buy at 1224? it's the best bet!
Of course you'll make your own decision and i'll make mine.

IMO we don't have that much confluence (MA's, Divg, Tl's)like previous locations.

EDIT: Sorry the second one din't had Divg forgot to remove the Rectangle.
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  • #65,825
  • Jun 9, 2010 8:58am Jun 9, 2010 8:58am
Quoting ITradeDaily
I've attached it here. Basically, I saw it as a double bottom counter-trend and I took the trade. The chart will also show my TP and SL.
Hey IT

IMO this is not a double bottom as enough time didn't go by before a restest of the low. It is more of a double bottom if you go to the 4hr. But also notice that it did test the low 5 bars back with that neutral bar/pinnish looking bar. So you then seem to have bought under this bar after price already "bounced" off this area. To me that is setting yourself up for trouble.

IMO if you are new to S/R and what not it is better to start by learning to trade with Price Action bar confirmation, rather then just touch trading as you really need to learn good locations back and front.

Hope this helps
Mike
  • #65,826
  • Jun 9, 2010 8:59am Jun 9, 2010 8:59am
Quoting ertorque
I don't see any PA on the 4H nor the 1H. Price just shot up breaking 1.2 efforrtlessly. Do you see anything (according to J16 principles)that might point to long.
MIke (mbq), you are watching this I know, did you get to enter?

CY
Nope just watching here CY

Mike
  • #65,827
  • Jun 9, 2010 9:03am Jun 9, 2010 9:03am
Quoting msmarple
Hi Nasir,

thank you for your very informative charts. Actually, I have been following your recommendation in lovejoys journal, to read the james16 thread. I have been doing that since 4 weeks consistently.

I noticed a big leap forward in your trades around #51349, page 3424, actually a bit earlier. And I have a lot of questions about that. But I guess it´s like you write that certain things have to be understood by studying them on one`s own first.

Great thread, great people, also thank you to Mike, Jarroo and Ghous.

I`ll...
Shoot me a PM anytime.
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  • #65,828
  • Jun 9, 2010 9:06am Jun 9, 2010 9:06am
Quoting mbqb11
Hey IT

IMO this is not a double bottom as enough time didn't go by before a restest of the low....
Yes, that is helpful, thanks. So help me understand the better entry point - would it have been better to wait to get beyond the low of that pinnish looking bar? Or what would have been the better strategy here?

Finally, I know you like to look for those "A+" trades. To me, this looks like one because it's on a daily chart in a trending market. How do you grade this one?
  • #65,829
  • Jun 9, 2010 9:11am Jun 9, 2010 9:11am
Quoting ITradeDaily
Yes, that is helpful, thanks. So help me understand the better entry point - would it have been better to wait to get beyond the low of that pinnish looking bar? Or what would have been the better strategy here?

Finally, I know you like to look for those "A+" trades. To me, this looks like one because it's on a daily chart in a trending market. How do you grade this one?
Hey IT

My opinion there was nothing to do. If you had a pending buy order as an aggressive touch trade, it should have been pulled if you saw price bounce on that candle I pointed out, not placed there after. IMO we should be waiting for bar confirmations at nice areas. There are no nice bar confirmations.

Look at my chart and waiting for an area to appear that is solid and wait for bar confirmations. At this location now it is simply a waiting game. Price dropped like a rock and we don't want to be under that falling rock without something worth pushing with.

Best
Mike
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  • #65,830
  • Jun 9, 2010 9:11am Jun 9, 2010 9:11am
buob on DuPont. any comments about the ppz?
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meine augen sind die sterne
  • #65,831
  • Jun 9, 2010 9:12am Jun 9, 2010 9:12am
Quoting aserbfx
buob on DuPont. any comments about the ppz?
yes!

Now IT check that chart out, how you can clearly see a triple bottom, and price touches the same area, boucnes - then moves AWAY, notice the 3rd time back we got a BUOB.

This is what we want to do

Mike
  • #65,832
  • Jun 9, 2010 9:17am Jun 9, 2010 9:17am
Quoting ertorque
I don't see any PA on the 4H nor the 1H. Price just shot up breaking 1.2 efforrtlessly. Do you see anything (according to J16 principles)that might point to long.
MIke (mbq), you are watching this I know, did you get to enter?

CY
Actually I am waiting for a PA....
Patience is essential
  • #65,833
  • Jun 9, 2010 9:20am Jun 9, 2010 9:20am
Quoting mbqb11
yes!

Now IT check that chart out, how you can clearly see a triple bottom, and price touches the same area, boucnes - then moves AWAY, notice the 3rd time back we got a BUOB.

This is what we want to do

Mike
OK, I can see that. So, just to be clear, you would have entered at the open of the bar *after* the confirmation, right?
  • #65,834
  • Jun 9, 2010 9:22am Jun 9, 2010 9:22am
Quoting ITradeDaily
OK, I can see that. So, just to be clear, you would have entered at the open of the bar *after* the confirmation, right?
Hey IT

In asers pic we would enter on a Break of the HIGH of the BUOB(the one marked with the arrow) itself, it is a pending buy stop order above that high

Best
Mike
  • #65,835
  • Jun 9, 2010 9:25am Jun 9, 2010 9:25am
Quoting mbqb11
Hey IT

In asers pic we would enter on a Break of the HIGH of the BUOB(the one marked with the arrow) itself, it is a pending buy stop order above that high

Best
Mike
Understood. Thank you.
  • #65,836
  • Jun 9, 2010 9:31am Jun 9, 2010 9:31am
Quoting nasir.khan
Will this range hold or break?

There is some Divg and 150EMA nearby.

Lets see.....


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2H PB entered at the test of PPZ.
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  • #65,837
  • Jun 9, 2010 10:01am Jun 9, 2010 10:01am
Quoting nasir.khan
Of course you'll make your own decision and i'll make mine.

IMO we don't have that much confluence (MA's, Divg, Tl's)like previous locations.

EDIT: Sorry the second one din't had Divg forgot to remove the Rectangle.
.
If this doesn't help convince you.... I don't know what to say.
Attached Image
Many choose unhappiness over uncertainty.
  • #65,838
  • Jun 9, 2010 10:06am Jun 9, 2010 10:06am
Quoting Dan Gilbert
If this doesn't help convince you.... I don't know what to say.
Which broker are you using to trade Gold with MT? I didn't know that was possible
  • #65,839
  • Jun 9, 2010 10:07am Jun 9, 2010 10:07am
Quoting ITradeDaily
Which broker are you using to trade Gold with MT? I didn't know that was possible
it's FXpro.... seems like a shady operation to be honest.... i'm still deciding on a broker to deposit real funds with for commodity trading.
Many choose unhappiness over uncertainty.
  • #65,840
  • Jun 9, 2010 12:26pm Jun 9, 2010 12:26pm
Quoting ITradeDaily
Which broker are you using to trade Gold with MT? I didn't know that was possible
You can use Oanda too...not a nice platform but really very honest....
Patience is essential
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