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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

  • #70,321
  • Aug 1, 2010 5:28pm Aug 1, 2010 5:28pm
Quoting stewrigh
Theres also some good divergence

http://www.forexfactory.com/showthre...22#post3905222

Yes, at the 1.6200 but not at the 1.5900.
Indicators show the past. Price Action "Indicates" the future.
  • #70,322
  • Edited 11:25pm Aug 1, 2010 5:39pm | Edited 11:25pm
Quoting ertorque
The red bar prior to the current blue bar is an IB4. Looks like the current bar has already broken the high of the bar prior to the IB4 and would have triggered an entry for those playing the 'standard' IB way.
Yeah, hope price will break the 1.62 next week and fly to the moon and as such validating the IB4 setup (meaning profiting from it)
Yes, the I4B broke its High (1.6200) and hit its target, the previous bar hit (1.6203).

A nice hard break of that 1.6200 Multi Bar High could be a nice breakout trade. With a retest pull back to the 1.6200 with some solid PA, would be nice as well.
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Indicators show the past. Price Action "Indicates" the future.
  • #70,323
  • Aug 1, 2010 5:47pm Aug 1, 2010 5:47pm
Quoting slade1986
Thank you, Mike and Jim. As I stated before your efforts here are greatly appreciated. As for now, I'm going to continue with my "Where is price going" activities. I can definitely see where it's going to be a struggle keeping focused on what's currently working. Missing the runners and all. But my current thought is that if I can keep the money won, lost, or missed off my mind and just keep doing what I've been doing, it might work.

Some have asked what I've done. Here's a brief run over, though I'm sure there's alot of improvement needed...

Great post slade well done. Keep at it, its a great exercise you'll learn alot from it. . .
Indicators show the past. Price Action "Indicates" the future.
  • #70,324
  • Aug 1, 2010 5:53pm Aug 1, 2010 5:53pm
Quoting raczekfx
Intentions were there, but slept in... Took the ride up instead.

lol.. it's not going to the moon... just allow time and we'll see a sinkhole..


I don't, that's true (no time to waste time ), but when a Gent, like you mentions rac, I'll take time to listen...

Enjoy the summer!


Thanks Rac. I'll keep a close eye on the Euro for ya.

Glad to see you're checking in every now and again.

Not much summer left . .Thanks . . I will enjoy it . . you do the same.


Jim
Indicators show the past. Price Action "Indicates" the future.
  • #70,325
  • Edited 7:22pm Aug 1, 2010 5:59pm | Edited 7:22pm
Quoting fxprocessor
It looks quite interesting as a breakout, pullback continuation play. I would be amazed if you caught a move after moving stop to break even after 20-30 pips on GBPJPY though. It is so volatilee it moves 20-30 pips in seconds sometimes.

If you have backtested this way and do catch runners every x amount of trades and are happy to have a lot of break even trades inbetween then this ultra quick to break even may suit your trading style though.


cheeers

fxp

Quoting Adilius07
Hello, Jdl. Yes I would set my buy order 5 pips above the PB. The stop loss would be 5 pips below the PB. It is a wide stop, but all I need is a chance for me to move my stop to BE, after 20-30 pips, so even before the FTA which I have as yellow line on that chart.
Nice chart fxp.


Classic Break Out /Pull back with PA off a BRN.

Right Mike?? PB too small?
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Indicators show the past. Price Action "Indicates" the future.
  • #70,326
  • Edited 7:12pm Aug 1, 2010 6:33pm | Edited 7:12pm
Quoting Adilius07
Hello, Fxp. Yes I agree with you. You know I've been thinking a lot about the best way to manage a trade, for now I've decided to work this way:

- I take 1/2 off at about 30 pips, then I move my stop on the remaining half to NET Breakeven, not where I entered but 30 pips below. (so it is 60 pips away from the market price when 1/2 is off the table)

I think this was Mike who mentioned that some trades do work this way. I really liked the idea. Because I need to secure trade by place to breakeven, but when it is so close I have a high chances...
Quoting mbqb11
This is what Jarroo does quite often just so you can follow him

I like it Adilius07.

There are many great things about the free trade approach but as with all good things there are some draw backs. You cut your potential profits by cutting your risk and your stop loss may need to go lower then the distance to the FTA (meaning above/below the PA itself).

But its a great way to manage a trade by reducing your losses while still allowing your trade room to run. This is thee reason I love the free trade, especially when you're first starting out trading. Over time you'll see the same great setup over and over again and say, "I'm not taking a free trade on this one, because this one's a beauty . .".
Indicators show the past. Price Action "Indicates" the future.
  • #70,327
  • Aug 1, 2010 7:38pm Aug 1, 2010 7:38pm
Jarroo. Good morning.

How come there is not much left of the summer, it is only August?



Would you be so kind as to tell me your opinion on this (A) TL on EU.

Personally, I am in the frame of mind that I would like to see it violated by price with a pullback to it, to show it is acting as Support. Some Decent Bullish PA would be nice at the pullback.

Thanks in advance.



EDIT: I also love the 50% off at FTA and BE or just below BE so that the amount still open can not exceed our profit, even if it turns around on us. Great advice.
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  • #70,328
  • Edited 8:29pm Aug 1, 2010 8:04pm | Edited 8:29pm
Quoting Pinbar
Jarroo. Good morning.

How come there is not much left of the summer, it is only August?



Would you be so kind as to tell me your opinion on this (A) TL on EU.

Personally, I am in the frame of mind that I would like to see it violated by price with a pullback to it, to show it is acting as Support. Some Decent Bullish PA would be nice at the pullback.

Thanks in advance.



EDIT: I also love the 50% off at FTA and BE or just below BE so that the amount still open can not exceed our profit, even if it turns around on us. Great advice....
Morning Pb.

The summers can be short here in Michigan. But you're right, a good month or two left.

Trendlines are good . .but I only use them as a confluencing tool . . . meaning I use them when they line up with a PPZ level and/or RD, BRN, Fib levels , etc. Not just on their own.

We could see some consoldating here at the 1.3100-1.3000. Like you said, some nice PA could show us the way.
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Indicators show the past. Price Action "Indicates" the future.
  • #70,329
  • Aug 1, 2010 8:12pm Aug 1, 2010 8:12pm
Quoting jarroo
Morning Pb.

The summers can be short here in Michigan. But you're right, a good month or two left.

Trendlines are good . .but I only use them as a confluencing tool . . . meaning I use them when they line up with a PPZ level and/or RD, BRN, Fib levels , etc. Not just on their own.

We could see some consoldating here at the 1.3100. Like you said, some nice PA could show us the way.

Thanks Jarroo.

it is interesting that you have PA bouncing around the 1.3100 instead of just breaking though it as I drew on my chart.

I feel the manner in which you drew that is more realistic than my wishful thinking.
  • #70,330
  • Aug 1, 2010 8:20pm Aug 1, 2010 8:20pm
Quoting Pinbar
Thanks Jarroo.

it is interesting that you have PA bouncing around the 1.3100 instead of just breaking though it as I drew on my chart.

I feel the manner in which you drew that is more realistic than my wishful thinking.

Getting married to a bias of going short or going long on a certain pair can get you into trouble. We'll let the charts tell us where she wants to go with good solid PA.
Indicators show the past. Price Action "Indicates" the future.
  • #70,331
  • Aug 1, 2010 8:28pm Aug 1, 2010 8:28pm
Quoting jarroo
Getting married to a bias of going short or going long on a certain pair can get you into trouble. We'll let the charts tell us where she wants to go with good solid PA.

Yes, I was just thinking the same thing, and that we should not convince ourselves of PA one way or the other, especially at a monthly PPZ.

We should not become so attached to our opinion, this way we can see PA more clearly and if it suggests going South, we should just go with it.

Appreciate the nudge.
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  • #70,332
  • Aug 1, 2010 8:32pm Aug 1, 2010 8:32pm
Quoting Pinbar
Yes, I was just thinking the same thing, and that we should not convince ourselves of PA one way or the other, especially at a monthly PPZ.

We should not become so attached to our opinion, this way we can see PA more clearly and if it suggests going South, we should just go with it.

Appreciate the nudge.
Well said Pb.
Indicators show the past. Price Action "Indicates" the future.
  • #70,333
  • Edited 8:46pm Aug 1, 2010 8:36pm | Edited 8:46pm
Quoting slade1986
Ok, on June 8th I starting strictly trading james16 on a micro acct...
Quoting slade1986
Thank you, Mike and Jim......
born in 1986?
Keep it up Sir
  • #70,334
  • Aug 1, 2010 9:22pm Aug 1, 2010 9:22pm
Quoting xmzhang
Anyone watching the E-Y on the weekly TF. I see this beautifull PB at a PPZ which is also the RNB 11,500 and it also coincides with the 38% fib retrace level. Zooming into the 4H-TF and pulling out a fib there, we see confluence between a 4H-PPZ at approx 11,350 and a 50% fib level. The ideal scenario would be a bearish PA at this level and a break of the low of weekly PB towards the FTA, which would be the low of the bar prior to the PB at 11,000.

May the force be with you,

Welcome xmzhang.

That 113.50 is a strong level . . Monthly PPZ . We have a 2 Month PB that may work as well. Not saying that the weekly PB won't work first, they both could work out just fine.

Nice analysis and welcome again.


Jim
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Indicators show the past. Price Action "Indicates" the future.
  • #70,335
  • Aug 1, 2010 10:01pm Aug 1, 2010 10:01pm
Quoting supremeChaos
born in 1986?
Keep it up Sir

Graduated High School....
  • #70,336
  • Aug 1, 2010 11:46pm Aug 1, 2010 11:46pm
Quoting True777
Adilius, saw this gpy/jpy setup as well on fri, like the look of it. Might be nice if we saw some price action on the 1hr or 4hr when/if it breaks the pb high. Say a nice buob that way our stop would be at the low of that as opposed to the low of the pb...
Hello, True. I try to stay just with one time frame at a time. And also, I am not sure if having initial stop closer is actually better. Many times as I see price would retrace a lot withing a PB.

I was thinking maybe to do this way:

- Allow a trigger which is a price traded above PB at least 5pips (where I usually would enter a trade) only this time set the buy order at 50% ret of this PB. Stop loss also behind PB. So this wat my stop-loss is reduced. But I would miss some trades.

For now I just stay with classic break above PB (entry) StopLoss behind PB.
  • #70,337
  • Aug 1, 2010 11:53pm Aug 1, 2010 11:53pm
Quoting jarroo
I like it Adilius07.

There are many great things about the free trade approach but as with all good things there are some draw backs. You cut your potential profits by cutting your risk and your stop loss may need to go lower then the distance to the FTA (meaning above/below the PA itself).

But its a great way to manage a trade by reducing your losses while still allowing your trade room to run. This is thee reason I love the free trade, especially when you're first starting out trading. Over time you'll see the same great setup over and...
Jarroo, thank you for your reply! I am still in the process of gathering my Trading Plan together. And this Free Trade approach looks very interesting to me for now. Yes, I understand that it should not be done absolutely mechanically, sometimes there would be situations when I would better exit completely, or have a breakeven instead of net breakeven etc.
I guess this would come from experience.

For now my main goal is to train my eye to spot best setups according to J16. If I would learn to do this good, I think trade management skills should also improve

Thanks.
  • #70,338
  • Edited 1:10am Aug 2, 2010 12:54am | Edited 1:10am
Quoting Adilius07
Jarroo, thank you for your reply! I am still in the process of gathering my Trading Plan together. And this Free Trade approach looks very interesting to me for now. Yes, I understand that it should not be done absolutely mechanically, sometimes there would be situations when I would better exit completely, or have a breakeven instead of net breakeven etc.
I guess this would come from experience.

For now my main goal is to train my eye to spot best setups according to J16. If I would learn to do this good, I think trade management skills should...
Hey Adilius07.

I mainly use the free trade approach on setups that look good location-wise but the PA may not be the "best" . .small in size or structurely deficient or the traffic in front of it may be heavy or strong like a BRN or PPZ level, etc. A smart trader would say, "Well, that's a pass . .next". . .and I would agree with that decision. But some situatuion make sense to me and they will for you over time.

Let me explain better with an example . .

The Daily PB on the Eur/Chf. It had locational support from the top of the Daily consolidation . . break out / pull back Mike stlye. but running right into the 1.3500 BRN.

Free trade target . . the 1.3500 BRN . . +/-32 pips. Everything told me that this PB would reach the 1.3500 but after that . .who knows . . lol.

So I applied the free trade and left for the Day, never worring about it at all throughout the day, it was never on my mind because the worst that could happen was a net zero trade.

Now it looks like on the Daily this PB trade when right to the moon but the lower time frames shows the real story. Which was that Price reacted at 1.3500 as I knew it would but the PB held up. Final targets would be up to you but I like to let them run.

But you are right on . . .concentrating on the best setups is the way to go.
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Indicators show the past. Price Action "Indicates" the future.
  • #70,339
  • Aug 2, 2010 1:15am Aug 2, 2010 1:15am
Quoting jarroo
Hey Adilius07.

But you are right on . . .concentrating on the best setups is the way to go.
And I may, if allowed, add that they require iron patience and steel balls (to let them run). So, sign up with a mind gym and build the invisible mus-cles (bad joke I know).
  • #70,340
  • Aug 2, 2010 1:22am Aug 2, 2010 1:22am
everydayguid,
not necessarily a bad joke.
our brain works like a muscle.
when we repeat an activity many times, the muscle grows (brain cells make more connections)

u can say james16 thread is a mind gym.
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