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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

  • #72,181
  • Aug 19, 2010 8:05am Aug 19, 2010 8:05am
Quoting aserbfx
cprao, this setup has been discussed in short here:
http://www.forexfactory.com/showpost...ostcount=72101
and the next post
Thank you. I see the discusson now. I mised it earlier.

The pair reached First FTA.
  • #72,182
  • Aug 19, 2010 8:07am Aug 19, 2010 8:07am
Quoting spookie94
Looking for a little advise on IBs. What would have been the correct entry point, break of the red arrow or the green one?
If i may. Im not really an IB kind of trader, but as i understand it you should be looking for entering on the break on the green bar following the red bar. Cause if you look better the green bar didnt break the high or low of the red bar you are talking about. So as i understand it, you should enter where i marked it on the screenshot.

Attached Image


Seniors please correct me if i get this wrong!
  • #72,183
  • Aug 19, 2010 8:15am Aug 19, 2010 8:15am
Any of you guys out there seen any tradeable setups today, I'am getting sleepy in front of my screen(s).
Pipcrawler
  • #72,184
  • Aug 19, 2010 8:25am Aug 19, 2010 8:25am
Quoting ppfx
If i may. Im not really an IB kind of trader, but as i understand it you should be looking for entering on the break on the green bar following the red bar. Cause if you look better the green bar didnt break the high or low of the red bar you are talking about. So as i understand it, you should enter where i marked it on the screenshot.

Attachment

Seniors please correct me if i get this wrong!
I guess my question should have been, do you wait for the break of the original IB (red arrow) or would you just go off of the break of the one closest, in this case the green arrow?
  • #72,185
  • Aug 19, 2010 8:25am Aug 19, 2010 8:25am
Quoting spookie94
I guess my question should have been, do you wait for the break of the original IB (red arrow) or would you just go off of the break of the one closest, in this case the green arrow?
IMO spookie the one that is the closes IB as that is the focal breakout point if price is going to "burst" out

Best
Mike
  • #72,186
  • Aug 19, 2010 8:34am Aug 19, 2010 8:34am
Quoting ppfx
Well as i see it eventually, with your experience growing, you will learn how to recognize good setups before PA shows you the way, and you will be ahead of the crowd who will follow you after the PA shows them the way. And when you will be able to touch trade, then your stoplosses would be tighter.

Well Bundy explains it much better here: link and there is alos raczekfx strategy about fib touch trading this...
Exactly right .. people do touch trading because of the RvR benefits ..

But ofcourse that is not what is taught here
  • #72,187
  • Aug 19, 2010 8:34am Aug 19, 2010 8:34am
Is that a head & shoulders on the daily?
  • #72,188
  • Aug 19, 2010 8:36am Aug 19, 2010 8:36am
Good morning folks,

Long time no see everyone. Looks like a lot of new faces around. Heres a nice trade I just missed =P

Here was a double top with divergance and pin on the 1 hour.

4hr turned into a dbhlc...didnt make it to the 61 fib but bounce off the 150ema.
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  • #72,189
  • Aug 19, 2010 8:46am Aug 19, 2010 8:46am
Quoting pipmyride
100% correct but who actually does this ?

And for that matter, who can quantify they have a 90% win rate ? Those that do can do whatever they like
It all depends on how conservative you are with the trades that you take, as well as how you manage those trades. I'm pretty picky with the setups I decide to trade (picked that up from Mike ), so I know that they've got a good chance of working out. However, I also identify those initial trouble areas that price is going to have a hard time getting through. If my target is past those, I make sure I have my stop at BE when it reaches them. For me BE is as good as a win. I don't like drawdown, but everybody's got there own way of playing it. It's up to a trader to find a style that they are comfortable with.

For example, take the GBPCAD trade I'm currently in. My final target is around 1.6200, but I knew there'd be trouble around 1.6150, so my stop is now at BE. Others may play it differently and reduce their risk at this point, but this is what I'm comfortable with. At this point I know I can't possibly lose money. That's a great position to be in.

Again this is just how I trade, others have their own methods.
  • #72,190
  • Aug 19, 2010 8:57am Aug 19, 2010 8:57am
Quoting pipmyride
Exactly right .. people do touch trading because of the RvR benefits ..

But ofcourse that is not what is taught here
Absolutely. With the methods taught here it is completely possible to have a 90% win rate.

I have another strategy I use which has a much better R:R, but my risk on that is lower as it is more aggressive.
  • #72,191
  • Aug 19, 2010 8:57am Aug 19, 2010 8:57am
Quoting jarroo
Notice this BEOB on the Weekly DJIA30 a few weeks ago. No surprise where it retraced to and then continued down. . .right?
as we know:

BUOB and/or DBLHC are tradable at swing LOW;
BEOB and/or DBHLC are tradable at swing HIGH.

So, what if:

BUOB and/or DBLHC are at swing HIGH;
BEOB and/or DBHLC are at swing LOW.

tradable or not?

many thanks

best trading
Don't give up
  • #72,192
  • Aug 19, 2010 8:59am Aug 19, 2010 8:59am
Quoting Chris P
For example, take the GBPCAD trade I'm currently in. My final target is around 1.6200, but I knew there'd be trouble around 1.6150, so my stop is now at BE. Others may play it differently and reduce their risk at this point, but this is what I'm comfortable with. At this point I know I can't possibly lose money. That's a great position to be in.
My stop's at BE too Chris
If we break higher out of this little consolidation I'll hide my stop under it and see if we can get a push to 1.62

Jonny

EDIT: Oh we did already
  • #72,193
  • Aug 19, 2010 9:08am Aug 19, 2010 9:08am
Quoting geomink
as we know:

BUOB and/or DBLHC are tradable at swing LOW;
BEOB and/or DBHLC are tradable at swing HIGH.

So, what if:

BUOB and/or DBLHC are at swing HIGH;
BEOB and/or DBHLC are at swing LOW.

tradable or not?

many thanks

best trading

The simple answer is yes. Bars are tradeable at every location. When a BUOB is at a swing high this is what is called a continuation setup. Again it ALWAYS comes back to the location and look of these bars. The bars are a very very small part of what it is James teaches and the rest of us do. It is in my view to learn them the traditional way(ie buob at swing low) and work forward from there. I believe continuation patterns encompass a bit more and are a bit more tricky.

Best
Mike
  • #72,194
  • Aug 19, 2010 9:18am Aug 19, 2010 9:18am
Quoting mbqb11
IMO spookie the one that is the closes IB as that is the focal breakout point if price is going to "burst" out

Best
Mike

Thats what I thought. Thanks.
  • #72,195
  • Aug 19, 2010 9:23am Aug 19, 2010 9:23am
IMHO R:R counts. I have almost 80% now
http://mt4pips.com/Agamot/analysis

and still losing -1.27% of my account Yes feels good to have a winning streak, but then one stop puts you back to to zero and then some....

Still thinking of what could be done, probably the best is:
1) More picky
2) Do not enter the trades where FTA is closer than SL
  • #72,196
  • Aug 19, 2010 9:25am Aug 19, 2010 9:25am
Quoting Jonnyislost
My stop's at BE too Chris
If we break higher out of this little consolidation I'll hide my stop under it and see if we can get a push to 1.62

Jonny

EDIT: Oh we did already
nice job J and Chris, it is like you could just trade for me and I could sleep more!

I took profit just above 1.62, but also as some asked I took a 70% loss on a bar of the same from yesterday, so this just gave that back and then some.
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  • #72,197
  • Aug 19, 2010 9:27am Aug 19, 2010 9:27am
Quoting mbqb11
nice job J and Chris, it is like you could just trade for me and I could sleep more!

I took profit just above 1.62, but also as some asked I took a 70% loss on a bar of the same from yesterday, so this just gave that back and then some.
I hope you mean you lost 70% of a full bar loss and not 70% of your equity on that trade

Yeah I just closed at 1.6215, running into heavy traffic now

J
  • #72,198
  • Aug 19, 2010 9:28am Aug 19, 2010 9:28am
Quoting Jonnyislost
I hope you mean you lost 70% of a full bar loss and not 70% of your equity on that trade

Yeah I just closed at 1.6215, running into heavy traffic now

J
lol of course
  • #72,199
  • Aug 19, 2010 9:31am Aug 19, 2010 9:31am
Quoting mbqb11
nice job J and Chris, it is like you could just trade for me and I could sleep more!
Sounds good to me Mike. How's about you trade for me tomorrow and I make an early start to the weekend? (you can have a lie in on Monday )
  • #72,200
  • Aug 19, 2010 9:36am Aug 19, 2010 9:36am
Quoting Adilius07
IMHO R:R counts. I have almost 80% now
http://mt4pips.com/Agamot/analysis

and still losing -1.27% of my account Yes feels good to have a winning streak, but then one stop puts you back to to zero and then some....

Still thinking of what could be done, probably the best is:
1) More picky
2) Do not enter the trades where FTA is closer than SL
It took me a while to get to grips with this, so don't worry, you're heading in the right direction. Being more picky is definitely the first stage. Give yourself a set number of bullets for the month and see if you can stick to that. Overtrading can be your worst enemy.

I've also found that I don't take trades where the first point of resistance is less than 0.3R away. I need to be able to get my stop to BE comfortably, otherwise I just leave it. There's always trading opportunities around the corner - the markets aren't going anywhere!

Best,
Chris
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