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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

  • #73,201
  • Aug 29, 2010 4:06pm Aug 29, 2010 4:06pm
Quoting Fxfighter
Hi Ad,
I think u just try to complicate things for u.You are just trying find...
Thanks FxFighter for your support. Yes to be honest I just have some trading confidence problems. So that is from where I complicate things maybe. I understand there is no just one right way to do it, it should be instead my own way - and here I have just too many doubts... how, why, when etc..

Cool, I will just go and see what I can make for myself with this concepts. Time will tell. Thanks
  • #73,202
  • Aug 29, 2010 4:06pm Aug 29, 2010 4:06pm
Quoting Fxfighter
Hi Guys,
Is this thread has only four stars now?well FF si really funny.
lol(or not really funny) seems to get voted down every time a new thread pops up here. Oh well.
  • #73,203
  • Aug 29, 2010 4:08pm Aug 29, 2010 4:08pm
Quoting xmzhang
Thanx Mike for your reply. I've another question. If you take a trade off the daily chart for instance, do you then take the PPZ's on the lower TF, for example a PPZ on the 4H-TF, in consideration or do you just ignore these lower TF PPZ's and only consider the PPZ's in the TF in which you trade, in this case the daily. Also when do you consider a PPZ to be minor, has it to do with the number of flips.

May the force be with you.
Hey Zhang

Again it depends, for the most part I manage my trades on the same timeframe I enter, but again nothing is 100% it varies for me. A minor PPZ is nothing more then just something that I don't consider a huge area. But it isn't anything in particular just a visual thing for me. Sometimes minor zones are still strong enough to have me do various things. Again for me it is each situation and I evaluate and work from there.

Hope that helps
Mike
  • #73,204
  • Aug 29, 2010 4:23pm Aug 29, 2010 4:23pm
Quoting mbqb11
hey John

Welcome sir

For a DBLHC, remember the Close must close above the previous bars high.

Let us know if you have more questions

Mike
Ok thanks mike

Another question

Is this a PinBar on the USDJPY Weekly ?
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  • #73,205
  • Aug 29, 2010 4:27pm Aug 29, 2010 4:27pm
Quoting john225
Ok thanks mike

Another question

Is this a PinBar on the USDJPY Weekly ?
I hope so Mike......it's the trade I have just opened.

Glynn
"Fail to prepare, prepare to fail."
  • #73,206
  • Aug 29, 2010 4:27pm Aug 29, 2010 4:27pm
Quoting john225
Ok thanks mike

Another question

Is this a PinBar on the USDJPY Weekly ?
yep you got it
  • #73,207
  • Aug 29, 2010 4:29pm Aug 29, 2010 4:29pm
Quoting packhorse
I hope so Mike......it's the trade I have just opened.

Glynn
remember though just a note to the new guys/gals. A pin is not consider valid UNTIL the high breaks in this case.

Best
Mike
  • #73,208
  • Aug 29, 2010 4:31pm Aug 29, 2010 4:31pm
FTA = blue box minor PPZ

Notice the 85 mark is very important to hold and if it gives most likely this won't play out as expected. Good to see it close above 85 but would have like a stronger close and bigger nose. I will be watching the 85 mark on the lower timeframes closely though
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  • #73,209
  • Aug 29, 2010 4:41pm Aug 29, 2010 4:41pm
Quoting Adilius07
If you take everything into consideration, how will you pull a trigger? There is always something that will not align. Just to take the example Mike gave the detailed overview. (Jim's son chart)

If may I ask which one do you think is the best setup if all your criteria is met?

EDIT: and if you make location more important than bar itself, I think you make it even harder to choose?
Hey ad, I seem to have the same problem. For instance if I see a valid PA on the daily, I like to switch to a lower TF (ie. 1H TF) to optimize my entry as I explained earlier. But when I switch to a lower TF I seem to see much more PPZ's, which I didn't see on the daily. Then I think by myself, how do manage daily PA by only looking at the daily TF, as the senior members told me to do, without taking these lower TF PPZ's in consideration ? When I see all these lower TF PPZ's I start to hesitate, because I've learned that position, traffic, FTA's, PPZ's etc.. are important. On the other hand I've been thinking, why just not trade a PB or a BUOB when you see one without looking at position etc.. Especially traffic confuses me al lot, I seem to see bar highs and lows everywhere near a PA. http://cdn.forexfactory.com/images/icons/icon9.gif

May the force be with you.
Pipcrawler
  • #73,210
  • Aug 29, 2010 4:49pm Aug 29, 2010 4:49pm
Quoting mbqb11
FTA = blue box minor PPZ

Notice the 85 mark is very important to hold and if it gives most likely this won't play out as expected. Good to see it close above 85 but would have like a stronger close and bigger nose. I will be watching the 85 mark on the lower timeframes closely though
So you don't take the daily PPZ at the RNB 8600-ish into consideration as a possible FTA ? This really confuses me, say if price would stall at a daily PPZ/FTA how could it then even reach a FTA on the weekly ? Wouldn't it be more logical to manage your trade when price hits the daily FTA, although you toke a trade off the weekly ?
Pipcrawler
  • #73,211
  • Aug 29, 2010 4:55pm Aug 29, 2010 4:55pm
Hi guys,
being a long time since I posted here last time. Was busy with life and charts...
Just wondering if anyone is considering BUOB on USDJPY, CADCHF and CADJPY. Also BEOB USDCAD... I'm considering to take one of these... But I see lot of issues... CADJPY going into lot of mess/traffic... CADCHF looks ok with some space to go but would be much better if it also encompasses pinbar from thursday... USDJPY good close, BRN, looks like wants to go higher but not really at swing low... USDCAD also look OK, but... somthign is missing to me...

Any thoughts?

thanks, mikey
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  • #73,212
  • Aug 29, 2010 4:56pm Aug 29, 2010 4:56pm
Quoting xmzhang
So you don't take the daily PPZ at the RNB 8600-ish into consideration as a possible FTA ? This really confuses me, say if price would stall at a daily PPZ/FTA how could it then even reach a FTA on the weekly ?
sure 86 could be considered part of that FTA, but again it depends on the trader. If you are very very conservative then yes 86 boom you are b/e. But if it breaks it should get a bit above that where there is a more clear flip. I use the FTA in many ways. Sometimes I get to b/e at it, most times I use it to move my stop, or use it once price has surpassed it to help manage a trade. The less quality a setup the more a FTA comes into play. I trade less, and let my trades work more. It is my belief in my methodology. No two traders are going to act the same. But if price gets to 86 and turns around would we be surprised?

Best
Mike
  • #73,213
  • Aug 29, 2010 4:58pm Aug 29, 2010 4:58pm
Quoting xmzhang
Wouldn't it be more logical to manage your trade when price hits the daily FTA, although you toke a trade off the weekly ?
The question is why would it be more logical? If your trade is based on a weekly bar and the look of the weekly, why make it more confusing and drop to the lower timeframe. Again if it seems logical to YOU and works for YOU, then that is ALL that matters.

But have you ever seen James post a chart and then drop down to show how to manage it ?
  • #73,214
  • Aug 29, 2010 4:59pm Aug 29, 2010 4:59pm
Quoting xmzhang
Hey ad, I seem to have the same problem. For instance if I see a valid PA on the daily, I like to switch to a lower TF (ie. 1H TF) to optimize my entry as I explained earlier. But when I switch to a lower TF I seem to see much more PPZ's, which I didn't see on the daily. Then I think by myself, how do manage daily PA by only looking at the daily TF, as the senior members told me to do, without taking these lower TF PPZ's in consideration ? When I see all these lower TF PPZ's I start to hesitate, because I've learned that position, traffic, FTA's,...

hi , well it seems that you over complicate things .. remember keep it simple

if you found a daily setup stick with it , and enter on the daily TF , why do u even try to find a better entry on the 1h ? .. thats a huge jump ..

and remember that we have more noise in the lower TFs ,, wich will confuse u .. so instead of seeing alot of PPZs in Lower Tfs .. u see alot of noise .. wich actually .. dont mean alot ..

zooming in for a better entry is a good thing .. but stick with .. the TF u spotted the setup ..

just my two cents..

cheerz
  • #73,215
  • Aug 29, 2010 4:59pm Aug 29, 2010 4:59pm
Quoting mbqb11
sure 86 could be considered part of that FTA, but again it depends on the trader....
Thanks for this reply Mike. I believe you answered to my question (or at least a part of it) in my last post
  • #73,216
  • Aug 29, 2010 5:01pm Aug 29, 2010 5:01pm
those who like retracement entries, how about a buy around 85 /84.90 area and a stop under the two lows? Something like a 40 pt stop for a potential HUGE move up?
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  • #73,217
  • Aug 29, 2010 5:05pm Aug 29, 2010 5:05pm
Area of interest. Looking for bearish PA at this level; perhaps an engulfing bar, break of a candle low. Keep an eye out.
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  • #73,218
  • Aug 29, 2010 5:08pm Aug 29, 2010 5:08pm
Maybe if someone is interested, I'm gonna share how my trading is going... I found interest in trading at the end of 2008... found j16 thread/method in november 2009... stutied a lot.. I opened demo account with amount of 10000 euros in March 2010... this is how it went:

March

0 trades, 0% profit

April

6 trades, 7.42% profit

May

3 trades, 4.26% profit

June

3 trades, 3.93% loss

July

4 trades, 8.53% profit

August

3 trades, 1.62% loss


In 6 months I took 19 trades 16 of them was profitable, 3 of them was loss. I risk 3% of an account value. Profits are sometimes small sometimes over 2%... Losses are about 3%, I sometimes move stop loss as price moves in my direction but didn't do in case of my losing trades...

Total in 6 months I have a profit of 14.88%, my target is to have average montly profit of 4%... not there yet... What worries me are losing months... I'd rather have no losing months with less profit in winning months.. Will not start with real money until I have 4 months in profit in a row(plus I still have not saved 10000euros)....

You can see my trade log sheet in attachment.

Just thought I would share....

Cheers,

Mikey
Attached File(s)
File Type: pdf TradeLog.pdf   30 KB | 592 downloads
  • #73,219
  • Aug 29, 2010 5:10pm Aug 29, 2010 5:10pm
Quoting mbqb11
I thought I would go through this in a bit more detail. Again refer to my last post. Just b/c Jim, his son, or anyone else takes a trade doesn't mean you have to . You have to develop this part of it.

But I marked what I consider the best of the bars and I will let you judge if they are good or bad to take.

...

Notice how important understanding where price is going is in ALL these examples. Do this with all your bars and your trading will never be the same

Mike
You irradiate awesomeness and kindness!
I am going to plaster this example all over my room.
  • #73,220
  • Aug 29, 2010 5:12pm Aug 29, 2010 5:12pm
Quoting michal7
Maybe if someone is interested, I'm gonna share how my trading is going... I found interest in trading at the end of 2008... found j16 thread/method in november 2009... stutied a lot.....
Mikey, wow!!! That is a fantastic achievement!!
Thank you very much for sharing.
This in fact motivates noobs like myself a lot!! Great progress!
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