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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

  • #76,381
  • Edited 12:50pm Oct 4, 2010 12:18pm | Edited 12:50pm
Can you explain the reason for taking such a candle?

I don't see anything other than a minor PPZ.

I mean there is no PA there at all, it is just a single BEOB looking candle.
And not even that, as it has not yet closed on the chart.







Quoting fxtsun
PA rocks

J16

This is starting to be fun!

Did anybody took this?



fxtsun
___________________________________
"Chance favours the prepared mind" - Louis Pasteur
  • #76,382
  • Oct 4, 2010 12:54pm Oct 4, 2010 12:54pm
Hi guys,

When do you usually move your SL to BE? I understand that different people have different approaches to this, but general speaking, will it be advisable to move SL to BE once the FTA has been hit and take 50% profit? Cause if we don't then we might risk losing the profits if the trade turns against us. But then again, price might retrace to our BE before moving strongly in the original favourable direction, taking out our 50% left in the trade.
  • #76,383
  • Oct 4, 2010 1:37pm Oct 4, 2010 1:37pm
Quoting Pinbar
Can you explain the reason for taking such a candle?

I don't see anything other than a minor PPZ.

I mean there is no PA there at all, it is just a single BEOB looking candle.
And not even that, as it has not yet closed on the chart.
Sorry just got back from the gym. Here is what I saw:

1. The upper point in the chart had a close enough confluence point at around 0.9595 (ppz, fib, ema).

2. Price went down and then retraced almost until that minor PPZ.

I was tracing my entrance off the 5 min chart and got triggered at 0.9540. My exit was at 0.9500.

Minor PPZ, minor move.

I was watching lots of posts from raczekfx, in the last few days, perhaps that's where I got it from


fxtsun
___________________________________
"Chance favours the prepared mind" - Louis Pasteur
  • #76,384
  • Oct 4, 2010 1:40pm Oct 4, 2010 1:40pm
Hi
I have a problem every time i take a trade and it goes against me i think damn i have taken a PinBar against the Trend. The next time i think damn i have taken a PinBar which is to small.

I think that i need a trading plan like a checklist

Anyone here has a trading plan? If yes on which criterias are you looking for?
  • #76,385
  • Oct 4, 2010 2:03pm Oct 4, 2010 2:03pm
Before entering a trade, I think about my son. I think about his future. I ask myself do I want to do this right, or do I want to screw it all up. Might be an unusual thing to do, but it works for me to get my trading psychology in the right direction.

Anyway, here come the rules:

1. Preferably trade in the direction of the main trend (helps a bunch )
2. Take PA (specific bar) which is formed on important support/resistance (usually Big Round Number) or fib retracement. Don't just shoot blindly at any semi-PA bar.
3. Define your Stop Loss and Profit Target before you enter a trade. It's ok to move your PT as trade develops, but it's not ok to widen your SL. Instead, move your SL to Brake Even as soon as possible.
3.1 Take partial profit at your first target, move your stop to BE at the same time and let your profits run
3.2 Remember - Brake Even trade goes into your winners column
4. When taking Pin Bar - compare its size to size of prior bars - this should give you an idea if your pin is to small compared to a prior move
5. When in doubt, that's an indication to kill your trade and live another day
6. Check for divergence

This should be something to start with. I know guys here have more sophisticated rules, but I hope this helps a bit.
  • #76,386
  • Oct 4, 2010 2:13pm Oct 4, 2010 2:13pm
Quoting bee24
Before entering a trade, I think about my son. I think about his future. I ask myself do I want to do this right, or do I want to screw it all up. Might be an unusual thing to do, but it works for me to get my trading psychology in the right direction.

Anyway, here come the rules:

1. Preferably trade in the direction of the main trend (helps a bunch )
2. Take PA (specific bar) which is formed on important support/resistance (usually Big Round Number) or fib retracement. Don't just shoot blindly at any semi-PA bar.
3. Define your Stop Loss...
Thank you very much for that great and fast help bee24
  • #76,387
  • Oct 4, 2010 2:21pm Oct 4, 2010 2:21pm
A DBHLC has formed on the EURCHF Daily on FXDD. It will close in 2 hours but i have to sleep( tomorrow school ;-) ) So i will post it now.

The Pair is on a downside move the PA is formed on the 61.9% and Trendline.

What do you guys think about it ?
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  • #76,388
  • Oct 4, 2010 3:56pm Oct 4, 2010 3:56pm
Quoting xmzhang
Adidas weekly, short play to RNB,PPZ @ 4400, tight stop few pips above RNB @ 4600.
Price is rejected @ RNB 4600 as expected and is now moving nicely towards our target @ RNB 4400.
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Pipcrawler
  • #76,389
  • Oct 4, 2010 4:03pm Oct 4, 2010 4:03pm
Quoting Pinbar
Can you explain the reason for taking such a candle?

I don't see anything other than a minor PPZ.

I mean there is no PA there at all, it is just a single BEOB looking candle.
And not even that, as it has not yet closed on the chart.
Here, Pinbar, one of these (but in a smaller TF):

http://www.forexfactory.com/showpost...postcount=8601



fxtsun
___________________________________
"Chance favours the prepared mind" - Louis Pasteur
  • #76,390
  • Oct 4, 2010 5:49pm Oct 4, 2010 5:49pm
Quoting Pinbar
You mean you took the TT off of the 61.8?

You could have told me. LoL

I would have liked to have told you, Pb. One step at a time. Finding great locations with PA as the trigger is what we do here. Over time you will see these levels develop more clearly.

Understanding the core of the James16 method may lead you to a better understanding of what makes a great touch trade.

Rac will even point this out to you as well. .as he did for me.

Mastering the James16 method, in your own style, is the main part.
Indicators show the past. Price Action "Indicates" the future.
  • #76,391
  • Oct 4, 2010 5:54pm Oct 4, 2010 5:54pm
Quoting bee24
Before entering a trade, I think about my son. I think about his future. I ask myself do I want to do this right, or do I want to screw it all up. Might be an unusual thing to do, but it works for me to get my trading psychology in the right direction.

Anyway, here come the rules:

1. Preferably trade in the direction of the main trend (helps a bunch )
2. Take PA (specific bar) which is formed on important support/resistance (usually Big Round Number) or fib retracement. Don't just shoot blindly at any semi-PA bar.
3. Define your Stop Loss...
No more sophisticated then that, bee. Great post . .
Indicators show the past. Price Action "Indicates" the future.
  • #76,392
  • Oct 4, 2010 5:57pm Oct 4, 2010 5:57pm
would any of you take this BEOB? i'm looking at this trade and is expecting price to reach the 365. what do you guys think?
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  • #76,393
  • Oct 4, 2010 6:01pm Oct 4, 2010 6:01pm
Quoting premierpip
would any of you take this BEOB? i'm looking at this trade and is expecting price to reach the 365. what do you guys think?
your 365(8600) seems like a very logical area if it breaks. I don't see enough confluence to fight the recent up move but am using it to move my stop to b/e on my long BUOB off the 8500 personally

Best
Mike
  • #76,394
  • Oct 4, 2010 6:03pm Oct 4, 2010 6:03pm
how about his DBHLC? it came off the 1.35 level and is a PPZ. my first trouble area is the 3223 level where i will take half my profit off and move SL to breakeven. and take full profit at 3153.

any comments?
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  • #76,395
  • Oct 4, 2010 6:05pm Oct 4, 2010 6:05pm
Quoting premierpip
would any of you take this BEOB? i'm looking at this trade and is expecting price to reach the 365. what do you guys think?

I like it premierpip . .its what we look for . .

At a swing High, good size, off a Weekly PPZ level, .8700.
The .8600 looks good.
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Indicators show the past. Price Action "Indicates" the future.
  • #76,396
  • Oct 4, 2010 6:06pm Oct 4, 2010 6:06pm
Quoting mbqb11
your 365(8600) seems like a very logical area if it breaks. I don't see enough confluence to fight the recent up move but am using it to move my stop to b/e on my long BUOB off the 8500 personally

Best
Mike
what other confluence can i look for to make this trade better? how much is needed to reverse a move like this?
  • #76,397
  • Oct 4, 2010 6:09pm Oct 4, 2010 6:09pm
Quoting jarroo
I like it premierpip . .its what we look for . .

At a swing High, good size, off a Weekly PPZ level, .8700.
The .8600 looks good.
thanks for the encouragement! (:

but what i have trouble is really managing it. what do i do if price reaches 8600? if i move my SL to BE and take half profit off, will i be limiting the space for it to retrace?
  • #76,398
  • Oct 4, 2010 6:13pm Oct 4, 2010 6:13pm
Quoting premierpip
what other confluence can i look for to make this trade better? how much is needed to reverse a move like this?
For me PP it just doesn't fit my style, I don't want to have to move to b/e take profit at 8600 coming off the strong up move. Since I am long from teh BUOB off 8500 I am using it just to move my stop under it instead. I like BUOBs/BEOBs that engulf multiple ranges. Here I just see a BEOB swing high engulfing one bar. If it was engulfing 2-3 bars I would be more comfortable. I don't use trendlines, and the Fib makes sense to me, just not enough again to warrant a position from my style. Fighting two buobs, and into the 8500 overall. I wouldn't be surprised at all to see us retrace 8600 easy on a break and lower before a move higher but I am always thinking about mgmt down the line before I take a trade. So by all means not talkign you out of it, I think your plan makes very valid sense. Was just offering how I was using todays bar to help me in a current trade from taking a loss and then I will re-evaluate if we come back to 8500(where I would expect buying again), just not worth going through the drawdown on a current trade for me

Hope that helps
Mike
  • #76,399
  • Oct 4, 2010 6:15pm Oct 4, 2010 6:15pm
Quoting premierpip
thanks for the encouragement! (:

but what i have trouble is really managing it. what do i do if price reaches 8600? if i move my SL to BE and take half profit off, will i be limiting the space for it to retrace?
bingo this is what I was getting at and wanted to hear you thinking about more then anything. You could do a few things, you could take profit(full) take half(use the other half to net breakeven your trade) or move that other half to b/e). You could move your stop above the current bar high if you believe this is a situation to let a trade run.

I always use this thought process. Do I believe strongly this trade has a large room to run. If so I move to a trailing process. If not I move to a quick take profit or move to b/e. You never know if you are going to be fully right, rarely am I. But if you understand your style over lots of trades you know you will land net positive in the long run(the more important thing). Track multiple exits, so 6months - year down the line you can compare real data(this is what I do).
  • #76,400
  • Oct 4, 2010 6:19pm Oct 4, 2010 6:19pm
Quoting premierpip
thanks for the encouragement! (:

but what i have trouble is really managing it. what do i do if price reaches 8600? if i move my SL to BE and take half profit off, will i be limiting the space for it to retrace?
The .8600 is the obvious target . .if it reaches there, there is going to be a reaction.

The reaction could be breaking right through it (.8600) and head for the .8500 or bounce back up to the .8700. So you have find your way on how you want to manage it. Moving to break even quickly is not a bad approach, while taking some off the table and let it ride. . .

Have you read James16's "This is Critical"?

http://www.forexfactory.com/showpost...ostcount=15568
Indicators show the past. Price Action "Indicates" the future.
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