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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

  • #79,301
  • Nov 4, 2010 6:01pm Nov 4, 2010 6:01pm
Quoting john225
What would your stop loss be in this situation were you enter on the break would you stop loss be 30-40 pips or a full bar loss ?
Are asking on a High quality, A++ setup situation? I will usuaully give more leeway to the stop loss placement. But if it breaks hard and hits my targets I'll move to break even or reduce my risk. I never take a full bar loss.
Indicators show the past. Price Action "Indicates" the future.
  • #79,302
  • Nov 4, 2010 6:01pm Nov 4, 2010 6:01pm
Quoting jarroo
Looks like the Daily DBLHC hit its target.
good stuff brotha
  • #79,303
  • Nov 4, 2010 6:04pm Nov 4, 2010 6:04pm
Quoting mbqb11
good stuff brotha
Thx bro.
Indicators show the past. Price Action "Indicates" the future.
  • #79,304
  • Nov 4, 2010 6:17pm Nov 4, 2010 6:17pm
Hi Jarroo. What do you think of GJ. Does this have a rac look to you?

Trendline, RN 132, PPZ, 50 retrace confluence. Touch of trendline at 132 and price likely to move south?

Also 61.8 fib near 132 from most recent swing high.
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  • #79,305
  • Nov 4, 2010 6:22pm Nov 4, 2010 6:22pm
Quoting Donkey
Hi Jarroo. What do you think of GJ. Does this have a rac look to you?

Trendline, RN 132, PPZ, 50 retrace confluence. Touch of trendline at 132 and price likely to move south?

Also 61.8 fib near 132 from most recent swing high.
Absolutely D.

If Price doesn't find Resistance at the 132.00, look for it to find Support, especially if it doesn't give much of a bounce down, meaning a small bounce down would tell me that we're heading upward . .probably to the 135.00.
Indicators show the past. Price Action "Indicates" the future.
  • #79,306
  • Nov 4, 2010 6:32pm Nov 4, 2010 6:32pm
Quoting jarroo
Are asking on a High quality, A++ setup situation? I will usuaully give more leeway to the stop loss placement. But if it breaks hard and hits my targets I'll move to break even or reduce my risk. I never take a full bar loss.

I understand you never take a full bar loss but do you ever take a full risk loss?
Do you ever leave your initial stop until it eventually gets hit?

Thanks

Nos
  • #79,307
  • Nov 4, 2010 6:37pm Nov 4, 2010 6:37pm
Quoting mbqb11
Hey Lee

We always want to wait for a break to confirm the continuation.
Just an update to this multi bar high break. I didn't take it b/c I was in other very correlated trades but this just showed strength on aud was there for my other trades(and nzd highly correlated) Note the bar prior to the breakout of the multi highs. Left no where to go but up.

Neat stuff James gave us
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  • #79,308
  • Nov 4, 2010 6:44pm Nov 4, 2010 6:44pm
Quoting NosferatuMan
I understand you never take a full bar loss but do you ever take a full risk loss?
Do you ever leave your initial stop until it eventually gets hit?

Thanks

Nos

Sure I'll take a full risk loss . .just this week I was looking to take another long from the 1.4050 for the 3rd time when . .Boom . .I was out for a 20 pip loss.
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Indicators show the past. Price Action "Indicates" the future.
  • #79,309
  • Nov 4, 2010 6:49pm Nov 4, 2010 6:49pm
Quoting jarroo
Sure I'll take a full risk loss . .just this week I was looking to take another long from the 1.4050 for the 3rd time when . .Boom . .I was out for a 20 pip loss.
I see. Although this is a different trading approach (no PA confirmation, I guess)

Putting it in a slightly different way, do you ever set your initial SL above/below the PA bar, despite trailing it after the trade is triggered?
  • #79,310
  • Nov 4, 2010 6:50pm Nov 4, 2010 6:50pm
Sorry to butt in guys, just wanted an opinion on a a pin i took. (Purple arrow)

I took it because it had confluence; with the 1.40000, a 50% fib and strong PPZ providing support. My stop loss was just below the 1.4 mark and the 1st take profit area was the high of the last bar. Here, the plan was to move SL to break even and take 50% of the position off.

Price fell shy of the TP by 10 pips then took out my stop. Now since i always take partial profit, the full value loss cancelled out my last 3 successful trades.

So i guess my question is: did i take a bad pin? or was it just bad luck?

Im still figuring out my trading plan and need to make sure im on the right track.

And also, is taking partial profit not a good move, since one loss can cancel out many partial wins?

In a way it feels like im scalping the daily, if that makes sense and scalping is not what i indend to do....

http://img443.imageshack.us/img443/5968/euraudb.gif

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  • #79,311
  • Nov 4, 2010 6:58pm Nov 4, 2010 6:58pm
Quoting NosferatuMan
I see. Although this is a different trading approach (no PA confirmation, I guess)

Putting it in a slightly different way, do you ever set your initial SL above/below the PA bar, despite trailing it after the trade is triggered?
No, I usually don't put my S/l above or below a given High quality setup, probably more in line with how James16 trades PA. Looking for that high momentum push.

Now I will place my stop above or below a Outsifde bar when I take a retracement entry, previous bar high or low . .does that count?

I will use the stop loss placement that ghous recommends on IPBs.
Indicators show the past. Price Action "Indicates" the future.
  • #79,312
  • Nov 4, 2010 6:59pm Nov 4, 2010 6:59pm
Quoting jarroo
No, I usually don't put my S/l above or below a given High quality setup, probably more in line with how James16 trades PA. Looking for that high momentum push.

Now I will place my stop above or below a Outsifde bar when I take a retracement entry, previous bar high or low . .does that count?

I will use the stop loss placement that ghous recommends on IPBs.
I think I got the general picture of your strategy.

Thanks again for you time.

Nos
  • #79,313
  • Nov 4, 2010 7:01pm Nov 4, 2010 7:01pm
Quoting NosferatuMan
I think I got the general picture of your strategy.

Thanks again for you time.

Nos

Sure Nos . .anytime.
Indicators show the past. Price Action "Indicates" the future.
  • #79,314
  • Nov 4, 2010 8:25pm Nov 4, 2010 8:25pm
Still holding both EG and AZ.

Came down with a 38.7C fever last night and am fading in and out, not that I shall let that deter me.


PS: Thanks for the explanation Mike.
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  • #79,315
  • Nov 4, 2010 8:29pm Nov 4, 2010 8:29pm
Jarroo, thank you for this information. I think it is the little last thing I needed to work out. I could identify a good set-up, I could pick out the FTA, I got my pyschological straight, but my R:R was so low. This helps greatly, thank you.
  • #79,316
  • Nov 4, 2010 8:44pm Nov 4, 2010 8:44pm
Quoting dcart
Sorry to butt in guys, just wanted an opinion on a a pin i took. (Purple arrow)

I took it because it had confluence; with the 1.40000, a 50% fib and strong PPZ providing support. My stop loss was just below the 1.4 mark and the 1st take profit area was the high of the last bar. Here, the plan was to move SL to break even and take 50% of the position off.

Price fell shy of the TP by 10 pips then took out my stop. Now since i always take partial profit, the full value loss cancelled out my last 3 successful trades.

So i guess my question...
Hi Dcart.


I think your PB actually hit the FTA and did what was expected of it.
Maybe a look at the H4 will show you the area more clearly.
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  • #79,317
  • Nov 4, 2010 9:21pm Nov 4, 2010 9:21pm
Quoting dcart
Sorry to butt in guys, just wanted an opinion on a a pin i took. (Purple arrow)

I took it because it had confluence; with the 1.40000, a 50% fib and strong PPZ providing support. My stop loss was just below the 1.4 mark and the 1st take profit area was the high of the last bar. Here, the plan was to move SL to break even and take 50% of the position off.

Price fell shy of the TP by 10 pips then took out my stop. Now since i always take partial profit, the full value loss cancelled out my last 3 successful trades.

So i guess my question...

That PB hit its target dead on, previous bar Highs and Lows are still what we look for even in consolidation.

What consolidation provides are clear levels of Supprt and Resistance at the borders on these ranging areas. James16 even talks about how he likes trading PA within these defined levels of consolidation because .. well . .they're so defined. Clear and well defined levels means strength to me.

The main target(s) would be the 1.4200 or the Highest highs of the consolidation. But the previous Highs/Lows should not be ignored and should be used in your trade management.

I don't think is was a bad PB, good size. If it closed more bullish, meaning the close was higher than the open, which would have been above the 1.4050 it would have been a no brainer.

Jim


PS: Welcome . .btw . .dcart
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Indicators show the past. Price Action "Indicates" the future.
  • #79,318
  • Nov 4, 2010 9:35pm Nov 4, 2010 9:35pm
Quoting Pinbar
Hi Dcart.


I think your PB actually hit the FTA and did what was expected of it.
Maybe a look at the H4 will show you the area more clearly.

I agree Pb, the PB hit where we would expect it would.

I think your zoomed out Daily chart shows this level more clearly than your 4 hour chart. As you may know, the true targets are best seen on the same TF that the setup was presented on.
Indicators show the past. Price Action "Indicates" the future.
  • #79,319
  • Edited 10:00pm Nov 4, 2010 9:46pm | Edited 10:00pm
Hi guys
Anyone take this PB on NZDCHF?
Daily PB off PPZ around 0.7650 , got fib confluence.
There's also PB on 4H but with higher low. Seems price has to break below 0.7600 (RN) first though. Other than that i see no supporting factor.
What do you think guys? Is it worth taking?
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  • #79,320
  • Nov 4, 2010 9:48pm Nov 4, 2010 9:48pm
Quoting jarroo
I agree Pb, the PB hit where we would expect it would.

I think your zoomed out Daily chart shows this level more clearly than your 4 hour chart. As you may know, the true targets are best seen on the same TF that the setup was presented on.

Good point Jarroo...I will rectify this BAD habit. It truly is a bad habit.

Thanks
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