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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

  • #88,001
  • Feb 4, 2011 2:31am Feb 4, 2011 2:31am
Quoting Greenhaze
And it finally happened . Last strong blow thru 1.3800 was very fishy and it put a lot of traders on the wrong side of market. 1.344 here we come? & will GU follow?

Friday + nonfarms... hold tight , NFP have the power to change trends and GU BEOB is giving some hints
Agreed. I'm liking the way EURUSD's weekly pin is shaping up.
  • #88,002
  • Feb 4, 2011 2:31am Feb 4, 2011 2:31am
Quoting Dan Gilbert
Here is an example that I actually traded when it happened (bought at 109.00). I had nearly zero drawdown (almost just the spread), and closed out the second half of the trade @ 109.90.

3R return on this one. It doesn't always work out this flawlessly, but you get the idea.....

This is the hard part for me.

I understand you took that as a BO setup but, my mind would see the BUEOB at a SH and the brakes would then go on.

It is like I always find an excuse to not take a setup like that. Or, perhaps that BO trades conflict with PA setups often.
  • #88,003
  • Feb 4, 2011 2:31am Feb 4, 2011 2:31am
Quoting Adilius07
Ah yes, breakout and retest kind of setup. But we can also play the same at PPZ. I mean you can draw one line on top and the other at the bottom and still have the same setup to trade.
Yeah I particulary liked this one because there was a lot of confluence - look where the 61 fib is.

Just wish I had got in much earlier - isn't hindsight wonderful lol.
__________________
  • #88,004
  • Feb 4, 2011 2:37am Feb 4, 2011 2:37am
Quoting Adilius07
This looks very nice indeed! May I ask how did you trail it to get 3R return?
Or you just had fixed target maybe?
I only had a 25 pip stop originally (I touch-trade bought on the retrace to those two previous highs)

Quoting Pinbar
This is the hard part for me.

I understand you took that as a BO setup but, my mind would see the BUEOB at a SH and the brakes would then go on.

It is like I always find an excuse to not take a setup like that. Or, perhaps that BO trades conflict with PA setups often.

well there was a bit more to it, I had a BUOB on the daily TF which is what broke those other two highs.... I just bought the retrace on the old two highs.

day-trading the daily
Many choose unhappiness over uncertainty.
  • #88,005
  • Feb 4, 2011 2:38am Feb 4, 2011 2:38am
Quoting Dan Gilbert
Here is an example that I actually traded when it happened (bought at 109.00). I had nearly zero drawdown (almost just the spread), and closed out the second half of the trade @ 109.90.

3R return on this one. It doesn't always work out this flawlessly, but you get the idea.....
Dan do you always wait for the retrace - I still struggle with that and jump in on the break sometimes. I think it's a psycho thing I just can't sit and wait for the retrace when it's going in the direction I predicted.

And, of course, sometimes it doesn't retrace at all.
  • #88,006
  • Feb 4, 2011 2:41am Feb 4, 2011 2:41am
Quoting Dan Gilbert
I only had a 25 pip stop originally (I touch-trade bought on the retrace to those two previous highs)
Ah understood, thanks!
  • #88,007
  • Feb 4, 2011 2:44am Feb 4, 2011 2:44am
Quoting stewrigh
Dan do you always wait for the retrace - I still struggle with that and jump in on the break sometimes. I think it's a psycho thing I just can't sit and wait for the retrace when it's going in the direction I predicted.

And, of course, sometimes it doesn't retrace at all.

I typically don't bother anymore if I don't see a very strong R:R on a retrace play. 2R or better is ideal in my world. I like to get my stops to B/E within a few hours as well, (I also like to see my entries "take off" during london open) which is very difficult to do when you're playing a break.

I have had a lot of entrances into trades within the last month where I was accurate within 10 pips on my entry. Sure most of these ended at B/E, but at least I wasn't sitting there praying that some miracle would get me out of excess draw-down.

It's a personal development in my trading. Some people would probably shun the idea, but you won't succeed unless you find your own niche.
Many choose unhappiness over uncertainty.
  • #88,008
  • Feb 4, 2011 3:32am Feb 4, 2011 3:32am
Okay, so my H&S breakout worked perfectly.

Now the bear has stalled at old minor support and the 50% fib of move up.

This would now make a great neckline for another H&S, and the formation looks to be crying out for it, especially on the daily.

So

I could stay in and see if it happens
Pro: This could keep me in the massive overall downward move
Con:This could eat my profits if 1.35 fails to resist

I could get out now and use this same point later for a BO South
Pro: This will get me back in on the very strong bear
This would lock in my present profits and keep my risk low on re entry
Con: If price doesn't retrace into another shoulder, I've missed the move

I could get out now and TT short off 1.35, should it get there.
Pro: This would lock in my present profits and keep my risk low on re entry
Con:If price doesn't retrace into another shoulder, I've missed the move

Management:

Go to lower TFs: m15. Look for HLs HHs
m30, h1. Look for PA

Any thoughts?
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  • #88,009
  • Feb 4, 2011 4:01am Feb 4, 2011 4:01am
I went and did a sudoku and came back with a plan.

It may or may not be a very good plan, but if I stick to it I'll be happy either way

The last H4 bar was an IB. I'm going to use a breakout of that as a keep or dump trigger. I'll use a 7 pip buffer on it I think.
  • #88,010
  • Feb 4, 2011 4:03am Feb 4, 2011 4:03am
Quoting madboy
Let the price come to you,don't chase it.
Well,price reached me,let's see if its gonna work.
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  • #88,011
  • Feb 4, 2011 4:14am Feb 4, 2011 4:14am
Quoting madboy
Well,price reached me,let's see if its gonna work.
Good luck Madboy

Keep it tight, that weekly bar has claws not hooves, and the daily closed a little low for my liking.
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  • #88,012
  • Feb 4, 2011 4:26am Feb 4, 2011 4:26am
Quoting Ifmyante
Good luck Madboy

Keep it tight, that weekly bar has claws not hooves, and the daily closed a little low for my liking.
You are right,0.8450 is a very powerful PPZ and the daily closed below it but that confluence was too appealing.
  • #88,013
  • Feb 4, 2011 4:28am Feb 4, 2011 4:28am
Quoting madboy
You are right,0.8450 is a very powerful PPZ and the daily closed below it but that confluence was too appealing.
What'll you do if you hit .85?
  • #88,014
  • Feb 4, 2011 4:46am Feb 4, 2011 4:46am
Quoting Ifmyante
What'll you do if you hit .85?
I'll just wait and see what happens if it get's there,hopefully will slice thru 0.8500 and the 150,365 ma and the area will act as support,if not will just close it.
  • #88,015
  • Feb 4, 2011 4:52am Feb 4, 2011 4:52am
Quoting Patrick.
I find it weird sometimes there are so many people viewing but so few posting charts and asking questions... I will post by F setups and get them torn to shreads so i can LEARN from more experienced J16 traders
For some people its EGO,

They will spend a whole week to find an answer to a simple question instead of asking it and getting things done in 5 mins.

Only because they could say in the END that they did it all by themselves and asked for no help.

Not pointing finger at anyone. ( i am one one of them )

But again it wont hurt if u read first 200 pages and summaries first,.. before asking whats a BRN.
.
  • #88,016
  • Feb 4, 2011 4:53am Feb 4, 2011 4:53am
Quoting DBallerz
jarroo where do ya live? I'd love to take you for a night on the town. This James16 stuff is really growing on me thanks to you and mike and others!


Now to the good stuff...we have a nice BEOB that hight a RN of 1.62. I'm triggering my sell at the low of the BEOB and hoping to carries my to the 1.6 BRN. Thoughts?
Hi DB

This does not fulfil my definition of an BEOB...for me the close of the bar needs to be the same or lower then the low of the previous bar. Also I don't feel comfortable with the 1.61 level. But definitely the 1.6 level is a much stronger PPZ so it may just scream past.

Hope it works out for you but as they say on Dragons Den "I'm out"

SR2
  • #88,017
  • Feb 4, 2011 4:58am Feb 4, 2011 4:58am
Quoting Ifmyante
Surprised? My jaw fell off

I don't remember your exit strategy though. Did you stick to a set of rules?
LOL...yes there were 5 fixed targets

- 35 (was regarded as a standard win)
- 50
- 100
- 200
- 300

It was the 300pips level that was the most profitable on virtually every currency. To me it indicated that as traders we often close trades too early (well I do anyway).

Due to other commitments I have been thinking if I should just trade by setting a target of 300 on every OB? At least over the last 4 years it certainly would have been pretty good
  • #88,018
  • Feb 4, 2011 5:04am Feb 4, 2011 5:04am
Quoting 5.25
Hazaa! Meta Trader on Apple (with Windows 7 and Parallel emulator).

Things are looking very promising... all I need to do now is re-draw my charts!

Enough computer talk, time to find me some 'pipage'.

Thanks for the heads up.
Thanks 5. I will have to give it a try.

You don't have to re-draw your charts. You should be able to copy the directory. e.g if you are moving MT from PC A to PC B:

1) Install MT on PC B
2) Copy entire MT directory from PC A to PC B overwriting whats already there

Has always worked for me. Keeps all my settings, charts, accounts, EAs, etc.

Cheers
  • #88,019
  • Feb 4, 2011 5:57am Feb 4, 2011 5:57am
Buob on the daily,H&S and TL broken violently on 4h,retrace and....see chart.
Might be one scenario...any other?
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  • #88,020
  • Feb 4, 2011 5:57am Feb 4, 2011 5:57am
I really like this massive BUOB on W2. Really Pitbull I think.
However looking at monthly chart that topping tail scares me a bit...

If there was no tail on monthly I would take it for sure.
Now I'm a little hesitant. Any thoughts?
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