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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

  • #88,361
  • Feb 8, 2011 7:47am Feb 8, 2011 7:47am
Quoting xmzhang
Just to be clear, I didn't take this trade, I was following the setup after Asefbx posted it, but I didn't get a buy PA according to my entry strategy. I ALWAYS enter on a pullback of a setup to some keylevel (PPZ, RNB etc..) and look for a buy/sell PA here on the lower TF. My SL is then based on the lower TF were I enter, because my entry is triggered @ a pullback and on a lower TF, my SL is much smaller compared to entering on a break of the setup and a SL above or below that setup. It all depends on the quality of the keylevel at which price...
Oh ok, got it. Well this would be little too advanced for me...
Thanks for the clarification!
  • #88,362
  • Feb 8, 2011 7:48am Feb 8, 2011 7:48am
Quoting 4FXsake
Great cake, Ifmyante!

Although I was wondering if the candles should be showing more support?
LoL

I was hoping to make it look shop bought
  • #88,363
  • Feb 8, 2011 7:58am Feb 8, 2011 7:58am
Quoting aserbfx
i am not in the us, but i trade a lot of us-stocks and the dow-future.
i am trading with IB. imho they are cheap and reliable. i like the idea to trade stocks, futures and fx in one single account. i use their charts on occasion. they are not great but ok.
hth
Thank you aserbfx!

As a US citizen, I am unable to trade CFD's.

I have done some research on IB, by looking at their site. I am impressed with them as a Broker (they seem reliable, trustworthy, and they are probably the cheapest in the business for spreads).

So they do have some charting, and I am sure it is good enough for P/A on the Daily and Weekly time frames.

Who else do you use for charting Stocks? Do you use Ninja Trader for charting as well, or just maybe FXPro?
  • #88,364
  • Feb 8, 2011 8:02am Feb 8, 2011 8:02am
look into MB trading
Quoting unlv_tj
Thank you aserbfx!

As a US citizen, I am unable to trade CFD's.

I have done some research on IB, by looking at their site. I am impressed with them as a Broker (they seem reliable, trustworthy, and they are probably the cheapest in the business for spreads).

So they do have some charting, and I am sure it is good enough for P/A on the Daily and Weekly time frames.

Who else do you use for charting Stocks? Do you use Ninja Trader for charting as well, or just maybe FXPro?
  • #88,365
  • Feb 8, 2011 8:11am Feb 8, 2011 8:11am
Quoting snooptym
Mike would you say that you only look for these obvious area's when trading. Do you ever enter a trade when the price flip isn't quite so obvious yet it's still there just hard to see? Or are these the levels that A+ trades are found at?
Hey Snoopy

I am still flexible to the situation, but the more obvious a bar/location/story is the happier and easier it is for me. But you can't always quite fit everything so perfect. Or I suppose you could and even I could become more picky myself

Best
Mike
  • #88,366
  • Feb 8, 2011 8:17am Feb 8, 2011 8:17am
Quoting xmzhang
Just to be clear, I didn't take this trade, I was following the setup after Asefbx posted it, but I didn't get a buy PA according to my entry strategy. I ALWAYS enter on a pullback of a setup to some keylevel (PPZ, RNB etc..) and look for a buy/sell PA here on the lower TF. My SL is then based on the lower TF were I enter, because my entry is triggered @ a pullback and on a lower TF, my SL is much smaller compared to entering on a break of the setup and a SL above or below that setup. This way I'am able to cover my initial risk quickly should price...
when you place an order do you add the spread and a buffer?
  • #88,367
  • Feb 8, 2011 8:36am Feb 8, 2011 8:36am
Quoting Patrick.
look into MB trading
I have heard about them, I was thinking they were just offering CFD's, I guess not.

Is their charting package pretty good?
  • #88,368
  • Feb 8, 2011 8:42am Feb 8, 2011 8:42am
Quoting unlv_tj
Thank you aserbfx!

As a US citizen, I am unable to trade CFD's.

I have done some research on IB, by looking at their site. I am impressed with them as a Broker (they seem reliable, trustworthy, and they are probably the cheapest in the business for spreads).

So they do have some charting, and I am sure it is good enough for P/A on the Daily and Weekly time frames.

Who else do you use for charting Stocks? Do you use Ninja Trader for charting as well, or just maybe FXPro?
yes, they got weekly and daily charts.
i personally prefer gci (mt4) and freestockcharts (for complete s&p).
meine augen sind die sterne
  • #88,369
  • Feb 8, 2011 8:45am Feb 8, 2011 8:45am
Quoting unlv_tj
I have heard about them, I was thinking they were just offering CFD's, I guess not.

Is their charting package pretty good?
I think their charting can get the job done, there is a learning curve but once you get through it its all dandy from there.

Pat
  • #88,370
  • Feb 8, 2011 8:46am Feb 8, 2011 8:46am
Quoting aserbfx
yes!
good trade. 55.00 eur at the moment. i will take full profit here.
+3,80 %.
I tooked the same one + i took the Heidel stock
Attached Image (click to enlarge)
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  • #88,371
  • Feb 8, 2011 8:50am Feb 8, 2011 8:50am
Quoting john225
I tooked the same one + i took the Heidel stock

are you still in?
meine augen sind die sterne
  • #88,372
  • Feb 8, 2011 9:10am Feb 8, 2011 9:10am
Quoting aserbfx

are you still in?
After the candle closed yesterday i moved my SL to BE then i came back from school and saw that my SL nearly hit and moved back upwards than i exited about 30 mins ago ;-)
  • #88,373
  • Feb 8, 2011 9:20am Feb 8, 2011 9:20am
Hello Everyone,

Happy Belated Birthday Ifmyante, hope you had a good day.

I'm short on cable. I have set my take profit to 1.6. I cannot work out when to exit a trade as I always leave too early or will leave with only a few pips but could have made a huge profit if I exited early. Could someone please help me with an exit strategy?
Attached Image (click to enlarge)
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  • #88,374
  • Feb 8, 2011 9:49am Feb 8, 2011 9:49am
Quoting sammy31
Hello Everyone,

Happy Belated Birthday Ifmyante, hope you had a good day.

I'm short on cable. I have set my take profit to 1.6. I cannot work out when to exit a trade as I always leave too early or will leave with only a few pips but could have made a huge profit if I exited early. Could someone please help me with an exit strategy?
Hey Sammy,

It all comes down to being logical and rational in your own personal way.

I am not going to go ahead and comment on what you should do but I can ask a few questions that should help you decipher the answers yourself, reason being that J16 is a method and not a system with entry exit rules set in stone.

The bar itself was not impressive at all, but let's not get into that for now and stay on topic.

What you basically have is price sitting at a tremendously proven area of former resistance. We know from our knowledge of price action, that such areas will often turn into tremendous support.

What should you do from here? Well, are you willing to see the trade go in the red should price (not surprisingly) find support near/at the 1.6? If the answer's a yes you go ahead and decide what kind of a loss would you be willing to live with, a full bar one, a half bar one, or some other categorization. If th answer's a no, you go ahead with a different set of questions. Should you book partial profits and move the rest to BE? Take half off at the FTA and leave the other half in the red such that if it hits you get out with a net BE? Or should you just take full profit at the FTA?

Every question listed above is a trade management strategy in itself. Start digging yourself for the style that suits you best. The best thing to do is to ask a question and then knit questions from the answer to the first (like I displayed in the above example)

Trade management is an area that is mastered more from retrospection, experience, number of trades and chart time than getting a straight forward answer from someone or merely copying a method that works for someone else. Since its an area that gets directly linked with psychology and mindset its bound to vary from trader to trader.

hope this helps.

g.
I believe . . .
  • #88,375
  • Feb 8, 2011 10:02am Feb 8, 2011 10:02am
Hi Sammy

well done on another winning trade
Not only did you lock in a profit, but I believe the trade has helped you fine tune your strategy.

I had a great day, thanks. Who doesn't love a feast and a party from time to time?
  • #88,376
  • Feb 8, 2011 10:07am Feb 8, 2011 10:07am
Thanks Ghous,

You have made me laugh, what a good response.

I was stopped out 14 pips positive but could have got 43 pips. That's how we learn.


Quoting ghous
Hey Sammy,

It all comes down to being logical and rational in your own personal way.

I am not going to go ahead and comment on what you should do but I can ask a few questions that should help you decipher the answers yourself, reason being that J16 is a method and not a system with entry exit rules set in stone.

The bar itself was not impressive at all, but let's not get into that for now and stay on topic.

What you basically have is price sitting at a tremendously proven area of former resistance. We know from our knowledge of price action,...
  • #88,377
  • Feb 8, 2011 10:22am Feb 8, 2011 10:22am
Quoting Ifmyante
Very good trade

I don't have the chart to see how it got there, but from your earlier post, it looks like you made a great exit too
here you go...
Attached Image (click to enlarge)
Click to Enlarge Name: dai5.gif Size: 33 KB
meine augen sind die sterne
  • #88,378
  • Feb 8, 2011 10:27am Feb 8, 2011 10:27am
Quoting aserbfx
here you go...
Thanks mate. It's nice to be riding bars like those
  • #88,379
  • Feb 8, 2011 10:43am Feb 8, 2011 10:43am
Quoting Ifmyante
Happy Birthday Lallous.

Hope you like chart cake
Thank you Ifmyante !
It surely looks delicious
  • #88,380
  • Feb 8, 2011 10:48am Feb 8, 2011 10:48am
Quoting aserbfx
yes, they got weekly and daily charts.
i personally prefer gci (mt4) and freestockcharts (for complete s&p).
bullsh#t. ib doesn't have weekly charts. just checked. or at least i didn't find them...
meine augen sind die sterne
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