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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

  • #90,521
  • Mar 1, 2011 9:21pm Mar 1, 2011 9:21pm
Quoting Donkey
EURNZD looks to be in a great spot to watch for PA....
Great find donkey
  • #90,522
  • Mar 1, 2011 9:39pm Mar 1, 2011 9:39pm
Entry 0.75128 Sl 0.75444 TP 0.74344

I am wondering whether I placed my TP too cautiously? Price shot through previous lows whitout any PA around this level. Do you have a min TP or are you using a trailing stop? When do you set your sl to be?

Thank you and happy trading,
David.
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  • #90,523
  • Mar 1, 2011 9:46pm Mar 1, 2011 9:46pm
Quoting Mr Smith
Good area, but that pin is way to small for my tastes at least, woulda luved to see a nice big pin there.
you are right .it is not BIG.but you see, it is not too bad .cheers .
A chart helps those who can read it.
  • #90,524
  • Mar 1, 2011 9:56pm Mar 1, 2011 9:56pm
I NEVER EVER place my SL above or below a PA setup. The placement is calculated (hint: use s/r on a micro level such as single bar highs and lows). This method requires two things.

1. A great entry
2. Get SL to BE at FTA

My intent of this post is to let you know there is a safe and reliable way to have rather tight SLs even on daily charts. Please demo this until you master it before using it on a live account. For example, I took a trade on USD/CAD Daily on 1/18 with a 45 pip SL. Most are not quite quite that tight though.

I will not show how it's done in this thread as it will cause confusion to newer people. PM me if you would like examples. I do require that you did at least some testing with this before I provide examples.

Scott

Quoting Adilius07
Thanks for reply Mike. Many times I see examples like this, where I see that there is a strong level somewhere in between the entry and bar's hi/lo where I can set my SL. Just like in this example you show.

We want to have reduced SL so our TP will have a better RR, otherwise there is no need for it - the stop above the high is still "more safe"....

So for the same reason I was thinking should I make it a common practice - to set my SL behind such levels, like BRN, Left eye, multi bars high like here.... if so even if my TP is the very first...
  • #90,525
  • Mar 1, 2011 10:05pm Mar 1, 2011 10:05pm
Quoting phpscott
I NEVER EVER place my SL above or below a PA setup....

Thank you for reply PhpScott, yes I will test this ideas in real time.

May I ask if this approach was profitable for you?
Are you doing this live and for how long?

When I just started reading this thread the first idea that struck me was this same one, to have a reduced SL behind lef eye or alike. Then through the time (7 months or so) I learned that the Best place is behind setup bar and RR don't matter. Now I will go back and work more on making RR beter, i.e. find ways to reduce SL (like behind left eye). LoL.

That's how it is supposed to be I guess, everyone has it's own learning curve.
  • #90,526
  • Mar 1, 2011 10:21pm Mar 1, 2011 10:21pm
1. Yes, I have been using my SL method for about three years now.
2. Since 2004. Started following this thread in 2005 -- around the same time as Mike I believe. He chose to be much more active is all.

I arrived at my method from hints given by James and months of playing around.

Here's two tips:
1. A single bar high or low is never enough -- but they do not need to be right next to each other.

2. Try doing a fib retracement of the PA setup itself.

Scott

Quoting Adilius07
Thank you for reply PhpScott, yes I will test this ideas in real time.

May I ask if this approach was profitable for you?
Are you doing this live and for how long?

When I just started reading this thread the first idea that struck me was this same one, to have a reduced SL behind lef eye or alike. Then through the time (7 months or so) I learned that the Best place is behind setup bar and RR don't matter. Now I will go back and work more on making RR beter, i.e. find ways to reduce SL (like behind left eye). LoL.

That's how it is supposed...
  • #90,527
  • Mar 1, 2011 10:25pm Mar 1, 2011 10:25pm
Quoting phpscott
1. Yes, I have been using my SL method for about three years now.
2. Since 2004. Started following this thread in 2005 -- around the same time as Mike I believe. He chose to be much more active is all.

I arrived at my method from hints given by James and months of playing around.

Here's two tips:
1. A single bar high or low is never enough -- but they do not need to be right next to each other.

2. Try doing a fib retracement of the PA setup itself.

Scott
Cool, thank you very much Scott, I should have noticed your FF membership start date sorry.

I will spend some time with this ideas. I have saved a lot of charts (as templates) with marked trades on it, I will apply this ideas on them, and will watch how I could play with reduced SL in real time too!

Thanks,
Adilius
  • #90,528
  • Mar 1, 2011 10:26pm Mar 1, 2011 10:26pm
Quoting phpscott
1. Yes, I have been using my SL method for about three years now.
2. Since 2004. Started following this thread in 2005 -- around the same time as Mike I believe. He chose to be much more active is all.

I arrived at my method from hints given by James and months of playing around.

Here's two tips:
1. A single bar high or low is never enough -- but they do not need to be right next to each other.

2. Try doing a fib retracement of the PA setup itself.

Scott
Can you post some charts? I can't really understand what your saying.
  • #90,529
  • Mar 1, 2011 10:32pm Mar 1, 2011 10:32pm
As you dig in deeper and have questions, PM me as I do not want to clutter the thread. This goes for everybody else that demos this as well.

Scott

Quoting Adilius07
Cool, thank you very much Scott, I should have noticed your FF membership start date sorry.

I will spend some time with this ideas. I have saved a lot of charts (as templates) with marked trades on it, I will apply this ideas on them, and will watch how I could play with reduced SL in real time too!

Thanks,
Adilius
  • #90,530
  • Mar 1, 2011 10:34pm Mar 1, 2011 10:34pm
Quoting phpscott
1

Here's two tips:
1. A single bar high or low is never enough -- but they do not need to be right next to each other.

2. Try doing a fib retracement of the PA setup itself.

Scott

I just took the first chart I liked that PB very much. So if I played it my SL is in much better position if set like on the chart below (instead of just behind left eye). Sounds good to me, this way I will test this, thank you!
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  • #90,531
  • Mar 1, 2011 10:35pm Mar 1, 2011 10:35pm
Quoting phpscott
As you dig in deeper and have questions, PM me as I do not want to clutter the thread. This goes for everybody else that demos this as well.

Scott
OK, got it Thank you very much, I will test it first, don't want to bug you with stupid questions at this stage. Thanks!
  • #90,532
  • Mar 1, 2011 10:40pm Mar 1, 2011 10:40pm
My last reply on this... I have not tested this on timeframes under Daily. Does not hurt to demo it though. I trade Daily charts only.

Edit: Saw your chart. You have the right idea.

Scott

Quoting Adilius07
I just took the first chart I liked that PB very much. So if I played it my SL is in much better position if set like on the chart below (instead of just behind left eye). Sounds good to me, this way I will test this, thank you!
  • #90,533
  • Mar 2, 2011 12:05am Mar 2, 2011 12:05am
Gold broke hard thru 1416. It still doesnt look like break of the long-term resistance but momentum is there and i hope not to see close below 1416 . 1500 would be good place for first target.
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  • #90,534
  • Edited 1:07am Mar 2, 2011 12:52am | Edited 1:07am
Closed out the GBP/CHF for 33 pips.

Don't like how it is lingering & I also got in early on the CAD/JPY PB, which looks much better on lower TF right now.

Let's see is this H4 bar closes as a possible continuation BEOB PB type bar & if the 84 holds as resistance.
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  • #90,535
  • Mar 2, 2011 1:32am Mar 2, 2011 1:32am
This may look rather weird on the M30 TF to a lot of people.
But, note how no candle closed below this area on M30 since Feb 28.

EDIT: I just took off half profit and even if this comes back on me and takes me out, I am still at BE+ without moving the stop to BE.
So in effect, I am in that daily PB setup for free.

Let's see how it plays out.
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  • #90,536
  • Mar 2, 2011 1:40am Mar 2, 2011 1:40am
Quoting Pinbar
This may look rather weird on the M30 TF to a lot of people.
But, note how no candle closed below this area on M30 since Feb 28.
lol hello,my friend ,i am agree with you this trade .
A chart helps those who can read it.
  • #90,537
  • Mar 2, 2011 1:42am Mar 2, 2011 1:42am
Quoting geniusztc
lol hello,my friend ,i am agree with you this trade .

Yes, I like the H1 box.

And the four H4 candle lows.

Let's see what it can do.
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  • #90,538
  • Mar 2, 2011 1:48am Mar 2, 2011 1:48am
Quoting menomoo
Comments Welcome


Cheers V
I would not take this one because of the very large bullish bar prior to the pin and also the previous traffic. I am in early days but this does not seem like an A+ IMHO.

KaL
  • #90,539
  • Mar 2, 2011 1:52am Mar 2, 2011 1:52am
Quoting Pinbar
Yes, I like the H1 box.

And the four H4 candle lows.

Let's see what it can do.
and in my chart ,there is a pin bar on the daily chart .good luck
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A chart helps those who can read it.
  • #90,540
  • Mar 2, 2011 2:05am Mar 2, 2011 2:05am
Quoting geniusztc
and in my chart ,there is a pin bar on the daily chart .good luck

I know, that is why I took this entry.
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