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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

  • #93,061
  • Apr 6, 2011 9:39am Apr 6, 2011 9:39am
Quoting Greenhaze
Nice one Mike! Did you put your stop above the beob or lower, above the 5.5400 multihigh at the beginning?
Hey G

Thanks no pips locked in yet so we'll see if it's a nice trade in the end LOL

I always start with my stop above the high of the bar I am trading(or 95% of the time at least). In this case the high of the beob

Best
mike
  • #93,062
  • Apr 6, 2011 9:43am Apr 6, 2011 9:43am
Quoting Shawshank
Hi everyone.

I am a complete and utter fresh fish newbie at all this stuff but have been reading a fair amount on this thread and trying to get my head around everything.

Excuse me if these are really stupid questions but when I'm looking at the charts which are often daily charts I am seeing, for instance, a double high then a low and then a sell.

My questions are:

When you see this and trade on it, I guess it's the million dollar question of when to get in and when to get out but roughly how many pips are you trying for in general?

How...
welcome Shawshank (redemption? great movie)

Spookie gave you the same answers I would.

My advice for now is get through James16 posts specifically and roughly the first few hundred posts here and you will start to get your feet under you. As you read ask questions and we have the most helpful group of people hanging out here.

You can do everything from have trades that last days on a daily chart, to a few hours(what James calls day trading the daily chart).

It's a real simple approach here and always keep that in mind as you work through

Enjoy! I wish I found this stuff as a new trader

Mike
  • #93,063
  • Apr 6, 2011 9:45am Apr 6, 2011 9:45am
Quoting six gun
I am guessing you entered on the pull back to confirm the lower level of the wedge had become resistance.
Did you enter before or after the BEOB was complete.
This is the bar that would have freaked plenty I suspect.

When people look at the trends and charts, especially the longer time frames their eyes tend to filter out the long wicks that went against them, the bars that were against them. Then when you are in the trade you see a big draw down and you start to wonder/worry if you have got it wrong. This is the tricky part. It is like the market...
Hey Six

I entered on the break of the low of the BEOB confirming it. I always enter after the bar is formed and I see the beob and then a simple break of the low. Another fine entry would be a sell at the pullback to the BRN. I just don't trade retraces often.

Take care
Mike
  • #93,064
  • Apr 6, 2011 9:47am Apr 6, 2011 9:47am
Quoting Tap-in
This one is taunting me but I am concerned with the big down bar and the BRN in the way. Probably pass
GOOD TAP IN!

Man this made me smile so big and I am on 2 hours of sleep!


Thank you
Mike
  • #93,065
  • Apr 6, 2011 10:20am Apr 6, 2011 10:20am
Quoting mbqb11
Hey Six

I entered on the break of the low of the BEOB confirming it. I always enter after the bar is formed and I see the beob and then a simple break of the low. Another fine entry would be a sell at the pullback to the BRN. I just don't trade retraces often.

Take care
Mike
That is quite conservative but would save you getting ploughed under if price switched back (as it did) and took you out only to continue on down like you always knew it would.

Less stress and fewer losses.
  • #93,066
  • Apr 6, 2011 10:20am Apr 6, 2011 10:20am
Quoting Ifmyante
Nice one Pat.

Very slight reaction at FTA, but carried on down.

No respect shown for the $ at the moment
It hit my final target, bottom of that channel with 50 % of my position.

However I was in that gbpusd beob as well and got out early with a 0,75 % loss. As it usually do when I get out early it will probably turn around now, so good news for you adilius.

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pat
  • #93,067
  • Apr 6, 2011 10:21am Apr 6, 2011 10:21am
Quoting six gun
That is quite conservative but would save you getting ploughed under if price switched back (as it did) and took you out only to continue on down like you always knew it would.

Less stress and fewer losses.
The entire bar allows me ways to reduce my risk as the trade progresses. I am the opposite of most, instead of looking for how to maximize my gain, I look for how to minimize my losses at this stage in my trading

Best
Mike
  • #93,068
  • Apr 6, 2011 10:58am Apr 6, 2011 10:58am
Quoting mbqb11
GOOD TAP IN!

Man this made me smile so big and I am on 2 hours of sleep!


Thank you
Mike

This made my day. Thanks!
  • #93,069
  • Apr 6, 2011 11:06am Apr 6, 2011 11:06am
Quoting FxPrelude
Same tougts here ...

Ifmy.. you beat me to it
Tut tut. Keep out of the LTFs

It did save on some DD though



If
  • #93,070
  • Apr 6, 2011 11:26am Apr 6, 2011 11:26am
Quoting aserbfx
anyone considering this h4 beob on g/u?
this strong PPZ @ 1.6260 kept me at bay from taking this strong BEOB...
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  • #93,071
  • Apr 6, 2011 11:35am Apr 6, 2011 11:35am
Quoting Ifmyante
Tut tut. Keep out of the LTFs

It did save on some DD though



If
hehe I rarely drop down lower than 4h .. but i tradet lower TFs for allmost a year live and i know if im focused and disciplined i can trade low TFs .
I just droped down to see if there might be some entry signal ... and there it was smal PB with some confluence and in my eyes it was worth the risk .
1st lot allready closed with +40pips 2th at BE
  • #93,072
  • Apr 6, 2011 12:01pm Apr 6, 2011 12:01pm
Quoting FxPrelude
hehe I rarely drop down lower than 4h .. but i tradet lower TFs for allmost a year live and i know if im focused and disciplined i can trade low TFs .
I just droped down to see if there might be some entry signal ... and there it was smal PB with some confluence and in my eyes it was worth the risk .
1st lot allready closed with +40pips 2th at BE
  • #93,073
  • Apr 6, 2011 12:03pm Apr 6, 2011 12:03pm
Would you guys consider this as a breakout if the daily bar today closes above the ppz and brn of .4300? Looking forward to your thoughts. Thanks!
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  • #93,074
  • Apr 6, 2011 12:12pm Apr 6, 2011 12:12pm
I like the story here for a retracement back to at least the white rectangle but the PB is not perfect. Decision time, story vs. imperfect bar.
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  • #93,075
  • Apr 6, 2011 12:19pm Apr 6, 2011 12:19pm
Quoting Tap-in
I like the story here for a retracement back to at least the white rectangle but the PB is not perfect. Decision time, story vs. imperfect bar.
i have two problems with this bar:
1. technically it is not a pb because the close and open is not wihin the previous bar.
2. it closed bearish (close<open) which is of course a bad sign.
that doesn't mean that it will play out, but i would not take it.
hth
meine augen sind die sterne
  • #93,076
  • Edited 12:51pm Apr 6, 2011 12:23pm | Edited 12:51pm
Quoting AvanishDemo
this strong PPZ @ 1.6260 kept me at bay from taking this strong BEOB...
This just made my day.

this really made my day. . .

Good strong BEOB, Swing high, still a pass as it isn't 100%, doesn't get any better than this A,

Given that you're relatively new to the method and still nailing down your ppzs and refraining from lunging onto anything that jumps out... hats off Sir!

you're going to go a looong way man!

Keep at it.



g.
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I believe . . .
  • #93,077
  • Apr 6, 2011 12:27pm Apr 6, 2011 12:27pm
Quoting PipPirate
Would you guys consider this as a breakout if the daily bar today closes above the ppz and brn of .4300? Looking forward to your thoughts. Thanks!
Hi Pippirate,

IMHO, this wont be a breakout.. i would need 3 or more bars stopping at that price level and on the daily we only have a bullish candle.

I would wait for a retracement to the 1.43 and it price holds and we have PA take the trade.

Hope this helps.

Os.
Trade Smart
  • #93,078
  • Apr 6, 2011 12:44pm Apr 6, 2011 12:44pm
Quoting Tap-in
I like the story here for a retracement back to at least the white rectangle but the PB is not perfect. Decision time, story vs. imperfect bar.
Hey Tap in,

Not to be a party pooper but the bar and the looks of it are in fact a part of the story and not the flip side of the coin.

The only thing that is going in favor of the bar and what I presume appeals as 'the story' to you is that its off those prior bar highs which does to some extent validate its existence, but then those highs don't line up nicely at a BRN and there's no other confluence either, but supposing a PPZ that hosts S/R is enough to give you a heads up on the location part, we know that location is just one of the three departments we look into right?

Looking at the huge move down you've got to feel for that tiny pin bar and as Aser mentioned the fact that it couldn't close strong would add to its bad shape.

Again different people look for stories and reasoning behind trades differently but there's no point in breaking up a story and then getting entangled while looking at interconnected and dependent aspects in isolation.

hope this helps.

g.
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I believe . . .
  • #93,079
  • Apr 6, 2011 12:59pm Apr 6, 2011 12:59pm
Quoting aserbfx
i have two problems with this bar:
1. technically it is not a pb because the close and open is not wihin the previous bar.
2. it closed bearish (close<open) which is of course a bad sign.
that doesn't mean that it will play out, but i would not take it.
hth

I agree, that is why it'll be a pass. It may be a good trade and I may take them in the future after getting more confident recognizing a good story.
  • #93,080
  • Apr 6, 2011 1:07pm Apr 6, 2011 1:07pm
Quoting ghous
Hey Tap in,

Not to be a party pooper but the bar and the looks of it are in fact a part of the story and not the flip side of the coin.

The only thing that is going in favor of the bar and what I presume appeals as 'the story' to you is that its off those prior bar highs which does to some extent validate its existence, but then those highs don't line up nicely at a BRN and there's no other confluence either, but supposing a PPZ that hosts S/R is enough to give you a heads up on the location part, we know that location is just one of the...
g, this helps a lot. I read your reply after my posting to Aser. I now get the concept that the "story" is the summation of all parts taken together, not just location.

Thanks again
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