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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

  • #93,121
  • Apr 7, 2011 6:08am Apr 7, 2011 6:08am
Hi Folks,

Thought I'd post what was probably my only trade of the month (march).

Weekly PB at swing low on the nzd/cad.

It's proven to be quite profitable and has so far done everything expected as taught on this forum (at least that's how I've interpreted it )

Was hoping to get some feedback from anybody here and/or grade my trade and comment where necessary. E.g, do we manage this trade on weekly only, or do we look for negative or positive candles on the daily?

Thank you all. Keep posting, I'm learning heaps!

Tomek
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  • #93,122
  • Apr 7, 2011 6:11am Apr 7, 2011 6:11am
Quoting Adilius07
It was 1.6338 above that left eye.
Well I reviewed the trade very carefully and I see no errors.

It was tradable according to my plan. I had much worse than that that worked perfectly, and I saw others playing weaker ones.

So I just calmly wait for another A+ trade
Hi Adi,

You were shorting it against the strong daily support, day before the interest rate announcement when price often slows down before the central bank decision. I believe most of experienced players here would stay away from this trade.
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  • #93,123
  • Apr 7, 2011 6:36am Apr 7, 2011 6:36am
Quoting 5.25
Hi Folks,

Thought I'd post what was probably my only trade of the month (march).

Weekly PB at swing low on the nzd/cad.

It's proven to be quite profitable and has so far done everything expected as taught on this forum (at least that's how I've interpreted it )

Was hoping to get some feedback from anybody here and/or grade my trade and comment where necessary....
Let that chart be the cover of the book 'How to Trade'
  • #93,124
  • Apr 7, 2011 6:39am Apr 7, 2011 6:39am
Hi Ghous,

Would you call this a playable ipb? Thanks

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pat
  • #93,125
  • Apr 7, 2011 6:54am Apr 7, 2011 6:54am
Quoting 5.25
Hi Folks,

Thought I'd post what was probably my only trade of the month (march).

Weekly PB at swing low on the nzd/cad.

It's proven to be quite profitable and has so far done everything expected as taught on this forum (at least that's how I've interpreted it )

Was hoping to get some feedback from anybody here and/or grade my trade and comment where necessary. E.g, do we manage this trade on weekly only, or do we look for negative or positive candles on the daily?

Thank you all. Keep posting, I'm learning heaps!

Tomek
way to go Tomek nice chart sir

Best
Mike
  • #93,126
  • Apr 7, 2011 7:05am Apr 7, 2011 7:05am
Quoting Ifmyante
Great philosophy Adi

I had a long wait for that left eye level to be reached for my entry.

Please understand that I'm not trying to rub it in.
I just see a big bar and say 'That's got to retrace'.
But if it's an instant runner I'll be waving you off on your winner, left without a position for myself.

Must check the stats on what % of big bars RT
I was also thinking a lot about improving my entries. Like "Let the bar trigger first then enter on 38%", but really don't know if that would be advantagous for me, because this will make sure that I will miss all super hard, fast breakouts but will take all slow, with ret. trades.

Maybe the best way is swithcing to lower TF to see the confirmation for an entry (after ret), but that is really baby-sitting the trade, which I try to avoid. So for now I just take it on the breakout....
  • #93,127
  • Apr 7, 2011 7:06am Apr 7, 2011 7:06am
Quoting Greenhaze
Hi Adi,

You were shorting it against the strong daily support, day before the interest rate announcement when price often slows down before the central bank decision. I believe most of experienced players here would stay away from this trade.
Hi GH, this was the trade. I believe it was A+.

http://www.forexfactory.com/attachme...1&d=1302095348
  • #93,128
  • Apr 7, 2011 7:13am Apr 7, 2011 7:13am
Quoting Adilius07
Hi GH, this was the trade. I believe it was A+.

http://www.forexfactory.com/attachme...1&d=1302095348
I marked the support level as a green line. It was very risky to short it against that level. In order for that to be playable i would like to see that bar close below the green line as a prove of the gbp weakness but it simply worked as break and retest.
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  • #93,129
  • Apr 7, 2011 7:30am Apr 7, 2011 7:30am
Quoting Greenhaze
I marked the support level as a green line. It was very risky to short it against that level. In order for that to be playable i would like to see that bar close below the green line as a prove of the gbp weakness but it simply worked as break and retest.
Why do you think it was support? I mean if you were there BEFORE the trade, you see price freely going above then below then above that line, how many orders are still there do you think? Not many I suspect after so much movement above and below and above....

I truely believe that not all PPZ are equal, because if they are you can put a line anywhere you want on H4 scroll 10 years into past and you will see strong price flips.

That is why I try to give different weight to different price flips, most recent will have the most weight, as I expect orders to still be there... and that frees me of the practice of drawing random line anywhere (usually that is below/above failed setup) and of course seeing a PPZ there somewhere in the past...
  • #93,130
  • Apr 7, 2011 7:37am Apr 7, 2011 7:37am
Quoting mbqb11
way to go Tomek nice chart sir

Best
Mike
Hi Mike
Need to ask you about the concept of space.
Looking at Tomek's chart, i couldn't help notice PPZ at around 0.7275. Also the RN 0.7300 that could have caused trouble. However, this PPZ is TO THE LEFT OF SPACE - does it make it any less important to you?
Does the concept of space mean there should be not any supp/res to the far left of price? Or only to the immediate left?
Could you explain?
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  • #93,131
  • Apr 7, 2011 7:44am Apr 7, 2011 7:44am
This is not J16 but comes from Wayne Jackson's thread. Yes that might be a dodgy name it seems but I read his thread quite some time ago and wondered if this method worked.

Basically it is about trading with a long standing trend. Having a trailing stop loss running behind. When the trend turns it takes you out. You allow the counter trade to continue past and when clear of your take out position you put a new order in which is triggered when the market recommences on the trend.

Saves a draw down and keeps you in the trend. We all know some of the trends in Forex can go on for years.
Does it work or do you end up in a mess, getting taken in and out by minor market fluctuations?

If the bosses would rather this question wasn't here I'm happy to delete the post.
  • #93,132
  • Apr 7, 2011 7:45am Apr 7, 2011 7:45am
Quoting Greenhaze
I marked the support level as a green line. It was very risky to short it against that level. In order for that to be playable i would like to see that bar close below the green line as a prove of the gbp weakness but it simply worked as break and retest.
This is what I mean. I noticed you draw the line on price close, so I have added all flips on close and hi/lo. So the close below the line is not a cure.

And if we scroll left there may be even more flips...
Thinking a lot about all this, for a long time (like soon to be a year) I thought I have to make some PPZ obsolete, eitherwise is just NOT being honest with myself, because knowing of all flips and still take some trades is just cheating lol

So for me this one was a setup with GREAT space for a price to go, A+ which failed, they sometimes fail, like 3% of time

sorry pic is so small can't draw a straight line, so they are like this
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  • #93,133
  • Apr 7, 2011 7:58am Apr 7, 2011 7:58am
Quoting Adilius07
Why do you think it was support? I mean if you were there BEFORE the trade, you see price freely going above then below then above that line, how many orders are still there do you think? Not many I suspect after so much movement above and below and above....

I truely believe that not all PPZ are equal, because if they are you can put a line anywhere you want on H4 scroll 10 years into past and you will see strong price flips....
Orders are not static, they are moving becouse of market sentiment hence sometimes you will see price breaking a strong level without any hesiation but it doesnt mean those levels will not work from the flip side. You shorted against strong momentum where any support might have been good excuse for bulls to enter. This area was very clear to me and i was pretty sure price will react testing it from the upside. On H4 chart it is very clear imo and the last H4 bar high before the break to the upside was good place to expect some support. On the other hand price rarely break hard, day before interest rate anouncement and this alone would keep me out of this trade.
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  • #93,134
  • Apr 7, 2011 8:00am Apr 7, 2011 8:00am
Last one and I will shut up with my stupid trades

This James16 chart is for reference. This is what I try to learn.

If ones draws each price flip and skip trades he will not be able to trade.

We can see, that James himself obviously is not drawing each price flip, he give different weight to each.

If you try (not even hard) you can really skip each of these fine trades!
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  • #93,135
  • Apr 7, 2011 8:01am Apr 7, 2011 8:01am
Quoting Greenhaze
Orders are not static, they are moving becouse of market sentiment hence sometimes you will see price breaking a strong level without any hesiation but it doesnt mean those levels will not work from the flip side. You shorted against strong momentum where any support might have been good excuse for bulls to enter. This area was very clear to me and i was pretty sure price will react testing it from the upside. On H4 chart it is very clear imo and the last H4 bar high before the break to the upside was good place to expect some support. On the other...
I respect your opinion GH, but I have a different one
  • #93,136
  • Apr 7, 2011 8:07am Apr 7, 2011 8:07am
Quoting Adilius07
This is what I mean. I noticed you draw the line on price close, so I have added all flips on close and hi/lo. So the close below the line is not a cure.

And if we scroll left there may be even more flips......
It all comes to the chart time. If you are not able to notice those important levels then you are simply not there yet. All is good when you are able to take a lesson from a losing trade but rigid thinking wont get you far becouse you are dealing in ever changing environment.
  • #93,137
  • Apr 7, 2011 8:12am Apr 7, 2011 8:12am
Quoting Adilius07
I respect your opinion GH, but I have a different one
I just wanted to point out something that is very obvoius to me and thought that it will help you aswell. Well.... There are as much opinions as traders out there......Good luck!
  • #93,138
  • Apr 7, 2011 8:18am Apr 7, 2011 8:18am
Quoting Greenhaze
It all comes to the chart time. If you are not able to notice those important levels then you are simply not there yet. All is good when you are able to take a lesson from a losing trade but rigid thinking wont get you far becouse you are dealing in ever changing environment.

And you are already there, GH? Can you show a good trade BEFORE it happens then?

And also according to your If you are not able to notice those important levels then you are simply not there yet. Please look at the privous chart I posted, James is not there yet? Look at his last trade pinbar, you will skip it for sure right? The PPZ is even more obvious, you see it too, right? Or that chart is really free of PPZ?

Can we be honest and say that some setups like 1% sometimes fail?
  • #93,139
  • Apr 7, 2011 8:18am Apr 7, 2011 8:18am
Quoting Greenhaze
I just wanted to point out something that is very obvoius to me and thought that it will help you aswell. Well.... There are as much opinions as traders out there......Good luck!
GH, the line is not there
That is what I try to explain to you. Good luck to you too my friend
  • #93,140
  • Apr 7, 2011 8:22am Apr 7, 2011 8:22am
Quoting plund
Hi Ghous,

Would you call this a playable ipb? Thanks

Attachment

pat
Yes it was playable Plund.

The shape was just about as good as it gets. I liked the location too. The only reason I passed on it was that it wasn't deep enough into the pull back and still relatively close to the swing low.

Like I said not entirely unplayable but certainly not a setup that gets a tick in every department that I look into for these setups.

Did you take this?



g.
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I believe . . .
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