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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

  • #95,741
  • May 27, 2011 7:18am May 27, 2011 7:18am
nice pb above rn with retest ...worked nicely
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  • #95,742
  • May 27, 2011 7:35am May 27, 2011 7:35am
Hey Atc

Nice trade there ....... classic j16 pin off ppz! Whats your target on this one?
  • #95,743
  • May 27, 2011 7:40am May 27, 2011 7:40am
Quoting Kalbar
Hey Atc

Nice trade there ....... classic j16 pin off ppz! Whats your target on this one?
2/3 off 1.4275 next 1.43
  • #95,744
  • May 27, 2011 7:57am May 27, 2011 7:57am
Quoting Atc
2/3 off 1.4275 next 1.43
Hey Atc

Is that your regular strategy 2/3 off at FTA and let 1/3 run/go to 2nd target? Was thinking of trying something similar to this approach and wondered what the results are like, ie does 1/3 position get stopped out a lot at BE?

Thanks

kal
  • #95,745
  • May 27, 2011 8:02am May 27, 2011 8:02am
Zoom this chart out and this level is quite significant (Daily timeframe)

http://2.bp.blogspot.com/-7rxyel6rA0...hm%2Bdaily.png
  • #95,746
  • May 27, 2011 8:30am May 27, 2011 8:30am
Quoting Kalbar
Hey Atc

Is that your regular strategy 2/3 off at FTA and let 1/3 run/go to 2nd target? Was thinking of trying something similar to this approach and wondered what the results are like, ie does 1/3 position get stopped out a lot at BE?

Thanks

kal
Hi Kal,

As I'm sure you know and have read/heard/experienced money management can be very personal/psychological. But to get right to the point and not to be evasive, my MM is discretionary....and can be based on many factors and at times very simple. For example, like James and the seniors here would agree, the FTA against a trend in most cases I would take all off while considering the TF you are trading. Another example, is this trade, I was shooting for the RN(2nd target) but saw price get to it and fail to push( which frequently happens and others have noted here on this thread) that is why I have found to make the target a few pips shy while taking into account the spread of the S/R to increase the likelyood of a fill.

And as far as lots, and moving stops to break even, it varies. I have not a pad answer. Although, I have found moving stops to BE to quickly, if it is a great setup had hurt my trading. But, personally some of us can't handle heat as well as others. As well as, some people are trading such big lots a few pips is alot of money.

Hope this helps.

Bill
  • #95,747
  • May 27, 2011 9:06am May 27, 2011 9:06am
Quoting Atc
Hi Kal,

As I'm sure you know and have read/heard/experienced money management can be very personal/psychological....
Hey bill

Thanks for that detailed answer. I have noticed that a lot of traders here take full profit at FTA when against the trend which in my opinion is a spot on approach. Also making the target a few pips shy of RN etc is good strategy. Alot of good practice in your trading........I have been thinking for a while of taking 2/3 off at FTA then letting 1/3 run. Think i will give this an extended run and see how it goes.

Cheers Bill

Kal
  • #95,748
  • May 27, 2011 9:23am May 27, 2011 9:23am
Quoting crusen
Zoom this chart out and this level is quite significant (Daily timeframe)

http://2.bp.blogspot.com/-7rxyel6rA0...hm%2Bdaily.png
Very nice chart Crusen. Breakout players from below will be adding momentum on that setup.
  • #95,749
  • May 27, 2011 9:59am May 27, 2011 9:59am
Hi,
Just a quick question, would a close on the daily chart above these bar highs create a suitable long position?

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Free speech is an oxymoron
  • #95,750
  • May 27, 2011 10:31am May 27, 2011 10:31am
Quoting Banzaisky
Hi,
Just a quick question, would a close on the daily chart above these bar highs create a suitable long position?

Attachment
I dont know if it would but it sure looks interesting. These are commodity currencies (AUD-gold , CAD - oil). I dont want to complicate it to much but i find those simple correlations very helpfull in my analysis. Cheers
  • #95,751
  • May 27, 2011 11:01am May 27, 2011 11:01am
Yes excellent point Gh, certainly worth bearing in mind, useful comments thank you. will watch what happens. The cad seems weak at the moment similar to the usd and gold bullish which is my basic understanding so should help? Thanks again
Free speech is an oxymoron
  • #95,752
  • May 27, 2011 11:11am May 27, 2011 11:11am
Quoting Banzaisky
Yes excellent point Gh, certainly worth bearing in mind, useful comments thank you. will watch what happens. The cad seems weak at the moment similar to the usd and gold bullish which is my basic understanding so should help? Thanks again
Yep...You got it right. Oil is big part of Canadian export plus US is their biggest trading partner if i am not mistaken hence the strong correlation. Going back to PA ... beside this daily close , we might have weekly close aswell which will add to overall strenght of this setup. Take care and have a good weekend.
  • #95,753
  • May 27, 2011 11:59am May 27, 2011 11:59am
Hey Mike,

I want to ask you for your thought on this. For EUR/AUD, yesterday formed a BEOB and we are seeing a retracement. I waited at the 61.8% retracement on the BEOB which confluenced with 62EMA in the H4 chart and went short around there. I know the conventional way of trading BEOB is at the break but if I recall correctly retracements of certain % of engulfing bars can be traded as well? The reason I traded the retracement is because I see a pennant formation and the trend is still down. In addition, at the entry of 1.3364 and stop above the previous swing high at 1.3432, I have a risk of 66pips as opposed to entering at break of BEOB @ 1.3266 which (I will use the same stop) have risk at 166pips.

Also, the difference between entering at retracement and at break of BEOB is around 98pips. So in essence, entry at the retracement risks 66 pips for an additional gain of 98 pips. The drawdown of this trade is of course the quality of the trade.

Am I overanalyzing this?
  • #95,754
  • May 27, 2011 12:05pm May 27, 2011 12:05pm
Quoting biDc
Hey Mike,

I want to ask you for your thought on this. For EUR/AUD, yesterday formed a BEOB and we are seeing a retracement. I waited at the 61.8% retracement on the BEOB which confluenced with 62EMA in the H4 chart and went short around there. I know the conventional way of trading BEOB is at the break but if I recall correctly retracements of certain % of engulfing bars can be traded as well? The reason I traded the retracement is because I see a pennant formation and the trend is still down. In addition, at the entry of 1.3364 and stop above...
Hey B

Yes you can trade retracements of bars, many do. There is no one better way over the other, they both have advantages and disadvantages.

Advantage of a retrace - bigger position size, smaller stop
disadvantage - trading unconfirmed bar

I do not have a BEOB on my charts, if your chart looks like mine remember we must have a higher high then the previous bars high

Also we are stuck in a box, as you correctly pointed out. Remember traditionally we want a beob at a nice swing high where as this bar is at a swing low in traffic(the box)

Best
Mike
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  • #95,755
  • May 27, 2011 12:18pm May 27, 2011 12:18pm
hey guys!

do you think the break of this beob is still a good short signal?
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  • #95,756
  • May 27, 2011 12:20pm May 27, 2011 12:20pm
Quoting jc.
hey guys!

do you think the break of this beob is still a good short signal?
Hey JC

This bar is at the deepest of swing low points here. Remember to look for these at swing highs when first getting into it. Also another note that a BEOB is not technically a valid beob until that low breaks. Although the trend is strong we still want to be careful with the location of a bar that qualifies as bearish.

Hope that helps
Mike
  • #95,757
  • May 27, 2011 12:29pm May 27, 2011 12:29pm
Quoting mbqb11
Hey JC

This bar is at the deepest of swing low points here. Remember to look for these at swing highs when first getting into it. Also another note that a BEOB is not technically a valid beob until that low breaks. Although the trend is strong we still want to be careful with the location of a bar that qualifies as bearish.

Hope that helps
Mike
it helps a lot.. thank you mike!
  • #95,758
  • May 27, 2011 12:58pm May 27, 2011 12:58pm
Quoting mbqb11
Let's see if this BEOB is the breakout bar

I was finally able to get into my account stick this sell order in

looking good on the breakout + trend + BEOB + VBRN....

easy life.
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Many choose unhappiness over uncertainty.
  • #95,759
  • May 27, 2011 1:41pm May 27, 2011 1:41pm
Quoting mbqb11
Hey B

Yes you can trade retracements of bars, many do....
Ah I see thanks for that. I was under the impression that BEOB has open and close that envelops the open and close of previous bar. I guess I should pay more attention to the wicks as well!

If I recall correctly (I may be wrong) james16 had a few charts where he enters on break of BEOB in a box. I completely agree that taking BEOB at swing highs would be the more conventional approach and I just want to ask you for your opinion on trading BEOB and swing low or BUOB at swing high in a box. I know it may work but I was wondering how would one approach this (trade management wise). Below is the chart where james16 talked about BEOB and BUOB for reference.

http://www.forexfactory.com/showpost...ostcount=11011
  • #95,760
  • May 27, 2011 2:10pm May 27, 2011 2:10pm
Quoting biDc
Ah I see thanks for that. I was under the impression that BEOB has open and close that envelops the open and close of previous bar. I guess I should pay more attention to the wicks as well!

If I recall correctly (I may be wrong) james16 had a few charts where he enters on break of BEOB in a box. I completely agree that taking BEOB at swing highs would be the more conventional approach and I just want to ask you for your opinion on trading BEOB and swing low or BUOB at swing high in a box. I know it may work but I was wondering how would one approach...
Hey B

Yes you are correct bars can really be played everywhere, but they are more tricky as continuations. I always say get them the normal way james teaches before tryign to do too much.

If you notice both those engulf the box they are in . Place your eur/aud next to them and try to notice the difference in position of the outside bars. Also not bar 2 is also at a swing high where we want to see them as well

If you also look at the post above yours Dan posted a BEOB at a swing low. I am in this one too. Depending on the setup is how I manage the trade. There is no one size fits all for me. The more of a breakout the more I tend to trail it out as is the case with the eur/chf above

Best
Mike
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