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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

  • #96,701
  • Jun 15, 2011 9:03pm Jun 15, 2011 9:03pm
Quoting J.W. Holmes
my/arizona time
Arizona represent!
Many choose unhappiness over uncertainty.
  • #96,702
  • Jun 15, 2011 9:05pm Jun 15, 2011 9:05pm
Quoting CavinK
Friends there,

Always get in trouble on how to set proper SL.
Can anyone share some experience on that, IMHO, S/R shall be some reference for SL or TP. but by setting this way, sometimes the SL would be too big and R/R is very low, any strategy or topic on that?

Thank you very much.
Here are some posts on R:R that you may find a different take on the subject
http://www.forexfactory.com/showthre...46#post3909546

http://www.forexfactory.com/showthre...88#post3909588

Remember just cause you set your stop loss in one spot and your take profit in another doesn't mean they have to be static. I use multiple ways to minimize my risk, as well as James preaches MOVE TO B/E.

Demo the heck out of this stuff to find how you are comfortable. Something will be more comfortable then others depending on your style

Best
Mike
  • #96,703
  • Jun 15, 2011 9:09pm Jun 15, 2011 9:09pm
Quoting Donkey
Hi CK. Did you take the BEOB? It did get a nice hard break back into the recent consolidation. Price could do a lot of stuff now that is in that chop so you would need to protect yourself. If you traded that there are a couple of ways to play it.

1. Take profit quickly (blue rectangle in chart would have been a nice spot).
2. Reduce risk using consolidation area (previous support which is now potential resistance to hide the stop). One way shown on chart.
3. Go to BE.

Will be interesting to watch this one play out.
Hi Donkey,

No, I did not, actually I am still in my demo account, based on yesterday's analysis, looks like the BEOB is too small, some risk there, So I skipped that.
Im still lack of proper risk management method, try to learn more from this case. Thank you, Donkey.
----------------------------- Discipline makes the difference.
  • #96,704
  • Jun 15, 2011 9:13pm Jun 15, 2011 9:13pm
Quoting Dan Gilbert
Arizona represent!
Are you Dan from Gilbert or Dan (last name) Gilbert? If so I live in Gilbert.
  • #96,705
  • Jun 15, 2011 9:19pm Jun 15, 2011 9:19pm
Quoting CavinK
Friends there,

Always get in trouble on how to set proper SL.
Can anyone share some experience on that, IMHO, S/R shall be some reference for SL or TP. but by setting this way, sometimes the SL would be too big and R/R is very low, any strategy or topic on that?

Thank you very much.
Hi CK. The two posts Mike mentioned are a big key to me. The way that Mike teaches (and you will see trades based on the trades he posts for us to review) is to enter on the break of a PA bar with a stop loss above the bar high (short position) or bar low long position. I personally like this method and use it on all live trades, but demo and test other stuff a ton.

The attached shows my last trade using this entry method. It was in May and none in June so far. Green dashed line is entry point, and red dashed is initial stop loss.

The second attachment is where I reduced risk above an obvious S/R area (you see the red dashed line has moved).

I personally don't worry about R:R a whole lot, and using full bar losses gives us the opportunity to reduce risk or cut out altogether if need be.

Hope this helps somewhat.
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  • #96,706
  • Jun 15, 2011 9:27pm Jun 15, 2011 9:27pm
Quoting mbqb11
Here are some posts on R:R that you may find a different take on the subject
http://www.forexfactory.com/showthre...46#post3909546

http://www.forexfactory.com/showthre...88#post3909588

Remember just cause you set your stop loss in one spot and your take profit in another doesn't mean they have to be static. I use multiple ways to minimize my risk, as well as James preaches MOVE TO B/E.

Demo the heck out of this stuff to find how you are comfortable. Something will be more comfortable then others...
Thank you Mike, that's very nice, let me think over it based on that post.
----------------------------- Discipline makes the difference.
  • #96,707
  • Jun 15, 2011 9:43pm Jun 15, 2011 9:43pm
http://ts2.mm.bing.net/images/thumbn...30352b82128fe3

Another Boston Championship....What a sports town
  • #96,708
  • Jun 15, 2011 10:17pm Jun 15, 2011 10:17pm
Quoting Atc
http://ts2.mm.bing.net/images/thumbn...30352b82128fe3...
ok congrats to beantown
  • #96,709
  • Jun 15, 2011 11:14pm Jun 15, 2011 11:14pm
Hi Mike

Your GBPCHF chart is clear and makes it easy to see where price is likely to go.
Thanks for that.

For breakout trades out of these boxes I'm not quite sure yet how to place a proper SL.

Any advice would be very appreciated.

Thanks a lot
Andreas



Quoting mbqb11
Welcome ashag

I could see something like this
  • #96,710
  • Jun 15, 2011 11:31pm Jun 15, 2011 11:31pm
Quoting AndreasF
Hi Mike

Your GBPCHF chart is clear and makes it easy to see where price is likely to go.
Thanks for that.

For breakout trades out of these boxes I'm not quite sure yet how to place a proper SL.

Any advice would be very appreciated.

Thanks a lot
Andreas
Hey Andreas

I use price action bars most of the time with my breakout trades. So when price pulls back my stop loss would be the same as if I was trading any other price action bar.

Hope that helps
Mike
  • #96,711
  • Jun 15, 2011 11:56pm Jun 15, 2011 11:56pm
Thanks a lot, Mike

It is clear now

Cheers
Andreas


Quoting mbqb11
Hey Andreas

I use price action bars most of the time with my breakout trades. So when price pulls back my stop loss would be the same as if I was trading any other price action bar.

Hope that helps
Mike
  • #96,712
  • Jun 16, 2011 12:01am Jun 16, 2011 12:01am
Quoting mrhb30jr
hi mbqb11,

Need your advise on GU
is the old support valid turn be the resistance
just check to the weekly chart still have the room to continue moving down...


Thanks & Rgds, ..
nice charts mrhb, . if we get a new low today i wouldnt be suprised to see 1.60 by friday, i think breaking that lower TL on g/u will be quite significant...???. and lower prices thereafter...1.5700 even 1.5000...??? anyway i dont see much upside for the time being. i have the same view on euro, 1.30 or even 1.20 might well be on the cards longer term...???
just my view

jon
PATIENCE... DISCIPLINE
  • #96,713
  • Jun 16, 2011 12:17am Jun 16, 2011 12:17am
this is proof mike was raised right but he took a shot of whiskey right after he posted that.




Quoting mbqb11
ok congrats to beantown
  • #96,714
  • Jun 16, 2011 12:19am Jun 16, 2011 12:19am
chart
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  • #96,715
  • Jun 16, 2011 12:24am Jun 16, 2011 12:24am
Quoting g_j_hook@yah
nice charts mrhb, . if we get a new low today i wouldnt be suprised to see 1.60 by friday, i think breaking that lower TL on g/u will be quite significant...???. and lower prices thereafter...1.5700 even 1.5000...??? anyway i dont see much upside for the time being. i have the same view on euro, 1.30 or even 1.20 might well be on the cards longer term...???
just my view

jon
hi jon,

EU i have been pointing the lower to be at 1.3940 ~ 1.3865 in the range of the lower for this EU, But for the GU I just pointing 1.5950 due the rising TL in weekly around 1.5950 is the crucial line if the closing of the weekly candle below of this so we will see, 1.57 ~1.5xx

Cheers
Maxy
  • #96,716
  • Jun 16, 2011 12:36am Jun 16, 2011 12:36am
USDCAD .... D1 TF Bullish out site bar

waiting to fly .......
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  • #96,717
  • Jun 16, 2011 1:17am Jun 16, 2011 1:17am
CHART

Quoting james16
what i like about that bar is its a retrace of the big bearish outside bar from 5/1.

i think youll see 3450-3400 (bar highs from 5/8-5/15-5/22) before that outside bar gets broke to the topside.

thats NOT a trade recommendation.

demo it and see what happens.

did you notice it was a retrace of that big outside bar?

after a year or so it will jump off the chart at you.
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  • #96,718
  • Jun 16, 2011 1:24am Jun 16, 2011 1:24am
let's see how this current daily candle closes.
Would like to have seen it get rejected off of the 150 EMA though.
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  • #96,719
  • Jun 16, 2011 1:29am Jun 16, 2011 1:29am
Quoting james16
CHART
yeah, I am still in it off of the daily BEOB, at BE+ with lots of profit already off the table.
The weekly PB got my initial attention and the daily BEOB was the icing on the cake.

What a nice feeling to still be in this position & not worried about it.

All due to J16 and his merry men.

Thanks for being so giving of yourself Jim and gang.
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  • #96,720
  • Jun 16, 2011 2:01am Jun 16, 2011 2:01am
Quoting mrhb30jr
hi jon,

EU i have been pointing the lower to be at 1.3940 ~ 1.3865 in the range of the lower for this EU, But for the GU I just pointing 1.5950 due the rising TL in weekly around 1.5950 is the crucial line if the closing of the weekly candle below of this so we will see, 1.57 ~1.5xx

Cheers
Maxy
not sure what line you have at 1.5950.? heres what i have.
lets see what today brings...

jon
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PATIENCE... DISCIPLINE
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