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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

  • #99,401
  • Jul 27, 2011 8:56pm Jul 27, 2011 8:56pm
Price broke and retest. See if PA will develop here
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  • #99,402
  • Jul 27, 2011 9:42pm Jul 27, 2011 9:42pm
Quoting Adilius07
...
Ok, my whole point is this, if we skip trades like this (PB setups) on daily chart how many trades per decade we will have for a pair?
So I think this is a MUST TAKE SETUP for every one!!!
it's normal & better to skip trades
losses are normal too but it's better we avoid&reduce them in anyway we can

'i should take this trade because if i dont i am not trading enough of this pair'
it's illogical to think this way. (& painful, emotionally & financially, in the end)

for new/newer traders, u should always remember:
"quality versus quantity"
"it's better to be out of a trade wishing you were in than be in a trade wishing you were out"
trading is a serious business, it's not a job/work. u are not compelled/required to 'work' or trade daily/frequently/more than u need to, unlike in an employment situation where u are compelled to work/go to office/'do your 'job' daily.

u dont have to believe me, (your) experience will shed some light.
  • #99,403
  • Jul 27, 2011 9:52pm Jul 27, 2011 9:52pm
any feedback on the chart i posted in 99417 post number, thanks.
  • #99,404
  • Jul 27, 2011 10:04pm Jul 27, 2011 10:04pm
Quoting deankenny21
any feedback on the chart i posted in 99417 post number, thanks.
hey it's pretty early in the UK, isn't it?
im not a touch trader... just my view:

price is quite far away now, so anything can happen when/if price revisits 1.3100 area. (i think it's possible we'll revisit 1.3100 tomorrow the soonest, more likely next week)
i think it would be better if there was another S/R 'confluence' aside from 1.3100, & if price didnt drift too far away immediately after 1.3100 broke (break & retest, as opposed to break & drop).
  • #99,405
  • Jul 28, 2011 12:27am Jul 28, 2011 12:27am
Triple top and divergence. Let's see if this pin breaks
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  • #99,406
  • Jul 28, 2011 2:04am Jul 28, 2011 2:04am
Quoting mbqb11
BINGO

See how consolidated price has been on the euro. I personally will assume this action until proven otherwise. So you HAVE to be aware of those areas if you do trade it. Or you stay out until the situation aligns that you are comfortable with

Best
Mike
So a nice BUOB that tests 1.43 and closes 1.455 or so for continuation!
  • #99,407
  • Jul 28, 2011 3:16am Jul 28, 2011 3:16am
Quoting biDc
Triple top and divergence. Let's see if this pin breaks
Hi,

I also took this trade. Actually retrace of PB @ 97.24.
But this huge up trend kills me so i decided to quit @ 97.18
W Szczebrzeszynie chrząszcz brzmi w trzcinie
  • #99,408
  • Jul 28, 2011 3:17am Jul 28, 2011 3:17am
Quoting biDc
Triple top and divergence. Let's see if this pin breaks
Awesome play biDc!
The biggest massive divergence I have ever seen!!!
  • #99,409
  • Jul 28, 2011 3:21am Jul 28, 2011 3:21am
Quoting supremeChaos
it's normal & better to skip trades
losses are normal too but it's better we avoid&reduce them in anyway we can

'i should take this trade because if i dont i am not trading enough of this pair'
it's illogical to think this way. (& painful, emotionally & financially, in the end)

for new/newer traders, u should always remember:
"quality versus quantity"
"it's better to be out of a trade wishing you were in than [font=TimesNewRomanPS][font=TimesNewRomanPS]be in a trade wishing...
Hi SC,

I understand what you are saying, but that is not what I mean. My point was that IF we see an A+ setup which has the highest odds of hitting its target and we SKIP it - that's just not the way to do it. They happen so rare, so each time there is a perfect setup one must take it.

Of course there is no such thing as must in trading, one may not even trade at all, or never open a live account or whatever... it's a personal choice imho
  • #99,410
  • Jul 28, 2011 3:35am Jul 28, 2011 3:35am
Quoting gungriffin
hey there partner.

I hope that you did what YOU believed to be correct based on what you felt at the time. This was actually a pair that we discussed fairly in depth a few pages back. It was an easy pass for me. I will go back and find the post that I put up with regards to this pair. I just do not see this as being A+. Being picky DOES mean skipping it no matter how many times a PB will appear in the last decade. Do not make the mistake of making a bad trade good through justification. This is just what my thoughts are. At best I don't see this...

Hi Ryan, thanks for your post! Yes of course I saw that box too. And they are part of my plan, so if there is a box I put one more + sign for the setup. Target is a lower boundary of the box (I wish).
FTA is the middle line you show (I rounded it to 96.50).
  • #99,411
  • Jul 28, 2011 3:48am Jul 28, 2011 3:48am
Quoting Chelski
So a nice BUOB that tests 1.43 and closes 1.455 or so for continuation!
...or down to 4h and DBLHC off good resistance? (Would need a higher close for me though!)
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  • #99,412
  • Jul 28, 2011 4:08am Jul 28, 2011 4:08am
Quoting morph
...or down to 4h and DBLHC off good resistance? (Would need a higher close for me though!)
hi buddy ,

The close is the actual problem it shud have been a bit higher the trendline resistance is not letting it move up .

close above this wud have been a good trade
  • #99,413
  • Jul 28, 2011 4:13am Jul 28, 2011 4:13am
Possibility?...

Quoting morph
...or down to 4h and DBLHC off good resistance? (Would need a higher close for me though!)
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  • #99,414
  • Jul 28, 2011 5:02am Jul 28, 2011 5:02am
+ S/R rejection @1.0490
+ BRN rejection @1.0500
+ swing high

- big up trend
- relatively small pin (but IMO in good location)

What do you think guys?
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W Szczebrzeszynie chrząszcz brzmi w trzcinie
  • #99,415
  • Jul 28, 2011 5:14am Jul 28, 2011 5:14am
Quoting ppfx
one BO+PB after another

Attachment Attachment
...and it did exactly what it was supposed to do. A little pinbar formed in the PPZ of the all time top and we go down again

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  • #99,416
  • Jul 28, 2011 5:25am Jul 28, 2011 5:25am
  •  Atom
  • | Joined Jul 2010 | Status: An atom..no more..probably less! | 44 Posts
Quoting Atom
Hi everybody,
There is an I4b on Eurchf daily (yesterday's candle). if price closed below 1.1500 I think a short trade (with trend) would be valid with 1.1420 target.

What do you think? appreciate your opinions.
Well, I took a short trade @ 1.1495 and closed @1.1430 (1% gain). I know R/R was not optimal, but probability was high IMO. What do you think guys? Was it too agressive?
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  • #99,417
  • Jul 28, 2011 6:15am Jul 28, 2011 6:15am
Hello,

I took my first trade yesterday using this method. However, I did learn that I entered too early. However, it worked out for me and I am up 67 pips!! (Thank you James!)

Now the big question. When do I exit?

EURUSD D1
Attached Image


Thanks!
  • #99,418
  • Jul 28, 2011 7:05am Jul 28, 2011 7:05am
Quoting supremeChaos
trading is a serious business, it's not a job/work. u are not compelled/required to 'work' or trade daily/frequently/more than u need to, unlike in an employment situation where u are compelled to work/go to office/'do your 'job' daily.

u dont have to believe me, (your) experience will shed some light.
Couldn't agree with you more.Excellent post. This is my first month trading with James PA method. I had excellent 2 weeks. But suddenly this week was bizzare. Lost what I had earned last week. Reason- I had to do something. I took trades and literally forcing myself to take it. When I look back at them, I wouldn't have even considered them. The emotion which I had controlled for last 2 weeks with excellent results won over me.
Its very difficult to stay quite in a room and do nothing.
I will have to constantly remind myself this everyday for a while till I get used to it.
  • #99,419
  • Jul 28, 2011 7:20am Jul 28, 2011 7:20am
Quoting vbmark
Hello,

I took my first trade yesterday using this method. However, I did learn that I entered too early. However, it worked out for me and I am up 67 pips!! (Thank you James!)

Now the big question. When do I exit?

EURUSD D1
Attachment

Thanks!
vbmark, Since you have taken this on Daily Tf, I would urge you to consider it managing on that time frame unless there are exceptional circumtances.

Also, have your trouble areas and potential exit stratergy in mind. Because once you are in the trade, you loose half of your common sense. Fyi, My first trouble area for this trade is 1.4250 and I am going to put mystop to b/e once this area is hit. My exit stratergy is trail by 2 bar exit as there seem to be momentum in this trade and I want to get as many pips out as possible. I can potentially see this going to 1.4
Trading is a test match not a Twenty20.
  • #99,420
  • Jul 28, 2011 7:27am Jul 28, 2011 7:27am
Quoting decentchap
once you are in the trade, you loose half of your common sense.
Wow, that is a great line

Quoting decentchap
My first trouble area for this trade is 1.4250
Is it because it is one of those special numbers ending in 00 or 50?

Quoting decentchap
I can potentially see this going to 1.4
Why did you choose this point?

Thank you very much for your reply!
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