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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

  • #101,081
  • Edited 12:55am Aug 30, 2011 12:31am | Edited 12:55am
Quoting ghous
Hey D,

Nice trade.

Its these spike reversals that probably turn big trends around more than anything else. I see merit in trying to hold on to that one.

I somewhat disagree with your stop placement though. You admit (and its obvious too) that we are heading into resistance. However the story does suggest potential willingness of price to push through 8500 which validates your idea to hold on to the trade a bit longer.

Question is are you really willing to hold on with a stop that tight, knowing that the resistance is strong...
hey G..
Q to u..
would u consider yesterday's IB tradable?
a slightly fat IB though..not a small n compressed one
i was liking the story though PBT n CA 1.04..but managed to skip it.
i wuld prefer watching it.
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  • #101,082
  • Aug 30, 2011 1:15am Aug 30, 2011 1:15am
Quoting mjl
It is a bearish Harami. Needs confirmation for reversal.
Not another one.

Just what are you talking about?
I know what a harami is, that has nothing to do with question, also it is not a harami at all.

A harami, has no wick at all.
The Japanese word harami literally means "All Gut Body" meaning there is no wick.
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  • #101,083
  • Edited 2:08am Aug 30, 2011 1:20am | Edited 2:08am
Quoting Pinbar
Not another one.

Just what are you talking about?
I know what a harami is, that has nothing to do with question.
You mentioned that you were pondering if it was a 2DPB and in my honest opinion it is not but it is a bearish Harami instead.

edit: Stephen Bigalow's book "Candlestick Trading" does not mention that a Harami has no wick - what he is showing has a wick on both bars. However the second bar is an inside bar and the open-close of the second bar is inside the open-close of the first bar.

Peace, no sense in getting acrimonious, we are all here to move forward.
With due respect to all (who might have a different viewpoint).
  • #101,084
  • Aug 30, 2011 2:54am Aug 30, 2011 2:54am
Quoting AvanishDemo
hey G..
Q to u..
would u consider yesterday's IB tradable?
a slightly fat IB though..not a small n compressed one
i was liking the story though PBT n CA 1.04..but managed to skip it.
i wuld prefer watching it.
Yeah that had no appeal for me either. certainly not enough confluence. Add to that the mess we are in and we have a good reason to doubt that setup.

Not to forget IBs tend to be the trickiest of PA setups in a sideways market.



g.
I believe . . .
  • #101,085
  • Aug 30, 2011 3:38am Aug 30, 2011 3:38am
Hi Pinbar,
Ive been battling to follow all the Jmaes16 ,,, your charts on your post 10198 have helped a lot
thanks
  • #101,086
  • Aug 30, 2011 5:35am Aug 30, 2011 5:35am
took this BEOB...which did not hit my entry.

entry was 1.4445...
SL:1.4510
TP:1.4380

though it did not hit my entry but glad that it worked as per the plan.

lets see if it meets 1.4330
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  • #101,087
  • Aug 30, 2011 5:41am Aug 30, 2011 5:41am
Quoting AvanishDemo
took this BEOB...which did not hit my entry.

entry was 1.4445...
SL:1.4510
TP:1.4380

though it did not hit my entry but glad that it worked as per the plan.

lets see if it meets 1.4330
this also looks good to watch
i like this continuation small cute BEOB...good chance it will work.
todays daily bar has broken 1.71 area...continues with BEOB which CB 1.7(on H4)..not a huge fan of BRN but we have 'least' support over there..
amalgamation of Daily n H4 analysis..makes me worth watching.
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  • #101,088
  • Aug 30, 2011 6:54am Aug 30, 2011 6:54am
Quoting mmikemj
Hi Pinbar,
Ive been battling to follow all the Jmaes16 ,,, your charts on your post 10198 have helped a lot
thanks
Glad to hear it.
We are all here to help each other.
  • #101,089
  • Aug 30, 2011 7:15am Aug 30, 2011 7:15am
Quoting ghous
Hey D,

Nice trade.

Its these spike reversals that probably turn big trends around more than anything else. I see merit in trying to hold on to that one.

I somewhat disagree with your stop placement though. You admit (and its obvious too) that we are heading into resistance. However the story does suggest potential willingness of price to push through 8500 which validates your idea to hold on to the trade a bit longer.

Question is are you really willing to hold on with a stop that tight, knowing that the resistance is strong and...
Thanks for coments g....always appreciate your 2 pips. You're right on the s/l placement, it was taken out over night. Here's a little more of my thinking. I put the s/l just below the area I called my second trouble. When I placed the trade I almost put a TP in for that general area...my backtesting tells me I'm pretty consistent at taking full profits at this area. Once price spiked through...and I was actually watching the trade on my iphone, I decided to put the stop in pretty tightly recognizing that there was a probability it would be taken out. However, I decided to risk it in the event price did another surge. I felt like I basically locked profit near my original TP point. I prefer not to take partial profits (haven't tested it a ton really) so once I'm in a decent profit I generally tighten stop considerably with the full position.


That all being said, managing trades is what I struggle with the most - but I continue to work through it. I appreciate all feedback!!!
  • #101,090
  • Aug 30, 2011 7:57am Aug 30, 2011 7:57am
Quoting Pinbar
Hi , Walcott

Sure, here are a few charts.
Hope this helps and remember J16's "This is critical"!

There was a greater probability that this bar was going to hit its FTA than not, we always wish to see the move go further, which was also possible but, we don't want to start hoping that it will, and find ourselves stuck in a trade, wishing we were not in it. That IMHO is what the FTA & "This is critical", is all about. It is one of the greatest tools that J16 bestowed upon us.




http://www.forexfactory.com/showthre...44#post2365944...
Thx you very much for your explanations !
Your weekly analyze is very helpful.

About your entry, I see you choose to enter over the close of the bar before the PB, right ? Or it's about Fibs levels you drow ?

One thing I'm still wondering, where did you put your initial SL. And even as you said, the price had big chances to reach the FTA, did you had a good R/R before FTA was hit and SL put to BE ?

I've the feeling it was a babysitting trade you had to watch closely because of the nature. You bet on the power of attraction to the near and powerful resistance over, nice. I never read price in this angle.

Thx again for your lights, it's very interesting to understand your approach.
  • #101,091
  • Aug 30, 2011 9:29am Aug 30, 2011 9:29am
hey peeps, i sold GBP JPY last night at 126.12 and now up over 120 pips, i already banked some profits at like 50 pips lol, but this really has run now.

So some of the seniors help me with how should i manage the rest of my position. Should i close all out at such a nice profit? or different?
  • #101,092
  • Aug 30, 2011 9:33am Aug 30, 2011 9:33am
Quoting deankenny21
hey peeps, i sold GBP JPY last night at 126.12 and now up over 120 pips, i already banked some profits at like 50 pips lol, but this really has run now.

So some of the seniors help me with how should i manage the rest of my position. Should i close all out at such a nice profit? or different?
Hey Dean

Nice pips

But the real question is, what was you reason for selling. What were your plans with your trade at trouble areas? etc

I know you are looking for more general advice since I know you. The thing is those above questions are very important and going in I try to have a general idea of my plan. IF something just runs that I wasn't looking for it too, then I tend to trail out and look to lock a good amount in. If it runs it runs.

We have arrived at both the BRN(under it) and a crucial swing low now. Very important area.

Best
Mike
  • #101,093
  • Aug 30, 2011 9:40am Aug 30, 2011 9:40am
Quoting mbqb11
Hey Dean

Nice pips

But the real question is, what was you reason for selling. What were your plans with your trade at trouble areas? etc

I know you are looking for more general advice since I know you. The thing is those above questions are very important and going in I try to have a general idea of my plan. IF something just runs that I wasn't looking for it too, then I tend to trail out and look to lock a good amount in. If it runs it runs.

We have arrived at both the BRN(under it) and a crucial swing low now. Very important area....
thanks Mike for the prompt reply, reason for selling was a h4 rejection of a respected down trendline i have, and a nice looking close below a h4 pivot zone. My main aim for first taking of profits was the lows of alot of bars at 125.87ish, not alot of movement but a area i wanted to take some off. next area i was looking at was 125.25, price hit it rejected as expected so moved sl to BE, then BAMN it just broke through it like a bat out of hell in my direction lol. I see some extreme lows at around 124.45 then some other random lows which have all been rejected big in the past. So question i suppose is where shall i now place stop loss. i shall go study and see what i come up with.

Edit - placing my sl at around 125.30 look sensible to you?
  • #101,094
  • Aug 30, 2011 9:43am Aug 30, 2011 9:43am
Quoting deankenny21
thanks Mike for the prompt reply, reason for selling was a h4 rejection of a respected down trendline i have, and a nice looking close below a h4 pivot zone. My main aim for first taking of profits was the lows of alot of bars at 125.87ish, not alot of movement but a area i wanted to take some off. next area i was looking at was 125.25, price hit it rejected as expected so moved sl to BE, then BAMN it just broke through it like a bat out of hell in my direction lol. I see some extreme lows at around 124.45 then some other random lows which have...
These would be the areas of importance to me. Obviously we have been more choppy on this pair so things are not so "neat"

Best
Mike
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  • #101,095
  • Aug 30, 2011 9:49am Aug 30, 2011 9:49am
Quoting mbqb11
These would be the areas of importance to me. Obviously we have been more choppy on this pair so things are not so "neat"

Best
Mike
thank you, im thinking of tightening stop to around 125.30
  • #101,096
  • Aug 30, 2011 10:17am Aug 30, 2011 10:17am
I'd leave at at 126.x or take profit. 125.3 should be tested before 123.5

but you have to hang on just 1.5 days - from 1st, bad news should start pouring again.

or just close; us session will just push eur&gbp up and europe is just closing,
  • #101,097
  • Aug 30, 2011 10:58am Aug 30, 2011 10:58am
Quoting snowly
I'd leave at at 126.x or take profit. 125.3 should be tested before 123.5

but you have to hang on just 1.5 days - from 1st, bad news should start pouring again.

or just close; us session will just push eur&gbp up and europe is just closing,
i took profits in the end, after seeing a pinbar formed on the hour, im happy to rip over 100 pips out the market in one trade when risk was 70 pips on to the next trade
  • #101,098
  • Aug 30, 2011 2:26pm Aug 30, 2011 2:26pm
Not able to post chart (will try tonight) but gbpaud is currently dropping right into major support at 1.5150 to 1.5250. I'm paying special attention to 1.5150 as this is the first time back to a jarroo highest close of resistance.
  • #101,099
  • Aug 30, 2011 3:03pm Aug 30, 2011 3:03pm
Quoting Donkey
Not able to post chart (will try tonight) but gbpaud is currently dropping right into major support at 1.5150 to 1.5250. I'm paying special attention to 1.5150 as this is the first time back to a jarroo highest close of resistance.
very strong downbars. we need a slow down first. otherwise i will give it a pass...
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meine augen sind die sterne
  • #101,100
  • Aug 30, 2011 3:07pm Aug 30, 2011 3:07pm
Quoting aserbfx
very strong downbars. we need a slow down first. otherwise i will give it a pass...
Couldn't agree more...I'll be watching the area for a flip to resistance as much as I will be for a reversal. Would take huge PA to enter long
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