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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

  • #102,081
  • Sep 22, 2011 1:46am Sep 22, 2011 1:46am
Good morning traders

Thanks for the comments Jim and Mike - muchly appreciated

I just bought the USD - CHF on demo

I had been waiting for this trade for a while and now it could take off (or equally die )

Entry (at the market) 0.9034
SL Just below PPZ at 0.8916 (similar to Donkey's)

It may reverse to the 0.8928 PPZ which following a 120 pip breakout is totally normal but Ill wait to see how traders in London see it.

The fact we didnt get a reaction from the VBRN 0.90000 is suspicious so maybe the 9050 or 91 will cause problems.

Another trade I am looking at is the GBP-USD - Retrace PA off 1.55 could be interesting esp. on the 4HR.

Have a good one

Anthony
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  • #102,082
  • Sep 22, 2011 1:53am Sep 22, 2011 1:53am
Quoting TheFutureAce
Hello,

I have been trading forex for 3 years. I came to this thread when I joined but then I quickly got sucked into the "Trading Systems" section and all the downfall begin. I blew up 3 accounts. Made $$$$ only to lose $$$$ all of them and some more.

Now I am here and my goal now is to stay with this method for 6 months and then see the results.

I am only planning to trade the daily timeframe in demo mode for 3 months only trading PA at SR.

Sticking to this thread and Creating a trading plan is my goal right now.

I will update when...
Welcome! I promise that if you are ready to stick with it you are in the right place. We are all here to help and look forward to seeing you around more.

Ryan
  • #102,083
  • Sep 22, 2011 1:59am Sep 22, 2011 1:59am
Quoting fascist
He did say you can enter on retracement if you're game enough.
Hi Fascist,
we should study when to enter on a retrace and when it should be on the break of PB. In this case an entry at break of PB would have been better, as the PB was formed after a strong bullish move over the last couple of days. To reduce your SL you can place the SL just above the 76.4% retracement when entering on a clean break of PB. I also enter on retrace but in this case my Sell Stop was placed 15 pips below the PB low. This saved my bacon as they say....

Cheers
Novice198
  • #102,084
  • Edited 2:47am Sep 22, 2011 2:25am | Edited 2:47am
Quoting infx34
thanks for the answer pinbar i have also refferred your links of J16 terminology but i am in between of the thread thats i have to study all the threads and i am filtering the ones that i dont want... i want to learn price action setup .... and inside bar and the strategies many known to me and some more want to know .. knowledge never ends.... any particular thread or post on this ....
hello infx34,
if u let us know which threads u are following & what u want, then i can give a little opinion about which to read or not read as i've read around FF quite a bit since i joined.


Hello & welcome to TheFutureAce too


Quoting Donkey
Thanks PB...this means a lot. There are some great teachers here, we just have to approach it with an open mind and listen....and learn. I was very fortunate to find this thread early, before I developed any seriously bad habits (bad trading habits any way ).
oh man, u are so VERY lucky (financially & psychologically). i ENVY u (& others like u)
i hope u keep it up. u are 1 of several fast learners here & i enjoy your posts/charts

Quoting gasgas
So this OB looks good to me, it looks good even on daily and weekly shows good space till 100.00. Only thing bothers me is its NOT at swing high, so playing it like a break out i guess. ...
Hello gasgas,
it's a bit late to reply now as price has moved...
if we look at Daily to Monthly charts, price is at all time low, & there are no possible roadblocks below except possible BOJ intervention.
so u have to keep that in mind if u did take a trade here.
Quoting sf73
I place my sell order 10 pips below body engulf body bar.
hello sf73,
looking closely this is not an Engulfing bar. please review the PA setups.
also, if u were to take this, trouble is immediately below at 0.8700-30
  • #102,085
  • Sep 22, 2011 2:57am Sep 22, 2011 2:57am
Quoting mbqb11
I reduce my risk greatly on touch trades. Because the ones that work make up for it greatly in the reward they tend to offer. For me currently live I trade my touches at .25% risk as compared to 2% risk on a PA bar which allows for more flexibility in reducing your risk. It may be something that helps you

Best
Mike
Hi Mike,

Yes I agree with your method of reducing the position size for such trades. Ofcourse, this does not translate into a small risk and people should be aware of same.

Cheers
novice
  • #102,086
  • Edited 3:11am Sep 22, 2011 3:01am | Edited 3:11am
confluence galore; but even fan of touch trading like me would wait for a PA confirmation given the circumstances(the blue trendline is ~.998 - but then the blue one is way too steep for my taste, especially given it's daily; the red ~ 0.9995).

wanted to use this to hedge some of my positions, but just balked out in the 1st attempt at 1. Watchin' for possible signal to reenter(on the other hand, 1 was always crap as support - most were stopped ~.99 - .995).
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  • #102,087
  • Sep 22, 2011 3:14am Sep 22, 2011 3:14am
Hey SupremeChaos tnx for replay.Ya i did took it, all good now, in about +60 and already BE so free ride whatever happens . Thank you for heads up. I always like to be BE if BOJ kicks in lol.
  • #102,088
  • Sep 22, 2011 3:17am Sep 22, 2011 3:17am
Quoting jarroo
Hey novice, trading pure S/R levels can be a very rewarding and easy to do. The one way that James16 teaches is that trading this type of Touch Trade methodology is that S/R levels have to have some additional confluence that lines up with these level.

He teaches first and formost to have PA at these level for even more confirmation and/or confluence .

Also, S/L percentage can be fixed but you don't have to use all of it . .

Nothing wrong with a larger S/L level and get out early if price doesn't react the why it should at these level....
Hi Jaroo,
Thanks for the explantion from your perspective. My perspective is that once a trade has completed we can always rationalise / justify as we want it depending upon the result. (the human brain is wonderful at rationalising actions of the past).

However, posting a (Touch) trade which we could have taken is not the done thing. If it was so obvious, how come all the traders on this forum missed it. I didn't see anyone posting this trade. For that matter, I didn't see any post showing the area to look for PA for a short trade. (maybe someone did short it there, who knows).
Before, anyone jumps up to whack me, let me reiterate, that I fully belive in this system and all I am saying is that lets post charts where we show the areas to watch for where PA may give us some clues, rather than post charts saying that if anyone had taken this trade then he would be siting on a pile by now.

Hi Jim, no offence meant just take in the right spirit.

I know that some of you are consistent traders and the whole idea of participating in this thread and in the PF is to learn a thing or two from the successful traders.

Trust the above clarifies.
Cheers,
Novice198
  • #102,089
  • Edited 4:14am Sep 22, 2011 3:22am | Edited 4:14am
Wow.... Looks to be more of the same right now as we got durring US session yesterday. There were so many choices in the end. Not too many of them were at swing highs/lows which was a bummer. All in all it looks like if you made just about any selection in favor of USD you are in the black right now.

Will be looking to several of these for some possible reactions at the s/r lines. EURUSD was the biggest one that I will look for a reaction at. I liked the formation of that bar about the best, but was just not willing to play that one into the 1.35 BRN.

Was still considering what I wanted to trade based on reactions at areas when most all of them just took off. The best plays that I saw for today in my opinion included USDCHF, NZDUSD and CHFJPY. I had already placed a trade for CHFJPY at the after giving it some thought. Thought about USDCHF, but I just was not so in love with the close and then it bounced right up NZDUSD was the one that I liked as well, but because of the old swing low and other lows was looking for an entry on the 4hr. Just wanted to see on a lower TF how it was going to react to that strong s/r & BRN area that it was at. Oh well it is off to the races... So onto the one that I did toss a trade up on. CHFJPY- liked this one best.

Liked:
-Breakthrough at what I would consider to be a very strong PPZ (85.00)
-Looked to be reacting off of a s/r area at about 87.00
-Strong downtrend was evident
-Next strong s/r area is clear and well defined at about 83.3

Not so hot:
-I actually don't care for bars that are quite that large. This one was 306 pips. They have to be at great areas for me to take them.
-Close was not clearly through the 85 BRN (much like the USDCHF trade)
-Not much in the way of additional confluence.


So here is the in and out of it
entry 84.72
SL 86.55
TP 83.40 (this is somewhat tentative)

Will definitely be looking to reduce my risk to above the 85BRN soon and may let this one ride for a bit. Will be down to the feel for how all of this super bullish dollar/bearish CHF sentiment continues. This looks to be an interesting time for properly chosen charts.

Ryan


Holy S^&%.... Talk about some quick moves today. Moved TP down some due to this one plummeting like a rock.
  • #102,090
  • Sep 22, 2011 3:27am Sep 22, 2011 3:27am
Quoting sf73
I place my sell order 10 pips below body engulf body bar.

Your thoughts & comments
Short order was filled at 0.8737

SL 38 pips above
  • #102,091
  • Edited 3:43am Sep 22, 2011 3:30am | Edited 3:43am
hello sf73,
looking closely this is not an Engulfing bar. please review the PA setups.
also, if u were to take this, trouble is immediately below at 0.8700-30[/quote]

Join the bars together and you get a pin.
  • #102,092
  • Sep 22, 2011 3:42am Sep 22, 2011 3:42am
With respect to all of the replies about the trades that Jim (James16) placed up here please be aware of the length of time that he has been trading for. This plays a HUGE factor into his ability to trade these sorts of trades that "novices", myself included, may see as more difficult. He carries more time in trading than I have been alive. That affords a much different perspective than anyone without such time can have. There is just no other way to describe it. It is not luck that has him working such opportunities, but instead it is a well engrained trading thought process. I for one look to it for inspiration. I am confident that I WILL one day be there as well. I am profitable now and look forward to continuing to learn every day. I work to hone my skills and as a result further hone my profitability. I am grateful for all of the circumstances that aligned as they did to make me uniquely capable as a trader. I know that all that the seniors post here is possible. I choose to carry a though process comfortable in the fact that I am still learning, and that there is still more than I have learned so far still to be learned. There is no good that comes from a closed thought process that seeks to only believe that it cannot be. Ask how you can get there and then seek to do so if it so suits you. How do you choose to move forward? A container seeking to be filled with knowlege or a full vessel not capable of taking on more? The choice is ours.

Ryan
  • #102,093
  • Sep 22, 2011 3:53am Sep 22, 2011 3:53am
be careful at chf. Rumor mill keeps on sayin' SNB will move the peg eur/chf from 1.2 to 1.25.

I took advantage of it and sold the last part of my e/chf long bought @1.18 during intervention at 1.232; so that's how much I believe in it(and I don't plan either on starting another long in eur/chf). But... be aware that such a rumor exists.

and that, from the little attention I had on chf, market is extremely thin(so case rumor materializes, your sl will take you out pretty far away from where you could expect - it'll probably have very big slippage). The other rumor is that many are balking and start covering from the old u/chf shorts over 1.

p.s. - rumor mill was right about the peg too(not that it wasn't obvious to begin with), but it was wrong on the timing by at least 1 month(plenty of time to execute not 1, but 10 trades). I'd just factor in the MM part the possibility of a hefty slippage case intervention materializes.
  • #102,094
  • Sep 22, 2011 4:06am Sep 22, 2011 4:06am
Quoting sf73
Join the bars together and you get a pin.
yes Sir, i can see your point of view.
but u talked about an Engulfing bar, not pinbar, in your prior post.

Quoting gasgas
tnx for reply.Ya i did took it, all good now, in about +60 and already BE so free ride whatever happens . Thank you for heads up. I always like to be BE if BOJ kicks in lol.
so far, no sign of BOJ intervention.
i have to say thank you for posting your chart (i did some quick trades).
if the market or BOJ doesnt step in, this could move down quite a bit.
  • #102,095
  • Sep 22, 2011 4:09am Sep 22, 2011 4:09am
Quoting supremeChaos
yes Sir, i can see your point of view.
but u talked about an Engulfing bar, not pinbar, in your prior post.
I wrote BODY ENGULFS BODY

Anyway thanks for the response

Targets below as I position for long term and always if stop will not hit
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  • #102,096
  • Sep 22, 2011 4:19am Sep 22, 2011 4:19am
I am not a formation expert but my experience tought me that a FAILED H&S formation most of the time accelarates the price to the opposite direction
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  • #102,097
  • Sep 22, 2011 4:20am Sep 22, 2011 4:20am
Quoting sf73
I wrote BODY ENGULFS BODY
Targets below as I position for long term and always if stop will not hit
Quoting sf73
10 pips below body engulf body bar.
sorry, i misinterpreted your earlier post.
Good luck with the trade
  • #102,098
  • Sep 22, 2011 4:30am Sep 22, 2011 4:30am
chart
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W Szczebrzeszynie chrząszcz brzmi w trzcinie
  • #102,099
  • Sep 22, 2011 4:41am Sep 22, 2011 4:41am
Quoting snowly
be careful at chf. Rumor mill keeps on sayin' SNB will move the peg eur/chf from 1.2 to 1.25.

I took advantage of it and sold the last part of my e/chf long bought @1.18 during intervention at 1.232; so that's how much I believe in it(and I don't plan either on starting another long in eur/chf). But... be aware that such a rumor exists.

and that, from the little attention I had on chf, market is extremely thin(so case rumor materializes, your sl will take you out pretty far away from where you could expect - it'll probably have very...
But the rumour is in the direction of your trade isn't it? Why not put a protective stop to your profits instead of closing your longs immediately?
  • #102,100
  • Sep 22, 2011 5:08am Sep 22, 2011 5:08am
and put the stop where?

basically that was the whole question - anything > 1.2 is... in the middle of the field(nowhere to hide) and under 1.2... well, I already had it at break even and under 1.2 would mean giving up 60% of the gains case it's hit.

plus it's a matter of gains too; it's the 2nd best trade I took this year after a short jpy on 16th march flash crash when I also happened to be on. Only the part I had running was more then I plan for 1 month as average...

I loathe bringing sl to be normally, but 60% of this one was a hefty sum for me. Fear ain't that bad. Was thinking about letting it run, but... nowhere to hide.

most of the time I'm on so I can ignore sl. But - 1. chf is so volatile that it can move a ton while I make a coffee(and if I made a ton during the time I made a coffee, common sense tells me I can also lose a ton during the same time); 2. I still have to sleep sometime; 3. look at data - everyone is/will keep on bein' happy to dump all the unwanted eur in SNB's lap till they'll give up(or their population will tell them to put a cork - weirdly enough, their democracy actually seems to work).
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