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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

  • #102,921
  • Oct 11, 2011 3:11pm Oct 11, 2011 3:11pm
Quoting mbqb11
Hey Marty

All an inside bar represents is a decreasing in range and being contained within the previous bars range. This is of course simply consolidation. Markets contract and expand on all different levels. So with that said to me and inside bar is strongest and great support and resistance where a breakout is more likely to occur away from this support and resistance. I think they are much trickier to learn then outside bars, pinbars, and the other such bars we use here. Inside bars can be played with a bias, or they can also be straddled(taking...
Hi Mike,

I have a similar question. I am currently long on cable with stop at BE 17 pips above the recent daily PB.

I am trying to let my profits run and only close out a trade when price action dictates, however in this case I am unsure about the inside bar that is forming.

I have checked the weekly TF and there is also a nice PB, so my bias is I would like to stay in for a bigger move, however as with the current daily PA i don’t want to loose profits gained so far.

I am thinking to place my stop just below the IB and cross my fingers; I will also wait to see if price closed above or below 1.5600.

So many of my trades have been stopped out for BE I am getting frustrated and it is impairing my judgement, so I was hoping you may be able to comment and add a bit of clarity.

Many thanks

GPFX
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  • #102,922
  • Oct 11, 2011 3:18pm Oct 11, 2011 3:18pm
Quoting Gpfx
Hi Mike,

I have a similar question. I am currently long on cable with stop at BE 17 pips above the recent daily PB.

I am trying to let my profits run and only close out a trade when price action dictates, however in this case I am unsure about the inside bar that is forming.

I have checked the weekly TF and there is also a nice PB, so my bias is I would like to stay in for a bigger move, however as with the current daily PA i don’t want to loose profits gained so far.

I am thinking to place my stop just below the IB and cross my fingers; I...
hey GP

I put some comments on a chart

As always these are my opinions supported by how I trade the material

Best
Mike
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  • #102,923
  • Oct 11, 2011 3:36pm Oct 11, 2011 3:36pm
Hallo guys ,just i got slapped by eur/usd 4h Beob.....
The only negative point of this set up for me could be the fact that is not a swing high,but i onestly would trade this PA again for the nice confluence it has.
I'd like to ear your comment on this.....
Many thanks.

Luca.
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Patience is essential
  • #102,924
  • Oct 11, 2011 3:47pm Oct 11, 2011 3:47pm
Nice set up coming up on GBP/JPY for those of you that play touch trading......personally i have to wait for a PA.....
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Patience is essential
  • #102,925
  • Oct 11, 2011 3:50pm Oct 11, 2011 3:50pm
Quoting mbqb11
hey GP

I put some comments on a chart

As always these are my opinions supported by how I trade the material

Best
Mike

Mike,

Many thanks for your commnets and you have certainly added clarity for me.
Normally I would have taken profit below the 1.5700 but this time I have been swayed by the PB on the weekly chart, however with most PBs there is usually a pull back which in this case would take me out at BE.

Therefore, I think now I will jam my stop up tight on the close of the daily bar, provided it dosnt fall right off in the next few minutes as it is starting to.

Thanks again

GPFX
  • #102,926
  • Oct 11, 2011 3:59pm Oct 11, 2011 3:59pm
Quoting benem
Nice set up coming up on GBP/JPY for those of you that play touch trading......personally i have to wait for a PA.....
just make sure u dont fudge with your Fibo Confluence while Touch Trading..
im also learning touch trading..its an Art

i would rather use such a Fib as against marked by u.. ..
i am not taking on the setup i hav posted as it do not meet my requirements for touch trading..

js a lightbulb not to confuse with fib tool & avoiding that confusion by plotting Fib at 'actual' swing points..
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  • #102,927
  • Oct 11, 2011 4:24pm Oct 11, 2011 4:24pm
Quoting AvanishDemo
just make sure u dont fudge with your Fibo Confluence while Touch Trading..
im also learning touch trading..its an Art

i would rather use such a Fib as against marked by u.. ..
i am not taking on the setup i hav posted as it do not meet my requirements for touch trading..

js a lightbulb not to confuse with fib tool & avoiding that confusion by plotting Fib at 'actual' swing points..
I am not going to look 4 TT, it's too advanced method for me...maybe just a PA.
Patience is essential
  • #102,928
  • Edited 6:07pm Oct 11, 2011 4:57pm | Edited 6:07pm
http://www.forexfactory.com/attachme...6&d=1227214074
Quoting captainSG
Hello Pinbar, I am new to trading and came across this wonderful thread. Above all, I found your links to price action setups most useful. It is about which I'm writing this, may I know how you decide on your stop loss and take profit targets after taking the trades based on the setups in your link. Thank you for your assistance.
Hi

Taking profit is really a personal thing but, if you have not already, you should read J16's "This is critical" which explains that basically, at the first area of potential resistance we should do one of three things, 1: take partial profit or full profit, 2: move the SL to BE , do both 1&2 or, 3: do not enter the trade. Or something like that. In this AU trade I took enough off the table so that I do not have to move the SL and if I am stopped out before it moves, it will be BE.

EDIT after rereading this is critical: I guess I am doing a variation of what J16 suggests.
That is ok, this is what we are supposed to be doing.


As for the SL, in this thread it is usually placed below the low or above the high of any PA setup candle.

I am doing something else in the trades I posted as it is something else.



Hope this helps.

EDIT: J16's THIS IS CRITICAL!



http://www.forexfactory.com/showthre...44#post2365944
YES!!!

THIS IS CRITICAL.

WE MUST LEARN TO:

1. notice a strong s/r area just beyond our pa if it exists.
2. know that if we trade into it we had better be prepared for a quick reversal that could give us a loss if we are not prepared.

if we know its there we have several choices.

1. get out when it gets there for a small profit.
2. take a small partial profit and move the remainder to BE.
3. stay in with your total position hoping for a break and move your stop to BE.
4. Don't enter until the level has been broken.

in the case we are looking at this level was a big round number at 5100. trading into a big number like that with a defined pivot is very very very risky. the fact remains however that price most of the time WILL reach that first s/r area whether its 200 pips or 20. in this case it did not which makes number 4 a good choice much of the time especially for those new to these methods.

good post as usual jarroo and i appreciate your help in this thread,

jim
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  • #102,929
  • Oct 11, 2011 5:05pm Oct 11, 2011 5:05pm
Quoting benem
Hallo guys ,just i got slapped by eur/usd 4h Beob.....
The only negative point of this set up for me could be the fact that is not a swing high,but i onestly would trade this PA again for the nice confluence it has.
I'd like to ear your comment on this.....
Many thanks.

Luca.
Hi benem, if I may... If you look on my attached chart (EUR/USD Daily TF) you can see that 1.3580 is acting PPZ. So IMHO the 4 hour BEOB is seating on a support level. Just to let you know, i'm still a newbie so don't trust me.
Attached Image(s) (click to enlarge)
Click to Enlarge Name: 1207480 MetaTrader - Alpari (US) - Demo Account - [EURUSD,Daily]_2011-10-11_14-40-56.png Size: 32 KB
Click to Enlarge Name: 1207480 MetaTrader - Alpari (US) - Demo Account - [EURUSD,H4]_2011-10-11_14-47-11.png Size: 33 KB
  • #102,930
  • Oct 11, 2011 5:51pm Oct 11, 2011 5:51pm
Quoting TransPorter
Hi benem, if I may... If you look on my attached chart (EUR/USD Daily TF) you can see that 1.3580 is acting PPZ. So IMHO the 4 hour BEOB is seating on a support level. Just to let you know, i'm still a newbie so don't trust me.
Of course you can,thank you for your analisys.
Luca
Patience is essential
  • #102,931
  • Oct 11, 2011 8:12pm Oct 11, 2011 8:12pm
[quote=Pinbar;5031869]

Hi

Taking profit is really a personal thing but, if you have not already, you should read J16's "This is critical" which explains that basically, at the first area of potential resistance we should do one of three things, 1: take partial profit or full profit, 2: move the SL to BE , do both 1&2 or, 3: do not enter the trade. Or something like that. In this AU trade I took enough off the table so that I do not have to move the SL and if I am stopped out before it moves, it will be BE.

EDIT after rereading this is critical: I guess I am doing a variation of what J16 suggests.
That is ok, this is what we are supposed to be doing.


As for the SL, in this thread it is usually placed below the low or above the high of any PA setup candle.

I am doing something else in the trades I posted as it is something else.



Hope this helps.

EDIT: J16's THIS IS CRITICAL!


----------------------

Many Thanks Pinbar
  • #102,932
  • Oct 11, 2011 8:20pm Oct 11, 2011 8:20pm
Quoting mbqb11
Hey Marty

All an inside bar represents is a decreasing in range and being contained within the previous bars range. This is of course simply consolidation. Markets contract and expand on all different levels. So with that said to me and inside bar is strongest and great support and resistance where a breakout is more likely to occur away from this support and resistance. I think they are much trickier to learn then outside bars, pinbars, and the other such bars we use here. Inside bars can be played with a bias, or they can also be straddled(taking...
Hi Mike,
On this topic of IB, I wld like to ask do we wait for break by abt 10-15pips as well on daily IB before entry? Since its a IB, wld this leeway be abit too much?
Based on what u said above, if we were to take a bias on IB, it wld be based on prior trend?
  • #102,933
  • Oct 11, 2011 8:53pm Oct 11, 2011 8:53pm
Regarding taking profit.

I do not scale trades. Period
I move my stop to break even when it gets to the first level of support or resistance depending on the time frame the trade was taken. I plan a trade set my stop and my limit and only move my stop to break even when the first resistance or support has been hit and let it go to the target. I will take profit at the end of the week. Sometimes I will take out the limit if the candle on the time frame I am trading is very bullish or bearish in my direction. Taking profit is a difficult concept and takes time to get comfortable with. I hope it helps.
  • #102,934
  • Oct 11, 2011 9:22pm Oct 11, 2011 9:22pm
Is now a good time for GBP/USD?

There has been some chatter on the matter. I see a pull back to 1.5550, seems to be a short term s/r. Also, posts look like some have take profits/even BE on the pinbar; could this be a time again to go long. This monthly pb is on a strong trend line going back to the major corrections of '08.

Thanks,
Abominable
  • #102,935
  • Oct 11, 2011 9:53pm Oct 11, 2011 9:53pm
Quoting abmoniable
Is now a good time for GBP/USD?

There has been some chatter on the matter. I see a pull back to 1.5550, seems to be a short term s/r. Also, posts look like some have take profits/even BE on the pinbar; could this be a time again to go long. This monthly pb is on a strong trend line going back to the major corrections of '08.

Thanks,
Abominable
1,550? Check
Short Term Supp @ 1,555
Time to be a Buyer?

I would say that you have offered an opinion while attempting to mask it as a question AND...
I would add...
I cannot fault your reasoning.

That being said...
Watch for a Drop Below 1,540 to initiate "Taking Out The Recent Bottom."
Hypothetically: As A Neutral with a Tonne o' coin to invest...
I want South.

B
  • #102,936
  • Oct 11, 2011 10:37pm Oct 11, 2011 10:37pm
Prediction for Pound

We close a candle at 6am London below 1.5560 its coming down to 5480ish.
We close candle above 5560-70 Pound is headed to 5700ish.
  • #102,937
  • Oct 12, 2011 2:53am Oct 12, 2011 2:53am
I'm still patiently waiting for NZDUSD to make a move away from the daily DBLHC setup. Thinking the daily setup could get me into a weekly move.
It's also completed an inside bar yesterday as well.
Weekly chart supports some more potential up side movement to 7950 as FTA based off weekly charts. Price showing a weekly up trend, with last weeks PB bouncing off a rising trend line and a 61% fib from June 10 low to July 11 high.

NZDUSD Weekly Chart

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  • #102,938
  • Edited 3:20am Oct 12, 2011 3:07am | Edited 3:20am
Looks the EU PB may have just hit its main target and major problematic area.

EJ may still have a way to go.

EU has a nice consolidation are on H4 around the 1.37000 area

Just moved the SL and locked in more profit, as it just broke through a major weekly HCS.
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  • #102,939
  • Oct 12, 2011 3:13am Oct 12, 2011 3:13am
did i just see an institution buy the e-u?

i think so
  • #102,940
  • Edited 3:35am Oct 12, 2011 3:24am | Edited 3:35am
Quoting antgal23
did i just see an institution buy the e-u?

i think so

Could be time to watch out.

I have closed out most of both positions and left only 0.01 in to see if it will run. Took just over 200 pips off of EU and about 135 of EJ. That said, the experience these pairs gave me was worth much more than pips.
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