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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

  • #103,941
  • Edited 6:44am Nov 3, 2011 6:17am | Edited 6:44am
Hmm, I think EJ may be on the cards if it can close above the area with the arrow.

EDIT: I realize there is a weekly PB type bar in the forming but, there is also a monthly BUEOB.
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  • #103,942
  • Nov 3, 2011 6:19am Nov 3, 2011 6:19am
Quoting decentchap
This is issue with PA in traffic - what I have found in my brief experience is that you are unable to (easily) determine which price will act as your FTA, which is what makes them tricky to deal with.
You could say that your pin triggered and went as far as it should before the sellers took over. And you should have done one of the things that James has as part of his “this is Critical” list.

Also another thing we should keep in mind is that we can never have certainties in trading only probabilities. Losses can and will happen and the trick...

Indeed DC.
"This is critical" is a MUST. I have also seen J16 take a full bar loss but, it wasn't because of traffic, the bar never reached anywhere near its FTA. He actually made a video about it, shows how genuine the Big Guy is.

As you say, this PB did actually hit the FTA and even went a little further.
That Monthly HCR combined with the consolidation and Spikes, was the thing IMHO.
I think everyone should watch Mike's Space & Traffic video. I think it is in the PF guest area.
  • #103,943
  • Nov 3, 2011 6:27am Nov 3, 2011 6:27am
Nice to read your replies guys !
I actually really like the shape , size and location of this bar .
I had just one concern , but I really would appreciate to hear master Mike's view first !
  • #103,944
  • Nov 3, 2011 6:36am Nov 3, 2011 6:36am
Quoting Rust
Nice to read your replies guys !
I actually really like the shape , size and location of this bar .
I had just one concern , but I really would appreciate to hear master Mike's view first !
Pray, tell us what it was?
  • #103,945
  • Nov 3, 2011 7:08am Nov 3, 2011 7:08am
Quoting Pinbar
Pray, tell us what it was?
Ok
Generally I like to play the very first pullback on a breakout setup like this .
Looking at the highlighted BUOB you can see it was actually the second bullish setup after the initial break . That same buob creates some (even not much) traffic , muddling the scene , too .
Nevertheless I really liked it , considering the monthly BUOB .
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  • #103,946
  • Nov 3, 2011 7:16am Nov 3, 2011 7:16am
Quoting the_wizard
This ones for the newbs (or the old hands that still don't get it)

http://www.xtranormal.com/watch/12631896/finding-trades
lol

I don't care... I am going to buy the Euro!
  • #103,947
  • Nov 3, 2011 7:17am Nov 3, 2011 7:17am
Quoting Rust

What do you think guys of this AUDCAD daily pinbar ? I took it actually , .
Thanks
Hi Rust , From a newbie,,
I would have given this a miss ,, I think that the position is not at or near a low , and i simply do not understand Pb's in a continuation .
and theres no divergence or much other confluence.
What stop did you used , mine would have been huge.
and if I was only allowed 1 trade a month , there are many other "more convincing" trades coming .

another Mike
  • #103,948
  • Nov 3, 2011 7:26am Nov 3, 2011 7:26am
Quoting Rust
Ok
Generally I like to play the very first pullback on a breakout setup like this .
Looking at the highlighted BUOB you can see it was actually the second bullish setup after the initial break . That same buob creates some (even not much) traffic , muddling the scene , too .
Nevertheless I really liked it , considering the monthly BUOB .

Yeah, I saw the Monthly BUEOB at the SH.
I also agree that the daily BUEOB creates the lack of space and also there is a ton of former resistance at this area.
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  • #103,949
  • Nov 3, 2011 8:14am Nov 3, 2011 8:14am
Quoting Rust
Hi guys everyone ! Lurking since this thread was just 300 pages I feel like a know a lot of you guys , especially the elder ones

What do you think guys of this AUDCAD daily pinbar ? I took it actually , but it stopped me for a full loss . I will very much appreciate opinion from mbq (Mike) as well , 'couse my trading style is very close to his .
Thanks
Hey Rust

Welcome to the thread bud

I actually did like this one and played it myself. I think the pullback area of the 1.0500 BRN and former channel was a great area to watch for a bounce. Now this pin is only valid if we are looking at it from a breakout and pullback of a pattern standpoint. If we just view it as a pin then it would be incorrect in location(at a swing high). Price broke and since we were trading into a former swing it corrected fast. I cut out below the previous bars low(or left eye). I do this often to minimize losses. They happen. I was lucky enough to catch some nice profit on this one to make up for that smaller loss(why cutting losses is important). Check out the 30min pullback to the 1.0500 area. A beauty of a pin. So I really don't have an issue with this bar, but I would consider keeping track on different ways to cut your losses. Not taking full bar losses is a very big part of what I try to do

Again welcome

Mike
  • #103,950
  • Nov 3, 2011 9:32am Nov 3, 2011 9:32am
Hey Mike Your attention is an honor to me !
I found cutting losses very hard , psychologically speaking . So I decided to turn it into something more mechanical - your 2 bar stop trailing method I use this not to lock in profit (well , sometimes I do that , too) , but to minimize stop loss amount . Works pretty well and easy

I play a lot of breakout-pullbacks , as I said my trading style is influenced to a very high degree by yours !

I had a lucky trade on gold /I bought on discount / , so I'm not feeling that sore , but losses hurt anyway

I'm not sure that I see this nice pin on 30m , you are talking about . Is this one on the chart ?

@mmikemj
hey man thanks for reply . Continuation PA is a little bit different , but I like it a lot . Confluence here is the BRN 1.0500 and the multiple highs /marked blue/

Thanks everyone for the warm welcome !
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  • #103,951
  • Nov 3, 2011 9:41am Nov 3, 2011 9:41am
Quoting Rust
Hey Mike Your attention is an honor to me !
I found cutting losses very hard , psychologically speaking . So I decided to turn it into something more mechanical - your 2 bar stop trailing method I use this not to lock in profit (well , sometimes I do that , too) , but to minimize stop loss amount . Works pretty well and easy

I play a lot of breakout-pullbacks , as I said my trading style is influenced to a very high degree by yours !

I had a lucky trade on gold /I bought on discount / , so I'm not feeling that sore , but losses hurt...

Hey Rust


I put a chart of what I was looking at. Real classic J16(of course a lower timeframe so that's something for new traders to watch out for). There is also a wicked continuation BEOB off the same area that would have been nice

Best

Mike
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  • #103,952
  • Nov 3, 2011 10:16am Nov 3, 2011 10:16am
Yea it's the same one . Honestly , such a pin with non-sticking out nose at the 30m looks too scary for me , even right on the 1.05000 . My skills are not that far developed

Talking of riskier trades I took a short nzdusd of this big big BEOB on the 1hour (with lower risk). A was watching for some nice PA . It came even bigger than expected , but ...
NZDJPY looks even better but I missed it .
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  • #103,953
  • Edited 11:06am Nov 3, 2011 10:51am | Edited 11:06am
Hi Guys,

I have often started the outline on the first post but never managed to finish 3 months although I was successful for the time I traded.
Now, I have managed to build the chart checking time in the daily schedule and almost every day have looked through about 31 FX pairs. I only trade pin and outside bars for reversal - no continuation trades, blind entries, smaller tfs (yet).
After the end of first month, I took 6 Daily trades.
1 winnner (just over 2% with 2% risked) - the trade would have still been running in profit if I didn't close it.
2 b/e - I moved stop to b/e at pre-defined FTA. Price turned back and took me out. 1 would have been a loss if I didnt move the stop and other would have been running at a loss.
3 trades didnt trigger and broke through my s/l so i cancelled them.

Overall a decent first month..
Trading is a test match not a Twenty20.
  • #103,954
  • Nov 3, 2011 10:56am Nov 3, 2011 10:56am
Hi all,

Great thread, great contributors...

My first chart is fortunately a positive one for this thread.

Taken on the M15 as price bounced through a level of demand from earlier in the day.

R:R @ 1:1 for a quick +35...
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  • #103,955
  • Nov 3, 2011 11:06am Nov 3, 2011 11:06am
Quoting Pinbar
Hmm, I think EJ may be on the cards if it can close above the area with the arrow.

EDIT: I realize there is a weekly PB type bar in the forming but, there is also a monthly BUEOB.
I am watching this pair all week... even took some pips already but these boxes on 4 h are complicating things a little bit... will wait till the end of the week. we still in a downtrend on weekly so this pin is delicious fruit hanging on 107 if all will develop properly
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all is eternal - this is good news for people who loves bad news
  • #103,956
  • Nov 3, 2011 11:08am Nov 3, 2011 11:08am
Quoting mogulmedia
Hi all,

Great thread, great contributors...

My first chart is fortunately a positive one for this thread.

Taken on the M15 as price bounced through a level of demand from earlier in the day.

R:R @ 1:1 for a quick +35...
Welcome MM

Great quick trade there. I get nervous when I see some of you on the lower timeframes, but as long as you guys are following post one(or perhaps doing this for long enough).

Nice one

Best
Mike
  • #103,957
  • Nov 3, 2011 11:08am Nov 3, 2011 11:08am
Quoting decentchap
Hi Guys,

I have often started the outline on the first post but never managed to finish 3 months although I was successful for the time I traded.
Now, I have managed to build the chart checking time in the daily schedule and almost every day have looked through about 31 FX pairs. I only trade pin and outside bars for reversal - no continuation trades, blind entries, smaller tfs (yet).
After the end of first month, I took 6 Daily trades.
1 winnner (just over 2% with 2% risked) - the trade would have still been running in profit if I didn't close...

cool DC! Imagine where you will be in 6 months to a year from now if you can keep at it. Just keep demoing and taking it slow

Best
Mike
  • #103,958
  • Nov 3, 2011 11:51am Nov 3, 2011 11:51am
Quoting mbqb11
cool DC! Imagine where you will be in 6 months to a year from now if you can keep at it. Just keep demoing and taking it slow

Best
Mike
Thanks Mike, I fully intend to follow the guideline in the first post and see where it takes me.
Trading is a test match not a Twenty20.
  • #103,959
  • Edited 2:35pm Nov 3, 2011 2:21pm | Edited 2:35pm
I'm trying to understand entries. I'm buying the EurJpy on bounce off the HCR turned LCS. I did it one time, closing the first Lot at +52, the second Lot stopped out at BE. The set up still looked good, so I bought again on the current bar. Closed the first Lot at +49, moved stop of second Lot to BE. It's now up +75.

Pinbar says on the previous page that he's waiting until the price is above the current sideways movement to buy. I thought Jarroo said to buy on the pull back to the HCR turned LCS line, as I'm doing.

Am I just lucky right now? Is this a good strategy to buy on the pull back to support?

Thanks,
MTC
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  • #103,960
  • Nov 3, 2011 4:11pm Nov 3, 2011 4:11pm
I haven't seen anyone posting this setup. Very well defined support with strong close above and some space to the upside. Personally i'll be looking to enter @ 77 RN.
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