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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

  • #107,221
  • Edited 2:25pm Feb 10, 2012 2:06pm | Edited 2:25pm
Hi,

I'm new to that thread. I used indicators since beginning with moderate results.
I think it is the right moment for me to completely switch my mindset about how I handle my trades. I have been redirected here by friends or other threads and to be honest I'm a bit completely lost with all those posts, chart examples, ...

I've booked the week-end to learn this, although I think I will really need more than 2 days !

Where do I need to start ? Learn candles formation ? (I know yet what's a pinbar )

Thanks !
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  • #107,222
  • Feb 10, 2012 2:33pm Feb 10, 2012 2:33pm
Quoting lhDT
Hi,

I'm new to that thread. I used indicators since beginning with moderate results.
I think it is the right moment for me to completely switch my mindset about how I handle my trades. I have been redirected here by friends or other threads and to be honest I'm a bit completely lost with all those posts, chart examples, ...

I've booked the week-end to learn this, although I think I will really need more than 2 days !

Where do I need to start ? Learn candles formation ? (I know yet what's a pinbar )

Thanks !
Hey inhdt

Welcome, it's never too late to clean those charts up

The best place to start is post 1. There is a lot of useful information and links from james, and then I suggest slowly making your way through the first few hundred pages. It's like learning a new language you will feel lost and slowly things will make more sense

Best of luck!
Mike
  • #107,223
  • Feb 10, 2012 2:48pm Feb 10, 2012 2:48pm
I see 100 pips laying down on the GBPCHF street First Target 1.4344.
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all is eternal - this is good news for people who loves bad news
  • #107,224
  • Edited 7:47pm Feb 10, 2012 6:31pm | Edited 7:47pm
Quoting jarroo
Targets hit nicely . . "Fly me to the Moon " . .


http://www.youtube.com/watch?v=j9h0MNMfKuQ


Well it looks like that trip to the Moon was short lived . ..


But we as smart traders don't just sit back and sing along with Frank, "hoping" that Price reaches the farthest part of the Moon . .We sing along and move our S/L as targets are reached and breached . .


Targets are where our trade management begins and ends ..When our target(s) are hit, we become active. We do an action to our trade . .


. .1st target hit . .reduce our risk or move to break even (move our stop loss) or take partial profits or take full profits.

. . 2nd tartget hit . .move our S/L under 1st target . .repeat . .


Jim
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Indicators show the past. Price Action "Indicates" the future.
  • #107,225
  • Feb 10, 2012 6:43pm Feb 10, 2012 6:43pm
Quoting mazdaq100
Fantastic stuff on the GJ Jaroo. Didn't trade it myself but great to see it in action. Thanks.
Thanks mazdaaq . .have you seen this video I posted . .

Quoting jarroo
Yes, thats correct gado . .this video will help . .

http://www.youtube.com/watch?v=7j3uE...layer_embedded
Its basically the same setup . .(its the only video I've posted on this thread so I'm milking it a bit . .)
Indicators show the past. Price Action "Indicates" the future.
  • #107,226
  • Feb 10, 2012 6:54pm Feb 10, 2012 6:54pm
Quoting Michael-SPA
Half TP at $1711 was filled and the rest to BE at $1733.
Looking good Michael . .
Indicators show the past. Price Action "Indicates" the future.
  • #107,227
  • Feb 10, 2012 7:36pm Feb 10, 2012 7:36pm
Quoting equivestor12
Did I do this correctly Jarroo and if so, what time frame should I use to enter the trade? Please direct me to any of your post's so I can lean more about your technique, it would be greatly appreciated!

thanks
Yes that's correct . my feed is a little different but the principle is the same. (Chart)

You can look at my previous charts in my profile from the past year. .that should help.
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Indicators show the past. Price Action "Indicates" the future.
  • #107,228
  • Edited 9:55pm Feb 10, 2012 7:46pm | Edited 9:55pm
Quoting jarroo
Yes that's correct . my feed is a little different but the principle is the same. (Chart)

You can look at my previous charts in my profile from the past year. .that should help.
Same with this level here at the 76.94 . .(chart) . .I would round that off to the 77.00 RN.
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Indicators show the past. Price Action "Indicates" the future.
  • #107,229
  • Feb 10, 2012 7:57pm Feb 10, 2012 7:57pm
Quoting deankenny21
Wow Jim thanks, honestly coming from you i feel privilidged, and im more than happy to contribute to this thread

You mentioned, . ."patient and wait" . ."treating it like a business, i wrote out a plan . ." . ."creating my own checklist, to keep me in place . ."

All good things Dean, that we all have to master and work on . .

Jim
Indicators show the past. Price Action "Indicates" the future.
  • #107,230
  • Feb 10, 2012 8:05pm Feb 10, 2012 8:05pm
PBTCB Monthly LCS in Weekly, but fail to act as Resistance and Close Above agian, Now I looking to buy at LCS because I think it will have a chance to turn into Suport again.

My target is in green line.

Is my setup in this pair already correct, jarroo?

My other question is about the Stop Loss :
I’m going to place my Stop Loss below the bar that close above and cause a huge pips. Is there anyway to reduce the Stop loss place?
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  • #107,231
  • Feb 10, 2012 8:53pm Feb 10, 2012 8:53pm
Quoting equivestor12
Hourly pin bar formed and broke so I took it! Should I exit half my position when it hits the FTA?
Yes, . .that's excellent equivestor . . chart.

You can take half off or take full position off. You can get rich taking full position off at the 1st target (FTA) . with a large account , of course.

But the main thing is that you do something when that 1st target is hit . .reduce your risk or move to break even . .etc . .

Jim
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Indicators show the past. Price Action "Indicates" the future.
  • #107,232
  • Feb 10, 2012 9:24pm Feb 10, 2012 9:24pm
Quoting equivestor12
Would it have also been possible to trade this on the retest directly after the HCR is broken? The hourly looks like it had a nice pin for entry.

Excellent again equivestor . . You're good at this stuff . .
Indicators show the past. Price Action "Indicates" the future.
  • #107,233
  • Feb 10, 2012 11:08pm Feb 10, 2012 11:08pm
According to my criteria is NOT trade-able because of the following reasons:

- Good closing, shape, size, no traffic to the left, at swing low.
- The monthly, daily and direct trend support it BUT not the weekly trend.
- Direct ahead there is a consolidation box and a weekly support that will make trade management difficult.
- There is an internal unconfirmed weekly support.
- It was formed at a level with no confluence just the fibonacci retracement of the last swing leg down.
- Trading in a large consolidation triangle where anything can happen.
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  • #107,234
  • Feb 11, 2012 2:52am Feb 11, 2012 2:52am
Quoting jarroo
Yes, . .that's excellent equivestor . . chart.

You can take half off or take full position off. You can get rich taking full position off at the 1st target (FTA) . with a large account , of course.

But the main thing is that you do something when that 1st target is hit . .reduce your risk or move to break even . .etc . .

Jim
Thank's for your advice...now I just need to be patient enough to wait for perfect PA!
  • #107,235
  • Edited 6:20am Feb 11, 2012 4:37am | Edited 6:20am
Quoting Michael-SPA
According to my criteria is NOT trade-able because of the following reasons:

- Good closing, shape, size, no traffic to the left, at swing low.
- The monthly, daily and direct trend support it BUT not the weekly trend.
- Direct ahead there is a consolidation box and a weekly support that will make trade management difficult.
- There is an internal unconfirmed weekly support.
- It was formed at a level with no confluence just the fibonacci retracement of the last swing leg down.
- Trading in a large consolidation triangle where anything can happen....
I agree Michael, that PB is trading into a bit of traffic. That past PB had some nice size and a bit of Space working for it. If the current PB breaks, that 1.5660-1.5650 level is going to be a factor.

Jim
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Indicators show the past. Price Action "Indicates" the future.
  • #107,236
  • Feb 11, 2012 5:08am Feb 11, 2012 5:08am
Quoting gadogado
PBTCB Monthly LCS in Weekly, but fail to act as Resistance and Close Above agian, Now I looking to buy at LCS because I think it will have a chance to turn into Suport again.

My target is in green line.

Is my setup in this pair already correct, jarroo?

My other question is about the Stop Loss :
I’m going to place my Stop Loss below the bar that close above and cause a huge pips. Is there anyway to reduce the Stop loss place?
I like the story you got there gado, on the Mothnly LCS level (my feed is little different).

I like your S/L placement. What you can do is have your 2% in that S/L placement, but if a Daily or even a Weekly bar closes below that entry level . .you can get out with a much smaller lose , percentage-wise.

Also you could wait for some good PA on a lower TF, like the Daily, and use the PA S/L placements .
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Indicators show the past. Price Action "Indicates" the future.
  • #107,237
  • Feb 11, 2012 6:13am Feb 11, 2012 6:13am
Quoting equivestor12
Thank's for your advice...now I just need to be patient enough to wait for perfect PA!

Yes, good size and structural PA is important, but the strength of the Location is also very important . .some would say, (like me), the most important.

On the EurJpy example you posted, the HCR level was pretty strong . . (charts) . . more confluences with that level would have made it even stronger . .

Jim
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Indicators show the past. Price Action "Indicates" the future.
  • #107,238
  • Feb 11, 2012 6:32am Feb 11, 2012 6:32am
Good morning.I wanted to learn, it will be TBH, if the difference is a maximum of 4 points?

Sorry for my English
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It's only after we've lost everything that we're free to do anything.
  • #107,239
  • Feb 11, 2012 6:39am Feb 11, 2012 6:39am
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  • #107,240
  • Feb 11, 2012 6:55am Feb 11, 2012 6:55am
Quoting Alexandr51
Good morning.I wanted to learn, it will be TBH, if the difference is a maximum of 4 points?

Sorry for my English
Hi Alex,

You could trade this but IMHO I would look for another pair - the risk reward is lousy and it's stuck in a box(consolidation).

It could go either way - so 50/50 IMO. Certainly not an A+ trade which is what we should be looking for (JMHO)

K.I.S.S.

ps - stop apologising for your English - it's fine.

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