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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

  • #107,741
  • Feb 21, 2012 9:13am Feb 21, 2012 9:13am
Eu zone bail out deal
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  • #107,742
  • Feb 21, 2012 10:00am Feb 21, 2012 10:00am
Thanks.

Quoting jarroo
Hey KayKay . . your Monthly / Weekly levels (based on your chart from what I see) look real good. Your Dailies look like they are not at the deepest Swing points. Not saying thats wrong, but those internal levels better be very strict as a PPZ level . .meaning very clearly seen . .multiple Highs and Lows and HCR/LCS lining up in a very clear straight line or Zone.

Or you can use just the Monthly /Weekly deep HCR/LCS and just wait for Price to get there.

So try again on the Daily Euro but limit the levels to 3 or 4 lines . .its not that...
  • #107,743
  • Feb 21, 2012 11:00am Feb 21, 2012 11:00am
Quoting Rust
Touch trade on confluence of trendline and ppz .
Just practicing this little more aggressive point of view Inspired of James's charts few days ago
Nice !
What a lovely picture nice one dude
all is eternal - this is good news for people who loves bad news
  • #107,744
  • Feb 21, 2012 2:44pm Feb 21, 2012 2:44pm
Short on a retest on AudUSD

http://my.jetscreenshot.com/11256/m_...-19qd-82kb.jpg
  • #107,745
  • Feb 21, 2012 3:23pm Feb 21, 2012 3:23pm
This look interesting, lets see...
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Si stiu, stiu deja, intr-o zi o sa ajung cineva...
  • #107,746
  • Feb 21, 2012 3:36pm Feb 21, 2012 3:36pm
This looks like a great place to look for PA....

comments pls...
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SNR with Price Action...
BitCrossNG Return Today: na
  • #107,747
  • Feb 21, 2012 3:42pm Feb 21, 2012 3:42pm
Can somebody please tell me what is an appropriate distance that we should put our stop loss to ????

Look at this daily chart EUR USD below . For example , if we were long here from 16th feb , and then we break this PPZ area like the price did two days ago , I know that I have to put my stop loss below this PPZ area now but where below ???

How to measure the proper distance ??? I mean If I would have place it 30 pips below or even behind the round number , it still would have gotten hit and price then continue back upwards !!! What to do ???
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Human
  • #107,748
  • Feb 21, 2012 3:59pm Feb 21, 2012 3:59pm
Mike
Hello

Thank you for always the smart feedback.

INTRODUCING AGENTS have a pair of U/J
Should I log in?

Thank you in advance
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  • #107,749
  • Feb 21, 2012 5:25pm Feb 21, 2012 5:25pm
Quoting Yehuda Sh
Mike
Hello

Thank you for always the smart feedback.

INTRODUCING AGENTS have a pair of U/J
Should I log in?

Thank you in advance
Hey Yehuda

I can't see much of a reason to get in long now.

I am still in long from the continuation BUOB I posted about here

http://www.forexfactory.com/showthre...55#post5384955

My stop is at b/e though


Best
Mike
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  • #107,750
  • Edited 6:04pm Feb 21, 2012 5:41pm | Edited 6:04pm
Hello J16!

Have been a long time reader (lurker) on this thread and I just wanted to say I think you are all doing a fabulous job! There is so much foundational knowledge that you provide. Keep up the good work!

P.S. @Chanya I dont know if it will be helpful, but regarding your question on stoploss a rule of thumb I keep stashed in my back pocket is that any price printed on a previous day candle can be touched again the next day, so your stoploss at minimum would need to go below the previous day low (Feb 20) in your example, or possibly below the previous low of Feb 10 (previous break of PPZ). If the stoploss is more than you can stomach giving back, take the pips and look for re-entry. Hope that helps...and I am sure J16 group can provide a better answer than I can!
  • #107,751
  • Feb 21, 2012 6:11pm Feb 21, 2012 6:11pm
Quoting Chanya
Can somebody please tell me what is an appropriate distance that we should put our stop loss to ????
Hi

For me it all depends on the trade. I usually like to bank profits when I can and move on. There is no size fits all and you use your discretion and know how as a trader to decide whether now is the right time to cash in.

I don't like to rely on hope, instead I look to build a trade plan before I enter, therefore reducing any potential uncertainty. All questions, for me, should be answered before I put my money on the line. Trade your plan and plan your trade as they say.

It's quite a skill managing a trade. It may not be the answer you were expecting, but that is how I approach any trade.

Hope this helps. Sorry if it is a little abstract.

(This is of course based on my limited time as a trader and my view only).
  • #107,752
  • Feb 21, 2012 6:56pm Feb 21, 2012 6:56pm
CHART
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  • #107,753
  • Feb 21, 2012 7:22pm Feb 21, 2012 7:22pm
Quoting james16
CHART
This is so easy to see after it happens! I've been kicking myself all day cause I missed it. I actually planned that one and been around all day and still missed it. I know, another one is right around the corner. Well, I didn't lose anything chasing a stop trade on the 5 minute chart I guess.
A woman drove me to drink, and I forgot to thank her
  • #107,754
  • Edited 7:50pm Feb 21, 2012 7:35pm | Edited 7:50pm
Quoting Chanya
Can somebody please tell me what is an appropriate distance that we should put our stop loss to ????

Look at this daily chart EUR USD below . For example , if we were long here from 16th feb , and then we break this PPZ area like the price did two days ago , I know that I have to put my stop loss below this PPZ area now but where below ???

How to measure the proper distance ??? I mean If I would have place it 30 pips below or even behind the round number , it still would have gotten hit and price then...

A stop is really not a fixed number of pips, it is more like a percentage of our equity and depending on pip value and the distance in pips to the SL, the percentage stays the same. So, our percentage of equity determines the SL in distance of pips, if it is not viable, we don't take the trade.

One thing though, it is possible to take profit at an area and move the SL to below our entry point this way, without moving our physical SL to an area that is likely to get hit, we can still get to BE+, even though our SL is still below our entry. If we take 50% off the table at 15 pips profit, we can move the SL to say 10 pips below our EP and even if we get taken out as, we have less of a position size, the 10 pips loss is still going to be less than the profit of the original stake.
I personally like this method.

We can also be picky meaning, a better shaped bar, in this case one that the open is not half way down the bar, and also, a bar that has more space.
This PB open was half way down the bar and it is in traffic.
All these will help price move quickly and thus we should be able to get our SL to BE much sooner, without price stalling and retracing.

As 5.25 said plan the trade & trade the plan.
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  • #107,755
  • Feb 21, 2012 7:51pm Feb 21, 2012 7:51pm
Quoting Borratuss
Hello J16!

Have been a long time reader (lurker) on this thread and I just wanted to say I think you are all doing a fabulous job! There is so much foundational knowledge that you provide. Keep up the good work!

P.S. @Chanya I dont know if it will be helpful, but regarding your question on stoploss a rule of thumb I keep stashed in my back pocket is that any price printed on a previous day candle can be touched again the next day, so your stoploss at minimum would need to go below the previous day low (Feb 20) in your example, or possibly...

Hey B

Welcome

And thanks for helping on your first post here! That's a true testament to what James created!

I was going to say the same thing. If in the above case you are looking to hide your stop under the RN, at that point you should just stick it behind the bar low as you said

Welcome again
Mike
  • #107,756
  • Feb 21, 2012 8:35pm Feb 21, 2012 8:35pm
Quoting james16
CHART
I know I am going to feel stupid once you have answered this but here goes anyway: I get most of the confluences you describe, but not the red trendline so much - the bars on 18,19 & 20 Feb all go above the line, as do some of the opens & closes. I would have said that that trendline was invalidated on 18 Feb - where am i wrong?

thanks
Cath

ps: I look forward to these charts, they are printed out and used as wall coverings by my screens lol !!
  • #107,757
  • Feb 21, 2012 9:23pm Feb 21, 2012 9:23pm
Quoting CathS
I know I am going to feel stupid once you have answered this but here goes anyway: I get most of the confluences you describe, but not the red trendline so much - the bars on 18,19 & 20 Feb all go above the line, as do some of the opens & closes. I would have said that that trendline was invalidated on 18 Feb - where am i wrong?

thanks
Cath

ps: I look forward to these charts, they are printed out and used as wall coverings by my screens lol !!
Jim mentioned this before. A lot of it derives from his experience.
  • #107,758
  • Feb 21, 2012 9:42pm Feb 21, 2012 9:42pm
Quoting biDc
Jim mentioned this before. A lot of it derives from his experience.
Thanks for that, I thought as much ("moving it a hair"), just wanted to make sure I wasn't missing something.

cheers
cath
  • #107,759
  • Feb 22, 2012 1:41am Feb 22, 2012 1:41am
closed most, moving rest to BE
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  • #107,760
  • Feb 22, 2012 2:39am Feb 22, 2012 2:39am
Quoting smozmo
This look interesting, lets see...
The trade was trigger, im in...
Si stiu, stiu deja, intr-o zi o sa ajung cineva...
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