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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

  • #108,961
  • Mar 19, 2012 4:10am Mar 19, 2012 4:10am
the Pin bars today. now here is the support area.

what's your ideas ?
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A chart helps those who can read it.
  • #108,962
  • Mar 19, 2012 4:20am Mar 19, 2012 4:20am
Hey Mike,
Ive recently found this thread after reading some other dodgy trading schemes @ FF and found this one really beneficial. In fact I found your guest material at james16 to be so helpful ive recently joined up to fast track some of my learning.

My question is regarding entries. I see that equi has already asked a similar question. When you enter a trade, say on a daily TF, should you look closer at a lower time frame, say hourly or 4 hour, and see if all PA is heading in the right direction? should you be concerned about news events if they appear to align with when an entry looks appropriate?

Or if you can direct me to where i can find more material on entries, that would be appreciated.

Thanks in advance.



NWAM.



Quoting mbqb11
Hey Equi

It varies from timeframe to timeframe. Here is sort of a general guide I give people that I use. I also am aware of things like bar highs/lows round numbers etc

1hr - 8-12
4hr - 10-15
daily 12-20
weekly 15-30

That's a rough guide but to give you an idea

Enjoy the weekend
Mike
  • #108,963
  • Mar 19, 2012 7:18am Mar 19, 2012 7:18am
Quoting equivestor12
I'm posting 4 failed trades from the end of this week for ...
Hello Sir equivestor,
if i may...
i made a less than 5-second look on all your charts, & my quick observations are:
- u traded relatively small pinbar-looking candles.
- i said "pin-looking" because we technically want a correct-looking pinbar.. that is, a bullish pinbar needs to have the close above the open, & for a bearish PB, the close must be below the open. both of which were missing from most of the PB's u traded.

Quoting Ifmyante
Here's the S/D way of looking at it
nice to see u visit, Sir Mike
  • #108,964
  • Mar 19, 2012 7:25am Mar 19, 2012 7:25am
Quoting supremeChaos


nice to see u visit, Sir Mike
It's always good to come back to take a look around your old high school.
Especially when it holds so many fond memories

Best of Irish to all here
  • #108,965
  • Edited 9:57am Mar 19, 2012 8:03am | Edited 9:57am
Quoting PhAnTi'
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Slightly different chart but with same idea, i.e. going up. I posted my setup last week but moved my stop to BE and got taken out... now we see it's on it's way up again and i'd be 60p to the good. I dont really care i got stopped out (although i'd like the cash) because it was a good setup in my view.

EDIT - price returning now... i stay on sidelines now until i see PA - current 4H bar closes as is we could be going to lower lines.
  • #108,966
  • Mar 19, 2012 8:30am Mar 19, 2012 8:30am
Quoting Nwam
Hey Mike,
Ive recently found this thread after reading some other dodgy trading schemes @ FF and found this one really beneficial. In fact I found your guest material at james16 to be so helpful ive recently joined up to fast track some of my learning.

My question is regarding entries. I see that equi has already asked a similar question. When you enter a trade, say on a daily TF, should you look closer at a lower time frame, say hourly or 4 hour, and see if all PA is heading in the right direction? should you be concerned about news events...
Hey Nwam

I will send you a message with some more detailed stuff

For news I ignore all news just about. I simply follow the charts, and don't let the news cloud that judgement. When I say ignore I mean I simply trade without paying attention to it(unless it's some massive announcement when the markets are melting down ).


Will shoot you a message and glad this stuff is helpful for you
Mike
  • #108,967
  • Mar 19, 2012 11:39am Mar 19, 2012 11:39am
This might be good.... exactly same play as around 1700 i posted - break of the triangle... either way works but prefer down, targeting 1600. Support zone turned to resistance at 1665? Something to look at and think about (for me anyway)....

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This one drawn without wicks (well they're coloured out)... shows some quite good level holding during these triangles which is causing the contraction. I've recently started paying very close attention to these.

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Bernanke is down to speak again tomorrow... he painted this chart red last time so...
  • #108,968
  • Mar 19, 2012 12:06pm Mar 19, 2012 12:06pm
This box has played beautifully... i didn't take anything from this, i'm watching for a break, but i wish i'd spotted it before. Some real easy setups for quick profits on it and i think something yet to come... up would be nice as there's good space there.

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  • #108,969
  • Mar 19, 2012 12:23pm Mar 19, 2012 12:23pm
couple breakout trades I took

Real simple stuff

Small loss on my eur/gbp. Nice channel, very big BEOB closing towards the edge. This is a way to play beobs in a sideways market but you MUST be careful with them. I reduced my risk quick and took a very small loss. It may still work but without more confluence and the sideways market I am not going to mess around. Look at where it reversed so we know why too.

nice little move on eur/sgd. Some sweet confluence with our BRN 1.65, the clean wedge, the HUGE buob engulfing a "box". Can you guys spot the box and why this is very important to this trade for me?


Mike
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  • #108,970
  • Mar 19, 2012 12:30pm Mar 19, 2012 12:30pm
Quoting mbqb11
couple breakout trades I took

Real simple stuff

Small loss on my eur/gbp

nice little move on eur/sgd
Nice Mike . I'm currently slightly obsessed with triangles. On your E/S trade after the breakout there's another one. Lots of charts i'm watching form these at great areas and then break very well.
  • #108,971
  • Mar 19, 2012 12:59pm Mar 19, 2012 12:59pm
After my longs went tits up i'm now looking for shorting this one.... nice pin on 4h (trading into RN)... missed that (was posting EURAUD charts). Potential nice pin forming on D1.
Sorry for messy D1 chart. Pin formed when price hit 61.8 and hopefully closing below RN and 50 fib. that would validate it for me.
Weekly trend is down and this could be good opportunity to target 1.55 again. Demand has been tested there so maybe lower... that's another story - all hypothetical anyway.
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  • #108,972
  • Mar 19, 2012 1:32pm Mar 19, 2012 1:32pm
Quoting mbqb11
couple breakout trades I took

Real simple stuff

Small loss on my eur/gbp. Nice channel, very big BEOB closing towards the edge. This is a way to play beobs in a sideways market but you MUST be careful with them. I reduced my risk quick and took a very small loss. It may still work but without more confluence and the sideways market I am not going to mess around. Look at where it reversed so we know why too.

nice little move on eur/sgd. Some sweet confluence with our BRN 1.65, the clean wedge, the HUGE buob engulfing a "box". Can you...
Hi Mike ,
regarding the eurgbp trade - I am watching your webinars almost every day (thanks there are a plenty) and your explanations are like hammered in my head ... and i am hearing them every time i look at a chart ... (i think i start to sound like a crazy person ...) ...... so what i want to ask here is :
this seems a choppy market right now , and it's your own words that it's more likely to continue that way than shoot like a rocket . Why did you cut out that quickly , having in mind that it's very likely to chop around going down ?
Not sure if i wrote it understandable sorry english isn't my native
  • #108,973
  • Mar 19, 2012 1:53pm Mar 19, 2012 1:53pm
Quoting mbqb11
couple breakout trades I took

Real simple stuff

Small loss on my eur/gbp. Nice channel, very big BEOB closing towards the edge. This is a way to play beobs in a sideways market but you MUST be careful with them. I reduced my risk quick and took a very small loss. It may still work but without more confluence and the sideways market I am not going to mess around. Look at where it reversed so we know why too.

nice little move on eur/sgd. Some sweet confluence with our BRN 1.65, the clean wedge, the HUGE buob engulfing a "box". Can...
Hero calls followed by margin calls...
  • #108,974
  • Mar 19, 2012 1:55pm Mar 19, 2012 1:55pm
Quoting Rust
Hi Mike ,
regarding the eurgbp trade - I am watching your webinars almost every day (thanks there are a plenty) and your explanations are like hammered in my head ... and i am hearing them every time i look at a chart ... (i think i start to sound like a crazy person ...) ...... so what i want to ask here is :
this seems a choppy market right now , and it's your own words that it's more likely to continue that way than shoot like a rocket . Why did you cut out that quickly , having in mind that it's very likely to chop around going down ?
Not...
Hey Rust

I just posted this video live and my thoughts. And since your checking out the webinar check out my last one I talked about the entirety of this situation for about 30 mins lol. Yes I can rant

Best
Mike
  • #108,975
  • Mar 19, 2012 1:56pm Mar 19, 2012 1:56pm
Quoting mbqb11
couple breakout trades I took

Real simple stuff

... Can you guys spot the box and why this is very important to this trade for me?


Mike
Mike,

Here is what I think is the box, and how it can be used to enter the trade with low risk. Is this correct?

Dave
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  • #108,976
  • Mar 19, 2012 1:56pm Mar 19, 2012 1:56pm
Quoting beebolbod
Nice Mike . I'm currently slightly obsessed with triangles. On your E/S trade after the breakout there's another one. Lots of charts i'm watching form these at great areas and then break very well.
yep they are an easy way to begin to build a story. Some of my best trades are components of good confluence and clean patterns

Just gotta be patient!

Best
Mike
  • #108,977
  • Mar 19, 2012 1:57pm Mar 19, 2012 1:57pm
Quoting PistolDave
Mike,

Here is what I think is the box, and how it can be used to enter the trade with low risk. Is this correct?

Dave
Attachment
Bingo Dave. That box gives me options. Lots of options. That's what makes a good story . The ability to wait for a high probability entry coupled with logic on the mgmt side. Of course we have to be flexible to the market as things are never exactly the same.

Thanks for posting and answering!

Mike
  • #108,978
  • Mar 19, 2012 2:05pm Mar 19, 2012 2:05pm
Hello Friends
I have not been a regular in this forum, but i read it a lot. I am very good in entries and good at identifying FTA's but not able to understand what exactly to do in terms of trade management when price hits a FTA

Say today 1.5900 gbpusd is a good FTA but then being in this with 70 pips had conflicting taughts, would appreciate if you guys let me know what is a decent option.
http://clip2net.com/clip/m90706/1332...-clip-22kb.png

1. Close the whole position at FTA?
2. Close partial at FTA?
3. Do not close anything as price is moving and set SL to breakeven?
4. Or trail SL (IF so how much)?
5. Any other options plz?

Regards
Mohamed
  • #108,979
  • Mar 19, 2012 2:09pm Mar 19, 2012 2:09pm
Quoting adler
Hello Friends
I have not been a regular in this forum, but i read it a lot. I am very good in entries and good at identifying FTA's but not able to understand what exactly to do in terms of trade management when price hits a FTA

Say today 1.5900 gbpusd is a good FTA but then being in this with 70 pips had conflicting taughts, would appreciate if you guys let me know what is a decent option.
http://clip2net.com/clip/m90706/1332...-clip-22kb.png

[b]1. Close the whole position at FTA?
2. Close partial at FTA?
3. Do not close...
pretty simple ... --> you have to define a stop and target before you enter the market, you might move sl to BE afterwards...but i let it run and i dont change my trade once placed.

hope this helps,

regards Jonas
Hero calls followed by margin calls...
  • #108,980
  • Mar 19, 2012 2:34pm Mar 19, 2012 2:34pm
Am looking for other peoples opinion, as I feel I am pushing myself to get in, small pin which may or may not become an BUOB, hit right of the 83.0000. Might be blinded by tryin to get into the trend, what do you think Mike?
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