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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

  • #110,101
  • Apr 11, 2012 2:25am Apr 11, 2012 2:25am
4th time in a row that I lose a AU trade

Thoughts about it are welcome.

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

Price couldnt penetrate my weekly level for a few days. It was in a range over this period. The last 2 bars had longer lower wicks suggesting lacking power to the downside.
I've decided to set a long entry above the range of the last days.
The order got triggered, but price reversed down, went through the low of the last days and hit my SL. After that it reversed to the upside.
However, I dont think the SL should have been lower.
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Thoughts are things
  • #110,102
  • Apr 11, 2012 2:34am Apr 11, 2012 2:34am
Hi to all.
Today I open buy CHFJPY from weekly support (pink line). What do u think about this setup?
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  • #110,103
  • Apr 11, 2012 3:27am Apr 11, 2012 3:27am
Quoting heaven
i think he waited to see if the price would close below the BRN. correct me if i'm wrong Mike cause i was about to ask the same question!
And I think he opened on a break of BEOVB. Just some pips away from it.
If not up, then down, otherwise sideways :-)
  • #110,104
  • Apr 11, 2012 3:46am Apr 11, 2012 3:46am
Quoting Quezoy
4th time in a row that I lose a AU trade

Thoughts about it are welcome.

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

Price couldnt penetrate my weekly level for a few days. It was in a range over this period. The last 2 bars had longer lower wicks suggesting lacking power to the downside.
I've decided to set a long entry above the range of the last days.
The order got triggered, but price reversed down, went through the low of the last days and hit my SL. After that it reversed to the upside.
However, I dont think the SL should have been...
Hey man ,
well, your entry wasn't that bad , but you had just one reason to enter . Try to combine a few reasons to build a confluence . It really makes the difference ! Confluence is the guardian of your stop . If you have 5 reasons of this level to turn from support to resistance , you have 5 guardians that will fight for you .
Here is an IF situation of what i mean :
First , i will zoom down one timeframe . Just few bars with not exact lows ... not enough for me . But its worth to see deeper .
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  • #110,105
  • Apr 11, 2012 3:53am Apr 11, 2012 3:53am
Quoting Quezoy
4th time in a row that I lose a AU trade

Thoughts about it are welcome.

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

Price couldnt penetrate my weekly level for a few days. It was in a range over this period. The last 2 bars had longer lower wicks suggesting lacking power to the downside.
I've decided to set a long entry above the range of the last days.
The order got triggered, but price reversed down, went through the low of the last days and hit my SL. After that it reversed to the upside.
However, I dont think the SL should have been...

I can not see any Price Action worth taking as a sign of a reversal of this major drop. Unless, you count that IB. Ib's are best placed against the trend and not used to pick a bottom.

Best to let PA show you the reversal signal first.
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  • #110,106
  • Apr 11, 2012 3:53am Apr 11, 2012 3:53am
Quoting Rust
Hey man ,
well, your entry wasn't that bad , but you had just one reason to enter . Try to combine a few reasons to build a confluence . It really makes the difference !
Yes, thats also my conclusion. Not enough speaking for the trade, so I should have waited. At least till I see some PA signaling a push to the upside.

Pinbar, yes, you're right. Tnx for taking time and giving feedback to me. Its building my understanding and confidence.
Thoughts are things
  • #110,107
  • Apr 11, 2012 4:38am Apr 11, 2012 4:38am
Quoting Magestic
What do u think about H4 pinbar on AUD/USD? My view: nice rejection off the trend line (4th in fact), nice pinbar, 50% fib ret. of previous move down. Did not closed below BRN 1.03 although, thats not so good. Is it worth to put a sell stop below 1.03 under the pin? I see traffic, but altogether is it worth it?
Worked out ok eh? I call that a nice trade personally. Depends on your profit expectation. You took almost zero DD. Nice. 50-60 pips is a good trade.
  • #110,108
  • Apr 11, 2012 5:09am Apr 11, 2012 5:09am
Quoting Quezoy
4th time in a row that I lose a AU trade

Thoughts about it are welcome.

I was watching that for breakout short. Nice looking BeOB trying escape that box range. It broke so im little surprised with that nasty pull back lol.
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  • #110,109
  • Apr 11, 2012 6:26am Apr 11, 2012 6:26am
Quoting beebolbod
Worked out ok eh? I call that a nice trade personally. Depends on your profit expectation. You took almost zero DD. Nice. 50-60 pips is a good trade.
Frankly speaking I closed it to BE. Was quite not sure if it's going to work. It retraced to my entry point before final fall. But I don't regret really, It was pretty traffic trade, so I decided to lock it earlier than I do commonly.
If not up, then down, otherwise sideways :-)
  • #110,110
  • Apr 11, 2012 7:52am Apr 11, 2012 7:52am
Quoting Magestic
Frankly speaking I closed it to BE. Was quite not sure if it's going to work. It retraced to my entry point before final fall. But I don't regret really, It was pretty traffic trade, so I decided to lock it earlier than I do commonly.
That's why i think this was a good trade. If you spend time analysing why it did what it did you'll see why the J16 method Mike is fond of teaching works so very well.

As an aside it's a useful tool to know that closing some of a position and leaving the stop in its original place can give you a BE trade with the flexibility of allowing price to come and retest the source of the move, which it quite often does.
  • #110,111
  • Apr 11, 2012 7:56am Apr 11, 2012 7:56am
Quoting cold chisel
HI Mike

Is there any special reason you entered short on AUD/JPY at around 83,75 (a sell order marked on your chart). There are several places to take that trade short like a TT around 84,65, but why at 83,75?
Hey Cold

I am trading the BEOB on that chart, a break of the bar

Best
Mike
  • #110,112
  • Apr 11, 2012 8:19am Apr 11, 2012 8:19am
Quoting mbqb11
Hey None

Most of the time nothing is going on so most pairs are just being passed. I can scan daily charts fairly quickly so that's not too tough. You get used to it. Intraday I watch probably half of this or so. But being picky is the key and that's the true strength of watching so much we can pass for the good ones

Best
Mike
Hi Mike, thanks for that and if its ok to continue on this subject..... do you also trade commodities (other than gold and silver) and if so which do you find are the more receptive to J16 methods?

Cheers
NTW
No more DOH! trades
  • #110,113
  • Apr 11, 2012 8:24am Apr 11, 2012 8:24am
Quoting nonethewisa
Hi Mike, thanks for that and if its ok to continue on this subject..... do you also trade commodities (other than gold and silver) and if so which do you find are the more receptive to J16 methods?

Cheers
NTW
Hey N

I don't trade much futures markets right now, but I have watched them all and as long as the chart looks good I will trade it. Generally you just need to go from a daily to a weekly to smooth some of the other markets out a bit more to be technically easier to trade. But a charts a chat to me

Best
Mike
  • #110,114
  • Apr 11, 2012 8:25am Apr 11, 2012 8:25am
Quoting beebolbod
That's why i think this was a good trade. If you spend time analysing why it did what it did you'll see why the J16 method Mike is fond of teaching works so very well.

As an aside it's a useful tool to know that closing some of a position and leaving the stop in its original place can give you a BE trade with the flexibility of allowing price to come and retest the source of the move, which it quite often does.

Why was this a good trade?
The original chart and question was posted in the Daily TF, where is the scenario that Mike is teaching, encompassed in this trade?
There was no PA, apart from the IB that was CT, no breakout and pullback, I don't understand your comments.

I also see no logical area to close the trade on the daily TF, apart from fear.
  • #110,115
  • Apr 11, 2012 8:32am Apr 11, 2012 8:32am
Quoting Pinbar
Why was this a good trade?
The original chart and question was posted in the Daily TF, where is the scenario that Mike is teaching, encompassed in this trade?
There was no PA, apart from the IB that was CT, no breakout and pullback, I don't understand your comments.

I also see no logical area to close the trade on the daily TF, apart from fear.
hey Pin

He was trading the h4 pinbar which was a good one, nice confluence and a lot of information

I put some notes on a chart.

Best
Mike
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  • #110,116
  • Apr 11, 2012 8:58am Apr 11, 2012 8:58am
Quoting Pinbar
Why was this a good trade?
The original chart and question was posted in the Daily TF, where is the scenario that Mike is teaching, encompassed in this trade?
There was no PA, apart from the IB that was CT, no breakout and pullback, I don't understand your comments.

I also see no logical area to close the trade on the daily TF, apart from fear.
I was referring to Mikes love and (great) teaching of space and the danger of playing boxes like this from H4 with the expectation of D1 returns.

I was attempting to show via the method of talking through the trade (on demo i assume) where it was likely to go and why it was likely to react the way it did.

I was trying to show that a well formed bar at the top of a box could provide some easy pips if managed correctly.

I think i even mentioned it'd drop fairly quickly.

I still think it was a good trade. In fact, doesn't James himself say that when we can trade these we are well on the way (or something similar?)

Not sure why you pick on my posts Pin.
  • #110,117
  • Apr 11, 2012 8:59am Apr 11, 2012 8:59am
anybody short on gbp/jpy or eur/jpy?
  • #110,118
  • Apr 11, 2012 9:06am Apr 11, 2012 9:06am
Quoting fascist
anybody short on gbp/jpy or eur/jpy?
I was in/out earlier.
  • #110,119
  • Apr 11, 2012 9:28am Apr 11, 2012 9:28am
Quoting beebolbod
I was referring to Mikes love and (great) teaching of space and the danger of playing boxes like this from H4 with the expectation of D1 returns.

I was attempting to show via the method of talking through the trade (on demo i assume) where it was likely to go and why it was likely to react the way it did.

I was trying to show that a well formed bar at the top of a box could provide some easy pips if managed correctly.

I think i even mentioned it'd drop fairly quickly.

I still think it was a good trade. In fact, doesn't James himself...
your view was great Bee, keep it up

Best
Mike
  • #110,120
  • Apr 11, 2012 9:42am Apr 11, 2012 9:42am
Quoting fascist
anybody short on gbp/jpy or eur/jpy?
yes.

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