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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

  • #111,521
  • May 9, 2012 9:53am May 9, 2012 9:53am
Quoting mbqb11
nice confluenced area(you can throw a bunch of fibs up there too if you like)

Go back to my posts on boxing too to fully understand and look at how they are still working and we can use them for future areas to watch as well
Thanks Mike , this is another one i have missed


Regards
  • #111,522
  • May 9, 2012 10:00am May 9, 2012 10:00am
Quoting PhAnTi'
little hint from my side :

dont burn money breaking burnouts...this is one of the most difficult things in trading. Better wait for a close below and sell the retest in this case, youll do much better.

Kindest regards,
Jonas
So true. I hate breakout trading so i always look to either build a cushion from lower TF early entry or play the retest. Much easier.
  • #111,523
  • May 9, 2012 10:02am May 9, 2012 10:02am
Quoting goldfish3
Hi Yehuda,

I was looking at this for a small 20 pip scalp in the least but since the H4 PB didnt close below 1.3, I let it pass.

Best,
-H
the H1 pin was the one to play. Tricky area though so easy to pass if you dont like it.
  • #111,524
  • May 9, 2012 10:09am May 9, 2012 10:09am
Quoting PhAnTi'
Attachment
On the other hand, there might be a short entry being built up on the retest.It currently trading below some pretty major levels. Or so I think....

-H
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  • #111,525
  • May 9, 2012 10:17am May 9, 2012 10:17am
Quoting fxstarterPL
Has anyone played breakout on USDJPY (or maybe going to do so)?
I'm very interested how should it look like... i can't see PA confirmation (any pinbars etc) so far but for sure price broke out of tight channel...

so was there already good moment to take the trade or maybe we should wait for example to retest ~79.65 and going down again?

and when it goes back to 79.65 - should we wait on any important PA formation or just take it when it bounce down again?

Regards

I am in it.
Took it after the 2 pinbars a few days ago followed by close below 80.
Ive played a 50fib ret. of the break bar. Risky, but plenty of space to the downside.

Mike realy opened my eyes with his traffic&space video.
Thoughts are things
  • #111,526
  • May 9, 2012 10:18am May 9, 2012 10:18am
Now at tl ,break


Quoting Bones
Yes ,but bullish D1 candle Vs Weekly bearish set up ,I think only one winner in end
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On-site guru & also FF member's' psychiatrist, when not drinking tea
  • #111,527
  • May 9, 2012 10:19am May 9, 2012 10:19am
Quoting beebolbod
the H1 pin was the one to play. Tricky area though so easy to pass if you dont like it.
Agreed but I missed that one. But I took the 4H anyway one the H1 closed below 1.3 Took the 20 pips closed majority position and SL to BE. Kinda liked it because the pin itself was off the TL and 150 EMA. Cant say if this was a high probability trade though. Although EC is very bearish sentiment so I took the gamble.

-H

edit: Oops thats the wrong chart. The PB wont show here as its a UK broker.
edit: Good God just realized I had foolishly pit my SL to 1.3052 instead of BE at 1.3002...
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  • #111,528
  • May 9, 2012 10:22am May 9, 2012 10:22am
Quoting goldfish3
Agreed but I missed that one. But I took the 4H anyway one the H1 closed below 1.3 Took the 20 pips closed majority position and SL to BE. Kinda liked it because the pin itself was off the TL and 150 EMA. Cant say if this was a high probability trade though. Although EC is very bearish sentiment so I took the gamble.

-H

edit: Oops thats the wrong chart. The PB wont show here as its a UK broker.
with you 100%
  • #111,529
  • May 9, 2012 10:26am May 9, 2012 10:26am
Quoting beebolbod
So true. I hate breakout trading so i always look to either build a cushion from lower TF early entry or play the retest. Much easier.
Would you give me a chart example of this approach? Im struggling with it.
Thoughts are things
  • #111,530
  • May 9, 2012 10:28am May 9, 2012 10:28am
Ideally it breaks ,bearish daily ,below blue line seals deal ,but danger if not already short
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On-site guru & also FF member's' psychiatrist, when not drinking tea
  • #111,531
  • May 9, 2012 10:31am May 9, 2012 10:31am
soz wrong chart ,on building site ,small laptop
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On-site guru & also FF member's' psychiatrist, when not drinking tea
  • #111,532
  • May 9, 2012 10:57am May 9, 2012 10:57am
Quoting Quezoy
Would you give me a chart example of this approach? Im struggling with it.
Well todays EURCAD is a good one. Personally speaking (and this is not really strict J16 stuff, although we are all linked) i have begun to look for areas to enter before breakouts occur. Price patterns and suchlike. I posted a superb one one AUDCHF, twice i think. Both worked great even though they were near RN's etc and had no J16 entry method about them.

The EURCAD may not break hard but the H1 pin (and other more precise methods best left to other threads) could give us the cushion to be in a good position to play the breakout.

The line i drew at the tip of the H1 pin on my chart was where i thought price might turn and i missed my entry as i was busy with other pairs. Entering there was not only a great trade in itself but a great buffer for potential breakout south, which is where i think (a bias i have) it is going.
Academic for me now as i missed it (a bit cross about it but it was a good day for me without that trade so i can move on).

Practice is the only way in my view. I have made a mess of soooooo many breakouts in the past. They are my least favourite trade at the moment which is why i either wait for retest or look to early entry. Perhaps this will change with more experience on my part. I am still basically a noob with a few learned tricks.

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  • #111,533
  • May 9, 2012 12:59pm May 9, 2012 12:59pm
Quoting mbqb11
Hey C

The answer for me is both. Sometimes it might be more than the other. But also your PPZs(albeit very minor ones on both charts) are both correct too.

I think it's important to remember PPZs range from HUGE ones, to very very tiny ones. And knowing their place in both the execution and management is very important. I generally say(I hate general statements BUT) use the major ones for finding trades(with other confluence of course) and focus on the smaller ones for trade mgmt. I see people trading all PPZs(again not sure what your trades...
Not much I can add to what Mike said Chanya.

The answer for me (as I guess you already know) is both too. I will use both the highs/lows and bar closes depending on which of the two lye on the "zone" for the most part.

hope this helps.

g.
I believe . . .
  • #111,534
  • May 9, 2012 1:04pm May 9, 2012 1:04pm
Quoting PhAnTi'
little hint from my side :

dont burn money breaking burnouts...this is one of the most difficult things in trading. Better wait for a close below and sell the retest in this case, youll do much better.

Kindest regards,
Jonas
Trading pure breakouts is good.

(the pros gotta dump their orders. You need 2 hands for a "clap" )

g.
I believe . . .
  • #111,535
  • May 9, 2012 1:12pm May 9, 2012 1:12pm
Quoting goldfish3
Agreed but I missed that one. But I took the 4H anyway one the H1 closed below 1.3 Took the 20 pips closed majority position and SL to BE. Kinda liked it because the pin itself was off the TL and 150 EMA. Cant say if this was a high probability trade though. Although EC is very bearish sentiment so I took the gamble.

-H

edit: Oops thats the wrong chart. The PB wont show here as its a UK broker.
edit: Good God just realized I had foolishly pit my SL to 1.3052 instead of BE at 1.3002...
That was gutsy given the all important long term lows you were trading directly into.

But you made my day with that splendid piece of trade management. Knowing that it was a risky trade and the smartest thing to do was to cut down on risk asap - master stroke brother.

g.
I believe . . .
  • #111,536
  • May 9, 2012 1:21pm May 9, 2012 1:21pm
Quoting ghous
That was gutsy given the all important long term lows you were trading directly into.

But you made my day with that splendid piece of trade management. Knowing that it was a risky trade and the smartest thing to do was to cut down on risk asap - master stroke brother.

g.
Thank you mate. Learning from the best after all. Have found your blog very useful as well. Cleared out a lot of thinks I was struggling to understand. I recommend it to all new comers who want an example of how to mesh j16 stuff with a self customized strategy. Awesome stuff....

Haven't seen you very active around here since a few days.. Good to have you back.

Best,
-H
  • #111,537
  • May 9, 2012 1:22pm May 9, 2012 1:22pm
Quoting beebolbod
Well todays EURCAD is a good one. Personally speaking (and this is not really strict J16 stuff, although we are all linked) i have begun to look for areas to enter before breakouts occur. Price patterns and suchlike. I posted a superb one one AUDCHF, twice i think. Both worked great even though they were near RN's etc and had no J16 entry method about them.

The EURCAD may not break hard but the H1 pin (and other more precise methods best left to other threads) could give us the cushion to be in a good position to play the breakout.

The line i...
Hey Beelbolbod,

What you outlined in your post regarding wanting to trade breakouts before they occur, is at best a very very aggressive strategy. One of the fundamental rules of trading is to trade what you see and not what you foresee. Most good traders will only entertain their anticipations up to the point of developing biases off them but systematizing them is like starting to bet on mere "hopes" for the markets to do a certain thing before they show sure signs of doing it (a pattern in the making is not a sure sign). The entire focus should be on reducing guesswork as much as possible.

g.
I believe . . .
  • #111,538
  • May 9, 2012 1:24pm May 9, 2012 1:24pm
Quoting goldfish3
Thank you mate. Learning from the best after all. Have found your blog very useful as well. Cleared out a lot of thinks I was struggling to understand. I recommend it to all new comers who want an example of how to mesh j16 stuff with a self customized strategy. Awesome stuff....

Haven't seen you very active around here since a few days.. Good to have you back.

Best,
-H
Academics and uni life is choking me. *cough* *cough*

Thanks for the compliments regarding the blog. Glad you found it helpful.

g.
I believe . . .
  • #111,539
  • May 9, 2012 2:34pm May 9, 2012 2:34pm
Quoting ghous
Hey Beelbolbod,

What you outlined in your post regarding wanting to trade breakouts before they occur, is at best a very very aggressive strategy. One of the fundamental rules of trading is to trade what you see and not what you foresee. Most good traders will only entertain their anticipations up to the point of developing biases off them but systematizing them is like starting to bet on mere "hopes" for the markets to do a certain thing before they show sure signs of doing it (a pattern in the making is not a sure sign). The...
Not at all. Not sure what you were reading but it wasn't my post surely? Where did i mention hope? I trade PA.

All my pre emptive strikes are based on pure PA setups at lower TF which allow a cushion to play the moves IF they happen, if they dont, i bank what i've made.
EURCAD today - perfect setup for potential break. The AUDCHF stuff i posted - perfect PA setups. EURUSD i posted elsewhere - perfect setup for potential break. Not J16 stuff (as i mentioned) but very profitable trades with minimal risk.

None are based on hope, all are taken on their own merit and must conform to rules which are based on PA.

One of the reasons many breakouts screw traders is the fact they are unaware of supply/demand lurking directly below/above the breakout area they have defined as 'the area to break out of' (a TL, a BRN etc) which then comes back and takes out stops. I'm aware of that (as is the entire world) and trade accordingly. If i see S/D lurking to catch me out i'll wait, if i see a level tested to it's limit (in my opinion) i'll play aggressively.

Can you explain why say a 30-50 pip cushion ahead of a potential breakout is a bad thing? Please bear in mind i dont just stick a pin in a chart to pick my levels in these trades.
  • #111,540
  • May 9, 2012 2:44pm May 9, 2012 2:44pm
looks like should be nice trade. target 1.6300. stp loss 1.6040.
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