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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

  • #113,941
  • Jul 5, 2012 10:17am Jul 5, 2012 10:17am
What do you think about this trade?

http://i45.tinypic.com/154vh50.jpg
  • #113,942
  • Jul 5, 2012 10:29am Jul 5, 2012 10:29am
Quoting Variance
LOL! just having some fun with the holiday season. did short the S&P mini's thoughfor a nano scalp....
Yep, we don't have the 4th of July over here but yes, its a reason I haven't thought of. Didn't look at the News announcements as well and that ISM Non-Manufacturing PMI did make little ripples for a moment there. Luckily favorable outcome for the position.

You changed your avatar no? Your gf had something
  • #113,943
  • Jul 5, 2012 10:35am Jul 5, 2012 10:35am
Quoting 0421
What do you think about this trade?

http://i45.tinypic.com/154vh50.jpg
Its not a BEOB on my chart but certainly looks like a great opportunity to me. Price falling into uncharted territory.
  • #113,944
  • Jul 5, 2012 10:43am Jul 5, 2012 10:43am
Quoting Chelski
A question for Mike (not exclusively!)

Does anyone use these methods on Indicies? I have been looking at the various majors Dax, FTSE, Nasdaq etc and Weekly and Daily levels seem to play their part.

I would be keen to hear anyone actually trading them?
Hey C

This stuff is applicable across the board. I trade stocks and FX mainly. But for example James's favorite market is the e-mini.

If the chart has a good flow to it you can trade PA with it no problem

Best
Mike
  • #113,945
  • Jul 5, 2012 10:44am Jul 5, 2012 10:44am
Quoting ricosta
Yep, we don't have the 4th of July over here but yes, its a reason I haven't thought of. Didn't look at the News announcements as well and that ISM Non-Manufacturing PMI did make little ripples for a moment there. Luckily favorable outcome for the position.

You changed your avatar no? Your gf had something
Whicch avatar sir

I saw a little crab like on the beach... so i thought it cuold be used as bait to catch some good fish.. but somebody else tried to catch it before and like spiked it with s spear so i caught a little fish and got out
  • #113,946
  • Jul 5, 2012 10:45am Jul 5, 2012 10:45am
Quoting ricosta
PBT&CA of the PPZ (which I judge as a strong one) 3 days ago. Then price retraced and retested the level the second time today. Trend is pointing up. Also price recently broke through the two EMA's which could provide support. Therefore my s/l below level and near ema. Entry allowed for a small s/l. FTA at 1.03143. Will move stop to break even at that level, maybe decide to close, depending on price action. If price goes through I look at around 100 pips to the next level. Will most likely trace s/l below last days low during the "space".

Does...
Hey Rico

Sure does. Jarroo would be better to comment as I don't trade exactly that way. But just wanted to see what your entry was cause all you said was I'm buying

I might look to get my stop up or to breakeven quicker with a type of trade like this but that's where testing is so important

Best
Mike
  • #113,947
  • Jul 5, 2012 10:47am Jul 5, 2012 10:47am
Quoting 0421
What do you think about this trade?

http://i45.tinypic.com/154vh50.jpg
Hey 0421

I get nervous seeing new members taking beobs at swing lows

Just remember we want to take them up at swing highs as taught by James. But yes you CAN play them as continuations. This is actually a good spot off that previous swing low point. But I get nervous cause continuations bars can trip people up if they don't get them down at the conventional spot. Price falling hard but I would probably be locking in some decent profit

Nicely done
Mike
  • #113,948
  • Jul 5, 2012 11:00am Jul 5, 2012 11:00am
Quoting mbqb11
Hey C

This stuff is applicable across the board. I trade stocks and FX mainly. But for example James's favorite market is the e-mini.

If the chart has a good flow to it you can trade PA with it no problem

Best
Mike
Hi Mike

Thanks,

NASDAQ Industrial Green broken line weekly HCR Weekly, Pink HCR Daily.
Fist time back and boom.
Not that i have a valid reason to enter at this level but clearly showing the levels being respected.

P.S. Red solid line is previous close in case we get GAP opening.
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  • #113,949
  • Jul 5, 2012 11:22am Jul 5, 2012 11:22am
Quoting mbqb11
I get nervous seeing new members taking beobs at swing lows

Just remember we want to take them up at swing highs as taught by James. But yes you CAN play them as continuations. This is actually a good spot off that previous swing low point. But I get nervous cause continuations bars can trip people up if they don't get them down at the conventional spot. Price falling hard but I would probably be locking in some decent profit

Nicely done
Mike
thx a lot.
i have one more question, i have this trade on BEP, and now i have 150 Pips profit, what do next, change my Stop Loss on +50, +100 Pips, or stay ON bep??
  • #113,950
  • Jul 5, 2012 12:55pm Jul 5, 2012 12:55pm
Quoting 0421
thx a lot.
i have one more question, i have this trade on BEP, and now i have 150 Pips profit, what do next, change my Stop Loss on +50, +100 Pips, or stay ON bep??
Depending on you money management.
I like to take partial profits, so you could do that. If you want to keep your order whole, then, after 150 pips profit, you should definetely move your SL down.
Dont move it by pips, but by reasonable zones (swings, R/S, RN...). A good position would be some 10-15 pips above BRN 1.550
Thoughts are things
  • #113,951
  • Jul 5, 2012 3:18pm Jul 5, 2012 3:18pm
USD/CAD

buy after the yesterday IB, today is forming a pinbar, EMA 150 as support, 50 FIB retrace

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  • #113,952
  • Jul 5, 2012 3:21pm Jul 5, 2012 3:21pm
Quoting 0421
thx a lot.
i have one more question, i have this trade on BEP, and now i have 150 Pips profit, what do next, change my Stop Loss on +50, +100 Pips, or stay ON bep??
Hey 04

There is never a right or wrong answer with trading so thats my cavaet

In terms of +50, +100 that's sort of meaningless cause the market doesn't care about pips.

If it were me based on the size of beob and being at a deep swing low I'd likely have the majority or profit locked in or out fully by now. Others might leave it at breakeven and let it fly, take some off the table. One could even trail out using the larger trendline, but of course we risk going back into drawdown etc.

If there was MORE information I would hold, the less information I tend to move my stops quicker


Hope that helps
Mike
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  • #113,953
  • Jul 5, 2012 3:43pm Jul 5, 2012 3:43pm
i think the 61.8% ret is a better pivot to take a good long on USD/CAD. weekly chart.
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  • #113,954
  • Jul 5, 2012 5:11pm Jul 5, 2012 5:11pm
Chart:

http://i49.tinypic.com/14t0i2a.jpg

what do u think??
  • #113,955
  • Jul 5, 2012 5:22pm Jul 5, 2012 5:22pm
Quoting 0421
Chart:

http://i49.tinypic.com/14t0i2a.jpg

what do u think??
Hey 04

Yep this is a BUOB

But be careful it's a small one almost neutral-ish in look and trading into some strong previous support and HUGE beb(beairsh bar)

Best
Mike
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  • #113,956
  • Jul 5, 2012 5:57pm Jul 5, 2012 5:57pm
Quoting mbqb11
Hey 04

Yep this is a BUOB

But be careful it's a small one almost neutral-ish in look and trading into some strong previous support and HUGE beb(beairsh bar)
yes, this bar is small. i'm just startet play forex and use Price Action, so when i see BEOB, PB, IB on a good zoone( in my opinion) i whant to play them... i must to learn see PA in a wider perspective.

thx for help.
  • #113,957
  • Jul 5, 2012 6:52pm Jul 5, 2012 6:52pm
Hello

A chart was posted early by mbqb11 on the CADCHF pair. I was watching it and demo traded it using a BUY limit order just above the highest wick on resistance. So that position was at 0.9445 it was triggered today and is was up a max 128 pips thus far, i just use like a micro lot in effect only made a few dollars since i was just practicing this type of trade on my demo account. It should find resistance at 0.9900. Thats like the 3rd pair in a couple of weeks thats heading to parity.
Is that the right way to trade market consolidations like these or was it just my dumb luck?

EDIT: red line is my stop. Green is target, white line is the pivot zone. I think my stop is too far on this though.
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Stop thinking like a retail trader
Forextrinitrader3.0 Profit This Month: na
  • #113,958
  • Jul 5, 2012 7:00pm Jul 5, 2012 7:00pm
Quoting Mebius
Strong level on the Daily. Middle of a the range on the weekly. Do you think this level is strong enough to play a touch trade at 82.67?
Getting closer. Watching for PA at 82.41. AUD and CAD pairs (correlated) saw big moves today, but not against the YEN. Anyone know why?? Would like to see a strong close above this daily level then a confirmation of resistance turning into support before taking off to the moon!
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  • #113,959
  • Jul 5, 2012 7:09pm Jul 5, 2012 7:09pm
Quoting forextrini1
Hello

A chart was posted early by mbqb11 on the CADCHF pair. I was watching it and demo traded it using a BUY limit order just above the highest wick on resistance. So that position was at 0.9445 it was triggered today and is was up a max 128 pips thus far, i just use like a micro lot in effect only made a few dollars since i was just practicing this type of trade on my demo account. It should find resistance at 0.9900. Thats like the 3rd pair in a couple of weeks thats heading to parity.
Is that the right way to trade market consolidations...
hi Trini,
i was in on the same trade but used a BUY STOP order above the recent highs. Got out today for 100+ pips. There is a weekly HCR level at .9588 right where is got stalled. no surprise there. If there's one thing I've learned from this thread it is to REACT at the FTA's. That could mean a bunch of different things depending on the trader but as long as you have a plan that you are comfortable with, it definitely is NOT dumb luck. Way to go!
  • #113,960
  • Jul 5, 2012 7:58pm Jul 5, 2012 7:58pm
Quoting mbqb11
Hey Rico

Sure does. Jarroo would be better to comment as I don't trade exactly that way. But just wanted to see what your entry was cause all you said was I'm buying

I might look to get my stop up or to breakeven quicker with a type of trade like this but that's where testing is so important

Best
Mike
Yes, I aggree, just tightened my stop and might close out with a little profit all together... "Never let a winning trade turn into a loosing trade." something I try to live by.
Since yesterdays bar is a BUOVB I might re-enter once price passes the upper wick.
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