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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

  • #114,941
  • Aug 3, 2012 3:42am Aug 3, 2012 3:42am
Quoting Hotwinter
How are u buddy ?

want some guidance weather im doing right or

plz check the chart for the questions.
FTA is first trouble area and that is first ppz in this case. Check the closest lows/highs or where you can see both.

1 target is then something else. That's up to you how you want to manage trades.

Hope this helps.
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  • #114,942
  • Aug 3, 2012 3:55am Aug 3, 2012 3:55am
hi every body and thanks for nice thread
I think we have inverted H & S pattern in eurusd
please talk about your idia about it
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  • #114,943
  • Aug 3, 2012 4:02am Aug 3, 2012 4:02am
Quoting Hotwinter
How are u buddy ?

want some guidance weather im doing right or

plz check the chart for the questions.
rami_8 is right. You need not only major trouble areas, but also minor ones. You should look at highs/lows of bars to find them (minors). I think that you have not read chanya's ebook thoroughly enough. Read it again.

cheers and take care
  • #114,944
  • Aug 3, 2012 4:12am Aug 3, 2012 4:12am
Quoting 0421
Hi Mike. Thanks for sharing with us with such an amazing trade.
I've just been thinking how is that possible that you didn't close the transaction on BE when you were about 400 pips green and then a price dropped below your entry? At your screen I can see that you opened transaction somewhere around 0,7850, then a price rose to 0,8241 (max 29th August 2011) and then a price dropped to 0,7820 (min 5th September 2011) so you "lost" more than 400 pips and you were already red after that!
I think it's against any rules to keep open transaction...
He is pro, mate . I think of it that way: when u risk certain amount risk% each trade this is not painful. He had huge stop, but he still took 2% of his risk. It was superb setup, in what he believed. I think he could lose not much in it. F.e. I calculated that if I had this trade similar as Mike f.e. with 5000 dollars account (account I can afford today) my total profit on that one were only around 360 bucks for a year if 3% of risk . Common trade just big moves and A+setup he believe it is. Just my view of it, waiting for Mikes reply
If not up, then down, otherwise sideways :-)
  • #114,945
  • Aug 3, 2012 4:13am Aug 3, 2012 4:13am
Quoting rami_8
FTA is first trouble area and that is first ppz in this case. Check the closest lows/highs or where you can see both.

1 target is then something else. That's up to you how you want to manage trades.

Hope this helps.

I think this is the 1st trouble area.
I would not buy this till after the break and pullback.
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  • #114,946
  • Aug 3, 2012 4:29am Aug 3, 2012 4:29am
Quoting Magestic
He is pro, mate . I think of it that way: when u risk certain amount risk% each trade this is not painful. He had huge stop, but he still took 2% of his risk. It was superb setup, in what he believed. I think he could lose not much in it. F.e. I calculated that if I had this trade similar as Mike f.e. with 5000 dollars account (account I can afford today) my total profit on that one were only around 360 bucks for a year if 3% of risk . Common trade just big moves and A+setup he believe it is. Just my view of it, waiting for Mikes reply
This + Mike is creating a big story. He predicts where price should go back and he probably is even disappointed when it doesn't. He is allowing for a big moves against him - because he believes in his theory. Mike is the master in trade management.
  • #114,947
  • Aug 3, 2012 5:54am Aug 3, 2012 5:54am
Quoting Pinbar
I think this is the 1st trouble area.
I would not buy this till after the break and pullback.
I was just referring to Chanya's pdf and to this situation when "winter" was asking about it. I would neither buy here, but rather look for sell of the previous support - below last consolidation as shown in the chart in the previous post. That should give us at least some reaction - as it did. In the big weekly picture we are pretty much in the middle of the big box, but on daily we are on top of the consolidation. We will see which side we will take when we get more PA information.

Just a reminder to new people here that if price can break major daily HCR barely with 4 pips like in the AUD/JPY it is not really a break, but rather a failure or false break. Price has tried since early July break this level/zone so it is not realistic to think that 4 pips would be enough in a daily TF. What is enough? I don't have any number, but it must be something easy to see. But on minor HCR/LCS 4 pips might be enough. Search yourself.
  • #114,948
  • Aug 3, 2012 6:21am Aug 3, 2012 6:21am
I read in thread that james use keltner channel with setting of 8,1.3,1.3 but when i download this indi we have only period number that set 20 in defult format
Is there another version of keltner channel that james use? please upload it for me
regards,
  • #114,949
  • Aug 3, 2012 7:18am Aug 3, 2012 7:18am
Quoting equivestor12
Is there anyway you could start posting your trades live like Mike and Rust do?

No problem if you can't...

thanks!
Of course I can ... I have not been doing this very often because I sleep at around 12 am , my brokers daily closing time is 2 am which I barely wake up to ( Half asleep ) and then I have to wake up for university at 6:30 am ... I am already way too much sleep deprived and Imagine that if I prepare my live trades charts , I would be a complete mess ... But , I will try to do it more often ...

Quoting Hotwinter
Rafstraszek thanks for that nice explanation.

I have some more questions about this plz.

I entered AUD/JPY on PBT&CA some days ago and I was 30 + pips green before reaching to FTA. but the trade reversed and closed on BE. as u saying that 30plus pips means u have reached to FTA. can u evaluate my chart weather I had identified my FTA (as 1st target) correctly or not. if yes then do not u think it contradict to your view (30 pips) as it was round about 80 pips away from my entry. Moreover, moving to BE in this trade after 30, was it a...
Hey aslam . Look , the point is , usually we are at BE very soon , its not fixed number of pips but at first level . So , news more often then not do not effect us . As for FTA , you are not identifying it correct . That maybe the major trouble area you pointed that we must keep in mind but not the first ... I did not take that Aud Jpy trade . See my next post why ...

Quoting rami_8
FTA is first trouble area and that is first ppz in this case. Check the closest lows/highs or where you can see both.

1 target is then something else. That's up to you how you want to manage trades.

Hope this helps.
Hey Rami , in your chart , you wrote " Sell " , why did you sell there ???
Human
  • #114,950
  • Aug 3, 2012 7:36am Aug 3, 2012 7:36am
I would like to share two things that I do that I had not discussed before ... ( I do not know whats Jarroo's take on this one , its what I do ) . First is

Many of you got trapped in that AUD/JPY PBT&CA , but I did not ... There is a reason for that which I think is very important ...

Have you all ever wondered what are the strong area's to take the trade Upon ???

The answer is , where a number of HCRs/LCSs comes close together ... Obviously ...

So , when 2 or three or what ever number of HCRs / LCSs comes close together , I never play a PBT of any one or two of them , but I only play a PBT when all of them are broken through . I treat them as a zone ... If the price Breaks through whole zone , then sometimes I would trade bigger lot sizes then normal because I am mostly very confident that that particular trade has more strength then usual ... Look at the charts below ...
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Human
  • #114,951
  • Aug 3, 2012 7:40am Aug 3, 2012 7:40am
Quoting Chanya
Hey Rami , in your chart , you wrote " Sell " , why did you sell there ???
For example he took lcs from beginning of april, price close below on end of april and retest recently...
  • #114,952
  • Aug 3, 2012 7:44am Aug 3, 2012 7:44am
Quoting Chanya
I would like to share two things that I do that I had not discussed before ... ( I do not know whats Jarroo's take on this one , its what I do ) . First is

Many of you got trapped in that AUD/JPY PBT&CA , but I did not ... There is a reason for that which I think is very important ...

Have you all ever wondered what are the strong area's to take the trade Upon ???

The answer is , where a number of HCRs/LCSs comes close together ... Obviously ...

So , when 2 or three or what ever number of HCRs / LCSs comes close together , I never...
And where you place your pending order, lets say on first example? You have three hcr/lcs - you choose the lowest, the highest, or maybe the most recent?
  • #114,953
  • Aug 3, 2012 7:54am Aug 3, 2012 7:54am
Quoting rafstraszek
And where you place your pending order, lets say on first example? You have three hcr/lcs - you choose the lowest, the highest, or maybe the most recent?

Probably all of them with small lot sizes but combined , a little bigger then usual , but thats just me , You do what suits you regarding lot sizes ...
Human
  • #114,954
  • Aug 3, 2012 8:27am Aug 3, 2012 8:27am
Salam Chanya

What do you think about this case?
PBT & close above the zone but failure ..

Merci

casapips
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  • #114,955
  • Aug 3, 2012 11:06am Aug 3, 2012 11:06am
Quoting rafstraszek
I think that uptrend is tired (nice divergence) and close below 1.05 will be crucial.

But now is to early for entry - price is in consolidation, but we already had false breakout up, so reliable breakout down is very likely.
Yep very much agree Raf

I tried to take an earlier entry off the massive 1hr 4hr beob. It was much before the area has broken and price ran to the lower box at 1.05 and has reversed. I was hoping it would be the bar that took us out of the funnel wedge as Raf has drawn. So far it hasn't lol. I have a large majority of my risk reduced above the box and BRN but it needs to hold or I'll be taking a half bar loss.

Nice chart and analysis Raf. The safer play is waiting till the box and BRN break as per my previous chart Yehuda. Even I may have over thunk this one


Best
Mike
  • #114,956
  • Aug 3, 2012 11:14am Aug 3, 2012 11:14am
Quoting 0421
Hi Mike. Thanks for sharing with us with such an amazing trade.
I've just been thinking how is that possible that you didn't close the transaction on BE when you were about 400 pips green and then a price dropped below your entry? At your screen I can see that you opened transaction somewhere around 0,7850, then a price rose to 0,8241 (max 29th August 2011) and then a price dropped to 0,7820 (min 5th September 2011) so you "lost" more than 400 pips and you were already red after that!
I think it's against any rules to keep open transaction...
Hey 0421

Well pips to me are largely irrelevant as its more the setup. Everything else is really relative. So for example that 400 pips is sort of no different to me then 40 pips on an hourly chart if the same type of opportunity was present. Obviously it being a huge weekly bar holds more bearing but just to explain what I mean.

If you dig through my charts on here I think i updated this thread every time I actually moved my stop. I know I did in the PF and email the group about those posts but it would take me a long time to go back and do that. Click the images tag in my profile

Here for example is a few of them

http://www.forexfactory.com/showthre...93#post4875093
http://www.forexfactory.com/showthre...21#post4942521
http://www.forexfactory.com/showthre...15#post4954615
http://www.forexfactory.com/showthre...93#post5168493

Hope that helps
Mike
  • #114,957
  • Aug 3, 2012 11:20am Aug 3, 2012 11:20am
Quoting Chanya;
Hey Rami , in your chart , you wrote " Sell " , why did you sell there ???
Quoting rafstraszek
For example he took lcs from beginning of april, price close below on end of april and retest recently...
You got it.

Previous support should now be resistance so if we touch trade from levels/zones, then we should treat that old LCS as resistance now and especially when it was support also in Feb-2012.

That resistance did not hold for long. Now we have broken also that old LCS. Lets see what will happen.

Rami
  • #114,958
  • Aug 3, 2012 12:09pm Aug 3, 2012 12:09pm
I know there has been a few posts on this one so far, but I just wanted to post my take on it as I have been watching it for a few days and waiting for it to do exactly what is just did.

I guess all I am looking for now is the retrace back towards the area it just broke through. Let me know what you guys think... I didn't use the precise HCR because it looked like it was part of a broader zone that needed to be broken FYI
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  • #114,959
  • Edited 12:44pm Aug 3, 2012 12:35pm | Edited 12:44pm
Hi there deletaskelta,

I've been watching this one as well. I expect an entry next week assuming price does close above 82.36



I'm basing this entry on a weekly view.
We have a weekly BUOB (continuation) closing above a 365/150 ema confluence last week. The 82.36 intersects a nice PPZ from a weekly point of view and is also the high of the weekly continuation BUOB.

This weekly close above 82.36 (assuming it does close above) confirms the trade for me.

I have my FTA at 84.60, will enter on a retrace and will take partial profit and move to BE at the FTA. My stop will be in the 81.15 area.

http://i1175.photobucket.com/albums/...weekly8312.gif
  • #114,960
  • Aug 3, 2012 1:26pm Aug 3, 2012 1:26pm
First post in this thread, I've been lurking here for the past month or two and I just want to say thank you to everyone who has made this thread so great.
James, Mike and Jarroo for sharing so much wisdom with all of us, Chanya for creating that great PDF(really looking forward to pt 2), and to everyone who helps out and contributes to this thread, there are too many to name..
Thank You all of you, this thread has completely changed my approach to trading..
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