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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

  • #119,381
  • Oct 3, 2012 1:20pm Oct 3, 2012 1:20pm
Quoting Barefoot
Hey Blaz- I trade only weekly setups, and have been extremely successful recently. I started trading only Daily and Weekly charts following James16's advice, but found that my trades on the weekly time frame were more consistently positive.

The patience thing is subjective. I actually find it takes more patience to trade daily and lower TFs because you tend to look at the charts all the time and I find that gives me an itchy trigger finger.

With the weekly charts I set up entries and just let them run, checking my charts 1-2 times a day for...
Hi Barefoot,

I am glad the trades are going well for you. I work full time, therefore, I need to be trading daily or weekly charts. I have a feeling weekly might suit me better, and stop me keep looking at trades all the time.

Can I ask please?

1. How do you get on with big stop losses? Do you still set then beyond the high or low of the pinbar? Could be quite a hefty figure.
2. How long once you are in a trade do you normally stay in it, on average?
3. What do you do with targets - do you have fixed targets, aim for previous highs/lows etc?

Regards

Glynn
"Fail to prepare, prepare to fail."
  • #119,382
  • Oct 3, 2012 1:22pm Oct 3, 2012 1:22pm
Quoting aserbfx
i am watching this aud/jpy setup. my favorite scenario would be a positive close to get a nice looking pinbar.
I am looking at it aswell. I am looking at a TP of about 81.197 if it sets up OK.
"Fail to prepare, prepare to fail."
  • #119,383
  • Oct 3, 2012 2:22pm Oct 3, 2012 2:22pm
Quoting Mr Smith
Anyone else set orders for this Daily BEOB, just placed my orders to sell at 1.6098 targeting 1.6000 as first target.

Cheers
Trade triggered, looking to take partial profit at 1.6000

Cheers
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  • #119,384
  • Oct 3, 2012 2:43pm Oct 3, 2012 2:43pm
Quoting aserbfx
vz seems interesting.
see the daily and monthly chart. let`s see what will happen from here.
verizon is now approaching the resistance-zone at exactly 46.42 usd.
check the volume now in the last 20 min of trading today.
meine augen sind die sterne
  • #119,385
  • Oct 3, 2012 3:57pm Oct 3, 2012 3:57pm
Any thoughts on the pin about to close on AUDJPY?
It is at support but is it too small compared to the previous bars?

I've attached a chart, but don't seem to be able to insert it into the post.

Great thread btw.
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  • #119,386
  • Oct 3, 2012 4:09pm Oct 3, 2012 4:09pm
Quoting erublycuris
Any thoughts on the pin about to close on AUDJPY?
It is at support but is it too small compared to the previous bars?

I've attached a chart, but don't seem to be able to insert it into the post.

Great thread btw.
Hey E

Welcome to the thread good first post

Tricky one with this bar size. Location is nice but a lot of things to take into consideration if buying.

I also showed my preferred scenario to watch for pa

Again welcome
Mike
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  • #119,387
  • Oct 3, 2012 7:44pm Oct 3, 2012 7:44pm
Quoting Pinbar
H4 signature at the monthly level.
Hi Pinbar, currently AU is moving sideways. Would you keep the trade or close it?
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  • #119,388
  • Oct 3, 2012 8:15pm Oct 3, 2012 8:15pm
Quoting packhorse
Hi Barefoot,

I am glad the trades are going well for you. I work full time, therefore, I need to be trading daily or weekly charts. I have a feeling weekly might suit me better, and stop me keep looking at trades all the time.

Can I ask please?

1. How do you get on with big stop losses? Do you still set then beyond the high or low of the pinbar? Could be quite a hefty figure.
2. How long once you are in a trade do you normally stay in it, on average?
3. What do you do with targets - do you have fixed targets, aim for previous highs/lows etc?...
You check your weekly setups "one of two times a day"?
Why and how would you do that on a weekly TF?
You should only need to check them once a week, unless you are going down to a lower TF to check them. Then that is not really trading the weekly TF.
  • #119,389
  • Oct 3, 2012 9:02pm Oct 3, 2012 9:02pm
Quoting Pinbar
You check your weekly setups "one of two times a day"?
Why and how would you do that on a weekly TF?
You should only need to check them once a week, unless you are going down to a lower TF to check them. Then that is not really trading the weekly TF.
It sure can be needed especially as price hits appropriate trouble areas. i do this with all timeframes. If I have certain areas marked that I am wanting to do something at (like reduce my risk), it doesn't matter the timeframe. The thing is with weekly it will generally take longer to happen thus you won't have to spend quite as much time doing that.

Again that is just in reference to how I manage my trades often

Best
Mike
  • #119,390
  • Oct 3, 2012 9:10pm Oct 3, 2012 9:10pm
Quoting mbqb11
It sure can be needed especially as price hits appropriate trouble areas. i do this with all timeframes. If I have certain areas marked that I am wanting to do something at (like reduce my risk), it doesn't matter the timeframe. The thing is with weekly it will generally take longer to happen thus you won't have to spend quite as much time doing that.

Again that is just in reference to how I manage my trades often

Best
Mike

I thought you always managed the trade on the TF you were trading?
Meaning, weekly FTA, trouble areas & targets.

Hey Mike

Which way do you reckon this is going, North or South?
I am leaning towards North.
If we get significantly above no mans land.
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  • #119,391
  • Oct 3, 2012 9:47pm Oct 3, 2012 9:47pm
Hit my SL just below the daily LCS.

Did not like the way price was being sluggish around the 365 EMA and closed 2/3 of the position at 1.02335.

Not enough Bham in it.
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  • #119,392
  • Oct 4, 2012 12:27am Oct 4, 2012 12:27am
Quoting aserbfx
i am watching this aud/jpy setup. my favorite scenario would be a positive close to get a nice looking pinbar.
I am looking for it to break the support level and go into huge space PBT CB ftw
I don't need easy. I just need possible.
  • #119,393
  • Oct 4, 2012 1:41am Oct 4, 2012 1:41am
Quoting mbqb11
Hey E

Welcome to the thread good first post

Tricky one with this bar size. Location is nice but a lot of things to take into consideration if buying.

I also showed my preferred scenario to watch for pa

Again welcome
Mike
Thanks for the reply and welcome Mike. Much appreciated. Waiting for the break and retest it is.

Cheers

Bryan
  • #119,394
  • Oct 4, 2012 1:57am Oct 4, 2012 1:57am
Quoting patapouer
Hi guys,

I got a question regarding Buy/Sell limit orders.

Basically, you put these orders when anticipating a retest of a S/R, HCR/LCS, etc.

For example, I put a Buy limit order on GBPAUD after PBTCA daily HCR at 1.56 RN, thinking price would retest the RN before moving up.
Well, obviously, price didn't, and moved up to the 1st and now 2nd trouble areas boxed in the chart.

How do you deal with that?
Hi patapouer, for me it depends on what is to the left. If price pierces through the TAs and there's still some space above then I would still consider an entry. This piercing through could be a sign that price absorbed most of the opposing sell power. And space above can act like a magnet on price.

As for your GBPAUD example I personally would not trade it as price has just touched a somewhat important area where price flipped from support to resistance (and vice versa in the past). That said price may have the potential to rise to 1.59 before turning down again. But I'm not sure.
It sure wouldn't be wrong to demo it if you believe in its upside potential.
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Thanks J16, Sam Seiden, Udine and Jacko
  • #119,395
  • Oct 4, 2012 2:43am Oct 4, 2012 2:43am
Quoting erublycuris
Any thoughts on the pin about to close on AUDJPY?
It is at support but is it too small compared to the previous bars?

I've attached a chart, but don't seem to be able to insert it into the post.

Great thread btw.
Welcome erublycuris
Good spot as Mike said. He told it pretty clear already and I am watching for the same as he is. Nevertheless if you want to hunt for a bounce up, it's a MUST (for me at least) to wait for a bar that protrudes lower than the last swing.
Even if it was, be careful to carry further the FTA.

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  • #119,396
  • Oct 4, 2012 2:44am Oct 4, 2012 2:44am
Quoting HanSolo
Hi patapouer, for me it depends on what is to the left. If price pierces through the TAs and there's still some space above then I would still consider an entry. This piercing through could be a sign that price absorbed most of the opposing sell power. And space above can act like a magnet on price.

As for your GBPAUD example I personally would not trade it as price has just touched a somewhat important area where price flipped from support to resistance (and vice versa in the past). That said price may have the potential to rise to 1.59 before...
Hi Hans,

Thanks a lot for your answer.

To be honest with you, I don't "believe" in anything here in Forex. I am very admiring to you people who can say where price is heading.
As far as I'm concerned, it may be a professional quirk but I am very pragmatic and do only believe in facts: did price close above/below HCR/LCS, do we have a nice pinbar, that sort of things.
Where I often make mistakes is in the timing of entry. I often see things happening and enter after the fact (remember a Gold drop Mike spoke about, ran into it... after price hit its target and started reverting) or before PA confirmation (not waiting for DCC, or for pinbar break, for example).

What I understand from your answer and from Meshka's is that there is no point running after a trade. If I can't catch it, then I'd better let it go and monitor it to see whether I couldn't "ride the price" a bit later...
That makes sense. Just have to prove myself I can be patient

Thanks again for your help!
Slow & steady
  • #119,397
  • Oct 4, 2012 3:09am Oct 4, 2012 3:09am
Quoting Rust
Welcome erublycuris
Good spot as Mike said. He told it pretty clear already and I am watching for the same as he is. Nevertheless if you want to hunt for a bounce up, it's a MUST (for me at least) to wait for a bar that protrudes lower than the last swing.
Even if it was, be careful to carry further the FTA.

Attachment
Thanks for the welcome Rust. And the great info, I hadn't considered whether the low of the pin had dipped below the low of the last swing at all. So many things to put together!
  • #119,398
  • Oct 4, 2012 4:27am Oct 4, 2012 4:27am
Hey PBT-ers,

Are these trouble areas / targets? What should i do when price reaches them? Should i wait for the Day to close below them and trail my stop above them ?

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I don't need easy. I just need possible.
  • #119,399
  • Oct 4, 2012 4:34am Oct 4, 2012 4:34am
Quoting patapouer
Hi Hans,

Thanks a lot for your answer.

To be honest with you, I don't "believe" in anything here in Forex. I am very admiring to you people who can say where price is heading.
As far as I'm concerned, it may be a professional quirk but I am very pragmatic and do only believe in facts: did price close above/below HCR/LCS, do we have a nice pinbar, that sort of things.
Where I often make mistakes is in the timing of entry. I often see things happening and enter after the fact (remember a Gold drop Mike spoke about, ran into it... after price...
You're spot-on, patapouer. However, even when you only act upon facts you can never be 100% sure. But you can be +/- 50% sure. And that's what I meant be believing in its potential.

Entering after the fact was a problem for me, too. During the first months of my trading I couldn't even spot most of the trades that were presented in this thread. So I often entered when it was in fact too late. Part of the problem were the many chart I had opened (often +20). I lost sight of trading opportunities easily and had a hard time learning to interpret charts as there was no understanding of past, present and future. All those different charts just mixed up in my mind. I solved the problem by only looking at about max. 5 at a time.
Thanks J16, Sam Seiden, Udine and Jacko
  • #119,400
  • Oct 4, 2012 4:58am Oct 4, 2012 4:58am
Quoting HanSolo
You're spot-on, patapouer. However, even when you only act upon facts you can never be 100% sure. But you can be +/- 50% sure. And that's what I meant be believing in its potential.
Thanks for your kind words!

I guess I misunderstood your first post.
Looking at this in that way, I agree with you: facts do not predict future (I'm not Jarroo ) but can eventually suggest a preferred, potential move.


Quoting HanSolo
Entering after the fact was a problem for me, too. During the first months of my trading I couldn't even spot most of the trades that were presented in this thread. So I often entered when it was in fact too late. Part of the problem were the many chart I had opened (often +20). I lost sight of trading opportunities easily and had a hard time learning to interpret charts as there was no understanding of past, present and future. All those different charts just mixed up in my mind. I solved the problem by only looking at about max. 5 at a time.

This is very reassuring, my friend.
It tells me that one (even I!) can overcome his drawbacks and finally make it!

thanks a lot!
Slow & steady
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