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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

  • #119,801
  • Oct 17, 2012 4:53pm Oct 17, 2012 4:53pm
Quoting Rust
I wish hehe
I am at the point where i try to be modest with profits. FTA is a good place for me to take it all. Too much $ lost due to big expectations. Now i prefer to see it run to the moon without me, but with some profit, than giving away nice profit or even a loss.
Only if i have a nice bigger story, that i like very much i will give it a go

All that after a good thinking over all my trades over the last several months. I already have the confidence that i can pick good trades. Now i am working on tuning down my management to extract...
Never was worried about you Rust

Keep it up

Mike
  • #119,802
  • Oct 17, 2012 5:11pm Oct 17, 2012 5:11pm
Quoting Hiten123
Pinbar today off a very strong horizontal level. Chart attached. I've gone long at the break of the pin. Stop is underneath pin, looking to take quick profit on this one. Pin is also off the 50% fib ret.

Attachment

Hiten

Took a small profit on the above trade I posted yesterday. When price hit FTA I took half profit and moved the other half to b/e and was stopped out.


Today I have a sell order for the aud/cad-chart has already been posted by riandouma. I also have a sell order for the break of the BEOB on eur/zar. See chart for explanation.


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  • #119,803
  • Oct 17, 2012 11:10pm Oct 17, 2012 11:10pm
Quoting mbqb11
Hey S

I use a 5pm et candle, why not use that? Seems perfect for your schedule

Best
Mike
Thanks for the reply, Mike. I will give this a shot on demo and see how it goes.
  • #119,804
  • Oct 18, 2012 3:23am Oct 18, 2012 3:23am
  •  sg_1988
  • | Joined Dec 2011 | Status: Cause I'm P*ssed Off For Greatness | 70 Posts
Took this buob at swing low on h4, moved stop quickly to b/e at the first red area '1' looking for a push to the second red area '2'. Got an initial push towards '2' but price retraced back where I decided to exit.

It seems price is pushing back up towards my initial take profit area now. However taking half profit profit was better than taking no profit for me in this trade as I do not view it as an A trade and didn't have much room for swings in price due to my tight stop!

Kind Regards
Sanil
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  • #119,805
  • Oct 18, 2012 4:42am Oct 18, 2012 4:42am
I like the look of this monthly and weekly area on EU for next week.
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  • #119,806
  • Oct 18, 2012 8:34am Oct 18, 2012 8:34am
Quoting mbqb11
Great Iuliu

I got in via that 3hr buob near the breakout area

Best
Mike
Mike,

I thought you advise against trading into traffic and congestion. I have some LCS/HCR in that area.

Wouldn't a break BELOW our current "box" and rising trendline be a better candidate? We'd have huge space on our side.

Thanks!

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I don't need easy. I just need possible.
  • #119,807
  • Oct 18, 2012 9:29am Oct 18, 2012 9:29am
Quoting DaGrizlyBull
Mike,

I thought you advise against trading into traffic and congestion. I have some LCS/HCR in that area.

Wouldn't a break BELOW our current "box" and rising trendline be a better candidate? We'd have huge space on our side.

Thanks!

Attachment
Hey DGB

When you trade a breakout that means you are trading away from traffic. Notice the massive burst out of the breakout area once price got outside it

Does that make sense?

Mike
  • #119,808
  • Oct 18, 2012 9:44am Oct 18, 2012 9:44am
Chart to watch
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  • #119,809
  • Oct 18, 2012 10:33am Oct 18, 2012 10:33am
Quoting mbqb11
Hey DGB

When you trade a breakout that means you are trading away from traffic. Notice the massive burst out of the breakout area once price got outside it

Does that make sense?

Mike
I understand what you are saying. But imo your are breaking out into a Daily PPZ area which should likely act as resistance (Daily PBTCB, now retest).

I prefer setups where you break out into basically nothing, just big space, like i suggested.

But i guess it depends on your entry, SL, , TF and targets. Can you post a chart with your entry and trade management thoughts?

Thanks!
I don't need easy. I just need possible.
  • #119,810
  • Oct 18, 2012 10:41am Oct 18, 2012 10:41am
Quoting DaGrizlyBull
I understand what you are saying. But imo your are breaking out into a Daily PPZ area which should likely act as resistance (Daily PBTCB, now retest).

I prefer setups where you break out into basically nothing, just big space, like i suggested.

But i guess it depends on your entry, SL, , TF and targets. Can you post a chart with your entry and trade management thoughts?

Thanks!
Hey DGB

Yes learning to trade into space is always what I recommend. It's just easier. But good trades can be found where we have all degrees of space. So there is a range of all types of trades, same go for breakouts. It's like an outside bar/pinbar. They can be trade in all market environments but I stress space with them because I believe it is easier to learn and do.

My focus for breakouts is story/pattern. This case price squeezed down so tight and we got a great entry with limit downside. When you get such a tight squeeze like this you can get a VERY strong burst out. This is essentially what I caught. There can be a bigger retrace(what we are seeing now) and the entire pattern can play out. The h4 has a BUOB/DBLHC and the likely target could be 8250 the base of the tight wedge

Here are my entry and exit

Hope that helps
Mike
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  • #119,811
  • Oct 18, 2012 11:06am Oct 18, 2012 11:06am
Quoting mbqb11
Hey DGB

Yes learning to trade into space is always what I recommend. It's just easier. But good trades can be found where we have all degrees of space. So there is a range of all types of trades, same go for breakouts. It's like an outside bar/pinbar. They can be trade in all market environments but I stress space with them because I believe it is easier to learn and do.

My focus for breakouts is story/pattern. This case price squeezed down so tight and we got a great entry with limit downside. When you get such a tight squeeze like this...
Thanks

One more question:
Are you more inclined to trail your SL less aggressively if you have a similar story on a higher TF? Aka sacrifice the gains (but worst case BE) for the targets of a bigger TF?
I don't need easy. I just need possible.
  • #119,812
  • Oct 18, 2012 11:10am Oct 18, 2012 11:10am
Quoting DaGrizlyBull
Thanks

One more question:
Are you more inclined to trail your SL less aggressively if you have a similar story on a higher TF? Aka sacrifice the gains (but worst case BE) for the targets of a bigger TF?
hey D

Sometimes yes. It depends on the overall story. So this was a case where i felt this breakout pattern was very much worth trading but not to get too carried away. The base of the pattern was not that far off and the story wasn't as strong as it could have been. So I figured the likelihood for a retrace past my entry was more likely and thus i'd rather take the nice profit in this case

Best
Mike
  • #119,813
  • Oct 18, 2012 2:38pm Oct 18, 2012 2:38pm
EUR/TRY

i have never traded this pair before, so first just demo...

nice double top, a BEOB is forming...

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  • #119,814
  • Oct 18, 2012 2:44pm Oct 18, 2012 2:44pm
Quoting bullzeye
EUR/TRY

i have never traded this pair before, so first just demo...

nice double top, a BEOB is forming...

Attachment

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What about the area in yellow? You that optimistic with your TP?
I don't need easy. I just need possible.
  • #119,815
  • Oct 18, 2012 2:46pm Oct 18, 2012 2:46pm
Quoting DaGrizlyBull
Attachment

What about the area in yellow? You that optimistic with your TP?
well thats my FTA, good to locked for partial profit there
  • #119,816
  • Oct 18, 2012 3:02pm Oct 18, 2012 3:02pm
if somebody was expecting that beob on gbpusd would you please explain to me how that occured? thank you
  • #119,817
  • Oct 18, 2012 3:10pm Oct 18, 2012 3:10pm
I learned a lesson today. Never again.

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I don't need easy. I just need possible.
  • #119,818
  • Oct 18, 2012 4:42pm Oct 18, 2012 4:42pm
Quoting bullzeye
EUR/TRY

i have never traded this pair before, so first just demo...

nice double top, a BEOB is forming...

Attachment
I'd watch this rising TL as well
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  • #119,819
  • Oct 18, 2012 4:42pm Oct 18, 2012 4:42pm
Anybody on gold at present. I entered on close of yesterday's candle- confluence, confluence, confluence. BRN, Pivot, TL, price just coming from a double top and serious divergence, and finally, while yesterday's bar was not a normal price action bar, it was confirmation for me that 1750 would hold. I think there's space here for a runner down to 1700 at which time I will take full profit. My stop, initially 80 pips is now just behind the tl and BRN (15 pips)- was going to get to b/e asap but want to let the trade breathe for another day.
Mike- would be very interested for your thoughts on this.

Thanks
M
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  • #119,820
  • Oct 18, 2012 5:20pm Oct 18, 2012 5:20pm
Quoting mbqb11
I'd watch this rising TL as well
I just stole this trendline from you, my apologies
I already have a pretty nice story in my head how i want to play this, but would i get it ... that's the big question
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