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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

  • #122,401
  • Jan 11, 2013 6:02am Jan 11, 2013 6:02am
Quoting jarroo
Hey Hally ..Looking at the Weekly it appears the Euro is shifting to more of an uptrend mode. . .I do like that 1.3115 which is a Weekly Daily level of Support now . .

Its hard to say . .If Price continues to Close above and respect/hold these levels of Support we could be going higher.
hey jim

i posted a few days ago that i see an reverse head and shoulders pattern on that weekly chart. might mean we are going higher. although last week on the weekly chart was a BEOBLC so it looked like it was going to break down again. seems to be that there are a lot of traders that aren't really sure where it is going and just waiting to see what happens. bit like me!! LOL

cheers

hally
Learning for Earning and Trading for Freedom
  • #122,402
  • Jan 11, 2013 6:09am Jan 11, 2013 6:09am
Quoting hally0301
hey jim

i posted a few days ago that i see an reverse head and shoulders pattern on that weekly chart. might mean we are going higher. although last week on the weekly chart was a BEOBLC so it looked like it was going to break down again. seems to be that there are a lot of traders that aren't really sure where it is going and just waiting to see what happens. bit like me!! LOL

cheers

hally

Yeah that's true ..no one knows exactly where Price is heading. We just make our projections based on Price Pattterns, S/R levels etc and see if they hold true and start to trend. Currently, the uptrend bias seem to be working . .

Jim
Indicators show the past. Price Action "Indicates" the future.
  • #122,403
  • Jan 11, 2013 6:19am Jan 11, 2013 6:19am
Quoting hally0301
it seems to be taking a bit of a breather atm. have moved my stop up under the daily pivot and the 3 bar retrace on the 4hr chart. pattern seems to be that it takes a big move up and then takes a breather for the rest of the day. all the yen crosses seem to be showing a similar pattern. atm i have +145 locked in.

cheers

hally
very nice hally . . lock in those profits . .
Indicators show the past. Price Action "Indicates" the future.
  • #122,404
  • Jan 11, 2013 6:20am Jan 11, 2013 6:20am
Quoting jarroo
Yeah that's true ..no one knows exactly where Price is heading. We just make our projections based on Price Pattterns, S/R levels etc and see if they hold true and start to trend. Currently, the uptrend bias seem to be working . .

Jim
yeh definitely agree that bias seems to be up. just waiting to see if 1.33 breaks. i also have 200ema on my weekly chart sitting just above the 1.33 level.

one of the things i have started looking for in identifying trends is where price sits in relation to the 200ema and 365 ema, and the confluence on the 4h/daily and weekly charts.

atm price is sitting above the 200 & 365 ema's on the 4h and daily charts. price is trapped between the ema's on the weekly chart. if it breaks above 1.33 i think 1st target would be 1.35 and then look at 1.38 after that.

cheers

hally
Learning for Earning and Trading for Freedom
  • #122,405
  • Jan 11, 2013 6:23am Jan 11, 2013 6:23am
Quoting hally0301
yeh definitely agree that bias seems to be up. just waiting to see if 1.33 breaks. i also have 200ema on my weekly chart sitting just above the 1.33 level.

one of the things i have started looking for in identifying trends is where price sits in relation to the 200ema and 365 ema, and the confluence on the 4h/daily and weekly charts.

atm price is sitting above the 200 & 365 ema's on the 4h and daily charts. price is trapped between the ema's on the weekly chart. if it breaks above 1.33 i think 1st target would be 1.35 and then look at 1.38...
I like it hally .. Confluences with S/R levels with long term MAs is good way to go.
Indicators show the past. Price Action "Indicates" the future.
  • #122,406
  • Jan 11, 2013 6:28am Jan 11, 2013 6:28am
Quoting jarroo
very nice hally . . lock in those profits . .
looks like it is going to bounce up again off the daily pivot on the 4 hour chart.
Learning for Earning and Trading for Freedom
  • #122,407
  • Jan 11, 2013 6:50am Jan 11, 2013 6:50am
Quoting jarroo
I like it hally .. Confluences with S/R levels with long term MAs is good way to go.
hey jarroo

just watching jim's intro video in the guest area of PF and he talks about trading in a sideways market.

what do you reckon about EURUSD on 1 hr chart. last 4-5 hours trapped in range of about 30 pips. if i take about 2/3's of the range to be conservative with small stop above the top i reckon risk reward is about 3:1.

i have confluence on the 4hr and daily charts.

looking to sell stop at 1.3275 with stop at 1.3284 and take profit at 1.3250 (just demo of course)

new york market opens in about 10 mins so that might create some action!! (edit)

cheers

hally
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Learning for Earning and Trading for Freedom
  • #122,408
  • Jan 11, 2013 7:01am Jan 11, 2013 7:01am
Quoting hally0301
hey jarroo

just watching jim's intro video in the guest area of PF and he talks about trading in a sideways market.

what do you reckon about EURUSD on 1 hr chart. last 4-5 hours trapped in range of about 30 pips. if i take about 2/3's of the range to be conservative with small stop above the top i reckon risk reward is about 3:1.

i have confluence on the 4hr and daily charts.

looking to sell stop at 1.3275 with stop at 1.3284 and take profit at 1.3250 (just demo of course)

new york market opens in about 10 mins so that might create...
You can try it and see how it does.

try this one too . .wait for an Hourly Close Above or Below this Hourly consolidation and see where it goes.

Jim
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Indicators show the past. Price Action "Indicates" the future.
  • #122,409
  • Jan 11, 2013 7:22am Jan 11, 2013 7:22am
Quoting jarroo
You can try it and see how it does.

try this one too . .wait for an Hourly Close Above or Below this Hourly consolidation and see where it goes.

Jim
i didn't take that trade off the 1hr. just decided to sit and watch and see how it played out. looks like with the new york open the elevator might be going up
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Learning for Earning and Trading for Freedom
  • #122,410
  • Jan 11, 2013 7:46am Jan 11, 2013 7:46am
Hey Guys.

I got a question:

Once jim told us that I should NEVER let a winning trade become a loser trade. Yesterday I bought the GBPAUD, GBPNZD pairs. They went up to 200$ profit, and it seemed okay. So i BE. Then the trend turned, and then I closed with 100$ profit. It was good, because later this day the price hit my SL level, so I would have dropped me out with no gain. But now its going up again. So my question is:

Was it a mistake, that I traded the daily chart, as soon as I was in positive I did BE (just like Uncle Jim told us). Then I looked the 1H chart, and then I got out? Or when I trade on daily i never should quit on 1H? (Just askin cause in this case it turned out well) Whats your opinion?
It's all psychology...
  • #122,411
  • Jan 11, 2013 8:07am Jan 11, 2013 8:07am
I believe strongly that trade should be treated the same TF, as 1H pin is a noise on a dayly TF. The 2nd question is very difficult. Although I know lot of aspects of let your profit run strategy I leave too early, because of fear. I even read this post sometimes, to recall the truth.

http://www.forexfactory.com/showthre...21#post1432221
If not up, then down, otherwise sideways :-)
  • #122,412
  • Jan 11, 2013 8:42am Jan 11, 2013 8:42am
Hello Guys,

I would also have a question about gbpnzd.

The pin bar at 1,9 Big round number was spectecular, but I did not trade it becuase I am waiting for an other testing of 1,9 level to have double bottom formation and have much more probability for a long termed successful long trade.

One of the other reasons of why I did not trade this bar is the absence of MACD divergence (as a strong signal of losing "power" of the swing).

But I have seen sometimes (even from experineced traders) that the MACD formation what I marked on the picture is definitely divergence. In my rule system it can't be that becuse between the two local minimum of MACD indicator there is a period where MACD is positive.

I would read your openion about this also with pleasure.
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  • #122,413
  • Jan 11, 2013 8:49am Jan 11, 2013 8:49am
Quoting LamerTrader
Hey Guys.

I got a question:

Once jim told us that I should NEVER let a winning trade become a loser trade. Yesterday I bought the GBPAUD, GBPNZD pairs. They went up to 200$ profit, and it seemed okay. So i BE. Then the trend turned, and then I closed with 100$ profit. It was good, because later this day the price hit my SL level, so I would have dropped me out with no gain. But now its going up again. So my question is:

Was it a mistake, that I traded the daily chart, as soon as I was in positive I did BE (just like Uncle Jim told us). Then...
If you are a beginner I suggest you to go to BE as soon as possible (at TP1). I am also a quite a beginner and I do that. It is true sometimes it is not the most profitable, but as beginner letting the trades into the losing zone can generate a lot of additonal tension. And we have to treat this well.

But when I am a beginner in the Forex world it would just make me more opportunities to make mistakes.

That is why I go BE as soon as possible.
  • #122,414
  • Jan 11, 2013 9:32am Jan 11, 2013 9:32am
Quoting LamerTrader
Hey Guys.

I got a question:

Once jim told us that I should NEVER let a winning trade become a loser trade. Yesterday I bought the GBPAUD, GBPNZD pairs. They went up to 200$ profit, and it seemed okay. So i BE. Then the trend turned, and then I closed with 100$ profit. It was good, because later this day the price hit my SL level, so I would have dropped me out with no gain. But now its going up again. So my question is:

Was it a mistake, that I traded the daily chart, as soon as I was in positive I did BE (just like Uncle Jim told us)....
I think you managed those trades well. Both pins were trading into previous resistance zones and those have to managed closely....quick profits or risk reduction. I traded the GBPAUD pin and manually closed for BE after price was rejected at FTA.

One think I would be cautious of is GBPAUD and GBPNZD are pretty corelated, increasing your exposure.
  • #122,415
  • Jan 11, 2013 10:40am Jan 11, 2013 10:40am
Quoting Sergeant88
I asked the question wrong. What to do if breakout is without PA? Wait for retest?

Thank you for help!
Hey S

If price breaks out and I get no PA I either look to touch trade(enter on a retrace without PA if the situation is right) or I simply pass. MANY MANY times I have a great pattern and don't get the final components like PA and I simply let the trade go. I do not mind missing trades if they don't fit my overall criteria from start to finish

Hope that helps
Mike
  • #122,416
  • Jan 11, 2013 10:43am Jan 11, 2013 10:43am
Quoting Mav13
Hi Mike,
IŽd like to know your opinion on something. ThereŽs 2-day BUOB on yen pairs, I didnŽt take this trade because I know that you wrote many times that continuation bars are tricky and we should look for BUOBs at swing lows. So IŽd like to know what you think about this setup.

Mav
Hey Mav

I play continuation bars as much as reversal bars, but a situation like this is very tricky. We often see a strong trend(these trends are STRONG) and want to find a reason to jump on board. I have been burnt way to many times trying to just buy a buob up near a swing high like this. That's because you are buying into the last point of selling(the swing high) and often this either reverses price, or makes trade mgmt tricky. Their is no wrong thing in PA trading. Only things that work for you or don't. So buying here is not wrong but the pitfalls I have discovered and teach as well as the pitfalls I see traders that already struggle are very high with bars/situations like this.

Continuation bars need strong stories just like reversal bars for me. My favorite continuation bars are off breakouts

Best
Mike
  • #122,417
  • Jan 11, 2013 10:50am Jan 11, 2013 10:50am
Quoting Magestic
Mike, a question for you.
Will you be so kind to share your thoughts or experience when you would hold a possition longer expecting a large move, where you wouldn't take profit at First MAJOR TA. I know that it depends, but anyway.
Hey M

If you go through my charts you will see a variety of exit methods depending on how I feel on the situation

here was a recent equity trade which I held and trailed out(you can follow the quoted posts back)

http://www.forexfactory.com/showthre...61#post6203361

It's always how I feel about a situation. That's where I start. I sometimes change my mind as a trade progresses and new details come in. I tend to trail my trades out more then take profit at FTA. Even my recent cad/chf I didn't take profits at the FTA

here
http://www.forexfactory.com/showthre...94#post6354394

Did it run more? Heck ya it did. But ultimately it wasn't conducive based on my entry and feeling to hold for a longer move. I don't look back when price keeps running and say I should have held. That's the easy thing to do and beat yourself up at. I look at my logic and trade plan and make sure it's in line with my mentality and what I am looking to do long term

Hope that helps
Mike
  • #122,418
  • Jan 11, 2013 10:51am Jan 11, 2013 10:51am
Quoting livethedream
In my first 2 days of James16 style trading I profited 137 pips and grew my small account by 7.1%!

See you all next week!
congrats LTD. Just keep demoing , and practicing and through the ups and downs you will continue to improve and gain confidence. It's all any of us can do

Wish you the best
Mike
  • #122,419
  • Jan 11, 2013 10:56am Jan 11, 2013 10:56am
Quoting hally0301
that's awesome. gotta be really happy with that. i am still only trading demo but my demo account has never looked as healthy as it does now since i started reading this thread. last month was profitable and this month is looking very nice too. 1 more profitable month and i might look to start some real trading.

congrats keep up the great work.

cheers

hally
fantastic, this makes me so happy

treat it like a business and you will give yourself a chance at this

Best
Mike
  • #122,420
  • Jan 11, 2013 1:12pm Jan 11, 2013 1:12pm
Quoting mbqb11
Hey Mav
I play continuation bars as much as reversal bars...
Hey Mike, thanks a lot for explanation.
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