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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

  • #123,921
  • Mar 18, 2013 5:03pm Mar 18, 2013 5:03pm
Quoting mbqb11
Hey Pip

I don't touch trade often myself either but I like your confluence here. I will sure be watching for PA

I added the rising TL in which will be even better if as we progress down(if we do) price moves into this TL at the same time as your descending and BRN

Now that's how we do it

Mike
Looks even better now! So I'm correct in thinking you'd just look round this area for some PA? Would it have to be a nice BUOB or pin bar, or are you just looking for some kind of rejection here?

Whilst I have your attention, could you give me your thoughts on how I played this pin bar?

I entered on break of low (yellow line) and had my SL above the bar high, and when we reached that first ppz I moved my SL to the pin bar close (blue line). I was aiming for a TP of just above the 150 ma. Obviously I got stopped out today for a small loss.

I'm thinking I should have taken some/all profit at that PPZ, but my question is more on the SL. Do you think I made the right decission reducing the risk on it, or should I have kept the SL at the pin high? I'm know James says keep it tight, what do you think?

Sorry to bug you, thanks a million for your time.
  • #123,922
  • Mar 18, 2013 5:04pm Mar 18, 2013 5:04pm
Forgot the chart!
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  • #123,923
  • Mar 18, 2013 5:26pm Mar 18, 2013 5:26pm
I have been reading this thread for a few months and have been almost overwhelmed with the amount of material here. A very sincere thank-you to james16(doesn't look like he checks in anymore but thanks regardless) and all of you who so freely give of your time and knowledge and also for your dedication to serving others and keeping the thread alive. I've posted a daily and H1 chart for usdchf. Is there a valid trade here that anyone would have taken? Is it good or bad to have space between levels or does that just help determine SL or target areas? Is this what is referred to as Jarroo style trading? Once again thanks for your efforts.
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  • #123,924
  • Mar 18, 2013 8:43pm Mar 18, 2013 8:43pm
Quoting pip_la
Looks even better now! So I'm correct in thinking you'd just look round this area for some PA? Would it have to be a nice BUOB or pin bar, or are you just looking for some kind of rejection here?

Whilst I have your attention, could you give me your thoughts on how I played this pin bar?

I entered on break of low (yellow line) and had my SL above the bar high, and when we reached that first ppz I moved my SL to the pin bar close (blue line). I was aiming for a TP of just above the 150 ma. Obviously I got stopped out today for a small loss....
Hey Pip

Few things here that jump out. Firstly be careful this is technically not a pinbar as price did not close within the previous bar. This can be a sign of weakness. Generally if these don't break strong they can tend to trickle back through to the top. With that said some people still will play them because of the location and keep that in mind. So if one was to do that I think then your TP is just way to optimistic for such a weak close and not enough confluence. Your idea of knowing the FTA to move your stop is great though. For me I think taking profit is a better idea cause of the weak close, or at worst get to b/e and see what happens.

It is no bother at all hope this helps a bit!
Mike
  • #123,925
  • Mar 18, 2013 11:08pm Mar 18, 2013 11:08pm
Thx Mike. Sure, I'm going thru the posts now & saw some answers in Post #9 to my questions. Sorry for raising the questions probably too early (I did so before going to bed at abt 2.45am my time ) as I thought I shd get them out of the way in order to be able to make better sense of subsequent posts as I move forward.

God bless!

Bliss

Quoting mbqb11
Hey Bliss

THere are many ways to enter most bar setups

For those first few charts we are speaking about a TBL(two bar low) or TBH(two bar high)

These are taken on the break of the multi high/low. So if you have two matching lows like in the first chart your sell order would go under that order. Your stop loss much like you will see with entries can also vary. To keep things basic when starting, start with your stop loss on the other side of the bar you are trading.

So in chart one I have marked your entry and stop loss.

Exits are going...
  • #123,926
  • Mar 19, 2013 2:51am Mar 19, 2013 2:51am
Quoting mbqb11
It is no bother at all hope this helps a bit!
Mike
It helps a lot! Thanks again.
  • #123,927
  • Mar 19, 2013 3:25am Mar 19, 2013 3:25am
Hello, guys
Can I ask your opinions?
Do you think that there is a valid DBLHC?
Тhanks in advance !
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Your best teacher is your last mistake ...
  • #123,928
  • Mar 19, 2013 3:30am Mar 19, 2013 3:30am
Quoting b3g1nn3er
Hello, guys
Can I ask your opinions?
Do you think that there is a valid DBLHC?
Тhanks in advance !
You are risking that your Buy order will be triggered at the same place, where people who took long from a gap will close their positions - means sell. Not worth it from my point of view, coz no considerable hint of futher move up.
If not up, then down, otherwise sideways :-)
  • #123,929
  • Mar 19, 2013 3:49am Mar 19, 2013 3:49am
Quoting Magestic
You are risking that your Buy order will be triggered at the same place, where people who took long from a gap will close their positions - means sell. Not worth it from my point of view, coz no considerable hint of futher move up.
Thank you, Magestic!
And, if I'm not very pushy, what would you say about this bar, which I think is on swing and there is Stochastic Divergence ?
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Your best teacher is your last mistake ...
  • #123,930
  • Mar 19, 2013 6:24am Mar 19, 2013 6:24am
Very interesting phenomenon which occur again and again . I really love watching them.


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Regards Inditrader
  • #123,931
  • Mar 19, 2013 7:43am Mar 19, 2013 7:43am
Hi Inditrader

My chart looks different.
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  • #123,932
  • Mar 19, 2013 8:12am Mar 19, 2013 8:12am
Quoting bliss
Thx Mike. Sure, I'm going thru the posts now & saw some answers in Post #9 to my questions. Sorry for raising the questions probably too early (I did so before going to bed at abt 2.45am my time ) as I thought I shd get them out of the way in order to be able to make better sense of subsequent posts as I move forward.

God bless!

Bliss
no problem bliss ask questions as you go

I got your email as well

Keep at it

Mike
  • #123,933
  • Mar 19, 2013 8:14am Mar 19, 2013 8:14am
Quoting b3g1nn3er
Hello, guys
Can I ask your opinions?
Do you think that there is a valid DBLHC?
Тhanks in advance !
Hey Beginner

I wouldn't call that a DBLHC since that small bar is actually a sunday bar(the first few hours of data some brokers display separately) James says to ignore those bars

Best
Mike
  • #123,934
  • Mar 19, 2013 8:14am Mar 19, 2013 8:14am
Quoting long2339
Hi Inditrader

My chart looks different.
Hi long,
I gues you and inditrader have different feeds, my chart looks different on my FxPro feed and on my Admira lMarkets feed.

Mav
  • #123,935
  • Mar 19, 2013 8:27am Mar 19, 2013 8:27am
Quoting b3g1nn3er
Thank you, Magestic!
And, if I'm not very pushy, what would you say about this bar, which I think is on swing and there is Stochastic Divergence ?
Hi beginner!

Im not a pro but personally I would rather call these dots, than bars... If you look right you can see last time, when the price was here it was boxed for couple of days - and now you want to sell near the bottom of this box? I wouldn't... And I dont see any PA that would make me to sell...

Best,
Stephen
It's all psychology...
  • #123,936
  • Mar 19, 2013 8:37am Mar 19, 2013 8:37am
Quoting b3g1nn3er
Thank you, Magestic!
And, if I'm not very pushy, what would you say about this bar, which I think is on swing and there is Stochastic Divergence ?
This is also a bar to ignore, that's the same sunday bar. That's only about 3 hours of data. My broker doesn't show them as separate but rather as part of sunday/mondays bar

Best
Mike
  • #123,937
  • Mar 19, 2013 10:01am Mar 19, 2013 10:01am
Power play of levels...

Thanks to my teacher ... Sir Jaroo
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  • #123,938
  • Mar 19, 2013 10:49am Mar 19, 2013 10:49am
Quoting mbqb11
Hey F

What do you mean they ruin your life? Were you in trades, or you just don't know how to react with them?

Best
Mike
Hey Mike, sorry I took so long to respond. I wasn't in a trade. But every time a GAP like that occurs it just throws me off. I don't know how to react to them. I am not necessarily talking about playing with them (taking a trade). For example, there is a BEOB (WEEKLY) on the USD/CHF...now I don't know if I should take a retracement sell limit or sell stop to close the gap...it just throws me off. More like, as the days progress and that big gap is there, I wouldn't know how to treat them, if they say line up with some sort off ppz and we get PA. Maybe you can shine some light on this.
  • #123,939
  • Mar 19, 2013 10:58am Mar 19, 2013 10:58am
Quoting Flamegs23
Hey Mike, sorry I took so long to respond. I wasn't in a trade. But every time a GAP like that occurs it just throws me off. I don't know how to react to them. I am not necessarily talking about playing with them (taking a trade). For example, there is a BEOB (WEEKLY) on the USD/CHF...now I don't know if I should take a retracement sell limit or sell stop to close the gap...it just throws me off. More like, as the days progress and that big gap is there, I wouldn't know how to treat them, if they say line up with some sort off ppz and we get PA....
Hey F

Don't let it throw you off too much

For example if you were gonna short that beob(which is a small beob but i'll leave that as a side note to this). Was your order going to be under the beob? If so the gap has no effect you could simply leave your order in place. If your plan was to play a retrace then you could play the retrace as normal

If the gaps throw my patterns/areas off too much I simply just wait till price comes back and does something that I can find logical. I really don't let it throw off too much as gaps happen often. So if it throws off the things you normally look for just wit for things to even back out to a place you are comfortable. That's always the key to success ONLY trading when you are comfortable

Best
Mike
  • #123,940
  • Mar 19, 2013 11:03am Mar 19, 2013 11:03am
Have been watching the videos as well as reading some of the materials listed in Post# 23,249 before continuing with the posts in this thread. Loads of info. It wld appear the way I've been trading is rather in line with the method taught here, but with refinements to supplement.

That's all for today (it's 12 mid-nite here now). Good nite!

Bliss

Quoting mbqb11
no problem bliss ask questions as you go

I got your email as well

Keep at it

Mike
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