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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

  • #124,141
  • Mar 26, 2013 6:07am Mar 26, 2013 6:07am
Mike, Jim & Co. ...

hope u r fine ? ... am back now :-p

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Hero calls followed by margin calls...
  • #124,142
  • Mar 26, 2013 7:08am Mar 26, 2013 7:08am
Thanks Mike,

You understood my question very well, and I also understood your answer exactly.

Best
Microtrader

Quoting mbqb11
Hey Micro

I am not sure I understand but are you asking should you have put your TP lower right on the first gap close? If so I personally do what you did. Gaps often don't close and price bounces before them. I like to put them higher up just like you did. That's the "base" point of the pattern I showed as well as a strong PPZ area as you marked. That's a perfect place to get out with great profit. I would do it just like you did there

Nicely done

Best
Mike
  • #124,143
  • Mar 26, 2013 8:03am Mar 26, 2013 8:03am
Hey Mike,

How should we play the breakout at round numbers? Is it the same as normal breakout, waiting for a PA at pullback?

Take care,
Kenny
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  • #124,144
  • Mar 26, 2013 8:26am Mar 26, 2013 8:26am
Quoting PhAnTi'
Mike, Jim & Co. ...

hope u r fine ? ... am back now :-p

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Hey Bud


Good to see ya

Mike
  • #124,145
  • Mar 26, 2013 8:27am Mar 26, 2013 8:27am
Quoting ken.b
Hey Mike,

How should we play the breakout at round numbers? Is it the same as normal breakout, waiting for a PA at pullback?

Take care,
Kenny
Hey Kenny

Yep just be very aware of that parity level just above and the boundaries of your "box" for the breakout

Again continuation bars can give new traders more trouble so be sure to be aware of the continuation play vs a normal James16 play which we want to tackle first.

I am in a a similar breakout play as well with trouble close above. So just protect yourself and your stops

Best
Mike
  • #124,146
  • Mar 26, 2013 9:04am Mar 26, 2013 9:04am
Quoting ken.b
Hey Mike,

How should we play the breakout at round numbers? Is it the same as normal breakout, waiting for a PA at pullback?

Take care,
Kenny
I'm looking real real close too. Like you mentioned, I am waiting for pullback with PA to back it up. I don't like trading straight from breakouts, I get easily confused and end up feeling like I'm in the middle of nowhere. Especially here, since this is a quad-top.
  • #124,147
  • Mar 26, 2013 9:25am Mar 26, 2013 9:25am
Mike , I noticed the nzd/chf break above TL yesterday. I was waiting for a retrace to 7900 level doesn't look like its going to happen if not would you not enter the trade or mabye a break above yesterdays high ?
  • #124,148
  • Mar 26, 2013 9:35am Mar 26, 2013 9:35am
Quoting 4xjoema
Mike , I noticed the nzd/chf break above TL yesterday. I was waiting for a retrace to 7900 level doesn't look like its going to happen if not would you not enter the trade or mabye a break above yesterdays high ?
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Hero calls followed by margin calls...
  • #124,149
  • Mar 26, 2013 9:36am Mar 26, 2013 9:36am
Quoting PhAnTi'
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gosh ! and i wonder why you mention the 0.7900 level that is 500 pips away.... i catched nzdusd instead of nzdchf.... shoulda rly get some coffee now :-S

sorry
Hero calls followed by margin calls...
  • #124,150
  • Mar 26, 2013 10:37am Mar 26, 2013 10:37am
Does this look right?
Arrows are bearish signatures on the 1H.
Thanks Joe

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  • #124,151
  • Mar 26, 2013 10:40am Mar 26, 2013 10:40am
Quoting 4xjoema
Mike , I noticed the nzd/chf break above TL yesterday. I was waiting for a retrace to 7900 level doesn't look like its going to happen if not would you not enter the trade or mabye a break above yesterdays high ?
Hey Joe

I found entering on the close here to be the mos logical. The retrace area of .7900 is also logical and we may still see that retrace before say a test of the BRN. Not really in line with what I was looking for in this case with this story. I entered on close, I am at b/e and will let this play out or close out if we test todays high again

Here was my chart I sent to the private forum a couple days ago and attached is my current chart

Hope this helps

Mike
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  • #124,152
  • Mar 26, 2013 11:20am Mar 26, 2013 11:20am
Thank you sir! So because the Tl was tested and held so many times your were expecting this to be a fast move up to the brn ? Is this why you preferred the close?
  • #124,153
  • Mar 26, 2013 11:44am Mar 26, 2013 11:44am
Quoting 4xjoema
Thank you sir! So because the Tl was tested and held so many times your were expecting this to be a fast move up to the brn ? Is this why you preferred the close?
not quite J, bout to teach a webinar so think of some more reasons why I might enter on a close here

I'll come back with the answer

Mike
  • #124,154
  • Mar 26, 2013 12:07pm Mar 26, 2013 12:07pm
What about this one guys? Did anybody take it? I think that confluence here was really strong.
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  • #124,155
  • Mar 26, 2013 12:43pm Mar 26, 2013 12:43pm
Sorry mike I am not sure. The only thing my untrained mind can come up with is the close was not that far off of the rn 7900 being conservative?
  • #124,156
  • Mar 26, 2013 12:59pm Mar 26, 2013 12:59pm
Quoting mbqb11
Hey Kenny

Yep just be very aware of that parity level just above and the boundaries of your "box" for the breakout

Again continuation bars can give new traders more trouble so be sure to be aware of the continuation play vs a normal James16 play which we want to tackle first.

I am in a a similar breakout play as well with trouble close above. So just protect yourself and your stops

Best
Mike
Hey Mike,

Thank you for your explanation. What do you mean by parity level?

You have mention that continuation bar is tricky for new traders but you've also mentioned that these bars are best traded using breakout. I'm a little confuse here. Can new traders learn to trade continuation bar at breakout?

Thank you!
Kenny
  • #124,157
  • Mar 26, 2013 1:25pm Mar 26, 2013 1:25pm
Quoting Martin600
What about this one guys? Did anybody take it? I think that confluence here was really strong.
Great question - mine is the same:
In these cases do we wait for a retrace and then enter, or just enter like Martin did?
Mike, Jarroo?
It's all psychology...
  • #124,158
  • Mar 26, 2013 4:23pm Mar 26, 2013 4:23pm
Quoting ken.b
Hey Mike,

Thank you for your explanation. What do you mean by parity level?

You have mention that continuation bar is tricky for new traders but you've also mentioned that these bars are best traded using breakout. I'm a little confuse here. Can new traders learn to trade continuation bar at breakout?

Thank you!
Kenny
Parity just means 1AUD=1CHF
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  • #124,159
  • Mar 26, 2013 7:10pm Mar 26, 2013 7:10pm
Quoting 4xjoema
Sorry mike I am not sure. The only thing my untrained mind can come up with is the close was not that far off of the rn 7900 being conservative?
Good Joe, that is part of it.

We closed so close to the breakout area + the high is not that far above. My target is under the BRN so playing a close gives me more opportunity and upside flexibility if the area holds as well as the area is very close below us that should hold making my risk very small. In a case like this it made more sense. A retrace entry at 7900 makes sense too and I was hoping we would hit that area too, but it was so close to the close as well I didn't want to risk missing the move over a few pips also

The rest is up to the market

Best
Mike
  • #124,160
  • Mar 26, 2013 7:47pm Mar 26, 2013 7:47pm
Mike,
Thank you very much sir. Greatly appreciated!
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