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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

  • #125,221
  • May 7, 2013 2:50pm May 7, 2013 2:50pm
I see this bearish outside bar forming on the GBP/CHF daily, we are bearish on the weekly and strong bearish divergence on the 4hr. A double top; it hasn't quite touched the 365 ema. I believe if price could break below the 150 ema we could have an entry, maybe some resistence at 1.4500, so that would be the FTA and second FTA being some strong resistance just below. My only question would be, is there enough space for this trade??? I would watch it closely and get to breakeven asap. Maybe some of the experts on this forum could shed some light on this potential trade.
  • #125,222
  • May 7, 2013 3:51pm May 7, 2013 3:51pm
Thanks Yaboykt,

All what you said has made sense to me, will definitely take on board. I have a question though, I havent sent this answered anywhere. Why use the 150 & 365 ema?
  • #125,223
  • May 7, 2013 4:13pm May 7, 2013 4:13pm
Quoting si mcc
{quote} Did you enter on the retest? I've gone long and currently up by a few pips. I'm on a demo account at the moment so want to get lots of experience handling trades of these types.
Yes i entered at 153.29. Stop Loss 152.90...i was going to use 153.49 but didnt want to risk that much but this pair is volitale so maybe i should!/ 1st TP 154.34/ 2nd TP 155.00 or close at 154.34 if price retraces after touching 154.77.
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“Every single day, ordinary people do extraordinary things"
  • #125,224
  • May 7, 2013 5:01pm May 7, 2013 5:01pm
not saying your wrong I just wonder why long here ?
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On-site guru & also FF member's' psychiatrist, when not drinking tea
  • #125,225
  • May 7, 2013 5:02pm May 7, 2013 5:02pm
Quoting LamerTrader
{quote} Thanks Mike! You just cant imagine how much better I got since I joined the PF. I got a journal back from February and March, and I'm just looking at these dummy trades I made. I curious how much better I'll get in the next months Cheers, Stephen
that's great to hear bud, keep at it and you will be amazed at the changes over time. It takes time but just stick with it

Best
Mike
  • #125,226
  • May 7, 2013 5:37pm May 7, 2013 5:37pm
Quoting si mcc
Hi everyone, Has anyone got any thoughts on the GBPCHF at the moment? Pin bar forming with 61 fib and BRN above, has already tried to break the BRN but with no success. Thinking it is heading lower towards the last swing low? {image}
Hey Si

This is technically a beob since price made a lower low than the previous bar. Not much space here because of the location. The BRN is actually a bit below us near the middle of the box at 1.6500. The midpoint of a box will be a PPZ as well.

This is a good example of price in a box which puts the pin in traffic. Watch out for the midpoint and bottom of the box if it can get under that midpoint

Hope that helps
Mike
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  • #125,227
  • May 7, 2013 8:58pm May 7, 2013 8:58pm
Quoting mbqb11
{quote} Hey Str8 I am watching this close! I sent out an email to the group this week about the descending TL to watch for a break and some good PA around here. Will watch how the day closes Here is the TL. A BUOB above this area would be even stronger for me Best Mike {image}
updated chart, nice quick breakout as to be expected with such a quality TL

I'm out at the major trouble area
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  • #125,228
  • May 8, 2013 12:16am May 8, 2013 12:16am
Quoting si mcc
Thanks Yaboykt, All what you said has made sense to me, will definitely take on board. I have a question though, I havent sent this answered anywhere. Why use the 150 & 365 ema?
Si,

I've been using both of these for a while and i got them both from jim. Price respects both ema's strongly and can be used as support and resistance. When price breaks through these emas, the first retest along with bar confirmation could give you a nice setup, but as jim says, stay picky, this is no exception.
  • #125,229
  • May 8, 2013 12:19am May 8, 2013 12:19am
Quoting mbqb11
{quote} Hey Si This is technically a beob since price made a lower low than the previous bar. Not much space here because of the location. The BRN is actually a bit below us near the middle of the box at 1.6500. The midpoint of a box will be a PPZ as well. This is a good example of price in a box which puts the pin in traffic. Watch out for the midpoint and bottom of the box if it can get under that midpoint Hope that helps Mike {image}
Mike,

Thanks alot for shedding some light on this setup. It feels good to i spotted the same things you spoke about. Can you tell me what BRN AND HCR stand for???

Thanks
Kenny
  • #125,230
  • May 8, 2013 1:35am May 8, 2013 1:35am
Quoting mbqb11
{quote} Hey Si This is technically a beob since price made a lower low than the previous bar. Not much space here because of the location. The BRN is actually a bit below us near the middle of the box at 1.6500. The midpoint of a box will be a PPZ as well. This is a good example of price in a box which puts the pin in traffic. Watch out for the midpoint and bottom of the box if it can get under that midpoint Hope that helps Mike {image}
Hi Mike,

Thanks for the reply, really good info. Watched your video last night on traffic/space, really helped. My trade got triggered last night and currently up about 15 pips or so, have moved my stop to break even and going to just watch the trade. Not expecting much to happen though! Entered the AUD/NZD last night as well and that is doing a lot better
  • #125,231
  • May 8, 2013 1:36am May 8, 2013 1:36am
Quoting Yaboykt
{quote} Si, I've been using both of these for a while and i got them both from jim. Price respects both ema's strongly and can be used as support and resistance. When price breaks through these emas, the first retest along with bar confirmation could give you a nice setup, but as jim says, stay picky, this is no exception.
Hi Yaboykt,

Thanks for the info, always like to see a reason before putting things on my chart. Will give them a go.
  • #125,232
  • May 8, 2013 1:41am May 8, 2013 1:41am
Quoting Bones
not saying your wrong I just wonder why long here ? {image}
My thoughts were that, on the daily chart, the price had broken through resistance and I entered on the retest. Hasn't gone quite as well as I had hoped. In fact much worse, I'm using a different trading account for demo'ing and accidently put my stop a little low.... lost Ģ4000 in one trade! Glad it's only a demo!
  • #125,233
  • May 8, 2013 3:43am May 8, 2013 3:43am
trading is not easy sometimes that's for sure market is designed to make a buffoon out of you lol ,cant tell you how much I lost in 1 day last year real
anyway I hold a short gbp jpy ,watching for tl ,break yesterdays candle ,but not closed as bearish as I would have liked
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  • #125,234
  • May 8, 2013 4:33am May 8, 2013 4:33am
Quoting gregart
Hi guys, what about this one for EU in weekly, good setup for PinBar and fibo bounce ? thanks {image}

The fibo needs to be drawn like this is you are looking for a short &, if you are looking at a long, you need to use the more recent SL to SH.
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  • #125,235
  • May 8, 2013 7:32am May 8, 2013 7:32am
Hi Stephen ,
Awesome to hear how much the pf is helping you! A couple more months and I too will be joing can't wait ! Wanted to wish you the best! Look forward to seeing yall in the pf!
  • #125,236
  • May 8, 2013 8:11am May 8, 2013 8:11am
Quoting mbqb11
Hey Si This is technically a beob since price made a lower low than the previous bar. N {image}
Hey Mike
i call it Pingulf bar

Quoting mbqb11
updated chart, nice quick breakout as to be expected with such a quality TL I'm out at the major trouble area
I closed cca 40% and still in with the rest.
Nice trade anyway.

P.
Follow my trading on Twitter and FB: @pumlitch
  • #125,237
  • May 8, 2013 9:19am May 8, 2013 9:19am
I have a question for anyone else who entered the AUD/NZD pin bar trade. What were your entries and exits? I entered at 1.2060 and had a 100 pip stop (just below the low of the pin bar). I am still in the trade and it has reached the first problem area. I still can't get my head around the fact that if I take full profit now for an 80 pip win that I have risked 100 pips to gain this. I am most likely going to take half profit and leave the rest in.

I have seen previously that James has posted that he doesn't care about the R:R ratio but was wondering how everyone else approaches this? I understand I can be more aggressive and enter the trade earlier and use a tighter stop but guess I'm more likely to be stopped out.

Thanks in advance.

Si
  • #125,238
  • May 8, 2013 9:25am May 8, 2013 9:25am
Quoting Bones
not saying your wrong I just wonder why long here ? {image}
I guess looking at a 4hour chart you can see some resistance in that Trend Line drawn..i dont look below the daily chart so i didnt really notice it. My reasoning for taking the trade was 1. seeing a PBT-CA at a swing high not in a sideways market and 2. There is a huge amount of room for this pair to rise if looking at the the weekly chart and finding a HCR. I have only been looking and taking very few trades here in the last month when i gave this thread a look so i know i could easily be in a bad trade but the experience will help over time. Risking .50 cents a pip lots so i dont think i will go broke if i do find myself in trouble.
“Every single day, ordinary people do extraordinary things"
  • #125,239
  • May 8, 2013 9:34am May 8, 2013 9:34am
Quoting si mcc
I have seen previously that James has posted that he doesn't care about the R:R ratio but was wondering how everyone else approaches this?
Hi,
personally I donīt calculate RRR before entering a trade. I check if entry criteria are met (if trade is good and according rules) and I make sure that I donīt risk more than 2% of my account. If everything goes well then I reduce my risk when itīs logical. Just my opinion though

Mav
  • #125,240
  • May 8, 2013 9:44am May 8, 2013 9:44am
Quoting Mav13
{quote} Hi, personally I donīt calculate RRR before entering a trade. I check if entry criteria are met (if trade is good and according rules) and I make sure that I donīt risk more than 2% of my account. If everything goes well then I reduce my risk when itīs logical. Just my opinion though Mav
Hi Mav,

Thanks for the reply. What sort of % is your target a month? Was thinking if I only trade the J16 method and only a few trades come up per month then its not going to return a huge amount due to using large stops. I'm probably looking at it the wrong way though!
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