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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

  • #125,561
  • May 21, 2013 9:40am May 21, 2013 9:40am
Quoting dennis4u15
hi all, i just wanted to know if it is ok to take a trade just off the ppv zones or we need the bar confirmation like, BEOB, BUOB, pin bar before we take the trade, i do at times look for confluence like, trend, moving average, fibs, etc. its quite hard to find all these confluence together. Suggestions please Den
Hey Dennis

We like to recommend like James says for new traders to look for bar confirmations at areas of confluence. But it is not necessary. Many of us trade both with and without bar confirmations. I recommend learning the bars first as it will help you understand your chart better as well

Best
Mike
  • #125,562
  • May 21, 2013 9:44am May 21, 2013 9:44am
Quoting dennis4u15
hi all, i just wanted to know if it is ok to take a trade just off the ppv zones or we need the bar confirmation like, BEOB, BUOB, pin bar before we take the trade, i do at times look for confluence like, trend, moving average, fibs, etc. its quite hard to find all these confluence together. Suggestions please Den
It's fine to trade whichever way you like, as long as it works. People do indeed 'touch trade' (i.e. buy/sell at certain strong levels, without any other confluence), it just depends how good/brave you are. If you're trading the J16 method, then the more confirmations you have (PA bar, EMA, fibs, RN etc), the better your chances of a winning trade. Hope that helps.
When the going gets weird, the weird turn pro.
  • #125,563
  • May 21, 2013 9:47am May 21, 2013 9:47am
Quoting james16
{quote}i love the gold market, great job habeeb. all of you should begin the process of paper trading the futures markets. give yourself a bunch of markets to watch and watch patiently for the best trade set ups. why in the world with all the markets to watch would anyone take a less than optimum trade. wait for those looong nose pin bars and use good money management and to get your feet wet just trade daily charts. its fun and if you trade smart its profitable. also habeeb thanks for your comment about already giving more than 99 dollars worth...
I came across this post whilst reading through jame's thread again - can anyone tell me what time frame I should try for trading Pins etc on Gold and other commodities/Futures. being UK based I have never looked at daytrading commodities?
every Saint has a past. Every Sinner has a Future
  • #125,564
  • May 21, 2013 10:21am May 21, 2013 10:21am
Quoting GiovanniV
Hy Mike, can I ask how do you prepare your plans of trading? uses a sheet exel? write on paper or using notes on the chart?
Hey G

I just do everything in my head at this point. Just do it so much it easy enough to keep track of what I am watching. The only real notes and plans I show are when I draw on charts/videos/webinars for the PF. That's for teaching purposes as opposed to what I do for myself

Best
Mike
  • #125,565
  • May 21, 2013 10:28am May 21, 2013 10:28am
Quoting rolo1128
USDCAD game me another place to put my SL behind, absolutely perfect! {image} Rolo
what a trade Rolo!


Mike
  • #125,566
  • May 21, 2013 10:32am May 21, 2013 10:32am
Quoting Mav13
{quote} Hi Mike, thanks a lot for your response. What do you think about trendlines I put on my EURCCK chart, are they ok, would it be well defined pattern in your opinion? (I´ve got still problems with spotting good wedges, triangles,...) You´re right, silver has much better buob, but I would be afraid of midpoint of the box, it looks like really solid resistance. Mav
Hey Mav

Your lines are fine but one thing to note that I rarely do is trade a LONG breakout on a rising TL.

The silver midpoint of the box is a definite ppz, but only in the very short term. This makes a perfect trade mgmt area. We can't fear all areas instead we use them. So thats a big buob on silver . If it can break we see how price reacts around this area. Hopefully price cuts through then we look for it to hold as support and it helps us better manage our trades. That's how I use them. The worse our story/PA the more those minor areas become MAJOR

Best
Mike
  • #125,567
  • May 21, 2013 10:43am May 21, 2013 10:43am
Quoting str8
Is it OK to trade friday daily bars? Or the daily friday bars should be avoided because friday many traders take profit?
Hey Str8

It's ok to trade friday bars. Just be sure to recognize that a small pinbar/outside bar against a trend could very well be take profit and not a lot of substance. But you can always trade your chart as you see it(that's my approach)

Best
Mike
  • #125,568
  • May 21, 2013 1:05pm May 21, 2013 1:05pm
Quoting mbqb11
{quote} .....This makes a perfect trade mgmt area.... Mike
mike, could you please elaborate on what you mean by perfect trade management.

Thanks
AL.

PS: would appreciate it if the others also could help me out with the question above
  • #125,569
  • May 21, 2013 1:09pm May 21, 2013 1:09pm
Quoting albus999
{quote} mike, could you please elaborate on what you mean by perfect trade management. Thanks AL.
I guess he refers to trades that need a pretty tiny stop and have a huge possible target.
Could be wrong though

Best,
Jonas
Hero calls followed by margin calls...
  • #125,570
  • May 21, 2013 2:46pm May 21, 2013 2:46pm
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USD/CHF 4H head and shoulders pattern.
  • #125,571
  • May 21, 2013 3:27pm May 21, 2013 3:27pm
Quoting BrasilForex
{image} USD/CHF 4H head and shoulders pattern.
Be careful, there is no "clear" neckline....
  • #125,572
  • May 21, 2013 4:28pm May 21, 2013 4:28pm
Hi Mike,
thanks a lot for explaining.
Quoting mbqb11
{quote} We can't fear all areas instead we use them.
Still got problems with this part of trading but I´m trying to work that out.

Mav
  • #125,573
  • May 21, 2013 4:30pm May 21, 2013 4:30pm
Quoting PhAnTi'
{quote} I guess he refers to trades that need a pretty tiny stop and have a huge possible target. Could be wrong though Best, Jonas
thanks
  • #125,574
  • May 21, 2013 4:41pm May 21, 2013 4:41pm
Quoting ghous
{quote} I see... I wasn't pointing at any particular post from Mike, but in general the way he talks about watching price as it hits trouble areas. The trades that he puts up here always show how he is using the concept of price reacting at trouble areas to take trade management decisions which is more logical and effective in the long run than exiting at per-determined targets all the time. The concept in itself is really simply Kenny, Attached is USD/CAD 1H chart with a bearish pin bar setup. Valid because of the lovely confluence. Now that we...
hey guys just found the answer to trade management from a post by ghous.
ghous thanks a lot
this place is superb
  • #125,575
  • May 21, 2013 8:03pm May 21, 2013 8:03pm
Quoting mbqb11
{quote} what a trade Rolo! Mike
Thanks Mike!!

Rolo
The Eyes Believe What They See And The Ears Believe What Others Say.
  • #125,576
  • May 21, 2013 8:51pm May 21, 2013 8:51pm
Quoting albus999
{quote} hey guys just found the answer to trade management from a post by ghous. ghous thanks a lot this place is superb
all set Albus
  • #125,577
  • May 22, 2013 12:58am May 22, 2013 12:58am
My thoughts drift to the Oklahoma Tornado tragedy. I know James lives somewhere around that region too.

Hoping and praying that we are all safe.



g.
I believe . . .
  • #125,578
  • May 22, 2013 1:51am May 22, 2013 1:51am
Quoting mbqb11
{quote} Hey Str8 It's ok to trade friday bars. Just be sure to recognize that a small pinbar/outside bar against a trend could very well be take profit and not a lot of substance. But you can always trade your chart as you see it(that's my approach) Best Mike
Hey Mike!

May I ask is this also true in your system for H4 bars?
Of course most of the times I prefer worknig with daily and weekly charts, but when I have time to observe H4 bars and I see extremely big bars and spectacular signals I think on opening a position.

However sometimes I see as if trading price action signals on H4 after the close of the London session and the before the open of Asia session would be a bit dangerous because trends and swings loose a lot from their "power" and this makes the signal less reliable.
  • #125,579
  • May 22, 2013 2:48am May 22, 2013 2:48am
Gold ...double bottom on daily.
Attached Image
all is eternal - this is good news for people who loves bad news
  • #125,580
  • May 22, 2013 2:59am May 22, 2013 2:59am
I kinda like this buob on EURGBP. From trendline and thru 0.8500. I'll take partial profit at blu lines.
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