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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

  • #125,581
  • May 22, 2013 1:07am May 22, 2013 1:07am
well another good one... double top this time
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all is eternal - this is good news for people who loves bad news
  • #125,582
  • May 22, 2013 2:40am May 22, 2013 2:40am
Quoting meshka
well another good one... double top this time {image}
Didn't see that double top take place, quite a strong rebound off it as well.

If you look on the 4hr, we have a super strong trend. Do you see this as a trend breakdown? Sterling has been pretty weak lately and its trend has been faltering with the other pairs.
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  • #125,583
  • May 22, 2013 2:49am May 22, 2013 2:49am
Quoting ekling
I kinda like this buob on EURGBP. From trendline and thru 0.8500. I'll take partial profit at blu lines. {image}
Hi
On weekly chart you have the IPB/IB with the high of the previous candle as the first target..what is the middle level of the range also !
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Nothing personal,just business
  • #125,584
  • May 22, 2013 3:02am May 22, 2013 3:02am
Quoting meshka
well another good one... double top this time {image}
Hey Meshka!

IMO the trade is directly facing to a daily ppz....
Did you wait for the testing 1,55 level again with a sell limit?
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  • #125,585
  • May 22, 2013 3:07am May 22, 2013 3:07am
Hey Mike
do you still keep pending order on silver?
could you tell me how long you keep such orders and what conditions can make you cancel it?

regards,
j

PS all the best on your holidays you deserve it
  • #125,586
  • May 22, 2013 4:21am May 22, 2013 4:21am
anyone buying this beauty??

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  • #125,587
  • May 22, 2013 4:46am May 22, 2013 4:46am
Mike,in your chart a few pages ago,it said see email from today on it. Is there an email newsletter or something like that to sign up for? Thanks,David
  • #125,588
  • May 22, 2013 5:53am May 22, 2013 5:53am
Quoting ekling
I kinda like this buob on EURGBP. From trendline and thru 0.8500. I'll take partial profit at blu lines. {image}
Nice chart showing examples of more than one buob and Pin etc
every Saint has a past. Every Sinner has a Future
  • #125,589
  • May 22, 2013 5:55am May 22, 2013 5:55am
Quoting dpenix76
Mike,in your chart a few pages ago,it said see email from today on it. Is there an email newsletter or something like that to sign up for? Thanks,David
Pretty close to 23.30 round number above ?
Maybe set a buy stop above that number?
every Saint has a past. Every Sinner has a Future
  • #125,590
  • May 22, 2013 6:40am May 22, 2013 6:40am
Guys,

For a while, I have been reading thru this thread (there's a lot to read, which is impressive and speaks to the validity of the content, since so many obviously follow and trust it). I am clear on the PA setups to look for, and also on the reasons for waiting for these setups near S/R and ppz areas. Btw, if "setups" is the wrong word, I apologize - it's just how I think of them. My question is on how best to reduce the initial downturn after a trade entry. For example, on a Daily pin bar entry - price can and usually does - retrace some or all of the distance of that pin bar. So, what have you found to be the more effective and feasible strategy of entry? If the pin bar occurs, should I monitor the hourly chart for a retracement and then look to enter on a confirming Hourly pin bar in the direction of the Daily pin bar? Should I do this on the 4H chart instead of the hourly? Monitoring the Hourly chart in this way could be problematic, considering I have a day job, haha... Also, how much attention should I give to the Weekly chart? Should I only consider Daily pin bars that occur after some type of agreeing PA setup on that pair's Weekly chart?

I know my risk per trade should never be more than 2-3% of my account, and therefore my SL should be based on my account size, but sometimes the Daily pin bars get pretty long, and placing a SL above/below them can equate to a lot of pips. So, achieving better entries is a goal I'm wanting to achieve.

Are these valid questions, or do they expose a flaw in how I'm thinking of/understanding James16's method?

Thanks in advance for all replies...
  • #125,591
  • May 22, 2013 6:46am May 22, 2013 6:46am
Quoting Microtrader_
{quote} 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.
Hey Micro

Yep I trade all timeframes pretty much the same. Intraday I tend to try to execute most of my trades from the hours of roughly 2am et- 11am et. But sometimes volatility is high during the off times and I will have a trade here or there

Best
Mike
  • #125,592
  • May 22, 2013 6:47am May 22, 2013 6:47am
Quoting ekling
I kinda like this buob on EURGBP. From trendline and thru 0.8500. I'll take partial profit at blu lines. {image}
Great Ekling

Not sure if you saw my chart here, it's the one I sent the group

http://www.forexfactory.com/showthre...06#post6679506

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  • #125,593
  • May 22, 2013 6:51am May 22, 2013 6:51am
Quoting Pinbar
{quote} Yeah, forget it, it is not a PB. First learn what the PA looks like, then learn where to and, where not to look for them. {image}
Pinbar,

Can you reply to this with a pdf of that PA chart you posted?

Traderbry
  • #125,594
  • May 22, 2013 7:01am May 22, 2013 7:01am
Quoting meshka
well another good one... double top this time {image}
I like this one too Meshka. Reminds me of Aud/nzd from the other week. I added in Jays line that he has for the added confluence and reason to take a break

Best
Mike
  • #125,595
  • May 22, 2013 7:03am May 22, 2013 7:03am
Quoting mbqb11
{quote} Great Ekling Not sure if you saw my chart here, it's the one I sent the group http://www.forexfactory.com/showthre...06#post6679506 {image} {image}
Cool, the fact that you took the same trade makes me feel more confident I still have my stop below the buob, i can see that you have it slightly below the close of that bar. What is the the reason to why you moved the SL so hastily?
  • #125,596
  • May 22, 2013 7:09am May 22, 2013 7:09am
Quoting ekling
{quote} Cool, the fact that you took the same trade makes me feel more confident I still have my stop below the buob, i can see that you have it slightly below the close of that bar. What is the the reason to why you moved the SL so hastily?
Hey E

It reduces the majority of my risk and my stop loss it the point I no longer want to see price get too. Based on such a sharp steep trendline and wedge this "breakout" should not have to come back and retest so far down. I would be VERY uncomfortable to give up all this profit as well as go back into any hefty drawdown. We are now at the FTA. Going to watch and see how price reacts around here.

Best
Mike
  • #125,597
  • May 22, 2013 7:12am May 22, 2013 7:12am
Quoting j16rules
Hey Mike do you still keep pending order on silver? could you tell me how long you keep such orders and what conditions can make you cancel it? regards, j PS all the best on your holidays you deserve it
Hey J

Yep I kept my order on for this one it may get triggered soon. I generally cancel my order if the next bar doesn't trigger. Some cases I will leave my order if I feel the market hasn't change information. F or example yesterdays bar really wasn't much of a change and because of the size maybe silver wanted a little breather.

Thanks for the well wishes for my trip

Mike
  • #125,598
  • May 22, 2013 7:13am May 22, 2013 7:13am
I gotta ask, what client do you guys use for metatrader? I use FXpro but they dont provide certain pairs and only gold, not silver. Any suggestions? Preferable a gmt +3 broker.
  • #125,599
  • May 22, 2013 7:29am May 22, 2013 7:29am
In this one too
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If you can't tell what the herd is doing...you probably are the herd.
  • #125,600
  • May 22, 2013 7:37am May 22, 2013 7:37am
took a quick touch trade in the EUR/USD off the daily chart ... in and out relatively quickly


@meshka: unfortunately i missed that GBP/AUD ... but i got that gold
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