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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

  • #126,281
  • Jun 20, 2013 11:33pm Jun 20, 2013 11:33pm
Quoting dennis4u15
Hi mbqb11, Jaroo, pinbar, wats your take on this double top on GBP/NZD. its near BRN. though major trend is up. could this be a sign of reversal? Regards Dennis {image}
Hey D

Great area to watch . I am watching this on the 4hr myself and if we get a great reversal bar that would be something to play in my eyes

Best
Mike
  • #126,282
  • Jun 21, 2013 12:25am Jun 21, 2013 12:25am
hi mbqb11,

looks ok on the 4hr chart...FTA is near 1.98 BRN


Regards

Dennis
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  • #126,283
  • Jun 21, 2013 2:09am Jun 21, 2013 2:09am
Quoting dennis4u15
Hi mbqb11, Jaroo, pinbar, wats your take on this double top on GBP/NZD. its near BRN. though major trend is up. could this be a sign of reversal? Regards Dennis {image}

Looks good Dennis

Has a lot going for it, SFP, DT, VBRN, Divergence & Space, the only think lacking is decent PA.
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  • #126,284
  • Jun 21, 2013 2:39am Jun 21, 2013 2:39am
watching the TL and the weekly HCR. And all this around the BRN
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  • #126,285
  • Edited 2:59am Jun 21, 2013 2:45am | Edited 2:59am
Quoting albus999
watching the TL and the weekly HCR. And all this around the BRN {image}
HCR on which time frame?

This is the WHCR, in which case, I can not see the significance of the TL as, you should be looking for a long entry, should you not?

Maybe you are.
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  • #126,286
  • Jun 21, 2013 2:58am Jun 21, 2013 2:58am
Hi All,

Can someone tell me what the indicator is in the top right corner of this attached image? The little summary that is shown up there...
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  • #126,287
  • Jun 21, 2013 3:25am Jun 21, 2013 3:25am
Quoting Pinbar
{quote} HCR on which time frame? This is the WHCR, in which case, I can not see the significance of the TL as, you should be looking for a long entry, should you not? Maybe you are. {image}
yes i am looking for a long entry just wating for a break of the TL. And its a 4hr chart
  • #126,288
  • Jun 21, 2013 3:44am Jun 21, 2013 3:44am
Quoting albus999
{quote} yes i am looking for a long entry just wating for a break of the TL. And its a 4hr chart

It's is Friday and people especially short tf traders that probably traded the H1 BUEOB are going to take profits to avoid paying the swap over the weekend.

Just speaking personally, I would wait for the weekly bar to close and look for an entry next week, on the pullback, maybe there will also be a weekend gap that may signify a pullback.
  • #126,289
  • Jun 21, 2013 4:16am Jun 21, 2013 4:16am
Quoting albus999
watching the TL and the weekly HCR. And all this around the BRN {image}
im watching this also, looks like the nz/yen chart. both are winding up pretty tight. i will be looking for a decent breakout then a retest play...chf/yen looks good also.
notice how price is bouncing around that centre level, which is the BRN 90.00 sweet.

jon
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PATIENCE... DISCIPLINE
  • #126,290
  • Jun 21, 2013 4:18am Jun 21, 2013 4:18am
hi pinbar, mbqb11, Jaroo,

could u have a look at the GBP/USD chart. there is a good pinbar, Fib, a good support level, trendline and BRN. Lots of Confluence{s}. i tried on demo but it seems its not gona work out. The only thing i can think of is maybe cos its friday so traders are taking profit off the table...please do advice.

Regards

Dennis
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  • #126,291
  • Jun 21, 2013 4:30am Jun 21, 2013 4:30am
Quoting dennis4u15
hi pinbar, mbqb11, Jaroo, could u have a look at the GBP/USD chart. there is a good pinbar, Fib, a good support level, trendline and BRN. Lots of Confluence{s}. i tried on demo but it seems its not gona work out. The only thing i can think of is maybe cos its friday so traders are taking profit off the table...please do advice. Regards Dennis {image}
i liked the look of this chart myself but the simple weakness of the bar itself kept me out. notice the size of it compared to the bars on the swing down...or the average sized bars on the swing up...may still work out??
We may get some more downside judging from the 4h BEOB just printed from the 1.5500 level?

jon
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PATIENCE... DISCIPLINE
  • #126,292
  • Jun 21, 2013 4:31am Jun 21, 2013 4:31am
Quoting dennis4u15
hi pinbar, mbqb11, Jaroo, could u have a look at the GBP/USD chart. there is a good pinbar, Fib, a good support level, trendline and BRN. Lots of Confluence{s}. i tried on demo but it seems its not gona work out. The only thing i can think of is maybe cos its friday so traders are taking profit off the table...please do advice. Regards Dennis {image}

Yeah, I agree, I would not trade that on a Friday.
If we zoom out to the smallest screen size then zoom back in two clicks, we can see that, the PB is tiny compared to the previous bar and the one before it, it is off the 38.2 fibo but, I do not see any other great support where this bar formed.

Also, take a look at the weekly TF, that tiny daly PB is battling the large weekly BEOB.
It is an easy pass.


EDIT: Jon beat me to it. Good to see we are both saying the same thing. Apart from the weekly Bearish PA in the making.
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  • #126,293
  • Jun 21, 2013 4:45am Jun 21, 2013 4:45am
hi pinbar, g_j_hook@yah,

Thanks for the reply...sumhow it really looked good to me...i don't know how i got that many confluence{s)...trades are getting really hard to come by for me...seems its gona take a while before i can read charts like u guys.


Thanks

dennis
  • #126,294
  • Edited 5:00am Jun 21, 2013 4:48am | Edited 5:00am
Quoting dennis4u15
hi pinbar, g_j_hook@yah, Thanks for the reply...sumhow it really looked good to me...i don't know how i got that many confluence{s)...trades are getting really hard to come by for me...seems its gona take a while before i can read charts like u guys. Thanks dennis
Mike will tell you that bar size is crucial along with location.
Actually zooming out to two clicks above the smallest MT4 chart size, shows the true size of the bar, if you zoom in more than that, it sort of distorts bars and makes them look better than they actually are. As they say, "If in doubt. Zoom Out".

You are doing fine Dennis.

It is easy to talk yourself into a trade.
  • #126,295
  • Edited 6:12am Jun 21, 2013 6:01am | Edited 6:12am
Quoting mbqb11
{quote} I will let Ryan answer for himself although I know what his answer is I get this question all the time. Trade mgmt is the hardest thing to grasp. Everyone focuses on entries as we know then come the actual trade we fumble. Not to worry though this is where time and experience play the most crucial role. There are so many different ways to handle exits, that I am not going to list them all(not even possible). So instead I will answer in the most basic way I can regarding my own personal trading. As for my actual taking profit. I never...
Mike, you said in this post that "So the types of trails I use range from a volatility based indicator for breakouts with room to run".

Which indicator do you use to trail stops for breakouts?

And another trade management question: how can you avoid to lose all money in a trade that immediately after you enter reverses against you? It had happened to me a couple of times. I entered at the break of a pin bar/outside bar with a buffer and then the trade reversed and it hit my stop loss which was at the other side of the bar. I'm thinking to put small stop losses. Maybe to put the initial stop loss at the high/low of the bar but if the bar can't close above/below the point where I opened the trade to close the position to avoid losing more? Or to put the initial stop at the middle of the bar instead of the high/low? I've read that james16 has a mental stop loss even if the initial stop loss is at the high/low of the bar. Do you let your trade to reach the initial stop loss? When it's good to close the trade quickly if it seems it doesn't work? I saw sometimes you need to let the trade run in order to win. Even if the first bar reverses immediately after your trade is opened the other bars continue in your direction. Does it matter if you're trading a pin or an outside bar? With trend or against the trend? Channel or range? Breakouts? Do you let the trade to run more in breakouts than in reversals? For instance a bullish outside bar breakout from swing high (instead of swing low)? It seems to me outside bars are more likely to turn against you than pin bars.
  • #126,296
  • Jun 21, 2013 6:53am Jun 21, 2013 6:53am
Quoting Pinbar
{quote} Yeah, I agree, I would not trade that on a Friday. If we zoom out to the smallest screen size then zoom back in two clicks, we can see that, the PB is tiny compared to the previous bar and the one before it, it is off the 38.2 fibo but, I do not see any other great support where this bar formed. Also, take a look at the weekly TF, that tiny daly PB is battling the large weekly BEOB. It is an easy pass. EDIT: Jon beat me to it. Good to see we are both saying the same thing. Apart from the weekly Bearish PA in the making. {image} {image}...
thanx for the heads up PB i wasnt actually aware of that weekly bar.

jon
PATIENCE... DISCIPLINE
  • #126,297
  • Jun 21, 2013 7:02am Jun 21, 2013 7:02am
Quoting Pinbar
{quote} to talk yourself into a trade.
Too true PB. its real real easy.
if you have to look for it, it is usually ,imho, a weak/er set up. Its when it jumps right out and notices you that you know your on the right track.
If you are trading the 1D TFs there will be many days where you wont find a trade. If your trading live and living ok from the trades you do find(because youve been patient and diligent and hence made money who cares? why bother to look so hard?? theres more to life than working bro!! lol

jus my two cents...

jon
PATIENCE... DISCIPLINE
  • #126,298
  • Edited 7:44am Jun 21, 2013 7:27am | Edited 7:44am
Quoting g_j_hook@yah
{quote} Too true PB. its real real easy. if you have to look for it, it is usually ,imho, a weak/er set up. Its when it jumps right out and notices you that you know your on the right track. If you are trading the 1D TFs there will be many days where you wont find a trade. If your trading live and living ok from the trades you do find(because youve been patient and diligent and hence made money who cares? why bother to look so hard?? theres more to life than working bro!! lol jus my two cents... jon
Yeah Jon, just Chilling out is the thing to do.

Looks like the 1.53832 is the next stop for price, if the back of that small PB breaks, which I think will happen.
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  • #126,299
  • Jun 21, 2013 8:02am Jun 21, 2013 8:02am
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  • #126,300
  • Jun 21, 2013 8:09am Jun 21, 2013 8:09am
I don't have a sl as I am watching carefully if I have to leave the pc I will place 1 above the top ppz. SFP and tl confluence main tp bottom ppz depending on reaction once it reachs this area
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Quoting 4xjoema
{image}
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