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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

  • #126,741
  • Jul 10, 2013 12:46pm Jul 10, 2013 12:46pm
Quoting str8
{quote}Also these are type of trades where momentum is important and you want a quick break? You posted a trade last week in which you said you want price to break quickly otherwise it's not very breakout-ish. {image}
I guess we lack momentum here. I wish we didn't, I wish I was not in this trade cause it's not looking good.
  • #126,742
  • Jul 10, 2013 1:54pm Jul 10, 2013 1:54pm
Here was a perfect big continuation BEOB bar yesterday which i took. It was a retest of BRN and massive resistance.
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  • #126,743
  • Edited 3:33pm Jul 10, 2013 3:18pm | Edited 3:33pm
Quoting meshka
looks good place to look for short. {image}
Ouch...

Nobody commented on my yesterdays post, there were some interesting setups, which did not work out well today.
For example:
GBPUSD BEOB at swing low
EURUSD BEOB at swing low
EURGBP PIN at swing high

Would you be so kind and elaborate on why these setups failed? Thank you
  • #126,744
  • Jul 10, 2013 3:22pm Jul 10, 2013 3:22pm
Mike and Jarro,
I'm trying to simplify my trading and I would like some advice.
Jarro: how can I know when it is a false breakout level? I'm thinking of going down in time frame and wait for the confirmation through a price action, is it correct?
Can you show me with a picture which is a good and bad level?
Mike: How do I know when it is a false breakout? What is the correct way to draw the trendline?
when a trendline has to be taken into account and when not?
thanks
  • #126,745
  • Jul 10, 2013 3:51pm Jul 10, 2013 3:51pm
Quoting bee24
{quote} Ouch... Nobody commented on my yesterdays post, there were some interesting setups, which did not work out well today. For example: GBPUSD BEOB at swing low EURUSD BEOB at swing low EURGBP PIN at swing high Would you be so kind and elaborate on why these setups failed? Thank you
Hi Bee,

I'll only speak for myself but the two BEOB you are referring to were at swing lows. They are easier played at swing highs. Some use them for continuation / breakout entries, but, to me, it isn't the easier way to use them.


Regarding the EURGBP pinbar, here is my view.
The bar is nice (though it doesn't protrude that much from the previous bar highs...), the 0.8600RN/PPZ also, but there is a massive traffic on the left. The blue rectangles on the chart are the areas I would have expected price to react, so technically it didn't fail... (stole Jarroo's template, I'm trying to get some of his mojo )

take care
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Slow & steady
  • #126,746
  • Jul 10, 2013 3:57pm Jul 10, 2013 3:57pm
Hi there

Been looking around this thread for a bit of time and wanted to try and gain some more insight here. Please excuse any basic newb comments and also any spelling /typing errors. I have two charts to talk to.

The first being the CHFJPY. Looking at my chart on a end of day it seem as though there is a nice pin bar. From what I have learnt thus far I have marked possible round numbers and areas of resistance on the chart. By the looks of it I would imagine that there is no real space?I know that we are in a sideways market here and the thought was that that if there was at least a decent run of 50 pips to first resist I might have a go to get my trade in some profit and set stop to entry.But from what I see,I am leaving this pin-bar then and just thought I would put this up here for some comment.

The second is the the GDPAUD. From what I can see we might end up with a nice two day pin bar here. The problem is that we will be trading back into the box area that has so much resistance. There is a similar set-up on the GDPNZD but this set-up seem more viable to me some how???Thought I would also just put this up here for comment.

Any comment are welcome. Thanks for all the info and insights.
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  • #126,747
  • Jul 10, 2013 4:09pm Jul 10, 2013 4:09pm
I would be interested in some nice PA-order flow aspect too!
However if you notice all the pairs were in connection with EUR or USD and as far as i know there have been some major news around 7-8pm EU time. Basically this 100pip+ move happend at that time...
It's all psychology...
  • #126,748
  • Jul 10, 2013 4:21pm Jul 10, 2013 4:21pm
Quoting rudolfo
Hi there Been looking around this thread for a bit of time and wanted to try and gain some more insight here. Please excuse any basic newb comments and also any spelling /typing errors. I have two charts to talk to. The first being the CHFJPY. Looking at my chart on a end of day it seem as though there is a nice pin bar. From what I have learnt thus far I have marked possible round numbers and areas of resistance on the chart. By the looks of it I would imagine that there is no real space?I know that we are in a sideways market here and the thought...
Hi rudolfo, and welcome on the thread!
I think all your aspects were correct. Youst as you said - 50 pips would be great cause then we could at least manage our position. (However on daily I tend to notice that, at such "C class" pin-bar setups if you move to BE fast you might get kicked out on the next few days by a longer wick.
It doesn't mean you can't trade such pinbars - sometimes james points them out too, but the thing is you have to be aware of the FTAs... I was experimenting with such pins a few months ago, but my results showed that with 0,5 and such R/R its not a good idea to go into such trades.
As I can see from your post you are more experiences: I recommend you going down to lower TFs and look for setups there. - Evern if you work during the day - at the end of the day sit down and look them back You will notice that on a chart (Like EURUSD) you see maybe 1 or 2 good PA / week. Which gives you 60bars/1trade or even less... Then just ask yourself - why do we want to trade daily every day / week? Why dont we wait our 50-60 days on the given chart until we got our A+... And from my backtest experience A+ setups are rewarding. I mean they can give you 2 or 3+ R/R...

Take care, have a nice evening!
Stephen
It's all psychology...
  • #126,749
  • Jul 10, 2013 5:02pm Jul 10, 2013 5:02pm
Quoting str8
{quote} Hi Mike Wouldn't have been better if the neckline of the H&S would have been an horizontal line or a descending trend line instead of an ascending trend line? There are some major swing lows on the left that price should broke in order to move lower. If you would have taken the trade would you take profit or reduce your risk at these swings? Also these are type of trades where momentum is important and you want a quick break? You posted a trade last week in which you said you want price to break quickly otherwise it's not very breakout-ish....
Hey Str8

I think H&S is one of the trickiest TA patterns that people get messed up the most. Of course that's just from what I see

For a neckline I want it to be flat or rising ONLY. If we traded a descending TL that is a sign of divergence. Since each time price makes a new low which connects that TL descending it then would have to move higher to create a swing can be a sign of momentum loss.

In the case of the euro price did certainly have close trouble areas that one would have needed to keep an eye on had this one triggered(it did not).

One of if not the most important thing about any breakout trade is that the former breakout area is respected.

Sometimes how fast it breaks can be an indication of the fact that you are correctly seeing a breakout area.

For a better example would be my eur/gbp trade I posted. When price broke we got a nice "burst" which confirmed my thoughts on that particular trade

Best
Mike
  • #126,750
  • Jul 10, 2013 5:08pm Jul 10, 2013 5:08pm
Quoting Martin600
Here was a perfect big continuation BEOB bar yesterday which i took. It was a retest of BRN and massive resistance. {image}
yes great!

Mike
  • #126,751
  • Jul 10, 2013 5:19pm Jul 10, 2013 5:19pm
Quoting bee24
{quote} Ouch... Nobody commented on my yesterdays post, there were some interesting setups, which did not work out well today. For example: GBPUSD BEOB at swing low EURUSD BEOB at swing low EURGBP PIN at swing high Would you be so kind and elaborate on why these setups failed? Thank you
Hey Bee

THis is why I was saying prior about being careful with continuation bars. They are so tempting but without proper confluence will eat your account up. I post them here cause I like to post all kinds of material.

The gbp/usd had no confluence or story

Eur/usd was FINE Never triggered though so no harm no foul

The eur/gbp is one I spoke about in my webinar yesterday that I will cut out and post here for you soon. This is where understanding boxing how price closes is SO important. Keeps one out of many tricky situations such as eur/gbp. A close of just a few pips either way can make a huge difference

I'll post it in a bit I am not at my home office so taking me longer today


Best
Mike
  • #126,752
  • Jul 10, 2013 6:06pm Jul 10, 2013 6:06pm
Quoting mbqb11
{quote} Hey Bee THis is why I was saying prior about being careful with continuation bars. They are so tempting but without proper confluence will eat your account up. I post them here cause I like to post all kinds of material. The gbp/usd had no confluence or story Eur/usd was FINE Never triggered though so no harm no foul...
Thank you a lot! I still have a lot to learn...
  • #126,753
  • Jul 11, 2013 12:52am Jul 11, 2013 12:52am
Hey Mike,

Any update on the new James16 site?.

Is James still trading or has he moved on to something new?

Also, i m looking for some charts/videos on stock/indices intraday trading. I have one video of James talking about intraday trading the Mini dow , but i need more....

Thanks.
  • #126,754
  • Jul 11, 2013 1:08am Jul 11, 2013 1:08am
Quoting LamerTrader
{quote} Hi rudolfo, and welcome on the thread! I think all your aspects were correct. Youst as you said - 50 pips would be great cause then we could at least manage our position. (However on daily I tend to notice that, at such "C class" pin-bar setups if you move to BE fast you might get kicked out on the next few days by a longer wick. It doesn't mean you can't trade such pinbars - sometimes james points them out too, but the thing is you have to be aware of the FTAs... I was experimenting with such pins a few months ago, but my results showed...
Hi LamerTrader

Thanks for the feedback. Will use your advise and take a look at lower time frames to get a feel for the market and hopefully pick-up more insight into good setups. Will try and keep to the higher time frames for trading(demo) as I move through the stages in post 1.

By the way. Anybody looking at the CADCHF. There was n nice long two day pin-bar with a 50% and n nice round number that might prove as nice resistance. The high was also pushed down by the 365Exp Moving ave and we have some other Moving Ave providing resistance. Seems like a lot going for this to that could make for n Pin-Bar/trade. Just not sure yet what I might be missing in terms or space to run or any other comments.?

Thanks again guys.
  • #126,755
  • Jul 11, 2013 2:33am Jul 11, 2013 2:33am
Quoting bee24
{quote} Ouch... Nobody commented on my yesterdays post, there were some interesting setups, which did not work out well today. For example: GBPUSD BEOB at swing low EURUSD BEOB at swing low EURGBP PIN at swing high Would you be so kind and elaborate on why these setups failed? Thank you
GBPUSD it was a SFP. I traded it in the opposite direction. So I guess that's why the BEOB failed (however it didn't triggered).

On EUR USD it didn't triggered.

I didn't like EUR GBP pin but what I find interesting is that it triggered during Asia session but those who would have waited until Europe session started would not have lost. I only trade from the beggining of this year but all my daily trades that I have lost were triggered during Asia session and if I waited for Europe session they wouldn't have triggered. So now if I find a trade that I'm not too sure if it's so good (B, C trades) I wait for Europe session to start before I put my orders.
  • #126,756
  • Jul 11, 2013 3:48am Jul 11, 2013 3:48am
hey guys

just wondering who (if anyone) holds their trades over the weekend. i try and avoid it but because i trade mostly daily charts sometimes i find the setups dont have long enough to work if i close out on friday.

i know sometimes the markets gap after the weekend and i try and avoid this but then some trades dont have time to work as a result

any thoughts? i think i'm just going to leave them open and demo and see what happens

steve
Learning for Earning and Trading for Freedom
  • #126,757
  • Jul 11, 2013 10:03am Jul 11, 2013 10:03am
Quoting mbqb11
{quote} Hey Bee THis is why I was saying prior about being careful with continuation bars. They are so tempting but without proper confluence will eat your account up. I post them here cause I like to post all kinds of material. The gbp/usd had no confluence or story Eur/usd was FINE Never triggered though so no harm no foul The eur/gbp is one I spoke about in my webinar yesterday that I will cut out and post here for you soon. This is where understanding boxing how price closes is SO important. Keeps one out of many tricky situations such as eur/gbp....
Here is that video to understand why that eur/gbp is NOT a good box play to sell that beob
http://rapidshare.com/files/32677839...nar%20clip.wmv

Attached is a trade I took on the eur/nzd last night where price close back WITHIN the box and makes it worth buying

same concept here and once you can understand this you will understand support and resistance much better

Hope this helps
Mike
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  • #126,758
  • Jul 11, 2013 11:00am Jul 11, 2013 11:00am
Quoting GiovanniV
Mike and Jarro, I'm trying to simplify my trading and I would like some advice. Jarro: how can I know when it is a false breakout level? I'm thinking of going down in time frame and wait for the confirmation through a price action, is it correct? Can you show me with a picture which is a good and bad level? Mike: How do I know when it is a false breakout? What is the correct way to draw the trendline? when a trendline has to be taken into account and when not? thanks

*
  • #126,759
  • Jul 11, 2013 11:09am Jul 11, 2013 11:09am
Quoting GiovanniV
{quote} *
Hey G

Understanding if it is a false breakout has to do with a few things for me

Firstly your pattern. If you have a solid pattern then you know where the boundary is for price to make a false breakout. If you view the video I just posted above you can see by defining where price is and closes we know if we are trading into or away from an important area.

Next is price action. I don't just buy and sell breaks of areas. I use PA to confirm my entries. This ties into the above as well and I think the video may help shed a bit more light on it for you too.

As for drawing TLs, you will see me draw only obvious TLs. That is connecting highs/lows(mostly) and price should be very obvious. Then of course you want to combine that with other forms of confluence. One of the worst mistakes I see new traders make using TLs, is drawing them all over their charts and just trying to buy sell whenever one breaks. That can lead to one big headache!


Best
Mike
  • #126,760
  • Jul 11, 2013 4:14pm Jul 11, 2013 4:14pm
Quoting mbqb11
{quote} Here is that video to understand why that eur/gbp is NOT a good box play to sell that beob http://rapidshare.com/files/32677839...nar%20clip.wmv Attached is a trade I took on the eur/nzd last night where price close back WITHIN the box and makes it worth buying same concept here and once you can understand this you will understand support and resistance much better Hope this helps Mike {image}
Thank you Mike, you just make it sound so easy and you are absolutely right. The boxing makes sense, after all it's all about S/R.
I also like the idea on how to manage a trade like this in terms of setting your Stop Loss. Very clever play. I was always doing just that what you said is not necessary, set my stop at left eye level, but now with your explanation about this particular situation I see that discretion has to be used from trade to trade and in this case we can really have a small stop loss, depending on where the bar closes.

It definitely helps a bunch! Thanks again.
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