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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

  • #127,361
  • Aug 18, 2013 8:09am Aug 18, 2013 8:09am
Ghous or anyone,

Appreciate your take on USDCHF Wkly inverse PB.
I see an IPB at a strong PPZ confluence with a trendline connecting from 23rd Oct 2011 with 4 touches.

I've been been an active lurker for the past 4 yrs and this is probably my 2nd or 3rd post.

Thank you
  • #127,362
  • Aug 18, 2013 9:29am Aug 18, 2013 9:29am
Quoting giggles
Please look at post too. Post# 127,359All of us face the following dilemma again and again and this what I think separates great traders from the rest. Here goes ... A. I take full profit at fta, I have taken profit for that trade. Well and good B. Now fear and greed comes into play a. Fearing that price might turn at first fta, I move target to breakeven. End result - taken out of the trade without any profit b. Take partial profit at fta and move sl to breakeven. End result-...
im far from an expert but heres my take on it
MM is completly a personal thing. Mike looked back at his trades and found he would have made more if he didnt take any partial profits but closed the entire position in one, and he now does that. J16 i believe does take some of the table in some trades at least. There is really no point in trying to find the holy grail of MM...especially theoretically, try looking back at all your trades and see which method would have worked the best for you. It is one of the hardest things in trading to try and turn a short term trade into a runner and many psycological factors as well as MM factors will come into play. imho it is swings and round a bouts. The most important aspect for me is risk control. i think that should be the focas of MM, not the regret you may have watching price go to the moon after your out.
jus my thoughts

jon
PATIENCE... DISCIPLINE
  • #127,363
  • Aug 18, 2013 11:17am Aug 18, 2013 11:17am
Quoting makwana
Any thoughts guys ? {image} {image}
Hey Mak

Careful where you start your trendline. Notice point one isn't a swing point just a random bar high stuck in the middle of the chart. This will often trick new traders into thinking a trendline is stronger than it might be. I am very cautious about that

Best
Mike
  • #127,364
  • Aug 18, 2013 11:20am Aug 18, 2013 11:20am
Quoting dipie
{quote} careful man, you wanna trade this kind of setup on the throwback, price just made new high and bulls will have to rest for awhile, I would wait for retracement to BRN:-) GL be aware of this {image}
great observation dipie
  • #127,365
  • Aug 18, 2013 11:59am Aug 18, 2013 11:59am
Quoting mbqb11
{quote} great observation dipie
Thx Mike :-) I try my best..
  • #127,366
  • Aug 18, 2013 12:14pm Aug 18, 2013 12:14pm
Quoting mbqb11
{quote} Hey Jibson Welcome to the thread! I use a program called Snag it for drawing, and Camtasia for video both by techsmith Best Mike

Thanx for the reply Mike. It really helped.

Jibson
Still trying to get to meet myself...
  • #127,367
  • Aug 18, 2013 3:03pm Aug 18, 2013 3:03pm
Quoting g_j_hook@yah
{quote} Its not just your opinion, we could draw lines from almost any two bars on the chart, but it wouldnt make any sense without a third touch. How acurate the PA is to the TL is something a little more flexible but i dont see how a TL can be usefull with 2 touches?? jon
You cant have a trendline without 3 touches. but you can have a potential trendline with just two touches. If price reacts to that line for a third time then I know its a valid trendline.
  • #127,368
  • Aug 18, 2013 3:14pm Aug 18, 2013 3:14pm
Quoting dan89
{quote} You cant have a trendline without 3 touches. but you can have a potential trendline with just two touches. If price reacts to that line for a third time then I know its a valid trendline.
exactly,




jon
PATIENCE... DISCIPLINE
  • #127,369
  • Aug 18, 2013 4:24pm Aug 18, 2013 4:24pm
Quoting dan89
{quote} You cant have a trendline without 3 touches. but you can have a potential trendline with just two touches. If price reacts to that line for a third time then I know its a valid trendline.
or anticipating to use that 3rd touch with lots of confluence

example I just emailed the group
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  • #127,370
  • Aug 18, 2013 4:40pm Aug 18, 2013 4:40pm
Quoting mbqb11
{quote} or anticipating to use that 3rd touch with lots of confluence example I just emailed the group {image}
yup . I do this quite often now.
  • #127,371
  • Aug 18, 2013 7:47pm Aug 18, 2013 7:47pm
Talking about anticipation -

Lets say we have a pinbar (a good one) at a swing high. Price is right now in a uptrend and heading toward the swing high. So place a limit sell order exactly at the high of the previous pinbar and anticipate a downmove. If your stop loss is taken out then you wait for a retrace and go long.

Has any body tried this approach with success?
  • #127,372
  • Aug 19, 2013 5:03am Aug 19, 2013 5:03am
Hi Mike, just wanted your opinion on this potential pattern that may be forming. How do you play patterns where there is a BRN just above/below the trendline like this one. If this pattern was to form which would be more important in your opinion the BRN or the trendline

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Cheers
Dan
  • #127,373
  • Aug 19, 2013 8:25am Aug 19, 2013 8:25am
Quoting SeekingLight
Just a reminder as to why there is NOTHING WRONG WITH HIGH TIMEFRAMES. I know wizard loves the 1h and Swami just hinted at 15m and Bundy chimed in, BUT, especially if you are beginning, you want to give yourself the time to actually lose errrr build your account SLOWLY(but seriously, it IS about delaying losing real live money until you know what you are doing) until you really understand what you're looking for. CADJPY was just such a terrific example of -hold on to your winners -don't mix timeframes(daily PBs that had no meaning galore) -don't...
But.......can one find this one trade each and every week ?
every Saint has a past. Every Sinner has a Future
  • #127,374
  • Aug 19, 2013 12:23pm Aug 19, 2013 12:23pm
On NZD USD 8hr there was a pin bar at a PPZ (and on NZDJPY a pin bar on 4hr).
I have noticed recently that when price tries to break the former swing high and makes a pin bar even if the close is above the SH it has high chances of success.
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  • #127,375
  • Aug 19, 2013 1:46pm Aug 19, 2013 1:46pm
Quoting shauns1966
I joined a couple of weeks ago. Best money I havbe spent, some excellent stuff in there. Have you taken the free guest tour? There's lots of good freeby's in there. James says he wants the free guest area to be better than most pay sites and I think he has suceeded! {quote}
Hi Jim,
Could we have some new (2013) videos from you in the free guest section of your private site?
Many thanks.
every Saint has a past. Every Sinner has a Future
  • #127,376
  • Edited 6:25pm Aug 19, 2013 5:42pm | Edited 6:25pm
In the BUOVB setup, does the second bar close need to be higher than the previous bar close or higher than the previous bar high?

Then, about pinbars, I know that there are some precise criteria to say that a bar its a pinbar, but do you think that there's some discretion about those criteria? In the chart attached (don't mind the red line in the upper part as I draw it analyzing market on the current date) there are 3 consecutive pinbars approaching the 21 SMA; the last one finally broke the SMA and I'm sure that if I see this setup I would feel "safe" entering that trade. What do you guys think? Anyway, besides this particular case, do you think that some circumstances need you to be less restrictive about defining a pinbar?
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  • #127,377
  • Aug 19, 2013 9:23pm Aug 19, 2013 9:23pm
Quoting gianmarco
In the BUOVB setup, does the second bar close need to be higher than the previous bar close or higher than the previous bar high? Then, about pinbars, I know that there are some precise criteria to say that a bar its a pinbar, but do you think that there's some discretion about those criteria? In the chart attached (don't mind the red line in the upper part as I draw it analyzing market on the current date) there are 3 consecutive pinbars approaching the 21 SMA; the last one finally broke the SMA and I'm sure that if I see this setup I would feel...
I presume you are talking about a Bullish Engulfing Outside Bar (BUEOB)
No idea why some people are calling them BUOVB.

Anyway, I can not see a BUEOB anywhere on your chart?
But, No, a bueob does not have to close above the high of previous bar, it just needs to have both a high and low that exceeds both the low and high of the previous bar.
As for the PB question, probably best to stick to the basic rules about PBs before you go off into variations and bars that do not meet the criteria.


Hope this helps.
  • #127,378
  • Aug 19, 2013 9:36pm Aug 19, 2013 9:36pm
Quoting Pinbar
{quote} I presume you are talking about a Bullish Engulfing Outside Bar (BUEOB) No idea why some people are calling them BUOVB. Anyway, I can not see a BUEOB anywhere on your chart? But, No, a bueob does not have to close above the high of previous bar, it just needs to have both a high and low that exceeds both the low and high of the previous bar. As for the PB question, probably best to stick to the basic rules about PBs before you go off into variations and bars that do not meet the criteria. Hope this helps.
The chart attached was just about the three consecutive (almost) pinbars.

Thank you for your help!
  • #127,379
  • Aug 20, 2013 2:14am Aug 20, 2013 2:14am
Quoting dan89
Hi Mike, just wanted your opinion on this potential pattern that may be forming. How do you play patterns where there is a BRN just above/below the trendline like this one. If this pattern was to form which would be more important in your opinion the BRN or the trendline {image} Cheers Dan
Updated chart. Personally I wouldnt of taken this setup as the pattern wasnt fully formed according to my criteria which, but price reacted as expected.

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Cheers
Dan
  • #127,380
  • Aug 20, 2013 2:27am Aug 20, 2013 2:27am
Quoting gianmarco
In the BUOVB setup, does the second bar close need to be higher than the previous bar close or higher than the previous bar high? Then, about pinbars, I know that there are some precise criteria to say that a bar its a pinbar, but do you think that there's some discretion about those criteria? In the chart attached (don't mind the red line in the upper part as I draw it analyzing market on the current date) there are 3 consecutive pinbars approaching the 21 SMA; the last one finally broke the SMA and I'm sure that if I see this setup I would feel...
If you ask me I would look at those pinbars as an Inside bar. And the "inside" - so the smaller bar is a pinbar which would indicate bearish pressure. Sure, you can place a pending sell-stop under the break. However you have to be aware of the other box (look left on your chart), that you are right trading into, if you took this trade. (Note that im not saying its a bad trade. But you have to be aware that (or for at least for me) it's not a trade where we can be sure, that price will drop like a stone... I would take 50% or something off the table off at the middle of the box. And look. That's what other traders did too: Price moved up (while the pinbar was forming.) Later new sellers came in and it was pushed down and formed a pinbar, which would have suggested (for me) that I can get ready taking the other half off at the bottom of the box...

Personally I think looking back at charts is one of the trickiest things - you will spot C trades working out perfectly, and your brain will automatically say "haha that was a safe entry".
Try to look for A+ setups on swing H/L, analyse the shape of these A+++ setups. (Space, Traffic, Shape, location etc.)
And then while back-testing (forextester, or simply open an EA in Metatrader that will scroll your chart for you) - you can look for C setups... And then you will realize that these "safe" setups are not as safe as they might seem, while looking at your charts, with a cup of coffee in your hand

Hope this helps.
Cheers,
Stephen
It's all psychology...
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