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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

  • #127,381
  • Aug 20, 2013 4:13am Aug 20, 2013 4:13am
The trade I entered today during Asian session, based on 3 4h candeles BEOB. I didnt count the next bar as it was offmarket time. Or if we do it will be 2 bars low formation. The key was a close right to the TL. Now my target is to hold it as far as possible as it has a good downward potential in my opininion. Already a free trade, so my risk is zero.
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If not up, then down, otherwise sideways :-)
  • #127,382
  • Aug 20, 2013 4:43am Aug 20, 2013 4:43am
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  • #127,383
  • Aug 20, 2013 8:13am Aug 20, 2013 8:13am
Quoting LamerTrader
{quote} 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...
I wasn't aware of the guest section of james16group, I am currently studying the first video and it's helping me a lot to understand what to look in a chart. I didn't actually see that box and I understand that I am too mechanical when it comes to managing open trades; from where I got started to price action trading the approach was static.
The problem is that I am demoing with a 1000 euro account, which is probably the amount of money I'll manage to put in my first real account, and I can't manage to close half position to take some profits and move the other half to break even without risking a great percentage of my account; I am forced to open only one trade with the minimum size allowed and even that is above the 2/3% suggested by james16. I don't really know which broker could let me trade really small.

Anyway I never trade the hourly time frame, but excited about these setups I am learning in the thread, I took a peek at the 1H and spotted a BUOVB or BUEOB (see the chart attached). In fact it was a DBLHC followed by a BUOVB, formed across two fib levels against the downtrend line. I opened that trade at 10 pips above the last bar placing my SL 10 pips under it. I moved to break even pretty quick, as soon as the price reached those two fib levels (100 and 61.8) and now the SL is where I think is the nearest S/R zone.
Aside from the fact that it's a 1H time frame, would this be considered as a reckless trade? I don't want to be misled by the fact that it's going well and it will give me at least 4 times my risk.
I have other 2 trades that are going good and 1 that went bad (i think I figured out why); I'd like to discuss them it they are welcome....I don't want to be annoying and clutter the thread..
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  • #127,384
  • Aug 20, 2013 8:51am Aug 20, 2013 8:51am
Anyone know where this "BUOVB" comes from and why so many new people use this term?
Could it be an acronym for Bullish Engulfing Outside Vertical Bar". Haaaa

All bars are vertical.
  • #127,385
  • Aug 20, 2013 8:51am Aug 20, 2013 8:51am
What do you think of this BUOB from EUR AUD? Was it worth taking (well, it won, but would you have take this trade if you didn't know it will won)?
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  • #127,386
  • Aug 20, 2013 8:54am Aug 20, 2013 8:54am
Quoting Pinbar
Anyone know where this "BUOVB" comes from and why so many new people use this term? Could it be an acronym for Bullish Engulfing Outside Vertical Bar". Haaaa All bars are vertical.
I got it from james16 here!

http://www.forexfactory.com/showthre...7960#post17960
  • #127,387
  • Aug 20, 2013 8:55am Aug 20, 2013 8:55am
Quoting str8
What do you think of this BUOB from EUR AUD? Was it worth taking (well, it won, but would you have take this trade if you didn't know it will won)? {image}

Doubt it, price has been going sideways for 5 days.
  • #127,388
  • Aug 20, 2013 9:04am Aug 20, 2013 9:04am
Quoting str8
What do you think of this BUOB from EUR AUD? Was it worth taking (well, it won, but would you have take this trade if you didn't know it will won)? {image}
Hey Str8,

Yes indeed it did "win" but my answer to your question would be, no, we wouldn't have taken this bar.

I personally passed up on this one myself, actually I didn't even think much about.

There are multiple reasons why

1) Bar Not big enough
2) Not a enough "story" (this leads to point 3)
3) Not sure how I would manage/ reduce risk once triggered.
4) After a bar break there is not much room to FTA and with this bar I'd be sure to take profit at FTA.

Yes of course we can play "where will price go?" and there was a high probability of price doing exalty what it did , hit the first trouble area.

But my main concern often is not getting a winner but, not getting a loser.

With these types of bars what I like to think to myself is what if price breaks the high of the bar and turns right around? Will I be able to reduce my stop?

Just my thoughts.

I hope this helps.

Dave
  • #127,389
  • Aug 20, 2013 9:04am Aug 20, 2013 9:04am
Quoting str8
What do you think of this BUOB from EUR AUD? Was it worth taking (well, it won, but would you have take this trade if you didn't know it will won)? {image}
Some will say yes, some will say no. James, Mike and some of you know might say no. Jarroo and other ppl might say yes. ProFloorTrader1 says yes ProFloorTrader2 says no. It wont give you much information though...
Instead ask yourself:
-"Was this a trade I would have taken?" - (did you have a green light according to your system?)
-"If no, then why..."
-"It turned out good though. Shall I modify my strategy/"edge"?
If yes, then backtest, demo etc. If no, then ignore.

But until you don't have a clear defined system it's useless to look at charts, and take assumptions IMHO.

Hope it helps.
Stephen
It's all psychology...
  • #127,390
  • Aug 20, 2013 9:06am Aug 20, 2013 9:06am
Quoting Magestic
The trade I entered today during Asian session, based on 3 4h candeles BEOB. I didnt count the next bar as it was offmarket time. Or if we do it will be 2 bars low formation. The key was a close right to the TL. Now my target is to hold it as far as possible as it has a good downward potential in my opininion. Already a free trade, so my risk is zero. {image}

Was looking at something like this but wasn't at a BRN and more complicated then I like, so I passed.

Nice one though!!!

  • #127,391
  • Aug 20, 2013 9:16am Aug 20, 2013 9:16am
Quoting dmc
{quote} Hey Str8, Yes indeed it did "win" but my answer to your question would be, no, we wouldn't have taken this bar. I personally passed up on this one myself, actually I didn't even think much about. There are multiple reasons why 1) Bar Not big enough 2) Not a enough "story" (this leads to point 3) 3) Not sure how I would manage/ reduce risk once triggered. 4) After a bar break there is not much room to FTA and with this bar I'd be sure to take profit at FTA. Yes of course we can play "where will price go?" and there was a high probability...
Excuse me for this basic question, but what FTA stands for?
  • #127,392
  • Aug 20, 2013 9:23am Aug 20, 2013 9:23am
Hi guys, is there anybody here who knows about "Same Bar OVB Entry"? this is a pattern teached by todd mitchell, but how it works? which are the rules?
  • #127,393
  • Aug 20, 2013 9:28am Aug 20, 2013 9:28am
Quoting gianmarco
{quote} Excuse me for this basic question, but what FTA stands for?

First Trouble Area - Basically where price is likely to first stall due to Support/ Resistance.

Hope this helps.

David
  • #127,394
  • Aug 20, 2013 9:35am Aug 20, 2013 9:35am
Quoting gianmarco
{quote} I wasn't aware of the guest section of james16group, I am currently studying the first video and it's helping me a lot to understand what to look in a chart. I didn't actually see that box and I understand that I am too mechanical when it comes to managing open trades; from where I got started to price action trading the approach was static. The problem is that I am demoing with a 1000 euro account, which is probably the amount of money I'll manage to put in my first real account, and I can't manage to close half position to take some profits...

Hi mate, I was looking at the same pair in a slightly different way on same TF. Have a look at

http://www.forexfactory.com/showthre...17#post6904817

Can anyone tell me how to multiquote ??
  • #127,395
  • Aug 20, 2013 9:40am Aug 20, 2013 9:40am
Hi all, I thought Iīd post a trade I took recently.
Itīs CHFSGD, I tried to play it as breakout situation. The main disadvantage is that the pattern is not enough developed, if we retested both trendlines one more time and price squeezed more, it would be much better. From this reason I risked much less than normally. If the bar closes the way it is now, i will move my stop and reduce my risk. Then I will watch 1.4 BRN.

As always I will be happy for any comments

Mav
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  • #127,396
  • Aug 20, 2013 9:46am Aug 20, 2013 9:46am
Quoting str8
What do you think of this BUOB from EUR AUD? Was it worth taking (well, it won, but would you have take this trade if you didn't know it will won)? {image}
This wasnt A+ signal for me, since it wasnt clear swing bounce....but still an A trade for me, I saw the price broke the box and closed above 1,46 (crucial point), we had some confluence with channel and support. IMO it was worth to take.....sorry for english
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  • #127,397
  • Aug 20, 2013 9:49am Aug 20, 2013 9:49am
Quoting Mav13
Hi all, I thought Iīd post a trade I took recently. Itīs CHFSGD, I tried to play it as breakout situation. The main disadvantage is that the pattern is not enough developed, if we retested both trendlines one more time and price squeezed more, it would be much better. From this reason I risked much less than normally. If the bar closes the way it is now, i will move my stop and reduce my risk. Then I will watch 1.4 BRN. As always I will be happy for any comments Mav {image}
Hello MAV13 IMO you just bought the overbought pair with clear bearish divergence.... I would rather wait for pullback.
  • #127,398
  • Aug 20, 2013 9:53am Aug 20, 2013 9:53am
Quoting dan89
{quote} Can anyone tell me how to multiquote ??
Hi dan, I just right-click on quote button at posts I want to quote and open them in new tabs in my browser. Then I copy these quotes to one post. Thereīs probably some more elegant way but thatīs how I do it.

Hope this helps

Mav
  • #127,399
  • Aug 20, 2013 10:17am Aug 20, 2013 10:17am
Quoting dmc
{quote} Hey Str8, Yes indeed it did "win" but my answer to your question would be, no, we wouldn't have taken this bar. I personally passed up on this one myself, actually I didn't even think much about. There are multiple reasons why 1) Bar Not big enough 2) Not a enough "story" (this leads to point 3) 3) Not sure how I would manage/ reduce risk once triggered. 4) After a bar break there is not much room to FTA and with this bar I'd be sure to take profit at FTA. Yes of course we can play "where will price go?" and there was a high probability...
Thanks for your answer. I didn't take it either.

What do you think about PA signals that only touch a PPZ with the bottom wick (the PPZ is far from the entry)? It seems to me they are hard to manage/reduce risk because you don't enter close to the source of the move. You can move the stop loss at the left eye to reduce risk but since the left eye isn't at a major level your stop loss won't be protected by a major level only by a minor level (same with moving stop to break even, usually the entry doesn't mean anything to the market). And usually there's no much room to FTA either in these type of situations.
  • #127,400
  • Aug 20, 2013 10:49am Aug 20, 2013 10:49am
Quoting LamerTrader
{quote} 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
Hi Stephen,

Which EA do you use for backtest? I used to use vHandstrade (couldn't remember where I downloaded), but it doesnt function since the update on mt4.
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