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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

  • #128,161
  • Oct 20, 2013 9:52am Oct 20, 2013 9:52am
Quoting Winston Reed
Nice pinbar. This would meet my criteria for a short to one of the TPs shown. I will trade into traffic as long as the signal candle is A+ and occurs at S/R which this does. {image}
How do you plan to move your stop (if at all)?

Also how would you manage the trade as it moves into your marked trouble areas?

g.
I believe . . .
  • #128,162
  • Oct 20, 2013 10:16am Oct 20, 2013 10:16am
Quoting ghous
{quote} How do you plan to move your stop (if at all)? Also how would you manage the trade as it moves into your marked trouble areas? g.

Chart 1: Initial SL just below the engulfing candle. I place at least 2 entries and sometimes 3 so i can take profit at each troubled area. Remember this is a retracement play and I tend to do this on big signal candles to decrease the initial SL. I watch PA at each trouble area and make decisions at those areas to TP or let it run. Once entry has triggered and the trade is into profit I would move SL to just below the previous swing low at left. Once I TP 1 then I move SL to BE and see what happens from there.

Chart 2: Intial SL just above the pinbar. Same 2 or 3 entries taking profit at each trouble area.

One other thing I didn't mention and show on the charts are TLs and round numbers. I use these to help with adjusting SLs, taking profit and just in general managing the trade.

Both trades are trading into traffic and I would rather always trade away from traffic or with more space between the trade and the traffic. Those electing to pass on the trade are definitely excercising good judgement. If you take such trades knowing that you are trading into obstruction is important.
  • #128,163
  • Oct 20, 2013 10:35am Oct 20, 2013 10:35am
I don't want to take away from the current exercise but I like this example. GBP USD printed a bullish engulfing on the weekly chart. It occurs at a swing high and at strong resistance. J16 teaches to take BUOEBs at swing lows and this is a good example of why. Price may break through and if it does then the safe play is to wait for a pullback.
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  • #128,164
  • Edited 12:17pm Oct 20, 2013 12:01pm | Edited 12:17pm
Quoting Winston Reed
I don't want to take away from the current exercise but I like this example. GBP USD printed a bullish engulfing on the weekly chart. It occurs at a swing high and at strong resistance. J16 teaches to take BUOEBs at swing lows and this is a good example of why. Price may break through and if it does then the safe play is to wait for a pullback. {image}
please ignore previous quote

Neytiri
  • #128,165
  • Oct 20, 2013 12:17pm Oct 20, 2013 12:17pm
My view.

1. Would take trade 1. BUOB is too big. Lots of trouble. Hard to manage.
2. On the chart.
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If not up, then down, otherwise sideways :-)
  • #128,166
  • Oct 20, 2013 12:22pm Oct 20, 2013 12:22pm
Quoting Neytiri
{quote} please ignore previous quote Neytiri
Exactly what I was trying to express. Playing this BUOEB would be tough since it is not at a swing low AND it is running into major resistance. But a play of a pullback after a break of the resistance is possible.
  • #128,167
  • Oct 20, 2013 12:23pm Oct 20, 2013 12:23pm
Quoting Magestic
My view. 1. Would take trade 1. BUOB is too big. Lots of trouble. Hard to manage. 2. On the chart. {image}
Please ignore the previous message to winston reed.

Neytiri
  • #128,168
  • Oct 20, 2013 12:38pm Oct 20, 2013 12:38pm
Quoting Winston Reed
{quote} Exactly what I was trying to express. Playing this BUOEB would be tough since it is not at a swing low AND it is running into major resistance. But a play of a pullback after a break of the resistance is possible.
Winston reed,

Please ignore my previous message. You are tooooo senior and experienced than me. You know the best.

Neytiri
  • #128,169
  • Oct 20, 2013 12:40pm Oct 20, 2013 12:40pm
Quoting jimi
Hi all, what do you think about Aud/Usd in resistance area formed by ema 200? is it a good area to try a short? thank you {image}
Hey Jimi

Yes good area to watch. I am not that aggressive to touch trade but some certainly would here. I'm a PA fan

Best
Mike
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  • #128,170
  • Oct 20, 2013 12:42pm Oct 20, 2013 12:42pm
Quoting mbqb11
Here was an email I sent out to the group yesterday that I want to post here also. I would love to also hear NON member ideas of what they want to see on our guest side, or what they hope to see when they join. All input is good input. Please PM me or email me with anything you've got! We are very excited about the next phase of the group Well I know you guys have heard us say it many times, but like all things James has done here we do things slowly and try to make sure we get them right along the way and at the right time. The new site as well...
bumping this post

Been reading all your PMs and suggestions please keep them coming. No matter how crazy of an idea you might have we want to hear it from members as well as non members. Ever think about a cool tool you wish we had? PM me and let me know, now is the time

Mike
  • #128,171
  • Oct 20, 2013 12:47pm Oct 20, 2013 12:47pm
Quoting Magestic
2 weeks with no trades. Can find nothing to trade. Boring
FX has been tough M, hang in there. But this time of not trading is as important as the trading time. Being able to wait for things to fit your criteria is what separates the wannabe traders from those just using the markets for fun. I suggest you start looking into other markets too so when ones slow you'll find setups elsewhere

I know you know all this but it's a good reminder for the new folks

Keep at it!

Best
Mike
  • #128,172
  • Oct 20, 2013 2:01pm Oct 20, 2013 2:01pm
Quoting dmc
{quote} Check it out Martin. Nice strong break here :-)

real nice Dave and M!
  • #128,173
  • Oct 20, 2013 2:02pm Oct 20, 2013 2:02pm
Quoting scherzi
Hi. I don't think the problem with lower timeframes is that there is more noise there. I take into account two facts: a) Lower timeframes require faster thought. b) Lower timeframes risk is higher because expected price movement vs spread ratio is higher -> Your potential gains are lower in relation to the spread.
Both great points S and this is why new traders get destroyed on lower timeframes. Because their thought process is not fast enough with all the inexperience and then emotion creeps in and takes over. That = blown accounts every day

Mike
  • #128,174
  • Oct 20, 2013 4:19pm Oct 20, 2013 4:19pm
Wondering yalls opinions on these 3 pin bar trades iv taken.

GBPJPY

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GBPCAD

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EURCHF

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He who knows when he can fight and when he cannot, will be victorious.
  • #128,175
  • Oct 20, 2013 4:30pm Oct 20, 2013 4:30pm
Quoting mbqb11
{quote} Hey Jimi Yes good area to watch. I am not that aggressive to touch trade but some certainly would here. I'm a PA fan Best Mike {image}
thank you very much
  • #128,176
  • Edited 7:07pm Oct 20, 2013 6:51pm | Edited 7:07pm
.
  • #128,177
  • Oct 20, 2013 10:42pm Oct 20, 2013 10:42pm
Quoting Neytiri
PRICE CLOSES ABOVE WHCR, DHCR, BRN 1.05, FOLLOWED BY RETEST OF BRN 1.05. ENTRY - LMT ORDER 1.5 SL - BELOW LOW OF PINBAR FTA ~ 1.0567 Neytiri {image}

MISSED ENTRY BY 0.00010.

Tough luck
  • #128,178
  • Oct 20, 2013 11:35pm Oct 20, 2013 11:35pm
Quoting TheDDReport
Wondering yalls opinions on these 3 pin bar trades iv taken. GBPJPY {image} GBPCAD {image} EURCHF {image}
Hey D,

All of these pin bars look more as just ones by virtue of only the textbook definition as opposed to display some real strength.

As picky traders we're looking out for the big beefy PA setups at crucial locations as opposed to just any pin bar straddled anywhere on the chart. So for bearish pin bars for instance we want them to be at extreme swing points with nice long ranges heading for obvious target areas and definitely not into a lot of traffic (i.e a lot of bar highs and lows and periods of tight consolidations).

At the end of the day its about filtering out most of the setups you come across anyway to remain with only the ones that are spotless.

More thoughts on the charts

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g.
I believe . . .
  • #128,179
  • Oct 20, 2013 11:37pm Oct 20, 2013 11:37pm
Quoting Magestic
My view. 1. Would take trade 1. BUOB is too big. Lots of trouble. Hard to manage. 2. On the chart. {image}
I think you mean you would NOT take the trade.

Nice logical trade plan for the second.

g.
I believe . . .
  • #128,180
  • Oct 21, 2013 12:09am Oct 21, 2013 12:09am
Quoting ghous
{quote} Hey D, All of these pin bars look more as just ones by virtue of only the textbook definition as opposed to display some real strength. As picky traders we're looking out for the big beefy PA setups at crucial locations as opposed to just any pin bar straddled anywhere on the chart. So for bearish pin bars for instance we want them to be at extreme swing points with nice long ranges heading for obvious target areas and definitely not into a lot of traffic (i.e a lot of bar highs and lows and periods of tight consolidations). At the end of...

Hey Ghous,

Can you please tell me what software do you use to write text and draw arrows on the MT4 charts.

Thanks,

Neytiri
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