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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

  • #128,341
  • Oct 25, 2013 12:06pm Oct 25, 2013 12:06pm
Quoting Winston Reed
Monthly/weekly NZDUSA charts. Something to ponder over the weekend :nerd: {image}{image}
Hi Winston....yep I was watching the same and did get a few pips out of this....I was watching the daily and saw this.... I watched it break south but watched it stop at the box, which I identified before hand as the FTA.......I expected the retrace back to the breakout area which in fact happened where I had my order and took the short.....within 24 hours we dropped to the 8300.00 area and the action stalled....I took profits (124pips)..moving my stop in to ensure a fill......


But here is the thing I have trouble with.....I seem to always take profit too soon, leaving too much on the table.....I get good entries normally, but lock in profit way before the trade has a chance any to really mature.....any comments are appreciated....
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  • #128,342
  • Oct 25, 2013 12:11pm Oct 25, 2013 12:11pm
and now it continues on its merry way and Im out of the trade....
  • #128,343
  • Oct 25, 2013 12:15pm Oct 25, 2013 12:15pm
Quoting Swede
and now it continues on its merry way and Im out of the trade....
currently...
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  • #128,344
  • Oct 25, 2013 12:41pm Oct 25, 2013 12:41pm
Hey Swede, on my Iphone so I will answer in detail later since this deserves attention. Nice to see you here my friend!!!
  • #128,345
  • Oct 25, 2013 1:11pm Oct 25, 2013 1:11pm
Quoting Winston Reed
Hey Swede, on my Iphone so I will answer in detail later since this deserves attention. Nice to see you here my friend!!!
Oh. I'm also two tall beers deep into a Friday. Hehehe!!
  • #128,346
  • Oct 25, 2013 5:20pm Oct 25, 2013 5:20pm
I like Mike's strategy for taking profit. His videos on the PF explain well. I don't mind encouraging even a 1 month membership just to watch some of his videos. I cannot give justice to Mike's special way of trading, setting SLs and TPs.

J16 teaches taking PA bars at swing low and highs. So these are often counter-trend trades rather than with-trend trades. With-trend trades seem to be more complicated trades but if done right they are possible. Many are indoctrinated into the "trade-with-the-trend" mantra so J16 trades may automatically activate the "counter-trend" caution alarm. Nothing wrong with this because I believe it's better to take profit early rather than let a winner become a loser.

Depending on how you trade (HTF vs. LTF), J16 style trades may come infrequently and this may cause some to want to let trades "run" or "ride" once in profit. After all if you are only taking a few trades per month you want to get maximum benefit. Knowing where the trouble areas are is also knowing where potential TP areas are.

I think one has to look at where the trouble areas are and make a decision which one is going to be an area to take profit and then do so and take your profit ruthlessly or the market will take it back from you. Absolutlely trades will often run further than any of us anticipated but I know from personal experience that being overambitious (greedy) often results in getting stopped out at break even.

I am trading almost exclusively daily time frame using weekly and monthly charts to see where things are overall. Planning a trade on a daily time frame is fairly stress free. Once you see a PA candle at a tradeable spot set your trade, set you SL and set your TP then walk away and let it play out.
  • #128,347
  • Oct 25, 2013 9:39pm Oct 25, 2013 9:39pm
hey Guys long time no post.

This is for the Jarroos out there.

This is a daily chart for the AUD/USD. Check out this HCR that I am looking at. Maybe this was covered before. I am looking at a buy limit at .95172.
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  • #128,348
  • Oct 25, 2013 10:38pm Oct 25, 2013 10:38pm
Quoting Winston Reed
I like Mike's strategy for taking profit. His videos on the PF explain well. I don't mind encouraging even a 1 month membership just to watch some of his videos. I cannot give justice to Mike's special way of trading, setting SLs and TPs. J16 teaches taking PA bars at swing low and highs. So these are often counter-trend trades rather than with-trend trades. With-trend trades seem to be more complicated trades but if done right they are possible. Many are indoctrinated into the \"trade-with-the-trend\" mantra so J16 trades may automatically activate...

Thanks Winston Reed...makes me feel a bit better (I think)...I did hold through the first FTA, then the PPZ but the BRN shook my confidence (as the PA usually does around these areas)....Oh well...the profit was good and I should be happy about that but that darn scalping thing rears its ugly head sometimes (quite often) and the result is smaller than profits should be..... Gotta keep working on this....
  • #128,349
  • Edited 11:35pm Oct 25, 2013 11:22pm | Edited 11:35pm
It is the weekend, and its time for the weekend fun game.

Here's the first setup.

A BUOB off a longer term trend line and a RN. How would you trade this if at all?

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g.
I believe . . .
  • #128,350
  • Oct 25, 2013 11:24pm Oct 25, 2013 11:24pm
And here's the second setup - a BEOB. There is macd divergence here too that's not shown.

Good luck.

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g.
I believe . . .
  • #128,351
  • Oct 26, 2013 5:16am Oct 26, 2013 5:16am
Quoting ghous
It is the weekend, and its time for the weekend fun game. Here's the first setup. A BUOB off a longer term trend line and a RN. How would you trade this if at all? {image} {image} g.

Hi, i will try to chip in on this: There is a gap above (the blue box), with space around, I would buy at the high of the current candle, with SL at the low of the candle.
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  • #128,352
  • Oct 26, 2013 5:19am Oct 26, 2013 5:19am
Quoting ghous
And here's the second setup - a BEOB. There is macd divergence here too that's not shown. Good luck. {image} g.

For this 2nd setup: there is a minor PPZ not far below (blue line), I would be cautious and wait for more info. P could bounce off the PPZ and go back up again or close below PPZ and continue to downwards.

Just my 2 cents.
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  • #128,353
  • Oct 26, 2013 6:13am Oct 26, 2013 6:13am
Quoting sodiska
{quote} Hi, i will try to chip in on this: There is a gap above (the blue box), with space around, I would buy at the high of the current candle, with SL at the low of the candle. {image}
But how do you plan to manage the trade? Are you playing for the gap or plan to hold on longer?

g.
I believe . . .
  • #128,354
  • Oct 26, 2013 6:14am Oct 26, 2013 6:14am
Quoting sodiska
{quote} For this 2nd setup: there is a minor PPZ not far below (blue line), I would be cautious and wait for more info. P could bounce off the PPZ and go back up again or close below PPZ and continue to downwards. Just my 2 cents. {image}
Sounds good. But could you be more specific? What kind of info? Are you looking for another daily bar, or go down the time frame ladder or wait for a hard break or something else?

g.
I believe . . .
  • #128,355
  • Oct 26, 2013 6:15am Oct 26, 2013 6:15am
Quoting ghous
{quote} But how do you plan to manage the trade? Are you playing for the gap or plan to hold on longer? g.

Oh ya, i forgot to add on that I am playing for the gap.
  • #128,356
  • Oct 26, 2013 7:08am Oct 26, 2013 7:08am
Quoting ghous
{quote} Sounds good. But could you be more specific? What kind of info? Are you looking for another daily bar, or go down the time frame ladder or wait for a hard break or something else? g.

I will be looking for retracement and PA in daily.
  • #128,357
  • Oct 26, 2013 10:59am Oct 26, 2013 10:59am
Hey Ghous, this is my view and how i would approach the setups. Answers in the chart.

Al.
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  • #128,358
  • Oct 26, 2013 11:55am Oct 26, 2013 11:55am
Quoting ghous
It is the weekend, and its time for the weekend fun game. Here's the first setup. A BUOB off a longer term trend line and a RN. How would you trade this if at all? {image} {image} g.
Here we go:
First chart: we have a BUOB that closes above Support + TL + BRN. I'd place an order a few pips above above the BUOB. My levels are written on the chart, I'd reduce risk at FTA and move to BE or more at FT, depending on how price moves and reacts to the levels I may take some or full profit at FTA, FT or take half off at FT and the rest at the potential final target. If price should close under the grey Support + TL I'd kill the trade.
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Second chart: the BEOB is also a fake out, for me the move is over. The bar closes above BRN, just under the bar's low there is a strong Support + TL so there is no space. No trade for me.
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  • #128,359
  • Oct 26, 2013 4:57pm Oct 26, 2013 4:57pm
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It's Saturday . Looking at the weekly BEOEB on NZDUSD. I'm going to trade this one with a retrace sell limit as shown. I'm choosing a retrace because of the already strong move down so a retrace of some sort seems reasonable. The entry just happens to be at the 38.2 fib which is also a previous weekly swing close. Initial SL as shown. TPs as shown. If the retrace doesn't get triggered then so be it. This is my trading plan for now and I will think about it some more so it may change before the market opens tomorrow. Any comments/suggestions are welcome.
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  • #128,360
  • Oct 26, 2013 5:26pm Oct 26, 2013 5:26pm
EURAUD gave away some pips thursday and friday. It closed a weekly BUOEB Friday but it closed right at a ppz. The BUOEB also just barely engulfed the prior candle. I don't think I'll trade this one but it will be an interesting watch and learn :nerd: But who knows, perhaps some strong PA here may change things.
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