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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

  • #128,381
  • Oct 28, 2013 1:22am Oct 28, 2013 1:22am
While we're on the topic of OB, I'd like your opinions on that one (Nikkei Weekly).

I like the fact it's contained in a triangle (or wedge or whatever...) as well as the 15.000 RN/PPZ (also level on the monthly).
But I wouldn't play it on the break because of the 14.000 area it's sitting on...
Just watching and learning, but I'd love to hear your views

take care
Slow & steady
  • #128,382
  • Oct 28, 2013 1:27am Oct 28, 2013 1:27am
Quoting patapouer
While we're on the topic of OB, I'd like your opinions on that one (Nikkei Weekly). I like the fact it's contained in a triangle (or wedge or whatever...) as well as the 15.000 RN/PPZ (also level on the monthly). But I wouldn't play it on the break because of the 14.000 area it's sitting on... Just watching and learning, but I'd love to hear your views take care
oops picture lacking and I can't seem to be able to edit my post...
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Slow & steady
  • #128,383
  • Oct 28, 2013 1:45am Oct 28, 2013 1:45am
Quoting patapouer
{quote} oops picture lacking and I can't seem to be able to edit my post... {image}
Hey P,

You're right in that playing a straight break of the BEOB is too risky as the BEOB is still caught up inside the wedge and you're then only playing the hoping game by betting on partial information.

For me though this would be more of a bias to a break to the downside, meaning a 4H or a daily bearish setup as a breakout of the wedge is what I would be on the lookout for.

Neat thoughts in the prediction game

g.
I believe . . .
  • #128,384
  • Oct 28, 2013 3:15am Oct 28, 2013 3:15am
Quoting ghous
{quote} Hey P, You're right in that playing a straight break of the BEOB is too risky as the BEOB is still caught up inside the wedge and you're then only playing the hoping game by betting on partial information. For me though this would be more of a bias to a break to the downside, meaning a 4H or a daily bearish setup as a breakout of the wedge is what I would be on the lookout for. Neat thoughts in the prediction game g.
Thank you for that
I'll keep the bias in mind and shift to the daily / h4
Slow & steady
  • #128,385
  • Oct 28, 2013 3:18am Oct 28, 2013 3:18am
Quoting ghous
{quote} Hey G, Following correlation isn't lethal and it doesn't hurt. What does hurt is simply the way many choose to use it. Correlation is something that does truly exist as the markets in general flow in tandem. So you could have inter-market correlation (the fx markets being correlated in some way to say the commodities market) or intra-market correlation (the USD/CHF being correlated with the the EUR/USD). Even beyond this, you'll generally notice how when many of the major currency pairs are pretty much flat, the market as a whole becomes...
thanks ghous
  • #128,386
  • Oct 28, 2013 4:28am Oct 28, 2013 4:28am
COTTON

PB&CB LCS & BRN80 followed by retest of LCS& BRN80

Neytiri
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  • #128,387
  • Oct 28, 2013 4:40am Oct 28, 2013 4:40am
Quoting dan89
{quote} Cheers mate, Starting to get the hang of this. Last month was my first real live profitable month with 6% return (off one trade though) this month so far at 4% Backtesting since Nov 2012 has shown 10-12% a month Take care Dan
Well looks like this month will be another profitable month (a little over 8% from 2 trades) - My second real live profitable month Just one more month to go

Take care
Dan
  • #128,388
  • Oct 28, 2013 4:43am Oct 28, 2013 4:43am
WEEKLY FAKEOUT
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  • #128,389
  • Oct 28, 2013 5:06am Oct 28, 2013 5:06am
Quoting dan89
{quote} Well looks like this month will be another profitable month (a little over 8% from 2 trades) - My second real live profitable month Just one more month to go Take care Dan
If you don't mind, can you please share the trades that you took. What were the position sizing and money management methods that you used for those trades?

Thanks,

Neytiri
  • #128,390
  • Oct 28, 2013 5:15am Oct 28, 2013 5:15am
Quoting Neytiri
COTTON PB&CB LCS & BRN80 followed by retest of LCS& BRN80 Neytiri {image}
Yikes!! Id be chewing my nails through this one.

G.
I believe . . .
  • #128,391
  • Oct 28, 2013 5:16am Oct 28, 2013 5:16am
Quoting dan89
{quote} Well looks like this month will be another profitable month (a little over 8% from 2 trades) - My second real live profitable month Just one more month to go Take care Dan
Awesome Dan! Way to go!

g.
I believe . . .
  • #128,392
  • Oct 28, 2013 5:47am Oct 28, 2013 5:47am
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.
Hey Ghous,

I will not enter on break of high of the buob. The fta is too close to the point of entry and it is possible that price might hit the fta and go south.

Instead, I would wait for price to retrace to the brn 5.6. I will check whether there are any price action signals in lower time frames. If I get a nice bullish pinbar with confluence, then I will enter on the break of high of the pinbar

Neytiri
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  • #128,393
  • Oct 28, 2013 6:11am Oct 28, 2013 6:11am
In this scenario, I will wait for price to close below brn 1.8 and check whether there are any price action signals on lower time frames. If there is a nice bearish pinbar with confluence then I will enter short and take partial profit at the fta.

Before entering the trade, I will use the MACD divergence as confluence only when the above mentioned criteria are satisfied.

Neytiri
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  • #128,394
  • Oct 28, 2013 6:43am Oct 28, 2013 6:43am
Quoting ghous
{quote} Yikes!! Id be chewing my nails through this one. G.
Hmmm. The inverted pinbar is an inside bar and did not close below the low of the previous bar, correct?

Neytiri
  • #128,395
  • Oct 28, 2013 7:05am Oct 28, 2013 7:05am
Quoting Neytiri
{quote} Hmmm. The inverted pinbar is an inside bar and did not close below the low of the previous bar, correct? Neytiri
Correct! Plus that prior swing low and LLS point is MASSIVE!

G.
I believe . . .
  • #128,396
  • Oct 28, 2013 8:10am Oct 28, 2013 8:10am
watch as we continue to squeeze at this crucial area for price. Momentum has died here and we have major confluence. Looking for a strong close for potential shorts away from the BRN and channel
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  • #128,397
  • Oct 28, 2013 8:48am Oct 28, 2013 8:48am
Quoting ghous
{quote} Correct! Plus that prior swing low and LLS point is MASSIVE! G.

Hey Ghous,

I am trading cotton as a continuation setup. i.e. I waited for price to close below the LLS on the weekly. After that there is a failed attempt to rally. If the IPB would have closed below the low of the previous bar, it would have been a logical entry point.

"prior swing low is massive" -

Are you suggesting that the probability of price continuing from major swing lows/highs is less than then the probability of price reversing and hence continuation setups are riskier than reversal setups?


Neytiri
  • #128,398
  • Oct 28, 2013 8:49am Oct 28, 2013 8:49am
Quoting ghous
{quote} Hey P, Totally agree that you must bring down the number of trades ( at first at least) to find that consistency by taking only the very good setups. What you should not do though, IMO, is to give a number to your frequency of trading. 1 per week and so 4 a month is more or less where you need to be. Again \"more or less\" is the keyword here. I think a very crucial mistake that a lot of traders make is they set targets and objectives for the money they need to make or the number of trades they need to take or set a timer on the stop watch...

G

If we dont set a limit like that we end up taking more trades. Once you are good with this , you know a good setup by instinct and then it may be to limit your trades.

If you are forced to take only ONE per week , you compare your setups and you take the best one in that. The point here is to avoid over trading and to overcome that habit of over trading.

If you dont get any good trade in the first week, you are free to take two trades in the second week. The point is not to take more than 4 trades in a month for beginners. After you get good at this you can be flexible and take only when the right opportunity shows up in the market.
  • #128,399
  • Oct 28, 2013 8:56am Oct 28, 2013 8:56am
Quoting prasad99
{quote} G If we dont set a limit like that we end up taking more trades. Once you are good with this , you know a good setup by instinct and then it may be to limit your trades. If you are forced to take only ONE per week , you compare your setups and you take the best one in that. The point here is to avoid over trading and to overcome that habit of over trading. If you dont get any good trade in the first week, you are free to take two trades in the second week. The point is not to take more than 4 trades in a month for beginners. After you get...
Yes that sounds good. Instead of 1 trade a week stiff target 4 a month sounds very reasonable.

G.
I believe . . .
  • #128,400
  • Edited 9:26am Oct 28, 2013 9:11am | Edited 9:26am
Quoting Neytiri
WEEKLY FAKEOUT {image}
Holy Cow! FTA hit in 2 hours .. traded 1 lot, $500 profit in 2 hours!. Oh man, I wish I had a $100,000 account.
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