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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

  • #128,421
  • Oct 28, 2013 8:27pm Oct 28, 2013 8:27pm
Quoting prasad99
{quote} I am also in a AUD/USD trade and it is going well so far. I am planning to move it to break even once it hits FTA on daily. Did anybody take this trade....not an A setup but can get one to break even. {image}
I am in the trade and it is cooking. I will move SL to BE at TP2 and wait for TP3.
  • #128,422
  • Oct 28, 2013 9:04pm Oct 28, 2013 9:04pm
Quoting mitomane86
Hi to everyone! I've seen a FO setting hide like a BO... what do you think? {image}
yes. The BEOB has dropped back into former resistance without using it as support and now price has once again flipped back to finding resistance off of it. These outsdie bars across the Aussies have been good.

g.
I believe . . .
  • #128,423
  • Oct 28, 2013 9:06pm Oct 28, 2013 9:06pm
Quoting stark1
{quote} I was just looking at this. Some nice stuff behind it...it's through 1.00RN, through the 365, nice divergence...but just too much against. And yup, the higher time frames are where it's at. Daily chart attached. {image}
Yup! As Mike was saying earlier, the squeeze here at the parity level is brilliant! All we need now is some definitive PA

g.
I believe . . .
  • #128,424
  • Oct 28, 2013 9:08pm Oct 28, 2013 9:08pm
Quoting albus999
{quote} ghous could you please show the full chart for the set-ups
Yeah I will - in just a couple of hours or so.

Delayed it a bit to ensure eveyone who would like to chime in does so as we had a few people saying they missed out the last time.

g.
I believe . . .
  • #128,425
  • Oct 28, 2013 9:13pm Oct 28, 2013 9:13pm
Quoting stark1
Going through my charts I noticed this on the AUDCHF daily chart. It wasn't a trade, just a beautiful example of pure support and resistance. The highlighted pinbar (for the James-ites) pops up through the (Jarroo-ites) LCS (lowest close of support), closes confidently above RN 83.00, retraces to the LCS/61.8 fib (of the previous bar) and baaaamm! As they say. I love to see this stuff, so I hope it inspires someone else. {image}
Hey Stark,

It was actually a brilliant fake out setup. Exactly the kind of stuff I am looking for with that lovely buildup of divergence and a neat failed attempt to break the prior swing low.

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g.
I believe . . .
  • #128,426
  • Oct 28, 2013 10:11pm Oct 28, 2013 10:11pm
Posted NZDUSD weekly BEOEB earlier. However I ended up entering after a H4 BEOEB bounced off of s/r. Trade at BE now.
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  • #128,427
  • Oct 29, 2013 12:11am Oct 29, 2013 12:11am
Just wondering how to look at crude ....the scenario I prefer is on the charts....and if it plays out I will enter. . first target 101 area...
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  • #128,428
  • Oct 29, 2013 12:38am Oct 29, 2013 12:38am
Quoting ghous
{quote} Yeah I will - in just a couple of hours or so. Delayed it a bit to ensure eveyone who would like to chime in does so as we had a few people saying they missed out the last time. g.
Here we go:

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g.
I believe . . .
  • #128,429
  • Oct 29, 2013 1:21am Oct 29, 2013 1:21am
Quoting mbqb11
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 {image}
Mike, greetings! A question to you, mate. Did you enter the trade? I found no classic PA here, and had lot of uncertainty if I should put a sell stop order based on insidebars that formed before the break. Please, can you bring some light for me and the others, what can be a trigger here for future trades like that. Its preatty frustrating to see the train left the station and you are not on the board.
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If not up, then down, otherwise sideways :-)
  • #128,430
  • Oct 29, 2013 1:30am Oct 29, 2013 1:30am
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...

G

Great analysis on correlation. You are right that correlation increases risk and complexity. And then when we can take only one good trade at any given point of time this issue should not arise at all.
  • #128,431
  • Oct 29, 2013 2:41am Oct 29, 2013 2:41am
Quoting mbqb11
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 {image}

I am in the AUD/CAD trade right now. I just checked this morning and it has cleared FTA. The break even point may come at 9840 and the profit can be taken at fib 38. That is my thinking right now.
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  • #128,432
  • Oct 29, 2013 3:11am Oct 29, 2013 3:11am
Quoting Magestic
{quote} Mike, greetings! A question to you, mate. Did you enter the trade? I found no classic PA here, and had lot of uncertainty if I should put a sell stop order based on insidebars that formed before the break. Please, can you bring some light for me and the others, what can be a trigger here for future trades like that. Its preatty frustrating to see the train left the station and you are not on the board. {image}
Majestic

I got onto this trade based on the bearish outside bar on the daily. It is not a very compelling entry but there is some confluence with this trade. The bearish outside bar is NOT at a swing high but medium swing high but there is some confluence. The price has tested the fib 50 level and moving back to 38 level giving the trader the profit target. I have attached the chart in my other post.

I am new to this system so my analysis is less than perfect and I may be wrong with this. It is just that I am working on my bad habit of taking too many trades. I just love to pull the trigger and so may greatest effort now is to get picky and take very few good trades.
  • #128,433
  • Oct 29, 2013 3:47am Oct 29, 2013 3:47am
Quoting ghous
{quote} Hey Stark, It was actually a brilliant fake out setup. Exactly the kind of stuff I am looking for with that lovely buildup of divergence and a neat failed attempt to break the prior swing low. {image} g.
Morning ghous

Failed to break the swing low? Is that what you guys mean by SFP?
When the going gets weird, the weird turn pro.
  • #128,434
  • Oct 29, 2013 4:10am Oct 29, 2013 4:10am
Quoting prasad99
{quote} Majestic I got onto this trade based on the bearish outside bar on the daily. It is not a very compelling entry but there is some confluence with this trade. The bearish outside bar is NOT at a swing high but medium swing high but there is some confluence. The price has tested the fib 50 level and moving back to 38 level giving the trader the profit target. I have attached the chart in my other post. I am new to this system so my analysis is less than perfect and I may be wrong with this. It is just that I am working on my bad habit of taking...
Thanks, Prasad. I saw a dayly BEOB of course. The thing that would keep my out of the trade based on dayly is that its hard to rely on the TL like this as it is too steep. But on 4h we see a very interesting TL with 5 clear touches and thats why I gathered all my attantion on 4h. I wanted a BEOB here finally, but saw 2 Inside bars also. And was thinking about it all the night, why I didnt put a sell stop there. LOL
If not up, then down, otherwise sideways :-)
  • #128,435
  • Oct 29, 2013 4:40am Oct 29, 2013 4:40am
Quoting stark1
{quote} Morning ghous Failed to break the swing low? Is that what you guys mean by SFP?
Yup. That would be The Swing Failure Pattern (SFP).

g.
I believe . . .
  • #128,436
  • Oct 29, 2013 5:04am Oct 29, 2013 5:04am
Quoting ghous
{quote} Yup. That would be The Swing Failure Pattern (SFP). g.

You're a gent, thank you.
When the going gets weird, the weird turn pro.
  • #128,437
  • Oct 29, 2013 5:05am Oct 29, 2013 5:05am
Quoting Neytiri
{quote} 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
Hi mate, Most of my trades are posted here in the tread. Some of the entries are not exactly how james16 teaches, but I learnt them and adapted them from the PF. I will try to do into more detail in regards to position sizing, MM, trailing stops etc in a later post. Need to find some time to write it all up

Take care
Dan
  • #128,438
  • Edited 5:27am Oct 29, 2013 5:13am | Edited 5:27am
Quoting mbqb11
{quote} my man Dan couldn't be happier for ya Mike
Hey Mike, thanks for the kind words, really appreciate it mate

Its funny how simlpe FX trading can be ..once you go through all the frustration, misinformation and all sorts of other things. I've noticed I tend to think more along the psychological lines of trading now, rather then the technical aspect of it. Guess its just part of evolving as a trader. Another thing ive noticed is that I now dont really have a rigid 'method' as such, its more a combination of skills, tools and concepts that are used to decide whether there is a viable trade or not. Im not sure if you remember in the PF (in fact you mentioned it to me in one of your vids) that trading cannot be seen as black and white, and you cannot simply go step 1 do this step 2 do this step 3 enter etc etc. That vid response you did because you kinda 'sorted' me out

(p.s.check your pm Mike)

Take care
Dan
  • #128,439
  • Oct 29, 2013 5:34am Oct 29, 2013 5:34am
Quoting dan89
{quote} Hey Mike, thanks for the kind words, really appreciate it mate Its funny how simlpe FX trading can be ..once you go through all the frustration, misinformation and all sorts of other things. I've noticed I tend to think more along the psychological lines of trading now, rather then the technical aspect of it. Guess its just part of evolving as a trader. Another thing ive noticed is that I now dont really have a rigid 'method' as such, its more a combination of skills and 'tools' that are used to decide whether there is a viable trade...

Dan

You are right but there is a "base" to all of this if you observe carefully. The base is the price action that we all use to select the trades. Mike also used price action that includes signals and overlays some important patters on price action to select the trades. Though he takes trades when price breaks out of patterns but still he considers ppz and support and resistance levels. You can use anything to increase the confluence or the probability of the trade but the core or the base of this remains the same and that is price action (ppz levels and swing points etc). And price action may also include bar by bar analysis though we may not use that.

If we keep changing the base or compromise on that I think our trading skills will not improve. The edge is something we get when we add something to this base or core setup such as price action signals, Fibs, TL, MA or whatever we think will add to the confluence of the setup.

I dont know if that makes sense to you but that is my understanding of this. I somehow think that sticking to the base is critical to gain expertise and excellence in trading.
  • #128,440
  • Oct 29, 2013 5:41am Oct 29, 2013 5:41am
Quoting prasad99
{quote} Dan You are right but there is a \"base\" to all of this if you observe carefully. The base is the price action that we all use to select the trades. Mike also used price action that includes signals and overlays some important patters on price action to select the trades. Though he takes trades when price breaks out of patterns but still he considers ppz and support and resistance levels. You can use anything to increase the confluence or the probability of the trade but the core or the base of this remains the same and that is price action...
Hey Prasad, Your right, Im not saying that I dont trade with the same core MBQB method as tought here and in the PF, What im saying is that you, I and everyone else will adapt that core method and tweak it, usually without noticing, to suite their own style or trading and comfort level. Everything I know I have learnt here and in the PF. Its just something that I have noticed in regards to my own trading - 90% is still the same as tought on the first 100 ish pages

Take care bud
Dan
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