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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

  • #129,041
  • Dec 2, 2013 11:36am Dec 2, 2013 11:36am
Quoting turnip15
{quote} And loooks like a dblhc next to the top arrow ?
Yup.

g.
I believe . . .
  • #129,042
  • Dec 2, 2013 12:54pm Dec 2, 2013 12:54pm
Quoting ghous
{quote} Hey Albus, I don't have that single bar fake out setup on my chart. However, I see that that bearish setup followed a major wedge breakout to the upside. Its always a tough shot trying to head against that kind of order flow specially off of a single bar fake out. You need a lot of information on your side to be shorting right into a major breakout. {image} g.
G, thanks a lot so its a pass on this one. And Ghous what do you mean by "a lot of information" and what form should it have taken. thanks
Quoting ghous
{quote} .................You need a lot of information on your side to be shorting right into a major breakout..........g.
could it be something like a box breakout like the box or a longer wick like below.

Al.
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  • #129,043
  • Dec 2, 2013 1:36pm Dec 2, 2013 1:36pm
interesting fakeout on CADCHF
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  • #129,044
  • Edited 3:44pm Dec 2, 2013 2:29pm | Edited 3:44pm
Maybe going for cable today to play rejection

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Do you trade this pin. Will probably get to red line.
Lose small, win BIG
  • #129,045
  • Dec 2, 2013 3:55pm Dec 2, 2013 3:55pm
Quoting ProsteJa
Maybe going for cable today to play rejection {image} Do you trade this pin. Will probably get to red line.
I'm thinking about this one. If I take the trade I'll move SL to BE at 1.6255. If that will break I would target 1.6000.
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  • #129,046
  • Dec 2, 2013 4:05pm Dec 2, 2013 4:05pm
Quoting michal7
{quote} I'm thinking about this one. If I take the trade I'll move SL to BE at 1.6255. If that will break I would target 1.6000. {image}
Be aware of 1.614. Could play as strong support.
Lose small, win BIG
  • #129,047
  • Dec 2, 2013 7:56pm Dec 2, 2013 7:56pm
Quoting ProsteJa
{quote} Be aware of 1.614. Could play as strong support.
Hi Guys, I am trading this pin bar as well.... but what about the strong current uptrend?

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  • #129,048
  • Dec 2, 2013 8:57pm Dec 2, 2013 8:57pm
Quoting albus999
{quote} G, thanks a lot so its a pass on this one. And Ghous what do you mean by "a lot of information" and what form should it have taken. thanks {quote} could it be something like a box breakout like the box or a longer wick like below. Al. {image}
Exactly Albus. It needed to have a longer fake out wick or better still be composed of multiple fake out bars and a clear indication of an attempt of a failed breakout.

g.
I believe . . .
  • #129,049
  • Dec 2, 2013 9:02pm Dec 2, 2013 9:02pm
Quoting albus999
interesting fakeout on CADCHF {image}
I am in off yesterday's fake out bar close and have been following it keenly on the 4H. Everything's smooth so far.

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g.
I believe . . .
  • #129,050
  • Dec 2, 2013 9:08pm Dec 2, 2013 9:08pm
Quoting michal7
{quote} I'm thinking about this one. If I take the trade I'll move SL to BE at 1.6255. If that will break I would target 1.6000. {image}
What about the 1.63? Looking at the weekly this smells of a bullish breakout in many ways.

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g.
I believe . . .
  • #129,051
  • Dec 3, 2013 12:25am Dec 3, 2013 12:25am
Quoting ghous
{quote} What about the 1.63? Looking at the weekly this smells of a bullish breakout in many ways. {image} {image} g.
Agreed.... 1.63 is also a strong monthly level
Sorry don't have access to my charts right now...

Take care
Slow & steady
  • #129,052
  • Dec 3, 2013 2:53am Dec 3, 2013 2:53am
Dear Ghous, I analysed your post dd. 129070. Could you give a clarification for me please concerning your entry CAD\CHF H4. I analyse Daily chart CAD\CHF. I pointed the following: 1. Bar broke LLS, but it wasnot closed above LCS (0.8537). 2. Second bar was neither closed above LCS (0.8537). I don`t understand why you made a deal, as actually there was no bar closed above LCS (0.8537). Thanks in advance.
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  • #129,053
  • Dec 3, 2013 6:05am Dec 3, 2013 6:05am
Quoting Friend1975
Dear Ghous, I analysed your post dd. 129070. Could you give a clarification for me please concerning your entry CADCHF H4. I analyse Daily chart CADCHF. I pointed the following: 1. Bar broke LLS, but it wasnot closed above LCS (0.8537). 2. Second bar was neither closed above LCS (0.8537). I don`t understand why you made a deal, as actually there was no bar closed above LCS (0.8537). Thanks in advance. {image}
Hey there,

I don't use the HCR/LCS anymore. I just prefer the HHR/LLS levels to keep things simple.

This turned out to be a half bar loss for me.

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g.
I believe . . .
  • #129,054
  • Dec 3, 2013 6:23am Dec 3, 2013 6:23am
Hello,
Ok, my first post on this thread...

I am very grateful to James16 and the Team for all their help. Thank you.
I have done my homework: read the first post carefully, a couple of summaries, and many pages.
Still, the amount of material is overwhelming and I would like to have a summary.

So I decided to at least try to create a summary… for myself… and share it to get feedback, hoping it may be also valuable for others.

Method / approach / trading plan summary

1. Treat this like a business, first learn and backtest, then trade daily bars on demo, if profitable for three months move to a micro account with minimal position size, increase slowly and only if consistently profitable.

2. Find support and resistance key levels on weekly and daily charts, on forex major pairs.

3. Look for D1 price action setups at key levels, bar or candle reversal patterns such as: pinbar, bearish/bullish engulfing, bearish/bullish outside bar, double high lower close, double low higher close.

4. Look for confluence, additional factors increasing the trade probability, such as fibo retracement, important moving averages vicinity (making a level stronger), CCI/MACD/RSI divergence (making a price reversal more likely). I guess additional confluence items may include trend lines, weekly pivot points, key levels on RSI/CCI chart, Supply/Demand levels , if people choose to use them.

5. Trade best setups only, i.e. the A setups, setups where we have it all: key level, and price action setup at this level, and one or more confluences, and the first hurdle should not be very close relative to initial stop loss distance. There may be just a few A setups per month.

6. Trade the setup (example for going long)

a. Entry on the break. Put a buy stop order 10-15 pips above the high of the last bar (e.g. above the high of the bullish pinbar).

b. Stop loss at a low of the last bar, plus 5-10 pips (add spread if short and chart shows bid price). Cancel the order if not filled within a few bars.

c. Take profit for half of the position at the “first hurdle”, e.g. next resistance level (if going long). This is where the price is very likely to go.

d. Once the first TP is reached, move the stop loss to break even for the second half of the position. Usually price will retrace to entry, but sometimes you will catch a big trend (trail the stop behind each new S/R level, after the new high/low is taken out).


7. Other notes

a. Do not worry too much about R ratio… with this method a win% should be high, so even if average winners are smaller than rare losers we're Ok

b. Risk the amount of money per trade that you are Ok to lose

c. Find the method/system/approach that works OK for you personally (what I describe above is something I intend to make it work for me :-)

d. Have a commitment and discipline to follow your written trading plan, journal your trades with screenshot before and after and reasons why taken. Assess setup quality, not just the monetary outcome.



Please, let me know if I got this right or where it should be corrected, or what added.
Thank you!
Michal9
  • #129,055
  • Dec 3, 2013 6:34am Dec 3, 2013 6:34am
Quoting jahbones
{quote} Hi Guys, I am trading this pin bar as well.... but what about the strong current uptrend? {image}
Hi jahbones,

I want to take some profits if price goes down and lock position in profit and then look what price does around 1.625
Lose small, win BIG
  • #129,056
  • Dec 3, 2013 6:53am Dec 3, 2013 6:53am
Quoting ghous
{quote} What about the 1.63? Looking at the weekly this smells of a bullish breakout in many ways. {image} {image} g.
I hope to see some pullback.
Lose small, win BIG
  • #129,057
  • Dec 3, 2013 7:12am Dec 3, 2013 7:12am
Quoting michal9
Hello, Ok, my first post on this thread... I am very grateful to James16 and the Team for all their help. Thank you. I have done my homework
I think it's comprehensive enough to get you off to a good start! You'll surely improve this list along the way.
  • #129,058
  • Dec 3, 2013 8:33am Dec 3, 2013 8:33am
Quoting supremeChaos
{quote} I think it's comprehensive enough to get you off to a good start! You'll surely improve this list along the way.
Damnit man where the hell were you.

g.
I believe . . .
  • #129,059
  • Dec 3, 2013 8:35am Dec 3, 2013 8:35am
Quoting michal9
Hello, Ok, my first post on this thread... I am very grateful to James16 and the Team for all their help. Thank you. I have done my homework: read the first post carefully, a couple of summaries, and many pages. Still, the amount of material is overwhelming and I would like to have a summary. So I decided to at least try to create a summary… for myself… and share it to get feedback, hoping it may be also valuable for others. Method / approach / trading plan summary 1. Treat this like a business, first learn and backtest, then trade daily bars on...
Sounds like a plan.

Good stuff.

g.
I believe . . .
  • #129,060
  • Dec 3, 2013 9:06am Dec 3, 2013 9:06am
This is a good starting point as the others said Michal. It's good to get your thoughts down. What you are going to see and always should be open to are the changes that are too come to this. These are the little nuances that will REALLY make your trading what it is in the long run. But having a plan like this will allow you to evaluate yourself and your trading.

One other suggestion I make to new traders is to track multiple things. Just as you would backtest multiple ideas, track multiple ideas as well to in real time. So track different entries, exits, stop loss etc. This will allow you to see how different situations call for different ways of playing it

Keep at it
Mike

Quoting michal9
Hello, Ok, my first post on this thread... I am very grateful to James16 and the Team for all their help. Thank you. I have done my homework: read the first post carefully, a couple of summaries, and many pages. Still, the amount of material is overwhelming and I would like to have a summary. So I decided to at least try to create a summary… for myself… and share it to get feedback, hoping it may be also valuable for others. Method / approach / trading plan summary 1. Treat this like a business, first learn and backtest, then trade daily bars on...
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