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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

  • #129,061
  • Dec 3, 2013 7:14am Dec 3, 2013 7:14am
Thanks a lot supremeChaos, ghous, Mike, and others who may still comment on my plan.
I will keep it up, and I will be open to changes and track different ideas to learn where to apply which one.
Michal9
  • #129,062
  • Dec 3, 2013 8:33am Dec 3, 2013 8:33am
What do you think about cable H4?

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Lose small, win BIG
  • #129,063
  • Edited 1:02pm Dec 3, 2013 12:31pm | Edited 1:02pm
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...
I think you should add something important: don't trade into major support and resistance, trade into space not into traffic. Look at the last daily pin bar on GBP USD, then zoom out or look at the weekly chart to see what I mean.
  • #129,064
  • Dec 3, 2013 2:15pm Dec 3, 2013 2:15pm
I like this kiwi chart. I am not trading it.

http://i.imgur.com/I7Liqz8.png

Price is currently on resistence level and there is much space to go to 0.82. Confluence with EMA150 could offer nice opportunity.
What is your opinion?
Lose small, win BIG
  • #129,065
  • Edited 5:21pm Dec 3, 2013 4:50pm | Edited 5:21pm
Quoting ghous
{quote} Damnit man where the hell were you. g.
Trying to work my way to the top. Have you quit school? You are still active here, buddy!

Quoting ProsteJa
I like this kiwi chart. I am not trading it. {image} Price is currently on resistence level and there is much space to go to 0.82. Confluence with EMA150 could offer nice opportunity. What is your opinion?
Any other reason why you like it? The price action setup is less than ideal, but nevertheless I agree that it is possible for it to move down.
  • #129,066
  • Dec 4, 2013 2:59am Dec 4, 2013 2:59am
Quoting supremeChaos
{quote} Trying to work my way to the top. Have you quit school? You are still active here, buddy! {quote} Any other reason why you like it? The price action setup is less than ideal, but nevertheless I agree that it is possible for it to move down.

I like the location only. Not the price action
Lose small, win BIG
  • #129,067
  • Dec 4, 2013 3:57am Dec 4, 2013 3:57am
Quoting andyhardwick
Yeah good work Dan but not being bothered to load up the daily charts is pretty lame! It only takes like 10 mins. I also work and only can trade the dailies but I am forever opening them up and scrolling around, back testing etc and cant wait to check them for the first time every day to see if there is a set up.
Hey Andy,

Yeah I need to fix that issue ASAP. But to be honest I try not to get exited when I check up on active trades whether they are going in my direction or the opposite. Its just something that I do to limit my emotions when trading, it seems to help me But yeah I need get into a routine and stick to it. I have a trading plan but I have not added a section on when to actually check the charts etc.

Take care
Dan
  • #129,068
  • Dec 4, 2013 3:58am Dec 4, 2013 3:58am
Quoting MushyPeas
Well done Dan lad. Well chuffed for you! Very nice results!
Hey MushyPeas

Thanks for the comment and support mate, really appreciate it. Never thought I would get this far still got a long way to go !

Take care
Dan
  • #129,069
  • Dec 4, 2013 4:02am Dec 4, 2013 4:02am
Quoting SeanyTsunami
{quote} Nice Dan, proving that you don't need many trades to be profitable. Take what the market gives you, don't force trades. I am not at the point of achieving consistently profitable trading yet. But, I am well on my way, thanks to the J16 group. James says that the people who are trading less are far and away the winners. If I could consistently get 2-3% a month with my current account. Wow, I would be making more than the vast majority of people when I decide to fund my full account in years to come. I could have a job I like that doesn't...
Hey ST,

Yep your right, you really dont need many trtades per month to be profitable

I used to trade the 5m charts a while back and I just couldnt handle it. Too many setups, very difficult to take on all the information before deciding to take a trade. The higher TF's allow you to take your time ... no stress trading

Oh and yes, compounding IS THE WAY

Take care
Dan
  • #129,070
  • Edited 4:19am Dec 4, 2013 4:07am | Edited 4:19am
Quoting ghous
{quote} Super results Dan. Love the frequency numbers there. Should be a real eye opener to those wondering how being picky makes them money. Being picky is the only sure way to make money in this business. g.
Hey Ghous,

Cheers for the support mate

For sure being picky is one of the most important things in my opinion. Learning to let go of a 'so so' setup without feeling like you 'missed the boat' even if the setup does go in your direction is one of the key areas that improved my trading 10 fold.

Below is an example of a trade setup I posted (click quoted post for previous chart) but did not take the trade. It worked out exactly as I expected but I dont feel like i missed anything or that im loosing out. I used to always feel that way but It took a while to get over that psych issue.

Before:

Quoting dan89
{quote} Have not been active on FF much as of late but ive been watching this pair as well. I have my trendlines slightly different but the same concept. Would really need to see a rejection/retracement off the current trendline to confirm this pattern before looking for a break to the upside. I've had a number of PMs asking me to post up trades/setups/ideas more often, so im going to try and do so from now on {image} Take care Dan
After:

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Learning to stay OUT of the market is just as important as knowing when to ENTER the market

Take care
Dan
  • #129,071
  • Dec 4, 2013 4:08am Dec 4, 2013 4:08am
Quoting patapouer
{quote} Great buddy
Hey Patapouer,

Thanks bud, appreciate it. Hope everything is going well for you to

Take care
Dan
  • #129,072
  • Dec 4, 2013 4:10am Dec 4, 2013 4:10am
Quoting ProsteJa
{quote} Perfect results, Dan! Congratulation.
Hey ProsteJa,

Thanks for the comment bud, really appreciate the support. Hope things are going well for you to.

Take care
Dan
  • #129,073
  • Dec 4, 2013 4:12am Dec 4, 2013 4:12am
Quoting mbqb11
{quote} Fantastic Dan, how far you have come! Great example to set for the new folks who are killing themselves Keep it up bud Mike
Hey Mike,

Thanks for the support mate, appreciate it !. Yup im sure you will know how far my trading has come from when I used to be a member of J16. Man thinking back its kinda strange I didnt get here sooner, I had all the info, I guess it was more a pysch thing maybe ...

Take care
Dan
  • #129,074
  • Dec 4, 2013 4:15am Dec 4, 2013 4:15am
Quoting heaven
Congrats Dan. Good luck going forward. A question for you, what did you use for your backtests? All the best!
Hey Heaven,

Thanks for the support mate

In regards to backtesting I simply simply moved the chart back a few years and pressed the F12 key to move the chart foward 1 bar at a time. This way I could take setups as if it were happening in real time without looking ahead into future PA and 'curve fitting' my setups/trades

Take care
Dan
  • #129,075
  • Dec 4, 2013 5:18am Dec 4, 2013 5:18am
Here's my last trade. Loss on EURAUD.
It was not nicest candlestick, could have lower close and/or longer wick that would penetrate higher. But I took it because locations seems to be perfect, BRN 1,5000 and triple top. My backtests showed me that if location is very good then candlestick doesn't have to be perfect for setup to work. (That's why I didn't trade GBPUSD monday pin bar, thankfully).

Now I don't know whether I screwed up or it was good setup that didn't work out.

Any thoughts, advices?
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  • #129,076
  • Dec 4, 2013 6:03am Dec 4, 2013 6:03am
Quoting michal7
Here's my last trade. Loss on EURAUD. It was not nicest candlestick, could have lower close and/or longer wick that would penetrate higher. But I took it because locations seems to be perfect, BRN 1,5000 and triple top. My backtests showed me that if location is very good then candlestick doesn't have to be perfect for setup to work. (That's why I didn't trade GBPUSD monday pin bar, thankfully). Now I don't know whether I screwed up or it was good setup that didn't work out. Any thoughts, advices? {image} {image} {image}
I think price did it's job. Touched FTA and reversed. It touched the FTA, just couldn't break it.
I prefer double top than triple top. The more price is trying to break a level the higher the chances are it will break.
  • #129,077
  • Dec 4, 2013 9:06am Dec 4, 2013 9:06am
EURGBP retest after breakout pin bar?
Nice location, BRN, off the trend line, with trend. If it closes near the bottom it will be also nice bar.
Cons: Two previous bars are traffic and their lows is potential support.

Any thoughts?
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  • #129,078
  • Dec 4, 2013 9:09am Dec 4, 2013 9:09am
Quoting michal7
EURGBP retest after breakout pin bar? Nice location, BRN, off the trend line, with trend. If it closes near the bottom it will be also nice bar. Cons: Two previous bars are traffic and their lows is potential support. Any thoughts? {image} {image}
Hey M


Remember when starting out to look for a bearish pinbar at a swing high point. This is near a deep swing low which gives most new traders a lot of trouble. Price is also showing divergence which would be another reason not to play this as a continuation bar(more advanced)

Hope that helps
Mike
  • #129,079
  • Dec 4, 2013 9:32am Dec 4, 2013 9:32am
Quoting michal7
Here's my last trade. Loss on EURAUD. It was not nicest candlestick, could have lower close and/or longer wick that would penetrate higher. But I took it because locations seems to be perfect, BRN 1,5000 and triple top. My backtests showed me that if location is very good then candlestick doesn't have to be perfect for setup to work. (That's why I didn't trade GBPUSD monday pin bar, thankfully). Now I don't know whether I screwed up or it was good setup that didn't work out. Any thoughts, advices? {image} {image} {image}

Ahoj Michal,

Set-up looks to be great after pin bar was closed. Locatio.n was perfect The problem started on another day when price gapped down. I personally never trade after gap because of high probality of fulling that gap. When another candle closed we could see very nice pin bar (left eye wasn't the last candle but 2nd one) in direction of trend. The location is perfect as well. Your support level is drawn i little bit lower as it is (I personally prefer not to use wicks to draw S/R levels - I think it is called FTA or PPZ in this thread). The best option for you was to reverse postion or at least take partial profit and lock rest of the postion.

Your entry management was good. I wouldn't say you screwed it up but you didn't managed it properly.

Let's compare it with pin on cable this Monday. I dont agree that location is not good. Price has broken strong S/R level and price is expected to correct. I backtested every single pin bar on daily chart created since 2001 and this one looks very well (I didnt care about location in backtest). In this case quality of pin is very high but location is could be dangerous but odds work in our favour in this case (my backtest results). At the moment it could go higher again but we couldnt know it on monday. EURAUD formed nice pinbar, too. But the candle is nice pinbar in direction of trend and it is stronger signal and shold aware you of protect your money.

Again, you did a good job spotting that set-up. Price did what was expected to do.
Lose small, win BIG
  • #129,080
  • Dec 4, 2013 9:38am Dec 4, 2013 9:38am
Quoting michal7
EURGBP retest after breakout pin bar? Nice location, BRN, off the trend line, with trend. If it closes near the bottom it will be also nice bar. Cons: Two previous bars are traffic and their lows is potential support. Any thoughts? {image} {image}

I personally dont like this pin. It is too low for me. I want to see it higher with close of candle near to your purple line above.
Lose small, win BIG
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