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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

  • #129,141
  • Dec 9, 2013 2:59pm Dec 9, 2013 2:59pm
Ahoj Obmepa, thank you... this "bible" is great! I wish I got here earlier :-) Ok, going to study now... lots of work ahead of me to backtest it... I am only worried not to flip my methods too often... every time I stumble upon a great thing like this I am tempted to now change my approach to this.

Thanks a lot!
Michal9
  • #129,142
  • Dec 9, 2013 3:38pm Dec 9, 2013 3:38pm
Quoting michal9
Thank you felixcattus. This is VERY helpful. And I really appreciate that you have taken time to analyze my trade. My learning... next time before I trade a pin bar: - look for a long nose of the pinbar that stands out, longer than average bar - look for a strong close, first of all wait for the candle to close - analyze bar by bar what was before, to understand where the orders are - place a stop behind the zone, not only behind the pinbar Thanks again. I intend to make sure the next setup I will post will be better one :-)
Glad I could help!
If you can't tell what the herd is doing...you probably are the herd.
  • #129,143
  • Dec 9, 2013 6:27pm Dec 9, 2013 6:27pm
Quoting michal9
Ahoj Obmepa, thank you... this "bible" is great! I wish I got here earlier :-) Ok, going to study now... lots of work ahead of me to backtest it... I am only worried not to flip my methods too often... every time I stumble upon a great thing like this I am tempted to now change my approach to this. Thanks a lot!

yes, i hear you, i had exactly the same problem, started with J16 classics, then tried some more like PBT Method or SFP but I mixed&stirred it and my results went to large minus. i mean all these methods are fantastic and powerful tools but as with any power, one need to understand where and when to use them.
  • #129,144
  • Dec 9, 2013 8:40pm Dec 9, 2013 8:40pm
I thought I'd post a live trade I'm currently in. I haven't been trading Forex as much recently but it seems the market has been picking up lately.

AUDUSD D1. My case for the trade is as follows:

1) Clear D1 H&S. Price breaks to the downside and tries to find support twice, at 9148s and again at 9053s. Both attempts fail.
2) Range forms. Traders try to break above the range, fails, and then breaks to the downside. Buyers stopped out, and shorts initiating.
3) Inside day, which trades back up into the range. Shorts worried. Then, a BUOB to boot.

I got long @ 9073. Moved to a 3 pip stop.

My FTA is 9148s, but looking for a target of the underside of the H&S at 9278s.

Will it get there? I have no clue. But my risk is tight and I'm happy with the setup.
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If you can't tell what the herd is doing...you probably are the herd.
  • #129,145
  • Dec 9, 2013 10:09pm Dec 9, 2013 10:09pm
Quoting felixcattus
I thought I'd post a live trade I'm currently in. I haven't been trading Forex as much recently but it seems the market has been picking up lately. AUDUSD D1. My case for the trade is as follows: 1) Clear D1 H&S. Price breaks to the downside and tries to find support twice, at 9148s and again at 9053s. Both attempts fail. 2) Range forms. Traders try to break above the range, fails, and then breaks to the downside. Buyers stopped out, and shorts initiating. 3) Inside day, which trades back up into the range. Shorts worried. Then, a BUOB to boot....
Hi Felix, have you seen the weekend chart? You will se a nice PB in 0.90 BRN and a FTA at 0.93 or 0.9278 as you said. I think you take a nice trade, with a very tight SL.

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  • #129,146
  • Dec 10, 2013 12:15am Dec 10, 2013 12:15am
Quoting PASniper
{quote} Hi Felix, have you seen the weekend chart? You will se a nice PB in 0.90 BRN and a FTA at 0.93 or 0.9278 as you said. I think you take a nice trade, with a very tight SL. {image}
Fantastic. Thanks for pointing that out. I didn't even look at the weekly chart. I think that says it all.

Incidentally, it's worth noting that the pin formed off a weekly trendline, and, it is the 76.4 fib retracement from the last rally.
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If you can't tell what the herd is doing...you probably are the herd.
  • #129,147
  • Dec 10, 2013 2:34am Dec 10, 2013 2:34am
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  • #129,148
  • Dec 10, 2013 4:30am Dec 10, 2013 4:30am
Quoting felixcattus
I thought I'd post a live trade I'm currently in. I haven't been trading Forex as much recently but it seems the market has been picking up lately. AUDUSD D1. My case for the trade is as follows: 1) Clear D1 H&S. Price breaks to the downside and tries to find support twice, at 9148s and again at 9053s. Both attempts fail. 2) Range forms. Traders try to break above the range, fails, and then breaks to the downside. Buyers stopped out, and shorts initiating. 3) Inside day, which trades back up into the range. Shorts worried. Then, a BUOB to boot....

hey Felix, great trade you have there but i wanted to know why you entered on a retrace and not on the break of the FTA.

Al.
  • #129,149
  • Dec 10, 2013 6:20am Dec 10, 2013 6:20am
Ghous and Neytiri, nice fakeout activity if it closes above the yellow line don't you think.

Al.
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  • #129,150
  • Dec 10, 2013 7:01am Dec 10, 2013 7:01am
Quoting felixcattus
I thought I'd post a live trade I'm currently in. I haven't been trading Forex as much recently but it seems the market has been picking up lately. AUDUSD D1. My case for the trade is as follows: 1) Clear D1 H&S. Price breaks to the downside and tries to find support twice, at 9148s and again at 9053s. Both attempts fail. 2) Range forms. Traders try to break above the range, fails, and then breaks to the downside. Buyers stopped out, and shorts initiating. 3) Inside day, which trades back up into the range. Shorts worried. Then, a BUOB to boot....

I see this one the same way. That 9290 area is my choice for TP as well.

K.I.S.S.
  • #129,151
  • Dec 10, 2013 8:29am Dec 10, 2013 8:29am
Quoting albus999
Ghous and Neytiri, nice fakeout activity if it closes above the yellow line don't you think. Al. {image}
Its a pass for me.
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  • #129,152
  • Dec 10, 2013 9:11am Dec 10, 2013 9:11am
Quoting albus999
{quote} hey Felix, great trade you have there but i wanted to know why you entered on a retrace and not on the break of the FTA. Al.
Albus, I always enter on a retrace. I like to keep my risk as tight as possible and I had a strong case for the long.
If you can't tell what the herd is doing...you probably are the herd.
  • #129,153
  • Dec 10, 2013 3:56pm Dec 10, 2013 3:56pm
Do you see what I see on USDJPY? (daily bar almost closed, it is 22:35 CET)
- last bar is a BEOB (bearish outside bar) (also a close below previos low)
- at a BRN (big round number of 103, crossed and closed below it)
- just above it there is a strong supply zone and resistance with the highest high since 2008
- below it we have a "room" till 101,60 where the next support or PPZ is (marked grey on my chart)
- there is also a CCI divergence (not shown, but CCI is trending down)

How could we trade it?
Entry... I see two options... sell limit order right below 103, to get on a retracement... or a sell stop 10 pips below last bar low, to get on break.
Stop... I see two options... either the last bar high or behind the zone, around 103,70.

I'd appreciate your comments.

I will not take this trade, becasue it is counter trend, and if I enter on the break I get barely 1R before the first hurdle. But I'd love to hear your feedback on a thought process here , that's why this post... I hope it is OK to do... Thanks !
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Michal9
  • #129,154
  • Dec 10, 2013 4:40pm Dec 10, 2013 4:40pm
Quoting michal9
Do you see what I see on USDJPY? (daily bar almost closed, it is 22:35 CET) - last bar is a BEOB (bearish outside bar) (also a close below previos low) - at a BRN (big round number of 103, crossed and closed below it) - just above it there is a strong supply zone and resistance with the highest high since 2008 - below it we have a "room" till 101,60 where the next support or PPZ is (marked grey on my chart) - there is also a CCI divergence (not shown, but CCI is trending down) How could we trade it? Entry... I see two options... sell limit order...

Hey M

Here is what I see with the most important points to me

Small beob. Notice the much larger proceeding BUOB.
Swing high but with no space. This puts us immediately in traffic leaving a lot of flexibility loss on the entry and mgmt side. (red box)
Steady rising trend with price not quite hitting the most important area(a reason why the proceeding beob 5 bars back was also lack luster.


The better area to watch in my book is the previous swing high(see chart). For me one might take an entry on a close here looking to get price to test yesterdays low but that to me is not worth it when much better trades will present themselves
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  • #129,155
  • Dec 10, 2013 4:43pm Dec 10, 2013 4:43pm
Here is a trade I entered yesterday on a retrace to the red line. Beautiful support and resistance at work with confirming PA. Tight stops with a heavily confluenced area make it easy to enter

classic stuff that enables a trader with an easy entry point and easy place to hop out. I'll look to see if we can get price to the midpoint of the box around 70
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  • #129,156
  • Dec 10, 2013 4:46pm Dec 10, 2013 4:46pm
Hi guys, after only 1-2 months on FF forum I just discovered this thread, very very happy I did hehe.

Here's a potential trade for the Jarroo's PBT trading method I have find fits perfectly my style and wanted to look further more into but here's my problem:

Once the daily candle break through and close above the lowest candle support, we're supposed to place a pending order on the LCS for the price to restest it and then go our direction.

My account is on AVATrade and they won't let me place pending order within a certain amount of pips wich differ from pairs to others, generally betwean 30 pips (EURUSD) to 50 pips and sometimes even more (80 pips for GBPJPY)...

Is it only happening with certain brokers like mine or is it the norm? Don't see how to trade this method with this rule as I can't monitor my screen all day...

Comments?
Suggestions?

Thanks for helping and for this very nice thread!
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  • #129,157
  • Dec 10, 2013 11:55pm Dec 10, 2013 11:55pm
Quoting TamRoofer
Hi guys, after only 1-2 months on FF forum I just discovered this thread, very very happy I did hehe. Here's a potential trade for the Jarroo's PBT trading method I have find fits perfectly my style and wanted to look further more into but here's my problem: Once the daily candle break through and close above the lowest candle support, we're supposed to place a pending order on the LCS for the price to restest it and then go our direction. My account is on AVATrade and they won't let me place pending order within a certain amount of pips wich differ...
Since its a 5 digit broker I'm pretty sure 60 pips = 6 pips
I think all mt4 brokers have it but I'm not positive
  • #129,158
  • Dec 11, 2013 7:15am Dec 11, 2013 7:15am
Quoting Jlr
{quote} Since its a 5 digit broker I'm pretty sure 60 pips = 6 pips I think all mt4 brokers have it but I'm not positive
you are absolutely right!!!

I feel stupid now haha

thanks!

the thing is I tried to put it at exactly 6 pips of the BID and it didn't work so I tought wow they're crazy with the 60 pips thing... I just tried it again considering 6 pips form the ASK price and it worked......
  • #129,159
  • Dec 11, 2013 1:03pm Dec 11, 2013 1:03pm
Hey guys,

I wanted to share with you my last trade. I had no time for the forum recently, but I opened the trade a couple of days after my E/A pin failed. Kind of rough 4 days after the break out bar, but the fact the the BRN of 1.50 kept strong gave me confidence in my trade. Also, what I like about it is that it gave me the opportunity to have a very shallow stop: instead of having my initial stop under the breakout bar (220 pips) I had it jsut below the BRN (90 pips). This effectively cut my risk in half. However, I've just moved my stop to BE and I am planning to let that baby go. I am thinking for 1.55 for a start.
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Twitter @raitchev
  • #129,160
  • Dec 11, 2013 2:26pm Dec 11, 2013 2:26pm
Quoting mbqb11
loving this stock to sell {image}
and im out
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