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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

  • #129,161
  • Dec 11, 2013 1:08pm Dec 11, 2013 1:08pm
Quoting TamRoofer
{quote} 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......
Np, good trading to ya
You demoing/trading small? Not to insult, just notice the "New member" next to your name. Keep it tight if you are just learning.
  • #129,162
  • Dec 11, 2013 1:32pm Dec 11, 2013 1:32pm
Quoting Jlr
{quote} Np, good trading to ya You demoing/trading small? Not to insult, just notice the "New member" next to your name. Keep it tight if you are just learning.
No worries!

Trading with a small account, only 0.01-0.02 lots... PBT method seems to fit the trading style I want to develop, the only thing is I'm sometimes having difficulties to figure where to put my SL and when to move it to BE or further in the direction I am to lock profits. Tough for me to figure if it's better to lock profits or leave space/air for "breathing".

Not really famialiar with the PPZ concept... Lookin' to study this concept to help my trading

Thanks for caring and for your answers
  • #129,163
  • Dec 11, 2013 5:00pm Dec 11, 2013 5:00pm
Quoting raitchev
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...
You are in a good move, really I don't understand why did you take that trade, can you explain it.
I think that you should be very careful with your SL, it was a strong move and it can go back for the pull back to keep going north. If it goes for the pull back, I think it will take your SL.
  • #129,164
  • Dec 12, 2013 4:05am Dec 12, 2013 4:05am
Quoting PASniper
{quote} You are in a good move, really I don't understand why did you take that trade, can you explain it. I think that you should be very careful with your SL, it was a strong move and it can go back for the pull back to keep going north. If it goes for the pull back, I think it will take your SL.
That's a very aggressive breakout trade. You can clearly see how BRN 1.50 acted as support for about five months and it was pretty well respected. So my signal is that massive 200 pip candle that closed (daily) above 1.50. In this case you have two options. Buy stop just above the candle or wait for a pullback. Possible retest of 1.50 is still in the game. In fact, if you ask Mike (mbqb11) he would definitely recommend to wait for a pullback and some sort of PA on that level. That's why I said that this is an aggressive breakout trade. And that's why my stop is at BE now... I just can't let a 150 pip runner turn into a loser.

By all means, however, this is not a AA++ trade, as I said it is quite aggresive one; however, as I wrote earlier, it was with a very shallow stop, less than 1% in fact. So I took the risk.

Cheers.
Twitter @raitchev
  • #129,165
  • Dec 12, 2013 6:02am Dec 12, 2013 6:02am
Hello guys,
wanted to share my trade with you, im concerd about possible turning points, i wonder if the possible support levels are good,
i have entered on DBHLC with a break from a box, would be greatful for any comments
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  • #129,166
  • Dec 12, 2013 6:32am Dec 12, 2013 6:32am
Hello,
I think you came in very late and especially on the Big Round Number.
Now the most safety is wait for a close below, ret + 0.80 and get confirmation of the sell, waiting for information from higher Time Frames.
many positions are settled on these psychological levels so I think your entry very risky.
the positive is you are helped by the trend!
I went with the weekly hours Closing below the level marked and the first target is just 0.80 and the safe trade!

the entry more secure and profitable was this
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  • #129,167
  • Dec 12, 2013 8:59am Dec 12, 2013 8:59am
Quoting peppe.9999
Hello, I think you came in very late and especially on the Big Round Number. Now the most safety is wait for a close below, ret + 0.80 and get confirmation of the sell, waiting for information from higher Time Frames. many positions are settled on these psychological levels so I think your entry very risky. the positive is you are helped by the trend! I went with the weekly hours Closing below the level marked and the first target is just 0.80 and the safe trade! the entry more secure and profitable was this {image} {image} {image}
Correct me if im wrong, i didnt want to enter on that break of the PB becouse of the support level below it, and now we have broken all the support levels and it's safer to enter now? Of course i could have waited for the retrace i might rushed it too hard...
  • #129,168
  • Dec 12, 2013 9:23am Dec 12, 2013 9:23am
Quoting mbqb11
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 {image}
stop above current weeks high now puts me nearly at b/e with my pullback entry

it's crucial when moving a stop that you are moving it for specific reasons which do not negate the integrity of the trade. A stop loss should be the point at which your trade no longer is valid
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  • #129,169
  • Dec 12, 2013 10:32am Dec 12, 2013 10:32am
Quoting Starfish
{quote} Correct me if im wrong, i didnt want to enter on that break of the PB becouse of the support level below it, and now we have broken all the support levels and it's safer to enter now? Of course i could have waited for the retrace i might rushed it too hard...
the entry is given by closing below the level weekly. daily if you look there are infinite levels that only slow down the price to go in the direction of the higher timeframe.

enter serll above big round number below is a risky method.

do not look at the levels of the timeframe where you can find the setup would not otherwise
no trading.
  • #129,170
  • Dec 12, 2013 10:43am Dec 12, 2013 10:43am
for Starfish:

that level is a daily Fakeout and sellers do not have confirmation of the level.
I subsequently closing the upper timeframe, the retracement and confirmation.
complied with all the pips!

that 's why the level D has no value!
you can consider it only if intraday tra
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  • #129,171
  • Dec 12, 2013 1:23pm Dec 12, 2013 1:23pm
@ mbqb11

I enterd a 4H BUOB Trade today.

How would you have managed this trade (FTA, TP)?

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Was it a valid A+ Trade for you?


Regards,
  • #129,172
  • Dec 12, 2013 2:13pm Dec 12, 2013 2:13pm
Quoting aserafino
@ mbqb11 I enterd a 4H BUOB Trade today. How would you have managed this trade (FTA, TP)? {image} Was it a valid A+ Trade for you? Regards,
Hey Aserafino

Great location for a trade(check daily chart for the previous resistance)

I think the first area is a great take profit area. I don't split my positions up so I would take full profit at area 1

funny enough someone JUST emailed me about shorting the daily beob and they were looking to take profit lower towards the BRN of 1.0500. But the key area was the two swing points that price was trading into or where you found your PA to go long. Just thought that was interesting

Great job

Mike
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  • #129,173
  • Dec 12, 2013 2:21pm Dec 12, 2013 2:21pm
Quoting aserafino
@ mbqb11 I enterd a 4H BUOB Trade today. How would you have managed this trade (FTA, TP)? {image} Was it a valid A+ Trade for you? Regards,
I'm with you, man!
Lose small, win BIG
  • #129,174
  • Dec 12, 2013 3:19pm Dec 12, 2013 3:19pm
Quoting raitchev
{quote} That's a very aggressive breakout trade. You can clearly see how BRN 1.50 acted as support for about five months and it was pretty well respected. So my signal is that massive 200 pip candle that closed (daily) above 1.50. In this case you have two options. Buy stop just above the candle or wait for a pullback. Possible retest of 1.50 is still in the game. In fact, if you ask Mike (mbqb11) he would definitely recommend to wait for a pullback and some sort of PA on that level. That's why I said...
I took exactly the same trade. I wouldn't say it's not a A+ trade maybe only a non-standard trade, box breakouts are one of my favourite type of trades. If you blend the breakout bar with the 2 previous bars it forms an outside bar which has trapped the bears. I wouldn't have played the breakout without what I considered to be a bear trap.
  • #129,175
  • Dec 12, 2013 10:20pm Dec 12, 2013 10:20pm
Quoting mbqb11
{quote} Hey Aserafino Great location for a trade(check daily chart for the previous resistance) I think the first area is a great take profit area. I don't split my positions up so I would take full profit at area 1 funny enough someone JUST emailed me about shorting the daily beob and they were looking to take profit lower towards the BRN of 1.0500. But the key area was the two swing points that price was trading into or where you found your PA to go long. Just thought that was interesting Great job Mike {image}
I was shorting this from 4h BEOB that came on FRiday, and was stopped at BE after major TA held.
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If not up, then down, otherwise sideways :-)
  • #129,176
  • Edited Dec 13, 2013 5:41am Dec 12, 2013 11:33pm | Edited Dec 13, 2013 5:41am
Quoting mbqb11
{quote} Hey Aserafino Great location for a trade(check daily chart for the previous resistance) I think the first area is a great take profit area. I don't split my positions up so I would take full profit at area 1 funny enough someone JUST emailed me about shorting the daily beob and they were looking to take profit lower towards the BRN of 1.0500. But the key area was the two swing points that price was trading into or where you found your PA to go long. Just thought that was interesting Great job Mike {image}
Yes I was also short from the Daily BEOB My TP1 was missed by 2 pips but I already moved to BE and was stopped out.

Immediately after it formed this nice 4H BUOB. Splitted into 3 positions. Targeting the recent highs as my TP2. Will trail my last position under logical S/R levels.

I have another question to you: Which ones are the trades where you move to BE at FTA? Are these the CounterTernd or Ranging Trades? Or do you not care if it is trending but only look how strong the FTA is and how strong the signal?



Thanks for your answers
  • #129,177
  • Edited 5:00am Dec 13, 2013 3:51am | Edited 5:00am
Here's a trade I took on pending order overnight (NY timezone here)...

Last time EURAUD Daily candle closed above 1.5355 was in May 2010... Had my SL under the BTC&CA but jut moved it at BE as I feel strong resistance 1.5400

Any toughts on this?




EDIT: SL hit at BE
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  • #129,178
  • Dec 13, 2013 9:45am Dec 13, 2013 9:45am
Quoting TamRoofer
Here's a trade I took on pending order overnight (NY timezone here)... Last time EURAUD Daily candle closed above 1.5355 was in May 2010... Had my SL under the BTC&CA but jut moved it at BE as I feel strong resistance 1.5400 Any toughts on this? EDIT: SL hit at BE {image} {image}
What's the reason you entered this trade?
Twitter @raitchev
  • #129,179
  • Dec 13, 2013 11:51am Dec 13, 2013 11:51am
Quoting raitchev
{quote} What's the reason you entered this trade?
Jarroo's Method of the Price Break Through & Close Above (or Below)

It has been very long time since price break through 1.5355 but still...

I am wrong?
  • #129,180
  • Dec 13, 2013 1:19pm Dec 13, 2013 1:19pm
Quoting TamRoofer
{quote} Jarroo's Method of the Price Break Through & Close Above (or Below) It has been very long time since price break through 1.5355 but still... I am wrong?
I don't know his method specifically but I think trading at swing highs like that especially with price having hardly retraced at all throughout that entire run is going to be very marginally profitable at best. That being said, I don't know his method and perhaps there is more to it than I see, but that is just how I would view that trade.
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