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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

  • #130,521
  • Apr 11, 2014 10:33am Apr 11, 2014 10:33am
Quoting P.Action
{quote} for example if you trade daily. and you plan to enter position. check weekly(and monthly) where is that current level. maybe next res.(or support) is too close. etc.
Ahh, I see... quite obvious in retrospect .

It's an important factor in any trading decision, but I struggle with consistently applying all characteristic filters succesfully.
Experience builds slowly.

W
It's a sport, an artform and a science.
  • #130,522
  • Apr 11, 2014 10:33am Apr 11, 2014 10:33am
Quoting lenrod
{quote} I wanted all or nothing and got stopped out at BE...
Re-entered on a PBT&CB on 4H and SL already @BE. First target 91, then will see how price reacts to that level.
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  • #130,523
  • Apr 11, 2014 12:03pm Apr 11, 2014 12:03pm
Quoting lenrod
{quote} Re-entered on a PBT&CB on 4H and SL already @BE. First target 91, then will see how price reacts to that level. {image}
nice
Slow & steady
  • #130,524
  • Apr 12, 2014 5:12am Apr 12, 2014 5:12am
Quoting Donaciello
{quote} You make a valid point in keeping your TF's close if your using multi TF analysis however, I've seen people using various methods of multi TF analysis. For example the Daily with H1 triggers is a combo I've seen here often, even lower. So I figure it's a question of style rather than what one 'should' do. On the other hand, I've heard Mike and Phanti argue that one 'should' keep his TF's seperate, i.e. if you enter on a daily, then you watch the daily and nothing but the daily for your trade. Maybe some seniors could shed some light on this...
I also like to keep my TF's separate. Sometimes I may use a signal from a lower time frame but I prefer if I watch a daily PPZ to find a signal on daily as I feel it's lower probability if the signal is on lower TF's and the PPZ is not seen clearly on that time frame. On lower TF's I prefer to watch lower TF's PPZ that usually seem small on higher time frames.

Another thing I do is if I find a signal let's say on 4hr I look on daily and weekly if it's a major level I may be trading into that can't be seen on 4hr. However if I find a signal on 4hr I will never watch smaller time frames.
  • #130,525
  • Apr 12, 2014 5:21am Apr 12, 2014 5:21am
Quoting michal7
My last six trades... trying to keep it simple... {image} {image} {image} {image} {image} {image}
good trades. But why didnt you move your stop to BE at the audchf example?

Regards,
J
Hero calls followed by margin calls...
  • #130,526
  • Apr 12, 2014 7:27am Apr 12, 2014 7:27am
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  • #130,527
  • Apr 12, 2014 7:47am Apr 12, 2014 7:47am
Quoting PhAnTi'
{quote} good trades. But why didnt you move your stop to BE at the audchf example? Regards, J
BE is completely meaningless level to the market. After I saw second bar after the pinbar I wanted to move my SL above that bar but it was just few pips below my initial SL so I leave it there.
  • #130,528
  • Apr 12, 2014 8:08am Apr 12, 2014 8:08am
usd/cad weekly pinbar. pair is ranging now in a box. overall strong uptrend.
top of the box is next target.
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meine augen sind die sterne
  • #130,529
  • Apr 12, 2014 8:29am Apr 12, 2014 8:29am
NZDJPY attacked support and pin bar appeared.

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Lose small, win BIG
  • #130,530
  • Apr 12, 2014 10:34am Apr 12, 2014 10:34am
soybeans on weekly. pinbar at 1500 usd. we have a minor ppz at about 1450 usd.
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meine augen sind die sterne
  • #130,531
  • Apr 12, 2014 11:39am Apr 12, 2014 11:39am
Quoting Tocha
{image}
more an indecision candle than anything...Take care
Slow & steady
  • #130,532
  • Apr 12, 2014 12:16pm Apr 12, 2014 12:16pm
Quoting aserbfx
usd/cad weekly pinbar. pair is ranging now in a box. overall strong uptrend. top of the box is next target. {image}
Great analysis and good to see we have our charts setup exactly the same for next week!
I won't be posting my chart, since yours is identical.

I would however like to add the following charts to this list (along with the USD/CAD, NZD/JPY):

First and foremost, the best one I've found for this week; EUR/ZND:
A Re-test of 1.6000, followed by a decisive rejection would be ideal.
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Then, a somewhat more obscure setup, since it's an aggregation; CAD/JPY:
On price's hypothetical retrace back into the 2-week-PB, it will find respectively:[BRN: 93]; LCS(aug. 25th)>turned>HCR(mar. 2nd)[93.07/8]; LCS(oct. 20th)[93.20]; 38,2% fib. ret.[93.88]; [BRN: 94]; 'Artificial left-eye [94.09]. Point being, I highly doubt price could reach the highest aforementioned levels before going lower.
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And in conclusion, a setup I'm not entering myself, but I'd like to ask you all how you'd regard this I4B?:
I see a Channel-like pattern, of which an I4B is rejecting the lower bound.
Is the fact that price rejected 1.2150 - which in EUR/CHF terms is a BRN - and the 61,8% retr. enough confluence?

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Kind regards,
W
It's a sport, an artform and a science.
  • #130,533
  • Apr 12, 2014 8:20pm Apr 12, 2014 8:20pm
.
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  • #130,534
  • Apr 13, 2014 10:30am Apr 13, 2014 10:30am
Quoting Donkey
{quote} Thought this might be a good spot to reflect on a golden post from J16....lots of great stuff in this one, the most important piece to me though are the words of wisdom regarding trading consolidating markets, at BE or better. http://www.forexfactory.com/showthre...on#post2876364 I suggest reading the whole post, but the meat and potatoes is below. J16: " NO ONE HAS EVER MADE IT IN THIS BUSINESS WITHOUT SOME RELIABLE METHOD OF TRADING CONSOLIDATION AT EITHER BREAKEVEN OR BETTER."
sorry guys been hit hard with the flu just catching up now

Yes it is an absolute must to be able to recognize and react to a consolidating market. Either know you are in one and when trading it trade it APPROPRIATELY, or know when to avoid these markets. When the markets chop two things happen. People either get stopped out left and right, or people get cocky and they keep trading WITHOUT stop losses because the market "always" comes back. Until it breaks out and then , well you know what happens

Thanks for bringing that post up D

Mike
  • #130,535
  • Apr 13, 2014 10:41am Apr 13, 2014 10:41am
Quoting michal7
My last six trades... trying to keep it simple... {image} {image} {image} {image} {image} {image}
awesome Michal, keep it up
  • #130,536
  • Apr 13, 2014 10:42am Apr 13, 2014 10:42am
Quoting albus999
A trade am still in {image}
awesome trade albus, great trade mgmt there
  • #130,537
  • Apr 13, 2014 10:43am Apr 13, 2014 10:43am
Quoting michal7
{quote} Thanks Donaciello, I tried to simplify my trading further so I got rid of moving averages and fibonaccis. Ended up with black&white candlesticks and horizonal support/resistance lines and few trendlines. Please note that my Trade explorer results are skewed as I keep only 20% of my trading capital in my trading account. So whatever percentage you see there you need to divide it by 5 to get real number. So right now my real account is up about 2,75% since 10th March( when I started with adjusted strategy). This is while risking 0.5% of trading...
I love this. Small and slow, that's EXACTLY what everyone should be doing. I've built my risk up over the years in the exact same way. Its helped me greatly in shaping my method

Keep it up M
Mike
  • #130,538
  • Apr 13, 2014 10:57am Apr 13, 2014 10:57am
Quoting mbqb11
{quote} awesome Michal, keep it up
Quoting mbqb11
{quote} I love this. Small and slow, that's EXACTLY what everyone should be doing. I've built my risk up over the years in the exact same way. Its helped me greatly in shaping my method Keep it up M Mike
Thanks Mike, it's encouraging to read these words from you.
Cheers,
Michal
  • #130,539
  • Apr 13, 2014 10:57am Apr 13, 2014 10:57am
Quoting Tocha
{image}
Hey Tocha

This is what we call a neutral bar. Notice the open and close are near the middle of the bar with about equal "wicks". Meaning price went up, went down but at the end ended up about where we started. This shows indecision in the market place.

Let me know if that makes sense
Mike
  • #130,540
  • Apr 13, 2014 12:10pm Apr 13, 2014 12:10pm
mbq 11 need your comment about this pb..
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