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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

  • #130,841
  • May 8, 2014 11:29am May 8, 2014 11:29am
Quoting dan89
{quote} Mike has thread on wickplays in the PF. I dont believe he talks much about it here though ... Take care Dan
I think i've talked about wicks a handful of times here but I think their is enough info adding another piece isn't all that important. I still tell those even in the PF to ignore wicks(at least to trade) until the basics are covered

For me I teach how I learned which is look to trade pinbars/outsidebars/dblhc/dbhlc etc at great swing points first. It's just the easiest way in my book. Then add some more complicated locations like consolidations and breakouts. Then move onto continuation bars, wicks, touch trades etc. You can build a nice toolbook this way.

Obviously that's just my journey but it seems to help a lot filter the mass information

Mike
  • #130,842
  • May 8, 2014 11:37am May 8, 2014 11:37am
Quoting mbqb11
{quote} Hey Dan No I don't think you were bashing J16 at all, just quoting the most recent post. I know you respect us but didn't want to quote the trolls post but also wanted to address how we want to steer this thread in the long term. Being a public thread its VERY difficult to do as we have limited control and it's a huge pile of posts. But with that said it gets a ton of views and we try to do our best to keep it in the light of trading only otherwise it would be a waste of our time(which at this point for me has already become more limited...


Thats cool, and sorry for my misinterpretation.

By the way. If I were to rejoin the PF, am I allowed to start my subscription from the same month (3rd) as I left ? Honestly I just want to join for the community aspect (and to see whats new)

Take care
Dan
  • #130,843
  • May 8, 2014 11:48am May 8, 2014 11:48am
Quoting cesar8
Someone came into this business? fake out, accompanied by large bearish divergence, I was passing me and I could not get to be on other things. thanks {image}
yes usd/chf of course inverse of the euro

Both are similar in that their is no space to run so we are stuck in a box(think just like nzd/usd). Price will likely move higher on usd/chf and lower on eur/usd but you gotta watch your FTA which are close in both cases. I prefer to avoid these and look towards the future breakout just because of the nature of these choppier markets. If I had to play both it would be for quick profit and then yet again look for the breakout

I used usd/chf cause it has a better and closer potential breakout area. Of course still a lot of time before the bar closes but hypothetical
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  • #130,844
  • May 8, 2014 12:05pm May 8, 2014 12:05pm
Quoting mbqb11
{quote} this will always be a tough one for me I will end up siding with bullet as most people aren't ready for even a small live account. So if you can't prove it on a demo account those emotions will come out on a live. Again for most. Going to a live account for most is just another psychological pitfall where people say 'if this was with real money i would have never took that last trade" But that eventually happens live too. I think where I am ok with Live after early demoing and proving you have something is that a small small live is basically...

Thanks Mike, hope you had a good vacation!
  • #130,845
  • May 8, 2014 3:13pm May 8, 2014 3:13pm
Quoting dan89
{quote} Thats cool, and sorry for my misinterpretation. By the way. If I were to rejoin the PF, am I allowed to start my subscription from the same month (3rd) as I left ? Honestly I just want to join for the community aspect (and to see whats new) Take care Dan
i hear ya dude, it's always tough. So many people, words on a screen hard to interpret so often what someone really is saying(and also easy to forget it's another person on the other side, and the funny thing is most have the same goals)

PF is always wherever you left off , but you might want to wait a few months for the new site too when things really change again

Best
Mike
  • #130,846
  • May 8, 2014 3:13pm May 8, 2014 3:13pm
Quoting Bullet
{quote} Thanks Mike, hope you had a good vacation!
thanks B I did!
  • #130,847
  • May 8, 2014 4:08pm May 8, 2014 4:08pm
Quoting mbqb11
{quote} i hear ya dude, it's always tough. So many people, words on a screen hard to interpret so often what someone really is saying(and also easy to forget it's another person on the other side, and the funny thing is most have the same goals) PF is always wherever you left off , but you might want to wait a few months for the new site too when things really change again Best Mike


In regards to the new site... is that a 'few months' or a 'feeewwwww months.. and then some' (joke)

Take care mate
Dan
  • #130,848
  • May 8, 2014 4:57pm May 8, 2014 4:57pm
Anyone else going for this BEOB on E/CAD?

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W
It's a sport, an artform and a science.
  • #130,849
  • May 8, 2014 5:25pm May 8, 2014 5:25pm
Quoting dan89
{quote} In regards to the new site... is that a 'few months' or a 'feeewwwww months.. and then some' (joke) Take care mate Dan
aim is July 1st which is the closest we've had to an actual date. Josh who is our coder guy is getting married and honeymoon in may so we lose this month. But thinks july he should be able to finish up. James and I are just in wait mode at this point

But of course it will be when it will! lol

Mike
  • #130,850
  • May 8, 2014 5:27pm May 8, 2014 5:27pm
Quoting Donaciello
Anyone else going for this BEOB on E/CAD? {image} W
Hey D

I think we have a lot of tricky outside bars today that just aren't all that convincing. A lot of them are confusing on their location coming out of these sideways markets that in my opinion don't have a lot of structure to them. For example your H&S may be correct but that rising TL never got confirmed up again before the breakout which makes me skeptical. Be careful of the clusters of lows just below. Really it should break very hard if it's a true continuation about to happen(meaning price really should have to get much above the BRN zone.
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  • #130,851
  • May 8, 2014 5:53pm May 8, 2014 5:53pm
Quoting mbqb11
{quote} Hey D I think we have a lot of tricky outside bars today that just aren't all that convincing. A lot of them are confusing on their location coming out of these sideways markets that in my opinion don't have a lot of structure to them. For example your H&S may be correct but that rising TL never got confirmed up again before the breakout which makes me skeptical. Be careful of the clusters of lows just below. Really it should break very hard if it's a true continuation about to happen(meaning price really should have to get much above the...
Hey Mike,

Thanks for the feedback!

I'm indeed looking for momentum to occur here.
I've taken the lows into consideration and I'm willing to close it early, should nothing really happen.

Most of today's OB's were an easy pass for me too, but this one I just couldn't resist.
I think it's mostly due to the H&S and the close below the BRN, but you're right in the lack of clear space.

Take care,
W
It's a sport, an artform and a science.
  • #130,852
  • May 9, 2014 12:27am May 9, 2014 12:27am
Pinbar(with long nose and open and close within left eye) at swing low and at 365 EMA with Bullish diveregence,,any comments?

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  • #130,853
  • May 9, 2014 12:31am May 9, 2014 12:31am
Quoting ukanimk
Pinbar(with long nose and open and close within left eye) at swing low and at 365 EMA with Bullish diveregence,,any comments? {image}
Hey Ukanimk

I put some notes on a chart for you

Hope it helps
Mike
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  • #130,854
  • May 9, 2014 1:10am May 9, 2014 1:10am
thanks Mike for prompt reply..your feed back is very valuable ..now onwards will zoom out the chart so can look for trouble areas also
Quoting mbqb11
{quote} Hey Ukanimk I put some notes on a chart for you Hope it helps Mike {image}
  • #130,855
  • May 9, 2014 2:50am May 9, 2014 2:50am
Guys,

I know it is off the topic, but do you know any good money managers that I can contact?

Or do you know any other place I can visit, because I have a great potential deal for somebody

with a steady track record. Please let me know, PMs welcome.

Thanks guys and sorry for the off-topic question.

Chrz
  • #130,856
  • May 9, 2014 3:06am May 9, 2014 3:06am
Quoting Donaciello
Anyone else going for this BEOB on E/CAD? {image} W

I skipped this one, it's not at a swing high which for me is critical for BEOB (even a small retrace swing would be ok).
  • #130,857
  • May 9, 2014 5:49am May 9, 2014 5:49am
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  • #130,858
  • May 9, 2014 7:07am May 9, 2014 7:07am
This is really 90% psychological game... Person with average intelligence can learn basic S/R & price action stuff in few months, the hard part is to handle yourself.

My last 9 trades:

GBPUSD short: I entered based on indecision bar at recent highs. My planned risk was 0.75% of my account and with SL at 1.6745 and TP at 1.6670. It would have been a winner with 1.125% profit and 1.5R. BUT I screwed up. I entered wrong position size, noticed that next day so I opened another position(to catch up position size) 20 pips lower. But now I would have not as much profit as I should have! So I looked at the chart and thought "heck it can go to 1.6630" and I've changed my TPs. Guess what, it went to 1.6659 and jumbed back really fast. Now I was angry because have I done everything according to my plan I'd have a nice profit, now I have nothing. So I waited. It went up, I really wanted my profit so I moved my SL above recent highs and it got hit after many days later. So this trade was -1,82% loss.

AUDCAD short: pin bar at recently broken support. Risk 0.75% profit 1,125%.

NZDUSD short: pin bar at resistance: Risk 0,75% loss 0,75%.

GBPCAD short: bearish engulfing candlestick on 8h and pin bar on daily: risk 0,42% loss 0,42%. I knew something was wrong with this trade but took it anyway.
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  • #130,859
  • May 9, 2014 7:14am May 9, 2014 7:14am
CONTINUED: My last 9 trades

EURCAD short: pin bar below support: risk 0,42% loss 0,42%. Again I knew pin bar was small and too low but took it anyway. Don't know why. Also correllated with
gbpcad so that's also reason why riskign less.

GBPNZD long: nice pin bar at support: risk 0,75% profit 1,3425%

NZDCAD short: nice pin bar at resistance: risk 0,75% profit 1,3425%.

EURGBP long: initially wanted to entry based on pin bar on 8h but while checking charts in the morning I saw beautiful pin bar on hourly so I entered based on that. Risk 0.75% profit 1,7475%.
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  • #130,860
  • May 9, 2014 7:20am May 9, 2014 7:20am
CONTINUED: My last 9 trades:

EURUSD: pin bar at recent highs on 8h.: Risk 0.75%. Still opened. SL set to break even now. Might try to trail the stop if momentum is strong.

Good thing is I learned from my losses. I have now few new rules:

1, Triple check your position size!
2, Never move your stop loss! (meaning further from entry)
3, Move your take profit only closer to the entry, unless you're already BE.
4, Never chase a trade(whether it's missed TP or position size or late entry)

Good trading to everyone!
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