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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

  • #131,021
  • May 27, 2014 2:48am May 27, 2014 2:48am
Quoting mbqb11
{quote} Stocks have been giving great setups and times like these make me very thankful for other markets. It will get going soon gasgas hang in there Mike
Im happy you doing great on stocks dude. Yeah im still only trading FX and its all about waiting for good signals and after waiting them to finally move lol. I wonder how people scalp this days. Ah well i guess market lately is good for testing patience and im glad i left this one to play out to TP
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  • #131,022
  • May 27, 2014 4:04am May 27, 2014 4:04am
Quoting mbqb11
{quote} This reminds me of the summer markets of old. When the markets could do no wrong and everyone was making money summers were dead. Everyone knew it and would talk about it. We haven't seen that in a long time. I can't stress this enough for those of you only trading forex. Stocks have been giving great setups and times like these make me very thankful for other markets. It will get going soon gasgas hang in there Mike
Do you have a broker that you can refer me to Mike? I got IB which seems to be good. Going to look at other markets as well now.
  • #131,023
  • May 27, 2014 5:32am May 27, 2014 5:32am
I dont necessarily think markets are boring. I would say they are just different. Of course, riding a 200 pip move after the break of a pinbar is not that common anymore. But I believe the Job of a Trader is to adapt to changing market Environment.

Markets are always evolving and changing. Imagine you traded the Deutsche Mark, the French Franc or the Dutch Guilder and then suddenly someone took all your pairs and created this new Thing called 'Euro'. How upset would you be if you have been making a living off of those pairs for the last few decades...
Learn from yesterday, live for today and hope for tomorrow.
  • #131,024
  • May 27, 2014 6:18am May 27, 2014 6:18am
I totally forgot to mention the 'SL to BE-levels' in my last post.

VASC: 20.60 > if touched, SL goes to 19.25. Still a small risk left open, but at this point I think it needs the breathing space to pull back to 20.
A close above 21 and I'll move my stop up to 19.95.
If price would happen to stall just before my TP, I'd be happy to close it manually near 21.75.

JBSS: 25 seems to have some recent history, but the low of the PB is at 25.07, meaning that if it breaks, it should break below 25 and stay there.
If 25 isn't broken with momentum, it's time to close.

Note: I had a similar idea with my GBP/CHF short, but I failed to close it early.
Is there anything that helps you guys take care of the feeling of involvement that goes with an active trade?
W
It's a sport, an artform and a science.
  • #131,025
  • May 27, 2014 8:27am May 27, 2014 8:27am
Does anyone know a stock CFD broker that can guarantee that you can't lose more than your deposit? I've found FXCM for forex and indices (they reset the balance to 0 if you lose more than deposit and don't sue you) but they don't have stocks.
  • #131,026
  • May 27, 2014 9:05am May 27, 2014 9:05am
Quoting Donaciello
{quote} Hey Mike, (Also, Aserbfx, Thanks for you're comment! Food for thought.) I see VASC, much like you actually, as a bar that's a bit small for it's preceeding move, but the fib retr.+BRN gave it enough chance I guess. A clean break is critical though, which is why I'm buying the breakout at 20.10. If and when I'm in, I'm looking to exit early if price peeks below 19.40, which is the fib's location, as well as a minor PPZ I spotted. A weekly close below 20 is no good either, so I'd close it 'early' in case that scenario materializes. For JBSS...
Hey D

This all sounds logical to me. I'd probably use the left eye on VASC myself. This would ensure a strong break and a small loss if one is wrong. I'd look towards the FTA at about 20.75 to take profit though. I like setups like these more for quick hitters as I call them. If it had a longer nose it would have much better buy and hold potential for me

JBSS I'd say I wouldn't look to catch such a perfect entry. A sell limit anywhere off the open would work best for me in this case. Since the highs are more clustered around the weekly close. Again price shouldn't have to come above the 26.40 area so it's another that has a tight stop. But a retrace entry for me puts the FTA at last weeks low as well too. It's a trouble area for this trade since the low of the pin lines up with the previous weeks low and the week before thats high. Another one that taking profit there(since it would eb a retrace trade) or going to b/e , moving stop above the retrace high make sense to keep your risk mgmt in order

Let us know how they play out for you D

Mike
  • #131,027
  • May 27, 2014 9:33am May 27, 2014 9:33am
I've been pondering entries at - or around open actually, as of of late.
Especially when you've been waiting a while for a good setup, I guess getting that $0.15 discount on an entry is less important than just getting in on an A+ setup for a reasonable price.

Since I'm papertrading these I really have no clue of what to expect as spread, which I usually discount into my entry price.
I'm still quite some time away from actually trading stocks for real, so there's plenty time left to explore it all.

Are you taking any of these setups Mike? Or others perhaps?
It's a sport, an artform and a science.
  • #131,028
  • May 27, 2014 12:27pm May 27, 2014 12:27pm
Quoting Magestic
{quote} I started FX in 2011 and never saw so boring markets. You are lucky to trade stocks with no goverment limits. CFD that provides my broker and that have the similar move with the US shares are completely dumb and useless, they dont move as well. Markets, wake up :-).
that's too bad M. I don't know much about CFDs since they aren't legal in the US. Hopefully you have other options to get into other markets

if not that's no big deal FX will break out and be back to normal before long so just stay picky then in the mean time

Best
Mike
  • #131,029
  • May 27, 2014 12:29pm May 27, 2014 12:29pm
Quoting gasgas
{quote} Im happy you doing great on stocks dude. Yeah im still only trading FX and its all about waiting for good signals and after waiting them to finally move lol. I wonder how people scalp this days. Ah well i guess market lately is good for testing patience and im glad i left this one to play out to TP {image}
Great trade g! Yep nothing wrong with sitting on your hands it's needed. It doesn't matter what method, style etc one trades. Their are fast/slow periods for everything. Just stick to your guns and you'll be fine in the long run. Heck even just one or two of the above trade a month is going to build an account better than 99% out there

Mike
  • #131,030
  • May 27, 2014 12:30pm May 27, 2014 12:30pm
Hi guys,

I have a question to ask you

I spotted an inside bar on AUDUSD H1 chart and I entered a short trade on it

http://i.imgur.com/PTwkSKL.jpg

What do you guys think?

If you think it was a wrong move then please state the reason.

Thank you
  • #131,031
  • May 27, 2014 12:31pm May 27, 2014 12:31pm
Quoting TraderRolf
I dont necessarily think markets are boring. I would say they are just different. Of course, riding a 200 pip move after the break of a pinbar is not that common anymore. But I believe the Job of a Trader is to adapt to changing market Environment. Markets are always evolving and changing. Imagine you traded the Deutsche Mark, the French Franc or the Dutch Guilder and then suddenly someone took all your pairs and created this new Thing called 'Euro'. How upset would you be if you have been making a living off of those pairs for the last few decades...
Hey Rolf

I guess boring is the wrong word people are using. The markets are just being the markets. It's not necessarily that they are "bad" it's just that volatility is low. For most traders volatility(movement) leads to more potential moves. But you are correct one could easily be trading a style that a market like this is most conducive for. But markets like this also hurt many novice traders. They see the little small movements, scalp left and right without a stop loss and boom price takes off. But with that said one could easily apply the j16 techniques to these markets as well. So it's not really bad or good.

As for the Euro, this is one reason we tell people to watch many markets. If you are watching just a few pairs you are in my view really limiting your ability to find good trades. For example one pair could go dead for a year and what does that trader do? I don't care whats doing what really. Somethings ALWAYS moving. Be it on a certain timeframe, a certain security(stocks fx futures etc). I think that really takes a lot of the work out of it personally.

Best
Mike
  • #131,032
  • May 27, 2014 12:32pm May 27, 2014 12:32pm
Quoting baccarat
{quote} Do you have a broker that you can refer me to Mike? I got IB which seems to be good. Going to look at other markets as well now.
IB is good B, check out thinkorswim too

Best
Mike
  • #131,033
  • May 27, 2014 12:34pm May 27, 2014 12:34pm
Quoting EveningStar
Hi guys, I have a question to ask you I spotted an inside bar on AUDUSD H1 chart and I entered a short trade on it {image} What do you guys think? If you think it was a wrong move then please state the reason. Thank you
Hey Eveningstar

Be careful that's not an inside bar. An inside bar must have the high and low contained within the previous bars high and low. Inside bars are very tricky especially on lower timeframes. You're going to find them all over. I highly recommend starting on the daily/weekly/4hr and looking for outside bars, pinbars etc before inside bars.

Hope that helps
Mike
  • #131,034
  • May 27, 2014 12:39pm May 27, 2014 12:39pm
Quoting mbqb11
{quote} Hey Eveningstar Be careful that's not an inside bar. An inside bar must have the high and low contained within the previous bars high and low. Inside bars are very tricky especially on lower timeframes. You're going to find them all over. I highly recommend starting on the daily/weekly/4hr and looking for outside bars, pinbars etc before inside bars. Hope that helps Mike
Thank you. I'll ignore inside bars for now then.

Also, if you take a look at USDCAD Weekly, there's an outside bar. What do you think of that?
  • #131,035
  • May 27, 2014 12:50pm May 27, 2014 12:50pm
Quoting EveningStar
{quote} Thank you. I'll ignore inside bars for now then. Also, if you take a look at USDCAD Weekly, there's an outside bar. What do you think of that?
You are in very good hands here EveningStar. I'm very happy you asked me about a good teaching thread. IMHO, this is the best. And the "gang" here? Second to none.

Follow page one and all the links to the "juicy stuff" Josh worked so hard on. It will pay off.

***************

Howdy to everyone I hope you all had a very nice weekend with family and friends. Mike, you're a rock brother. You're devotion to the traders here never ceases to amaze me. Of course, that goes for "the gang" too.

P.S. If you're watching James, hey there!

Chris
Ghost Rider - WWTBMD?
  • #131,036
  • May 27, 2014 12:53pm May 27, 2014 12:53pm
Quoting albchr
{quote} You are in very good hands here EveningStar. I'm very happy you asked me about a good teaching thread. IMHO, this is the best. And the "gang" here? Second to none. Follow page one and all the links to the "juicy stuff" Josh worked so hard on. It will pay off. *************** Howdy to everyone I hope you all had a very nice weekend with family and friends. Mike, you're a rock brother. You're devotion to the traders here never ceases to amaze me. Of course, that goes for "the gang" too. P.S. If you're watching James, hey there!...
Thank you Chris for pointing me to this thread. You guys are doing a really good job helping us losers become winners! Hats off to all of you for your devotion & kindness.
  • #131,037
  • May 27, 2014 12:57pm May 27, 2014 12:57pm
Quoting EveningStar
Hi guys, I have a question to ask you I spotted an inside bar on AUDUSD H1 chart and I entered a short trade on it {image} What do you guys think? If you think it was a wrong move then please state the reason. Thank you
since the markets are slower here is a newbie webinar i did for the group. It goes over the bar types we use. Please note this goes over the very very first basics about how to simply identify what is a correct pin, inside, outside bar etc. It's good for those of you that are just getting started into price action

Hope it helps
Inserted Video


Mike
  • #131,038
  • May 27, 2014 1:02pm May 27, 2014 1:02pm
Quoting EveningStar
{quote} Thank you Chris for pointing me to this thread. You guys are doing a really good job helping us losers become winners! Hats off to all of you for your devotion & kindness.
Not losers EveningStar.... New Traders

Anyway, I don't wish to add non trade related posts here. Feel free to PM me if you wish for "talk". Best wishes to you.
Ghost Rider - WWTBMD?
  • #131,039
  • May 27, 2014 2:08pm May 27, 2014 2:08pm
Hi,

Anyone know of any decent spread betting firms in the UK that allow trading of stocks (at least all the ones listed in the s&p 500

Take care
Dan
  • #131,040
  • May 27, 2014 4:43pm May 27, 2014 4:43pm
Quoting mbqb11
{quote} since the markets are slower here is a newbie webinar i did for the group. It goes over the bar types we use. Please note this goes over the very very first basics about how to simply identify what is a correct pin, inside, outside bar etc. It's good for those of you that are just getting started into price action Hope it helps https://www.youtube.com/watch?v=jSV_3-FSslk Mike
Thanks for the link. I watched the video and tried to identify a pin bar after that.

http://i.imgur.com/d60rlOP.png

What do you think? Is that a strong pin bar?

Thanks
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