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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

  • #131,721
  • Aug 8, 2014 7:10am Aug 8, 2014 7:10am
Quoting flash4
hi all having trouble uploading charts today but did anyone take the EURUSD pinbar a few days before (on the daily) i cant think of reasons not to have taken it....
I did not take it, and for me there were 3 reasons:

1) It is a small bar against a strong down move. It appeared to me like it was profit taking by sellers at support.
2) Location was okay but not great. I would have preferred to see a deeper test, especially of the weekly low (see my charts in previous post - can't post charts from this computer).
3) No obvious locations to move a stop loss and reduce risk. FTA was just above the pin 1.3400-1.3450.

For me it's about those 3 things in formulating a trade story (bar size, location, risk management) actually in reverse order that I posted.. I want to havet have 2 of the 3 (admittedly discretionary) to enter a trade, but number 3 is a must. For me I will trade:

1) small bars, but they must be a great location. Must have number 3 (can be round number, pinbar eye, bar high/low on engulfing bar.
2) large bar at not so great location (momentum - kind of like the 2 day pin bar mike played in the video lester posted a few days ago). Must have number 3.
3) Big bars in a great location - if I have these, I find 3 to always be there. These are A+++ setups (pitbull PA at confluence).

Sorry for length of post but just my thought process.
  • #131,722
  • Aug 8, 2014 8:10am Aug 8, 2014 8:10am
Thanks donkey....long posts are wonderful..means more toread and more to learn
  • #131,723
  • Aug 8, 2014 8:10am Aug 8, 2014 8:10am
Quoting Donkey
{quote} I did not take it, and for me there were 3 reasons: 1) It is a small bar against a strong down move. It appeared to me like it was profit taking by sellers at support. 2) Location was okay but not great. I would have preferred to see a deeper test, especially of the weekly low (see my charts in previous post - can't post charts from this computer). 3) No obvious locations to move a stop loss and reduce risk. FTA was just above the pin 1.3400-1.3450. For me it's about those 3 things in formulating a trade story (bar size, location, risk management)...
Completely agree with Donkey. You're trading right into the support zone, not away from it. For me to take a counter trend trade, there needs to be a clear signal that price is reversing. It looks more like short term consolidation to me.

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Location is key!
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  • #131,724
  • Aug 8, 2014 9:47am Aug 8, 2014 9:47am
Quoting Donkey
{quote} Awesome trade management. Perfect example of not going BE too early. If you had gone BE at the first touch of FTA (like many do) you would have been stopped out before this push through FTA. Thanks for taking us along on this one as it plays out!!!
Sure is nice to go to bed with a risk free trade, not as nice to wake up to a b/e trade LOL

This one got stopped at b/e after coming real close to my take profit. Such is trading. This area still good to watch for trades though
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  • #131,725
  • Aug 8, 2014 10:03am Aug 8, 2014 10:03am
Quoting mbqb11
{quote} Sure is nice to go to bed with a risk free trade, not as nice to wake up to a b/e trade LOL This one got stopped at b/e after coming real close to my take profit. Such is trading. This area still good to watch for trades though {image}
Mike, in what cases do you use partial profit? Or are you not supporter of it?
  • #131,726
  • Aug 8, 2014 10:12am Aug 8, 2014 10:12am
Quoting dvimix
{quote} Mike, in what cases do you use partial profit? Or are you not supporter of it?
Hey Dvi

I personally never take partial profit. I've run multiple studies on my own trades and it's always the least profitable course of action for me. It stinks when a big move happens and you have nothing to show, but what I always look back on is trade mgmt aspect and if I did everything how I would do it every time I always take that away from it and i'm on to the next trade

Best
Mike
  • #131,727
  • Aug 8, 2014 10:21am Aug 8, 2014 10:21am
Quoting mbqb11
{quote} Sure is nice to go to bed with a risk free trade, not as nice to wake up to a b/e trade LOL This one got stopped at b/e after coming real close to my take profit. Such is trading. This area still good to watch for trades though {image}
Nice huge BEOB that engulfs last 2 bars would do it for me...! I was in this one too after you posted the chart, I entered on close though and was trailing rather than hard TP. Same result...BE.
  • #131,728
  • Aug 8, 2014 10:23am Aug 8, 2014 10:23am
Quoting Donkey
{quote} Nice huge BEOB that engulfs last 2 bars would do it for me...! I was in this one too after you posted the chart, I entered on close though and was trailing rather than hard TP. Same result...BE.
yep if we got a beob to close under that BRN, back down we go LOL

If it closes like a pin i wouldn't play it cause we'd be trading back into that area where actually looking for longs would still make sense

Hopefully someone trailed more aggressively and caught some pips

Mike
  • #131,729
  • Aug 8, 2014 10:28am Aug 8, 2014 10:28am
Quoting mbqb11
{quote} yep if we got a beob to close under that BRN, back down we go LOL If it closes like a pin i wouldn't play it cause we'd be trading back into that area where actually looking for longs would still make sense Hopefully someone trailed more aggressively and caught some pips Mike
I made 13.5 pips for 0.01R profit. Does that count?
  • #131,730
  • Aug 8, 2014 10:34am Aug 8, 2014 10:34am
Quoting Donkey
{quote} I made 13.5 pips for 0.01R profit. Does that count?
hey it's better than me lol
  • #131,731
  • Aug 8, 2014 10:37am Aug 8, 2014 10:37am
Quoting Donkey
{quote} Nice huge BEOB that engulfs last 2 bars would do it for me...! I was in this one too after you posted the chart, I entered on close though and was trailing rather than hard TP. Same result...BE.
Well..BE here also lol. Was wanting to close at 2.1722 but all looked so nice i had a feeling it might cut threw that level. Ah well...next time it will
  • #131,732
  • Aug 8, 2014 10:47am Aug 8, 2014 10:47am
Quoting mbqb11
{quote} Hey Dvi I personally never take partial profit. I've run multiple studies on my own trades and it's always the least profitable course of action for me. It stinks when a big move happens and you have nothing to show, but what I always look back on is trade mgmt aspect and if I did everything how I would do it every time I always take that away from it and i'm on to the next trade Best Mike
Thanks Mike!I also dont like partial profit because my account is small. But if 30 pips would give me month salary I ll start to think about partial profit. Hope someday I shall have such account . Now I very like your idea about dinamic RR and right trade mngmt. I will try and learn it.
  • #131,733
  • Aug 8, 2014 1:57pm Aug 8, 2014 1:57pm
Quoting mbqb11
{quote} yep if we got a beob to close under that BRN, back down we go LOL If it closes like a pin i wouldn't play it cause we'd be trading back into that area where actually looking for longs would still make sense Hopefully someone trailed more aggressively and caught some pips Mike
it's happening LOL
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  • #131,734
  • Aug 8, 2014 7:27pm Aug 8, 2014 7:27pm
Quoting dvimix
{quote} Hi FxLester! Im glad to read your answer. Ok, I shall pass it, especially on this week I have closed my trade on CadJpy with profit of 70 pips without partial profit. So less we trade - better! I have question : wick lows and highs are the same Mike`s wick bars in his posts and video? Now I am at job so at home I shall read about your EJ trade
No problem dvimix! I'd like to mention that I don't want to ever talk anyone out of a trade. If you have made an analysis and believe in it then you should take it. However, while you're learning it's great to do what you're doing and get other trader's opinions on possible setups.

Great job on CADJPY. You're right. Less really is more in trading. Funnily enough I wrote an article why I think this is the case on my blog yesterday. You don't need to read it as it's quite lengthy as I tend to rant sometimes. However, my message is that, imagine if trading was like a baseball game that didn't have a 3-strikes-and-you're-out-rule! You could let the pitcher throw as many pitches and simply wait for the easiest pitch before swinging. This is how I visualise patience in trading.

Essentially my message is that if you're patient and sit on your hands during the consolidation periods and wait for those high probability setups, then trading becomes like a game of baseball where you cannot strike out. I'm happy to let that B+ setup pass (and watch it rocket without me) by and wait until the pitcher gets tired and tosses me that beautifully soft underarm throw that I can swing and hit with my eyes shut.

Another way I think about it is this - new traders have a real fear of missing out. Believe me I used to be there and experience this all the time! Mark Douglas talks about this a lot in his books (esp. Trading in the zone). However, if you speak to a lot of consistent traders with years of experience, they are happy to let even A+ trades pass if something doesn't sit right. All because we know that there will be a million more opportunities to come!

Lastly, your question about wick lows and highs - yes they are the same as what Mike discusses in his videos. You always want to identify and acknowledge the first area that your trade may experience trouble.

Sorry for the long post. I told you I have a tendency to rant!
Follow me on twitter @FxLester
  • #131,735
  • Aug 8, 2014 8:48pm Aug 8, 2014 8:48pm
Quoting FxLester
{quote} No problem dvimix! I'd like to mention that I don't want to ever talk anyone out of a trade. If you have made an analysis and believe in it then you should take it. However, while you're learning it's great to do what you're doing and get other trader's opinions on possible setups. Great job on CADJPY. You're right. Less really is more in trading. Funnily enough I wrote an article why I think this is the case on my blog yesterday. You don't need to read it as it's quite lengthy as I tend to rant sometimes. However, my message is that, imagine...
lester rant away man. Seriously i'm the biggest ranter around and get sick of hearing my own rants for fear of putting people off.

Your posts have been nothing but great my friend

Mike
  • #131,736
  • Aug 8, 2014 8:55pm Aug 8, 2014 8:55pm
My trading has taken a different path but I will always believe in the principles of J16. I am a life time member of the J16 private forum and eagerly await the return of Jim and the new website. Good luck to all and a big thank you to Mike. You the man Mike!
  • #131,737
  • Aug 8, 2014 8:56pm Aug 8, 2014 8:56pm
Ahh the james16 thread

I have seen/heard a lot about this thread, but never had a chance to go through it. After last night, I lost 80% of my original investment betting way too much on trading news, so here I am, back to basics.

I have done some learning of price action with Johnathon Fox's Forex School Online so hopefully that will help accelerate my learning (PS - I am not paid in any way to say that).

Let the fun begin.
  • #131,738
  • Aug 8, 2014 11:00pm Aug 8, 2014 11:00pm
.
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  • #131,739
  • Aug 8, 2014 11:45pm Aug 8, 2014 11:45pm
Hi guys,

Starting off my journey here in the James16 thread and posting so I can get some good feedback and continue learning. Here is the GBPNZD weekly chart. What do you all think of the two consecutive pin bars the past two weeks have printed?
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  • #131,740
  • Aug 9, 2014 2:08am Aug 9, 2014 2:08am
DJI 30

just a loss of about 4% from the high in the last two weeks. so nothing really happened.
uptrend still ok.
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meine augen sind die sterne
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