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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

  • #132,001
  • Edited 12:09pm Aug 29, 2014 11:55am | Edited 12:09pm
Quoting mbqb11
{quote} Hey X don't be discouraged my friend ive been doing this almost 13 years and it takes time. Do me a favor and post the charts here with your analysis for me and then ill go through and point out stuff best mike
------------------TRADE 2-------------------XAMARASS-------------------------BAD SEQUENCE------------------------------------------
regarding my second trade, I was still on vacation, going throught pages and pages of James16 chart forum, was clear the PIN
bar only have sense if traded in the context, so first I had to see charts with weekly or monthly view serching for S/R , channels....
and then switch to daily view and looking for support and resistence to find PIN bars; but one thing is theory and another thing is
the reality and looking for the pair USDCCK I saw a hudge PIN bar under creation.
The PIN bar was very clear with a big big nose and very close to a resistance (clera at weekly level - see attached 3).
In that case I really don't know where is my mistake in the chart reeding.
In any case in that trade I made a mistake in the lot size calculation and the lot size was a bit too high then the 3% of the
trading capital (now I undestand my mistake and I correct my calculation). See original calculation in the last excell table.
The RR in that case was quite good (around 1,8R)
Thanks for your comments on that trade to all the traders would like to spend time
Xam
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  • #132,002
  • Aug 29, 2014 12:08pm Aug 29, 2014 12:08pm
Quoting mbqb11
{quote} Hey X don't be discouraged my friend ive been doing this almost 13 years and it takes time. Do me a favor and post the charts here with your analysis for me and then ill go through and point out stuff best mike
-------------------TRADE 3----------------------XAMARASS-----------------------BAD SEQUENCE-----------------------------------------
I remember very well the trade number 3, I was sitting in my terrace in Puglia, looking at the sightseen, sea, the beach,
the pinewood on the left and the holiday residence on the right, was August 13 and reading in the forum I found a good idea
for a new trade on GBPJPY - long.
Probably this one was not a PIN bar (even if there was a nice triangle under forming)
The trade has been closed with 15 euro loss (see attached).
I launch teo buy orders due to a mistake in the lot calculation.
Thanks for your comments
Xam
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  • #132,003
  • Aug 29, 2014 12:11pm Aug 29, 2014 12:11pm
@ xamarass

these trades show that (as i already wrote) you take pinbars in the middle of nowhere.
no former s/r, no swing high/low, no round number, no fib, no nothing...
meine augen sind die sterne
  • #132,004
  • Aug 29, 2014 12:20pm Aug 29, 2014 12:20pm
Quoting mbqb11
{quote} Hey X don't be discouraged my friend ive been doing this almost 13 years and it takes time. Do me a favor and post the charts here with your analysis for me and then ill go through and point out stuff best mike
---------------TRADE 4--------------------XAMARASS------------------------------BAD SEQUENCE-----------------------------------------
Each trade has his history, and I like to remember that, that one was again a loosing trade, I was just back from vacation after having
driven for 12 hours throught Italy and sitting on my desk, I said ok, vacation are finished but now I bring from vacation
a new knowledge, trading ideas, and a lot of couriosity to experiments ....so I open my MT4 platform looking for good charts
and I have found an AUDNZD on August 18 -
the pin bar was in my opinio clear (see first attachment), red area sl, green area tp, blu area buy zone;
unfortunately the market was in the opposite direction and likely I miss in that case the big picture.
At the end trading lost (30 euro).
Thanks againg for your comments and corrections
Xam
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  • #132,005
  • Aug 29, 2014 12:28pm Aug 29, 2014 12:28pm
Hey X

Keep posting these i'm going to get to them over the weekend. It's a long weekend here in the states and headed out for a day off but will come back to this

I have a lot of comments that should help you progress just based on the first few I see

Best
Mike
  • #132,006
  • Aug 29, 2014 12:30pm Aug 29, 2014 12:30pm
Quoting aserbfx
@ xamarass these trades show that (as i already wrote) you take pinbars in the middle of nowhere. no former s/r, no swing high/low, no round number, no fib, no nothing...
Hi aserbfx, in the trade 3 there was a triangle on which the price bounce and I design my trade on that pattern, and
TP1 was a first resistance and TP2 a second resistance (if I'm not wrong)
In any case I think you are right my trading with pinbars is in the middle on nothing
thanks for your comment (I really appreciate)
Xam
  • #132,007
  • Aug 29, 2014 12:33pm Aug 29, 2014 12:33pm
Quoting mbqb11
Hey X Keep posting these i'm going to get to them over the weekend. It's a long weekend here in the states and headed out for a day off but will come back to this I have a lot of comments that should help you progress just based on the first few I see Best Mike
Thanks Mike and All, I also have along we to study (basic knowledge about tech analisys - SR mainly, with the most important price pattern - no indicators - and a lot of charts to see)
Cheers
  • #132,008
  • Aug 29, 2014 12:41pm Aug 29, 2014 12:41pm
Quoting Xamarass
{quote} Thanks Mike and All, I also have along we to study (basic knowledge about tech analisys - SR mainly, with the most important price pattern - no indicators - and a lot of charts to see) Cheers
Also Xam have you checked out my free videos , like the newbie webinar I put out for guests here. This should give you a better idea on location new traders should start learning these bars at.

Inserted Video


As well as my space vs traffic video which is another way traders get into trouble(especially the way FX has been the past few months)

Inserted Video


The most important thing about any bar is location, from there we can develop a trade plan that makes sense. Most traders fail to take bars at important spots and instead place to much importance on the fact a bar can be classified as a pin/outside/inside etc. I have more advanced material on youtube also but i'd prefer we work from the basics

Again i'll be back this weekend to go through your trades. And mistakes are good this is why we demo in the beginning

Best
Mike
  • #132,009
  • Aug 29, 2014 12:59pm Aug 29, 2014 12:59pm
Hi all,
below my trade 5


-------------TRADE 5--------------XAMARASS---------------BAD SEQUENCE-------------------------------------
That trade was in a good context (in my opinion) there is a descending channel, in which I found
close to the upper part of the channel a pin bar showing a possible price reduction that I decided to trade
as per the second attachment (SL: red area; TP: green area; buy zone: bluarea).
In that trade the expectancy was good (2,9R) and I move the SL to breakeven.
In any case if I wouldn't have moved the SL the trade would have been a looser in any case.
Trade closed at breakeven.
Cheers
Xam
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  • #132,010
  • Aug 29, 2014 12:59pm Aug 29, 2014 12:59pm
Quoting mbqb11
{quote} still holding this one we are right at where we would expect price to go. You could close up here with a fantastic profit. I'm waiting to see how we close out tomorrow. If we can close ABOVE this PPZ area it has a great chance to hold as support and make it's way to the midpoint of the next box. If we close under it i'll just close it out most likely. My stop is under this weeks low with a nice locked in profit as is {image}
still a couple hours to close but I want to post this update specifically for Xam and the new folks before I head off for a few days

This is about as classic and simple as a trade gets in terms of james16 material BUT it also contains many key concepts. Just because i've been doing this 13 years doesn't mean I don't keep things basic and simple. The thing that separates winners from losers is the ability to be picky.

Xam I want you to keep in mind this example as you re-evaluate your trades before I get to them. I'm using a BIG clear bar at a very important location. I'm then developing a trade plan knowing where price should hold(lowest red line) and where price should go(upper red line). THen from there we watch and observe price. A trade like this allowed me to reduce my risk quick(using the lowest red line) and have a clear target where I could then DECIDE what I should do with price when it gets there. So there are a LOT of concepts on a simple chart and that's where the experience and time comes in. But the BEST place for new traders to start is with big bars that jump out at you. It's easy and simple way to start to learn to blend the other concepts.


Here was my original chart from the private group
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and here is my new updated chart. This involves directly the two videos above.
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Best
Mike
  • #132,011
  • Aug 29, 2014 1:00pm Aug 29, 2014 1:00pm
Quoting Xamarass
{quote} Hi aserbfx, in the trade 3 there was a triangle on which the price bounce and I design my trade on that pattern, and TP1 was a first resistance and TP2 a second resistance (if I'm not wrong) In any case I think you are right my trading with pinbars is in the middle on nothing thanks for your comment (I really appreciate) Xam
this is not a triangle. see that gbp started at 172 yen in the beginning of 2014 and was nearly at the same level the whole year. this is a sideways market.
your "triangle" consists of two touch point. the first one where your line starts and the second where your "pinbar" develops. so if you have only two touch points this triangle/trendline (or however you call it) can be everywhere.
i want to see a least three touches for a trendline. just two points doesn't make any sense...
meine augen sind die sterne
  • #132,012
  • Aug 29, 2014 1:04pm Aug 29, 2014 1:04pm
Quoting Xamarass
{quote} ....so I open my MT4 platform looking for good charts and I have found an AUDNZD on August 18 - ...
do not force yourself into the market. you don't need to trade every day and you don't need to have open orders all the time.
let the setups come to you....
meine augen sind die sterne
  • #132,013
  • Aug 29, 2014 1:21pm Aug 29, 2014 1:21pm
Hi All, and sorry to use a lot of posts with banal trades....
belwo my trade n°6

-------------------------TRADE 6-----------------------------XAMARASS-------------------BAD SEQUENCE-----------------------
That trade is on AUDJPY - H4 chart on August 19; position short with sl and tp as in the excell file.
I saw an uptrend channel whit a chance of a short position on the pin bar in blu.
Probably in that case the tp was completely wrong and trade no sense in that position
I had to wait a pin bar forming closer to the trend line (correct ?)
The result was a loss:
Thanks for the comment and patience
cheers
Xam
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  • #132,014
  • Aug 29, 2014 1:26pm Aug 29, 2014 1:26pm
Quoting aserbfx
{quote} do not force yourself into the market. you don't need to trade every day and you don't need to have open orders all the time. let the setups come to you....
Thanks aserbfx, I was in vacation having too many times ! know I reduced the freq. and for sure no further trade if I'm not convinced about what I'm doing ,
I think my first mistake is the weak of the trading context (as you said...... trading in nowhere). On the same time I need to make mistakes and learn
thanks again
  • #132,015
  • Aug 29, 2014 1:32pm Aug 29, 2014 1:32pm
Quoting mbqb11
{quote} Also Xam have you checked out my free videos , like the newbie webinar I put out for guests here. This should give you a better idea on location new traders should start learning these bars at. https://www.youtube.com/watch?v=jSV_3-FSslk As well as my space vs traffic video which is another way traders get into trouble(especially the way FX has been the past few months) https://www.youtube.com/watch?v=F-31fRCUuRs The most important thing about any bar is location, from there we can develop a trade plan that makes sense....
Hi MIke, be sure I will follow the video attached, in same case english still a barrier for me in tech language but I will listen again more time....
cheers
  • #132,016
  • Aug 29, 2014 1:48pm Aug 29, 2014 1:48pm
Quoting mbqb11
{quote} still a couple hours to close but I want to post this update specifically for Xam and the new folks before I head off for a few days This is about as classic and simple as a trade gets in terms of james16 material BUT it also contains many key concepts. Just because i've been doing this 13 years doesn't mean I don't keep things basic and simple. The thing that separates winners from losers is the ability to be picky. Xam I want you to keep in mind this example as you re-evaluate your trades before I get to them. I'm using a BIG clear bar...
It is clear
thanks
  • #132,017
  • Aug 29, 2014 4:46pm Aug 29, 2014 4:46pm
TNAV Trade. Entered at an average of $6.02 exit @ $6.92. Nice quick little trade. Spending much more time with Equities (9 for 11 this YTOD) this year.
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  • #132,018
  • Aug 30, 2014 1:18am Aug 30, 2014 1:18am
Quoting mbqb11
{quote} Also Xam have you checked out my free videos , like the newbie webinar I put out for guests here. This should give you a better idea on location new traders should start learning these bars at. https://www.youtube.com/watch?v=jSV_3-FSslk As well as my space vs traffic video which is another way traders get into trouble(especially the way FX has been the past few months) https://www.youtube.com/watch?v=F-31fRCUuRs The most important thing about any bar is location, from there we can develop a trade plan that makes sense....
Hi All,
in the "Poster" of the PIN BAR training material the definition of
DBLHC is defined as: a double bar low with a higher close. Two consecutive bars with the low being equal and the close of the second bar
outside/above the previous. (bullish)
And the picture is consistent with that definition

In the video (min: 50:00) is described as patter with low being equal and the close of the second bar higher than the higher 1st bar

I think the video is right is that true ?
Cheers
  • #132,019
  • Aug 30, 2014 4:45am Aug 30, 2014 4:45am
Quoting Kouroushi
I'm short on that... What do you think guys... Do you think it will finally form a nice triangle? Cheers {image}
Hi mate,

Just a suggestion, its good to zoom out when viewing charts but when you zoom out too far to the point where a candle is displayed as a bar you may want to just view it on a higher timeframe .. in your case this would be the weekley. Your analysis is likely to change depending on the TF you use.

Take care
Dan
  • #132,020
  • Aug 30, 2014 8:44am Aug 30, 2014 8:44am
My Watchlist charts for next week.
All weekly or monthly charts

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