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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

  • #132,721
  • Oct 22, 2014 5:17pm Oct 22, 2014 5:17pm
Quoting Winston Reed
Watching this one. My daily candle close on Oanda is not for another 4 hours. {image}
It looks quite nice indeed. On W1 price is forming two long wicks on major support due to retesting former resistance, next resistance is 500 pips up.

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  • #132,722
  • Oct 22, 2014 7:13pm Oct 22, 2014 7:13pm
Trade #2. A loss. Would love some feedback on this trade, especially on my SL placement. 8H GBPCAD long.

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Confluence is king.
  • #132,723
  • Edited 9:23pm Oct 22, 2014 9:07pm | Edited 9:23pm
Quoting Liquidity
Trade #2. A loss. Would love some feedback on this trade, especially on my SL placement. 8H GBPCAD long. {image}
Not having the ability to create an H8 chart makes analysis of your situation a bit of a challenge but I'll give it a go.

When we take a trade it is important to know in advance how we will manage the trade once we are in it. Knowing how you will manage the trade may in fact cause you to decide not to take the trade because managing it may be too difficult.

This includes your initial SL which is just initial and gets you into the trade but which you really don't intend to let go that far. This initial SL gives you some time to think about the trade once your in. If the trade moves in your direction and you get into profit then you can move your SL up and reduce your risk. Establishing boundaries for your SL using market structure is important. Using round numbers, bar highs and bar lows and PPZs as boundaries are usually very helpful. In this case these can act as obstruction to price rising as you expect with this pinbar.
  • #132,724
  • Oct 22, 2014 9:45pm Oct 22, 2014 9:45pm
Pending trade on GBPNZD.

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  • #132,725
  • Oct 22, 2014 9:54pm Oct 22, 2014 9:54pm
Quoting Dovilo
{quote} It looks quite nice indeed. On W1 price is forming two long wicks on major support due to retesting former resistance, next resistance is 500 pips up. {image}

Hey Dovilo. On the weekly price has a pretty accurate upper border. There is a large amount of space as shown leading me to assume orders have been consumed and possibly clearing the way for price to move up and break through when it gets to the top. Who knows. For now I'm trading the daily as shown in my previous post.
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  • #132,726
  • Oct 22, 2014 11:07pm Oct 22, 2014 11:07pm
Quoting Winston Reed
Closed a bit before target. {image}
Nice one. Didn't trust to that TL much, and didnt take, coz no much confluence here, but it worked perfect.
If not up, then down, otherwise sideways :-)
  • #132,727
  • Oct 22, 2014 11:09pm Oct 22, 2014 11:09pm
Quoting Winston Reed
Pending trade on GBPNZD. {image}
And this one gives lack of information here. 3rd touch of the TL didnt confirm it really,coz no bounce from it. Wish you luck although.
If not up, then down, otherwise sideways :-)
  • #132,728
  • Oct 22, 2014 11:45pm Oct 22, 2014 11:45pm
Quoting Winston Reed
{quote} Not having the ability to create an H8 chart makes analysis of your situation a bit of a challenge but I'll give it a go. When we take a trade it is important to know in advance how we will manage the trade once we are in it. Knowing how you will manage the trade may in fact cause you to decide not to take the trade because managing it may be too difficult. This includes your initial SL which is just initial and gets you into the trade but which you really don't intend to let go that far. This initial SL gives you some time to think about...
Thanks for your thoughts Winston. I forgot to mention that I use a 'set and forget' approach to trading where I only check the charts at the close of each 8H candle. I generally do not move my stop any closer to my entry, except if I'm moving to break even (which doesn't happen too often). Too many times when trading demo have I reduced my stop, only to be stopped out when the trade would have been a winner had I left my initial stop loss alone. Perhaps as I get more advanced and experienced I will have the skills to be able to manage my trades effectively, but for now I'm just leaving them. It makes total sense to manually trail your SL using key areas on your chart though as price moves in your favour. Are you saying that you never take a full loss and always reduce your stop from its initial level, even if price barely moves in your favour? Interested to hear other people's opinions on this too.
Confluence is king.
  • #132,729
  • Oct 23, 2014 2:12am Oct 23, 2014 2:12am
Usdjpy daily long position
1st target was taken.
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  • #132,730
  • Edited 5:24am Oct 23, 2014 5:14am | Edited 5:24am
Quoting Liquidity
Trade #2. A loss. Would love some feedback on this trade, especially on my SL placement. 8H GBPCAD long. {image}
I don't use H8 charts so I will tell how it looks like for me on D1.

Price moves somewhat in ascending triangle. If you really want to put sl it should be near 1.793. But strong resistance in nearby creating not too good R/R situation.

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  • #132,731
  • Oct 23, 2014 6:19am Oct 23, 2014 6:19am
Trade update. Also will answer previous questions about full loss. I can't remember the last time I took a full bar loss. When taking a trade I 1. Know where price is going not where I hope it will go. This doesn't mean I'm always right. 2 Price should exceed key areas. In this case the BEOEB closed above a PPZ and a round number. If price came down below the PPZ it is highly unlikely I would let go much further. An initial SL below the PPZ is just to get into the trade and see how things go. A tight SL is a fallacy and will only result in getting stopped frequently. Ive moved my stop up significantly as the trade is now well into profit. There's no way I would let this come back.

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  • #132,732
  • Oct 23, 2014 6:25am Oct 23, 2014 6:25am
Quoting Magestic
{quote} And this one gives lack of information here. 3rd touch of the TL didnt confirm it really,coz no bounce from it. Wish you luck although.
The 1.27000 BRN was also a PPZ and IMHO represented good confluence. The TL was accurate and the way price approached and reacted was confirmation.
  • #132,733
  • Oct 23, 2014 6:47am Oct 23, 2014 6:47am
Quoting Alehandro
Usdjpy daily long position 1st target was taken. {image}
2nd target was taken.
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  • #132,734
  • Oct 23, 2014 7:43am Oct 23, 2014 7:43am
I've closed out half the position and moves SL to break even. I'll probably regret not taking full profit but I just can't help it!
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  • #132,735
  • Oct 23, 2014 2:33pm Oct 23, 2014 2:33pm
Quoting Dovilo
{quote} If you really want to put sl it should be near 1.793. But strong resistance in nearby creating not too good R/R situation. {image}
Thanks for your insights Dovilo. The SL you suggested makes total sense. It seems that in order to have a decent one it would have made the R:R on that trade non-viable. I think I fell into the trap of deciding to take the trade, and then setting my SL, entry and TP, instead of doing it the other way around. I'll definitely keep this in mind in the future.

Quoting Winston Reed
I can't remember the last time I took a full bar loss. {image}
That's interesting Winston. It seems that you are also very aggressive in trailing your SL manually. Definitely a concept I will explore in time, but for now I will continue my method of setting my levels and letting the trade do its thing.

Thanks for the thoughts, I'll keep posting my trades so all you lurkers (I know there's a ton of you) and posters can critique me and learn from my mistakes
Confluence is king.
  • #132,736
  • Oct 24, 2014 1:34am Oct 24, 2014 1:34am
Quoting Alehandro
{quote} 2nd target was taken. {image}
3rd target was taken.
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  • #132,737
  • Oct 24, 2014 10:17am Oct 24, 2014 10:17am
Haven't posted in a while. This month we had a lot of holidays in my country. Pretty much entire month was a holiday..

Few trades all BE and few in profits..

NZDCAD

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GBPJPY

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EURGBP

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  • #132,738
  • Oct 25, 2014 9:58am Oct 25, 2014 9:58am
Quoting Kouroushi
{quote} Thanks Mike, But from philosophy perspective!!! Why "wicks" should be filled like it's a gap? Yours
Hey K

Apologies taken so long to get back. My free time outside the group has been spent on the new site

We always want to think about the order flow that makes up our bar. Many people will say pinbars don't work because the move already happened. The real thing to think is a pinbar was formed after a previous move happened. Then we would think should this move continue? We think about this by understanding location, confluence, structure of the bar, trouble areas etc. So orderflow makes up the pinbar. In the case of a pinbar the orderflow was able to push price higher/lower to qualify as a bar. So orders were ABSORBED to create this bar

Now if we think about a "wick" you want to start by thinking in the same way. What creates a wick is an absorption of orders. When you have a wick in a good location it means orders have been absorbed but because of their lack of strength to push price above/below an important area the path of least resistance becomes through that wick. It doesn't mean additional orders don't come in, they do. But if our location is strong their is a great chance for that wick to fill.

I took a loss on my most recent wick play on the mini dow. Price began to go down through the wick but we found new buyers at the midpoint of the box. Again like all things we need strong confluence and putting yourself in a solid position. But when you think about your bars deeper you won't just look at things like pinbars/outsidebars but you'll begin to read the overall chart better.

Hope that helps and again sorry for the late response
Mike
  • #132,739
  • Oct 25, 2014 10:01am Oct 25, 2014 10:01am
Quoting protuberanec
{quote} Thanks for sharing wick play Mike! But i don't understand clearly rules of it? 1.bar with tail (not a pinbar) 2. breakdown and close under/abow s/r or TL 3. SL under/abow high/low of a wick bar, TP on end of tail? I understood correctly? Thanks
Hey P

I just made an important post above this one about the idea of wicks. You are right in many ways. A wick is often an "almost" pinbar. The idea is to look to fill through that wick. So our stop goes above the high/low of the wick(which is often a tight stop) and I look to TP near the bottom of the wick. Again it's crucial about location as with all bars

Best
Mike
  • #132,740
  • Oct 25, 2014 10:02am Oct 25, 2014 10:02am
Quoting Liquidity
Hey guys, long time lurker here who's going to start posting some of my trades! Just wanted to say a huge thanks to everyone that's been a part of this thread, especially Mike. This thread is the most valuable thread on the entire internet! I trade reversals on the 8H charts from S+R levels using both pin bars and doji candles. Here's my most recent trade. I'll be posting each one of my trades from now on, and would love to hear some feedback. {image}
welcome liquidity, a poker player I see
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