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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

  • #133,261
  • Dec 5, 2014 4:11am Dec 5, 2014 4:11am
I am newbie here and I will be glad for any advice. What do you think about my graph (posted above). Is it following the rules or should I be concerned about this area marked by yellow rectangle and put my sell stop below it. Thanks (and sorry for my english).
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  • #133,262
  • Dec 5, 2014 6:27am Dec 5, 2014 6:27am
Quoting wellard
I am newbie here and I will be glad for any advice. What do you think about my graph (posted above). Is it following the rules or should I be concerned about this area marked by yellow rectangle and put my sell stop below it. Thanks (and sorry for my english). {image}
Hi Wellard. Welcome to J16 trading

Your "pinbar" looks more like an indecision bar. It formed in a very sideways market and in heavy traffic meaning it has no space. In general pinbars are best traded at swing highs and swing lows. Your bar is in sideways traffic. It also didn't touch your blue TL which is a bit curved-fit.

If your TL was a bit more accurate I would be more inclined to trade a good sized BUOEB breaking above the TL.
  • #133,263
  • Dec 5, 2014 7:14am Dec 5, 2014 7:14am
Quoting Winston Reed
{quote} Hi Wellard. Welcome to J16 trading Your "pinbar" looks more like an indecision bar. It formed in a very sideways market and in heavy traffic meaning it has no space. In general pinbars are best traded at swing highs and swing lows. Your bar is in sideways traffic. It also didn't touch your blue TL which is a bit curved-fit. If your TL was a bit more accurate I would be more inclined to trade a good sized BUOEB breaking above the TL.
Thanks a lot Winston! This is exactly type of advice I am looking for!
  • #133,264
  • Dec 5, 2014 8:41am Dec 5, 2014 8:41am
Quoting keziahpie
{quote} nice one. Maybe next time can post earlier for people to enter too. thks
I hope that is a joke.. . Sorry for this kind of first post.... some people just amazed me....wow.
  • #133,265
  • Dec 5, 2014 9:11am Dec 5, 2014 9:11am
I took this trade on the EUR/USD and I lost. There was a huge bullish outside bar and then there was a retrace to support. The price did not close below the support and my expectation was it will go up. Rather the price went down and I had to take a loss. I set a stop loss and was not watching this trade and hence had to take a half bar loss on this one.

This may not be a A plus setup or the entry may not be prime but this is one difficult aspect of the trading business. No matter how perfect your strategy is there will be twenty percent losses. And this is not because the strategy is not good but because of the nature of the market (the beast) itself. You cannot demand perfection from any system , strategy or technique. This means there is a probability that you may lose 2 or 3 trades out of the 10 trades that you take following all the logic or the rules of your particular technique. And whenever we have these losing trades we have to check if we followed our trading strategy and if we did then we should not worry about losing a particular trade.

And the challenge is to see the losses for what they are (nature of the market) and not because of some flaw in the strategy that we use to trade the markets.
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  • #133,266
  • Dec 5, 2014 9:20am Dec 5, 2014 9:20am
Quoting prasad99
I took this trade on the EUR/USD and I lost. There was a huge bullish outside bar and then there was a retrace to support. The price did not close below the support and my expectation was it will go up. Rather the price went down and I had to take a loss. I set a stop loss and was not watching this trade and hence had to take a half bar loss on this one. This may not be a A plus setup or the entry may not be prime but this is one difficult aspect of the trading business. No matter how perfect your strategy is there will be twenty percent losses....
Hey P

You are absolutely right losses are inevitable but it's also key our losses are minimized and our trades are managed as logically as possible. THat's what I was getting out with my eur/usd trade.

I took this same one and was stooped out for b/e. I think in this situation b/e should be your worst case scenario or a SUPER tiny loss. That will keep you ahead when it doesn't keep going. Price got to the important trouble area and turned around so we want to protect ourselves.

DId you see my posts here?

http://www.forexfactory.com/showthre...70#post7920770
http://www.forexfactory.com/showthre...27#post7921127

Best
Mike
  • #133,267
  • Dec 5, 2014 9:29am Dec 5, 2014 9:29am
Quoting mbqb11
{quote} Hey P You are absolutely right losses are inevitable but it's also key our losses are minimized and our trades are managed as logically as possible. THat's what I was getting out with my eur/usd trade. I took this same one and was stooped out for b/e. I think in this situation b/e should be your worst case scenario or a SUPER tiny loss. That will keep you ahead when it doesn't keep going. Price got to the important trouble area and turned around so we want to protect ourselves. DId you see my posts here? http://www.forexfactory.com/showthre...70#post7920770...
this is pretty similar to eur/usd but a continuation buob with same concepts

here is my eur/mxn trade posted for the group last night
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Entry(remember it's important to be a buyer her eon the retrace or you lose all ability to effectively manage your risk
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reduced risk chart after price starts to bounce once order picked up

now at b/e as price tests buob top
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  • #133,268
  • Dec 5, 2014 11:09am Dec 5, 2014 11:09am
Quoting mbqb11
{quote} this is pretty similar to eur/usd but a continuation buob with same concepts here is my eur/mxn trade posted for the group last night {image} Entry(remember it's important to be a buyer her eon the retrace or you lose all ability to effectively manage your risk {image} reduced risk chart after price starts to bounce once order picked up now at b/e as price tests buob top {image}
my take profit was just hit for a nice gain

the most important thing isn't the gain though it's the entry point and managing your risk in a way where your losses are small but your trades are still in tact

Enjoy the weekend everyone, sunday I turn 31 and that will be 13+ years trading where the heck does the time go.
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  • #133,269
  • Dec 5, 2014 11:55am Dec 5, 2014 11:55am
Quoting keziahpie
{quote} nice one. Maybe next time can post earlier for people to enter too. thks
...oh yes keziahpie we can ask Zamfir to inform us 24 hours before the set up....and maybe with a black hot coffeee !
cheers !

......but I think is not the right spirt of that thread.
  • #133,270
  • Dec 5, 2014 12:05pm Dec 5, 2014 12:05pm
Hi All,
EURHUF Daily chart
if price break 307.43 seems a good long, isn't it ?
cheers
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  • #133,271
  • Dec 5, 2014 12:24pm Dec 5, 2014 12:24pm
Quoting mbqb11
{quote} Hey P You are absolutely right losses are inevitable but it's also key our losses are minimized and our trades are managed as logically as possible. THat's what I was getting out with my eur/usd trade. I took this same one and was stooped out for b/e. I think in this situation b/e should be your worst case scenario or a SUPER tiny loss. That will keep you ahead when it doesn't keep going. Price got to the important trouble area and turned around so we want to protect ourselves. DId you see my posts here? http://www.forexfactory.com/showthre...70#post7920770...

Mike

you are right about that. I put the stop loss when the price started moving down and it required that I watch the price as it tested the support area. This could have been a break even trade but I was not watching the trade. I put the stop loss below the support area and was expecting the price to test the support and move back up and it did not do it. It just consolidated and moved downwards hitting my stop loss.

I will go through those posts that you mentioned. The point of my post was even if the entry is prime and the trade is watched we will have losing trades in this business.

Today morning when I saw the chart I knew in the back of my mind that you will never take a full bar loss and you might have been out of this trade on break even or a very small loss.
  • #133,272
  • Dec 5, 2014 12:25pm Dec 5, 2014 12:25pm
Quoting mbqb11
{quote} my take profit was just hit for a nice gain the most important thing isn't the gain though it's the entry point and managing your risk in a way where your losses are small but your trades are still in tact Enjoy the weekend everyone, sunday I turn 31 and that will be 13+ years trading where the heck does the time go. {image}
well enjoy your weekend happy birthday! And enjoy your 30s!
Slow & steady
  • #133,273
  • Dec 5, 2014 12:27pm Dec 5, 2014 12:27pm
Quoting prasad99
{quote} Mike you are right about that. I put the stop loss when the price started moving down and it required that I watch the price as it tested the support area. This could have been a break even trade but I was not watching the trade. I put the stop loss below the support area and was expecting the price to test the support and move back up and it did not do it. It just consolidated and moved downwards hitting my stop loss. I will go through those posts that you mentioned. The point of my post was even if the entry is prime and the trade is watched...

With my entry it could not have been a break even trade but I could have minimized the loss if the watched the price at FTA
  • #133,274
  • Edited 1:32pm Dec 5, 2014 12:30pm | Edited 1:32pm
Quoting mbqb11
{quote} my take profit was just hit for a nice gain the most important thing isn't the gain though it's the entry point and managing your risk in a way where your losses are small but your trades are still in tact Enjoy the weekend everyone, sunday I turn 31 and that will be 13+ years trading where the heck does the time go. {image}
31 years and 13 years of trading......the very structure of your brain might have been modified by now.....that is a lot of time. Wish you great luck with your future trading.

Take no offence about the structure of the brain that is another way of saying "trading comes naturally to you just like going to a cineplex and watching a movie"
  • #133,275
  • Dec 5, 2014 12:57pm Dec 5, 2014 12:57pm
Quoting prasad99
{quote} Mike you are right about that. I put the stop loss when the price started moving down and it required that I watch the price as it tested the support area. This could have been a break even trade but I was not watching the trade. I put the stop loss below the support area and was expecting the price to test the support and move back up and it did not do it. It just consolidated and moved downwards hitting my stop loss. I will go through those posts that you mentioned. The point of my post was even if the entry is prime and the trade is watched...
Or else you can set price alerts on mt4 (there's also a mt4 available )
Slow & steady
  • #133,276
  • Dec 5, 2014 1:46pm Dec 5, 2014 1:46pm
Quoting mbqb11
{quote} Hey P You are absolutely right losses are inevitable but it's also key our losses are minimized and our trades are managed as logically as possible. THat's what I was getting out with my eur/usd trade. I took this same one and was stooped out for b/e. I think in this situation b/e should be your worst case scenario or a SUPER tiny loss. That will keep you ahead when it doesn't keep going. Price got to the important trouble area and turned around so we want to protect ourselves. DId you see my posts here? http://www.forexfactory.com/showthre...70#post7920770...

This is a lot of information for me to process and I am trying to understand how you hit break even on your trade. Can you let me know your entry point on that EUR/US trade. Was your entry on the first bullish bar or did you enter when the price retraced to the support line.

I entered during retrace so my trade could not be a break even even if I watched it.
  • #133,277
  • Dec 5, 2014 1:54pm Dec 5, 2014 1:54pm
Quoting prasad99
{quote} This is a lot of information for me to process and I am trying to understand how you hit break even on your trade. Can you let me know your entry point on that EUR/US trade. Was your entry on the first bullish bar or did you enter when the price retraced to the support line. I entered during retrace so my trade could not be a break even even if I watched it.
Hey P

That's my exact entry the first chart 1.2371. It's my chart from the group where I post my trades in real time so that's where price was pulling back on the NEXT bar. I never enter a PA bar till after is closed. So the next 4hr bar I entered on a pullback to the support are

I went to breakeven once price rejected from the major resistance point being inside the channel. I closed out when price returned to my entry point

Best
Mike
  • #133,278
  • Dec 5, 2014 2:23pm Dec 5, 2014 2:23pm
Quoting mbqb11
{quote} Hey P That's my exact entry the first chart 1.2371. It's my chart from the group where I post my trades in real time so that's where price was pulling back on the NEXT bar. I never enter a PA bar till after is closed. So the next 4hr bar I entered on a pullback to the support are I went to breakeven once price rejected from the major resistance point being inside the channel. I closed out when price returned to my entry point Best Mike

I am just trying to understand what I did different from you. We both entered on retrace but I entered prematurely long before the price touched the support area. I marked your entry level on the chart and you entered when the price actually touched the support line. And probably you moved it to break even on the next small bullish bar after retrace.

Though I entered much before price retraced to the support area my stop loss was below the support area to allow for the trade to test support and get back and it was more than 50 pips.

Entry should be either at the start of new bar or if there is a retrace the entry should be at the end of the retrace to make it to break even.
  • #133,279
  • Dec 6, 2014 2:22pm Dec 6, 2014 2:22pm
Quoting patapouer
{quote} Or else you can set price alerts on mt4 (there's also a mt4 available )

Hey P

Thanks for your suggestion and yes I should start using alerts. I have been doing some reading about order flow and general structure of FX markets. Not all of this is easily understandable but it gives an idea about the forces moving the FX market. Probably some of if you may find useful.
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  • #133,280
  • Dec 6, 2014 3:32pm Dec 6, 2014 3:32pm
Quoting patapouer
{quote} Or else you can set price alerts on mt4 (there's also a mt4 available )

Nothing has helped me as much as J16 chart thread in my effort to understand and practice trading. Time and again I have been humbled by the knowledge, skill and dedication of traders on this thread and elsewhere in forex factory. I have also been amazed by the writings of other traders such as this trader ...very original and out of the box thinking....here is a link to a post written by him

http://www.forexfactory.com/showthre...45#post4569845
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