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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

  • #133,781
  • Feb 9, 2015 7:22pm Feb 9, 2015 7:22pm
Quoting mbqb11
{quote} Hey Leanne This is definitely more advanced situation. I don't recommend touch trading till you can play PA bars by themselves at good locations or you can spot trades all over. Some people gravitate more to those touch trades over time. THey represent a smaller portion of my trading. The strong bar is actually not necessarily a sign of strength out right. Location trumps everything. So if we look friday was a strong day after NFP but price tested the major TL and could not get above it. It then stalled there late in the day and even retested...
Thanks so much that makes sense to me now
  • #133,782
  • Feb 9, 2015 7:34pm Feb 9, 2015 7:34pm
Now I know why I took the trade lol.Thanks for for the post Mike.Took me a ages to decide the s/l.Also cheers for comments on the funky bar. Al
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  • #133,783
  • Feb 10, 2015 12:36am Feb 10, 2015 12:36am
Hi mike and all,i have been wondering how does a grade A pinbar look like,the ones which are almost guaranteed 100% money in the bank.I am just over break even and am thinking if i can get super picky i can be far ahead.i would like to get your opinion on this.thanks in advance.
  • #133,784
  • Feb 10, 2015 1:11am Feb 10, 2015 1:11am
touch trade i took yesterday in gbpusd. since i missed the daily buob entry this was a retrace bus entry and it coincided with first time back to 150 on 1H. let's see how it pans out.
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  • #133,785
  • Feb 10, 2015 7:00am Feb 10, 2015 7:00am
Quoting Legrand
touch trade i took yesterday in gbpusd. since i missed the daily buob entry this was a retrace bus entry and it coincided with first time back to 150 on 1H. let's see how it pans out. {image}
Hi, Legrand. Would you please share with your fellow traders the indicator you have on the right showing the round numbers? Thank YOU!
Ionut
  • #133,786
  • Feb 10, 2015 8:20am Feb 10, 2015 8:20am
Quoting mbqb11
{quote} Hey Leanne This is definitely more advanced situation. I don't recommend touch trading till you can play PA bars by themselves at good locations or you can spot trades all over. Some people gravitate more to those touch trades over time. THey represent a smaller portion of my trading. The strong bar is actually not necessarily a sign of strength out right. Location trumps everything. So if we look friday was a strong day after NFP but price tested the major TL and could not get above it. It then stalled there late in the day and even retested...
no runner on this one stopped out at b/e

There was no PA on the breakout either so maybe we'll see a false breakout here and PA to show us or something on a pullback. I'll still watch that area for clues
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  • #133,787
  • Feb 10, 2015 8:33am Feb 10, 2015 8:33am
Hi PainKillerRO,
I attach the indicator.

I also was stopped out of 2 of my trades (gbpusd at be and gold at full loss).

There was a setup I wanted to trade that possible impending breakout in usdjpy through this cross sgdjpy (see chart), but no great PA at pullback, so pass.
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Attached File(s)
File Type: mq4 Round Number.mq4   3 KB | 393 downloads
  • #133,788
  • Feb 10, 2015 10:21am Feb 10, 2015 10:21am
Quoting Legrand
Hi PainKillerRO, I attach the indicator. I also was stopped out of 2 of my trades (gbpusd at be and gold at full loss). There was a setup I wanted to trade that possible impending breakout in usdjpy through this cross sgdjpy (see chart), but no great PA at pullback, so pass. {file} {image}
Thank you very much.
Really nice trade there the GBPUSD, even though I didn't take it.
In breakout of range markets I never trail before 50 pips if I trade the H1 timeframe. Of course risk is bigger.
Gold is way too manipulated nowadays for my taste. Too much risk and low confidence.
Thanks again for sharing.
Ionut
  • #133,789
  • Feb 10, 2015 10:40am Feb 10, 2015 10:40am
Quoting Deliciouspip
Hi Jim, i just wanted to say thanks so much for this valuable information ! great you shared this
welcome delicious
  • #133,790
  • Feb 10, 2015 2:39pm Feb 10, 2015 2:39pm
Quoting philemon123
Hi mike and all,i have been wondering how does a grade A pinbar look like,the ones which are almost guaranteed 100% money in the bank.I am just over break even and am thinking if i can get super picky i can be far ahead.i would like to get your opinion on this.thanks in advance.
Hey Phil

THe better thing to think about for each trade is not a specific thing but the situation itself. You can't just take the same pinbar and implant it for every situation and it will be successful. What makes a setup successful are all the factors that surround it. That's why I call it the story and that's how I teach things. I go through each of the individual pieces which make up my trade plan and that has everything to do from the bar itself, to the location and confluence to the entry we take and how we manage our risk throughout the trade. When you combine those factors you are able to develop a trade plan that over time will give you success because you will be protecting capital and managing trades that have a high probability of success.

Hope that makes sense cause it's really the key to success

Mike
  • #133,791
  • Feb 10, 2015 4:33pm Feb 10, 2015 4:33pm
Quoting philemon123
Hi mike and all,i have been wondering how does a grade A pinbar look like,the ones which are almost guaranteed 100% money in the bank.I am just over break even and am thinking if i can get super picky i can be far ahead.i would like to get your opinion on this.thanks in advance.
Not Mike but trying to help

If ur breakeven trader, your not doing so bad in my opinion. And waiting weeks, months for super duper A+++ pinbars wont help you much.
As u know by now nothing is guaranteed in trading. Thought best signals give u better chance, that still means u have to react and manage that pinbar the best you can. That also means from psyhological perspective which is way harder to grasp in this business and one big factor people don't take into account enough! In your case i would analysis your previous trades and work from there. Ask your self:
Why i close my trade which would be in profit now...
Why i didnt give my trade enough room to develope...
Why i didnt cut my lose here...itc

You might find out your technical analysis is just fine but you need to change something about psychological part of trading.

Cheers
  • #133,792
  • Feb 10, 2015 6:20pm Feb 10, 2015 6:20pm
Quoting gasgas
{quote} Not Mike but trying to help If ur breakeven trader, your not doing so bad in my opinion. And waiting weeks, months for super duper A+++ pinbars wont help you much. As u know by now nothing is guaranteed in trading. Thought best signals give u better chance, that still means u have to react and manage that pinbar the best you can. That also means from psyhological perspective which is way harder to grasp in this business and one big factor people don't take into account enough! In your case i would analysis your previous trades and work from...
This is good stuff G

A huge part of this is mental. That's why you see SO many people attempting to learn to trade but they can't. You have a large percentage who are dead in the water from indicator hell and search of the holy grail. Those people simply have no chance but to hope they make it out of that with their shirts on and the will to learn how to properly trade. Then you just need to learn the concepts like we do in here. Spend a good amount of time with it but it is not HARD. Meaning that the process is much simpler but the difficult part is the consistency and discipline and battling your own demons.

What I wish I could go back and tell myself 13+ years ago is this. That simple is fine and that the key to success is understanding and managing your risk. Being discipline and then things begin to take care of themselves.

I hope some of you new folks will take that into consideration as you begin your new journey here. Stop listening to all the garbage and get rich quick stuff and give yourself a chance to really gain something from trading that can help you grow.

Best
Mike
  • #133,793
  • Feb 11, 2015 4:40am Feb 11, 2015 4:40am
here is one I sent out to the group for a 2.7% gain
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  • #133,794
  • Feb 11, 2015 5:03am Feb 11, 2015 5:03am
Thanks mike and gasgas for your advice,will start working on it,i still have much to learn.

Cheers.
  • #133,795
  • Feb 11, 2015 5:23am Feb 11, 2015 5:23am
Have been busy with futures trading..

Starting off with the new year, my GBP pairs. Also agree with what Mike says above. Once you get the concepts , build your own strategy and get a trading plan.

GBPJPY - 200+ pip locked

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GBPAUD - Triggered today

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  • #133,796
  • Edited 11:28pm Feb 11, 2015 5:26am | Edited 11:28pm
Hi Zamfir, nice trade,i also went long on GBP/AUD ,had 100 pips gain.
  • #133,797
  • Feb 11, 2015 2:38pm Feb 11, 2015 2:38pm
hello Zamfir,
on the start of the day i think today i will not go with GBP/AUD but after some analysis i decided to go with this i am not sure what will happen at last its great for me to go with this pair. and zamfir your chart is good and i also went long with this pair today and had more than 90 pips today.

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  • #133,798
  • Feb 11, 2015 4:19pm Feb 11, 2015 4:19pm
Hi,
A newbie so forgive my ignorance but is GBP/AUD setting up for a potential pin bar reversal from a big round number (1.9800) and resistance divergence....is the long option not risky here?
red.
  • #133,799
  • Feb 11, 2015 6:49pm Feb 11, 2015 6:49pm
Quoting reddle28
Hi, A newbie so forgive my ignorance but is GBP/AUD setting up for a potential pin bar reversal from a big round number (1.9800) and resistance divergence....is the long option not risky here? red.
Hi Red. I think you have picked an excellent spot to look for PA. I see three confluence areas coming together nicely on this pair. Today's bar closed with a bullish looking wick (a potential wick play as Mike mentions on this thread). It looks like those that went long took quick profits at this area.

My first chart is weekly, and it shows a potential pivot zone around the 1.98. Previous (although old) support could flip to resistance here. The second is daily and shows what looks to me to be a well defined channel in confluence with the potential weekly zone/RN 1.98. Price currently looks to be pushing through and testing the BRN/weekly level nicely. I would love to see a huge Pin or BEOB here at 5pm tomorrow. However, the bulls could certainly take control and push this pair on upward. That's the beauty of J16 principles, you define high probablility areas (location trumps all to me), and wait for the PA signal.

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  • #133,800
  • Feb 11, 2015 11:33pm Feb 11, 2015 11:33pm
BE on EURAUD

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