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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

  • #133,981
  • Mar 19, 2015 9:01pm Mar 19, 2015 9:01pm
Quoting ziven78
{quote} Mike i have to say i'm a bit confused with this Gold trade. Firstly, I was watching this BUOB forming but was not convinced to take it as i thought it was in sideways/consolidation/box area and BUOB close above only minor recent lows not outside of the box. Also it did not close above descending trendline. Secondly, could you elaborate more on when you enter on the close of the bar and when you wait for a pull back. Thanks Mike {image}
Hey Z

You are VERY right. Price was very sideways and very much trapped in a sideways box. BUT that support level became a pivotal point in the market place. I look at the big drop and then huge snap back creating that very large buob(largest bullish action in awhile at a major weekly low) as something that played for a great support retrace trade for the buob. A buob like that we would NEVER want to buy on a close or a break. Simply because the most pivotal point is that retrace area. This is the type of situation where ONLY a retrace entry makes sense. So this is a great example of understanding that the type of entry you employ plays a HUGE role in the success long term of trades.

I closed this one out today for a .9% gain. It was a touch trade for me so I risked only .5% instead of my usual 3%

Hope that helps
Mike
  • #133,982
  • Mar 19, 2015 9:04pm Mar 19, 2015 9:04pm
Quoting Wes21
{quote} Thanks again for the quick reply sir Mike. Okay so I understood what you were saying there. I also use position size calculator to adjust my position size according to stop loss. If its not the stop loss, then would you please sir enlighten me what made this trade an advanced setup? Coz I thought this was basic obvious reversal PA at resistance. I need to know so I can avoid these setups and just focus on the more basic ones, but I dont know which ones are the basic now that you said that. Currently I am studying the materials from the...
Hey Wes

When I say advanced it's all relative. Nothing we do here is all that complicated after some time spent. The advanced part is understanding that the only entry that truly makes sense is a retrace entry rather than entering on the close or a break. Again complicated only in terms of being able to understand ones trade plan.

Yep I absolutely trade DBHLC and DBLHC. They are great setups and again our bar setups are more so just confirmations of our overall "story" as I call it.

I'd suggest clicking on James name and reading through his posts and doing the same with mine. If you haven't already check out some of our free videos on our youtube channel too as supplement. And of course i Know I don't get in here as much as I'd like but if you have questions i'm still here to help member or not

Best
Mike
  • #133,983
  • Mar 20, 2015 9:38am Mar 20, 2015 9:38am
Pinbar has formed in H4 and H1 of AUDNZD, testing lowest low since 1997 @ 1.0285. May I get your inputs sirs?

I think its a pretty small pinbar against the strong bearish downtrend.
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  • #133,984
  • Edited 4:53pm Mar 20, 2015 3:59pm | Edited 4:53pm
Quoting Wes21
Pinbar has formed in H4 and H1 of AUDNZD, testing lowest low since 1997 @ 1.0285. May I get your inputs sirs? I think its a pretty small pinbar against the strong bearish downtrend. {image}
Hi Wes21,

It looks interesting , PB is at the major swing low, pair met its Daily ATR , bounced exactly off this level and closed above recent low.
It should be good for at least a bounce as a counter trend trade.

(i'm not an expert only aspiring trader)

ahh ... i forgot it also could be the case that traders are covering their shorts before the weekend - Friday candle.
  • #133,985
  • Mar 20, 2015 4:05pm Mar 20, 2015 4:05pm
Quoting mbqb11
{quote} Hey Z You are VERY right. Price was very sideways and very much trapped in a sideways box. BUT that support level became a pivotal point in the market place. I look at the big drop and then huge snap back creating that very large buob(largest bullish action in awhile at a major weekly low) as something that played for a great support retrace trade for the buob. A buob like that we would NEVER want to buy on a close or a break. Simply because the most pivotal point is that retrace area. This is the type of situation where ONLY a retrace entry...
Mike many Thanks for the explanation, i always wonder how can u find the time to answer all these question on the forum ,trade and deal with a new website etc. Not many people can or want to do that. Respect
good look
  • #133,986
  • Mar 21, 2015 7:47am Mar 21, 2015 7:47am
Greetings everyone. Great to be here and loving the vibe.

AUD/USD H4. Short trade. This PB is not the biggest, but i've seen similar come off. Rejecting .7800 round number level. It would also be trading into an S/R/ level. Looks to be from a swing high though. Any comments? Have a great weekend. Thanks G.

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'Fail to plan, plan to fail'
  • #133,987
  • Mar 21, 2015 11:20am Mar 21, 2015 11:20am
Quoting ziven78
{quote} Mike many Thanks for the explanation, i always wonder how can u find the time to answer all these question on the forum ,trade and deal with a new website etc. Not many people can or want to do that. Respect good look
Thanks Z , i'm very lucky i'm in a position to give back and have a group to teach, get paid to do it along with my trading. It's not something I take lightly so I try to make sure I give back the value in it.

Not to mention I spend the least time trading lol. Once you figure it out you don't spend all that much time with the charts themselves, at least the way I trade. They are always on in the background but there is a LOT of dead time

Thanks for the kind words
Mike
  • #133,988
  • Mar 21, 2015 11:23am Mar 21, 2015 11:23am
Quoting Guitarbloke
Greetings everyone. Great to be here and loving the vibe. AUD/USD H4. Short trade. This PB is not the biggest, but i've seen similar come off. Rejecting .7800 round number level. It would also be trading into an S/R/ level. Looks to be from a swing high though. Any comments? Have a great weekend. Thanks G. {image}
Hey Guitarbloke

Welcome to the thread glad to have you. What kind of guitars do you own? I play but man it's been awhile!

Yes that is a pinbar and yes that area just under us is certainly the FTA(first trouble area). So well done on that

But now just be careful. We always want to think about WHY that pinbar should continue to push price lower and if it's worth it. Example here what i see in terms of story is price coming off a bullish move and forming a small pinbar at the end of the day. Likely just profit taking and weak selling with the markets closing for the weekend. So it's a very difficult one to want to really get involved in. Again if you play it tight with your FTA you can probably squeak a bit out but what you will likely find is that these aren't worth your time and effort for the risk involved

Again welcome to the thread hope to see more questions from you
Mike
  • #133,989
  • Mar 21, 2015 12:22pm Mar 21, 2015 12:22pm
Quoting Guitarbloke
Greetings everyone. Great to be here and loving the vibe. AUD/USD H4. Short trade. This PB is not the biggest, but i've seen similar come off. Rejecting .7800 round number level. It would also be trading into an S/R/ level. Looks to be from a swing high though. Any comments? Have a great weekend. Thanks G. {image}

On a monthly chart, lower highs since 02/2012. Right on 200ema too. Worth the risk to me.
Also....4HR audcad and audchf seem to confirm.
  • #133,990
  • Mar 21, 2015 2:02pm Mar 21, 2015 2:02pm
I dont like the 4h dollar index chart so I will not be selling that pinbar imho
If you think you can or cannot do it you are correct
  • #133,991
  • Mar 21, 2015 4:48pm Mar 21, 2015 4:48pm
Quoting mbqb11
{quote} Hey Guitarbloke Welcome to the thread glad to have you. What kind of guitars do you own? I play but man it's been awhile! Yes that is a pinbar and yes that area just under us is certainly the FTA(first trouble area). So well done on that But now just be careful. We always want to think about WHY that pinbar should continue to push price lower and if it's worth it. Example here what i see in terms of story is price coming off a bullish move and forming a small pinbar at the end of the day. Likely just profit taking and weak selling with the...
Hi Mike. Thanks for the welcome and reply. I play a fender strat mainly. I love les pauls too but haven't had one for years aside from my old ibanez les paul copy which is a beauty. I hope you pick up an axe soon. Great form of mindfulness too.

Thanks Bryan and Olu. You know, i already had the answer to my question within. When i look at that AUD/USD 4H PB, i ask myself......if i was to only take 4-5 set ups per month, would this make the grade? The answer is no. Weak signal coming after strong bullish action as you pointed out Mike. I will wait to see what price does monday. If it moves north to next resistance and forms a stronger PA signal, i'll consider getting in. This joint feels like home already. Thanks everyone. G
'Fail to plan, plan to fail'
  • #133,992
  • Mar 23, 2015 8:50am Mar 23, 2015 8:50am
Nice profit locked on GBPCHF


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  • #133,993
  • Mar 23, 2015 9:59am Mar 23, 2015 9:59am
Watching this pair. There is a chance if it forms a pin bar. The price has reached high on both weekly and monthly. The FTA is 9450
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  • #133,994
  • Mar 23, 2015 10:10am Mar 23, 2015 10:10am
Just like a ping pong ball the CHF pairs have retraced half the distance after the great drop they suffered when the peg was removed. IF PA supports we can take a trade on the downside, probably this movement should have been expected.
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  • #133,995
  • Edited 10:36am Mar 23, 2015 10:25am | Edited 10:36am
I was out of trading for a few weeks and am wondering if somebody took this trade. USD has formed a pin bar against a few pairs and though this pin bar is not perfect technically it shows a lot of selling pressure. This kind of inefficiency has formed on a quite few 4 hour charts involving USD. The current one that is forming qualifies as a pin bar but the tail is not strong enough indicating very little downward pressure and the location is also not prime. Hard to take this trade.

It is amazing that there is a similar movement in EUR/JPY.
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  • #133,996
  • Mar 23, 2015 11:02am Mar 23, 2015 11:02am
I am not sure if somebody took it but I see a great trade occured on GBP/NZD daily. Sure there are some spikes but there was a chance to capture large movement of price. These spikes will test our mettle and our ability to manage a trade. Entry was at 2040 and the price is still going down.
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  • #133,997
  • Mar 23, 2015 11:15am Mar 23, 2015 11:15am
Quoting zamfir
Nice profit locked on GBPCHF {image}
great trade Z
  • #133,998
  • Mar 23, 2015 2:21pm Mar 23, 2015 2:21pm
Hi guys,

which broker do you recommend? I was trader of Alpari UK (they are in insolvency now) and I am looking for new one to trade with.

Thanks for recommandations.
  • #133,999
  • Mar 23, 2015 2:32pm Mar 23, 2015 2:32pm
James16 does not recommend trading on lower time frame charts because of high volatility and inability of new traders to react to the faster moving market on lower time frame. But one finds relatively few good setups on higher time frames and and if we take a setup that is not A plus then there is a chance of losing the trade. From the perspective of new traders it is really difficult to wait for those one or two good A plus trades for a whole month and stay on the sidelines all the time. And when you dont trade much it does not give sufficient practice to become a good trader. This will not help the learning curve and the learning curve is better when you take a lot of trades and learn all aspects of the trade like a good entry, trade management and exits and money management etc. One learns from the errors one makes and then improves on them. One can go with a paper account or a micro account but one should let oneself to make errors and learn.

Now here is what I feel comfortable doing. I will start analyzing with higher time frame charts like weekly or daily and when I dont find an optimal setup on higher time frames I will move to the lower time frames. Because if you find even one or two good trades on higher time frames that is enough to be a successful trader and such trades will reduce your broker spreads and make large amounts of money if we get the ability to manage and stay in the trade. Now if good setups are not available on the higher time frames then one can move to lower time frames and look for a good setup. Next you go to the 4 hr chart and check for setups and then you move to the 1 hr chart as a last resort. Personally I dont go below one hour chart. This strategy where you start from higher time frame to lower time frame should give you enough setups to be trading all the time. A trader needs to be trading all the time and that practice will make one a good trader. Now if you still dont find trades on the forex charts you can move to stock charts and future markets. The key here is to not compromise on the quality of the setup and select only the best trades.

I think analyzing the chart from higher time frames to lower time frames is a good idea. This will remove the rule that you can take only so many trades per month , you can take as many trades as possible provided they are A plus setups. This is more natural way of dealing with the markets. And then what works for me may not work for others. It is left to the comfort level of the individual.
  • #134,000
  • Mar 23, 2015 2:44pm Mar 23, 2015 2:44pm
Quoting zamfir
Nice profit locked on GBPCHF {image}
Zamfir at what point in the trade do you take your profit or do you just let it run until you no longer have an appetite to keep it running.
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