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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

  • #135,121
  • May 27, 2015 12:36pm May 27, 2015 12:36pm
Only two trades so far this week.

Yesterday: EURCAD H4 pinbar. +62 pips in total. Last TP on BE on big pullback. Although perhaps I would have exited on the BEOB, never thought that I could go up again right on the next candle.
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Today: GBPUSD H4 pinbar. +134 pips in total. Closed last tp on pullback to support.

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Click to Enlarge Name: GBPUSD H4.png Size: 58 KB
Had to be me. Someone else might have gotten it wrong.
  • #135,122
  • May 27, 2015 3:57pm May 27, 2015 3:57pm
Quoting mordin
Only two trades so far this week. Yesterday: EURCAD H4 pinbar. +62 pips in total. Last TP on BE on big pullback. Although perhaps I would have exited on the BEOB, never thought that I could go up again right on the next candle. {image} Today: GBPUSD H4 pinbar. +134 pips in total. Closed last tp on pullback to support. {image}
Nice trades
Keeping it Simple
  • #135,123
  • May 27, 2015 4:34pm May 27, 2015 4:34pm
Classic J16?
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  • #135,124
  • May 27, 2015 4:42pm May 27, 2015 4:42pm
Quoting Dariusek
Classic J16? {image}

I believe so.
I've shorted here @ 2.6414 and moved the stop beyond the left shoulder.
Attached Image (click to enlarge)
Click to Enlarge Name: USDTRY Daily Pinbar.jpg Size: 85 KB

Are you in?
It's a sport, an artform and a science.
  • #135,125
  • May 27, 2015 4:52pm May 27, 2015 4:52pm
I placed sell stop order @6290. For me it is safer.
  • #135,126
  • May 27, 2015 5:03pm May 27, 2015 5:03pm
Also I am waiting for good PA signal. Great place in my view.
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  • #135,127
  • May 27, 2015 6:20pm May 27, 2015 6:20pm
Quoting Dariusek
I placed sell stop order @6290. For me it is safer.
Hi,

Just wondering, where were you planning to take profit, or go to BE?
As I sold into the opening and seek to move to BE before your sell stop (i.e. 2.6350), because the FTA - I think - is 2.6233 (May 12th low).
It's a sport, an artform and a science.
  • #135,128
  • May 28, 2015 2:16am May 28, 2015 2:16am
Quoting zamfir
Greece letting euro fall.... EURJPY - 200+ Pips locked. {image} EURCAD - 180+ Pips locked. {image}
Hi zamfir, i wanna ask you, how you making your entries so early? what are you signals to enter, what you are looking for in price before you enter? can you explain you thought process and couple examples if you can? thank you
  • #135,129
  • May 28, 2015 2:36am May 28, 2015 2:36am
Quoting Vilko
{quote} Hi zamfir, i wanna ask you, how you making your entries so early? what are you signals to enter, what you are looking for in price before you enter? can you explain you thought process and couple examples if you can? thank you
Frankly, it hard to explain it over a thread or forum. I have done a lot , i mean a LOT of research on S/R , confluence to arrive at my entries.

My thought process will only help you so far, but it will be your background , experience and understanding of the markets that will help you most to devise your strategies and entries.

There are many traders here, each one of them has a different thought process on how and where to enter.

So even if i laid out my entire strategy in detail here , it will not benefit you much. But i will tell so this much. The key ingredients of you strategy must consider the below

1. S/R - There are many location to trade , e.g. Previous Day hi lo ,weekly hi lo , monthy hi lo , BRNs, PPZs...etc. I have no clue where you are comfortable trading at or what is your risk appetite and your skill level. This in itself takes a long time to test and research be comfortable.
2. Confluence - Again understanding this is key, Why look for confluence? because confluence give you added levels to support your S/Rs and also defines the context in which you are trading. e.g a Trend line or fib in confluence with your s/r will tell you market is trending. Again look for simple S/R confluence like Trendline, trend channel lines, Fib retracements. Again you must add your own research and be comfortable with what you choose.
3. Trouble areas - This is where most newbies have no clue. Most will jump in to a trade without even considering where the trouble might come. Look for Trendlines, BRNs ..etc. This takes a lot of practice to identify trouble areas and not take a setup when trouble shows up and if you do choose to take it , how are you going to manage it. I have no idea. I only know how i m going to react as per my trading plan.
4. Price patterns - This again take a lot of practice to identify the best price patterns, be it pins, IBs OBs..etc. Much has been said about this in this thread. It takes practice again to master them.

Now considering the above factors , there are many many possibilities one can devise a trading strategy with their own Risk/MM strategy suited for each trader. So one strategy cannot be traded by another one, Simply because of above reasons and to top it off we have the dreaded emotions like fear/greed/hope. I can't even begin to start on that..

So my suggestion to you is simple. instead of learning to trade exactly like others, it is best to learn yourself and devise your own strategy that you have solid understanding of and trusting it when emotions challenge you. Sure you can take elements from others strategy , but those elements are very well established in this thread. If i keep writing , it will never end on these matters. So i will stop here. .

I know my post is not much of help and people may think i have some holy grail and i am not willing to share it. TRUST me i have no such thing, nor does anyone. Truth of the matter is it will take years before you get comfortable with any strategy.
  • #135,130
  • May 28, 2015 3:38am May 28, 2015 3:38am
Quoting zamfir
{quote} Frankly, it hard to explain it over a thread or forum. I have done a lot , i mean a LOT of research on S/R , confluence to arrive at my entries. My thought process will only help you so far, but it will be your background , experience and understanding of the markets that will help you most to devise your strategies and entries. There are many traders here, each one of them has a different thought process on how and where to enter. So even if i laid out my entire strategy in detail here , it will not benefit you much. But i will tell so...
Thank you for your long reply, i trade similar by james16 chart patterns, but i was surprised by your early entries on charts and pritty succsesful trading from what i see. good luck man
  • #135,131
  • May 28, 2015 4:19am May 28, 2015 4:19am
Quoting zamfir
Aud/usd - be. {image}
Hi Zamfir

I am big fan of you, your chart are clean and more valuable.

I have doubt, What are The key elements you consider when move the SL to BE ..like after cross the nearest zone or close of the next bar. . Because I have lost some of pips, due to move my SL to BE too early. .

Adhav
  • #135,132
  • May 28, 2015 4:19am May 28, 2015 4:19am
Quoting Donaciello
{quote} Hi, Just wondering, where were you planning to take profit, or go to BE? As I sold into the opening and seek to move to BE before your sell stop (i.e. 2.6350), because the FTA - I think - is 2.6233 (May 12th low).
For now I still have pending sell stop order @6290. If price will move above PB, I will close my order.
I very rare place SL to BE. If I have profit I would like to set SL in good place even if it means small loss or small profit.
On screen I marked my plans about USDTRY trade.
So as You can see, I prefer long term trades rather than short scalps.
Attached Image (click to enlarge)
Click to Enlarge Name: USDTRYDaily.png Size: 50 KB
  • #135,133
  • May 28, 2015 4:26am May 28, 2015 4:26am
Quoting Adhavan
{quote} Hi Zamfir I am big fan of you, your chart are clean and more valuable. I have doubt, What are The key elements you consider when move the SL to BE ..like after cross the nearest zone or close of the next bar. . Because I have lost some of pips, due to move my SL to BE too early. . Adhav

For this , you must develop patience and trust in your setup and analysis. There is no way else , you can't just do an automated SL trail or move it whenever you like. Let the trade work out , give it time.

If you are moving SL too early this indicates fear. Why fear? i don't know. May be not enough confidence in setup or may be too much risk on the the particular trade.

Sorry can't really help you here.
  • #135,134
  • May 28, 2015 4:49am May 28, 2015 4:49am
Quoting g_j_hook@yah
Early call but if we get a good strong close on it we have a 4h pin forming on eu/us on some half decent PPZ it would have been better with a longer spike testing the order flow under the 1.0800 level but lets see wot happens...??? jon
Hi Jon,

I've been recently watching developing on H4/H1 some trades I was in.

I couldn't help noticing the triangle consolidation / break out pattern you detailed in your other threads. It is amazing how simple but effective it is especially when coupled with higher timeframes S/R levels

I found it very comfortable to add some low risk positions to the trade I was in, just to add a few extra pips here and there. Can't say the breakout point is never re-tested, but the few ones that are not stopped at breakeven are quite nice

thanks
Slow & steady
  • #135,135
  • Edited 4:12pm May 28, 2015 5:01am | Edited 4:12pm
Quoting g_j_hook@yah
{quote} i liked that 1h pin on eu/jeppy also! No suprise it bounced off the 1.3400 level eh!!?? hope you had it covered bro happy hunting jon
Hey Jon. I took profit at 1st target on that pair and GBP/JPY h1. lucky I did as they soon went against me stopping out my BE.

GBP/AUD H1. PB rejecting weekly/ monthly highs at S/R zone. Sell. See how she goes. G

EDIT: stopped out for a loss. Note to self. Stop trying to pick tops in an uptrend. Wait for trend to confirm reversal or, buy on a significant pullback. Doh!

Attached Image (click to enlarge)
Click to Enlarge Name: GBPAUDH128515.png Size: 30 KB


AUD/NZD D1. Finally breaking lower.

EDIT: out for 130 + pips.

Attached Image (click to enlarge)
Click to Enlarge Name: AUDNZDDaily28515.png Size: 34 KB


GBP/JPY H1 Take 2! 1st target hit. BE. What goes up must come down? Let's see.

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'Fail to plan, plan to fail'
  • #135,136
  • Edited 8:18am May 28, 2015 6:10am | Edited 8:18am
Quoting Guitarbloke
{quote} Hey Jon. I took profit at 1st target on that pair and GBP/JPY h1. lucky I did as they soon went against me stopping out my BE. GBP/AUD H1. PB rejecting weekly/ monthly highs at S/R zone. Sell. See how she goes. G {image} AUD/NZD D1. Finally breaking lower. {image} GBP/JPY H1 Take 2! 1st target hit. BE. What goes up must come down? Let's see. {image}
Nice trades on H1! Nothing for me on H4 today so far.



BTW guys, do you use or think it is a good idea, to use an indicator that draws S&R/S&D levels? I currently have a couple on my charts, and I'd like to know your opinion. Levels seem to be precise, sometimes they hold, sometimes not like all levels. They help a lot to spot levels I could miss.


EDIT: Damn, I'm passing onto some trades, because I see PA for example above a support, and bam, it goes down, and viceversa. So frustrating!!
Had to be me. Someone else might have gotten it wrong.
  • #135,137
  • May 28, 2015 6:15am May 28, 2015 6:15am
Quoting Dariusek
{quote} For now I still have pending sell stop order @6290. If price will move above PB, I will close my order. I very rare place SL to BE. If I have profit I would like to set SL in good place even if it means small loss or small profit. On screen I marked my plans about USDTRY trade. So as You can see, I prefer long term trades rather than short scalps. {image}
With that annotated chart it all makes sense.
I was stopped just beyond the left eye (erroniously called it 'shoulder' before).

I still think the location is great, so I'll be interested in how this trade works out for you.
Maybe - provided bearish PA - I'll look to trade this location once more.

Good luck!
Donaciello
It's a sport, an artform and a science.
  • #135,138
  • May 28, 2015 8:12am May 28, 2015 8:12am
[quote=zamfir;8288753]{quote} For this , you must develop patience and trust in your setup and analysis. There is no way else , you can't just do an automated SL trail or move it whenever you like. Let the trade work out , give it time. If you are moving SL too early this indicates fear. Why fear? i don't know. May be not enough confidence in setup or may be too much risk on the the particular trade. Sorry can't really help you here.[/quote
Thanks for your response. ..I am trying to increase my confidence level and patience. .

Adhav
  • #135,139
  • May 28, 2015 8:14am May 28, 2015 8:14am
Yeah Iam so happy. Fortunately I could catch a new loosing trade.
For days i did not trade and looked for a setup with patience, what a great effort.
Then this nice USD-ZAR short setup popped up, daily pinbar at a trendline.
Stop loss right above the last 3 week and yesterdays highs.
And since the USD GDP is forecasted to decline and unemployement claims increase,
the demand for dollars is firm. Yes.
Firm to produce the strongest 4H up bar in 3 weeks and a new 3 week high, wonderful.
Sometimes it feels like there are only two trades to choose from in the whole forex market. Dollar short or long.
Attached Image(s) (click to enlarge)
Click to Enlarge Name: USD-ZAR D1a.png Size: 25 KB
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Click to Enlarge Name: USD-ZAR D1c.png Size: 32 KB
  • #135,140
  • May 28, 2015 8:29am May 28, 2015 8:29am
Quoting Kershey
Yeah Iam so happy. Fortunately I could catch a new loosing trade. For days i did not trade and looked for a setup with patience, what a great effort. Then this nice USD-ZAR short setup popped up, daily pinbar at a trendline. Stop loss right above the last 3 week and yesterdays highs. And since the USD GDP is forecasted to decline and unemployement claims increase, the demand for dollars is firm. Yes. Firm to produce the strongest 4H up bar in 3 weeks and a new 3 week high, wonderful. Sometimes it feels like there are only two trades to choose from...
[/sarc]?

Suck when trade go against you from the very first pip.
Don't let it get you down though; there's usually a lesson to be learned from them.

So you shorted USD/ZAR, which has a great carry. Beware, there's a reason these currencies are so high yielding (ZAR, but also TRY, INR, etc.).
This is not a pair I'd like to short, absent a Superstrong story.
Your downsloping Trendline is unconfirmed, the pinbar didn't have a long tail and without the downsloping TL, this thing looks rather rangebound to me.
The PPZ beyond which your SL was located is a good catch I think.
This Pinbar barely poked through it and ideally I would have liked to see the Left-eye be just just below it, with the pinbar poking far through, closing back below.
It's a sport, an artform and a science.
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