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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

  • #135,301
  • Jun 7, 2015 1:03pm Jun 7, 2015 1:03pm
Quoting mbqb11
{quote} Hey Rex Their are some slight differences but overall your approach can be nearly identical. I watch about 80-90 FX pairs on the daily/weekly/monthly about half of then on the 1hr/4hr and I watch the russell 3000 on weekly and monthly The biggest thing for me with stocks is to watch the weekly/monthly charts. Daily charts often have gaps and the overall price action is not smooth like an FX chart. Some of the differences really are in low leverage for FX even on margin, and liquidity issues. Sometimes brokers won't have shares available...
thx for your answer mike. I haven't responded earlier, but I took your words of advice. My past week has not been to good, but I am trying to put all the pieces together and trying to understand all the little nuances. I enjoy looking at the charts with the j16 and price action method. It is really quiet different from how I used to trade. hopfefully, the adjusting period will not take too long, but I also underdtand that making money in trading is not done after a few weeks.

thanks
Rex
  • #135,302
  • Jun 7, 2015 5:19pm Jun 7, 2015 5:19pm
Weekly EURCAD wick fill:
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Moved the SL up a bit already and I'm looking to cut it further if price hits the FTA.
It's a sport, an artform and a science.
  • #135,303
  • Jun 7, 2015 10:32pm Jun 7, 2015 10:32pm
Quoting srt
{quote} CadJpy is the one I've been waiting for to go long. (A few posts above) Mike talks about trading into "traffic" vs. trading into "space". This is an example of that. You should watch the video he has explaining it. Look @ the long tails on the candles from the last few days. After price closed above 99, price traded down near 99 for 3 of 4 days but buyers stepped in pushing it higher closing above 99.5 each day. I'm waiting for an entry to go long on a pullback near 100. {image}
Quoting zamfir
{quote} {image}
Thanks you very much Zamfir and SRT for your valuable response and make me clear in Traffic and Space......

I will improve myself in future..


Adhav
  • #135,304
  • Jun 8, 2015 4:47am Jun 8, 2015 4:47am
GBP/USD intraday trade - BE now.

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  • #135,305
  • Jun 8, 2015 5:47am Jun 8, 2015 5:47am
Decent trade setup on the Dollar/Yen 4 hour time frame. Hammer with confluence (in direction of the trend and a bounce off of support). Enter at 50% retrace of the pin bar.
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  • #135,306
  • Jun 8, 2015 9:01am Jun 8, 2015 9:01am
Quoting RexTexas
{quote} thx for your answer mike. I haven't responded earlier, but I took your words of advice. My past week has not been to good, but I am trying to put all the pieces together and trying to understand all the little nuances. I enjoy looking at the charts with the j16 and price action method. It is really quiet different from how I used to trade. hopfefully, the adjusting period will not take too long, but I also underdtand that making money in trading is not done after a few weeks. thanks Rex
Great Rex, just spend time and learn from your mistakes. That's all trading is, just rinsing and repeating
  • #135,307
  • Jun 8, 2015 12:05pm Jun 8, 2015 12:05pm
GBP/CAD IB breakout. 1st target hit. BE.

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'Fail to plan, plan to fail'
  • #135,308
  • Jun 8, 2015 3:03pm Jun 8, 2015 3:03pm
Hi All,

This is my trade in this after learned some worthful experience. .
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Dear SRT, Zamfir and Mike,

Am I indenfied the factors in correct manner like FTA and Space. .

Here I mentioned the condition which I follow to enter the trade. .If it reach 80 % , I enter the trade... Correct me, if I am wrong anywhere....

Is the PA at swing high or low - 20 %
✔ Is it with the Trend ( Preferably ) - 20%
✔ Without Traffic or Consolidation and have room to move - 20%
✔ Is the Large &Valid PA ? - 20%
✔ Is price at a significant S/R level ? - 20%


Adhav
  • #135,309
  • Jun 8, 2015 3:57pm Jun 8, 2015 3:57pm
Quoting Adhavan
Hi All, This is my trade in this after learned some worthful experience. . {image} Dear SRT, Zamfir and Mike, Am I indenfied the factors in correct manner like FTA and Space. . Here I mentioned the condition which I follow to enter the trade. .If it reach 80 % , I enter the trade... Correct me, if I am wrong anywhere.... Is the PA at swing high or low - 20 % ✔ Is it with the Trend ( Preferably ) - 20% ✔ Without Traffic or Consolidation and have room to move - 20% ✔ Is the Large &Valid PA ? - 20% ✔ Is price at a significant...
Hi Adhavan,

I'll let Zamfir or Mike give a more detailed response but I'll toss in my quick view.
Uptrend momentum was lost when it broke the blue trendline so now ranging in a sideways channel IMHO.
***If I was going to trade it, I'd probably be looking for a long entry.
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  • #135,310
  • Jun 8, 2015 5:51pm Jun 8, 2015 5:51pm
Hello Traders, what do you think of these two possible entries ?

USD-CHF short after bearish outside bar.
The D1 close is under the last 2 weeks low, but is not very strong.

GBP-ZAR long after pin closed above PPZ.
Possible buy stop after break of 2 week highs.
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  • #135,311
  • Jun 9, 2015 12:03am Jun 9, 2015 12:03am
Quoting Adhavan
Hi All, This is my trade in this after learned some worthful experience. . {image} Dear SRT, Zamfir and Mike, Am I indenfied the factors in correct manner like FTA and Space. . Here I mentioned the condition which I follow to enter the trade. .If it reach 80 % , I enter the trade... Correct me, if I am wrong anywhere.... Is the PA at swing high or low - 20 % ✔ Is it with the Trend ( Preferably ) - 20% ✔ Without Traffic or Consolidation and have room to move - 20% ✔ Is the Large &Valid PA ? - 20% ✔ Is price at a significant...
Mike will be better able to give a even more detail response. I m just giving you my opinion.

Firstly , you are too focused on minor details like traffic / space ...etc.

what you need to do is take a step back and look at the market conditions. Market is ALWAYS in two conditions , either trending or sideways/consolidation.

you should be able to tell visually what the market is doing. There should be no confusion here.

Simple tip : if you cannot CLEARLY identify a trend , then the market is in consolidation/sideways phase. Most of the time you will find markets in this condition.

Taking AUD/JPY in this case , it is clearly in consolidation or sideways.

Once you have identified trend or sideways condition, then you draw your Major PPZs. Drawing PPZs again depends on what market condition we are in so we can enter at the best possible location. Drawing PPZs all over the place will not help.

After you have done these two simple steps - Identifying market conditions and major PPZs, then you can focus on the minor details to improve your odds. Then look for bar confirmations at your PPZs and if you get a break of the bar confirmations , then look where it is headed. Jim has done this exercise many many times , I suggest you practice that.

Its quite hard to explain this stuff in a post. Hope my posts makes some sense.

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  • #135,312
  • Jun 9, 2015 1:30am Jun 9, 2015 1:30am
AUD/JPY H4. PB rejecting BRN 96.000 1st target/TA hit. BE. May struggle a little from here. No matter, profit taken. Let's see.

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'Fail to plan, plan to fail'
  • #135,313
  • Jun 9, 2015 1:55am Jun 9, 2015 1:55am
Hi guys,

Would really appreciate some feedback on this trade that I took yesterday. I ended up getting stopped out by a couple of pips and now price has reversed a bit, will see what it does during the day.

NZDUSD - 4H - short
My reason for entering is: downtrend, big BEOB engulfing previous 5 bars with fairly strong close below support that has been well respected in the past. I decided to enter on a retrace to the support area by setting a sell order right at the previous support/resistance. FTA is previous lows.

Any input will be greatly appreciated!

Thanks!

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  • #135,314
  • Jun 9, 2015 4:57am Jun 9, 2015 4:57am
Quoting Aelgen
Hi guys, Would really appreciate some feedback on this trade that I took yesterday. I ended up getting stopped out by a couple of pips and now price has reversed a bit, will see what it does during the day. NZDUSD - 4H - short My reason for entering is: downtrend, big BEOB engulfing previous 5 bars with fairly strong close below support that has been well respected in the past. I decided to enter on a retrace to the support area by setting a sell order right at the previous support/resistance. FTA is previous lows. Any input will be greatly appreciated!...
Hi,

I am sure others will give you more details, but in short, you are selling at a swing low.
Trend is clearly down so the best option is to sell on a retrace: price goes down, turns back up, consolidate a bit - and prints the BEOB you were wating for.

You may have a look at Aserbfx post a few posts above: same situation in an uptrend, he waits for price to retrace to a former PPZ and then either wait of a price action signal or enter a touch trade.

It is possible to buy at a swing high and sell at a swing low, when price breaks through a confluenced area and/or a pattern. Either enter at the break or wait for a retest of the broken area.

Not sure if it is clearly put...

Take care
Slow & steady
  • #135,315
  • Jun 9, 2015 5:07am Jun 9, 2015 5:07am
Quoting Donaciello
Weekly EURCAD wick fill: {image} Moved the SL up a bit already and I'm looking to cut it further if price hits the FTA.
Good work D. Looks like this trade worked out well for you.
  • #135,316
  • Jun 9, 2015 6:03am Jun 9, 2015 6:03am
Quoting patapouer
{quote} Hi, I am sure others will give you more details, but in short, you are selling at a swing low. Trend is clearly down so the best option is to sell on a retrace: price goes down, turns back up, consolidate a bit - and prints the BEOB you were wating for. You may have a look at Aserbfx post a few posts above: same situation in an uptrend, he waits for price to retrace to a former PPZ and then either wait of a price action signal or enter a touch trade. It is possible to buy at a swing high and sell at a swing low, when price breaks through...
Thanks for your feedback Patapouer!
But in my view what you are suggesting is exactly what i did? Price was consolidating, then broke down below the support with a strong BEOB. I then waited for price to retest the previous support now resistance and sold at that area when price came up.
Or am I misunderstanding what you mean?
  • #135,317
  • Jun 9, 2015 6:22am Jun 9, 2015 6:22am
Quoting Aelgen
Hi guys, Would really appreciate some feedback on this trade that I took yesterday. I ended up getting stopped out by a couple of pips and now price has reversed a bit, will see what it does during the day. NZDUSD - 4H - short My reason for entering is: downtrend, big BEOB engulfing previous 5 bars with fairly strong close below support that has been well respected in the past. I decided to enter on a retrace to the support area by setting a sell order right at the previous support/resistance. FTA is previous lows. Any input will be greatly appreciated!...
Aelgen,

When price retraced to the support area, there was no confirmation of resistance. Had it given a bar confirmation then you could go short.

My guess is that you were trying to play a touch trade. For a touch trade you need a good amount of confluence.

e.g if we had a round number on that support turned possible resistance along with some Trendline or 50/61 fib retrace, then you probably had higher chance of the trade working out.

Hope this helps.
  • #135,318
  • Jun 9, 2015 7:09am Jun 9, 2015 7:09am
Quoting srt
{quote} CADJPY Update: Above 100 so next week I'll look to buy on a retrace to 100. ***Good labor report today for Canada. {image}
CADJPY Update:

Long triggered @ 100.07
  • #135,319
  • Jun 9, 2015 7:40am Jun 9, 2015 7:40am
Beautiful divergence setup on CHF/JPY. Entry a little late but BE now.

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USD/CAD Daily - BE now.

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  • #135,320
  • Jun 9, 2015 9:00am Jun 9, 2015 9:00am
hello guys,

great job everyone for posting good trade setups and comments.

I was away for a while and would like to ask this.

Jim was talking about launching of a new trading site. Is this site operating and if it is , how can one get access to it.

thank you
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