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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

  • #135,441
  • Jun 22, 2015 10:53pm Jun 22, 2015 10:53pm
Hey guys, first time posting on the forum. A trade i took on USDCAD daily, stops are at BE. - only had 1% risk on this trade as S/R and Fib wasnt perfect

- Huge pin bar
- Small S/R level
- Daily Pivot point (S2)
- Fib retrace

Any thoughts and advice would be appreciated !!
Attached Image (click to enlarge)
Click to Enlarge Name: USDCAD Daily long.png Size: 50 KB
  • #135,442
  • Jun 22, 2015 11:00pm Jun 22, 2015 11:00pm
Quoting aserafino
You did not take all inside bars that formed on your charts. Are those the buts? {quote}
The criteria for taking IB or any pattern is simple. see the attached pdf. Its already posted in this thread.

Attached File(s)
File Type: pdf PriceActionSetups.pdf   42 KB | 2,072 downloads
  • #135,443
  • Jun 22, 2015 11:05pm Jun 22, 2015 11:05pm
Quoting Guitarbloke
Zamfir, you are generous sharing that strategy. Will check it out. 300 pips per month is nothing to sneeze at. I'm up for the challenge! Thanks friend. Great to see you dropping in as usual Mike. Your posts and presence are always super appreciated. 10 years on and this thread looks as strong and healthy as ever. The vibe here is friendlier/more constructive and positive than many paid trading forums I've been on/am a part of, and it's bloody free. The vibe and people here demonstrate a sense of hope that trading can be profitable. A diamond in...
Hey GB,

Yes, i have been here a while and learned a lot. I wanted to give back something to the thread.

The objective of this challenge is see how disciplined you are executing a simple PA month after month. I mean, if you cannot execute a simple PA with discipline , there is no way you can execute a advanced PA strategy with tons of rules and criteria even after you have learned a ton of price action.

I m just trying to keep things simple and see how it goes for the people who want to improve on their discipline.

Also the 300pips/mo is only for the dragon , because it really moves with fire... Can't say the same about other pairs. hehe.
  • #135,444
  • Jun 22, 2015 11:05pm Jun 22, 2015 11:05pm
Thanks for the link but I know what inside bars are and how they should look like. The thing I wanted tonsax is that you did not take all inside bars on your posted charts. For example see the inside bar in consolidation boxes. When you say trade all inside bar, whx did you not take the ones in consolidation?

Quoting zamfir
{quote} The criteria for taking IB or any pattern is simple. see the attached pdf. Its already posted in this thread. {image}
  • #135,445
  • Jun 23, 2015 1:10am Jun 23, 2015 1:10am
Quoting zamfir
Today i m going to share a very simple PA strategy. Those who want to make an average of 300-400p/month on one pair. This is for you. But hehe there is always a but, you need the discipline to take the entries and exits and do it month after month. This is where most of you will fail. Strategy is as follows 1. Take every Inside bar/Pin bar/Outside Bar regardless of where they appear on the 4hr. Make sure the bar confirmation are picture perfect. 2. Enter on the break of the bar and exit on 1:1 R/R. So if the bar is 80 pips, exit with 80 pips. That's...
Zamfir, love ya! Thanks for the incentive, I am in 100%. Probably due to diff. feeds, our 4H PA will look a little different, but cant wait to start posting trades together with the others and analyze them.
Market can stay irrational longer than you can stay solvent.
  • #135,446
  • Jun 23, 2015 1:36am Jun 23, 2015 1:36am
Quoting aserafino
Thanks for the link but I know what inside bars are and how they should look like. The thing I wanted tonsax is that you did not take all inside bars on your posted charts. For example see the inside bar in consolidation boxes. When you say trade all inside bar, whx did you not take the ones in consolidation? {quote}
Can you give me an example.

Oh yea few guidelines which i follow that i forgot to mention. This is just something i have a habit when i look for IB. I just assumed people would know it. Sorry about that

When taking a IB ,

1. Make sure you are not going against a big spike or a big trend bar. so when you see a IB right after a big spike or a big trend bar it , the IB means a pullback in a trend and not necessarily a reversal. Most cases the price action just before IB should be weak for a reversal.
2. IB can come after a prolonged trends and then you have a spike or trend bar. The spike/trend bar AFTER a prolonged trend is exhaustion , so IB in this case will indicate a reversal and not a pullback.
3. I also look to take the entry right after the bar confirmation and if that doesn't happen I close the trade. This doesn't mean however that the trade will not work. Its just something i do out of habit.

you can choose to follow the 3 point if you feel comfortable or not.

I will try to give examples of point 1 and 2.

In anycase , aserfino let me know which IB i did not take and i will tell you why i did not take them. So sorry i made the assumptions.
  • #135,447
  • Jun 23, 2015 2:37am Jun 23, 2015 2:37am
Quoting zamfir
{quote} Can you give me an example. Oh yea few guidelines which i follow that i forgot to mention. This is just something i have a habit when i look for IB. I just assumed people would know it. Sorry about that When taking a IB , 1. Make sure you are not going against a big spike or a big trend bar. so when you see a IB right after a big spike or a big trend bar it , the IB means a pullback in a trend and not necessarily a reversal. Most cases the price action just before IB should be weak for a reversal. 2. IB can come after a prolonged trends...
Very helpfull. Do you have any guidelines you follow also for Outside bars and Pin Bars? Thanks, mate
  • #135,448
  • Jun 23, 2015 3:01am Jun 23, 2015 3:01am
Quoting wellard
{quote} Very helpfull. Do you have any guidelines you follow also for Outside bars and Pin Bars? Thanks, mate
For outside bars,

Make sure they are not huge. Those huge OB like 100+ pips are trend bars and you will have to set your SL way below because after such a huge move markets will pullback and during the pullback your SL can get taken out thinking that since its a huge bar i can place my SL at half the bar or less. So try to avoid huge OB.


For Pinbars,

1.Make sure the body is as small as possible. I don't quite understand why this is but pinbars with slightly bigger bodies tend not to work even though you may have a big nose. smallest body like that of a doji bar and long nose is an ideal pin.
2. Also see that the close of pin is below open for bearish pin and vice versa for bullish.Again i don't quite understand this but from experience the pin that don't do this generally don't work so well.

Generic rule for all three patterns , don't go against a big trend bar for obvious reasons.
  • #135,449
  • Jun 23, 2015 3:16am Jun 23, 2015 3:16am
Quoting zamfir
{quote} For outside bars, Make sure they are not huge. Those huge OB like 100+ pips are trend bars and you will have to set your SL way below because after such a huge move markets will pullback and during the pullback your SL can get taken out thinking that since its a huge bar i can place my SL at half the bar or less. So try to avoid huge OB. For Pinbars, 1.Make sure the body is as small as possible. I don't quite understand why this is but pinbars with slightly bigger bodies tend not to work even though you may have a big nose. smallest body...
Thanks again, you are doing here great job last weeks! Thanks for sharing
  • #135,450
  • Jun 23, 2015 7:17am Jun 23, 2015 7:17am
Quoting g_j_hook@yah
hi guys, anyone lookin at the W1 aud/nz bullish engulfing bar coming off parity(almost). gotta be worth keepin an eye on. guy

hi Guys
anyone remember this post?? check out the chart now, im talking about the weekly BUOB on the 20th-27th April, these kind of moves are the ones that can make accounts!! Price showed a DB bottom on the daily and clear signs of exhaustion on the weekly ending with the BUOB.
cant save the chart or post it for some reason!? could somebody please post a weekly AUD/NZD chart for me? just wanna highlight how good the PA signals, and the rest of the info taught on this thread can be...
cheers

happy hunting

jon
PATIENCE... DISCIPLINE
  • #135,451
  • Jun 23, 2015 7:25am Jun 23, 2015 7:25am
Quoting Jloo
Hey guys, first time posting on the forum. A trade i took on USDCAD daily, stops are at BE. - only had 1% risk on this trade as S/R and Fib wasnt perfect - Huge pin bar - Small S/R level - Daily Pivot point (S2) - Fib retrace Any thoughts and advice would be appreciated !! {image}
Welcome Jloo! Any relation to the Hollywood star? We spoke about this PB here last week. I didn't take it as the trend looked down and too bearish, but looks like it paid off. I would've preferred to take it if it was lower around next support zone, but what do I know? lol. Good job.

Thanks Zamfir! Much appreciated friend.

100 + Pips locked on EUR/NZD. GBP/USD looks to be set to move with a bit of room to fall. Lets hope it's in my direction.....south. GB.
'Fail to plan, plan to fail'
  • #135,452
  • Jun 23, 2015 7:53am Jun 23, 2015 7:53am
Quoting g_j_hook@yah
{quote} hi Guys anyone remember this post?? check out the chart now, im talking about the weekly BUOB on the 20th-27th April, these kind of moves are the ones that can make accounts!! Price showed a DB bottom on the daily and clear signs of exhaustion on the weekly ending with the BUOB. cant save the chart or post it for some reason!? could somebody please post a weekly AUD/NZD chart for me? just wanna highlight how good the PA signals, and the rest of the info taught on this thread can be... cheers happy hunting jon
AUD/NZD W1. Hey Jon. Yep, nice move up. I'm short right now on the H4 BEOVB off W1 resistance and 100 fib level. Trading into a bit of traffic, but if it get's through it has plenty of room to fall. Here's the weekly chart. Sorry it's a bit messy with fibs and a couple of orders on it. GB.

Attached Image (click to enlarge)
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'Fail to plan, plan to fail'
  • #135,453
  • Jun 23, 2015 8:29am Jun 23, 2015 8:29am
Quoting oxygn
{quote} Thanks for the advice turnip. I have started and slowly making my way thru this valuable thread. Waiting for the relaunch of the new pf to accelerate my learning.
Excellent -it is well worth taking your time to read from the beginning -then pop to the end threads now and again to keep up to date. But you will find much of what you need in the first 150 pages. Good luck and keep reading -it is worth it.
every Saint has a past. Every Sinner has a Future
  • #135,454
  • Jun 24, 2015 2:19am Jun 24, 2015 2:19am
Hi all

I'm new to Forex and stumbled across this thread. I have been interested in Forex for a few years but lack of funds and knowledge, despite reading up on things here and there over the years, I was still relatively clueless. Opened a demo and a live account a couple of years back, but it didn't work out so I ended up stopping altogether after losing 10% of my account within a month without knowing what I was really doing.

But wow, this thread is a real gem. I have used some of the links from the first page to read up on posts here and there as well as started reading page by page from the beginning (only been through a dozen or so pages, and many more to go), but I have decided to demo while reading so that I can start applying some of the price action strategies. I have set a goal to focus on familiarising myself with a handful of PA setups and strategies, and hopefully through applying them religiously through demo for a few months I will become better and better.

My very first trade on my newbie demo account: USD/JPY daily, DBLHC off a support at 122.50, which happens to be very close to a 50% Fib ret. I entered the trade a little late, but I'm up 30+ pips atm, and I have closed half of my position and moved my stop to breakeven. I'm open to guidance and comments on this my very first demo trade.
Attached Image (click to enlarge)
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  • #135,455
  • Edited 6:04am Jun 24, 2015 5:17am | Edited 6:04am
Quoting oble
Hi all
Hi Oble - welcome to the thread

Just had a look at that daily chart and on my feed the lows were exactly the same, to the pip. Well spotted - I had my eye off the ball yesterday and didn't see it.

As to feedback, you said it already - late entry. There wasn't much of a retrace in to the previous day's range either so if you were waiting around to get a better entry, you would have struggled anyway.

The only other thing I would say is that personally, I'd also be using the fib from the June 5th high drawn down to the June 10th low. The move up you played stopped more or less at the 50% retracement of this fib. It did move up through the descending trendline shown on the 4hr but is just meandering along sideways between the 38.2 and 50 fibs, probably while waiting for direction from the US GDP this afternoon.

Given the levels discussed above, by the time you took your entry, there wasn't much meat left on the bone, and you did great to get the 30 pips in a way, considering it stopped at the 50% retracement, which is where you must have took partial profit, right ?

The other obvious problem with the late entry is where you then decide to have your stop - this may be a decent multi-day move in your direction, but while you wait to find out, you might see a retracement that makes your risk/reward less attractive. Perhaps use the fibs, the old trendline, and any support to define risk and define your remaining target.

Attached Image (click to enlarge)
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  • #135,456
  • Jun 24, 2015 5:19am Jun 24, 2015 5:19am
Quoting oble
Hi all I'm new to Forex and stumbled across this thread. I have been interested in Forex for a few years but lack of funds and knowledge, despite reading up on things here and there over the years, I was still relatively clueless. Opened a demo and a live account a couple of years back, but it didn't work out so I ended up stopping altogether after losing 10% of my account within a month without knowing what I was really doing. But wow, this thread is a real gem. I have used some of the links from the first page to read up on posts here and there...
Hey Oble. Welcome. Yes, you have landed in one of the best, if not the best thread in forex. Your trade looks good to me, good job. My only query would be since you entered late, where did/would you put your stop loss? Best wishes, GB.
'Fail to plan, plan to fail'
  • #135,457
  • Edited 5:37am Jun 24, 2015 5:25am | Edited 5:37am
GBP/USD H4. BEOVB (3 Pips shy, but I recall Jim saying 3 or 4 pips out on a 4H or D1 is ok). Took trade on retrace to 1.58000 BRN S/R zone as a '2nd chance' entry for a better price. Tight stop so low risk. Bearish PA story and the fact price closed below this level was enough confluence for me. 1st target hit. BE.

Attached Image (click to enlarge)
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EUR/NZD H1 PB. Let me take a second to brag and talk about me. . 230 pips locked. price at around 300 pips profit at the moment, but I'm not greedy. hehe. It was messy getting into this trade though. I lost a few bucks trying to pick the high. Now that's greedy! Must work on that stupid habit. Impatience. Trailing stop manually and letting it run. Next target just above 61.8 fib at 1.5610.

Attached Image (click to enlarge)
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'Fail to plan, plan to fail'
  • #135,458
  • Jun 24, 2015 5:44am Jun 24, 2015 5:44am
Quoting Guitarbloke
EUR/NZD H1 PB. Let me take a second to brag and talk about me. ........................ I lost a few bucks trying to pick the high.
I loved that trade and entry when I saw you post it. I was asking myself, how the heck did you get in there ? I reckon you were on the 1 min chart !!! Seriously, am impressed.
  • #135,459
  • Jun 24, 2015 6:15am Jun 24, 2015 6:15am
Quoting Guitarbloke
GBP/USD H4. BEOVB (3 Pips shy, but I recall Jim saying 3 or 4 pips out on a 4H or D1 is ok). Took trade on retrace to 1.58000 BRN S/R zone as a '2nd chance' entry for a better price. Tight stop so low risk. Bearish PA story and the fact price closed below this level was enough confluence for me. 1st target hit. BE. {image} EUR/NZD H1 PB. Let me take a second to brag and talk about me. . 230 pips locked. price at around 300 pips profit at the moment, but I'm not greedy. hehe. It was messy getting into this trade though. I lost a few bucks trying...
Very nice trades Guitarbloke!
Some questions if you don't mind:
1. When you write BEOVB, is that Bearish Outside Bar or is it some other PA bar? Just want to make sure since I've mostly only seen people write BEOB/BUOB.
2. in your BEOVB trade you say "3 pips shy, Jim says 3-4 pips is ok", I haven't seen this info myself but you mean that for Bearish/Bullish outside bars its alright to take them if they are just a few pips from entirely engulfing the previous bar?
3. Your pinbar trade, what was your entry trigger for this? Very nice trade

Thanks!!
  • #135,460
  • Jun 24, 2015 6:31am Jun 24, 2015 6:31am
Quoting FrenchPips
{quote} I loved that trade and entry when I saw you post it. I was asking myself, how the heck did you get in there ? I reckon you were on the 1 min chart !!! Seriously, am impressed.
Thanks FP, but nothing impressive really. I looked back and it appears I entered on the M15 chart after a bar closed bearish looking to reject 1.66000 level. My entry was a bit haphazard. Far safer and sensible to wait for a decent PA signal such as that H1 pinbar and enter after it closed. I was a little lucky really, as trade could've gone the other way. Analysing that trade has made me give more thought to my entry strategy for reversals. Good trading. GB
'Fail to plan, plan to fail'
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