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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

  • #135,461
  • Edited 6:59am Jun 24, 2015 6:42am | Edited 6:59am
Quoting Aelgen
{quote} 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...
Hi Aelgen. Thanks for your comments. I get lucky sometimes.

1. BEOVB = Bearish outside vertical bar. Vertical as opposed to horizontal (Jims terminology).

2. "3-4 pips shy is ok sometimes on the daily and maybe H4" is what Jim said many years ago in the early pages of this thread. You will likely find these words if you follow links in post 1 page 1. Probably best not to use this advice though, as you could easily start to get too loose and take incorrect PA signals.

3. On reflection, that pinbar trade had a sloppy and dangerous entry in my opinion, as we were still in a strong uptrend and who's to know if now is when it would reverse. I entered on a smaller time frame bearish PA, but there were other factors I considered such as the PA story before entry. Remember smaller time frames are less reliable. Best to stick to Daily, weekly, or sometimes H4. Next time I see such a set-up I will give more thought to entering on close of PB.

Appreciate the questions, Thanks. GB
'Fail to plan, plan to fail'
  • #135,462
  • Jun 24, 2015 6:44am Jun 24, 2015 6:44am
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...
Thanks Z, it's quite amazing isn't it Glad to have nice folks hanging around like yourself that's what keeps things great especially for the new traders coming in the thread is huge and daunting to even get going for most
  • #135,463
  • Jun 24, 2015 6:51am Jun 24, 2015 6:51am
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}
way to go Jloo! That's a great first post and trade you took.

Welcome to the thread

Mike
  • #135,464
  • Jun 24, 2015 6:53am Jun 24, 2015 6:53am
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...
welcome to the thread oble and very glad to hear you taking all the right steps and especially demoing! This is key for ALL new folks and you are doing the right thing

Great job on your first trade too, you played it VERY correct because of the type of trade it is which is price stuck in a box.

We can see a larger box forming and you are in the lower portion trading into the midpoint of the larger box. That midpoitn is always a trouble area or a PPZ(you'll see more as you go). It's key to always recognize the type of environment you are trading in. This will impact greatly the trade mgmt side of things which a lot of people find troublesome

Again welcome and great job

Mike
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  • #135,465
  • Jun 24, 2015 7:07am Jun 24, 2015 7:07am
Hi All,

looking Short on GBPUSD

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  • #135,466
  • Jun 24, 2015 7:13am Jun 24, 2015 7:13am
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...
Thanx GB, love seeing big moves like that being announced before hand!?!?

Nive trade on the eu/nz! that was a PB begging to be taken imho


happy hunting

jon
PATIENCE... DISCIPLINE
  • #135,467
  • Jun 24, 2015 7:17am Jun 24, 2015 7:17am
Quoting g_j_hook@yah
{quote} Thanx GB, love seeing big moves like that being announced before hand!?!? Nive trade on the eu/nz! that was a PB begging to be taken imho happy hunting jon
'Fail to plan, plan to fail'
  • #135,468
  • Jun 24, 2015 7:29am Jun 24, 2015 7:29am
Quoting Adhavan
Hi All, looking Short on GBPUSD {image}
Hi Adhavan. Looks good. I'm in this trade too. Where was your entry? I couldn't make it out on your chart.

If I draw a fib on the weekly chart, price has reversed pretty much right at the .50 level. My next target is 1.5610 just above the .38 fib level which also coincides with the next major support at around 1.5550. Good trading. GB
'Fail to plan, plan to fail'
  • #135,469
  • Jun 24, 2015 7:58am Jun 24, 2015 7:58am
Quoting Guitarbloke
{quote} Hi Aelgen. Thanks for your comments. I get lucky sometimes. 1. BEOVB = Bearish outside vertical bar. Vertical as opposed to horizontal (Jims terminology). 2. "3-4 pips shy is ok sometimes on the daily and maybe H4" is what Jim said many years ago in the early pages of this thread. You will likely find these words if you follow links in post 1 page 1. Probably best not to use this advice though, as you could easily start to get too loose and take incorrect PA signals. 3. On reflection, that pinbar trade had a sloppy and dangerous entry in...

Thanks a lot for your answers, makes sense. I'll go back and look through some of the old material (again) to refresh my memory!
  • #135,470
  • Jun 24, 2015 8:15am Jun 24, 2015 8:15am
Quoting Aelgen
{quote} Thanks a lot for your answers, makes sense. I'll go back and look through some of the old material (again) to refresh my memory!
No worries friend.
'Fail to plan, plan to fail'
  • #135,471
  • Edited 5:47pm Jun 24, 2015 9:02am | Edited 5:47pm
EUR/AUD H4. BUOVB. Having a crack at trading this box. Sideways consolidation in uptrend. Could've entered earlier, but entry at 1.45100 as I wanted to enter after 1.45000. 1st. target at FTA. Fasten your seatbelts. Could be a bumpy ride. I'm more confident trading this box long than short. See how we go.

EDIT: First target hit. BE. Not expecting much more but profit locked, so no worries.

EDIT: Stopped out. Still took profit.

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'Fail to plan, plan to fail'
  • #135,472
  • Jun 24, 2015 9:35am Jun 24, 2015 9:35am
Quoting Guitarbloke
{quote} Hi Adhavan. Looks good. I'm in this trade too. Where was your entry? I couldn't make it out on your chart. If I draw a fib on the weekly chart, price has reversed pretty much right at the .50 level. My next target is 1.5610 just above the .38 fib level which also coincides with the next major support at around 1.5550. Good trading. GB
Hi Guitarbloke,

I expect that price rejection at 1st FTA @ 1.58055 and close below daily support. ( Price doing the same now ) My entry would be right below of 2nd FTA for safe entry. My TP would be 1.55180 which is daily PPZ with Trend line support.

Adhav
  • #135,473
  • Jun 24, 2015 9:52am Jun 24, 2015 9:52am
Quoting Adhavan
{quote} Hi Guitarbloke, I expect that price rejection at 1st FTA @ 1.58055 and close below daily support. ( Price doing the same now ) My entry would be right below of 2nd FTA for safe entry. My TP would be 1.55180 which is daily PPZ with Trend line support. Adhav
Thanks for your explanation Adhav. Price sure is moving down now. Let's hope it keeps going! All the best GB
'Fail to plan, plan to fail'
  • #135,474
  • Jun 24, 2015 11:56am Jun 24, 2015 11:56am
a touch trade from me today

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  • #135,475
  • Jun 24, 2015 12:26pm Jun 24, 2015 12:26pm
Quoting FrenchPips
{quote} 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...
Quoting Guitarbloke
{quote} 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.
Thanks guys! I set my initial stop loss at the bottom of the dblhc. In hindsight, I guess it was a pretty big stop loss. I did position size my trade so that if my trade gets stopped, it would have been the 2% risk that I determined as my risk amount per trade. I then moved the stop to BE when the trade moved 30 pips in my favour, and took partial profit. I then set the take profit for the rest of my position at the same level you described, which coincides with the 76% fib ret of the larger swing high between May 14th and June 5th, which suggested to me that there will likely be some resistance there. I feel better now that my thought process was on the right track.

Quoting mbqb11
{quote} welcome to the thread oble and very glad to hear you taking all the right steps and especially demoing! This is key for ALL new folks and you are doing the right thing Great job on your first trade too, you played it VERY correct because of the type of trade it is which is price stuck in a box. We can see a larger box forming and you are in the lower portion trading into the midpoint of the larger box. That midpoitn is always a trouble area or a PPZ(you'll see more as you go). It's key to always recognize the type of environment you are...
Thanks for illustrating the box. I learn something new again! The end result of this trade was 30 pips profit for half of the position, and 60 pips profit for the other half of the position.
  • #135,476
  • Jun 24, 2015 12:34pm Jun 24, 2015 12:34pm
Good Afternoon guys, loving this thread, my learning is increasing rapidly just by observing how you guys are operating. I have a question, I am in on a couple of trades on the daily and making good pips, 100 on one and 50 on another. My question is about moving the stop loss, what rules should i look to employ when analyzing my trades progression and keeping said trades safe but able to breathe a bit?

On the 50 pip winner so far i am break even and on the 100 pip i am at 50%.

Many thanks in advance for any advice that should come my way.

  • #135,477
  • Jun 24, 2015 12:41pm Jun 24, 2015 12:41pm
Looks like a BUOB on USD/CAD daily signalling potential continuation of the upward trend started by the pin bar on June 18th, but running it's into a trouble area where it was a previous support for quite a number of days and it almost matches the 61% fib ret (I may have drawn my fib ret the wrong way around?). I think I'm going to sit on the sideline on this one as I'm not too confident about it but it would be interesting to learn if there's any potential play. Would it still be considered a high quality trade playing a break upwards of the trouble area into the most recent swing high? Also, is this outside bar considered too large for placing a reasonable initial stop loss?
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  • #135,478
  • Jun 24, 2015 5:51pm Jun 24, 2015 5:51pm
Quoting oble
{quote} {quote} Thanks guys! I set my initial stop loss at the bottom of the dblhc. In hindsight, I guess it was a pretty big stop loss. I did position size my trade so that if my trade gets stopped, it would have been the 2% risk that I determined as my risk amount per trade. I then moved the stop to BE when the trade moved 30 pips in my favour, and took partial profit. I then set the take profit for the rest of my position at the same level you described, which coincides with the 76% fib ret of the larger swing high between May 14th and June 5th,...
'Fail to plan, plan to fail'
  • #135,479
  • Edited Jun 25, 2015 7:39am Jun 24, 2015 6:06pm | Edited Jun 25, 2015 7:39am
GBP/JPY D1. BEOVB/PB Rejecting BRN W1 S/R zone of 195-196.000 area. Fib drawn on W1 chart shows price turning in between 61.8 and .50 zone. 2 orders set below break of bar as hopefully a safer more conservative entry. However I will also watch for retrace if order not triggered and look to get in at a better price.

EDIT: Hit 1st target. took profit. Stopped out at BE. No probs. I still have a bearish bias on this pair. Will wait and see what PA does from here.

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'Fail to plan, plan to fail'
  • #135,480
  • Edited 8:09pm Jun 24, 2015 7:13pm | Edited 8:09pm
Quoting Bladerunn3r
Good Afternoon guys, loving this thread, my learning is increasing rapidly just by observing how you guys are operating. I have a question, I am in on a couple of trades on the daily and making good pips, 100 on one and 50 on another. My question is about moving the stop loss, what rules should i look to employ when analyzing my trades progression and keeping said trades safe but able to breathe a bit? On the 50 pip winner so far i am break even and on the 100 pip i am at 50%. Many thanks in advance for any advice that should come my way.
Hey Bladerunnr,

Still an ongoing question for me too. There is some solid info around this on one or more of the links on page 1, post 1. You will find many other jewels there on your search. Mike has also posted excerpts from J16 webinars on this subject too, if you search his posts here he posted a video a few weeks ago I think. You'll have to look for it. Also Check out the free stuff at the private forum or you tube.

EDIT: P.S. For me (still a beginner), I like to try to keep at least a 50-60 pip buffer on the trades that run, and/or manually trail my SL just above the high or low of the previous H4 bar. Depends on your risk appetite/plan. Just my style. Good trading, GB.
'Fail to plan, plan to fail'
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