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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

  • #135,561
  • Jun 30, 2015 7:38pm Jun 30, 2015 7:38pm
Quoting Guitarbloke
{quote} All the best with it. I hope this current chop isn't a PITA for too long and it doesn't reverse. EDIT: Ah hell, why not take the trade. H1 Breakout rejecting 0.95000 BRN. BE. Fonz, you would be smiling! {image} GBP/JPY H4. Blended candle creating a BUOVB off 192.000 S/R zone. Entered the dragon. 1st target hit. BE. Next target 196.000 area. EDIT: Stopped out at BE. took some profit so no probs. {image} EUR/USD H1. PB sell. PB closed bearish below BRN 1.12000 s/r level. Profits taken and locked in. BE. {image}
Looks like your in a nice gain too. Finally a trade that worked out for me for a 140 pip gain. That trade alone has given a boost to a losing trading month in June. I think marking out the areas of S/R, enter with a PA confirmation is something I have to very work hard towards and a trading journal is perfect for this. Saving a copy of the chart for a potential setup first and taking the time to review the quality of the trade is a great way to control my emotional tendency to just enter a trade.
  • #135,562
  • Jun 30, 2015 8:59pm Jun 30, 2015 8:59pm
Quoting Guitarbloke
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. {image}
I also saw this and took the same trade as my second ever demo trade. Entered at the break of the BEOVB but silly trade management plus stupidly placing a stop that was too tight caused me to lose the trade. Lessons on trade management learned. :S
  • #135,563
  • Jun 30, 2015 9:18pm Jun 30, 2015 9:18pm
Third trade of my demo account: USD/CAD BUOVB on 29th June formed off 38% Fib ret of the recent swing low, breaking above the 61% Fib ret and the support/resistance area around 1.2400 (confluence), signalling that the upward trend started by the pin bar was likely to continue upwards. Entered at the break of the high of the BUOVB, and then moved stop to BE and locked in half profit after price has gone 50 pips in my favour. Targeting around the top of the box for the rest of the trade.

Edit: just noticed that zamfir posted the same trade. lol
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  • #135,564
  • Jun 30, 2015 9:55pm Jun 30, 2015 9:55pm
Pinbar at 50% fib and support area. Will see what price does at potential trouble area. Hopefully it busts through to the top of the range. Appreciate any inputs. THank you.
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  • #135,565
  • Jul 1, 2015 1:06am Jul 1, 2015 1:06am
Quoting oxygn
Pinbar at 50% fib and support area. Will see what price does at potential trouble area. Hopefully it busts through to the top of the range. Appreciate any inputs. THank you. {image}
Hi Oxy. USD/JPY D1. If i can offer my student viewpoint. If your entry is at break of that bar at 122.786 you will be trading straight into BRN 123.000 and a lot of traffic when you look left. I've attached a H4 chart which shows some of that traffic in more detail. A lot of resistance just above your order, so I would proceed with caution. PB is at a good level and with uptrend, but is small. It may work out, but better to be trading into space not so much into so much traffic. If you were to have taken this trade on a retrace to say around 50% of PB, you would have more space to trade into. Best wishes GB.

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'Fail to plan, plan to fail'
  • #135,566
  • Edited 6:43am Jul 1, 2015 1:13am | Edited 6:43am
Quoting oble
Third trade of my demo account: USD/CAD BUOVB on 29th June formed off 38% Fib ret of the recent swing low, breaking above the 61% Fib ret and the support/resistance area around 1.2400 (confluence), signalling that the upward trend started by the pin bar was likely to continue upwards. Entered at the break of the high of the BUOVB, and then moved stop to BE and locked in half profit after price has gone 50 pips in my favour. Targeting around the top of the box for the rest of the trade. Edit: just noticed that zamfir posted the same trade. lol ...


AUD/CAD H1. PB off resistance and top of D1 trading range/box. Would've preferred PB to have closed bearish, but have seen these work before in such situations. Looking for bottom of range around 200 pips. 2 orders set as usual.

EDIT: 1st target hit. BE. Free trade.

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'Fail to plan, plan to fail'
  • #135,567
  • Jul 1, 2015 3:21am Jul 1, 2015 3:21am
Quoting Fonz28
{quote} Looks like your in a nice gain too. Finally a trade that worked out for me for a 140 pip gain. That trade alone has given a boost to a losing trading month in June. I think marking out the areas of S/R, enter with a PA confirmation is something I have to very work hard towards and a trading journal is perfect for this. Saving a copy of the chart for a potential setup first and taking the time to review the quality of the trade is a great way to control my emotional tendency to just enter a trade.
Sounds like a plan Fonzie. Good job.
'Fail to plan, plan to fail'
  • #135,568
  • Jul 1, 2015 4:06am Jul 1, 2015 4:06am
Quoting Guitarbloke
{quote} Hey Reza. I played the EUR/JPY gap which was similar. H4 PB Long from around 50% retrace of bar to resistance. Now I am short from TP level on a H1 breakout. Some good pips, but my other AUD/NZD trade is proving a little tricky. Best wishes, GB. EDIT: Stopped out on AUD/NZD for a loss. Stupid idea to look for a reversal in an uptrend with plenty of room to move further north. {image}
Hey GB,
thanks for your reply. so your your trade (Eur/jpy) actually was based on pinbar? i mean you played the pinbar and used gap to backup your trade? or you played GAP and just used pin bar for entry? hope i don't confuse you. anyway it was nice trade. about AUD/NZD you are right. its better to wait for retrace on a trend like that. take Care. Reza
  • #135,569
  • Jul 1, 2015 4:12am Jul 1, 2015 4:12am
Mike, GB and all the others, thanks for your great comments.
When some more time I will write a answer.

Meanwhile, I played the GBP data and took this GBP-CHF trade.
SL is break even now. I just wanted to illustrate a RR over 1:3.


Edit: TP hit.
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  • #135,570
  • Jul 1, 2015 5:40am Jul 1, 2015 5:40am
Quoting Reza.glm
{quote} Hey GB, thanks for your reply. so your your trade (Eur/jpy) actually was based on pinbar? i mean you played the pinbar and used gap to backup your trade? or you played GAP and just used pin bar for entry? hope i don't confuse you. anyway it was nice trade. about AUD/NZD you are right. its better to wait for retrace on a trend like that. take Care. Reza
No worries Reza. Yes, my EUR/JPY trade was purely based on the H4 PB and the fact it closed bullish and bounced off a key S/R level at 134.000. I also took advantage of the low price the gap presented.

Kershey, you look to be trading from a much better level in that trade. i.e. at a swing high. Good job.
'Fail to plan, plan to fail'
  • #135,571
  • Jul 1, 2015 7:37am Jul 1, 2015 7:37am
Quoting oxygn
Pinbar at 50% fib and support area. Will see what price does at potential trouble area. Hopefully it busts through to the top of the range. Appreciate any inputs. THank you. {image}
Nice trade oxygn. I saw that pinbar too. I didn't take it because the first eye extended to far down for my liking. But it bounced off of a retrace of those bar lows at 122.45 nicely. Nice job, good luck.

Kenny
  • #135,572
  • Jul 1, 2015 9:26am Jul 1, 2015 9:26am
Quoting Guitarbloke
{quote} Hi Oxy. USD/JPY D1. If i can offer my student viewpoint. If your entry is at break of that bar at 122.786 you will be trading straight into BRN 123.000 and a lot of traffic when you look left. I've attached a H4 chart which shows some of that traffic in more detail. A lot of resistance just above your order, so I would proceed with caution. PB is at a good level and with uptrend, but is small. It may work out, but better to be trading into space not so much into so much traffic. If you were to have taken this trade on a retrace to say around...
Thanks guitar bloke and precise. Yes I see that possible trouble area as well. So I am in a dilemma. If i tp at the trouble area, my rrr would be less than 1:1. I can improve rrr by entering on a retrace or reduce the sl, but I prefer to confirm the pinbar with a break of it and to have a sl below pb so as to give the trade some room to breathe.. Hmm... Maybe this is not such an ideal trade after all? Any suggestions to improve the entry, tp,sl of the trade?
  • #135,573
  • Jul 1, 2015 9:39am Jul 1, 2015 9:39am
Quoting oxygn
{quote} Thanks guitar bloke and precise. Yes I see that possible trouble area as well. So I am in a dilemma. If i tp at the trouble area, my rrr would be less than 1:1. I can improve rrr by entering on a retrace or reduce the sl, but I prefer to confirm the pinbar with a break of it and to have a sl below pb so as to give the trade some room to breathe.. Hmm... Maybe this is not such an ideal trade after all? Any suggestions to improve the entry, tp,sl of the trade?
Oxy. It's your money and your call friend. Stick to your trading plan. Protect your capital.

Hey Zamfir. Here's a trade on that H4 method you were talking about. Is this what you mean? Thanks, GB.

AUD/JPY H4 BEOVB.

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'Fail to plan, plan to fail'
  • #135,574
  • Edited 10:25am Jul 1, 2015 10:03am | Edited 10:25am
Quoting Guitarbloke
{quote} Oxy. It's your money and your call friend. Stick to your trading plan. Protect your capital. Hey Zamfir. Here's a trade on that H4 method you were talking about. Is this what you mean? Thanks, GB. AUD/JPY H4 BEOVB. {image}
Yes GB, that is correct. R/R = size of the PA bar.

you can do the same on daily also. I trade the daily's and i m up 100+ pips this week.

From my research , i see that on 4h you get about 5-6 setups and on average the strategy makes 150 pips. Now you make the same amount of pips trading just 2 setups on daily.

Most people never asked why the R/R is the size of the PA bar. The reasoning is that the R/R depends on the strength of the PA bar , so if you have a small PA bar , this likely indicates weak PA .Hence the R/R will be small so you have to take your profits quickly and if the size if the PA bar is big , that means we have a stronger signal and can expect a decent move and capture at a minimum 1:1 or more.

Also i want to point out to the people who have trouble with take profits and stops. Remember when you get a PA bar it means institutions are reversing the price , there could be hundreds of reasons why they could be doing this. So don't over analyze or dont limit yourself to taking PA bar just on PPZs/BRns/Confluence area. Nothing is certain in trading. Trouble areas can be broken or held , you will never know this in advance. But what we do know is that we need to satisfy the traders equation with a minimum of 1:1 on our trades to be net positive .After that let probabilities take care.

Another important note, when you spot a PA on your NEXT trade , the probability will ALWAYS be 50/50 no matter how much confluence you have or what you think about the setup in terms of probability.

you can have a 100% win rate but number of setups / month will be just 1 or 2. Is that acceptable to you , i don't know. however if you reduce you entry criteria , your probability reduces but increases the number of setups/month and you can never tell how much setup will give or if it will hold the trouble area or not. So these are purely subjective and depends on the trader.

So my suggestion to struggling newbies is experiment and find your own trading plan. Asking others about where to put Targets or stop won't help you. Some are comfortable taking 1:1 , some more. Some like to reduce their risk early on and some like to hold on. TP and SL depends on the trader and his a/c size.

Hope this post helps someone.
  • #135,575
  • Jul 1, 2015 10:07am Jul 1, 2015 10:07am
Usd/chf - be.

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  • #135,576
  • Jul 1, 2015 10:17am Jul 1, 2015 10:17am
Quoting zamfir
Usd/chf - be. {image}
Apologies if I missed something but why did you go long at the arrow ?
every Saint has a past. Every Sinner has a Future
  • #135,577
  • Jul 1, 2015 10:17am Jul 1, 2015 10:17am
Quoting zamfir
{quote} Yes GB, that is correct. R/R = size of the PA bar.
Thanks Zamfir.
'Fail to plan, plan to fail'
  • #135,578
  • Jul 1, 2015 10:33am Jul 1, 2015 10:33am
Quoting turnip15
{quote} Apologies if I missed something but why did you go long at the arrow ?
because i got a nice strong PA. Read my above posts and let me expand on this. I have traded PA for over 4 yrs now and i have always looked for PA on confluence areas/PPZ...etc. you will never know why the PA is forming, its just what institutions are doing. There could be any number of reasons , may be technical or fundamental.

This i think is one of the major cause of frustration for many people. Looking for reasons as to why a trade setup is successful or why it failed. I can tell you from experience , YOU WILL NEVER KNOW THIS.

All we know that a pattern has formed and it has a probability, so just trade the probabilities. This is just me , you are of course entitled to look for reasons and trade if it makes sense to you. This is my opinion from my experience trading PA.
  • #135,579
  • Jul 1, 2015 10:46am Jul 1, 2015 10:46am
Quoting zamfir
{quote} Yes GB, that is correct. R/R = size of the PA bar. you can do the same on daily also. I trade the daily's and i m up 100+ pips this week. From my research , i see that on 4h you get about 5-6 setups and on average the strategy makes 150 pips. Now you make the same amount of pips trading just 2 setups on daily. Most people never asked why the R/R is the size of the PA bar. The reasoning is that the R/R depends on the strength of the PA bar , so if you have a small PA bar , this likely indicates weak PA .Hence the R/R will be small so you...
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Thank you zamfir and guitar for your replies. I am still refining my trading plan as I go along, hence the questions and seeking of opinions from more experience traders.
  • #135,580
  • Jul 1, 2015 12:49pm Jul 1, 2015 12:49pm
Quoting zamfir
{quote} because i got a nice strong PA. Read my above posts and let me expand on this. I have traded PA for over 4 yrs now and i have always looked for PA on confluence areas/PPZ...etc. you will never know why the PA is forming, its just what institutions are doing. There could be any number of reasons , may be technical or fundamental. This i think is one of the major cause of frustration for many people. Looking for reasons as to why a trade setup is successful or why it failed. I can tell you from experience , YOU WILL NEVER KNOW THIS. All we...
My guess is Turnip was considering the bearish outside bar - I know I was
Slow & steady
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