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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

  • #135,841
  • Jul 10, 2015 3:33pm Jul 10, 2015 3:33pm
Quoting AQs
Stupid question: seems pinbars are quite popular here (and seems quite profitable), why a trander can't trade only them and get rich?
Listen to rac http://www.forexfactory.com/showthre...15#post2042715
Slow & steady
  • #135,842
  • Jul 10, 2015 4:45pm Jul 10, 2015 4:45pm
Yep, makes sense Mike, thanks.

No stress Blade. Keep up the good work. I fall into the time honoured trap of not being selective enough with the trades I take.

CAD/JPY H1 short. (chart posted earlier) Stopped out for a loss. Tight stop so low risk trade, but my PA wasn't very strong so I paid the price.

EUR/USD H1 PB short. (chart posted earlier). Inco, you took this one too.

Took profit but a risky trade to take. Why? Good PA and good level, but if I look at the bullish PA right before that PB the upward momentum is strong. I was probably just lucky price didn't keep going up.

Have a gr8 weekend all. GB.
'Fail to plan, plan to fail'
  • #135,843
  • Jul 10, 2015 7:17pm Jul 10, 2015 7:17pm
Quoting Bladerunn3r
Weekly Pin Bar GBP/JPY
Hi Blade I'm looking for a retrace to c. 186.Also has bearish divergence Al
  • #135,844
  • Edited 8:20pm Jul 10, 2015 8:08pm | Edited 8:20pm
Quoting Bladerunn3r
Weekly Pin Bar GBP/JPY
Bounced off flip zone and monthly 50% fib level. It doesn't close within range of previous bar (as per J16 PB definition), but def one to keep an eye on. Maybe a little retrace then bang?!

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'Fail to plan, plan to fail'
  • #135,845
  • Jul 10, 2015 10:16pm Jul 10, 2015 10:16pm
as f*ing always, a negative week. -4.7%


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Had to be me. Someone else might have gotten it wrong.
  • #135,846
  • Jul 11, 2015 12:44am Jul 11, 2015 12:44am
Quoting patapouer
{quote} Listen to rac http://www.forexfactory.com/showthre...15#post2042715
i once saw this guy deleting one of his posts (a trading setup) because he was wrong....
meine augen sind die sterne
  • #135,847
  • Jul 11, 2015 12:51am Jul 11, 2015 12:51am
Quoting Guitarbloke
{quote} Bounced off flip zone and monthly 50% fib level. It doesn't close within range of previous bar (as per J16 PB definition), but def one to keep an eye on. Maybe a little retrace then bang?! {image}
Key detail there and something i have recently read about from downloading the setup PDF's on here.
  • #135,848
  • Jul 11, 2015 1:01am Jul 11, 2015 1:01am
Quoting mordin
as f*ing always, a negative week. -4.7% {image} {image} {image} {image} {image} {image}
Keep positive mate, next week is a new week with new opportunities.
  • #135,849
  • Jul 11, 2015 1:08am Jul 11, 2015 1:08am
Quoting mallee
{quote} Hi Blade I'm looking for a retrace to c. 186.Also has bearish divergence Al
Yeah a nice little retrace, a good reaction and it could be a trade to get in on. Would need to break the June resistance then the pips could really roll in.
  • #135,850
  • Jul 11, 2015 1:14am Jul 11, 2015 1:14am
Quoting Guitarbloke
Yep, makes sense Mike, thanks. No stress Blade. Keep up the good work. I fall into the time honoured trap of not being selective enough with the trades I take. CAD/JPY H1 short. (chart posted earlier) Stopped out for a loss. Tight stop so low risk trade, but my PA wasn't very strong so I paid the price. EUR/USD H1 PB short. (chart posted earlier). Inco, you took this one too. Took profit but a risky trade to take. Why? Good PA and good level, but if I look at the bullish PA right before that PB the upward momentum is strong. I was probably just...
Good week though generally?

Also, you a cricket fan? Not generalising that all Aussies are, or in fact that all Poms are (although i am English and a cricket fan) but the ashes are on and wondered if you followed it.

Always a great spectacle and brings our two nations together.
  • #135,851
  • Jul 11, 2015 3:10am Jul 11, 2015 3:10am
Quoting mordin
as f*ing always, a negative week. -4.7% {image} {image} {image} {image} {image} {image}
Mordin, i checked your trades on 4H and I took 2 of them as well, with losses (for example, the BEOB on the EURUSD). My advice is to focus on daily, i think its much easier to read and follow than 4H chart for guys like us, with not much experience. Leave the 4H TF to well experienced guys like Zamfir or GB
Market can stay irrational longer than you can stay solvent.
  • #135,852
  • Jul 11, 2015 3:24am Jul 11, 2015 3:24am
Quoting aserbfx
{quote} i once saw this guy deleting one of his posts (a trading setup) because he was wrong....
Maybe that was a little ego creeping in? We've all got it I suppose. But I've gotta say, Raczekfx posted some great trades and trading idea's. He makes sense to me.

Blade. Good week for me ultimately. As long as I stay out of ordinary set-ups that I know beforehand are......ordinary, my equity curve will rise. I love the cricket, but don't follow it too closely. I read our vice captain mention we need to watch for some extra swing from the ball in your weather as is often the case.

Have a good weekend all. Off to a gig. Yeaah!
'Fail to plan, plan to fail'
  • #135,853
  • Jul 11, 2015 3:25am Jul 11, 2015 3:25am
Quoting FXBat
{quote} Mordin, i checked your trades on 4H and I took 2 of them as well, with losses (for example, the BEOB on the EURUSD). My advice is to focus on daily, i think its much easier to read and follow than 4H chart for guys like us, with not much experience. Leave the 4H TF to well experienced guys like Zamfir or GB
Thank you, I have separate accounts of H4 FX, D1 FX, and futures/stocks, so I can view better my performance on each instrument/timeframe.
I'm doing bad on H4 and D1, only slighter better on H4.

@Blade, thanks, yeh, another week to lose money. I started with a $100.000 account and now is around $87000
Had to be me. Someone else might have gotten it wrong.
  • #135,854
  • Jul 11, 2015 3:43am Jul 11, 2015 3:43am
Quoting mordin
as f*ing always, a negative week. -4.7%...

Hello mordin,

its ok to have a negative week. I had also a very mediocre week and for me a positive month is more relevant.

I want to make some comments on your trades, which catched my attention. Maybe it can help you.
In general, I find it way more difficult to trade engulfings than pins. I saw many of your losses occurred after engulfing bars. Maybe specialise in one chart pattern and get an edge/experience with it in the surrounding of many different market environments.
For example Iam not a soldier, but I think most soldiers are just specialised for one task. And most of them use one weapon were there are very good with, e.g. sniper.

AUD/CAD
good setup

EUR/USD
for me this is an ambigiuos and choppy SR situation.
The risk of a pull north from 1.1000 would be to high for me to enter even with
a small position size.
In case I would trade a bearish engulfing there,
then only a 4H retracement of D1 close below 1.1000

GBP/USD
This is decent zone to trade.
For me this pin is lacking a significant bearish close (red pin)
Also the market correction up north was not developed
enough for me to short this.

Gold
decent trade with TP at right spot

GBP/JPY
There is not enough PPZ information to take a short here
I would not short this because its a price action bar in the dessert/nowhere

USD/CAD
similar to the GBP/JPY before, but I cannot detect an outside bar for a long signal in your chart.
Be very careful here, in my eyes this is downward channel at D1 resistance of
1.2800 which had 4H closes below 1.2700. There is a not small chance that
this can drop south pretty hard.
If you play this long, imho a retracement entry after a clear breakout above 1.2800 would be a low risk high reward entry.


Best,
K
  • #135,855
  • Jul 11, 2015 10:20am Jul 11, 2015 10:20am
Nice s/r zone. Shaping up for a monthly pin/buob? Could be the beginning of a nice long run...
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  • #135,856
  • Jul 11, 2015 10:50am Jul 11, 2015 10:50am
Quoting Donkey
{quote} I take TTs, but not at TL, mostly at highly confluenced horizontal S/R zones - preferably at Round Numbers. So I would wait for PA in this case like you said, preferably a "reteset" something like I have marked on this chart. {image}
Thanks D, appreciate your explanation.
  • #135,857
  • Jul 11, 2015 12:28pm Jul 11, 2015 12:28pm
Quoting mordin
as f*ing always, a negative week. -4.7% {image} {image} {image} {image} {image} {image}
hey mordin,
hang in there mate, it's all part of learning. it gets rough sometimes, just dont let negative feelings stop you. i read somewhere that as a new trader we should Celebrate all winning trades, & Celebrate all losses!
take your lessons and keep going. have a nice weekend
  • #135,858
  • Jul 11, 2015 12:51pm Jul 11, 2015 12:51pm
Quoting aserbfx
{quote} i once saw this guy deleting one of his posts (a trading setup) because he was wrong....
@aserbfx
You mean rac lost a trade !
every Saint has a past. Every Sinner has a Future
  • #135,859
  • Jul 12, 2015 4:21am Jul 12, 2015 4:21am
Quoting Guitarbloke
{quote} Looks like you made a few bucks then. I closed trade in profit early, as it's late here and when I wake up market will be closed in the morning for me. I don't want to hold over weekend. safe partying.
Yes I bagged 50 pips, thanks GB
  • #135,860
  • Jul 12, 2015 9:57am Jul 12, 2015 9:57am
GBP/USD could be worth keeping an eye on next week. Showing a weekly pin with price rejecting from the 61 fib, off support and 1.5500 in an uptrend.

Its not a classic pin as the nose is a bit long and its the wrong colour but could be worth watching.
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