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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

  • #136,041
  • Jul 23, 2015 12:32am Jul 23, 2015 12:32am
Quoting FXBat
AUDNZD anyone? Double PB, with a strong bullish trend, on a visible trendline, 61% Fib retracement . Please let me know if im missing something from J16's conditions of entering a trade. {image}
The right eyes didn't form properly on both days, so IMO both of them don't really qualify as pin bars.
  • #136,042
  • Jul 23, 2015 12:59am Jul 23, 2015 12:59am
Quoting oble
{quote} The right eyes didn't form properly on both days, so IMO both of them don't really qualify as pin bars.
indeed, after the news on NZD last night, i cancelled the buy stop order.
Market can stay irrational longer than you can stay solvent.
  • #136,043
  • Jul 23, 2015 1:02am Jul 23, 2015 1:02am
Quoting alphac
You marked the S&R area under the pins, there's also one where both the pins stopped, at each arrow it affected price multiple times. Although you placed your order above the pins, you'd really want to see a retrace back down to the S&R area before looking to buy (maybe on a smaller time frame) {image}
You mean to wait for the price to break the resistance level on your chart, and then wait for a retrace to it?
Market can stay irrational longer than you can stay solvent.
  • #136,044
  • Jul 23, 2015 1:35am Jul 23, 2015 1:35am
Quoting mbqb11
{quote} don't feel too bad Ad this was a solid trade I took a loss on this one too Best Mike
Thanks for your words Mike..
  • #136,045
  • Jul 23, 2015 1:51am Jul 23, 2015 1:51am
Hello.
Sometimes in this thread I see posts, in which traders speak about their preference not to short or trade long some pairs, same things were found during reading the thread from the begining.
Can someone give an advice about this object?
Thanks.
  • #136,046
  • Jul 23, 2015 2:26am Jul 23, 2015 2:26am
Quoting jscathey11
ok how much does a pizza delivery driver make? First lets get a few things out of the way. March 2007 I opened my first live trading account with 5k. It took 6 trading days for the account to be blown. From then till oct. 2007 I opened 2 more 5k trading accounts and they were both blown accounts. After I blew my third account up my wife looked at me and said "you are not good at this" and SHE decided my trading career was over. But I loved trading and had to figure out a way to trade. I searched high and low for the next year trying new systems...
hi again Js, i read a few times what you wrote here, its really eye-opening and i still have a question reg. your MM. You say you aim for 50 pips / week. In such a case, in order to gain 50 pips a week, what is your usual risk? Do you take only trades where your risk is less than 50 pips (on 1H or 4H charts), or you take trades with bigger risk (like on daily), but with a very certain hit-rate, so that even if you risk 200 pips on a trade, you are 99% certain it will hit your first 50 pips target before it turns against you (something like James used to show us in the old charts posted here).

I dont know if i made myself clear I hope you understood my question.

thanks in advance !
Market can stay irrational longer than you can stay solvent.
  • #136,047
  • Edited 4:01am Jul 23, 2015 3:44am | Edited 4:01am
Quoting FXBat
{quote} You mean to wait for the price to break the resistance level on your chart, and then wait for a retrace to it?
Yes look at post #136,038, price breaks through an S&R area comes back down to it and on the 30 min chart gives a great pin bar. If you're looking for a holy grail, a good S&R flip area is as good as your going to get, it's the best 'indicator' there is, the chart is screaming at you 'this is where price has a high probability of being turned'. All you have to do is wait for price to reach it, then look for your pinbars, ob's whatever, have your trouble areas marked so you know your trade plan, if there's confluence with BRN's or whatever then all the better.

GU 1hr S&R area

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GU 5min OB when price returns. Yes I know there was news, but once price had broke out from the OB there wasn't much to the left in the way of trouble areas. Also the S&R area gives you a great place for a SL rather than a full bar SL.

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Now look at EU 1hr chart.
  • #136,048
  • Jul 23, 2015 4:20am Jul 23, 2015 4:20am
Hello,
I trade inside bars extremely rarely and therefore want to ask a question to the inside bar traders.
Is the possible AUD-NZD short setup, which occured after a new weekly low, a valid inside bar setup ?
Attached Image (click to enlarge)
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  • #136,049
  • Jul 23, 2015 5:00am Jul 23, 2015 5:00am
EU 1hr

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  • #136,050
  • Jul 23, 2015 6:38am Jul 23, 2015 6:38am
Quoting Kershey
Hello, I trade inside bars extremely rarely and therefore want to ask a question to the inside bar traders. Is the possible AUD-NZD short setup, which occured after a new weekly low, a valid inside bar setup ? {image}
Hi K,

I'm not an expert by no means but i would not play this IB simply due to unclosed gap. (i don't have a gap on my chart though)
Other than that: price closed below most recent LCS and stayed below this area, anyway shorting retrace to the broken area seems to be more appealing than waiting for the IB to form (just my 2 cents)

Attached Image (click to enlarge)
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all best
  • #136,051
  • Jul 23, 2015 6:42am Jul 23, 2015 6:42am
Quoting alphac
EU 1hr {image}
Good level, did you get in or just demoing?
  • #136,052
  • Jul 23, 2015 8:36am Jul 23, 2015 8:36am
Quoting ziven78
{quote} Hi K, I'm not an expert by no means but i would not play this IB simply due to unclosed gap. (i don't have a gap on my chart though) Other than that: price closed below most recent LCS and stayed below this area, anyway shorting retrace to the broken area seems to be more appealing than waiting for the IB to form (just my 2 cents) {image} all best

Thanks for you insights ziven, the unclosed gap argument makes sense.
  • #136,053
  • Jul 23, 2015 8:40am Jul 23, 2015 8:40am
Shorted Cable for approximately 1:1 profit. The ec. data convinced me,
otherwise I would have remained sceptical to sell into that area.
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  • #136,054
  • Jul 23, 2015 8:51am Jul 23, 2015 8:51am
Quoting antisystem
Hello. Sometimes in this thread I see posts, in which traders speak about their preference not to short or trade long some pairs, same things were found during reading the thread from the begining. Can someone give an advice about this object? Thanks.
Hey Anti

That's generally called sentiment and traders develop it for different reasons. In a thread like this it's going to be largely technical. Perhaps we are trading into a major area so our bias might be one way or the other.

If you have more questions let us know

Mike
  • #136,055
  • Edited 10:14am Jul 23, 2015 9:25am | Edited 10:14am
Quoting mbqb11
{quote} Hey Anti That's generally called sentiment and traders develop it for different reasons. In a thread like this it's going to be largely technical. Perhaps we are trading into a major area so our bias might be one way or the other. If you have more questions let us know Mike
Thanks, Mike. Great to see you here, answering, while reading your posts on first hundred pages!))
  • #136,056
  • Jul 23, 2015 11:18am Jul 23, 2015 11:18am
Damn.
Revenge trading cost me 2% of my account.

They say you shouldn't trade that way - they may be right

take care
Slow & steady
  • #136,057
  • Edited 7:31pm Jul 23, 2015 3:14pm | Edited 7:31pm
EUR/AUD H4 BUOVB off BRN. Moving up nicely.

Update: 100 pips locked.

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GBP/USD H4 BEOVB.

Small profit locked. 60 pips up.

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'Fail to plan, plan to fail'
  • #136,058
  • Jul 23, 2015 4:05pm Jul 23, 2015 4:05pm
Quoting Guitarbloke
GBP/USD H4 BEOVB. {image}
Hi GB, same entry, same target Nice moves you're riding!
Slow & steady
  • #136,059
  • Jul 23, 2015 7:10pm Jul 23, 2015 7:10pm
Quoting jscathey11
ok how much does a pizza delivery driver make? First lets get a few things out of the way. March 2007 I opened my first live trading account with 5k. It took 6 trading days for the account to be blown. From then till oct. 2007 I opened 2 more 5k trading accounts and they were both blown accounts. After I blew my third account up my wife looked at me and said "you are not good at this" and SHE decided my trading career was over. But I loved trading and had to figure out a way to trade. I searched high and low for the next year trying new systems...
Great post friend, love it. Thanks.

All the best Pat.

Inco, yes, I said lekker!
'Fail to plan, plan to fail'
  • #136,060
  • Jul 23, 2015 7:36pm Jul 23, 2015 7:36pm
Mmmm, just locked in 100 pips, still running on EUR/AUD, 60 pips up and still running on Gbp/usd, (charts in a previous post) 30 pips up on another trade, 8 pips down on another. I could retire for the week JS style with a tidy sum. It ain't unusual for me to be able to make 50 pips. It's when I go for more that I can get into trouble........Think like a big account holder GB.

Good trading all.
'Fail to plan, plan to fail'
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