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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

  • #136,321
  • Aug 6, 2015 9:21am Aug 6, 2015 9:21am
Quoting zamfir
{quote} Adhavan ,still needs work. Not much room to first FTA. Even if first FTA is broken , you have a second one. See the daily on audcad , we are bullish after yday's cash rate announcements from RBA. {image}
Hi Zamfir,

Thanks for your explanation.
Attached Image (click to enlarge)
Click to Enlarge Name: FTA.png Size: 291 KB


Here I noted my understanding..

1. FTA is nearest S/R zone from PA, which have more touches (High of the bar or close of the bar) towards the market direction.
2. FTA should be locate high to low or vice versa, not right to left.
3. FTA need not be a Support or resistance line, it may be have both.

Adhav.
  • #136,322
  • Aug 6, 2015 10:08am Aug 6, 2015 10:08am
Quoting Guitarbloke
{quote} Congrat's Anti. Against trend, but it worked. Price now at an S/R zone. Could look for short PA. EUR/CAD D1 PB. Buy. {image}
Thanks GB. Don't you think that we're going to see some more bearish movement (I mean against GBP) on falling GBP?
  • #136,323
  • Aug 6, 2015 10:23am Aug 6, 2015 10:23am
Quoting antisystem
{quote} Thanks GB. Don't you think that we're going to see some more bearish movement (I mean against GBP) on falling GBP?
Hey Anti. I have no idea where price might go friend. I can only work with what I have in front of me. And that is, a chart. They say news is often already factored into our charts. But, Fridays NFP is a trouble area to watch out for (first Friday of the month). FF news calendar is a useful tool to use re important news times. http://www.forexfactory.com/calendar.php
'Fail to plan, plan to fail'
  • #136,324
  • Aug 6, 2015 11:18am Aug 6, 2015 11:18am
What a beautiful loss.
4H Engulfing AND pin close below BRN 1.0900 in trend.
1H close under intraday low after new low.
I mean how is it possible to produce a loss shorting this downtrend.
Guess nobody is buing dollars pre NFP. Nice to see it in the chart too !
Attached Image (click to enlarge)
Click to Enlarge Name: EUR-USD H4.png Size: 24 KB
  • #136,325
  • Aug 6, 2015 12:18pm Aug 6, 2015 12:18pm
Quoting Kershey
What a beautiful loss. 4H Engulfing AND pin close below BRN 1.0900 in trend. 1H close under intraday low after new low. I mean how is it possible to produce a loss shorting this downtrend. Guess nobody is buing dollars pre NFP. Nice to see it in the chart too ! {image}
If your stoploss was behind BEOVB as is classic s/l placement, looks like you would've been still in the trade?
'Fail to plan, plan to fail'
  • #136,326
  • Aug 6, 2015 12:20pm Aug 6, 2015 12:20pm
No trades today, I saw some setups, but didn't take them because I was not entirely convinced.

I attach a trade from yesterday:

GBPJPY H4 BUOB. Was it luck or good trade? When I took I thought it was good, but it is like engulfing some bars in the middle of nowhere, no great confluence. I think I'm having analysis paralysis.


Attached Image (click to enlarge)
Click to Enlarge Name: gbpjpy.png Size: 49 KB
Had to be me. Someone else might have gotten it wrong.
  • #136,327
  • Aug 7, 2015 12:20am Aug 7, 2015 12:20am
Quoting mordin
No trades today, I saw some setups, but didn't take them because I was not entirely convinced. I attach a trade from yesterday: GBPJPY H4 BUOB. Was it luck or good trade? When I took I thought it was good, but it is like engulfing some bars in the middle of nowhere, no great confluence. I think I'm having analysis paralysis. {image}
Bucks in the pocket Mordin. I know some folks prefer to trade such a bar from a swing low.

AUZ/NZD H4 PB. Stopped out earlier for a small profit by aussie price rise after RBA news, but saw this so back in short.

Attached Image (click to enlarge)
Click to Enlarge Name: AUDNZDH4 7815.png Size: 31 KB
'Fail to plan, plan to fail'
  • #136,328
  • Aug 7, 2015 2:06am Aug 7, 2015 2:06am
NZD/USD price at a PPZ around 0.656 in multiple time frames (D1, H8, H4). Could be a place to watch for a PA signal off the PPZ, most likely for going short.
  • #136,329
  • Aug 7, 2015 4:41am Aug 7, 2015 4:41am
Quoting Kershey
What a beautiful loss. 4H Engulfing AND pin close below BRN 1.0900 in trend. 1H close under intraday low after new low. I mean how is it possible to produce a loss shorting this downtrend. Guess nobody is buing dollars pre NFP. Nice to see it in the chart too ! {image}
Hi!

1) Try experimenting with trading engulfings on retrace. Go down to the 5m and identify smaller resistance levels and put the limit there. If price comes back you have a much smaller SL and thus a much higher RR.

2) Always combine the TFs. Define the trend on the higher TF and look for entries on the smaller TF. If you take an entry based on the 4H chart I would have targets based on the daily or maybe even the weekly charts. (e.g. 150s or 200s pip+) Once again higher RR.

3) Think about the maturity of a swing. If the swing is old and you still see a continuation pattern you have to be much more careful. You want to catch continuation trades when the new swing / trend is young. (For me the red dot was kind of the point when the 4h uptrend was broken. - I would look for shorts immediately. e.g. Fading the news, fading the daily highs etc) In my eyes you came kind of late to the party and want to squeeze the last 30 ticks out of the move...

Hope this helps
Keep up the work, do the homework.

Also: You can reed "The Market wizards" book. Read the book and see how the pro's trade, what their main principles are. I learned from the 2 Market wizards book more than at any FF thread.
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It's all psychology...
  • #136,330
  • Aug 7, 2015 4:51am Aug 7, 2015 4:51am
GBPPLN Daily, BRN, Divergence, Outside Bar (Would have been nice to see it bigger)

Attached Image (click to enlarge)
Click to Enlarge Name: gpln.png Size: 21 KB


GBPZAR similar but with a 2 day pinbar, I prefer the PA bars to stand out from the preceeding bars.

Attached Image (click to enlarge)
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  • #136,331
  • Aug 7, 2015 4:52am Aug 7, 2015 4:52am
Quoting LamerTrader
{quote} Hi! 1) Try experimenting with trading engulfings on retrace. Go down to the 5m and identify smaller resistance levels and put the limit there. If price comes back you have a much smaller SL and thus a much higher RR. 2) Always combine the TFs. Define the trend on the higher TF and look for entries on the smaller TF. If you take an entry based on the 4H chart I would have targets based on the daily or maybe even the weekly charts. (e.g. 150s or 200s pip+) Once again higher RR. 3) Think about the maturity of a swing. If the swing is old and...
hi LT,

I know there is Market Wizards by Jack D. Schwager, what is the 2nd Market Wizards book you talking about?

Thanks
  • #136,332
  • Aug 7, 2015 5:11am Aug 7, 2015 5:11am
NZDCAD 4hr OB, not for me, it didn't break the high with the first bar to start with. I'd prefer to wait for a move out of this whole area.

Attached Image (click to enlarge)
Click to Enlarge Name: nzcad.png Size: 33 KB
  • #136,333
  • Aug 7, 2015 6:14am Aug 7, 2015 6:14am
Quoting ziven78
{quote} hi LT, I know there is Market Wizards by Jack D. Schwager, what is the 2nd Market Wizards book you talking about? Thanks
Market wizards and The new market wizards....great reads !!
  • #136,334
  • Aug 7, 2015 8:37am Aug 7, 2015 8:37am
Loss on EURCAD D1 PB from two days back. Plus SL order filled 9 pips worse Sigh!
  • #136,335
  • Aug 7, 2015 9:00am Aug 7, 2015 9:00am
Quoting incognito517
Loss on EURCAD D1 PB from two days back. Plus SL order filled 9 pips worse Sigh!
What were your reasons for taking the trade? Any confluence? At a low? Off a BRN? Where was the first trouble area?
Not trying to be clever or anything, I just wondered what your thought process was, did you have to think about taking the trade? Was it at an area you'd already marked as a good area for a trade?

This is how I have EURCAD Daily marked out.

Attached Image (click to enlarge)
Click to Enlarge Name: ec.png Size: 18 KB
  • #136,336
  • Aug 7, 2015 9:25am Aug 7, 2015 9:25am
Quoting incognito517
Loss on EURCAD D1 PB from two days back. Plus SL order filled 9 pips worse Sigh!
Bad friday(( I was waiting for Bullish movement on USDCHF, decided to enter on 4hr chart. Was kicked by S/L after DBLHC, although my analyse of further movement was right((( I played minimum order, this pleases of course)))
Also missed 2 day PB on GBPJPY, though observed it yesterday... Damn! Hope, you guys didn't miss it
  • #136,337
  • Aug 7, 2015 9:48am Aug 7, 2015 9:48am
Quoting alphac
{quote} What were your reasons for taking the trade? Any confluence? At a low? Off a BRN? Where was the first trouble area? Not trying to be clever or anything, I just wondered what your thought process was, did you have to think about taking the trade? Was it at an area you'd already marked as a good area for a trade? This is how I have EURCAD Daily marked out. {image}
I didn't mark the area, I just stumbled upon it when I was doing my daily check at NY close, and I thought it was an 'okay' trade. Sigh sigh sigh!

Hope my chart explains what I was doing there:
Attached Image (click to enlarge)
Click to Enlarge Name: eurcad.png Size: 492 KB
  • #136,338
  • Aug 7, 2015 9:50am Aug 7, 2015 9:50am
Quoting antisystem
{quote} Bad friday(( I was waiting for Bullish movement on USDCHF, decided to enter on 4hr chart. Was kicked by S/L after DBLHC, although my analyse of further movement was right((( I played minimum order, this pleases of course))) Also missed 2 day PB on GBPJPY, though observed it yesterday... Damn! Hope, you guys didn't miss it
Hey Anti, I saw the 2 day PB on GJ but I didn't take it because it's counter trend.
  • #136,339
  • Aug 7, 2015 10:19am Aug 7, 2015 10:19am
Quoting Guitarbloke
If your stoploss was behind BEOVB as is classic s/l placement, looks like you would've been still in the trade?
Hm well, I moved it after the pin was formed and the engulfing bar was broken.
Still, pre NFP, the market was taking out the last day highs. Wish you had profitable week.


Quoting LamerTrader
{quote} Hi! 1) Try experimenting with trading engulfings on retrace. Go down to the 5m and identify smaller resistance levels and put the limit there...{image}
Hi LamerTrader,
although I like to be late at a party,
in trading this seems counterproductive.
I trade like you pointed out in 1) and 2), while also respecting economic data.
Found the market wizard books a very worthwhile read, but it has been some time.
Even I read the german market wizards hahaha
Denken und Handeln an Finanzmrkten: Zwischen Angst und Gier - Experten Beziehen Position
http://www.amazon.de/Denken-Handeln-.../dp/383491732X

But I think you are making a very interesting point, which is RR.
In my opinion, when it comes to trading losses are preset, while gains are facultative.
With this method, on the daily chart, from my perspective its extremely rare to have
a winner exceeding RR 1:3, in order to compensate for some inevitable losses.
This is one reason because Iam not amused when loss shows up.
Please get me right, I found some sucess with this method, last month beeing
positive and also this week. But it is a small one, with gains under 1 %.
Just the risk is to large for these gains.
Taking a retracement entry on smaller timeframes of a daily price action bar could be one option.
But then very often the daily bar is not broken to side you want to trade,
making it an unconfirmed pin and thus more risky.




Meanwhile I took this GBP/JPY short trade, while at the same time rejecting a ton of other possible trades after NFP.

The reasoing behind this was like that (subjective):
D1 price action rejected 195.00 level.
So for me when the market makes a new weekly low and breaks the D1 rejection candle Iam in.
At the same time, the NFP data was not too bad with the last two months revised higher.
So the Fed should remain on track to rise rates. If so stock markets are likely to correct,
as indicated by a new monthly low in the Dow today. If Dow goes down in US session
Nikkei is likely to follow and GBP/JPY is correlated to Nikkei. Additionally GBP got a punch from the BeO
this week, so for me GBP/JPY was the trade to take.
Took profit at 192.32, which turned out to be to early
Attached Image(s) (click to enlarge)
Click to Enlarge Name: GBP-JPY D1.png Size: 19 KB
Click to Enlarge Name: GBP-JPY 4H.png Size: 19 KB
  • #136,340
  • Aug 7, 2015 10:38am Aug 7, 2015 10:38am
Quoting jscathey11
{quote} Market wizards and The new market wizards....great reads !!
thanks j
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