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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

  • #136,661
  • Edited 10:06pm Aug 24, 2015 9:51pm | Edited 10:06pm
Quoting antisystem
USDCAD DBLHC. In the middle of a day I moved SL to BE, afterwards I was immediately kicked from the trade. And then price moved in correct direction, of course))) It doesn't happen for the first time... If you work with daily charts, should you interfere in your trades during trading day or not? I know "BE is not a loss") But it's so insulting when you're kicked away and price moves in profit direction without hitting your initial SL... {image}
I think it depends on your trading strategy. IMO, for aggressive SL management like that, you'll definitely get stopped out of trades more often but you definitely protect your capital more effectively, and protecting capital is priority #1 before anything else (to me, at least). From what I read, this is how james16 likes to manage his trade, as I remember reading one of his posts where he said he rarely lets a trade go more than 30 pips his way without moving SL to BE (his words here: http://www.forexfactory.com/showthre...99#post2513999), so don't be disheartened. I suppose what you can do is close a portion of your position after moving SL to BE to lock in some profits.
  • #136,662
  • Aug 25, 2015 1:54am Aug 25, 2015 1:54am
Quoting Kershey
{quote} Yeah over and over again unexpectedly, and thats exactly why I will avoid to have a large stop with large risk and manage the stop down to make 1:1 on initial risk. I'm more comfortable with having a small SL than exposing a relatively large risk at any time. Like I did before, tight stop with small risk. If its a looser its okay and you loose small amount but there is a higher chance of getting a runner, making many times the risk you put ever on the table. And this is in my humble opinion the utmost key to profitablity in an a priori risky...
Exactly.
I personally hate large SL as well - it not only gives you a higher risk, but as soon as the market moves into your "negative" zone and starts to spend time there people tend to start hoping / wishing. When it is not working I rather cut fast and wait for the next opportunity. ;-)

Also one management that (for me at least) helped a lot:
Use position sizes that you can cut into 3 parts: Tp1, Tp2, Tp3
Use 1 SL.

- I take Tp1 (33% of size) at 1RR. "Hey but this makes your overall RR on the trade shitty doesn't it?" At some point it does, but on the other hand what it also does is that it a) Reduces risk from 1RR to 0,3RR (I have booked 0,3RR profit and I have left 0,6RR exposure which result in 0,3RR overal risk) - and also if you can catch the first 1RR with great consistency (70-80%) then this works very well. :-)
- I take TP2 usually around 3RR.
- I take TP3 usually around 6-8RR.

I never BE after the Tp1. (If your entry is at a meaningful place (some lvl that is respected by the market) there is a chance that price will come back and bounce again. In my eyes early BE is a scared move which exposes your Stop only to "get away" and significantly reduces your chance to win on the other 2/3 of your position.)
IF you hit Tp1 it is already a nice profit And then you can simply hold the last 1/3... If the trend is indeed in your direction you have a nice chance that you will get the last one right as well

I have a trader friend who is a scalper. That guy had days when he made more than all FF combined. It was not his method / entry system. It was his mind /psychology. He simply thinks in probabilities, and has no expectation of trades. He puts on because he sees an opportunity, if gets stopped he doesn't care since the next opportunity comes along in 5 minutes or less. If you learn this way of thinking you will learn and earn more than you ever imagined.
It's all psychology...
  • #136,663
  • Edited 5:34am Aug 25, 2015 5:15am | Edited 5:34am
EUR/CAD H1. entry on break of earlier IB. profit locked.

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EUR/USD H4 PB.

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AUD/CHF H4 PB. Hope some caught the JPY pairs rocketing north.

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'Fail to plan, plan to fail'
  • #136,664
  • Aug 25, 2015 7:21am Aug 25, 2015 7:21am
USDCAD 1HR pinbar.

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  • #136,665
  • Aug 25, 2015 12:45pm Aug 25, 2015 12:45pm
Currently watching EUR/GBP 4 hour chart. After recent strong moves upwards I'm looking for a correction to go long. Price has already started consolidating a little bit at the orange S/R, but I'd prefer to go long on the retrace to the 50% fib (which is also a good S/R level).
However, I also consider going short. It all depends what will the next bars be and what will the price action tell us.
Similiar situation is also happening on the EUR/USD.

Any thoughts of yours?
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Only those who dare to fail greatly can ever achieve greatly. - R. Kennedy
  • #136,666
  • Aug 25, 2015 3:02pm Aug 25, 2015 3:02pm
missed my sell by just a little \

may be time to buy if the SP closes above yesterdays close

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  • #136,667
  • Edited 7:02pm Aug 25, 2015 4:39pm | Edited 7:02pm
USD/CAD H4 PB. Can be dicey taking a PB long with a bearish close, but a close above BRN and confluence on H1 sealed the deal.

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AUD/USD H1 BEOVB. price closed below BRN 0.72000

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'Fail to plan, plan to fail'
  • #136,668
  • Edited 7:32pm Aug 25, 2015 6:39pm | Edited 7:32pm
Quoting ChiLL 14
Currently watching EUR/GBP 4 hour chart. After recent strong moves upwards I'm looking for a correction to go long. Price has already started consolidating a little bit at the orange S/R, but I'd prefer to go long on the retrace to the 50% fib (which is also a good S/R level). However, I also consider going short. It all depends what will the next bars be and what will the price action tell us. Similiar situation is also happening on the EUR/USD. Any thoughts of yours? {image}
Looks like you would've caught that long on E/G Chill. Good analysis. Re E/U on H4, we have a bearish PB, and a BUOVB that closed above 1.15000 BRN PPZ. 2 conflicting PA possibly? But my bias is long on E/U whilst price trades above this level. However, for E/G I will be looking for short PA around .74000-.74800 red zone as depicted in chart below. As always, PA will show the way if/when we get to this level. GB.

Edit: add chart. EUR/GBP D1

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'Fail to plan, plan to fail'
  • #136,669
  • Edited 1:40am Aug 26, 2015 1:24am | Edited 1:40am
Frnds,

Anyone looking GBP pairs today.?? Its quite interesting..
A bit concern was price couldn't close above yesterday close..
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This is seems to good..
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One of the Favorite and reliable setup. Consolidation breakout with PA Entry at retrace.
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Adhav
  • #136,670
  • Aug 26, 2015 3:25am Aug 26, 2015 3:25am
Quoting Guitarbloke
{quote} Looks like you would've caught that long on E/G Chill. Good analysis. Re E/U on H4, we have a bearish PB, and a BUOVB that closed above 1.15000 BRN PPZ. 2 conflicting PA possibly? But my bias is long on E/U whilst price trades above this level. However, for E/G I will be looking for short PA around .74000-.74800 red zone as depicted in chart below. As always, PA will show the way if/when we get to this level. GB. Edit: add chart. EUR/GBP D1 {image}
I must have got different charts because there is no BUOVB in my MT4. But I see your point on the daily chart, I will focus my attention towards that area you marked.
Only those who dare to fail greatly can ever achieve greatly. - R. Kennedy
  • #136,671
  • Aug 26, 2015 3:29am Aug 26, 2015 3:29am
Quoting Guitarbloke
USD/CAD H4 PB. Can be dicey taking a PB long with a bearish close, but a close above BRN and confluence on H1 sealed the deal. {image} AUD/USD H1 BEOVB. price closed below BRN 0.72000 {image}
Very interesting your thoughts. I saw that but avoided it as it is technically not a pinbar, the close is not on the previous body, and also because it was bearish.

I can see it closed above BRN, but what other confluence do you see?

Thanks.
Had to be me. Someone else might have gotten it wrong.
  • #136,672
  • Aug 26, 2015 3:31am Aug 26, 2015 3:31am
Quoting Adhavan
Frnds, Anyone looking GBP pairs today.?? Its quite interesting.. A bit concern was price couldn't close above yesterday close.. {image} This is seems to good.. {image} One of the Favorite and reliable setup. Consolidation breakout with PA Entry at retrace. {image} Adhav
I'm still sitting at the sidelines.. No "Grade A" trades sticking out to me in the charts available to my demo account at the moment. I saw the GBP/USD BUOB breakout yesterday, but looking at the location and where the BUOB closed (below 1.5800 PPZ), I decided to not trade it but watch how yesterday's bar retrace.
  • #136,673
  • Aug 26, 2015 4:12am Aug 26, 2015 4:12am
Quoting Adhavan
One of the Favorite and reliable setup. Consolidation breakout with PA Entry at retrace. {image} Adhav
Don't you think it's false break, 2 day BEPB has formed & price is returning to the box?
  • #136,674
  • Aug 26, 2015 5:23am Aug 26, 2015 5:23am
USDSGD weekly.

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  • #136,675
  • Aug 26, 2015 7:40am Aug 26, 2015 7:40am
EUR/USD H4 PB. Back in on this one for more pips. Nice move down. Profit locked.

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'Fail to plan, plan to fail'
  • #136,676
  • Aug 26, 2015 8:01am Aug 26, 2015 8:01am
Quoting Guitarbloke
EUR/USD H4 PB. Back in on this one for more pips. Nice move down. Profit locked. {image}
What made you trade such a small bar? I know it is in a good spot, but in my opinion this bar was insignificant when compared to previous much larger bars.
Only those who dare to fail greatly can ever achieve greatly. - R. Kennedy
  • #136,677
  • Aug 26, 2015 8:03am Aug 26, 2015 8:03am
Quoting mbqb11
missed my sell by just a little \ may be time to buy if the SP closes above yesterdays close {image} {image}
we got that good close on SP bought right on open

i'd love a late day sell off near the gap or a strong push higher today followed by a weak close under that area
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  • #136,678
  • Aug 26, 2015 9:24am Aug 26, 2015 9:24am
Hi Mike,

What is the logic of buying on the close if it its above yesterday's close ?

Thanks Mike...
  • #136,679
  • Aug 26, 2015 9:24am Aug 26, 2015 9:24am
Quoting ChiLL 14
{quote} What made you trade such a small bar? I know it is in a good spot, but in my opinion this bar was insignificant when compared to previous much larger bars.
The bar I traded was printed on 24/8/15 16:00 hrs. It's a decent size with bearish close sticking out away from price.
'Fail to plan, plan to fail'
  • #136,680
  • Aug 26, 2015 9:32am Aug 26, 2015 9:32am
Quoting LamerTrader
{quote} Exactly. I personally hate large SL as well - it not only gives you a higher risk, but as soon as the market moves into your "negative" zone and starts to spend time there people tend to start hoping / wishing. When it is not working I rather cut fast and wait for the next opportunity. ;-)
Well, what I think in this context is, after your position is on / the order was executed,
the quality of decisions concerning the open trade is droping.
Like you said emotions of hoping / wishing get involved, which can be a source of errors
and personally I tend to have as few sources of errors in the system as possibile.


You made some interesting points regarding taking a partial take profit (pTP).
This reminds me of redsword1, who used to take out 2/3 of the position at 1:1
and when your initial full stop loss gets hit you still have 1/3 profit.
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