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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

  • #136,881
  • Sep 9, 2015 2:26am Sep 9, 2015 2:26am
Hey everyone! A little intro as ForexFactory wants to know I'm legit (apologies if this disrupts the flow of Chart Analysis in this thread!) I've been trading on and off for the past four years. But honestly, the first three years I would probably consider what I've done as gambling. I had the base knowledge for technical analysis, but I wasn't really well rounded in terms of money management and treating this as a business. I lost a lot, which got me out of the trading scene for the past year. BUT, I wouldn't have wanted to fail any other way I think, because failing was a HUGE learning experience and a slap in the face. Because I didn't really had the disposable income anymore to trade, I spent the past year saving to trade, reading books, back testing and demo-ing. I started with the whole indicators thing, but eventually the universe led me to Price Action about the start of this year. At first I've mistaken Price Action as Pattern Recognition, so the first few weeks I had several losses on demo along with the winners. But eventually I learned that was NOT what Price Action is. Then I slowly added up Trend Reading after I stumbled upon a book, and S&R and finally found this thread which hammered home the idea of a confluence and price STORY and that's where I started to see a drop in losses. But the MAJOR drop in losses came when I properly incorporated Money Management into my plan. So now on Demo, the already rare losses could not make a dent in the virtual wins I made. I don't wanna come off as bragging but I guess what I'm meaning to say is that the 'Minimum Requirement' of the James16Group, and the idea of taking your time and practising is really important. It'll be a month until I finally am able to save my target deposit for trading, so here I'm readying myself to join in on the action and the thread which I felt had moulded my trading plan into the solid one it is today. And I couldn't be happier. And excited!
  • #136,882
  • Sep 9, 2015 4:16am Sep 9, 2015 4:16am
Quoting d5400
{quote} If you're confident in this setup, you could wait for retracement. Here's my pet strategy. {image}
It was too late for me, but thanks for sharing.


Quoting mbqb11
{quote} Hey Chill I find that situation tricky too. Because the true most important area is your top resistance area but the BEOB high is off that area so unless we take a VERY deep retrace we aren't trading around that area which is where i want to be trading personally. I'd rather that beob sit higher up on that area so we can put a more logical retrace order in. Sometimes you gotta just watch them Best Mike
I see and understand it. But imagine a scenario where a BEOB sits higher but the previous bar closed above our S/R. Would you then trade it?
Attached Image
Only those who dare to fail greatly can ever achieve greatly. - R. Kennedy
  • #136,883
  • Sep 9, 2015 8:22am Sep 9, 2015 8:22am
Quoting wa-
Hey everyone! A little intro as ForexFactory wants to know I'm legit (apologies if this disrupts the flow of Chart Analysis in this thread!) I've been trading on and off for the past four years. But honestly, the first three years I would probably consider what I've done as gambling. I had the base knowledge for technical analysis, but I wasn't really well rounded in terms of money management and treating this as a business. I lost a lot, which got me out of the trading scene for the past year. BUT, I wouldn't have wanted to fail any other way I...
Welcome Wa

Glad to have you and glad to hear you are taking the right steps on your way to live trading

Mike
  • #136,884
  • Sep 9, 2015 8:22am Sep 9, 2015 8:22am
Quoting ChiLL 14
{quote} It was too late for me, but thanks for sharing. {quote} I see and understand it. But imagine a scenario where a BEOB sits higher but the previous bar closed above our S/R. Would you then trade it? {image}

yes thats an IDEAL scenario to play a pullback. You get a false breakout with the small closing bar above your PPZ, then a nice BEOB closing back below it. We want to SELL back at the PPZ on a retrace in a case like that. That's exactly the scenario I was describing

Best
Mike
  • #136,885
  • Sep 9, 2015 8:37am Sep 9, 2015 8:37am
Quoting Guitarbloke
{quote} Hi Albus. Yes. I chose to TP just below what I see as next major resistance around .73000 zone. There are TA's before that of course, and I may end up taking profit sooner. I think the Aussie has plenty of room to rise (and fall). Long term downtrend, so i am keen to get a little profit at least lest price turn around. GB.
Thanks G, I have been trying recently to improve my t.p levels to improve my RR so I have been experimenting with other tp levels though. Anyway I see your setup is doing well despite the pullback on the it. Have a great trading day.
  • #136,886
  • Sep 9, 2015 8:48am Sep 9, 2015 8:48am
Quoting mbqb11
{quote} yes thats an IDEAL scenario to play a pullback. You get a false breakout with the small closing bar above your PPZ, then a nice BEOB closing back below it. We want to SELL back at the PPZ on a retrace in a case like that. That's exactly the scenario I was describing Best Mike
Great, thanks Mike.
Only those who dare to fail greatly can ever achieve greatly. - R. Kennedy
  • #136,887
  • Sep 9, 2015 9:22am Sep 9, 2015 9:22am
EUR/CHF 4H inside bar at BRN 1.0900 and 61.8 fib.
Entered at the break of the relatively small range.
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  • #136,888
  • Sep 9, 2015 10:29am Sep 9, 2015 10:29am
I think a lot of things are looking good again, we are hitting major important areas

I'm watching for either a failure at the resistance area again, or a breakout of this area

Right above this area remains STRONG resistance that I would look to get out at and then look for shorts too.

If we continue lower then watch the rising TL for confirmation that it's being used then watch for PA as well
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  • #136,889
  • Edited 5:19pm Sep 9, 2015 3:10pm | Edited 5:19pm
Quoting ChiLL 14
{quote} It was too late for me, but thanks for sharing. {quote} I see and understand it. But imagine a scenario where a BEOB sits higher but the previous bar closed above our S/R. Would you then trade it? {image}
Yo Chilli. If in a downtrend I would trade it. Welcome Wa.

XAU/USD H4. Movement at last, profit locked in. Will let market take me out.

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NZD/CHF H1 PB rejecting BRN. Fast drop. Must be news in NZ. stopped out of AUD/USD. In short.

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AUD/USD H4 BEOVB. Long stopped out. Now in short.

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'Fail to plan, plan to fail'
  • #136,890
  • Edited 5:22pm Sep 9, 2015 3:17pm | Edited 5:22pm
Quoting albus999
{quote} Thanks G, I have been trying recently to improve my t.p levels to improve my RR so I have been experimenting with other tp levels though. Anyway I see your setup is doing well despite the pullback on the it. Have a great trading day.
No worries Albus. As Jim says, price will usually go where you'd expect it to, which is often the first TA. Re AUD/USD if it breaks below 0.7000 no probs, i'll look to get short. GB

Edit: In short, chart above.
'Fail to plan, plan to fail'
  • #136,891
  • Sep 9, 2015 3:32pm Sep 9, 2015 3:32pm
Quoting Guitarbloke
{quote} Yo Chilli. If in a downtrend I would trade it. Welcome Wa. XAU/USD H4. Movement at last, profit locked in. Will let market take me out. {image}
Hey GB, to me it looks like a box scenario and I am generally avoiding trading in the mid
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Only those who dare to fail greatly can ever achieve greatly. - R. Kennedy
  • #136,892
  • Sep 9, 2015 5:21pm Sep 9, 2015 5:21pm
Quoting ChiLL 14
{quote} Hey GB, to me it looks like a box scenario and I am generally avoiding trading in the mid {image}
Ah, now that I see the bigger picture I understand. Good trading.
'Fail to plan, plan to fail'
  • #136,893
  • Sep 9, 2015 5:21pm Sep 9, 2015 5:21pm
Still keeping an eye on sugar.
Hard close of outside day today,
would be a good place to buy after a trendline break...
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  • #136,894
  • Sep 9, 2015 5:35pm Sep 9, 2015 5:35pm
Quoting mbqb11
{quote} was a lot of these wicks or badly closed almost pinbars across the board. I spoke earlier this weekend how suspicious I was off the sharp reversals we saw I shorted sgd/jpy sunday and i've been short teh SP500 since last week. If we slide off again things could go quick {image} {image}

Hello Mike,

Im interested in your opinion regarding a possible wick play in T-Bonds.
Yesterdays pinbar is a green one but the close is not that strong,
so I came up with the idea of taking a short here, similar to the short SP500 trade earlier.

Best,
Kershey
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  • #136,895
  • Sep 9, 2015 10:29pm Sep 9, 2015 10:29pm
Quoting Kershey
{quote} Hello Mike, Im interested in your opinion regarding a possible wick play in T-Bonds. Yesterdays pinbar is a green one but the close is not that strong, so I came up with the idea of taking a short here, similar to the short SP500 trade earlier. Best, Kershey {image}
Hey K

We would want price to close under that small box there then it would be a great wick play. That's not to say we should be a buyer but i'd rather be a buyer on the open with a tight stop under the box then a seller.

Let me know if that makes sense
Mike
  • #136,896
  • Sep 10, 2015 12:52am Sep 10, 2015 12:52am
Quoting Guitarbloke
{quote} Yo Chilli. If in a downtrend I would trade it. Welcome Wa. XAU/USD H4. Movement at last, profit locked in. Will let market take me out. {image} NZD/CHF H1 PB rejecting BRN. Fast drop. Must be news in NZ. stopped out of AUD/USD. In short. {image} AUD/USD H4 BEOVB. Long stopped out. Now in short. {image}
Nice price action trades! but what about your losing trades? you every time post only wining trades. Can you post your losing trades?
  • #136,897
  • Sep 10, 2015 1:14am Sep 10, 2015 1:14am
Quoting analysttrade
{quote} Nice price action trades! but what about your losing trades? you every time post only wining trades. Can you post your losing trades?
Hehe AT. Incorrect. I have posted plenty of losing trades, don't worry. Many of my trades are posted live at entry, especially my earlier trades, but less so now. They are all on this thread so you only need to follow up on the result. I don't want to clutter the thread with too many trades win or lose. One recent example might be the AUD/USD long trade I posted in the last 24 hrs where I was stopped out for a loss. I am now short on same pair and negative for all to see. Most charts win and lose are posted here. Any analysis will confirm I am still a knucklehead beginner with a lot to learn. But maybe there are less losers these days too. Best wishes, GB.
'Fail to plan, plan to fail'
  • #136,898
  • Sep 10, 2015 1:20am Sep 10, 2015 1:20am
Quoting Guitarbloke
{quote} Hehe AT. Incorrect. I have posted plenty of losing trades, don't worry. Many of my trades are posted live at entry, especially my earlier trades, but less so now. They are all on this thread so you only need to follow up on the result. I don't want to clutter the thread with too many trades win or lose. One recent example might be the AUD/USD long trade I posted in the last 24 hrs where I was stopped out for a loss. I am now short on same pair and negative for all to see. Most charts win and lose are posted here. Any analysis will confirm...
okay so you are only price action trader?Like this trades plan:

1.recognize relevant horizontal support and resistance zone
2.identify relevant price action
3.ensure that the PA at the KHL is being played from a swing high or swing low.
  • #136,899
  • Sep 10, 2015 2:19am Sep 10, 2015 2:19am
Quoting analysttrade
{quote} okay so you are only price action trader?Like this trades plan: 1.recognize relevant horizontal support and resistance zone 2.identify relevant price action 3.ensure that the PA at the KHL is being played from a swing high or swing low.
Yes, I incorporate these idea's, but there is more to look for before taking a trade. e.g.

- What is the PA story around the set-up I'm looking at?

- Trend? up, down, sideways? Who is in control right now, bulls or bears?

- Where is my first TA? Looking left, is there space or traffic?

- Will I be trading away from PPZones- S/R areas and not into them?

- Am I trading long from a swing low, or short from a swing high? (of course there are other ways to trade like breakouts or continuation patterns)

- What is my risk and position size/SL?

- Where will I enter and TP/where will I exit if trade goes bad?

- Does this set up comply with my trading plan that I have written out and have open next to my computer screen?

- Reasons not to take the trade. Reasons/confluence to take the trade.

- If I am unsure, stay out.

Page 1 post 1 links have much more info on this stuff friend. GB.
'Fail to plan, plan to fail'
  • #136,900
  • Edited 3:13am Sep 10, 2015 2:58am | Edited 3:13am
AUD/USD H1 Break out. Looking for 0.71000 area TP. Closed short trade for 15 pip loss when this looked like turning north. I was right the first time!

Update: Stopped out at 0.7060 after locking in profit for a 50 pip gain. Capital protected. Didn't want to hold for too long as counter trend trade, but could be more movement to the upside in coming days.

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'Fail to plan, plan to fail'
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