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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

  • #137,161
  • Oct 3, 2015 9:42am Oct 3, 2015 9:42am
Quoting Donaciello
He Mike, Would this be an area where a pre-emptive BEOB - even on lower TF's - makes a good setup? I'm considering to short PA short from under this TL, does that make sense? {image} _______________________________________________________________________ Update: Seems like Oanda was thinking along the same lines here... {image}
Hey D

Yes absolutely. Really you can use a pre-emptive breakout bar on any situation where price should be breaking a significant area, TLs, Breakout patterns, S/R etc

I find them to be the most useful on breakout patterns(which is more than just a TL break such as a wedge formation) but also on TL breaks they work too

Best
Mike
  • #137,162
  • Oct 3, 2015 9:45am Oct 3, 2015 9:45am
Quoting xerogame
{quote} thanks for answering that Mike. That helped me. {quote} Regarding your trade on GBP/AUD, did you take full profit at FTA because it could be considered a counter trade?
Hey Xero

I took profit since we had a major FTA as we traded back into the sideways box market. WHen I plan a trade I like to think about my stop loss progression and trade mgmt.

Meaning

Will I be able to maintain this trade while cutting my losses or is their a larger chance for price to say pullback before moving on. So while i'd love to be a buyer and hold there. As you get back into a sideways market I felt a larger chance price would want to pull back and any stop loss I had would either leave too much open risk or likely stop me out for a small loss. So I just book profits in this case.

I don't always pick it right of course but I try to apply that same logic for each trade and go from there

Best
Mike
  • #137,163
  • Oct 3, 2015 9:49am Oct 3, 2015 9:49am
Quoting mbqb11
{quote} Very nice Z! NFP handed me a few losses. Nothing more humbling when you hit a big win streak to get knocked back to earth lol. We got a lot of strong signals but things just didn't play out, glad to see some of you catch some pips! Mike
I m sure that is not a problem for you Mike. It's all part of the business.

  • #137,164
  • Oct 3, 2015 9:52am Oct 3, 2015 9:52am
Quoting mbqb11
{quote} Hey Xero I took profit since we had a major FTA as we traded back into the sideways box market. WHen I plan a trade I like to think about my stop loss progression and trade mgmt. Meaning Will I be able to maintain this trade while cutting my losses or is their a larger chance for price to say pullback before moving on. So while i'd love to be a buyer and hold there. As you get back into a sideways market I felt a larger chance price would want to pull back and any stop loss I had would either leave too much open risk or likely stop me out...
Here is a case where I was trying to hold for more as I believed price would get lower into the consolidation area. In this case I believed because of the pattern i'd have a safer stop loss to get me there. So I was right in the IDEA but things just didn't come together from an execution standpoint which I still need to stick by. It's that old don't be short term results oriented otherwise you'll make too many changes each time you see something.



As you can see though price stopped me out just before the eventual drop to where my take profit was. So this is just the market you have to strike a balance. As long as you've tested that it works more and your logic wins int he long run then the trade to trade I just try to make what I feel is the most logical decision.


Entry on the beob. Notice price broke out of a channel then formed a beob back inside. So we want to sell at the confluenced area which is a slight retrace here to the PPZ and former TL
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Price holds and breaks down so we can move our stop logically above the swing high now as this should be "safe" . This is key for me to control my risk int his way so when my losses occur they never get out of control
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We had another pullback here as price is now in a sideways market so chopping around is not unexpected. This allows us to reduce our risk even more logically.
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stopped out here from NFP. So certainly nice profit to be had depending on how you played it. I just go with what I feel is logical and sometimes you mistime it and that's just trading at the end of the day too. It's a world of imperfection and I think for most that's what they struggle with .Uncertainty
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  • #137,165
  • Oct 3, 2015 10:49am Oct 3, 2015 10:49am
Quoting Kershey
missed entry by 0.3 pips {image}
Correct me if i'm wrong. S/R levels are zones not exact pip values so can't we consider that the signal candle is in the level you have drawn (119.245)?
  • #137,166
  • Oct 3, 2015 1:54pm Oct 3, 2015 1:54pm
Quoting zamfir
{quote} I m sure that is not a problem for you Mike. It's all part of the business.
Hi zamfir,

are you going to post your weekly trades as every week?

Thanks a lot,
wellard
  • #137,167
  • Oct 4, 2015 2:34am Oct 4, 2015 2:34am
Quoting wellard
{quote} Hi zamfir, are you going to post your weekly trades as every week? Thanks a lot, wellard
Well, i think i have posted enough. It should be quite easy for anyone to trade the strategy now.

Posting every week now wouldn't make much sense because there would be nothing new in the charts or method/strategy.

What i would like to stress here is that people keep jumping from one system/method/strategy to another and never get anywhere. Just stop it and take a step back and think why we are doing that.

If you have tried everything and failed, here is something new for you. Just pick one SIMPLE strategy that suits you and keep practicing that until you get good it. I mean become an expert in that one strategy rather than trying 5 or 10 and failing.

Like Bruce lee once said - "I fear not the man who has practiced 10,000 kicks once, but I fear the man who has practiced one kick 10,000 times."

Apply that in trading and you will amazed.

Now just so i m not talking bullshit. Let me give you an example of my own. I have been trading stocks intraday for years now. Believe me i have tried so many strategies and methods and i was not getting anywhere. Then one day i stopped and thought what if i focused on just one strategy and made it better and better. What if i became an expert in just one simple intraday strategy. How would that work out i thought to my self . you would not believe it I made consistent 10-12% a month. But to do that i had to hold myself and discipline myself not to jump to the next strategy every month or few.

If anyone is stuck in that break even cycle or jumping systems cycle. This is how you break it and that is where you will find the edge.

you don't have to trade exactly like James16 or Mike or me. you can take basic simple elements and MASTER them to make your strategy and keep improving on it till you build your edge, then its a matter of being disciplined.

The reason it take so long in this business is you keep jumping systems and you have no idea how much it sets you back.

Now i reason why i posted the strategy was not that you follow it exactly , but learn from it take something and build your own and then work towards refining that edge.

The strategy just used fresh S/Rs and three simple price patterns. Two very simple concepts combined. This is a sort of Proof of concept that you can build a strategy using simple concepts that are widely and freely available, you just need to master them.

This is probably one of the main reasons J16 doesn't post, because its the same stuff he would be posting over and over after he has already posted enough setups for years.

@Wellard, i don't know where you are in your trading career, but if you have not been through above or are going through what i described above, then you don't need hand holding anymore. This post may or may not be related to you , but i had to get few things off my chest.
  • #137,168
  • Oct 4, 2015 10:16am Oct 4, 2015 10:16am
Quoting mbqb11
{quote} Hey D Yes absolutely. Really you can use a pre-emptive breakout bar on any situation where price should be breaking a significant area, TLs, Breakout patterns, S/R etc I find them to be the most useful on breakout patterns(which is more than just a TL break such as a wedge formation) but also on TL breaks they work too Best Mike
Hi mike,

i read a lot here, really great thread. I have a first question. What does the term 'pre-emptive breakout bar' mean? I already read this term sometimes, but i do not know exactly what it means. Maybe you can give me some example.

thanks for your help
cisc
  • #137,169
  • Oct 4, 2015 2:19pm Oct 4, 2015 2:19pm
Quoting zamfir
{quote} Well, i think i have posted enough. It should be quite easy for anyone to trade the strategy now. Posting every week now wouldn't make much sense because there would be nothing new in the charts or method/strategy. What i would like to stress here is that people keep jumping from one system/method/strategy to another and never get anywhere. Just stop it and take a step back and think why we are doing that. If you have tried everything and failed, here is something new for you. Just pick one SIMPLE strategy that suits you and keep practicing...
Hi Zamfir,

thank you for your post and for all what you are doing in this thread.

I will continue trading this simple strategy and trying to master it.

If you woulndt mind I will send here or to you my trades and ask for your opinion time to time.

Im am keeping in practicing my one kick for 10.000 times :-)
  • #137,170
  • Oct 4, 2015 2:42pm Oct 4, 2015 2:42pm
Quoting samanfx
{quote} Correct me if i'm wrong. S/R levels are zones not exact pip values so can't we consider that the signal candle is in the level you have drawn (119.245)?
Of course you could scale in...
In this particlular case my trading play was to buy a check of the last days low (119.225)
with some pips added for spread etc.
The time I made the post I was just disappointed because I switched to a comission account
to minimize missing trade entries just by 0.X to 5 pips.
  • #137,171
  • Oct 4, 2015 3:18pm Oct 4, 2015 3:18pm
Quoting wellard
{quote} Hi Zamfir, thank you for your post and for all what you are doing in this thread. I will continue trading this simple strategy and trying to master it. If you woulndt mind I will send here or to you my trades and ask for your opinion time to time. Im am keeping in practicing my one kick for 10.000 times :-)
np
  • #137,172
  • Oct 4, 2015 3:19pm Oct 4, 2015 3:19pm
Quoting zamfir
{quote} Well, i think i have posted enough. It should be quite easy for anyone to trade the strategy now. Posting every week now wouldn't make much sense because there would be nothing new in the charts or method/strategy. What i would like to stress here is that people keep jumping from one system/method/strategy to another and never get anywhere. Just stop it and take a step back and think why we are doing that. If you have tried everything and failed, here is something new for you. Just pick one SIMPLE strategy that suits you and keep practicing...
Thanks for everything, Zamfir! And look forward to your future posts and trades here on j16.

I post below the trades i took this week, based on your strategy. Market is awful, lacks direction, so taking profit at FTA is the best thing I can do in this market environment.

Total profit: 90 pips
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Market can stay irrational longer than you can stay solvent.
  • #137,173
  • Oct 4, 2015 4:11pm Oct 4, 2015 4:11pm
Quoting jscathey11
{quote} Miss the old stuff... Mike I kind of have to agree with inco... There was a time when Jims stuff was free. What happened?
Too much fighting, arguing, etc. on FF, so we begged Jim to teach us in a PF, and we were willing to pay for his time and effort.

Thank You Jim for saying "YES".
Keeping it Simple
  • #137,174
  • Oct 4, 2015 10:51pm Oct 4, 2015 10:51pm
Quoting cisc
{quote} Hi mike, i read a lot here, really great thread. I have a first question. What does the term 'pre-emptive breakout bar' mean? I already read this term sometimes, but i do not know exactly what it means. Maybe you can give me some example. thanks for your help cisc
Hey C

Thanks for the nice comments

I use the term pre-emptive breakout to describe a bar that is telling us a breakout is about to happen

So generally speaking this is a bar that is about to or just breaking a breakout pattern

so here was a trade I took on the cad/jpy where we have a beob just prior to price breaking the wedge formation. The beob is that pre-emptive breakout bar
http://www.forexfactory.com/showthre...36#post8506736

Hope that helps
Mike
  • #137,175
  • Oct 5, 2015 4:36am Oct 5, 2015 4:36am
Quoting mbqb11
{quote}
To my mind doesnt matter if there are any commercial aspect linked with the J16 thread, it reamines the most efficient one on the net. Mike thanks for posting here
  • #137,176
  • Oct 5, 2015 5:08am Oct 5, 2015 5:08am
Gentlemen, any ideas on this chart?
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  • #137,177
  • Oct 5, 2015 7:39am Oct 5, 2015 7:39am
Quoting Poinson
Gentlemen, any ideas on this chart? {image}
Hi
I am looking for a false break and for a close on the Daily within that box for longs.
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  • #137,178
  • Oct 5, 2015 7:48am Oct 5, 2015 7:48am
Quoting mbqb11
{quote} Hey C Thanks for the nice comments I use the term pre-emptive breakout to describe a bar that is telling us a breakout is about to happen So generally speaking this is a bar that is about to or just breaking a breakout pattern so here was a trade I took on the cad/jpy where we have a beob just prior to price breaking the wedge formation. The beob is that pre-emptive breakout bar http://www.forexfactory.com/showthre...36#post8506736 Hope that helps Mike

Mike,

You sold Cad/Jpy break of the wedge. Do you not wait for it to retrace after the break and sell ?
How do you decide that its not a false breakout?

Thanks Mike for all your generosity in sharing.
  • #137,179
  • Oct 5, 2015 8:07am Oct 5, 2015 8:07am
Quoting mbqb11
{quote} Hey C Thanks for the nice comments I use the term pre-emptive breakout to describe a bar that is telling us a breakout is about to happen So generally speaking this is a bar that is about to or just breaking a breakout pattern so here was a trade I took on the cad/jpy where we have a beob just prior to price breaking the wedge formation. The beob is that pre-emptive breakout bar http://www.forexfactory.com/showthre...36#post8506736 Hope that helps Mike
hi,

thanks for your answer. it made it more clear to me.

cisc
  • #137,180
  • Oct 5, 2015 8:41am Oct 5, 2015 8:41am
Quoting mbqb11
{quote} Here is a case where I was trying to hold for more as I believed price would get lower into the consolidation area. In this case I believed because of the pattern i'd have a safer stop loss to get me there. So I was right in the IDEA but things just didn't come together from an execution standpoint which I still need to stick by. ....{image}
Whoa wasn't expecting multi attachments after the first reply. Even a good setup can miss sometimes. Patience is really tested here. Market isn't certain that's why we have to be logical and consistent - that's the message I get. Thanks for the great answer Mike !

Quoting zamfir
{quote} Well, i think i have posted enough. It should be quite easy for anyone to trade the strategy now. Posting every week now wouldn't make much sense because there would be nothing new in the charts or method/strategy. What i would like to stress ....
Hmm I'd take the advice . So I guess patience is the way after finding a technique.

I'd still like to see your post from time to time zamfir. Thanks for the post
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