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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

  • #137,181
  • Oct 5, 2015 8:54am Oct 5, 2015 8:54am
Quoting Poinson
{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
thanks poinson! We will continue to do that
  • #137,182
  • Oct 5, 2015 8:55am Oct 5, 2015 8:55am
Quoting nicole99
{quote} 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.
Hey Nicole

It depends on the situation. In this case I use the beob to tip me off to buy a break of the beob and a break of the wedge which happens together. Say the beob had closed under the wedge decently far away from it. Then I would want to look for a retrace entry back at the wedge.

Let me know if that makes sense
Mike
  • #137,183
  • Oct 5, 2015 8:55am Oct 5, 2015 8:55am
Quoting cisc
{quote} hi, thanks for your answer. it made it more clear to me. cisc
Great Cisc let me know if you have any other questions

Mike
  • #137,184
  • Oct 5, 2015 9:35am Oct 5, 2015 9:35am
Hey guys, want to know your opinion about this. cad/jpy h4, a pin at swing high. What do you think?
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  • #137,185
  • Oct 5, 2015 11:02am Oct 5, 2015 11:02am
Quoting xerogame
Hey guys, want to know your opinion about this. cad/jpy h4, a pin at swing high. What do you think? {image}
Hey Xero

One of the best things to do early on is look for bigger bars they will give you a better idea of the strength . You are correct it's a pinbar at a swing high but the previous up moves are much larger and this bar is rather tiny

If we dissect the chart a bit we can see why price bounced creating the pinbar but a great question to ask is should this pinbar also continue to move price lower or was it just the bounce that created it.

For me this resistance area is not well established yet. We have another more important area a bit higher. I'd rather look for a more substantial bar there
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  • #137,186
  • Oct 5, 2015 10:59pm Oct 5, 2015 10:59pm
Hi. Does anyone have any thoughts on Silver Daily?
  • #137,187
  • Oct 6, 2015 1:44am Oct 6, 2015 1:44am
GBPNZD 15 MIN, a classic J16 trade and reacts exactly where you expect it to, no indicators, no money spent on a trading course or bots, just read this thread and you can be set for life, it's that simple.

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  • #137,188
  • Oct 6, 2015 9:06am Oct 6, 2015 9:06am
Quoting mbqb11
{quote} Hey Nicole It depends on the situation. In this case I use the beob to tip me off to buy a break of the beob and a break of the wedge which happens together. Say the beob had closed under the wedge decently far away from it. Then I would want to look for a retrace entry back at the wedge. Let me know if that makes sense Mike
Yes Mike.....i get what you mean.

That means whole lot of sense.


Thanks again
  • #137,189
  • Oct 6, 2015 4:05pm Oct 6, 2015 4:05pm
Yen monetary policy coming up....

CHFJPY - BE

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EURJPY - BE

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  • #137,190
  • Oct 6, 2015 4:08pm Oct 6, 2015 4:08pm
AUDUSD
BUPB
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Moved to BE. Hope it will reach TP)

Same trade on AUDJPY kicked me out in the beginning... JPY is too volatile
  • #137,191
  • Oct 7, 2015 2:21am Oct 7, 2015 2:21am
NZDCHF almost there...

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  • #137,192
  • Oct 7, 2015 4:14am Oct 7, 2015 4:14am
Has any of you done James's course and was it any good?
The road to pipland is arduous and fraught with challenge.
  • #137,193
  • Oct 7, 2015 5:57am Oct 7, 2015 5:57am
I have buy limit on low of support, okay so bearish pinbar on H4 (support) if someone want can entry on long trade with 30 pips risk( below the pin). First target is above 450 pips and second above 750 pips. So risk reward is very good,
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  • #137,194
  • Oct 7, 2015 6:39am Oct 7, 2015 6:39am
Anyone lose on the CADJPY? Price is right at a strong resistance line and looks to be A+ - thoughts on why it failed?

I'm starting to think that I should just take pinbars and use a 1-3 risk-reward ratio. Since I'm not convinced anyone really knows where price is going to go, I've just been putting my take profit 3 times as my risk away from my entry (and move stop to breakeven once I get to 1R).
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  • #137,195
  • Oct 7, 2015 6:57am Oct 7, 2015 6:57am
Quoting Grover
Anyone lose on the CADJPY? Price is right at a strong resistance line and looks to be A+ - thoughts on why it failed?
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  • #137,196
  • Oct 7, 2015 7:09am Oct 7, 2015 7:09am
GBP/USD IB D1:
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  • #137,197
  • Edited 7:24am Oct 7, 2015 7:09am | Edited 7:24am
Quoting Grover
Anyone lose on the CADJPY? Price is right at a strong resistance line and looks to be A+ - thoughts on why it failed? I'm starting to think that I should just take pinbars and use a 1-3 risk-reward ratio. Since I'm not convinced anyone really knows where price is going to go, I've just been putting my take profit 3 times as my risk away from my entry (and move stop to breakeven once I get to 1R). {image}
1) Structure:
- The 92.15-30 area was tested now almost 3 times. The 92.15 in particular at least 2 times. Personally I wouldn't want to sell a resistance that got tested 3 times already.
- Take a look at how price trended down. Down and correction, down and correction. Note that last time price made that bottom it was bought up very heavily. Upon the next test of that bottom level you see a pinbar that pops the low and takes off.
- Now look at the uptrend. There were really no retests. There was only 1 but that was made by the Non-Farm-Payroll news. During the news price was pushed down hard, but big players jumped on the good price and drove it up.

2) Those pinbars are the strongest that successfully took out the highs. (Above the highs there are many buy stops, and market makers and commercial participants love to test these zones to see the amount of buy flowing into the market.) Your pinbar didn't take out the high.

All in all: learn to read the market structure. And yes, it will take months if not years. :-)
And remember: Even A+ setups fail sometimes.

Think about the market as if it were a giant poker game. Each participant has a hand (e.g. Commercials have to buy 15000 lots in on day etc.) Even if you were a commercial you wouldn't simply blindly buy those 15000 lots. You would wait to see what the others do! Why buy when price is dropping? You can buy lower! Commercial players wait until they see that other commercials start buying. But when they see that other players started to buy he (the guy who has to buy 15000 lot by the end of the day) starts buying too, because he knows that he wont have much time to buy at these cheap prices. And this was exactly indicated by the quick up-move from the bottom. Sellers drove price down (buyers have been waiting quietly), but as the selling stopped it turned out there was a huge amount off ppl who wanted to buy, thus they drove up price fast. When the market re-tested this zone an experienced trader would have been expecting the buying to come in again. He only had to wait for a confirmation, which then came in form of a pinbar - as despite the sell stops triggered at the bottom, sellers were not strong enough to push further --> Buyers took control.
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It's all psychology...
  • #137,198
  • Oct 7, 2015 8:54am Oct 7, 2015 8:54am
Quoting LamerTrader
{quote} 1) Structure: - The 92.15-30 area was tested now almost 3 times. The 92.15 in particular at least 2 times. Personally I wouldn't want to sell a resistance that got tested 3 times already. - Take a look at how price trended down. Down and correction, down and correction. Note that last time price made that bottom it was bought up very heavily. Upon the next test of that bottom level you see a pinbar that pops the low and takes off. - Now look at the uptrend. There were really no retests. There was only 1 but that was made by the Non-Farm-Payroll...
Was the Low of that failed pin broken ? If not - no trade = no loser.
If it was then we have to remember that not all set ups win.
every Saint has a past. Every Sinner has a Future
  • #137,199
  • Oct 7, 2015 10:35am Oct 7, 2015 10:35am
Quoting Grover
Anyone lose on the CADJPY? Price is right at a strong resistance line and looks to be A+ - thoughts on why it failed? I'm starting to think that I should just take pinbars and use a 1-3 risk-reward ratio. Since I'm not convinced anyone really knows where price is going to go, I've just been putting my take profit 3 times as my risk away from my entry (and move stop to breakeven once I get to 1R). {image}
Why it failed?

No one really knows. This is exactly why you look to reduce your risk.

My suggestion is that you enter on the break of the pin, this way you reduce your risk.

Professionals ALWAYS look to reduce the risk , but the newbies always look to increase it. Not saying you are a newbie.

What i see most people do here is that they are always looking for a entry when there is none thereby increasing the risk.

As for TP , it depends on your trading plan. How do you arrive at 1R/2R/..etc depends on what kind of moves your setups give on average. This requires you to research and test your setups thoroughly and get the confidence to manage the target.But for starters to satisfy the traders equation you need to aim for min of 1:1 provided you have a decent win rate.
  • #137,200
  • Oct 7, 2015 10:39am Oct 7, 2015 10:39am
Geppy moving along nicely..

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