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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

  • #137,361
  • Oct 21, 2015 5:11am Oct 21, 2015 5:11am
Quoting mbqb11
{quote} Hey M Remember that s/r and PPZs specifically are zones. So we have larger zones, and we have smaller zones One thing I see too many new folks do is try to trade off the smaller less significant areas. I'd recommend and mostly myself look towards the larger more important clear PPZs for trading and then what we can do is take your smaller zones and use them for trade mgmt. Often smaller PPZs are great for targets/trade mgmt and stop loss reduction So for the usd/cad we have a bunch of minor zones as you indicated but we have the more important...
Thanks for discussing this. Those minor levels got me confused both in the entry and management, now it's pretty clear. Funny that we look at more or less the same chart,but ending up in an entirely different perspective. Great to know your opinion on this one Mike.
  • #137,362
  • Oct 21, 2015 5:24am Oct 21, 2015 5:24am
Hi Mike,

Do you or anyone know when it's best to enter an Outside bar trade on a break or on a retrace of the bar? An example of this is the current AUDNZD bearish outside bar on the 4hr time frame. Sorry I'm not in a position to post a chart.
  • #137,363
  • Oct 21, 2015 6:53am Oct 21, 2015 6:53am
Quoting Bladerunn3r
{quote} Hi Bill, in this instance you want to actually apply it to the Pinbar itself (from the bottom to the top. What we want to see is how far down todays bar has moved down yesterdays pin. In this case price moved to beyond the 61 Fibonannci point but was rejected there and moved north creating what is as of now a long legged doji on the daily. I have attached a screenshot from my MT4 of how the fib tool should be look once placed on the pinbar also have a look at the pdf attached below on pinbars, its from this thread and is useful. {image}...
I'll study this in the morning. Right now i'm veeery tired and need sleep.
Cheers buddy

Bill
  • #137,364
  • Oct 21, 2015 7:48am Oct 21, 2015 7:48am
Quoting cautious05
Hi Mike, Do you or anyone know when it's best to enter an Outside bar trade on a break or on a retrace of the bar? An example of this is the current AUDNZD bearish outside bar on the 4hr time frame. Sorry I'm not in a position to post a chart.
 
Hi cautious,
I looked for that one too. I would be careful, because on daily we have bullish outside bar and a break of inside bar, which suggests I a bit more of retrace up. It could be profitable trade but for me too risky. As you ask about entry level - it's better to enter on the retrace as you have lower risk/SL and better chances to take at least 1:1 profits, but sometimes you can miss some good trades. I'm working on feeling OK with that, as more often price retreats heavily and sometimes this PA setups doesn't work - I cut my losses.
 
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  • #137,365
  • Oct 21, 2015 8:38am Oct 21, 2015 8:38am
Quoting cautious05
Hi Mike, Do you or anyone know when it's best to enter an Outside bar trade on a break or on a retrace of the bar? An example of this is the current AUDNZD bearish outside bar on the 4hr time frame. Sorry I'm not in a position to post a chart.
Hey C

Every bar usually has a best way to be traded. That is we should trade it on a break, retrace, close depending on the situation. The easiest way to decide for me is to decide what entry has me trading closest to the confluence of the trade itself. OR what entry will allow me to best manage my risk in a given situation

Often times if I can't get the best way in for that i'll pass on the trade knowing that it could leave me exposed for taking a bigger loss then I really want. And example of that is if you take a break of a bar but then would have to allow for a large retrace since price hasn't say retested an important area. I'll either trade the retrace only or pass on a situation that could put me in a weird spot.


Aud/nzd isn't really a good example cause I wouldn't really be comfortable trading it anyway. If you look we are in a smaller box and the buob closed below the previous high just to the left. So we have too much to contend with there and not enough confluence for me. If i had to play it i'd want to take it on the close because you are sitting right on those two bar highs right to your left. You could then look for a break of the bar to take profit or get to b/e. But again that would be hard for me ever ever to do.

Trades like this it's fun to play the j16 where is price going game

Hope this helps
Mike
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  • #137,366
  • Oct 21, 2015 8:55am Oct 21, 2015 8:55am
Anyone else waiting for CAD data...

Could be a breakout or a breakout failure @ 3050 area on USDCAD. Whatever happens be prepared for both...
  • #137,367
  • Oct 21, 2015 8:58am Oct 21, 2015 8:58am
Quoting zamfir
Anyone else waiting for CAD data... Could be a breakout or a breakout failure @ 3050 area on USDCAD. Whatever happens be prepared for both...

I am .. I have short @ 1.3022..


Sonic
  • #137,368
  • Oct 21, 2015 11:11am Oct 21, 2015 11:11am
CAD Trades. All BE now. Got the Breakout.

USDCAD

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EURCAD

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NZDCAD

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  • #137,369
  • Oct 21, 2015 1:22pm Oct 21, 2015 1:22pm
Quoting zamfir
Anyone else waiting for CAD data... Could be a breakout or a breakout failure @ 3050 area on USDCAD. Whatever happens be prepared for both...

Hi Zamfir,

very interesting for me to see that you include economic data in your trading. Thumbs up from me .
Would be great to see more of that.

Best,
K
  • #137,370
  • Oct 21, 2015 1:26pm Oct 21, 2015 1:26pm
After beeing kicked out of the GBP/NZD long,
Im currentry long AUD/JPY at a retracement of the 4H pin.
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  • #137,371
  • Oct 21, 2015 1:59pm Oct 21, 2015 1:59pm
Quoting zamfir
CAD Trades. All BE now. Got the Breakout. USDCAD {image} EURCAD {image} NZDCAD {image}
hi zamfir,
can u please explain why u took the break of that bars on that cad pairs , im a bit confused ?

kind regards..
  • #137,372
  • Oct 21, 2015 2:20pm Oct 21, 2015 2:20pm
GOLD:
4hr pin off the bottom of the channel which lines up with the PPZ at the 1165 area.
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Keeping it Simple
  • #137,373
  • Oct 21, 2015 6:35pm Oct 21, 2015 6:35pm
Quoting habeeb
GOLD: 4hr pin off the bottom of the channel which lines up with the PPZ at the 1165 area. {image}
Hi Habeeb. Good to see you. I'm waiting for a retrace to around 1170 level to go short. All the best with that trade. I'm looking for it to go north for a few pips too, but not too far! My bias is bearish at the moment, especially when I zoom out on the D1 and weekly. Good trading and a lekker day to you and all, GB.

Gold H4.

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'Fail to plan, plan to fail'
  • #137,374
  • Oct 21, 2015 6:47pm Oct 21, 2015 6:47pm
Quoting mbqb11
{quote} Hey C Every bar usually has a best way to be traded. That is we should trade it on a break, retrace, close depending on the situation. The easiest way to decide for me is to decide what entry has me trading closest to the confluence of the trade itself. OR what entry will allow me to best manage my risk in a given situation Often times if I can't get the best way in for that i'll pass on the trade knowing that it could leave me exposed for taking a bigger loss then I really want. And example of that is if you take a break of a bar but then...
Thanks Mike. I ended up taking it on a retrace I find that allows me to play the where is price going game. Good old James. It's funny you mentioned a while back in the PF about Martin Pring price on price patterns. Best book i've ever read on trading price action. Thanks
  • #137,375
  • Oct 21, 2015 8:35pm Oct 21, 2015 8:35pm
Quoting cautious05
{quote} Thanks Mike. I ended up taking it on a retrace I find that allows me to play the where is price going game. Good old James. It's funny you mentioned a while back in the PF about Martin Pring price on price patterns. Best book i've ever read on trading price action. Thanks
yep that is a solid book for sure. I don't recommend many books out there. But that one is the first one i'll tell people to get and frankly in terms of PA the only one i've ever found worth its weight

  • #137,376
  • Oct 21, 2015 9:36pm Oct 21, 2015 9:36pm
Quoting pipponeur
{quote} hi zamfir, can u please explain why u took the break of that bars on that cad pairs , im a bit confused ? kind regards..
What do you expect when any planned news comes out. Lots of volatility and due to this there will be either big breakouts or there will be breakout failures(trapped traders) and occasionally nothing will happen.

Breakouts or failures will usually occurs are some significant level. you as a trader must identify those level.

Significant levels/PA on below pairs before news release.
1. USDCAD - 1.3050
2. EURCAD - 1.48000
3. NZDCAD - IB (at least on oanda feed).

So only 3 possibility when news comes out.

1. Breakout
2. Breakout failure
3. Nothing happens

So you plan the trades knowing above factors.

Today on news gbp/cad/eur/usd. Lets see how it goes ,but since its friday so not many traders will be looking to initiate new positions. so don't expect big moves today.
  • #137,377
  • Oct 22, 2015 1:20am Oct 22, 2015 1:20am
AUD/USD H4 BEOVB (couple of pips shy). D1 IB's/reversal bars as added confluence. Sell Order triggered on retrace. If it can get through .72000 area it could be off to the races.

Attached Image (click to enlarge)
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'Fail to plan, plan to fail'
  • #137,378
  • Oct 22, 2015 2:38am Oct 22, 2015 2:38am
I hope it works for you GB for both our sake as i have a very similar short going for the AUD/JPY @86.300. If it breaks through 86.000 it's happy days
  • #137,379
  • Oct 22, 2015 4:58am Oct 22, 2015 4:58am
Quoting zamfir
{quote} What do you expect when any planned news comes out. Lots of volatility and due to this there will be either big breakouts or there will be breakout failures(trapped traders) and occasionally nothing will happen. Breakouts or failures will usually occurs are some significant level. you as a trader must identify those level. Significant levels/PA on below pairs before news release. 1. USDCAD - 1.3050 2. EURCAD - 1.48000 3. NZDCAD - IB (at least on oanda feed). So only 3 possibility when news comes out. 1. Breakout 2. Breakout failure 3. Nothing...
thansk a lot zamfir ! that helps..
  • #137,380
  • Oct 22, 2015 5:01am Oct 22, 2015 5:01am
Quoting Guitarbloke
AUD/USD H4 BEOVB (couple of pips shy). D1 IB's/reversal bars as added confluence. Sell Order triggered on retrace. If it can get through .72000 area it could be off to the races. {image}
hi gb,
pardon for my ignorance, but can u explain if u took into considerations other confluence or u just jumped on that big bear bar? and isnt that against the trend? also please can u explain what target u had in ur mind, i mean in multiples of risk?

thanks a lot, im new, and hope to learn 4m u..
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