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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

  • #137,461
  • Oct 28, 2015 8:39pm Oct 28, 2015 8:39pm
NZDUSD Pin in a Sipport area.
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  • #137,462
  • Oct 28, 2015 8:49pm Oct 28, 2015 8:49pm
Is this a option to go entry short?
EURCAD break interesting line.


In Daily engulf
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  • #137,463
  • Oct 28, 2015 8:50pm Oct 28, 2015 8:50pm
Sorry I copied twice the weekly chart.
her is the daily.
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  • #137,464
  • Oct 28, 2015 9:12pm Oct 28, 2015 9:12pm
Quoting Katfx
NZDUSD Pin in a Sipport area. {image}
Hey Kat

Be careful here that's not a pinbar. A pinbar must close within the previous bar. That's a bar that will likely move on down with that weak close


Best
Mike
  • #137,465
  • Oct 29, 2015 3:38am Oct 29, 2015 3:38am
Quoting mbqb11
{quote} Hey Andy The on thing to understand here really is the environment. I often tell traders it's not really about right or wrong all the time. Sometimes it comes down to what you are comfortable with too after testing for awhile. So when I see this situation I don't disagree with your entry but some things that keep me out. Just be aware that your space is zero here(since your pinbar is at a very minor swing low created by a sharp pullback). So i'm VERY glad to see you ONLY will sell this on a retrace. The pin itself is trapped in a tight box....
Thank you Mike!
  • #137,466
  • Oct 29, 2015 7:20am Oct 29, 2015 7:20am
Quoting antisystem
{quote} Here is screenshot of mobile)) I'm not near computer {image}
update. TP taken
  • #137,467
  • Oct 29, 2015 8:03am Oct 29, 2015 8:03am
Daily us index

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  • #137,468
  • Oct 29, 2015 12:02pm Oct 29, 2015 12:02pm
Quoting mbqb11
{quote} Hey Kat Be careful here that's not a pinbar. A pinbar must close within the previous bar. That's a bar that will likely move on down with that weak close Best Mike
@mbqb11:
Thanks for all your interesting posts which helps a lot of us here.
My question is how long you are holding your Trades?
Do you let your Trades run till your goal is reached or you till you stopped out with a loss (over the last HH/LL)?
Or do you count Candles and if the Trade is not going in your direction than you are out with a small loss or profit?
Thanks for an info regarding this.
Regards Zack
  • #137,469
  • Oct 29, 2015 3:12pm Oct 29, 2015 3:12pm
XAU/USD D1 BEOVB. Going for gold.

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'Fail to plan, plan to fail'
  • #137,470
  • Oct 30, 2015 1:38am Oct 30, 2015 1:38am
Quoting Guitarbloke
XAU/USD D1 BEOVB. Going for gold. {image}
Hi GB,

Thanks for sharing.
I have a couple of questions:
1. Did you sell on retrace of daily bar marked by arrow or it was based on smaller interval (H1/H4) at the very end of the day?
2. If it was due to daily BEOB, did you go for any specific numerical value of retrace (looks like 38% Fibo in this case) or you made your decision based on a a very minor level "made" by a couple of previous bars?
3. Last one is the most important I guess...is it part of your strategy or you are trying something new? If it's a strategy, could you please give a broad figure how profitable this specific set up? Of cause I understand that nothing is black and white and we should always take a bigger picture into account... I just liked your call over here and wanted to hear some thoughts you had before hitting SELL button.

Thanks a lot!
  • #137,471
  • Oct 30, 2015 1:58am Oct 30, 2015 1:58am
Quoting mozyr
{quote} Hi GB, Thanks for sharing. I have a couple of questions: 1. Did you sell on retrace of daily bar marked by arrow or it was based on smaller interval (H1/H4) at the very end of the day? 2. If it was due to daily BEOB, did you go for any specific numerical value of retrace (looks like 38% Fibo in this case) or you made your decision based on a a very minor level "made" by a couple of previous bars? 3. Last one is the most important I guess...is it part of your strategy or you are trying something new? If it's a strategy, could you please give...

Yo Mozyr. Thanks for your questions. I will try to answer them. Note that I am a novice trader.

1. Did you sell on retrace of daily bar marked by arrow or it was based on smaller interval (H1/H4) at the very end of the day?

Sold on retrace of daily bar. Didn't really look at smaller TF's though I do check the H4 and H1 often. I set a limit order at 1160.16.

2. If it was due to daily BEOB, did you go for any specific numerical value of retrace (looks like 38% Fibo in this case) or you made your decision based on a a very minor level "made" by a couple of previous bars?

sell limit order price influenced by 2 previous D1 bar lows around 1160.00 area. Set order at those recent lows in case price stalled/reversed there as it did.

3. Last one is the most important I guess...is it part of your strategy or you are trying something new? If it's a strategy, could you please give a broad figure how profitable this specific set up? Of cause I understand that nothing is black and white and we should always take a bigger picture into account... I just liked your call over here and wanted to hear some thoughts you had before hitting SELL button.

This strategy of selling a BEOVB on retrace is a J16 method. I try to trade J16 way mainly. This trade was at a swing high, rejecting a significant S/R level, and with main overall down trend. The PA signal (BEOVB) sealed the deal to get me in.

These signals can be consistently profitable, but you must take into account the PA story and trend etc around you/looking left before jumping in just because it is a good looking BEOVB or PB. Not all of them work, as it depends where they form, and what's happening around them. I can recommend reading all about it on page 1, post # 1 and all the links. Great info right there that explains the method.

Best wishes, GB.
'Fail to plan, plan to fail'
  • #137,472
  • Oct 30, 2015 8:29am Oct 30, 2015 8:29am
Quoting zackery
{quote} @mbqb11: Thanks for all your interesting posts which helps a lot of us here. My question is how long you are holding your Trades? Do you let your Trades run till your goal is reached or you till you stopped out with a loss (over the last HH/LL)? Or do you count Candles and if the Trade is not going in your direction than you are out with a small loss or profit? Thanks for an info regarding this. Regards Zack
Hey Zackery

Thanks for your nice comments appreciate that

How long I hold trades is entirely dependent on the situation. I can be in and out of trades quick or hold for weeks/months at a time. I held a weekly trade for almost a year once

I generally set a target on all my trades but that doesn't mean i'll only let that target hit. Often I see it as two sides. The most important side being managing my risk logically on the trade. That is reducing my risk on a trade as soon as I can where it doesn't jeopardize the trade. So I want to move my stop loss to cut my losses but I want that stop loss movement to be logical. I always think of my stop loss as where is the trade no longer valid in my eyes. So as a trade develops that will change and thus you can reduce more risk often or lock in profit.

So it's really the situation. I always tell people it's very hard to have a one size fits all. Although that's what most people want cause it's easier i've found that you waste a lot of great information that comes in once you are in a trade. If you check youtube i've put a few of my different trades up there and you can see the variance in my trade mgmt style.

Hope this helps
Mike
  • #137,473
  • Oct 30, 2015 12:41pm Oct 30, 2015 12:41pm
Quoting mbqb11
{quote} Hey Zackery Thanks for your nice comments appreciate that How long I hold trades is entirely dependent on the situation. I can be in and out of trades quick or hold for weeks/months at a time. I held a weekly trade for almost a year once I generally set a target on all my trades but that doesn't mean i'll only let that target hit. Often I see it as two sides. The most important side being managing my risk logically on the trade. That is reducing my risk on a trade as soon as I can where it doesn't jeopardize the trade. So I want to move...
@mbqb11:
Thanks a lot for your detailed Trade-description.Will have a look in your youtube-section .
Nice weekend to you.
Regards Zack
  • #137,474
  • Edited 5:53pm Oct 30, 2015 5:37pm | Edited 5:53pm
Trend following trade long GBP/CHF.
Strong Trend, BRN 1.5100 as D1 pivot & support zone.
Minimal drawdown.
Risk reduced at second day to ~ a third of initial risk.
Result: TP at RR slightly above 1:2.
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  • #137,475
  • Oct 30, 2015 5:52pm Oct 30, 2015 5:52pm
Trend following trade GBP/AUD long.
4H pin off D1 pivot zone of 2.1500 and former resistance
as well as 23.6 fib retracement area of this weeks move.
Result: TP at around 3/4 of initial risk.
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  • #137,476
  • Nov 1, 2015 5:57pm Nov 1, 2015 5:57pm
XAG/USD D1 PB. Later entry than preferred. Keen to move SL down if/when price continues lower.

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'Fail to plan, plan to fail'
  • #137,477
  • Nov 2, 2015 3:02pm Nov 2, 2015 3:02pm
Bearish pin shaping up on GBP CHF off BRN of 1.5300. Resistance zone at 1.5100.

Might be worth keeping an eye on on a retrace.
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  • #137,478
  • Nov 2, 2015 3:29pm Nov 2, 2015 3:29pm
Quoting Bladerunn3r
Bearish pin shaping up on GBP CHF off BRN of 1.5300. Resistance zone at 1.5100. Might be worth keeping an eye on on a retrace. {image}
Hiya BR. S/R also where PA is now around 1.52000. In uptrend and I'm noting the highs to the left at around 1.54000 and wondering if price will want to keep moving up to find this area first? Not a great looking potential PB as yet for me, and price has some work to do to git south. May well break lower but I will wait. A bit too iffy for me.
'Fail to plan, plan to fail'
  • #137,479
  • Nov 3, 2015 12:49am Nov 3, 2015 12:49am
Quoting Guitarbloke
{quote} Hiya BR. S/R also where PA is now around 1.52000. In uptrend and I'm noting the highs to the left at around 1.54000 and wondering if price will want to keep moving up to find this area first? Not a great looking potential PB as yet for me, and price has some work to do to git south. May well break lower but I will wait. A bit too iffy for me.
Yeah i too saw the 1.5400 highs, I am sitting on this one like you.Will keep an eye on the lower TF and if we get a noticeable change of direction I may trade it with a really tight SL.
  • #137,480
  • Nov 3, 2015 1:50am Nov 3, 2015 1:50am
Nice BUOB on AUDCHF H4 TF, touching TL, in UP channel. Waiting for solid retracement at 0.7055 to buy.
 
 
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