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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

  • #139,841
  • Nov 14, 2016 9:50am Nov 14, 2016 9:50am
Quoting Maklla
Mike is candle of election still good to trade?:-) {image}
Hey Maklla

You really want to buy on that first pullback of the buob. So price did pullback to your markeed area but I wouldn't want to catch the second time. The first time up and into that TL would have been a nice one.

Best
Mike
  • #139,842
  • Nov 14, 2016 9:52am Nov 14, 2016 9:52am
Quoting itschub
Also a triple IB on the EURJPY 4H. Again at a strong level of resistance but the yen has been bullish. A buy order at the top of the inside bar? im only demoing at the moment. {image} edit* Im up to page 130 on the thread. Loads and loads of good stuff in here! I try and stick to trading the london and european session, one because im from the UK and it works for me and obviously because thats when the most money flows. My question though is if you see you a good set up occuring during anytime of the day even if its quiet (22:00 - 00:00 GMT) between...
Hey John,

I'll generally trade any time if the setup is good enough. For example for a daily or weekly candle it could trigger at any time and that's just fine. Generally intraday trades for me 4hr and lower I like to execute around the more major times. But if the markets are moving i'll be more than ok getting involved even in a traditionally off time. So it's more the volatility and setup that is more important than time for me.

best
Mike
  • #139,843
  • Nov 14, 2016 9:54am Nov 14, 2016 9:54am
Quoting florinellz
{quote} Hi Yan i don't like this setup because: 1. i would like the open of the pinbar to the at 1.028 area where is the previous bar close; 2. the FTA IMO is 1.016 area because IMO 1.016 is a strong support i think this can be a wickplay sorry for my english {image}
great post F, thanks for jumping in. I'd be worried about those bar highs as well. Super choppy pair as of late too

Thanks
Mike
  • #139,844
  • Nov 15, 2016 2:46am Nov 15, 2016 2:46am
Quoting mbqb11
{quote} Hey Maklla You really want to buy on that first pullback of the buob. So price did pullback to your markeed area but I wouldn't want to catch the second time. The first time up and into that TL would have been a nice one. Best Mike
Hi Mike,

Could you please explain your entry points ? In som cases you enter on close of BUOB/BEOB, sometimes on break and sometimes you wait for pullback. Once you wrote it depends on distance to Support or ressistance lvl - you want to enter as close as possible to have these levels in your back. It is logical, I want to do it that way, but I have problems...Because now you have written that you wouldn want to catch second pullback... but how can I catch first pullback ? Should I use blind entry order, or go to smaller timeframes ? But how can I idenfity the place where to place entry order- It can be large area. Only after the market goes back to test this zone and reject it- then I can identify the right place to set entry order- but you wrote- you dont enter at second.... because after the market identifies this lvl - rejects it- it is to late then...
Many thanks for your view....
  • #139,845
  • Nov 15, 2016 11:18am Nov 15, 2016 11:18am
Quoting VKTrader
{quote} Hi Mike, Could you please explain your entry points ? In som cases you enter on close of BUOB/BEOB, sometimes on break and sometimes you wait for pullback. Once you wrote it depends on distance to Support or ressistance lvl - you want to enter as close as possible to have these levels in your back. It is logical, I want to do it that way, but I have problems...Because now you have written that you wouldn want to catch second pullback... but how can I catch first pullback ? Should I use blind entry order, or go to smaller timeframes ? But...
Hey VK

Yep it's all about as entering as close to the confluenced area as possible. This is often the most recent s/r that the market cares about. When entering on a retrace I simply place a limit order near that area. It's not really blind it's utilizing both the PA bar and the recent S/R. It's just more about pinpointing that entry so that you have more control over your trade mgmt process.

Does that make sense?
Mike
  • #139,846
  • Nov 15, 2016 11:22am Nov 15, 2016 11:22am
Quoting mbqb11
{quote} Hey VK Yep it's all about as entering as close to the confluenced area as possible. This is often the most recent s/r that the market cares about. When entering on a retrace I simply place a limit order near that area. It's not really blind it's utilizing both the PA bar and the recent S/R. It's just more about pinpointing that entry so that you have more control over your trade mgmt process. Does that make sense? Mike
so here is an example of a trade I executed a bit earlier this morning

I am trading the BUOB but the key here is what is the most critical area? Is it at the close of the buob? A break of the buob? For me those are not options because you are right at trouble and away from the most critical area which is the 15 BRN PPZ flip. I decided to enter on the last couple bar highs as these are the most recent areas of previous resistance.

Now another key factor here is risk. My normal risk on a full bar is 3%. In a case like this where I take a very deep retrace I cut my risk in half. Why? Because I need to let this trade work in this zone. I like to let price find it's new support(if it's going to) before moving my stop. Because I must let this area work it cuts down on my ability to cut out. Price could easily retrace to even last weeks low and this still be a valid trade. But I wouldn't want to have 3% risk on such a deep retrace and be at the markets mercy for a large loss

So all these factors play into each other and are critical for me.

Again not a trade recommendation, i don't do those. Just what i'm doing

Best
Mike
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  • #139,847
  • Nov 15, 2016 2:30pm Nov 15, 2016 2:30pm
GOLD great area to watch for price action at 1200 area; a great PPZ; BRN also 50% retrace fibo

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P.S. Mike how about buy a deeper retrace around 14.75 and targeting 15.25?
  • #139,848
  • Edited 6:03pm Nov 17, 2016 8:21am | Edited 6:03pm
I can't get my charts up but what do you guys think of CAKE weekly chart to the short side ? (Stock)

looks like the the fta would be around 54, but is the pin just a little too small compared to the large upbar from last week?

Also, watching JWN, and HALO if it closes under the huge s/r flip.
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  • #139,849
  • Nov 18, 2016 4:02am Nov 18, 2016 4:02am
Im totally fascinated how many of these stop outs can one have in trading journey. I mean WTF !?
Do they really stop hunt all the time or is this just bad luck many many times? Stoped out within 1 damn pip
''Market is picking on me feeling'' Is it really time to start using freaking hidden stops or something?
Chances market stop you out within a pip and turn around should be fcking slim, but stil it happens so often! All seems like
they don't even give you a chance to win.
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  • #139,850
  • Nov 18, 2016 4:42am Nov 18, 2016 4:42am
AUD/USD D1. Breakout below 0.74000 BRN. Order triggered on retrace to BRN. Target around 0.73300 demand area.

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'Fail to plan, plan to fail'
  • #139,851
  • Nov 18, 2016 11:34am Nov 18, 2016 11:34am
Quoting gasgas
Im totally fascinated how many of these stop outs can one have in trading journey. I mean WTF !? Do they really stop hunt all the time or is this just bad luck many many times? Stoped out within 1 damn pip ''Market is picking on me feeling'' Is it really time to start using freaking hidden stops or something? Chances market stop you out within a pip and turn around should be fcking slim, but stil it happens so often! All seems like they don't even give you a chance to win. {image}

In 15 years this still happens to me. Although I will say i've had my stop missed by fraction of a pip on multiple occasions too. I think the losers we just remember so much more. I've learned to get over this pretty quick. As long as you wouldn't have changed anything again(for example moving further to compensate for spread in this case), I wouldn't kick yourself too much!

On to the next one

Mike
  • #139,852
  • Nov 18, 2016 12:01pm Nov 18, 2016 12:01pm
Quoting gasgas
Im totally fascinated how many of these stop outs can one have in trading journey. I mean WTF !? Do they really stop hunt all the time or is this just bad luck many many times? Stoped out within 1 damn pip ''Market is picking on me feeling'' Is it really time to start using freaking hidden stops or something? Chances market stop you out within a pip and turn around should be fcking slim, but stil it happens so often! All seems like they don't even give you a chance to win. {image}
At least you have no one to blame but bad luck...

Over the last two months , every loser and breakeven I had but one would have been 1R winners if I hadn't move my stop
And I keep changing it... go figure ☺
Slow & steady
  • #139,853
  • Nov 18, 2016 12:46pm Nov 18, 2016 12:46pm
Quoting gasgas
Im totally fascinated how many of these stop outs can one have in trading journey. I mean WTF !? Do they really stop hunt all the time or is this just bad luck many many times? Stoped out within 1 damn pip ''Market is picking on me feeling'' Is it really time to start using freaking hidden stops or something? Chances market stop you out within a pip and turn around should be fcking slim, but stil it happens so often! All seems like they don't even give you a chance to win. {image}
I got in little bit higher and was ok. But, there was option to take a profit at FTA. There was a strong PPZ zone and some price reaction was quite predictable. I also have decided to hold the trade, but few more pips higher and I would have been out. Sometimes less is more.

Keep going,

James
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  • #139,854
  • Nov 19, 2016 4:41pm Nov 19, 2016 4:41pm
Hey guys . This is probably a little off topic but I know there are a lot of great traders that have came from this thread , some still around fortunately , but there's no denying it has slowed down a lot since its hey day (thankfully Mike still posts!).

i am wondering if any old timers would like to help me on learning to read charts and price action , not as a full blown mentor , as I only trade weekly charts and at the moment it's around 1-2 trades a month , but just someone in general to bounce ideas off and gain insight from would be a great experience !

if any of you successful traders are reading this , please drop me a pm, I won't bite ! I'm young (22) and hungry for success in trading
  • #139,855
  • Nov 20, 2016 4:20am Nov 20, 2016 4:20am
Taking this setup on NBD
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  • #139,856
  • Nov 21, 2016 1:59pm Nov 21, 2016 1:59pm
USD/JPY great area to watch for price action at 111 PPZ and 50%fibo retrecement
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GBP/NZD H1 the price is in a box and the most interesting part of the box is top. The top area is also a resistance from the past; great area to watch for price action

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  • #139,857
  • Nov 21, 2016 2:16pm Nov 21, 2016 2:16pm
Quoting mbqb11
{quote} In 15 years this still happens to me. Although I will say i've had my stop missed by fraction of a pip on multiple occasions too. I think the losers we just remember so much more. I've learned to get over this pretty quick. As long as you wouldn't have changed anything again(for example moving further to compensate for spread in this case), I wouldn't kick yourself too much! On to the next one Mike
I hear you guys. No wonder ppl quit this game, a few of these stop outs can make you go insane lol. Lately all decisions i make seems wrong no matter what i decide. Hard market to trade also this year, things seems to move since elections, hey btw first lady is from my country
Nice trade James, i was going to ride that one also if this incident wouldn't took place haha. yeah to the next one Mike
  • #139,858
  • Nov 21, 2016 9:25pm Nov 21, 2016 9:25pm
Hi y'all. Sure can be frustrating Gas!

AUD/JPY D1 DBHLC. Sell order set at 82.000. See how she goes.

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'Fail to plan, plan to fail'
  • #139,859
  • Nov 22, 2016 12:14am Nov 22, 2016 12:14am
Quoting Guitarbloke
Hi y'all. Sure can be frustrating Gas! AUD/JPY D1 DBHLC. Sell order set at 82.000. See how she goes. {image}
Dear Guitarbloke,
What do you think about the below scenario for buying opportunity:
1, For AUD/JPY set the level to 81.00 (BRN)
2, 81.00 was previous resistance and now after break out can be considered as support.
3, As classical trading technique teaches this setup is: breakout, retest and trend continuation
4, Also we have 3 last candles with almost same lows closing about the level 81.00 which is TPLHC setup in classic price action.
5, Another factor telling us that this zone is Buy zone rather than sell zone is the huge pin bar
  • #139,860
  • Nov 22, 2016 11:06am Nov 22, 2016 11:06am
I owe a few of you PMs I am not ignoring them but I am only allowed one PM a day because of commercial status

Also with the short week wishing those of you in the states a happy and enjoyable thanksgiving day thursday
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