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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

  • #4,001
  • Edited Jun 14, 2007 1:47am Jun 13, 2007 8:56am | Edited Jun 14, 2007 1:47am
Quoting Tw0eleven
Just as an example, charlies could close his trades that he posted today and have about 800pips at least(not sure if he has any losses that weren't posted).
James 16 Posted this further back in the thread:
Quoting james16
if all you new guys will just do the following for the next 3 to 6 months then i can promise you something. you will be glad you did. forget about all the confusing different indicators, approaches and systems and do something very simple.

for the next several months just demo daily and weekly pin bars. nothing else.
you will gain confidence instead of blowing your brain and account out trying to learn and do something different every other day. get your feet on the ground and then move into more complicated areas. its a process that takes practice and some time. the road to even a slowly growing account is littered with broken dreams, savings accounts, marriages, retirenment accounts and yes even lives. it happens because people do crazy things when they start out in this business. things they would never do in any other area of thier life.
Since then, I have been doing just that, and yes, there have been losing trades.

So far, 15 trading days, 15 PIN trades (3 losers), currently +567 pips, but only on demo.

Until now, I have just been taking PINs blindly, but after a month, I plan to start filtering. That will give fewer trades, but hopefully a better overall result.

Most of the trades have lasted a few days but the EURAUD trade has been open for 10 days
  • #4,002
  • Jun 13, 2007 9:50am Jun 13, 2007 9:50am
i dont know, if anybody follows bonds...but this looks like a nice pin bar is in the making...finally.. ???
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  • #4,003
  • Jun 13, 2007 11:35am Jun 13, 2007 11:35am
Quoting charlies
James 16 Posted this further back in the thread:


Since then, I have been doing just that, and yes, there have been losing trades.

So far, 15 trading days, 15 PIN trades (3 losers), currently +567 pips, but only on demo.

Until now, I have just been taking PINs blindly, but after a month, I plan to start filtering. That will give fewer trades, but hopefully a better overall result (The EURAUD trade above accounts for all of the profits - the other 14 trades cancel each other out!).

Most of the trades have lasted a few days but the EURAUD trade has been open for 10 days
Well done Charlies! I'd say you are well on your way. Nice win percentage and pip gain! Since you've been just taking the PINs blindly...mind me asking how you enter your trades? Do you use the 10pip above/below the PB or do you wait for a retracement or do you use both methods? Also, how do you go about your stop placement? Above/below the PB, eye or some other method?
  • #4,004
  • Jun 13, 2007 11:43am Jun 13, 2007 11:43am
I couldn't resist taking profit on 7 day shorts yesterday.
There was also nice, long entry point overnight... (..touch...if you're aggressive trader).
50fib confluence near 3270 (jan 12-apr 27), if you use it as another confirmation tool

R.
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  • #4,005
  • Jun 14, 2007 1:32am Jun 14, 2007 1:32am
Quoting charlies
EURAUD stopped out for 533 pips
USDCHF (approx 240 pips) trailing stop at daily highs
GBPJPY (approx 200 pips), trailing stop

EURCHF monthly short - not triggered yet

AUDUSD stop threatened, but held so far....

EURCHF cancelled
13/6 new PINs on USDCAD (with trend, but no supporting factors) & EURUSD (50% fib)

Tw0eleven, I take my entry 10 pips beyond the PIN. At the start I was placing my stop beyond the extreme of the PIN & then trail it at the daily high/low. However, I now put my stop at 50% fib or left eye. I take profit on a portion of the trade at the first support/resistance level on the daily. This is hit quickly in the vast majority of cases & usually means that you get a breakeven trade quickly, even if price then reverses (which happens in most cases).
  • #4,006
  • Jun 14, 2007 2:33am Jun 14, 2007 2:33am
Quoting peter100
i dont know, if anybody follows bonds...but this looks like a nice pin bar is in the making...finally.. ???
Peter100,

I only trade this Bund.

This pin is off a major PPZ but be careful. The Bund is prone to faking out the session high and then coming off.

The last pin did exactly that and failed. And it cost me a lot.
  • #4,007
  • Jun 14, 2007 7:05am Jun 14, 2007 7:05am
Quoting charlies
13/6 new PINs on USDCAD (with trend, but no supporting factors) & EURUSD (50% fib)

Tw0eleven, I take my entry 10 pips beyond the PIN. At the start I was placing my stop beyond the extreme of the PIN & then trail it at the daily high/low. However, I now put my stop at 50% fib or left eye. I take profit on a portion of the trade at the first support/resistance level on the daily. This is hit quickly in the vast majority of cases & usually means that you get a breakeven trade quickly, even if price then reverses (which happens in most cases).
Nice Post Charlies! I saw the same thing with usd/cad and eur/usd. Your use of stoplosses sounds good, you risk losing less pips which is a good thing. I'll have to try that out. Some of the Daily PB's you get are huge and I'd hate to lose that many pips on a bad trade! Nice job on your gbp/jpy trade! I went long this past Sunday on that pair, but got out with only about 25pip profit. Still learning how to exit trades and took profit a little too early in that trade I see! But it's was still a profit at least Happy trading!
  • #4,008
  • Jun 14, 2007 7:33am Jun 14, 2007 7:33am
Have a look at the aud/usd pair for this week. It was really confusing...at least to me. At point 1, we get a nice PB. But I skipped this trade because it would be a short position against the major overall trend. At point 2 we got a nice PB telling us to go long, but never got the 10pips above PB entry signal. However, a couple bars later it retraced to halfway down the PB so I entered long with a small stoploss below the PB. At point 3 we get another PB signalling a long(almost took out my stop). But once again, price never went 10pips above PB for entry signal. And I just got stopped out a little bit ago. So 2 nice PB's telling you to go long but PA never gave proper entry signal...what does that mean?

Lessons I learned: 1) don't enter early, wait for 10pip above/below PB. 2) When you have 2 PB's telling you one thing, but PA fails to give signal...maybe it's time to stay away from trade or start looking for a trade in opposite direction. 3) The first PB would have been the trade to enter since it gave the proper entry signal and stay with that trade until you exit.

Any comments or corrections to my thinking from anyone? Hopefully I'm learning correctly here. Cheers!
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  • #4,009
  • Jun 14, 2007 7:42am Jun 14, 2007 7:42am
hi @ all

i'f tested my first chart with priceaction (bar by bar with F12)

what do you think

are these good signals?

they all made good profits

it seems to be to much for only 2 months

please suggest



thank you

regards
spence
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  • #4,010
  • Jun 14, 2007 10:16am Jun 14, 2007 10:16am
wizard,

so you are a one-market-only trader ? thats a difficult task...

anyway, to be honest, im only daytrading this market...it is not so crazy as the dax but makes for a sufficiant average daily range

good trading..
  • #4,011
  • Jun 14, 2007 11:12am Jun 14, 2007 11:12am
Quoting Tw0eleven
Have a look at the aud/usd pair for this week. It was really confusing...at least to me. At point 1, we get a nice PB. But I skipped this trade because it would be a short position against the major overall trend. At point 2 we got a nice PB telling us to go long, but never got the 10pips above PB entry signal. However, a couple bars later it retraced to halfway down the PB so I entered long with a small stoploss below the PB. At point 3 we get another PB signalling a long(almost took out my stop). But once again, price never went 10pips above PB for entry signal. And I just got stopped out a little bit ago. So 2 nice PB's telling you to go long but PA never gave proper entry signal...what does that mean?

Lessons I learned: 1) don't enter early, wait for 10pip above/below PB. 2) When you have 2 PB's telling you one thing, but PA fails to give signal...maybe it's time to stay away from trade or start looking for a trade in opposite direction. 3) The first PB would have been the trade to enter since it gave the proper entry signal and stay with that trade until you exit.

Any comments or corrections to my thinking from anyone? Hopefully I'm learning correctly here. Cheers!
Ok so you are observing PB and picking out some decent ones. But here are my 2 cents on what you have pointed out. I don't have my charts in front of me so I am going soley off what I can see on yours.

As you have indicated PB 1 on your chart was a valid PB and just looking at what you have on the chart I can only assume that there is some other type of confluence in that price area )a past area of resistance or a Fib level or something).

PB2 I would have discounted heavily based on the fact that it occured in traffic. Meaning that it does not stand alone like PB1. Same goes for PB3.

Remember you are looking for PB's that occur at swing highs and lows not ones that occur in the mix. Now that being said you will always find some examples of PB that happen in traffic that continue the trend. I personally do not trade these bars by themselves but use them as confirmation of other types of price action.

Also if you take a look at the previous swing low that lead to PB 1 you will notice that it is also a PB that occured at a swing low. It spiked down and then was followed by bullish bars.

There are some other things I would like to point out on this chart as well but I have to wait until I can get in front of my charts to create the explanations.

Keep looking practicing and posting. And in no time you will be pointing out good trade after good trade.

Steve
Nothing is impossible, with a willing mind!
  • #4,012
  • Jun 14, 2007 12:37pm Jun 14, 2007 12:37pm
Quoting Tw0eleven
Have a look at the aud/usd pair for this week. It was really confusing...at least to me.
Hi Tw0eleven,

This is just my opinion but I personally would never have taken that trade. I know several traders on here that did and they are now starting to do well out of it but I wouldn't have done.

I've annotated my chart to show you why.
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  • #4,013
  • Jun 14, 2007 12:40pm Jun 14, 2007 12:40pm
Quoting Tw0eleven
Have a look at the aud/usd pair for this week. It was really confusing...at least to me. At point 1, we get a nice PB. But I skipped this trade because it would be a short position against the major overall trend. At point 2 we got a nice PB telling us to go long, but never got the 10pips above PB entry signal. However, a couple bars later it retraced to halfway down the PB so I entered long with a small stoploss below the PB. At point 3 we get another PB signalling a long(almost took out my stop).
@Tw0eleven:
1 was more of a neutral bar, it dropped too much the same day else it would have looked nicer, but it is as it is.
2 and 3 are in traffic, 3 not a nice shape / not big enough / in traffic as I wrote.

And @Spence:
A pin bar has it's open and close preferably level and not too far apart and it has to close within the prior bar's range. You labeled at least one bar that doesn't meet that criteria on your chart.

Sorry for being a bit short / grumpy, I spent most of today outside, got torrented away in rain and am dead tired :S


Market's a mess this week.
Trust price. Know yourself.
  • #4,014
  • Jun 14, 2007 12:46pm Jun 14, 2007 12:46pm
Quoting spence
hi @ all

i'f tested my first chart with priceaction (bar by bar with F12)

what do you think

are these good signals?

they all made good profits

it seems to be to much for only 2 months

please suggest



thank you

regards
spence
hey spence great job man

Just a few comments, your second and fourth pins make sure the open and close are both contained within the previous bar. There is something called pin by proxy but that is more advanced and I believe you should hold out on that for a bit. Another comment I have is that when you have these pins that are in a sideways market, if you do choose to play them, you have to realize the market is in a chop and you have to take profit quick(please ask me if you want me to explain this more).

Great work though!

Mike
  • #4,015
  • Jun 14, 2007 1:51pm Jun 14, 2007 1:51pm
Does anyone else see this and wonder how it is possible to make two blatant spelling mistakes in one banner? This has been up on this site for weeks and no marketing exec or site admin has noticed it??

LOL
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  • #4,016
  • Jun 14, 2007 2:03pm Jun 14, 2007 2:03pm
Quoting SeekingLight
@Tw0eleven:
...


Market's a mess this week.


Market's a mess every week when one pays attention to noise.
  • #4,017
  • Jun 14, 2007 3:16pm Jun 14, 2007 3:16pm
Quoting Tw0eleven
Have a look at the aud/usd pair for this week. It was really confusing...at least to me. At point 1, we get a nice PB. But I skipped this trade because it would be a short position against the major overall trend. At point 2 we got a nice PB telling us to go long, but never got the 10pips above PB entry signal. However, a couple bars later it retraced to halfway down the PB so I entered long with a small stoploss below the PB. At point 3 we get another PB signalling a long(almost took out my stop). But once again, price never went 10pips above PB for entry signal. And I just got stopped out a little bit ago. So 2 nice PB's telling you to go long but PA never gave proper entry signal...what does that mean?

Lessons I learned: 1) don't enter early, wait for 10pip above/below PB. 2) When you have 2 PB's telling you one thing, but PA fails to give signal...maybe it's time to stay away from trade or start looking for a trade in opposite direction. 3) The first PB would have been the trade to enter since it gave the proper entry signal and stay with that trade until you exit.

Any comments or corrections to my thinking from anyone? Hopefully I'm learning correctly here. Cheers!
Here's a couple of things I see as well. This pin bar was point one of a 1,2,3 top, and the next pin bar was the #2 point. The number three point was created by the next 2 bars, with equal highs (there were eventually 4 equal high bars), which hinted of difficulty in going higher to me, so the best trade was to wait for a break of the quadruple high to go long, or to go short on a break of the #2 support point in the 1,2,3 top that was being made, allowing your entry to be dictated by price price action.

Personally I would have used a traders trick entry to go short by placing a sell stop just under the 3rd bar, which was the small inside bar (with my stop just above the double high), and this trade would have made a nice profit, even if prices would had stalled at the #2 point and turned up.
  • #4,018
  • Jun 14, 2007 3:27pm Jun 14, 2007 3:27pm
Here's a picture to better explain.
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  • #4,019
  • Jun 14, 2007 11:25pm Jun 14, 2007 11:25pm
Quoting mccullek
Personally I would have used a traders trick entry to go short by placing a sell stop just under the 3rd bar, which was the small inside bar (with my stop just above the double high), and this trade would have made a nice profit, even if prices would had stalled at the #2 point and turned up.
Interesting approach given that the bar you've singled out is a Sunday bar. Personally i just incorporate Sunday bars into my Monday bar. I took the first PIN bar in the classic style with a 5 pip buffer and as the trade has progressed i am moving my stop to 10 pips + Spread behind previous days high. My risk is now down to just 0.36%, All going well in another day or two it will be no risk at all

Enjoy Ademac
  • #4,020
  • Jun 15, 2007 2:19am Jun 15, 2007 2:19am
Quoting charlies
USDCHF (+ 227 pips locked in) trailing stop at daily highs
Oanda shows a spike to 91 last night, giving an opposing PIN at the end of two rallies of equal length. However, other brokers show the daily high around 70 so no PIN.

GBPJPY (+137 pips locked in), trailing stop

EURCHF monthly short - cancelled

AUDUSD met first target after a long wait, trailing stop
Opposing PIN in direction of trend but no confluence, will not take this one

USDCAD (with trend, but no supporting factors) not triggered &

EURUSD (50% fib) triggered long overnight
No new PINs
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