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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

  • #5,381
  • Aug 12, 2007 3:35am Aug 12, 2007 3:35am
Quoting razldazl
Hi Tiki,
I like this pin because it is going in the direction of the overall trend, and because of its positioning. Gigantic stop though, so youd have to look to lower tfs for an tighter entry point. Just my opinion though, and watch out because there were some heavy moves in other markets this past week which may mean further volatility. If you arent sure stand aside, thats what Ive learned...take care, Raz
Ah pins on eurjpy and usdjpy pointing to further jpy weaknesss....any takers?
Hi Raz,

Yeah, you are right i think the uptrend is about to wsing back into action

Look the way price tested the broken TomDemark Resistance Line at 23.6 % Fib level also form a Double Bottom not only these but also a clear Hammer Pin bar all on the daily chart.

Also, on the 4Hr chart another Hammer Pin Bar formed. it's such a nice set-up.

It's better to microscopically look for an entry point just as you stated above.

See the attached
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  • #5,382
  • Aug 12, 2007 6:44am Aug 12, 2007 6:44am
What if Bernanke comes in and cuts interest rates to try and stabilise the markets? Greenspan himself did it in '98 to avert the credit crunch with two rate cuts.

Where would this leave the USD? If you are looking for a continuation of wider trends, perhaps you should look to the indices? An interest rate cut would actually be beneficial for stocks...plus many indices ended the day with pin bars off confluence too...
  • #5,383
  • Aug 12, 2007 7:21am Aug 12, 2007 7:21am
Quoting the_wizard
What if Bernanke comes in and cuts interest rates to try and stabilise the markets? Greenspan himself did it in '98 to avert the credit crunch with two rate cuts.

Where would this leave the USD? If you are looking for a continuation of wider trends, perhaps you should look to the indices? An interest rate cut would actually be beneficial for stocks...plus many indices ended the day with pin bars off confluence too...
Play what you see, not what might be...lets face it we could all start betting whether China is about to sell off some of its (900 billion) dollar reserves and the devastating effect that would have on the dollar across the board...but then again you have to wonder why they would actually do that (it would devaluate the rest of their dollar portfolio so not in their best interest) and if they did the effect that would have (increase interest rates on bonds, mortages, loans, consumer credit etc etc) but until something actually happens its all heresay...AND think about all the issues that come up that we dont hear anything about...lots of bla bla bla but at the end of the day, what good is it to speculate? take care, Rzldzl
Never say never.
  • #5,384
  • Aug 12, 2007 3:47pm Aug 12, 2007 3:47pm
Quoting mbqb11
up to the trader, But the conservative way is to wait for a break of the pinbar on the next bar. Without the break we then cancel the order. The next bar then is most likely an IB, which can still be played or wait for then Pin to break also. Up to you, I wait for a braek, and it doesn't occur on the next bar I cancel any pending orders

M
Mike do you make your trades mostly on placing an order or manually. Been thinking about that for myself for a while. If I have a good trading plan I should be able to place orders. Some of it is based on the time it would hit the order. If it did not hit it a certain time then pull the order because the market motion is chopping and would not want the order to get placed. And a person would cancel his order if he seen the currency totally move away from his order too. Any insight?
  • #5,385
  • Aug 12, 2007 4:01pm Aug 12, 2007 4:01pm
Quoting goodthings
Mike do you make your trades mostly on placing an order or manually. Been thinking about that for myself for a while. If I have a good trading plan I should be able to place orders. Some of it is based on the time it would hit the order. If it did not hit it a certain time then pull the order because the market motion is chopping and would not want the order to get placed. And a person would cancel his order if he seen the currency totally move away from his order too. Any insight?
I think I understand your question. I simply place a pending order once I see PA that I like. If the order isn't triggered within the next bar then I manually cancel it. Similarly my exits are trailing based on previous bars so these bars take the time factor into it. So if after "x" amount of bars, my stop is moved, price has had "x" amount of time to move. If it hasn't by then the stop is moved up(trailing). This is similar to someone who might move there stops after "x" amount of hours.

I hope I understood you correctly

Mike
  • #5,386
  • Aug 12, 2007 4:32pm Aug 12, 2007 4:32pm
Quoting maarf01
Please, SeekingLight, Big Tom and Pass coments.

Clogged consolidation area, contradictions on different timeframes, no perfect bars and a struggling DJI imho with a good chance of an out of the blue breakdown.

I'd say let the market show some direction first ==> you already got my quote in the signature

And to quote my current one: no setup = no trade
Or: if in doubt, stay out.

I've got a lot of doubt on my charts and imho it will be short jumps, then flipflopping and a short story with a surprise ending nobody knows ahead of time.

Not the environment to get rich in safely imho.

The only trade I am currently seeing that's at least a bit in line is on the pair I hate the most
Trust price. Know yourself.
  • #5,387
  • Aug 13, 2007 1:44am Aug 13, 2007 1:44am
Quoting SeekingLight
Clogged consolidation area, contradictions on different timeframes, no perfect bars and a struggling DJI imho with a good chance of an out of the blue breakdown.

I'd say let the market show some direction first ==> you already got my quote in the signature

And to quote my current one: no setup = no trade
Or: if in doubt, stay out.

I've got a lot of doubt on my charts and imho it will be short jumps, then flipflopping and a short story with a surprise ending nobody knows ahead of time.

Not the environment to get rich in safely imho.

The only trade I am currently seeing that's at least a bit in line is on the pair I hate the most

Thanks so much, i have all already pass the trade, other better opportunities are on the way.

I do appreciate your reply
  • #5,388
  • Aug 13, 2007 5:21am Aug 13, 2007 5:21am
Quoting the_wizard
I took this pin bar before the close.

I am +21 ticks as of the close.

The pin is not the best (close not withing the previous body) but the area it bounced off was previous strong resistance.

This is currently +54 if you took a break of the pin. (not including spread)
  • #5,389
  • Aug 13, 2007 9:52am Aug 13, 2007 9:52am
Quoting the_wizard
This is currently +54 if you took a break of the pin. (not including spread)
Nice job Wiz! The pinbar wasn't the best but that support worked brilliantly. Price action AND support! What a concept. Now's the tricky part eh? Resistance at 73.100? Nice work.
"Money is just a by-product of a job well done"".
  • #5,390
  • Aug 13, 2007 10:11am Aug 13, 2007 10:11am
Weve got an IB break down on daily, followed by a 4hr dbhlc...sell anyone? Raz
Never say never.
  • #5,391
  • Aug 13, 2007 11:00am Aug 13, 2007 11:00am
Somedays I have the patience and discipline to hold 'em...others I don't!

This pin bar worked well. I closed out as it entered into that minor S/R level marked on the charts.

I made 171 points (although I was risking 118 points to make that)
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  • #5,392
  • Aug 13, 2007 2:48pm Aug 13, 2007 2:48pm
"Yes I'm stuck in the middle with you,
And I'm wondering what it is I should do..."
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  • #5,393
  • Aug 13, 2007 3:17pm Aug 13, 2007 3:17pm
Hey, I'm in on this too...3 people, does that make it a party yet? haha Are you short/long on this pair? I'm long after the daily PB and the 2bar PB on the 4hr chart from Friday.

Quoting the_wizard
"Yes I'm stuck in the middle with you,
And I'm wondering what it is I should do..."
  • #5,394
  • Aug 13, 2007 3:41pm Aug 13, 2007 3:41pm
Quoting mbqb11
I think I understand your question. I simply place a pending order once I see PA that I like. If the order isn't triggered within the next bar then I manually cancel it. Similarly my exits are trailing based on previous bars so these bars take the time factor into it. So if after "x" amount of bars, my stop is moved, price has had "x" amount of time to move. If it hasn't by then the stop is moved up(trailing). This is similar to someone who might move there stops after "x" amount of hours.

I hope I understood you correctly

Mike
And to goodthings, if you're using MT4 for your orders, you can set a limit or stop order to expire if it is not hit by a certain time--so on a 4hr bar close, you could set it to expire 4 or 5 hours from them, so that if it's not a strong move on a pinbar, for example, then the trade is cancelled. Hope this helps.
  • #5,395
  • Aug 13, 2007 4:13pm Aug 13, 2007 4:13pm
would anyone enter the trade of the i4b that are forming in the YEN pairs?

i am asking since the upper limit is a very strong resistance area, and the lower is against the trend.


http://i10.tinypic.com/526c9dc.gif
  • #5,396
  • Aug 13, 2007 4:18pm Aug 13, 2007 4:18pm
Quoting mamutot
would anyone enter the trade of the i4b that are forming in the YEN pairs?

i am asking since the upper limit is a very strong resistance area, and the lower is against the trend.

I was just having a discussion with Tom via PM about the JPY pairs. Specifically the NZD/jpy. If it closes as an IB, I would keep the Buy above the Previous resistance (noted by red arrows). So you use the IB as a breakout, but so as to have a better chance at the breakout, taking it above that area. Then IF price breaks away. You can then move your stop under this area with the thinking that it will now hold as support and give you good stop placement. Yes your initial SL will probably be a bit larger. But overall I believe it is the more conservative play. And of course You can play a breakdown of the TBL/IB
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  • #5,397
  • Aug 13, 2007 4:41pm Aug 13, 2007 4:41pm
Quote:
Originally Posted by mbqb11 http://www.forexfactory.com/images/buttons/viewpost.gif
I think I understand your question. I simply place a pending order once I see PA that I like. If the order isn't triggered within the next bar then I manually cancel it. Similarly my exits are trailing based on previous bars so these bars take the time factor into it. So if after "x" amount of bars, my stop is moved, price has had "x" amount of time to move. If it hasn't by then the stop is moved up(trailing). This is similar to someone who might move there stops after "x" amount of hours.

I hope I understood you correctly

Mike

And to goodthings, if you're using MT4 for your orders, you can set a limit or stop order to expire if it is not hit by a certain time--so on a 4hr bar close, you could set it to expire 4 or 5 hours from them, so that if it's not a strong move on a pinbar, for example, then the trade is cancelled. Hope this helps.
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Trading Journal using Price Action (inspired by the James16 threads!)
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Yes both help. Which way do you more often enter a trade manually or setting and order. Almost every time I do it manually. As far as exit goes probably half the time I do it manually the other half is hitting my target or of course getting stopped out. Of course we like hitting are target and not getting stopped out.
  • #5,398
  • Aug 13, 2007 4:49pm Aug 13, 2007 4:49pm
Quoting goodthings
Yes both help. Which way do you more often enter a trade manually or setting and order. Almost every time I do it manually. As far as exit goes probably half the time I do it manually the other half is hitting my target or of course getting stopped out. Of course we like hitting are target and not getting stopped out.
90% of the time I enter a trade by setting an order. Yes hitting our target is much nicer then getting stopped out

Take care,
Mike
  • #5,399
  • Aug 13, 2007 5:19pm Aug 13, 2007 5:19pm
Quoting mbqb11
90% of the time I enter a trade by setting an order. Yes hitting our target is much nicer then getting stopped out

Take care,
Mike
Hmmm you must have a plan before you trade.
  • #5,400
  • Aug 13, 2007 5:21pm Aug 13, 2007 5:21pm
I think a good possibility xxx/jpy pairs will continue downwards... the ones I have looked at on daily's now have all closed below the 150 or 365 ema's which ought now act as resistance... IMVHO

I see the TBL... but price closing closer to the low... just a matter of time before breaking through ??? Simple guy talking here... this is about as deep as I go...
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