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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

  • #6,141
  • Sep 19, 2007 5:20pm Sep 19, 2007 5:20pm
Quoting Tiki Trader
OK... so are we going to call this a PB or not ??
Noticed the same. For me, itīs a pin in a good spot (all time low, not in traffic), so I will play a break (still demo) long, S/L below the bar and T/P at next minor S/R around 1.0300. HOWEVER, keep in mind that the last nice pin (4 bars earlier) failed miserably and we might as well see another move to the downside, especially as the dollar is weakening more and more after the FOMC yesterday.

RM
(Tiki, remember me asking you about the PF a couple weeks ago? That advice of yours was gold! - Thanks guy)
  • #6,142
  • Sep 19, 2007 5:21pm Sep 19, 2007 5:21pm
And if there is a fozzy cross here too... means good news for the PB !!!

Quoting BeachBum
I'm getting ready.............
  • #6,143
  • Sep 19, 2007 5:22pm Sep 19, 2007 5:22pm
It has the makings of one & its at aswing low. Lowest ever.
It may bounce up. But then the funnymentals kick in with the dollar so weak & comodities on the up.
I still like it Tiki.
  • #6,144
  • Sep 19, 2007 5:24pm Sep 19, 2007 5:24pm
Yes, but that time could easily be called traffic.. and that trade never would have fired off if following basic PB trading rules !!


Quoting Rainmaker
Noticed the same. For me, itīs a pin in a good spot (all time low, not in traffic), so I will play a break (still demo) long, S/L below the bar and T/P at next minor S/R around 1.0300. HOWEVER, keep in mind that the last nice pin (4 bars earlier) failed miserably and we might as well see another move to the downside, especially as the dollar is weakening more and more after the FOMC yesterday.

RM
(Tiki, remember me asking you about the PF a couple weeks ago? That advice of yours was gold! - Thanks guy)
  • #6,145
  • Sep 19, 2007 5:26pm Sep 19, 2007 5:26pm
If nothing else, it is time for some retrace here... the poor dollar will only get more and more weak I am afraid... when you say things like that, just makes me want to long on EUR and GBP and go take a year long nap and see what I wake up to... and boy do I need the nap !!!

Quoting rustyjeff
It has the makings of one & its at aswing low. Lowest ever.
It may bounce up. But then the funnymentals kick in with the dollar so weak & comodities on the up.
I still like it Tiki.
  • #6,146
  • Sep 19, 2007 5:26pm Sep 19, 2007 5:26pm
Quoting Tiki Trader
usd/cad burns me a lot... but it seems to work well on things like PBs or H & S... I think I will probably give it a try... price is so far down... time to come up a bit... and Put Seeking out of his short trade here...

LOL, yup USDCAD is my least favourite pair and seems to have it in for me. There's also the lure of parity (1.00) for the shorties but that would take a bit of breaking in my opinion.

CAD news out tomorrow too just to complicate things further but when I trade these PB's I tend to be less conservative than some and just place the trade before the previous day's high is actually broken. Each to their own I guess

Kind Regards
Steve
  • #6,147
  • Sep 19, 2007 5:33pm Sep 19, 2007 5:33pm
Yes, and eur/cad PB looks pretty good too.... and looking back ( semi backtesting... ) eur/cad PBs seem to work very well !!
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  • #6,148
  • Sep 19, 2007 5:37pm Sep 19, 2007 5:37pm
Quoting Tiki Trader
Yes, and eur/cad PB looks pretty good too.... and looking back ( semi backtesting... ) eur/cad PBs seem to work very well !!
Yup, EURCAD has been kinder to me - just set the two trades so lets see what tomorrow brings. Again the EURCAD has recently broken below it's recent daily range but looks ripe for a retrace.

Kind Regards
Steve
  • #6,149
  • Sep 19, 2007 5:49pm Sep 19, 2007 5:49pm
Quoting BeachBum
I'm getting ready.............
I am also getting ready. I will play a break of the daily hammer (...er..."pin bar"... ) Stop will be a bit outside the hammer. Target will be the price zone of the last double bottom, which coincides nicely with the fib 38% retrace. We will see what happens.

Don't trade what you think...trade what you SEE!!
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  • #6,150
  • Sep 19, 2007 6:54pm Sep 19, 2007 6:54pm
Quoting Tiki Trader
OK... so are we going to call this a PB or not ??
Hey guys!
I've seen everybody agrees this is a beautiful PB and are getting ready to trade it. However I would like to express my PERSONAL view and hear some comments.
It is clear this would be a countertrend movement. So far I've traded PB only with the trend and it's been ok. I trade only with the trend because mentally I'm so much more relaxed and this is reflected on the management of the trade once it is open. I know this pair is due for a big/small correction, but how do we know this is a good moment for that correction, what can we do to don't get stucked trying to chase a reversal like a famous recent thread. The correction would be enough to take the risk? Taking this trade against such a clear trend doesn't reduce our winning chances? What kind of precautions you take to trade PB like this?

I'm not trying to disourage anyone to take this one. I just want to know the reasons everybody is taking it. According to MY plan this one doesn't fit!

Thanks for reading I just felt I had to write this!!


Fabian!
  • #6,151
  • Sep 19, 2007 7:09pm Sep 19, 2007 7:09pm
Melinni,

you trade Pin Bars the way you feel comfortable with - and thatīs perfectly OK. If you do not like this one or do not feel comfortable about it, why take it? Remember, NOT trading is also an option, and often quite a good one.

All your analysis appears correct to me so far. The problem here is that when picking tops and bottoms, by definition you always will trade against the major trend at that moment. In hindsight Pin Bars at extremes look so clearly, but you cannot trade the left side of the chart.

For adjustment to such an "insecure" scenario, you could just reduce your position size until you feel comfortable - or pass that trade and wait/look for ones that truly fit your style.

RM
  • #6,152
  • Sep 19, 2007 7:28pm Sep 19, 2007 7:28pm
Quoting Melinni
Hey guys!
I've seen everybody agrees this is a beautiful PB and are getting ready to trade it. However I would like to express my PERSONAL view and hear some comments.
It is clear this would be a countertrend movement. So far I've traded PB only with the trend and it's been ok. I trade only with the trend because mentally I'm so much more relaxed and this is reflected on the management of the trade once it is open. I know this pair is due for a big/small correction, but how do we know this is a good moment for that correction, what can we do to don't get stucked trying to chase a reversal like a famous recent thread. The correction would be enough to take the risk? Taking this trade against such a clear trend doesn't reduce our winning chances? What kind of precautions you take to trade PB like this?

I'm not trying to disourage anyone to take this one. I just want to know the reasons everybody is taking it. According to MY plan this one doesn't fit!

Thanks for reading I just felt I had to write this!!


Fabian!
Yup, good observation, Melinni. This IS a counter trend trade, and as such, based on MY own personal style of trading, I will only trade 1/2 my regular lot size and I will not be looking for windfall profits. I will only take the trade back to the previous support level which becomes new resistance. And I will most likely move to B/E as soon as possible. If it retraces more, then great but I will be out at my specified target price. If it does not work out, then great, too! There'll be other trades to trade. My trading style and my trading rules state that I trade what I consider to be "good" setups. Based on my analysis, this qualifies as a "good" setup to me. Of course there's always a price that says I was wrong....and for me that would be a violation of the hammer.

Hope this helps.
  • #6,153
  • Sep 19, 2007 8:32pm Sep 19, 2007 8:32pm
Quoting baddison
I am also getting ready. I will play a break of the daily hammer (...er..."pin bar"... ) ..
Here is what I did;
I bought half position @ 1.0130 and placed buy limit for second half @ 1.0040. If Pb gets broken to the upside, I'll scale in with second half, when opportunity presents itself. If there is run on parity, it should be followed by quick reversal, which may take this cross much higher (reversal?). There should be large profit taking once this cross gets closer to 1.00. I know it's much safer to trade the break of the PB and I would not recommend what I did to everyone. Let's wait and see...
  • #6,154
  • Sep 19, 2007 8:53pm Sep 19, 2007 8:53pm
I agree with all the answers so far... take smaller position size... don't go for so many pips as targets. And if you follow regular PB rules you do not get in until price is hopefully already going in the right direction.

And the stop in this case is not so outrageously big...

Pray to forex gods before placing order ( very important )

Steviet already went long... so MUST be OK....!!


Quoting Melinni
Hey guys!
I've seen everybody agrees this is a beautiful PB and are getting ready to trade it. However I would like to express my PERSONAL view and hear some comments.
It is clear this would be a countertrend movement. So far I've traded PB only with the trend and it's been ok. I trade only with the trend because mentally I'm so much more relaxed and this is reflected on the management of the trade once it is open. I know this pair is due for a big/small correction, but how do we know this is a good moment for that correction, what can we do to don't get stucked trying to chase a reversal like a famous recent thread. The correction would be enough to take the risk? Taking this trade against such a clear trend doesn't reduce our winning chances? What kind of precautions you take to trade PB like this?

I'm not trying to disourage anyone to take this one. I just want to know the reasons everybody is taking it. According to MY plan this one doesn't fit!

Thanks for reading I just felt I had to write this!!


Fabian!
  • #6,155
  • Sep 20, 2007 2:29am Sep 20, 2007 2:29am
Don't even think about it!
Not with the news out of Saudi. Look at the Euro! The dollar is not walking away from this...
  • #6,156
  • Sep 20, 2007 2:39am Sep 20, 2007 2:39am
Hi guys,
Well cad is on my list of "non grata" pairs Instead I stole 50 pips on the break of the tbh on eurusd daily...sometimes these setups are just begging to be traded! I feel so lucky to have found PA, thanks Jim , Im no longer calling tops, but considering "continuations"...good luck all, Raz
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Never say never.
  • #6,157
  • Sep 20, 2007 3:02am Sep 20, 2007 3:02am
It's fascinating how we all see, for the most part, the same things but have such different thoughts! I for one, would not be that comfortable taking a break of a TBH in a trend continuation setup but I am perfectly comfortable trying to pick a bottom on a chart that resembles "Enron in its final days" (quality description, Seeking). Go figure!
  • #6,158
  • Edited 3:32am Sep 20, 2007 3:18am | Edited 3:32am
Quoting razldazl
Hi guys,
Well cad is on my list of "non grata" pairs Instead I stole 50 pips on the break of the tbh on eurusd daily...sometimes these setups are just begging to be traded! I feel so lucky to have found PA, thanks Jim , Im no longer calling tops, but considering "continuations"...good luck all, Raz
This marks the transition from "Beginner" to Adept

Seriously well done Raz!

I skipped USDCAD(even though I found reasons for and against, but my mind was SCREAMING at me, literally, screaming, this one is NOT going to make it). And I've changed my outlook.
I am now expecting another 200 pips lower on USDCHF, call me crazy.
GBPCHF has obeyed and fallen to new lows, yay.


Scary stuff for the USD.
Trust price. Know yourself.
  • #6,159
  • Sep 20, 2007 4:00am Sep 20, 2007 4:00am
Hey thanks Seeking,
Well, you know what I have discovered that picking tops and bottoms is very time consuming, you kind of sit there waiting to see if its going to happen and lose touch with what is going on everywhere else...and before you know it everything else is zooming off into space and youre still sitting there waiting for your little double top/bottom to be formed or not...Im TRYING very hard to be away from the screen, and pop back at the end of the day , I love the idea of longer timeframes and just monitoring...Jims new vid on the pf is very good , I like his ideas about stops (sorry guys youre going to have to join to find out) I think you can easily trade just daily setups and make money...thats what its all about after all isnt it? Making money AND having a life?
ps wouldnt it be nice to see a pin on eur today/this week?? and swissy as well...I know I know women are SO demanding...lol Raz
Never say never.
  • #6,160
  • Sep 20, 2007 4:42am Sep 20, 2007 4:42am
Hi Tiki,
Agree nice pin off EUR_CAD also a strong resistance line sitting at around the 14205 area, if it breaks above this will we see a nice run on !!!!!

Have to agree with Wiz and yourself.....lets get some more posts of setups on here it's been quite lately....even if people are new to this and post setups that are no good (such as mine LOL's)......at least the more experienced can then drop there views on the setup's.
Stay Lucky Mimas.
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