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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

  • #9,341
  • Edited 6:07pm Feb 29, 2008 4:18pm | Edited 6:07pm
Quoting kptMisiu
Rob,
there were bearish outside bars on Windsor 4h, IBFX 4h and Oanda 3h timeframes.
As you can see, the bar before the bearish outsinde bar is an inside bar with a very low close. The (not so good) pinbar before this inside bar is broken by the BeOB, which closes lower then all other bars. For me this indicated the break to the downside.
I am in and over +500 pips now.
You don't need to take all setups, there will be more around the corner, for sure.
Kpt

Cheers, thanks for the explanation. I think I'm still getting hung up on pin bars - I probably would have tried to play that long! How will you identify when to close the trade?

EDIT: sorry, thanks to hipsterpipster too. For some reason I missed your post! Its interesting that you both saw different price action on different time frames but still came up with the same conclusions.
  • #9,342
  • Feb 29, 2008 6:31pm Feb 29, 2008 6:31pm
No problem, for me it was just wait for the break out as that would be a strong indication of future direction.
Quoting eltrot1979
Cheers, thanks for the explanation. I think I'm still getting hung up on pin bars - I probably would have tried to play that long! How will you identify when to close the trade?

EDIT: sorry, thanks to hipsterpipster too. For some reason I missed your post! Its interesting that you both saw different price action on different time frames but still came up with the same conclusions.
  • #9,343
  • Mar 1, 2008 2:04am Mar 1, 2008 2:04am
hello,

very sorry if this has been asked before but which kind of price action (pinbar for example) is more likely to give a 1:1 reward/risk ratio ?

definitely not a good thing to risk 100% to win 50% or less.........so curious as to what kind of bars can give better returns, timeframes being the same.
  • #9,344
  • Mar 1, 2008 3:49am Mar 1, 2008 3:49am
The distance that price will move from a PA setup is not determined by the bar type only. You need to take consider the support and resistance around the entry point and how strong the trend is etc.

If you are new to this you should practice (demo) with Pin bars on daily or higher TF and when you master this type of bar look to learn another.

In answer to your question about RR ratio. Observe how far price moves during your testing and see what kind of setups suit your trading style.



Quoting findcount
hello,

very sorry if this has been asked before but which kind of price action (pinbar for example) is more likely to give a 1:1 reward/risk ratio ?

definitely not a good thing to risk 100% to win 50% or less.........so curious as to what kind of bars can give better returns, timeframes being the same.
  • #9,345
  • Mar 1, 2008 3:08pm Mar 1, 2008 3:08pm
These are my home assignments for the week end. At least one of them could mean something after further analysis.
just sharing what I see.
Attached Image(s) (click to enlarge)
Click to Enlarge Name: nzdusd weekly.PNG Size: 21 KB
Click to Enlarge Name: eorgbp daily.PNG Size: 32 KB
  • #9,346
  • Mar 1, 2008 3:26pm Mar 1, 2008 3:26pm
Attached Image (click to enlarge)
Click to Enlarge Name: EurGbp Monthly.PNG Size: 45 KB
  • #9,347
  • Mar 1, 2008 5:53pm Mar 1, 2008 5:53pm
Quoting Jor09
Hi,

you can see that the price ret to 0.7677 almost to 61.8% fib 0.7730 very close for monthly chart........it's can be agraet deal......lets see how it goes..

Shay
  • #9,348
  • Mar 2, 2008 1:17am Mar 2, 2008 1:17am
Also price seems to find resistance at the [email protected].

I wanted to upload my screen but I am unable to, I don't know why.

I plotted the FE from 0.7088 >>0.7613 >>0.7392.

But seems to me that this is not a strong pin bar as well as the monthly FR61.8 is still almost 100 pips away at 0.7741.

Lets see how price will play out
  • #9,349
  • Mar 2, 2008 6:39am Mar 2, 2008 6:39am
Quoting cologg
Hi,
I'm a major lurker here and love the thread.
Was a member of PF at the start but had to leave for other reasons.
Am studying hard now and just wanted some advice from you experts on this demo trade I'm currently in.

The questions is, where would you put your SL?
I know everyone might have a different view, but the views would be nice to hear.

I've previously put the SL above each retracement (marked on chart)
You will see my TP1, TP2, TP3 etc and I've now hit the next TP level.
I have other TP levels at/around 205.80 and again at 204.60/204.90

Would you set you SL to previous TP levels to lock in profit?

Cheers for any advice.
Colin.

Hi Colin (sorry to everyone that I haven't really posted, been away and will stay busy for the next 10 days still plus I am quite ill),
just wanted to say that's basically exactly how I would have done it - initial above BEOB, then after TL breakdown move it to the "bounce" / retrace, then I PERSONALLY(and this is because I am trying to swingtrade more and am trying to catch the breakout move, which CAN cost you a lot if the reaction at the range boundary is strong and holds) would not move it anymore until the low of the sideways range is broken or a contrary setup appears at the boundary.

Once 204.50 is lost I would move the stops down to 210.50ish(i.e. wide buffer and just a "disaster stop" - but it means another 400 pips locked for my higher swing entries as the stop moves from 214.5 to 210.5) add a small position on the break of the low and think about where my next TP is at(200, 190, 180?).
Then the next break below 200 would let me look for a next lower swing or level to move some of the lower entries to, to secure them in turn.

IMHO the hardest question for management is exits. TP at set spot? Trail? Wait for reverse PA? Try to foretell the future? Tricky. And very individual.

So in short: other than you having too many close by TP spots(Why not aim for the low area of the range of 206.8-207.50 as first TP instead of so high/early?) for my taste, I think how you moved the stop to the TL bounce/retrace area was right and logical.
And then it's touch and go from there.

Take care all,

SeekingLight
Trust price. Know yourself.
  • #9,350
  • Mar 2, 2008 9:17am Mar 2, 2008 9:17am
Quoting SeekingLight
Hi Colin (sorry to everyone that I haven't really posted, been away and will stay busy for the next 10 days still plus I am quite ill),
just wanted to say that's basically exactly how I would have done it - initial above BEOB, then after TL breakdown move it to the "bounce" / retrace, then I PERSONALLY(and this is because I am trying to swingtrade more and am trying to catch the breakout move, which CAN cost you a lot if the reaction at the range boundary is strong and holds) would not move it anymore until the low of the sideways range is broken or a contrary setup appears at the boundary.

Once 204.50 is lost I would move the stops down to 210.50ish(i.e. wide buffer and just a "disaster stop" - but it means another 400 pips locked for my higher swing entries as the stop moves from 214.5 to 210.5) add a small position on the break of the low and think about where my next TP is at(200, 190, 180?).
Then the next break below 200 would let me look for a next lower swing or level to move some of the lower entries to, to secure them in turn.

IMHO the hardest question for management is exits. TP at set spot? Trail? Wait for reverse PA? Try to foretell the future? Tricky. And very individual.

So in short: other than you having too many close by TP spots(Why not aim for the low area of the range of 206.8-207.50 as first TP instead of so high/early?) for my taste, I think how you moved the stop to the TL bounce/retrace area was right and logical.
And then it's touch and go from there.

Take care all,

SeekingLight

Seeking,

Thanks for your insight.
As mentioned previously, it's good to hear all views as I find it really helps me understand the big picture.

Cheers
Colin.
Enter Signature
  • #9,351
  • Mar 2, 2008 6:49pm Mar 2, 2008 6:49pm
Quoting SeekingLight
Hi Colin (sorry to everyone that I haven't really posted, been away and will stay busy for the next 10 days still plus I am quite ill),
just wanted to say that's basically exactly how I would have done it - initial above BEOB, then after TL breakdown move it to the "bounce" / retrace, then I PERSONALLY(and this is because I am trying to swingtrade more and am trying to catch the breakout move, which CAN cost you a lot if the reaction at the range boundary is strong and holds) would not move it anymore until the low of the sideways range is broken or a contrary setup appears at the boundary.

Once 204.50 is lost I would move the stops down to 210.50ish(i.e. wide buffer and just a "disaster stop" - but it means another 400 pips locked for my higher swing entries as the stop moves from 214.5 to 210.5) add a small position on the break of the low and think about where my next TP is at(200, 190, 180?).
Then the next break below 200 would let me look for a next lower swing or level to move some of the lower entries to, to secure them in turn.

IMHO the hardest question for management is exits. TP at set spot? Trail? Wait for reverse PA? Try to foretell the future? Tricky. And very individual.

So in short: other than you having too many close by TP spots(Why not aim for the low area of the range of 206.8-207.50 as first TP instead of so high/early?) for my taste, I think how you moved the stop to the TL bounce/retrace area was right and logical.
And then it's touch and go from there.

Take care all,

SeekingLight
Get better soon seeking

Rick
  • #9,352
  • Mar 3, 2008 3:09pm Mar 3, 2008 3:09pm
EURUSD pin? Eh? Eh? OK not that great of a pin, kind of neutral, will keep an eye on it.
Attached Image
Hindsight is 20/20
  • #9,353
  • Mar 3, 2008 4:23pm Mar 3, 2008 4:23pm
How's about this pin bar. Shape looks good, but I'm not seeing any confluence. Nose is huge and would require a massive stop loss to put one at the bottom.
Attached Image (click to enlarge)
Click to Enlarge Name: gbpchf.gif Size: 16 KB
  • #9,354
  • Mar 3, 2008 4:49pm Mar 3, 2008 4:49pm
Quoting eltrot1979
How's about this pin bar. Shape looks good, but I'm not seeing any confluence. Nose is huge and would require a massive stop loss to put one at the bottom.

don't forget stop size just changes your position size. Your Risk per trade is still the same.
  • #9,355
  • Mar 3, 2008 4:50pm Mar 3, 2008 4:50pm
Quoting eltrot1979
How's about this pin bar. Shape looks good, but I'm not seeing any confluence. Nose is huge and would require a massive stop loss to put one at the bottom.
A confirmation bar would be nice, then I think I would trade it. There is a lot of opportunity here today across the board.
I dream, therefore I become.
  • #9,356
  • Mar 3, 2008 4:51pm Mar 3, 2008 4:51pm
What do you guys think about the nzd/usd pin on the weekly. Its at high and there is divergence. Seems good to me? Let me know what you think.

-Piphunter
  • #9,357
  • Mar 3, 2008 4:52pm Mar 3, 2008 4:52pm

4h PB....LOOK LIKE A NICE DEAL....

Attached Image (click to enlarge)
Click to Enlarge Name: dsd.gif Size: 54 KB
  • #9,358
  • Mar 3, 2008 5:18pm Mar 3, 2008 5:18pm
Quoting eltrot1979
How's about this pin bar. Shape looks good, but I'm not seeing any confluence. Nose is huge and would require a massive stop loss to put one at the bottom.
Gapped on my chart so it's not a pin. Do you guys still play them if they're gapped?
Hindsight is 20/20
  • #9,359
  • Mar 3, 2008 5:57pm Mar 3, 2008 5:57pm
Quoting shayb

4h PB....LOOK LIKE A NICE DEAL....

Hi Shay,

That pin is too buried in the action around it. Looks more like a part of consolidation. Heading sideways.

Also check out the daily chart. We've just had a strong day heading down.

The pin bar itself looks great. Just really badly positioned.
Bundy's status today: "Waiting..."
  • #9,360
  • Mar 3, 2008 6:04pm Mar 3, 2008 6:04pm
Quoting mike w
...There is a lot of opportunity here today across the board.
Not wrong!

....A lot of retracements maybe. Not many in ideal situations. Got some work to do now, checking all this out.

Lol
Bundy's status today: "Waiting..."
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