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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

  • #2,241
  • Jan 19, 2007 10:31am Jan 19, 2007 10:31am
Quoting sch305ny
Speaking of safer entry, I thought the safest way is the brake of the high in this case. I am bit confused.

Sawa
Yes, you are correct.
Seeking is just greeeeedy
Keeping it Simple
  • #2,242
  • Jan 19, 2007 11:12am Jan 19, 2007 11:12am
im sure thats how James recommended doing it way back earlier in this thread is it not? U miss a few trades by waiting for the retrace but when it does happen you stand to gain alot more, with less risk.

Mike
  • #2,243
  • Jan 19, 2007 12:22pm Jan 19, 2007 12:22pm
It is a matter of prefrence. I play mostly the break of pin bars, but mostly the retrace of DBHLC/DBLHC. I consider myself a very conservative trader though. I would rather trade less then more. Sometimes if you wait for the retrace, you miss these things. As a lot of the good ones just take off when they break a bar.

Have a great weekend everyone!
Michael
  • #2,244
  • Jan 22, 2007 6:24am Jan 22, 2007 6:24am
I had an order originally placed at 1.9720 but then wussed out with the market being absolutely dead today.
Turns out it woulda made a great entry. Real shame.

Was expecting a retrace at around the .618 of the former 4h pin, even though it was in traffic and the market has been ranging.
Happened after all.
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  • #2,245
  • Jan 22, 2007 6:30am Jan 22, 2007 6:30am
Also I've got a question for the veterans:

There's this classic "rule" that highs are s/r, especially if they're 3,4,5..8 year highs. Personally I never understood why that is. The DJI for indices and Oil for commodities never paused and reversed simply because there was a new high made, right?
The same thing for carry trades and crosses, simply because it made a new record high, why would one recoil from an entry?

The argument I had was how to play the IB we had on GJ daily.
I entered as soon as the daily bar broke above 239.80. I got ridiculed as it was "just under an 8 year high" and that "pro traders would never go long under that". I replied "how would it make it better if one entered AFTER a new high was made instead of 20 pips earlier, saving 20 pips stop, making 20 pip more profit and getting the same result or outlook - either it goes or it blows".

I mean, the inside bars that fake out and come back will do so no matter where, no? Better to have some pips locked in before they come back instead of exposing oneself at the high entry and using only a small 10-15 pip stop in hopes of continuation?

I simply think entering early can have you risk free or locking in pips no matter how many years of record highs or lows as opposed to having a higher likelyhood of having the thing blow up in your face...I feel it's safer to be in early than be "confirmed" that it moved out above the high/low...

What's your take on this?


Regards,

SeekingLight
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  • #2,246
  • Jan 22, 2007 6:34am Jan 22, 2007 6:34am
Quoting SeekingLight
Also I've got a question for the veterans:

There's this classic "rule" that highs are s/r, especially if they're 3,4,5..8 year highs. Personally I never understood why that is. The DJI for indices and Oil for commodities never paused and reversed simply because there was a new high made, right?
The same thing for carry trades and crosses, simply because it made a new record high, why would one recoil from an entry?

The argument I had was how to play the IB we had on GJ daily.
I entered as soon as the daily bar broke above 239.80. I got ridiculed as it was "just under an 8 year high" and that "pro traders would never go long under that". I replied "how would it make it better if one entered AFTER a new high was made instead of 20 pips earlier, saving 20 pips stop, making 20 pip more profit and getting the same result or outlook - either it goes or it blows".

I mean, the inside bars that fake out and come back will do so no matter where, no? Better to have some pips locked in before they come back instead of exposing oneself at the high entry and using only a small 10-15 pip stop in hopes of continuation?

I simply think entering early can have you risk free or locking in pips no matter how many years of record highs or lows as opposed to having a higher likelyhood of having the thing blow up in your face...I feel it's safer to be in early than be "confirmed" that it moved out above the high/low...

What's your take on this?


Regards,

SeekingLight
no expert here seeking but i have quickly learned to just play these inside bars as you did. I am also in this trade on the break. Also when they IB comes back and reverse, I always make sure to reverse my position. Usually thats they real way its gonna break. Have to just forget about that first break :-P

Happy monday!
Mike
  • #2,247
  • Jan 22, 2007 6:50am Jan 22, 2007 6:50am
If one has to look to 1h for entries it's not a great trading day.

Didn't take this either but hey, at least it's illustration...
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  • #2,248
  • Jan 22, 2007 7:21am Jan 22, 2007 7:21am
Quoting mbqb11
no expert here seeking but i have quickly learned to just play these inside bars as you did. I am also in this trade on the break. Also when they IB comes back and reverse, I always make sure to reverse my position. Usually thats they real way its gonna break. Have to just forget about that first break :-P

Happy monday!
Mike
IBs are the ones I consistently lose at.

...So I don't play them for now. Occasionly playing them on demo instead.

I've tried the "take the second reverse break" strategy, but maybe I just happen to choose IBs that are going to whipsaw all over the place! LOL

All I do is wait for a confirming bar to close now. Depending on how viable the trade still is. Sometimes that confirming bar goes too far for me.
Bundy's status today: "Waiting..."
  • #2,249
  • Jan 22, 2007 7:42am Jan 22, 2007 7:42am
Quoting bundyraider
IBs are the ones I consistently lose at.

...So I don't play them for now. Occasionly playing them on demo instead.

I've tried the "take the second reverse break" strategy, but maybe I just happen to choose IBs that are going to whipsaw all over the place! LOL

All I do is wait for a confirming bar to close now. Depending on how viable the trade still is. Sometimes that confirming bar goes too far for me.
I used to feel the same exact way. Then realized these start off some nice runs that more then make up for those losers. It was more a matter of learning to hold onto these trades and not be tempted to exit early. Also like pin bars the IBs in traffic are the ones I get most burnt on, so i don't play all of them. And I definitley dont play IBs on anything less then daily.

Price action is all a very personal thing to put into a working strategy I have learned. Still in my g/j u/j and aud/cad. What is everyone else in?
Best,
Mike
  • #2,250
  • Jan 22, 2007 9:12am Jan 22, 2007 9:12am
Quoting mbqb11
Still in my g/j u/j and aud/cad. What is everyone else in?
Best,
Mike

I'm in a lot of pain with all this staggering +-30 pip ranging....every time we hit the lower boundary I fear it's gonna break and kill me
Still in GJ as well, going slightly insane seeing it come down almost 100% from +60.....still hoping cable and GJ continue their upward bound....Waiting for a breakout on cable.
Still long nippy, hoping that doesn't die on me as well...
Short USDCHF from a sort of pin like thing at the .786 + near the high, forming into a 4h pin soon.
I'm feeling very religious today, constantly praying things don't just whiplashthrash me out and nullify all PA I see...
Selling dollars, buying dollars....argh...what am I doing

Shiveringly yours,

SeekingLight
Trust price. Know yourself.
  • #2,251
  • Jan 22, 2007 10:23am Jan 22, 2007 10:23am
Quoting SeekingLight
I'm in a lot of pain with all this staggering +-30 pip ranging....every time we hit the lower boundary I fear it's gonna break and kill me
Still in GJ as well, going slightly insane seeing it come down almost 100% from +60.....still hoping cable and GJ continue their upward bound....Waiting for a breakout on cable.
Still long nippy, hoping that doesn't die on me as well...
Short USDCHF from a sort of pin like thing at the .786 + near the high, forming into a 4h pin soon.
I'm feeling very religious today, constantly praying things don't just whiplashthrash me out and nullify all PA I see...
Selling dollars, buying dollars....argh...what am I doing

Shiveringly yours,

SeekingLight
come on seeking, part of the fun is watching your profits go up an down
  • #2,252
  • Jan 22, 2007 12:16pm Jan 22, 2007 12:16pm
I am also long on the eur/aud now 4 hr pin bar off resistance that goes back a ways. I am still learning to trade this pair. Gets real choppy, but usually will chop one way or the other. Pair doesnt shrink down enough to make it worth putting a picture up. But just check the daily chart for resistance and pin on the 4 hr.

Best,
Mike
  • #2,253
  • Jan 22, 2007 4:54pm Jan 22, 2007 4:54pm
Hi Mike ,
Just wondering what type of entry aud/cad was, i tried to figure it out, but
coudln't figure out what your entry was.
I'm in the eur/aud, took a 2hr pin bar.

Thanks


Price action is all a very personal thing to put into a working strategy I have learned. Still in my g/j u/j and aud/cad. What is everyone else in?
Best,
Mike[/quote]
  • #2,254
  • Jan 22, 2007 5:09pm Jan 22, 2007 5:09pm
Quoting Westie
Hi Mike ,
Just wondering what type of entry aud/cad was, i tried to figure it out, but
coudln't figure out what your entry was.
I'm in the eur/aud, took a 2hr pin bar.

Thanks


Price action is all a very personal thing to put into a working strategy I have learned. Still in my g/j u/j and aud/cad. What is everyone else in?
Best,
Mike
[/quote]

Hey Westie,

The aud/cad is a trade I had got into on friday and held over the weekend. It was an 8 hour pin bar, OR entry on the second 4 hr pin bar(howerver you want to look at it). Of course this is one of those pairs that only taking long isn't a bad idea(zoom out for that ). Heres a chart though, hope this helps.

Best,
Mike
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  • #2,255
  • Jan 22, 2007 5:18pm Jan 22, 2007 5:18pm
Quoting mbqb11
I am also long on the eur/aud now 4 hr pin bar off resistance that goes back a ways. I am still learning to trade this pair. Gets real choppy, but usually will chop one way or the other. Pair doesnt shrink down enough to make it worth putting a picture up. But just check the daily chart for resistance and pin on the 4 hr.

Best,
Mike
Hi Mike,

Good 4HR pinbar observation! Indeed, EUR/AUD is at the weekly PP around 1.6440 and the daily is showing a PIN. I am just not very comfortable with going against the trend there and don't want the stress fighting the market :-) So I will just watch this time

Ken
  • #2,256
  • Jan 22, 2007 5:25pm Jan 22, 2007 5:25pm
thanks mike
one more question,
did you enter after the 2nd 4hr pin broke, then retraced, or entered on the retrace of the 1st 4hr pin, as I never thought of entering on the break of a pin then a retrace, i always was thinking you only enter on a retrace if the pin hasn't broken, pls clear this up, as this opens up a whole new way of looking at pins.

thanks mike

Hey Westie,

The aud/cad is a trade I had got into on friday and held over the weekend. It was an 8 hour pin bar, OR entry on the second 4 hr pin bar(howerver you want to look at it). Of course this is one of those pairs that only taking long isn't a bad idea(zoom out for that ). Heres a chart though, hope this helps.

Best,
Mike[/quote]
  • #2,257
  • Jan 22, 2007 5:29pm Jan 22, 2007 5:29pm
Quoting Westie
thanks mike
one more question,
did you enter after the 2nd 4hr pin broke, then retraced, or entered on the retrace of the 1st 4hr pin, as I never thought of entering on the break of a pin then a retrace, i always was thinking you only enter on a retrace if the pin hasn't broken, pls clear this up, as this opens up a whole new way of looking at pins.

thanks mike

Hey Westie,

The aud/cad is a trade I had got into on friday and held over the weekend. It was an 8 hour pin bar, OR entry on the second 4 hr pin bar(howerver you want to look at it). Of course this is one of those pairs that only taking long isn't a bad idea(zoom out for that ). Heres a chart though, hope this helps.

Best,
Mike
[/quote]

This pin I entered on the retrace of, but I have done what you just stated. Sometimes If it isnt the greatest location of a pin, but i still want to play it. I wait for a break and watch the price action. A lot of times these pins break 10 pts or so and then come back and retrace, but a lot of times they take right off. So I very rarely, but have, waited for a break and then a retrace on the same bar or even the next bar. I encourage you too look into this also. Demo all different kinds of methods. This goes with how PA is very personal. Once you start to feel comfortable playing PA, it does become systematic, and you can remove the emotion.

Best,
Mike
  • #2,258
  • Jan 23, 2007 1:43am Jan 23, 2007 1:43am
Quoting goodtiding5
Hi Mike,

Good 4HR pinbar observation! Indeed, EUR/AUD is at the weekly PP around 1.6440 and the daily is showing a PIN. I am just not very comfortable with going against the trend there and don't want the stress fighting the market :-) So I will just watch this time

Ken

Is is against the trend but I think it is worth the risk of 30-60 to catch what could be a 100-300 pip move. A daily PIN BAR at a critical PRICE PIVOT is great. Here is a chart to show how well this pair hugs this price pivot.

http://i87.photobucket.com/albums/k1...ud_1_22_07.jpg

There might be a higher % probabiltiy of this pin failing because of the wedge pattern but it is still worth the 30-60 pips.
  • #2,259
  • Jan 23, 2007 1:45am Jan 23, 2007 1:45am
indeed ciph, I was in on the 4 hour which turned into a daily pin. If that breaks, I will treat this trade as a daily pin bar, which means holding it longer. Just be weary this thing may trend up now, but be ready to watch up and down in your profits every other bar

also if you arent comfortable and you are trading live, I def suggest demo along side. It just helps get a feel for different scenarios, so instead of feeling you end up doing. And if you are demoing open another demo!

Mike
  • #2,260
  • Jan 23, 2007 2:51am Jan 23, 2007 2:51am
Cable from daily setup. Shaky as wind is cold up here but EURUSD and USDCHF are also attempting to break out and no 1H pins YET. Can change in the last 5 mins if I'm / we're unlucky.
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