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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

  • #2,321
  • Jan 25, 2007 4:39am Jan 25, 2007 4:39am
Hey guys this is my first time posting to this thread, I am one of those silent very avid readers. I want to thank James so much for all the insight. I have learned alot from this wonderful forum. My #1 problem as I'm sure is most of ours is discipline & patience. I am getting better though. Anyways check out the 1h pinnocchio on the Kiwi, I am waiting for 50% ret, for entry. It is happening as i write.

Cheers
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File Type: zip Kiwi 1h pinnochio.zip   57 KB | 1,160 downloads
  • #2,322
  • Jan 25, 2007 4:41am Jan 25, 2007 4:41am
Would love the feedback
  • #2,323
  • Jan 25, 2007 4:44am Jan 25, 2007 4:44am
I think I got it.
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  • #2,324
  • Jan 25, 2007 4:54am Jan 25, 2007 4:54am
Quoting Jenstreet
Hey guys this is my first time posting to this thread, I am one of those silent very avid readers. I want to thank James so much for all the insight. I have learned alot from this wonderful forum. My #1 problem as I'm sure is most of ours is discipline & patience. I am getting better though. Anyways check out the 1h pinnocchio on the Kiwi, I am waiting for 50% ret, for entry. It is happening as i write.

Cheers
Hi Jenstreet,
That would not be a Pin Bar. What we're looking for is a long nose with a small body and a short tail. I know the tail is not mentioned anywhere, it's just to make things a bit easier. Here's a chart.
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Keeping it Simple
  • #2,325
  • Jan 25, 2007 4:55am Jan 25, 2007 4:55am
Waiting for 50% ret of right eye, before entering. Might get in at only 38%. I think the swissy is getting ready to roll over, check it out on a daily.
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  • #2,326
  • Jan 25, 2007 4:58am Jan 25, 2007 4:58am
So my body is to big and my tail is too long on both of those posts then, am I understanding you correctly?
  • #2,327
  • Jan 25, 2007 5:05am Jan 25, 2007 5:05am
Quoting Jenstreet
So my body is to big and my tail is too long on both of those posts then, am I understanding you correctly?
That's correct. The second one is fine.
Keeping it Simple
  • #2,328
  • Jan 25, 2007 9:28am Jan 25, 2007 9:28am
Quoting habeeb
Hi Mike,
Is this just a quick trade? I'd be looking to short, targetting 234.85-235.00 before going long. Looks like Weekly pivot acting as resistance.
no I am still holding this position. I have stopped using pivot points on the carry trade pairs a month or so ago. I found I don't do well with them on these pairs, so this wasn't a factor in my decision making.

Best,
Mike
  • #2,329
  • Jan 25, 2007 9:46am Jan 25, 2007 9:46am
Hi Mike

Just a quick question. Will you look to move your stops later or do you have a target price in mind as there seems to be a lot of JPY news coming out later?
Basically asking if you also look at future news releases!

H

Quoting mbqb11
no I am still holding this position. I have stopped using pivot points on the carry trade pairs a month or so ago. I found I don't do well with them on these pairs, so this wasn't a factor in my decision making.

Best,
Mike
  • #2,330
  • Jan 25, 2007 9:53am Jan 25, 2007 9:53am
Quoting H103EFA
Hi Mike

Just a quick question. Will you look to move your stops later or do you have a target price in mind as there seems to be a lot of JPY news coming out later?
Basically asking if you also look at future news releases!

H
I will look to move stops up at some point(maybe not b/e but enough to ut losses if this turns). I don't have a set target price in mind. I just wait for the market to give me a reason to exit. Some people would take profit now being up 70 pts or so. I am looking for the larger runs. I am aware of news, but I really don't let it change my mind on anything unless I am about to put on a new position. hope that helps.

Best,
Mike
  • #2,331
  • Jan 25, 2007 2:27pm Jan 25, 2007 2:27pm
Quoting mbqb11
I don't have a set target price in mind. I just wait for the market to give me a reason to exit.
You're the man to ask

Just saw a big personal conflict on GJ..... 4h made a bullish pin, you took it. Now I see 2x 4h making a bearish 8h pin and daily is at its current position a bullish pin, too.

Now, which of the three is correct please!

Arg!
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Trust price. Know yourself.
  • #2,332
  • Jan 25, 2007 2:33pm Jan 25, 2007 2:33pm
To prove I'm not insane and to bribe the PA gods here another dual bar example. First from daily:
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Trust price. Know yourself.
  • #2,333
  • Jan 25, 2007 2:35pm Jan 25, 2007 2:35pm
Quoting SeekingLight
You're the man to ask

Just saw a big personal conflict on GJ..... 4h made a bullish pin, you took it. Now I see 2x 4h making a bearish 8h pin and daily is at its current position a bullish pin, too.

Now, which of the three is correct please!

Arg!
Well in this situation you can do two things(You can do more then two things, i mean two things i would do lol). I moved my stop up to under the double pin. To me thats not a perfect double pin(first bars open is too high for me) so I won't reverse my position. Instead this is part of my "cut your losses " part. I have been tryin gto live by the motto of cut your losses let your profits run. So my stop will take me out at -6. Yes i know I was up 80 pts, but you gotta give to recieve. I am not going to play the reverse if it breaks down now, just get stopped out.

So I didn't answer your question cause I don't know! but this is what i have been doing when getting conflicting signals.

:


so Arghhh with ya haha
Mike
  • #2,334
  • Jan 25, 2007 2:36pm Jan 25, 2007 2:36pm
And already booked +45 from this entry with stop at break even for the second half, aiming at 1.2534-55 first, then if there's no big reversal there 1.2586 + 1.2615 are valid FE targets.

4h picture and lovely trade even though EURUSD had to spoil it by making a 1h PB that never worked. Bad EURUSD, bad! Tsk.

Keep in mind the hierarchies: Daily > 4h > 1h unless there's a top or bottom and a rather ugly 4h pin against your direction like when cable topped.
Riding that 4h pin at the top woulda been supersweet....
Anyway, any takers on the GJ question?
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Trust price. Know yourself.
  • #2,335
  • Jan 25, 2007 2:41pm Jan 25, 2007 2:41pm
Also here is another trade I made closed my full position now though.

Aud/USD TBL(Three Bar)
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  • #2,336
  • Jan 25, 2007 2:47pm Jan 25, 2007 2:47pm
And here is the last trade that I am still in and like the Gbp/Jpy have moved my stops up. My way of trading has been, taking a 3-4 small losses is worth it to hit the big runs. So my win/loss ratio has gone down but my overall equity has been increasing. It is more comfortable way for me to trade.

So this is the eur/cad 4hr pin off the 150 and 61.8.
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  • #2,337
  • Jan 25, 2007 3:26pm Jan 25, 2007 3:26pm
Hi James!

Attached is a chart showing some parallel Horizontal lines.

If I understand your double high/low bar as shown in the 1st page of this thread, the double high low bar is like a Break Out so I just place Stop Orders on these lines like as show in the chart?

If I were to follow that, it appears indeed that the Win/Loss ratio is very high! Though the quantity of trades is very minimal, the win/loss is however extremely good! How much StopLoss should be on these Break Outs?
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  • #2,338
  • Jan 25, 2007 3:45pm Jan 25, 2007 3:45pm
Quoting BurgerKing
Hi James!

Attached is a chart showing some parallel Horizontal lines.

If I understand your double high/low bar as shown in the 1st page of this thread, the double high low bar is like a Break Out so I just place Stop Orders on these lines like as show in the chart?

If I were to follow that, it appears indeed that the Win/Loss ratio is very high! Though the quantity of trades is very minimal, the win/loss is however extremely good! How much StopLoss should be on these Break Outs?
Yep find the TBH, and TBL on these higher time frames, is a great way to play breakouts, or a sign of exhaustion.
Be careful with some of the lines you drew. Some of them are not in the right place. I placed an X on the two that would not be considered right.

I made this play on the 4hr Aud/Usd, of the chart I posted 2 posts above yours. We had a Three Bar Low. And just place a sell on the break. Like you said the these higher time frame are key! Also Often times we get these bar lows/highs, that form DBLHC and DBHLC. This is a way to play it the other way, instead of the breakout.

Best,
Mike
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  • #2,339
  • Jan 25, 2007 3:48pm Jan 25, 2007 3:48pm
4h pin bounce off earlier support area.
Long 5 above break of 4h pin @120.65, stop below pin @120.10.
Exited for sleep @120.84 after price had already moved it's ATR (72pips) and retraced a little off the weekly pivot area (120.95). Was hoping for price to reach the daily pivot & earlier support area (121.08) before US open.
Probably a poor exit in hindsight (55 risk:19 reward). Could have scaled out & raised stop loss instead but was struggling with logical technical areas in which to raise my stop.
Need to work on exit plans better.
I agree with Mike's philosophy of letting profits run, but I also need to lock in some winners until I get my confidence & skills up.
Cheers
John
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  • #2,340
  • Jan 25, 2007 3:51pm Jan 25, 2007 3:51pm
yep this was a great trade also. I choose the gbp/jpy cause it moves big! eur/jpy shoed a similar setup(following gbp/jpy). Important thing is that you waited for a great entry! There are so many, no need to trade ones that are half-ass!

Great job, and your confidence is gonna build real quick picking ones like this!

Mike
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