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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

  • #10,721
  • May 11, 2008 2:28pm May 11, 2008 2:28pm
I guess my question is concerning the stop level. I see the different entry strategies, and how they can minimize risk. No matter the entry a proper stop needs to be just below the pin bar, yes?
  • #10,722
  • Edited 3:33pm May 11, 2008 2:53pm | Edited 3:33pm
Quoting joebryce
I guess my question is concerning the stop level. I see the different entry strategies, and how they can minimize risk. No matter the entry a proper stop needs to be just below the pin bar, yes?

That's correct joe.

The best location to place a stop loss is above or below the Price Action that triggered your entry.

Other approaches can be made depending on your style of trading, which you will develop over time.

One approach is using Fib retracements. The example is a Pin Bar on 3/17/08.
As you mention the best place to put your stop loss would be right above the Pin Bar. Other stop loss placement may be near the Fib retracements.

A stop loss just above the 61.8 level would have been a sucessful placement. (Athough it doesn't appear to be a good placement on the chart. But, Price retraced above the 61.8 prior to the break of the PB.)

Jim
Attached Images
Indicators show the past. Price Action "Indicates" the future.
  • #10,723
  • May 11, 2008 9:55pm May 11, 2008 9:55pm
Thank you jarroo, you and many others on hear are incredibly helpful and most appreciated. I think some lights are beginning to turn on for me. I am going to attempt to post a chart for the first time. I have been looking for price action to confirm for me that the Cad is going lower. Does anyone see what I see here?
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  • #10,724
  • May 11, 2008 11:06pm May 11, 2008 11:06pm
Quoting joebryce
Thank you jarroo, you and many others on hear are incredibly helpful and most appreciated. I think some lights are beginning to turn on for me. I am going to attempt to post a chart for the first time. I have been looking for price action to confirm for me that the Cad is going lower. Does anyone see what I see here?
Nice joe. I see it.

But the problem with it is that it is in the middle of the preceding Bars or what we call "traffic". We like to see these Price Action formations at new or recent swing Highs and Lows. They just prove to be more powerful at these location.

You will hear many times on this thread the importance of the location of Price Action and other confluence that support a Price Action trade.

Now don't get me wrong, this DBHLC could prove successful. Maybe after it retraces up for a while it may come down and break the bottom of that DBHLC. We will have to wait and see.
Attached Image
Indicators show the past. Price Action "Indicates" the future.
  • #10,725
  • May 11, 2008 11:14pm May 11, 2008 11:14pm
just want to say a big thank you to all contributing here. i'm lurking my way through this thread and it's compelling reading

cheers
  • #10,726
  • May 11, 2008 11:42pm May 11, 2008 11:42pm
Quoting joebryce
Thank you jarroo, you and many others on hear are incredibly helpful and most appreciated. I think some lights are beginning to turn on for me. I am going to attempt to post a chart for the first time. I have been looking for price action to confirm for me that the Cad is going lower. Does anyone see what I see here?
Hallo

It could be helpful to take a look on the CAD and USD index for the last few hours:

http://img403.imageshack.us/img403/2...aaaaaaawo2.png
http://img128.imageshack.us/img128/9...bbbbbbbmc3.png

I think, that we shoul wait for the London oppening and possible new highs in CAD or lows in USD.
Until jet it looks like an USD/CAD short opportunity.
  • #10,727
  • May 12, 2008 12:00am May 12, 2008 12:00am
Quoting jarroo
Nice joe. I see it.

But the problem with it is that it is in the middle of the preceding Bars or what we call "traffic". We like to see these Price Action formations at new or recent swing Highs and Lows. They just prove to be more powerful at these location.

You will hear many times on this thread the importance of the location of Price Action and other confluence that support a Price Action trade.

Now don't get me wrong, this DBHLC could prove successful. Maybe after it retraces up for a while it may come down and break the bottom of that DBHLC. We will have to wait and see.

The 1.0085 area is the confluence of many lines on my chart. The 100 and 200 sma. The weekly pivot as well. This pair has been wound so tight that it has been testing the same areas for weeks. Almost seems as if there is an invisible hand at work, squeezing down to parity at 1.00.
  • #10,728
  • May 12, 2008 9:02am May 12, 2008 9:02am
Finally EUR USD closed the Sunday gap and the daily pin can continue up.
"Support and Resistance either holds or it doesn't." -Anonymous hillbilly
  • #10,729
  • May 12, 2008 3:39pm May 12, 2008 3:39pm
  •  TPO
  • | Joined Sep 2006 | Status: One Life, One Chance | 68 Posts
Quoting joebryce
The 1.0085 area is the confluence of many lines on my chart. The 100 and 200 sma. The weekly pivot as well. This pair has been wound so tight that it has been testing the same areas for weeks. Almost seems as if there is an invisible hand at work, squeezing down to parity at 1.00.
Ever heard of the amero? NAFTA? have a google and see what you find...
  • #10,730
  • May 12, 2008 4:18pm May 12, 2008 4:18pm
FIBER

Daily pin bar from last week has been given extra confirmation with a BUOB today.

Also, something resembling an inverse head and shoulders on the 4 hour chart could encourage the bulls to push this ccy pair higher.
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  • #10,731
  • May 13, 2008 3:40am May 13, 2008 3:40am
"not very precise" PIN bar forming on GJ , ( this one is iffy, please wait til bar finish forming for safe entry- last bar may shoot up instead of down)
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  • #10,732
  • May 13, 2008 6:33am May 13, 2008 6:33am
Quoting Peterinforex
"not very precise" PIN bar forming on GJ , ( this one is iffy, please wait til bar finish forming for safe entry- last bar may shoot up instead of down)
Even if this becomes an Pin bar (and it is way to early to tell this)..
it would be IN TRAFFIC ..we search for price action at swing highs/lows and areas of confluence !

i would not consider this as an trading opportunity in my book!

of course thats all imho and my interpretation of what i am learning in J16G!
  • #10,733
  • Edited 7:22am May 13, 2008 7:00am | Edited 7:22am
Quoting AidanPryde
Even if this becomes an Pin bar (and it is way to early to tell this)..
it would be IN TRAFFIC ..we search for price action at swing highs/lows and areas of confluence !

i would not consider this as an trading opportunity in my book!

of course thats all imho and my interpretation of what i am learning in J16G!
Excellent point Aidan.

But if you ignore the Sunday candle (yellow) which we do when looking for Price Action. And combine the 5/09/08 and 5/12/08 Bars (candles) we would get a two day Pin Bar. Something to look act.
Attached Image
Indicators show the past. Price Action "Indicates" the future.
  • #10,734
  • May 13, 2008 7:26am May 13, 2008 7:26am
Quoting jarroo
Excellent point Aidan.

But if you ignore the Sunday candle (yellow) which we do when looking for Price Action. And combine the 5/09/08 and 5/12/08 Bars (candles) we would get a two day Pin Bar. Something to look act.
Retrace levels.
Attached Image
Indicators show the past. Price Action "Indicates" the future.
  • #10,735
  • May 13, 2008 7:40am May 13, 2008 7:40am
Quoting jarroo
Retrace levels.
4 hour chart.
Attached Image
Indicators show the past. Price Action "Indicates" the future.
  • #10,736
  • May 13, 2008 8:13am May 13, 2008 8:13am
Hey,

I considered entering on the break of these 2 bars but look what is right above these 2 bars. Of course it could work but this is just something to be careful of as jim says.

Chris
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  • #10,737
  • May 13, 2008 9:23am May 13, 2008 9:23am
Quoting jarroo
4 hour chart.
thx for opening my eyes to this..!!! would never have thaught about this today lol

of course normaly i ignore sunday candles

also i am watching YEN futures because sometimes u get some really great price action there which then corresponds with the movements on geppy and u/y..i really can recommend this to anyone trading yen pairs..



Quoting creeper
Hey,

I considered entering on the break of these 2 bars but look what is right above these 2 bars. Of course it could work but this is just something to be careful of as jim says.

Chris

thx creeper ! i just wanted to post the same observation..so imho i still stay out on geppy lets see what price does until tomorrow london opening!

just btw how are you ? long time no see hope everything is well with ya plans and we both soon can find some time to meet in munich !

sorry for offtopic
  • #10,738
  • May 13, 2008 1:33pm May 13, 2008 1:33pm
The following bar appears to have made a 61% retracement of the pin bar. It appears to have formed a great entry point with a reduction in the trade risk.
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  • #10,739
  • May 13, 2008 6:00pm May 13, 2008 6:00pm
Nice short setup on EUR/USD. It would be better if today closed lower than yesterday, but it still looks like a potential setup, imo, and right at the ppz. Price is stuck at some support ont the H4, but if it makes it through, could be a pretty good trade. Any thoughts?

Tyler

EUR/USD Daily
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EUR/USD H4
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skype: ststroud. let's talk trading.
  • #10,740
  • May 13, 2008 7:28pm May 13, 2008 7:28pm
Quoting tyler812
Any thoughts?

Tyler

Hi Tyler,

Definitely not a great setup, in my opinion.

Clasping at straws?

I'm not saying that to be rude. We're all here to keep each other in check. ....just to point out that you may be looking for trades when they don't exist. The ones worth taking are always "eye poppers" ...so to speak. When you have to analyse to find a reason, it's a low grade set up.

In this instance if you zoom down to the 1 hour chart I see signs of a possible long signal later on if we break 1.5523. Opposite to your short idea. At the moment though I'd rather wait for a better trade. Much better.
Bundy's status today: "Waiting..."
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