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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

  • #11,141
  • Jun 8, 2008 2:40pm Jun 8, 2008 2:40pm
Quoting raczekfx


hey Tiki,

Have you got a chance to read this yet? It was probably a waste of time posting there. I may soon remove it...

http://www.forexfactory.com/showpost...5&postcount=18
Hey Mark,
thanks for sharing that! Great stuff, truly appreciated!

RM
  • #11,142
  • Jun 8, 2008 4:15pm Jun 8, 2008 4:15pm
Quoting Rainmaker
Hey Mark,
thanks for sharing that! Great stuff, truly appreciated!

RM
No problem RM

sarama001, have you taken advantage of gap on yen crosses?
I've closed half of my open shorts from friday at the open today. The remainder will be stopped out or trailed till 204 or perhaps 201
  • #11,143
  • Jun 8, 2008 4:44pm Jun 8, 2008 4:44pm
Quoting raczekfx


hey Tiki,

Have you got a chance to read this yet? It was probably a waste of time posting there. I may soon remove it...

http://www.forexfactory.com/showpost...5&postcount=18

There are people reading this thread (you know who you are..), who only trade pin bars at swing low/high using anything from 5 to 12% of their accounts on each trade. If it takes them to wait a couple of months for a perfect one, so be it....

Then they laugh all the way to the bank..

Open a demo and trade only those PBs they use see posted in this thread from time to time. In just one year.. you will not believe the balance on that demo..

He he,,
I think I know some of them...
Thanks for puting this out there as well as you have Rac.

People, read that post many times. It can be that simple & rewarding. My personal opinion is that it is harder for new people to wait, be patient, manage exits, & repeat. This will come with experience.
Thanks again for that great post Rac. I also think i know a few people who took the same trades
  • #11,144
  • Jun 8, 2008 5:06pm Jun 8, 2008 5:06pm
Quoting raczekfx


hey Tiki,

Have you got a chance to read this yet? It was probably a waste of time posting there. I may soon remove it...

http://www.forexfactory.com/showpost...5&postcount=18

There are people reading this thread (you know who you are..), who only trade pin bars at swing low/high using anything from 5 to 12% of their accounts on each trade. If it takes them to wait a couple of months for a perfect one, so be it....

Then they laugh all the way to the bank..

Open a demo and trade only those PBs they use see posted in this thread from time to time. In just one year.. you will not believe the balance on that demo..
Thank you for this post and your many other helpful posts.http://www.forexfactory.com/images/icons/icon14.gif
Thanks,
Dave
  • #11,145
  • Jun 8, 2008 6:37pm Jun 8, 2008 6:37pm
Quoting raczekfx
No problem RM

sarama001, have you taken advantage of gap on yen crosses?
I've closed half of my open shorts from friday at the open today. The remainder will be stopped out or trailed till 204 or perhaps 201
well, I got home late. Right now GJ is at 206.53. it is like 20 pips lower of friday's close. I will leave my short open or trade according to my emotions.
  • #11,146
  • Jun 8, 2008 8:33pm Jun 8, 2008 8:33pm
Quoting rustyjeff
He he,,
I think I know some of them...
Thanks for puting this out there as well as you have Rac.

People, read that post many times. It can be that simple & rewarding. My personal opinion is that it is harder for new people to wait, be patient, manage exits, & repeat. This will come with experience.
Thanks again for that great post Rac. I also think i know a few people who took the same trades
...
anytime Jeff.
yes, waiting for a perfect setup used to be a nightmare for me as well..
... and still is sometimes, hence R 1hr-db was born..
  • #11,147
  • Jun 8, 2008 8:42pm Jun 8, 2008 8:42pm
Yes I agree... !! problem is there are few who have the patience to wait for those PBs... they trade something else or the other PBs that don't work...

Also... being at the end of s swing high or low is sometimes hindsight... unless you really know your stuff... !!!

Also.. I take no responsibility for anything I say after one full bottle of champagne.... !!

Quoting raczekfx


hey Tiki,

Have you got a chance to read this yet? It was probably a waste of time posting there. I may soon remove it...

http://www.forexfactory.com/showpost...5&postcount=18

There are people reading this thread (you know who you are..), who only trade pin bars at swing low/high using anything from 5 to 12% of their accounts on each trade. If it takes them to wait a couple of months for a perfect one, so be it....

Then they laugh all the way to the bank..

Open a demo and trade only those PBs they use see posted in this thread from time to time. In just one year.. you will not believe the balance on that demo..
  • #11,148
  • Jun 9, 2008 1:17am Jun 9, 2008 1:17am
i have a doubt with a BEOB. The actual body don't need to encompas the previous bar/body... right? It is difficult to see in post #10 wich is the first time James shows a BEOB.

thanks in advance.


ps:there is a BEOB right now on UJ hourly. It is valid?
  • #11,149
  • Jun 9, 2008 1:32am Jun 9, 2008 1:32am
Quoting giraia_br
i have a doubt with a BEOB. The actual body don't need to encompas the previous bar/body... right? It is difficult to see in post #10 wich is the first time James shows a BEOB.

thanks in advance.


ps:there is a BEOB right now on UJ hourly. It is valid?
The High and the Low has to encompass the previous bar.

A better look.

Yes, that is a valid BEOB on the hourly Usd/Jpy.
Attached Image
Indicators show the past. Price Action "Indicates" the future.
  • #11,150
  • Jun 9, 2008 1:39am Jun 9, 2008 1:39am
Quoting raczekfx


hey Tiki,

Have you got a chance to read this yet? It was probably a waste of time posting there. I may soon remove it...

http://www.forexfactory.com/showpost...5&postcount=18

There are people reading this thread (you know who you are..), who only trade pin bars at swing low/high using anything from 5 to 12% of their accounts on each trade. If it takes them to wait a couple of months for a perfect one, so be it....

Then they laugh all the way to the bank..

Open a demo and trade only those PBs they use see posted in this thread from time to time. In just one year.. you will not believe the balance on that demo..

Hey Rac,

great post, very enlightening, thanks for taking the time to share this. One quick question, when you refer to a retracement is this after the pb has broke or do you pre-empt a break and get in early after the pb forms with the risk the the pb never triggers?

thanks again

DP
  • #11,151
  • Jun 9, 2008 1:42am Jun 9, 2008 1:42am
thanks jarro
  • #11,152
  • Jun 9, 2008 8:15am Jun 9, 2008 8:15am
Quoting dpfuller
Hey Rac,

great post, very enlightening, thanks for taking the time to share this. One quick question, when you refer to a retracement is this after the pb has broke or do you pre-empt a break and get in early after the pb forms with the risk the the pb never triggers?

thanks again

DP


..pre-empt the break.

Anything from 23-61f would do. I'll take breaks as well. What I do depends on how I view certain currency at the moment. e.g. cable last night.
I was watching charts and wanted to buy good size cable longs around 9670/80 with tp at 98. Why? Cable was bleeding badly last week after all that negative news, yet BoE left rate unchanged what in response changed short term trend. Why did they do that, what did they know, you and I didn't. Very simple they knew PPI number (released today) will be too high to cut rates. That's the reason I wanted to buy cable badly last night yet decided to set limit 40ps lower at 9640. Price never got there and it is toying with my tp right now. So, it's really up to you what you will do. Sometimes price never looks back and breaks higher.... IT IS OK to miss a trade.
  • #11,153
  • Jun 9, 2008 9:55am Jun 9, 2008 9:55am
Quoting raczekfx


hey Tiki,

Have you got a chance to read this yet? It was probably a waste of time posting there. ..

http://www.forexfactory.com/showpost...5&postcount=18

There are people reading this thread (you know who you are..), who only trade pin bars at swing low/high using anything from 5 to 12% of their accounts on each trade. If it takes them to wait a couple of months for a perfect one, so be it....

Then they laugh all the way to the bank..

Open a demo and trade only those PBs they use see posted in this thread from time to time. In just one year.. you will not believe the balance on that demo..
Thanks Rac, I don't know if PB eye can be place for support.
  • #11,154
  • Jun 9, 2008 10:04am Jun 9, 2008 10:04am
Quoting raczekfx


..pre-empt the break.

Anything from 23-61f would do. I'll take breaks as well. What I do depends on how I view certain currency at the moment. e.g. cable last night.
I was watching charts and wanted to buy good size cable longs around 9670/80 with tp at 98. Why? Cable was bleeding badly last week after all that negative news, yet BoE left rate unchanged what in response changed short term trend. Why did they do that, what did they know, you and I didn't. Very simple they knew PPI number (released today) will be too high to cut rates. That's the reason I wanted to buy cable badly last night yet decided to set limit 40ps lower at 9640. Price never got there and it is toying with my tp right now. So, it's really up to you what you will do. Sometimes price never looks back and breaks higher.... IT IS OK to miss a trade.
Great, thanks
  • #11,155
  • Jun 9, 2008 10:25am Jun 9, 2008 10:25am
Quoting jatis
Thanks Rac, I don't know if PB eye can be place for support.

Jatis,
If you look at the blue areas. of the last 2 bull pins you can see how price came back after forming the pin to test the area of the eye.
The 2nd pin's nose tested the eye area of the first pin.
My experience has been that the different areas of good pins. (eyes,nose & top.) often form areas of s/r. These areas will usually be tested again later in time.
Attached Image
  • #11,156
  • Jun 9, 2008 10:35am Jun 9, 2008 10:35am
Quoting jatis
Thanks Rac, I don't know if PB eye can be place for support.
Well...., I posted this chart in the private forum few days ago..
Have a look at those eyes surrounding PB and tell me if they can....?
.
Attached Image
  • #11,157
  • Jun 9, 2008 10:47am Jun 9, 2008 10:47am
Quoting raczekfx
Well...., I posted this chart in the private forum few days ago..
Have a look at those eyes surrounding PB and tell me if they can....?
.

even better..
  • #11,158
  • Jun 9, 2008 2:16pm Jun 9, 2008 2:16pm
Quoting raczekfx


hey Tiki,

Have you got a chance to read this yet? It was probably a waste of time posting there. ..

http://www.forexfactory.com/showpost...5&postcount=18

There are people reading this thread (you know who you are..), who only trade pin bars at swing low/high using anything from 5 to 12% of their accounts on each trade. If it takes them to wait a couple of months for a perfect one, so be it....

Then they laugh all the way to the bank..

Open a demo and trade only those PBs they use see posted in this thread from time to time. In just one year.. you will not believe the balance on that demo..
Actually two good post for me to read, Tiki's which i can really identify with and Rac who i can't identify with but i do believe.

Err, 5 to 12% of their account on one trade?

Thanks for reposting that link to your earlier post, i missed it the first time. I am embarrassed to say i don't understand this statement

"You will establish your position on 23fib retracement of that pin with 90 pips stop."

Is this an entry that instead of just waiting for the pin to break to enter you wait for a retracement to the 23 fib of that pin? Is this to get in at a better price?
  • #11,159
  • Jun 9, 2008 2:44pm Jun 9, 2008 2:44pm
Quoting saskgui
"You will establish your position on 23fib retracement of that pin with 90 pips stop."

Is this an entry that instead of just waiting for the pin to break to enter you wait for a retracement to the 23 fib of that pin? Is this to get in at a better price?
This is entering on a retrace of the pin. This is usually done in order to reduce the distance to your stoploss (and thus, probably enable you to increase your position size assuming that is based on your risk size). That's the positive, the negative is that you will probably have a lower overall win % (hopefuly offset by bigger wins due to the larger position size). If you think about it, entering on a retrace opens yourself up to all trades that go immediately against the direction of the pin bar while entering on the break does not. Of course on winning trades, the retrace method gets you those pips between the retrace and the break of the pin while increasing your Risk:Reward ratio (and position size) as well.

The different methods for entries and exits on pin bars are all about balancing R:R and Win% in my opinion.
  • #11,160
  • Jun 9, 2008 2:51pm Jun 9, 2008 2:51pm
This was a PB on hourly. YYYEEEEHAAWWWW

Attached Image
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