Well said. Couldn't agree more. Just about word for word on what I was thinking too, RM.
.
Indicators show the past. Price Action "Indicates" the future.
- #11,341
- Jun 22, 2008 7:43pm Jun 22, 2008 7:43pm
- Joined Sep 2005 | Status: J16 Senior Member | 13,635 Posts
- #11,342
- Jun 22, 2008 8:26pm Jun 22, 2008 8:26pm
- Joined Feb 2006 | Status: 'Try-hard' extraordinaire... | 2,151 Posts
Not to be argumentive, but I believe this setup has a high potential. I would wait for the break and place the stop loss above the 50% retrace or 61.8 fib.
Bundy's status today: "Waiting..."
- #11,343
- Jun 22, 2008 8:29pm Jun 22, 2008 8:29pm
- Joined Sep 2005 | Status: J16 Senior Member | 13,635 Posts
That's alright Jim, I agree it has potential. I'm just looking for trades that have the best chance of succeeding and I'm not inclined to start a new trade there with that PA for the same reasons RM said.
Indicators show the past. Price Action "Indicates" the future.
- #11,347
- Jun 23, 2008 4:21am Jun 23, 2008 4:21am
Well said. Couldn't agree more. Just about word for word on what I was thinking too, RM.
.
Thanks bundy,
I learned a great deal from you, which I´m very thankful for!
@Jaroo: as bundy already said, I also agree that price at this location is a good potential setup by itself. It just didn´t give enough confirmation (for me personally) to take a trade (i.e. nice pin or beob right at the swing high)!
RM
- #11,348
- Jun 23, 2008 4:35am Jun 23, 2008 4:35am
- Joined Sep 2005 | Status: J16 Senior Member | 13,635 Posts
Thanks bundy,
I learned a great deal from you, which I´m very thankful for!
@Jaroo: as bundy already said, I also agree that price at this location is a good potential setup by itself. It just didn´t give enough confirmation (for me personally) to take a trade (i.e. nice pin or beob right at the swing high)!
RM
Indicators show the past. Price Action "Indicates" the future.
- #11,350
- Edited 7:10pm Jun 23, 2008 6:52pm | Edited 7:10pm
- Joined Sep 2005 | Status: J16 Senior Member | 13,635 Posts
Thank you all for your answers! I didn't take the trade - had no intention to - but I got what I wanted: some other persons view of it and I learned a lot.
Diane
Indicators show the past. Price Action "Indicates" the future.
- #11,355
- Jun 25, 2008 8:34pm Jun 25, 2008 8:34pm
saskgui I understand your fustration. The hours of study, pouring over charts, looking at Price Action setups that are posted on this thread (after the fact) and saying to yourself "How did I miss that BEOVB on the Weekly, it's right there". But as you continue on, one day it will hit you. Not like ton of bricks more like you'll look at your charts or a posted chart on this thread and say "That DBHLC is not correct or that PB has so many conflunences around it I have to take." It'll hit you, but the study and practise has to be consistent. And if your like me, what makes it easier, is that it's a whole lot of fun.
Practise? How does one practise Price Action? Simply put, is that you physical make the trades on a demo account or on a mico or mini account. Reading and understanding Price Action is one thing, actually making a trade : entering, exiting, placing stops, etc., just seems to jell in the mind. You can read all about building a motorcycle, but until you physically get your hands dirty and using tools to actually put one together, you never really buildt one.
Practise on 4 hour charts and even the hourly charts. Look for PA with confluennce of trendlines, PPZ, Fib levels, Flags, etc., that support and do not support a trade. But always looking at the higher time frames. And you'll get my friend.
I would like to respond to raczekfx post because I feel that its appropriate as it relates to this post.
I am a Price Action guy and will always be one. I started a thread called the Daily Inside Bar System (DIBS). Which was provided by a credible trader named Peter Crowns. It is method of trading Price Action on the Hourly chart.
When I was reading Bemac thread I saw the word "Inside Bar" and said "Hey, that's Price Action" and study his method further. The thread is going very well and many people using this method have had positive results. But . .. . all we're really doing is practising Price Action on the hourly chart. We are still practising the method and with practise (as with anything in life) we'll get better and sharper.
I am thinking of starting another thread using the DIBS method on the 4 hour, Daily and Weekly. But that thread has already been established. It's called the James16 Chart Thread.
I may do it anyways because it would just be using Inside Bars. I'd like to see a thread just on Outside Bars and one on just Pin Bars. But that's just me.
Jim
DIBS Method : http://www.forexfactory.com/showthread.php?t=86766
Part of my problem is not being able to reconcile Jacko's method with PA as they conflict and i am torn between which to choose.
Thx for the post. I loved the dibs thread (i found it some time ago) and i would love to trade it however the hourly Euro session is not easy to trade in North America. I tried to look at it as a 4 hour or daily IB method but for me that would totally change it into something different. What i loved about the original system was the MM approach, so many of those trades have small stop losses and you know pretty quick which will work and which don't. Yes you lose some and more at BE but the runners look juicy. To me a longer time frame would change alot as this is a breakout system traded at a active TF.
- #11,356
- Jun 25, 2008 11:08pm Jun 25, 2008 11:08pm
- Joined Sep 2005 | Status: J16 Senior Member | 13,635 Posts
Part of my problem is not being able to reconcile Jacko's method with PA as they conflict and i am torn between which to choose.
Thx for the post. I loved the dibs thread (i found it some time ago) and i would love to trade it however the hourly Euro session is not easy to trade in North America. I tried to look at it as a 4 hour or daily IB method but for me that would totally change it into something different. What i loved about the original system was the MM approach, so many of those trades have small stop losses and you know pretty quick which will work and which don't. Yes you lose some and more at BE but the runners look juicy. To me a longer time frame would change alot as this is a breakout system traded at a active TF.
Stick to the Daily and Weelky time frames and look at as many pairs as you can. This helps in the practise mode (which I am always in.
) Swing Highs/Lows, S/R levels, "Space", Fib levels, PA on higher time frames, etc., this checklist in your head will soon be second nature to you. Then you'll catch a great PA setup and ride it for all its worth. This will build confidence and experience.
Maybe we'll see a chart of yours on this thread showing a DBHLC on the Weekly with a Pin Bar on the Monthly, and you'll say, "This puppy is going down". lol
Looking forward to seeing your charts in the future,
Jim
Indicators show the past. Price Action "Indicates" the future.
- #11,358
- Jun 26, 2008 7:29am Jun 26, 2008 7:29am
What are your thoughts on the USDJPY daily pinbar?
the nose is on a resistance area and the open and close are in good position on the bar, but i’d like to see a larger bar with the nose protruding further past the previous bar to really indicate a possible push down imo.
i’m still watching this pair but as rainmaker said a couple of days ago, we still haven’t got a clear and confident PA setup as yet. only my opinion as i’m certainly no expert but i’m trying to look for only the best setups.
and while I’m here doin’ my first post. i really want to thank 'Sir James' imo, and all others who are putting in considerable time to help us, with the ongoing teaching of PA in this forum. i have a long way to go and look forward to the day (soon I hope) i can join the james16 group, so till then i’m stayin’ right here. thankyou all.
- #11,359
- Jun 26, 2008 7:39am Jun 26, 2008 7:39am
Thanks for ypur reply. It's interesting that the 108.5 area seems like a PPZ also on the weekly and monthly charts...
i’m willing to have a go at this, best way to learn especially if i’m wrong.
the nose is on a resistance area and the open and close are in good position on the bar, but i’d like to see a larger bar with the nose protruding further past the previous bar to really indicate a possible push down imo.
i’m still watching this pair but as rainmaker said a couple of days ago, we still haven’t got a clear and confident PA setup as yet. only my opinion as i’m certainly no expert but i’m trying to look for only the best setups.
and while I’m here doin’ my first post. i really want to thank 'Sir James' imo, and all others who are putting in considerable time to help us, with the ongoing teaching of PA in this forum. i have a long way to go and look forward to the day (soon I hope) i can join the james16 group, so till then i’m stayin’ right here. thankyou all.