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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

  • #13,201
  • Aug 28, 2008 5:22pm Aug 28, 2008 5:22pm
If you pop out on the 3-4hr chart you might notice the price is butting up against a small trendline there on the gbp/chf as the PB finalizes. Added to the fact that it is coming back up into the horizontal trendline B and C points you have highlighted I would personnally leave that trade.

However if it breaks that 3-4hr trendline up, i will be watching for a bit of a retracement and i might go long as well, depending on how it looks at that time.
  • #13,202
  • Aug 28, 2008 5:23pm Aug 28, 2008 5:23pm
I also use FXDD as my feed. The bar in question did not close as a pin bar. Always wait until after the close. To answer your question, the bar is not in traffic. Also, take a look at where support and resistance is. Price recently broke through a well established PPZ at 2.02. Even if the bar closed as a pin bar, I would not trade it.

Scott

Quoting fxgrinder
calling all traffic experts ...

feedback on whether areas denoted by A, B, C constitute too much traffic to make this an A+ set-up off today's seemingly good pin bar.

thanks always for any and all discussion.
  • #13,203
  • Aug 28, 2008 7:54pm Aug 28, 2008 7:54pm
Quoting phpscott
I also use FXDD as my feed. The bar in question did not close as a pin bar. Always wait until after the close. To answer your question, the bar is not in traffic. Also, take a look at where support and resistance is. Price recently broke through a well established PPZ at 2.02. Even if the bar closed as a pin bar, I would not trade it.

Scott
ya, it didn't close, but i still welcome all the feedback as if it did for future reference.
"Believe nothing you hear and half of what you see." Proverb
  • #13,204
  • Aug 28, 2008 8:28pm Aug 28, 2008 8:28pm
Quoting ghous
i feel very comfortable considering double or triple pins along ppzs as great setups. there is nothing wrong with two tails instead of one telling you the way,

Regards,
Ghous.
Thanks, as usual, for the explanation Ghous
  • #13,205
  • Aug 29, 2008 1:32am Aug 29, 2008 1:32am
Quoting peaches
thank ghous,

yes i took it, but missed to take profit, as I was in good position.
I`am not able to watch the price the whole day on lower timeframes.

On the otherhand, this is a double bar low, with a higher close today, imho

There is too much traffic around.

I`am looking for a fibo retracement on lower timframes and will
close my position.
i closed my short along the 50% fibo (refer to chart) as according to my trading plan, but if i were still in a short this little move up would'nt have taken too much of a hope provided i was strong enough to watch the price form the high of that bearish pin,

it's important to understand that when we demand price to go our way it won't always act like your adorable Labrador, and will look for retracments along important price levels, the area around 1.215 was bound to exhibit some support for price, (confluence of a ppz with the50% fibo) this was the reason i closed my trade along that region in the first place, but had i still been in i would have been highly encouraged by that bearish pin bar, as it is i like to ride trends as far as i possibly can, (enduring the little retracments in between) if you share this kind of a trading personality here is how you would manage the trade,

refer to attatched chart:

since the brearish pin has'nt failed yet (i.e the high is not brokern yet) i would still highly depend on it, the trade should only be closed if the price is able to close beyond the white res line, provided your mm does'nt allow you to wait for the break of the Pb high to confirm it's failure


(btw did you not take locvk in some profits after that first bewrish bar immediatly after the bearish pin??)

Regards,
Ghous.

EDIT: make sure you download the attacthed paint document, covering a "normal" market move...
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I believe . . .
  • #13,206
  • Aug 29, 2008 1:38am Aug 29, 2008 1:38am
Quoting fxgrinder
calling all traffic experts ...

feedback on whether areas denoted by A, B, C constitute too much traffic to make this an A+ set-up off today's seemingly good pin bar.

thanks always for any and all discussion.
Hi Fxgrinder,

A was'nt a trade for me atall (no pa indications what so ever),

B is a valid BUOB according to the basic definition but the size of the green bar just destroys any space for the trade to live, (another fib level just at the close of the bar) provided you waited for the close of the green bar...this is often the case with such setups during high traffic times (yes the chart you posted does have the characterstics of high traffic)

C may have been the only trade i would have opted for, as it was a sitaution of two pins (or rather two tails) along a nice fib level, plus there was space for the trade to give me a few pips atleast before an imprtant fibo distracted price...

Regards,
Ghous.
I believe . . .
  • #13,207
  • Aug 29, 2008 2:09am Aug 29, 2008 2:09am
Quoting ghous
Hi Fxgrinder,

A was'nt a trade for me atall (no pa indications what so ever),

B is a valid BUOB according to the basic definition but the size of the green bar just destroys any space for the trade to live, (another fib level just at the close of the bar) provided you waited for the close of the green bar...this is often the case with such setups during high traffic times (yes the chart you posted does have the characterstics of high traffic)

C may have been the only trade i would have opted for, as it was a sitaution of two pins (or rather two tails) along a nice fib level, plus there was space for the trade to give me a few pips atleast before an imprtant fibo distracted price...

Regards,
Ghous.
thank you for your analysis ghous. sorry for the confusion, the A, B, C were not trades i wanted to take, but areas that i thought might be the "traffic" for today's "pin" (that didn't end up closing as a pin) ... i still got a lot out of your reply ... your trading has really, really come along way since you first joined the thread ... good job on your part.
"Believe nothing you hear and half of what you see." Proverb
  • #13,208
  • Aug 29, 2008 2:14am Aug 29, 2008 2:14am
Quoting ghous
Hi guys,

so here is the Ej long from the pin bar on the weekly, my SL is at 159.7, which is just under the nose of the Pin bar, at first upon taking the trade my first thought was to place the SL at the low of the pin bar, but then i spotted this horizontal level extracting some respect from price (now my SL level with ditted red line on the attacthed chart) which was just a few pips under the nose, i thus targeted this level,
Hi Ghous,
Wa, that's is a huge SL! May I know what is your entry price and target price ? I would be supprised if your entry price is at the high of PB (@163.09)!!!

Regards,
Kim
  • #13,209
  • Aug 29, 2008 4:44am Aug 29, 2008 4:44am
In order for the pin bar to be valid it has to break long in this case, but instead it broke short. So technically is not a valid pin bar. I had may order above 163 because I saw it as a PPZ and when it broke short I cancel it.

Quoting ghous
Hi guys,

so here is the Ej long from the pin bar on the weekly, my SL is at 159.7, which is just under the nose of the Pin bar, at first upon taking the trade my first thought was to place the SL at the low of the pin bar, but then i spotted this horizontal level extracting some respect from price (now my SL level with ditted red line on the attacthed chart) which was just a few pips under the nose, i thus targeted this level, although i knew i had little chance against the bearish Monday and Tuesday price somehow seems to have finally found some support, does the trade now have a valid chance to go positive? time will tell, but i am glad i atleast gave it all the trust i could within my MM constraints...
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  • #13,210
  • Edited 5:07am Aug 29, 2008 4:52am | Edited 5:07am
Quoting fxgrinder
thank you for your analysis ghous. sorry for the confusion, the A, B, C were not trades i wanted to take, but areas that i thought might be the "traffic" for today's "pin" (that didn't end up closing as a pin) ... i still got a lot out of your reply ... your trading has really, really come along way since you first joined the thread ... good job on your part.
thanks for the cheers up Fxgrinder! i really appreciate it, i realize myself that i have grown as a trader, though i still can't call myself a good trader yet, a lot of hard work is yet to be done and a long way down the road to where great traders like Jarroo, SL Jim, Mike and many others stand, you are not a bad trader yourself are you?

anyways abt the chart you posted...sorry for the misunderstanding...yes in my opinion gbp/chf is a good example of traffic these days, lots of wild swings and uncertainity from the bears as well as the bulls...

to nkhnip:

Quote
Hi Ghous,
Wa, that's is a huge SL! May I know what is your entry price and target price ? I would be supprised if your entry price is at the high of PB (@163.09)!!!

yes my entry was a few pips below the weekly pin bar close, allow me to repeat myself...my entry was below the weekly pin bar. According to normal mm considerations attatched with Jim's method my SL had to be sowewhere around 160, however i dragged it a few pips down to a ppz to give the trade the maximmum i could as it is only a very small part of the trade was left open by the time i was close to -100, i had to finally take a maximum loss of -150 as my trade hit the final sl. On the weekly a sl 150 pips away from the actualy position should'nt surprise you...

Ej continues it's recent attitude of throwing in failing Pin bars. But i am least disturbed and least concerned abt this -150, i also know that this trading method gave me well over 2000 pips in the last 30 days...besides i am not expecting my win ratio to be 100%, as that should be a revolutionary discovery to the world of forex trading...why! Jim would otherwise have cracked the holy grail!!!



Regards,
Ghous.
I believe . . .
  • #13,211
  • Aug 29, 2008 5:03am Aug 29, 2008 5:03am
Quoting via-forex
In order for the pin bar to be valid it has to break long in this case, but instead it broke short. So technically is not a valid pin bar. I had may order above 163 because I saw it as a PPZ and when it broke short I cancel it.
yes that was the way to go... i know Mike follows a similiar strategy and Jim too recommends to wait for the pin to activate before you jump into the trade...for some reason i was not following this too closely, this could be one of the reasons for it to end up as a loosing trade...lesson learned...

Congrats for the escape...

Regards,
Ghous.
I believe . . .
  • #13,212
  • Aug 29, 2008 6:46am Aug 29, 2008 6:46am
Quoting ghous
yes that was the way to go... i know Mike follows a similiar strategy and Jim too recommends to wait for the pin to activate before you jump into the trade...for some reason i was not following this too closely, this could be one of the reasons for it to end up as a loosing trade...lesson learned...

Congrats for the escape...

Regards,
Ghous.
Minimising stops by waiting for a retrace entry can be VERY tempting. (I'm a sucker for it. )

Over time you'll pick up on the higher probability situations where it can be used with a higher chance of success. Just a heap of seat time. lol

Break and pull-back entries are a good balance of both methods. The only risk you run then is the chance of missing out on entering completely. But you don't lose any money when your out, so its a notta so badda eh?
Bundy's status today: "Waiting..."
  • #13,213
  • Aug 29, 2008 7:02am Aug 29, 2008 7:02am
Quoting bundyraider
Minimising stops by waiting for a retrace entry can be VERY tempting. (I'm a sucker for it. )

Over time you'll pick up on the higher probability situations where it can be used with a higher chance of success. Just a heap of seat time. lol

Break and pull-back entries are a good balance of both methods. The only risk you run then is the chance of missing out on entering completely. But you don't lose any money when your out, so its a notta so badda eh?
HAHA...i'll be looking to work over this from now on...

Regards,
Ghous.
I believe . . .
  • #13,214
  • Aug 29, 2008 8:34am Aug 29, 2008 8:34am
Days like today are good for quick scalp trades, dont want to hold over the weekend Easy stuff, look for the RSI divergence to line up on the 1min and 5min chart use the 5min to enter off of PA such as a PB. The good trades will have a divergence off of the 1min and the 5min and they will both be at the extreme of the BB's
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Keep taking CT trades, I need more money
  • #13,215
  • Aug 29, 2008 9:21am Aug 29, 2008 9:21am
Is somebody watching this beauty in the Weekly??

I´m going to load the wagoon at 0.9100....
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  • #13,216
  • Aug 29, 2008 9:30am Aug 29, 2008 9:30am
Quoting malvarezdel
Is somebody watching this beauty in the Weekly??

I´m going to load the wagoon at 0.9100....
Good catch Malvarezdel!

Might keep an eye on that next week.
Bundy's status today: "Waiting..."
  • #13,217
  • Aug 29, 2008 9:36am Aug 29, 2008 9:36am
Quoting bundyraider
Break and pull-back entries are a good balance of both methods. The only risk you run then is the chance of missing out on entering completely. But you don't lose any money when your out, so its a notta so badda eh?
Realised, after I posted this before, how I left the bit about risking too tight a stop.

You can end up chasing your tail if you don't play smart.

Wait for good PA confirming that the pullback isn't going to turn into a smash back, and give respectable breathing room. ....And of course practice it and make it your own before going live, as they say.

Have a good weekend everybody!
Bundy's status today: "Waiting..."
  • #13,218
  • Aug 29, 2008 10:52am Aug 29, 2008 10:52am
Anyone else play the 5min - 30min stuff? I would think after 2-3 years of this thread someone else would be able to trade a shorter time frame.
Keep taking CT trades, I need more money
  • #13,219
  • Aug 29, 2008 10:57am Aug 29, 2008 10:57am
Quoting Ryanmcd
Anyone else play the 5min - 30min stuff? I would think after 2-3 years of this thread someone else would be able to trade a shorter time frame.
I have. But have found that the Daily and Weekly PA is more reliable, consistent, more responsive, less stressful, more profitable and . . oh yeah . . . more profitable.
Indicators show the past. Price Action "Indicates" the future.
  • #13,220
  • Aug 29, 2008 11:04am Aug 29, 2008 11:04am
Quote
Break and pull-back entries are a good balance of both methods

Hello Bundyraider and all,

Very very interesting your statement above for firstly validate your set-up and secondly decrease your risk !!

I noticed that many many times prices pull-back after breaking the high/low of the set-up.

The only problem is that you don't set a 'conditional order' with MT4* !! I mean, set a 'limit order' IF prices reach a level of price.

Thanks

Happy trading

Angel65


* As I dislike to be stuck on my screen, I really hope that this feature will be available with MT5
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