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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

  • #13,221
  • Aug 29, 2008 11:39am Aug 29, 2008 11:39am
Quoting malvarezdel
Is somebody watching this beauty in the Weekly??

I´m going to load the wagoon at 0.9100....
I have been. Solid in my book. I see imediate rejection at .9150, and will look for support/entry between .9060-.9100.
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  • #13,222
  • Aug 29, 2008 12:06pm Aug 29, 2008 12:06pm
Just be aware guys.
Oz is week & expected to lower rates next tuesday. So the pin may pan out but I would expect a good retrace first as traders sell off before the announcement. If they dont lower rates the pin will fly...
  • #13,223
  • Aug 29, 2008 12:48pm Aug 29, 2008 12:48pm
Damn, Oanda doesn't have AUDCAD.
  • #13,224
  • Aug 29, 2008 12:58pm Aug 29, 2008 12:58pm
Quoting HipsterPipster
I have been. Solid in my book. I see imediate rejection at .9150, and will look for support/entry between .9060-.9100.
Nice info guys, thanks. It would be nice if they left rates unchanged, we´ll have a sky rocket....
  • #13,225
  • Aug 29, 2008 1:56pm Aug 29, 2008 1:56pm
Quoting malvarezdel
Is somebody watching this beauty in the Weekly??

I´m going to load the wagoon at 0.9100....

I must be honest, I couldn´t resist ultil AUD/CAD weekly Pin Bar Close and traded this bull flag breakout in a lower time frame (4H). I traded it with a low RR and may be a good entry point to Ride the pinbar, let´s see....
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  • #13,226
  • Aug 29, 2008 2:27pm Aug 29, 2008 2:27pm
Quoting rustyjeff
Just be aware guys.
Oz is week & expected to lower rates next tuesday. So the pin may pan out but I would expect a good retrace first as traders sell off before the announcement. If they dont lower rates the pin will fly...
Thanks Jeff, I believe there will be a drop if they lower the rates, but of course the market has been pricing this in with anticipation. Better entry for me as I fully expect a retrace if the bar is validated.
  • #13,227
  • Aug 29, 2008 2:32pm Aug 29, 2008 2:32pm
Quoting malvarezdel
I must be honest, I couldn´t resist ultil AUD/CAD weekly Pin Bar Close and traded this bull flag breakout in a lower time frame (4H). I traded it with a low RR and may be a good entry point to Ride the pinbar, let´s see....
Remember, pinbars are only valid after they break. In a perfect world your entry would not retrace, validate the pin and keep on moving. I have personally been temped in this way as well, but really it is very rare that that ever happens. Have patience, and take care of your current position.
Dion
  • #13,228
  • Aug 29, 2008 2:46pm Aug 29, 2008 2:46pm
Quoting HipsterPipster
Remember, pinbars are only valid after they break. In a perfect world your entry would not retrace, validate the pin and keep on moving. I have personally been temped in this way as well, but really it is very rare that that ever happens. Have patience, and take care of your current position.
Dion
Thanks Dion, you´re right, I did not have patience, I will try to manage this position carefully. Maybe I will close 2/3 of my position at Weekly Pivot and move my SL to BE at this point.... and of course, try to re-enter at a retractment next week
  • #13,229
  • Aug 29, 2008 3:01pm Aug 29, 2008 3:01pm
Quoting malvarezdel
Thanks Dion, you´re right, I did not have patience, I will try to manage this position carefully. Maybe I will close 2/3 of my position at Weekly Pivot and move my SL to BE at this point.... and of course, try to re-enter at a retractment next week
Your welcome, and hey it looks like your in the profit so far!
  • #13,230
  • Aug 29, 2008 3:07pm Aug 29, 2008 3:07pm
Quoting ghous
... you are not a bad trader yourself are you?
ummm, i'm making progress ... slowly ... first month i just got my feet wet on demo w/ set-ups, price action, fibs, confluence ... second month (august), i worked primarily on MM, RR, and exit strategy for myself (i confess i took every pin bar, BEOB, etc. that moved, ... but that too was my plan b/c i wanted the experience in trailing stops, acquiring discipline w/ exits and sticking to a plan, learning position sizing/versus RR/MM, and that sort of thing --- again on demo) ... let me add to my 2nd month experiment ... i learnt A LOT from taking all these goofy pin bars and by month end, j16's advice and insight about [not] doing this became clearer and clearer to me -- for my 3rd month demoing, my goal is to integrate everything, taking only the best price action set-ups, strictly following my exit strategy, and ... drum roll please ... show a profit so i can start trading my real pennies by october ...


cheers and great trading ghous!!!
"Believe nothing you hear and half of what you see." Proverb
  • #13,231
  • Aug 29, 2008 7:06pm Aug 29, 2008 7:06pm
Quoting jarroo
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.
If you trade the same risk % per trade don't see how a trade that lasts a few days can make more then a trade that lasts a few min. Just wanted to see if anyone else can do the 5min stuff or less but it seems most are stuck on the 4hr / daily / weekly stuff and that's fine too as long as you can lock in some profits who cares. Also PA is PA if you can read a 4hr it's the same as a 5min or a 1min chart just happens faster but I would not say it has a higher winning rate as long as you don't take dumb trades and use a few time frames to line it up.
Keep taking CT trades, I need more money
  • #13,232
  • Aug 29, 2008 7:58pm Aug 29, 2008 7:58pm
Quoting Ryanmcd
If you trade the same risk % per trade don't see how a trade that lasts a few days can make more then a trade that lasts a few min. Just wanted to see if anyone else can do the 5min stuff or less but it seems most are stuck on the 4hr / daily / weekly stuff and that's fine too as long as you can lock in some profits who cares. Also PA is PA if you can read a 4hr it's the same as a 5min or a 1min chart just happens faster but I would not say it has a higher winning rate as long as you don't take dumb trades and use a few time frames to line it up.
Hi Ryan,

I'm happy to see that you've worked out a methodology that works for you on the 5 min etc.

I was looking at your post with the BBs and might even check it out at some point. I've never gelled with BBs in the past and it's something I wouldn't mind conquering.

There's quite a few people that have gone through this thread over the years that can trade lower time frames successfully.
You pointed it out pretty much yourself there though.... "(that you) use a few time frames to line it up". It's also , as you say, faster. ...If you can't trade daily charts successfully for a while and show a profit, how the hell could you do it on lower time frames? All those management decisions etc have to be developed first!

You've developed skills and the ability to read price well. So will many newcomers here over time, but it is a LOT easier getting those skills down pat on the Daily and higher charts. They ARE more reliable in my opinion. There are factors involved in intra-day trading that make things harder, such as time of day and getting caught up in stop running, etc.

There's not a single trade I take nowa days that I don't look at the daily PA first. Even if it's just to read the 'road map' so that I can "day-trade the daily."

Intra-day trading for me is more of an opportunistic thing. If it's there when I look ( a good set up) , I might trade it.

For the record, I finished off the week with two 15 minute trades and on Tuesday, i think, was even trading tick charts. heh heh heh
Bundy's status today: "Waiting..."
  • #13,233
  • Aug 29, 2008 11:51pm Aug 29, 2008 11:51pm
it's refreshing to see somebody trade successfully off the lower tfs, ofcaorse the difficulty level aside once you start trading profitably off them they can be charming eh? :nerd:
I believe . . .
  • #13,234
  • Aug 30, 2008 5:58am Aug 30, 2008 5:58am
Hi Mike,

Sorry if this a silly question but what are RD numbers?

Thanks
Naj

Quoting mbqb11
Yes I had a pending order that never triggered. I had my buy order Just ABOVE the rd number. It never got triggered. RD numbers are important.


Best
Mike
  • #13,235
  • Aug 30, 2008 6:13am Aug 30, 2008 6:13am
Quoting tradewiser
Hi Mike,

Sorry if this a silly question but what are RD numbers?

Thanks
Naj
RD is RounD numbers that tend to act as psychological S/R levels and/or barriers.
Indicators show the past. Price Action "Indicates" the future.
  • #13,236
  • Aug 30, 2008 7:38am Aug 30, 2008 7:38am
Thanks Jarroo for the quick reply. I get it now.
  • #13,237
  • Edited 9:52am Aug 30, 2008 9:08am | Edited 9:52am
Quoting Ryanmcd
If you trade the same risk % per trade don't see how a trade that lasts a few days can make more then a trade that lasts a few min. Just wanted to see if anyone else can do the 5min stuff or less but it seems most are stuck on the 4hr / daily / weekly stuff and that's fine too as long as you can lock in some profits who cares. Also PA is PA if you can read a 4hr it's the same as a 5min or a 1min chart just happens faster but I would not say it has a higher winning rate as long as you don't take dumb trades and use a few time frames to line it up.

When it comes to candle formations whether James16 or Japanese Candle Sticks. Looking for those setups on the 4hour/daily+ time frames is best and most reliable.

I look for possible tight entries on the 5min chart in the direction of the higher time frame setups (one could also Fib and scalp the crap out of it by 20/30 pips multiple times but basing the entries off the higher TF setup). But I would never recommend such a thing to those who are just getting started. They will not handle it and sure enough will get hit by a freight train...
  • #13,238
  • Aug 30, 2008 10:07am Aug 30, 2008 10:07am
Quoting Aad
When it comes to candle formations whether James16 or Japanese Candle Sticks. Looking for those setups on the 4hour/daily+ time frames is best and most reliable.

I look for possible tight entries on the 5min chart in the direction of the higher time frame setups (one could also Fib and scalp the crap out of it by 20/30 pips multiple times but basing the entries off the higher TF setup). But I would never recommend such a thing to those who are just getting started. They will not handle it and sure enough will get hit by a freight train...

It's all how you play it too, I have had 30+ winners in a row. I really did not want to get into a what is better I just wanted to see if anyone else is doing 5min trades or not.
Keep taking CT trades, I need more money
  • #13,239
  • Aug 30, 2008 12:00pm Aug 30, 2008 12:00pm
Quoting Ryanmcd
It's all how you play it too, I have had 30+ winners in a row. I really did not want to get into a what is better I just wanted to see if anyone else is doing 5min trades or not.
So if you have 30 winners in a row, doesn't it all depend on account size, leverage, m/m, movement in that 5 minute time period, etc?

For instance Gbp/Usd moved 1,500 pips last week. If you had a weekly strategy and captured 900 of those that seems to me less time intensive than the 5 minute strategy.
Patience + Humility + Study = Success
  • #13,240
  • Aug 30, 2008 1:12pm Aug 30, 2008 1:12pm
What you can do is open a sub-account and move the amount you would normally risk for this trade only to the sub-account. Next, open a LONG AUD/USD position and a LONG USD/CAD position in the sub-account. The trick is to size each position so the trade value in USD is the same for each. After opening both positions, click on the Exposure tab to make sure your exposure to USD is $0. I recommend playing with the position sizes in a demo account first. You can trade pretty much ANY pair using this method. If you have questions, you may PM me.

Scott

Quoting unlv_tj
Damn, Oanda doesn't have AUDCAD.
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