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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

  • #14,261
  • Oct 8, 2008 2:19pm Oct 8, 2008 2:19pm
Quoting mbqb11
A good trader knows what conditions are best for his methods.

A GREAT trader knows when these conditions are/are not happening and is either out, or in to take advantage of them.



Mike
Right on Mike.
That is so true.
As they say, timing is everything.
You just have to be able to recognize the conditions and know your trading philosophy well enough to make that judgement call.

Tom
  • #14,262
  • Oct 8, 2008 2:21pm Oct 8, 2008 2:21pm
Quoting Ryanmcd
Still not trading, you guys do good in big swings I do good in the 90% when we dont have these huge swings I guess i am too lazy to change my 10 / 10 pip gain/loss to 40/40 lol.
Ryan, this is a good example of why you are where you are (as far as trading success goes).
You know when to push the issue, and when to step away and stay safe.

Tom
  • #14,263
  • Oct 8, 2008 2:38pm Oct 8, 2008 2:38pm
Quoting Jankone
my trading life is in drawdown and this week, I understand one thing. some things has changed.no matter what you trade, no matter where you trade, it's all about holy grail! Yes , you guys, all of you, have holy grail - it's in you. and there is holy grail #2. it's old ten, fifty, and much more years. IT'S TREND. Look at gbp jpy . eurodollar, whatever you want,daily. all you need is trade with trend, you can imagine how many pips you can make with trend, so stop " finding historical low with great pinbar and trade trend! " (with pinbars etc)

What happened me? since i trade with trade, i make money
TREND + S&R + Fibonacci + PB (price action) = Laugh ur Way to bank...

Sonic
  • #14,264
  • Oct 8, 2008 6:01pm Oct 8, 2008 6:01pm
I will say if you trend trade the longer stuff you will be kicking ass, just remember that we may freefall a few more weeks but when it flips it will be pretty fast so just keep a eye on it.


Also markets go down 3x as fast as they go up as a rule
Keep taking CT trades, I need more money
  • #14,265
  • Oct 8, 2008 6:21pm Oct 8, 2008 6:21pm
It's you Ryan, who inspired me . It's all about trend. I see many and many losses in my trade history. (ct no brain trades usually)
  • #14,266
  • Edited 7:05pm Oct 8, 2008 6:37pm | Edited 7:05pm
Quoting sonicdeejay
Thx for the post...BTW..how do u decide SL...Do u put ir SL level near the end of the wick??
I am using sth similar to PB that u mentioned...with the bias of general trend...

Sonic
Yes, at the top of the wick or nose.

The best placement for a stop loss of a Price Action set-up is above or below that given set-up.

The Usd/Jpy 4 hour PB: The best place is at the red line atop the PB as mentioned. Also, you could have placed it at the eye level (orange line). Some also use Fib retracements of the PB itself for a stop loss.

I have found that a Price Action set-up would present itself, like a PB, and I would place my stop loss at a Fib or an internal S/R trying to reduce my risk.

When asked of Jim, Mike, Bundy and others where their stops were located? They all said "the top". And guess what? More often then not, I would be stopped out and they would not. Lesson learned.
Attached Image
Indicators show the past. Price Action "Indicates" the future.
  • #14,267
  • Oct 8, 2008 7:16pm Oct 8, 2008 7:16pm
Here's the next setup I'm looking at. We have weekly BEOB on the Euro/Pound in a new downtrend (LH,LL). I'm looking to enter now that the weekly bar has retraced to about the 61.8 fib of the BEOB.

I'm set to get in on the 1 hour chart using a 1-2-3 entry (i.e. when .7884 is taken out, as long as .7940 doesn't get taken out). Stop can be a little tighter this way (just above .7940).

I just figured I'd post this since you guys are talking about ways to reduce the SL for PA setups, and this seems like a good way to do it.
Attached Image(s) (click to enlarge)
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Click to Enlarge Name: eg 1hr.gif Size: 23 KB
  • #14,268
  • Oct 8, 2008 7:52pm Oct 8, 2008 7:52pm
Quoting raczekfx
makes sense. this is where I might consider selling yen again....

Funny, when I look at indexes today and think of my banker, who laughed at my moves last year in august.
This is when I moved all my long term investments to mm and treasuries...

It's a good feeling knowing that you warned family and friends pretty much at the beginning too. Who says TA is baloney?
Bundy's status today: "Waiting..."
  • #14,269
  • Oct 8, 2008 8:02pm Oct 8, 2008 8:02pm
Quoting jarroo
When asked of Jim, Mike, Bundy and others where their stops were located? They all said "the top". And guess what? More often then not, I would be stopped out and they would not. Lesson learned.
I learnt through experience as well. Didn't take long either! lol

If you set stops based on fibs (of your set up), it will mostly only work on a lower time frame (with fine tune PA entry etc), which you then have to, in-turn, manage on that lower time frame really.

If you want to manage the trade as the original set up, it's certainly a lot smarter to select the stop point on that original time frame too.
Bundy's status today: "Waiting..."
  • #14,270
  • Oct 8, 2008 8:09pm Oct 8, 2008 8:09pm
Quoting jarroo
Yes, at the top of the wick or nose.

The best placement for a stop loss of a Price Action set-up is above or below that given set-up.

The Usd/Jpy 4 hour PB: The best place is at the red line atop the PB as mentioned. Also, you could have placed it at the eye level (orange line). Some also use Fib retracements of the PB itself for a stop loss.

I have found that a Price Action set-up would present itself, like a PB, and I would place my stop loss at a Fib or an internal S/R trying to reduce my risk.

When asked of Jim, Mike, Bundy and others where their stops were located? They all said "the top". And guess what? More often then not, I would be stopped out and they would not. Lesson learned.
http://www.forexfactory.com/attachme...1&d=1223509065

T top mean 106 area??

Sonic
  • #14,271
  • Oct 8, 2008 8:17pm Oct 8, 2008 8:17pm
Quoting sonicdeejay
T top mean 106 area??

Sonic
No he means above the pin! It's just a coincidence he has fibs drawn in for confluence.

The talk was of setting the stop at a deep fib retracement of the pin itself etc. Many many good trades will be falsely stopped out this way.
Bundy's status today: "Waiting..."
  • #14,272
  • Oct 8, 2008 8:18pm Oct 8, 2008 8:18pm
Hi all,

Just took a short on the break of this DBHLC. Lets see if it works out.
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  • #14,273
  • Oct 8, 2008 10:42pm Oct 8, 2008 10:42pm
Kind of a dangerous play taking a short setup way down at a low, good luck tho, anything is possible in these current markets.
  • #14,274
  • Edited 11:50pm Oct 8, 2008 11:30pm | Edited 11:50pm
Quoting sonicdeejay
T top mean 106 area??

Sonic
Sorry for the confusion guys. I meant Fib levels of the actual Pin Bar itself.
I can't post charts right now, but found this example of the thread.

The Fib levels of the PB itself for entry (better to wait for the break first, then retrace for an entry) or once the PB breaks Fibs as stop loss levels.
Always wait for the break.
Attached Image
Indicators show the past. Price Action "Indicates" the future.
  • #14,275
  • Edited 12:53am Oct 9, 2008 12:40am | Edited 12:53am
3 days!!!!

It's taken three days to catch a good retrace entry!

SO many setups , all too quick to catch or not good enough! (or not around to see them. )

Missed one a couple of days ago when my dealing platform auto logged off just before I needed to enter. (plicks!!! )

Rest of possy at break even. Market suspended (EOD settlement break, or whatever. lol) at 2 x Risk. ( or a bit more)
Attached Image (click to enlarge)
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Bundy's status today: "Waiting..."
  • #14,276
  • Oct 9, 2008 1:11am Oct 9, 2008 1:11am
Quoting aSandman
Hi everyone, I was considering at what point do you consider a trend line invalid? Do you have any hard and fast rule on this? I noticed Ghous let price swing way past and Mike considered that invalid. I'm coming up on page 300 of the thread but have yet to find a "J16" answer for trend lines.

Thanks!
Jason
Jason here's an example I was waiting for. IB sitting pretty good even though the preceding bar disrespects the trend line. (trend line drawn from close prices in this example)

This is my favourite way to play IBs lately. Never about guessing which way they'll break then. If it goes against me , it has to do more work to get there than it would going with my preferred direction.

Note how combining the two bars gives a very pin like setup too.

(I didn't trade this. Was just going through my charts, before calling it quits for a few hours )
Attached Image (click to enlarge)
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Bundy's status today: "Waiting..."
  • #14,277
  • Oct 9, 2008 1:18am Oct 9, 2008 1:18am
Quoting bundyraider
3 days!!!!

It's taken three days to catch a good retrace entry!

SO many setups , all too quick to catch or not good enough! (or not around to see them. )

Missed one a couple of days ago when my dealing platform auto logged off just before I needed to enter. (plicks!!! )

Rest of possy at break even. Market suspended (EOD settlement break, or whatever. lol) at 2 x Risk. ( or a bit more)
And busted at re-open. lol

Knew there was a good chance. Love these guaranteed stops.
Bundy's status today: "Waiting..."
  • #14,278
  • Oct 9, 2008 2:33am Oct 9, 2008 2:33am
Quoting mbqb11
that is some nice stuff, I got a long signal mouteki style as well the question is can we hold it for that long
Hi Mike

Have been reading through the thread again and have a question for you please.

Do you use your breakout pullback continuation style with Mouteki signals or only with trendline breaks, triangles etc?

thanks

FXP
  • #14,279
  • Oct 9, 2008 3:03am Oct 9, 2008 3:03am
Quoting fxprocessor
Hi Mike

Have been reading through the thread again and have a question for you please.

Do you use your breakout pullback continuation style with Mouteki signals or only with trendline breaks, triangles etc?

thanks

FXP
Hey FXP

I don't watch the demark/mouteki lines anymore. Too much to keep an eye on and I try to limit my trading.

Mike
  • #14,280
  • Oct 9, 2008 3:04am Oct 9, 2008 3:04am
Hi guys,

I would just like to ask a general question about trading with the trend. This is the style I want to base my trading on(currently demo) and was wondering how do you decide on whether a market is trending or not. Do you use MAs or other indicators? Also, what if you see a good trend on the 4hr but conflicting signals on the daily? Does the higher TF always dictate or do you consider each TF separately?

Any thoughts/comments welcome guys.
PA is where its at!!
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