james16 Chart Thread

Quoting bundyraider

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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 )

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Quoting Betard

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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.

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Quoting NuckingFuts

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I'm sure you've heard the saying "there's more than one way to skin a cat", I also think there's more than one way to skin a playable PB too.

Someone may find this useful, so I'll post how I trade a PB that is of interest.

1) The stock standard way Jim suggests to play. Enter just above/below with SL below/above the nose (generally with a pending order).

2) The retracement, if applicable. I'll fib the PB and try to get in at a better price with a smaller SL. I usually watch lower time frames to see how the price is reacting at each fib level with lower lows/higher highs and other PA patterns (double high/low, outside bars, PB's, DIBS - see below). I don't really care if the price goes past the 61.8% fib. Many successful PB's I have traded have moved beyond this level and were still a roaring success. Others may have a different view on this, but it's my money and I'm in charge. One thing I do practice is never adding to a negative pips position. I'll only add to a green pips position if I feel confident enough the price is going to continue.

3) The DIBS approach on either 1H or 4H with bias towards the break of the PB. SL can be set just past the low/high of the IB, I usually allow more or set it below/above the nose of the pin.

I only ever trade a PB on they daily chart and above. Sometimes I'll scalp lower, but I love my fishing and would much rather be doing this

I guess you could use any trading system to play a PB with bias towards the break of the bar.

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Quoting james16

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this is exactly what im always hoping people will do with this material. this is of course after putting your ideas thru a testing period. these bar methods used with s/r can be the key to making any trading style, idea or system an outstanding success when otherwise it would not be. no one ever talks about the old vegas system but i can tell you that there are quite a few people that supercharged that system with this material for nailing early entries and never looked back.

jim

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Quoting bertie123

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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.

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Quoting aSandman

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I draw a trend line on closeing prices..... will put this one in the lab.

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Quoting benssol

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search the forum for 123, Ledge and RH patterns and read Joe Ross books and articles and dont ever go against the trend, that's it

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Quoting Forex007

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Someone said "Joe Ross is on here as an FF editor". Is that so?

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Quoting forexlion

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can someone post a GJ chart on here ?

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Quoting fjaragon

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Hi all,

Just took a short on the break of this DBHLC. Lets see if it works out.

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Quoting jarroo

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Nice fjar.

Here's a great example of how one could enter into a Price Action set-up that has already broke the trigger.

DBHLC (Close to a Triple Bar High Lower Close) - Gbp/Usd - Daily.

Quick over view.
Price Action at and breaking a Support level. Not at a PPZ, but tradable none the less.
With the Bearish trend. DBHLC is bearish PA. Could be a continuation of the trend.
Anything else I'm missing that would support or conflict with this PA set-up?

Entry looks good at the 61.8 Fib (1.7488) of the PA itself. Aligned with the Support level, which could turn into Resistence. (A PPZ in the making at this level? Maybe.)

As fjaragon said. Let's see if it works out.


Jim

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Quoting fjaragon

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Hi Jarroo,

well i got stopped out on this trade, I entered last night on the break down and as Mr Smith replied a few posts ago, it was dangerous since it was in a low.

So is it better to enter on a retrace like at the 50 or 61.8 fib? or enter as soon as it breaks and put your SL at the 50 - 61.8 fib of the last bar?

Thanks,

Francisco

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Quoting jarroo

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Yes, to both questions. But look for more then one reason to determine your entry and stop loss.

Just remember that the best place to put your stop loss is above (or below) the PA set-up. In this trade it would be above 1.7655. But a 400+ pip stop loss is tough to realize. So looking within the set-up for a better placement is what I do.

A stop loss above the 61.8 level would be best because it lines up with Support level. Good confluence.
Still a 280 pip stop loss but a smaller risk.

Look for Price Action at a lower time frame.
The 4 hour chart shows a BEOB within the Daily DBHLC.
Price Action Rules.

Jim

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Quoting HipsterPipster

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Pending Gold short to 900.00

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Quoting eltrot1979

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Hey hipster, I was looking at this too but wasn't very confident in shorting gold right now. How will you trade this now that the second pin bar/inside bar has formed? Do the cluster of bar highs around 910 concern you?

Thanks

rob

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