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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

  • #15,681
  • Nov 24, 2008 2:23pm Nov 24, 2008 2:23pm
Quoting simoncs
Hi all,

I am a little stumped on inside bars. I will leave these for now as they seem harder to read than the other PA setups, but for future reference...
what did i do wrong?

I went short when bar no.3 broke below the inside bar no.2. I had my stop above bar no.1 It then immediately moved up and through my stop.

Was the setup just in the wrong place? and this is how i should have played this? Or should my entry point have been below the low of bar no.1


thanks

Simon

Inside Bars should be played like any other PA formation, where location is important . . .
Bundy , you bet me to it.
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Indicators show the past. Price Action "Indicates" the future.
  • #15,682
  • Nov 24, 2008 2:24pm Nov 24, 2008 2:24pm
Quoting raczekfx
Look at this IB. It broke lower and they higher. I'd suggest you stay away from IBs until you master PBs and BE/Uovbs first. I never liked IBs at first either and it took me some time, before I got comfortable with them.
.

Thanks for that. Good advice will stick to the other PA's for a while longer.
and thanks LordElessar - that looks like another great thread - will add that to my list of threads to read once i get through this one.

upto pg375 now wooohooo!!!
  • #15,683
  • Nov 24, 2008 2:28pm Nov 24, 2008 2:28pm
thanks Bundy & Jarroo
  • #15,684
  • Nov 24, 2008 2:31pm Nov 24, 2008 2:31pm
Quoting jarroo
I missed some good Price Action today.

Although the location of these Bullish and Bearish Outside Bars are not the best (Swing Highs and Swing Lows are better locations) they did prove to be successful.

Eur/Usd BUOB and Usd/Chf BEOB. (4 hour)

Nice Profit target panos.
Didn't mind the positioning of the BUOB on EurUsd. ....Pullback off the trendline of the wind up we've been having. I actually entered not long after the close without looking for a better entry. Just knew it had a high chance of taking off like a rocket this time. lol
Bundy's status today: "Waiting..."
  • #15,685
  • Nov 24, 2008 2:36pm Nov 24, 2008 2:36pm
Quoting jarroo
Bundy , you bet me to it.
Come on Jim, you had plenty of time too.
Bundy's status today: "Waiting..."
  • #15,686
  • Nov 24, 2008 2:42pm Nov 24, 2008 2:42pm
Watch eur/usd, gpb/usd and e/j, g/j once we hit that ppz. It might be a clue to our next PA setup....
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  • #15,687
  • Nov 24, 2008 2:44pm Nov 24, 2008 2:44pm
Quoting bundyraider
Didn't mind the positioning of the BUOB on EurUsd. ....Pullback off the trendline of the wind up we've been having. I actually entered not long after the close without looking for a better entry. Just knew it had a high chance of taking off like a rocket this time. lol
Yeah, the location wasn't great but the supporting confluences was nice.

The break of the BUOB was above the PPZ and 1.2700. I always miss the easy ones.
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Indicators show the past. Price Action "Indicates" the future.
  • #15,688
  • Nov 24, 2008 3:06pm Nov 24, 2008 3:06pm
Quoting raczekfx
Watch eur/usd, gpb/usd and e/j, g/j once we hit that ppz. It might be a clue to our next PA setup....
hope you enjoyed it in real time. market will do it over and over again if you're patient enough.
Oh well, another day, another penny on a $100 account...
Happy trading to all and see you around!
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  • #15,689
  • Nov 24, 2008 3:26pm Nov 24, 2008 3:26pm
Quoting bundyraider
IBs are, in my opinion, the most discretionary of the bar patterns that are discussed here.

I'd study them over time to get a feel for them if I was you. ...and I was you. Most of us have been. (especially on IBs. lol)

Your post explains the typical reactions to IBs that a lot of us have had.

We've just about all gotten into the " have a stop-entry on both sides of the IB" mode of thinking.
ALSO, don't get into the "Ever widening stop"/ "should I have placed the stop even further away again" scenario!

[b]The best place to start...
I like how you mention the term "look" for some inside bars. for cetain ones the look is definitely beneficial.
"Don't trade to trade . . . trade to win." - James16
  • #15,690
  • Nov 24, 2008 5:37pm Nov 24, 2008 5:37pm
Guys, what are your thoughts on taking partial profits?

On the one hand, if you close part of you position and/or move SL to BE, you already some money in hand; if you are then in a "free trade" you have little to worry about. Still, there comes a moment (e.g. another SR level) where it would make logical sense to lock in some further profits (e.g. move SL again or close another part of the position).

On the other hand, by the time you reach the final targeted TP, you have 1/4 or less of the original position left. That means that RR ratio was calculated for the whole position, but "reward" was not fully exercised as position was scaled down along the way. That screws up the RRR picture.

Would it make sense to calculate RRR based on the most immediate TP? Or to start scaling only when a certain RR ratio was reached? How do you, guys, handle that? MANY THANKS!

P.S. How about ADDING to a position (instead of closing part of it) if the move continues, say after a retracement or having cleared SR level?
One Chart is Worth Ten Thousand Words.
  • #15,691
  • Nov 24, 2008 6:05pm Nov 24, 2008 6:05pm
Quoting Forex007
Guys, what are your thoughts on taking partial profits?

On the one hand, if you close part of you position and/or move SL to BE, you already some money in hand; if you are then in a "free trade" you have little to worry about. Still, there comes a moment (e.g. another SR level) where it would make logical sense to lock in some further profits (e.g. move SL again or close another part of the position).

On the other hand, by the time you reach the final targeted TP, you have 1/4 or less of the original position left. That means that RR ratio...
Think you answered your own questions 007.

Depends on your goals as a individual trader. If your looking to catch the larger trend and ride it long term, then the "free trade" is the way to go. Locking in profits is never a bad decision. I'm not big on Risk/Reward. I'm a Risk/Potential profit guy.

Adding to a position after confirming PA after a retracement or clearing S/R levels. Yes, I agree with that.
Indicators show the past. Price Action "Indicates" the future.
  • #15,692
  • Nov 24, 2008 6:06pm Nov 24, 2008 6:06pm
Could someone post a 4 hour Usd/Jpy. Looks to be a PB in the making. (Sorry i can't post charts)
Indicators show the past. Price Action "Indicates" the future.
  • #15,693
  • Nov 24, 2008 6:14pm Nov 24, 2008 6:14pm
UsdJpy Pin

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  • #15,694
  • Nov 24, 2008 6:15pm Nov 24, 2008 6:15pm
Here you go
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  • #15,695
  • Nov 24, 2008 6:16pm Nov 24, 2008 6:16pm
Could someone please help me understand exactly what a pin shows? I'm trying to understand it better so that i can incorporate it into my scanner.
  • #15,696
  • Nov 24, 2008 6:17pm Nov 24, 2008 6:17pm
Quoting ljr
UsdJpy Pin
I got the same. Thanks.

I would like the head of that PB to be red, still it looks good.
Indicators show the past. Price Action "Indicates" the future.
  • #15,697
  • Nov 24, 2008 6:22pm Nov 24, 2008 6:22pm
Quoting jarroo
I got the same. Thanks.

I would like the head of that PB to be red, still it looks good.
The formation looks pretty good but it just doesn't line up to any areas I had on my chart. I just don't see a clear PPZ.
  • #15,698
  • Nov 24, 2008 6:23pm Nov 24, 2008 6:23pm
In my notes that I prepare each week, I wrote that the USDJPY is just too "wacky" to get involved with right now. There's too much sideways movement that makes no sense.
  • #15,699
  • Edited 6:35pm Nov 24, 2008 6:25pm | Edited 6:35pm
Quoting ljr
The formation looks pretty good but it just doesn't line up to any areas I had on my chart. I just don't see a clear PPZ.
Very good.

Any higher time frame Price Action (Bearish) that would support this 4 hour PB?
Indicators show the past. Price Action "Indicates" the future.
  • #15,700
  • Nov 24, 2008 6:37pm Nov 24, 2008 6:37pm
Quoting jarroo
Very good.

Any higher time frame Price Action (Bearish) that would support this 4 hour PB?

Looking at the daily chart things do look a bit clearer so this may not be a bad level.
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