james16 Chart Thread | Page 789 | Forex Factory

Options

Go to
Permalinks
Print Thread

Similar Threads

Where can I learn more about Price Action like those in James16 charts? 9 replies

Attachments: james16 Chart Thread
Exit Attachments

james16 Chart Thread

  • #15,761
  • Nov 25, 2008 7:24am Nov 25, 2008 7:24am
Quoting fx-Junior
I have understood that to be a BEOB the close of the BEOB bar has to be lower than entire previous bar, which is not the case with the second one. Have I understood it wrong?
A BEOB by definition has the whole range of the bar exceeding the previous bar, which was the case here.

Mike is right, as usual, that because a bar pattern has the basic requirements to match the rules it doesn't always make it a tradeable bar.

A combination of the bar's overall range, its close relative to earlier bars and, most importantly its location are all factors in who picks which bar to trade.

You could just trade them blindly as they appear but you'll end up with a higher proportion of losing ones and then you'll get discouraged by the whole thing.

There is a pot of gold waiting for you at the end of the rainbow - just take your time getting there. Walk don't run.
  • #15,762
  • Nov 25, 2008 7:31am Nov 25, 2008 7:31am
take profit targets
Attached Image(s) (click to enlarge)
Click to Enlarge Name: 25 11 08 1 1h cont.gif Size: 40 KB
Click to Enlarge Name: 25 11 08 2 1h cont.gif Size: 26 KB
  • #15,763
  • Nov 25, 2008 7:48am Nov 25, 2008 7:48am
nice 123 reversal that coincides with the 1hr pin.
blue area looking for initial reaction.
This may turn into a 4hr pin?? will manage the trade acording to higher tf. if I can stay in as stop is at be. initial risk 20 pips.
Attached Image(s) (click to enlarge)
Click to Enlarge Name: euro35.gif Size: 15 KB
Click to Enlarge Name: euro36.gif Size: 16 KB
  • #15,764
  • Nov 25, 2008 8:19am Nov 25, 2008 8:19am
Hi Guys,

I have missed a few good setups recently(yest+today incl) and would like to know how you guys, especially the more experienced, do your scanning for trades so you don't miss something. Do you scan every hour, 2 hour or 4hour? or at certain times of the day or when price bars close on your broker feed? Would not mind some advice on this as I seem to miss a lot of good pa action and it's frustrating when this happens, especially after some losers which I have had recently!

I do not want to trade, trade, trade, but only take the best setups and was wondering if there are any techniques for making scanning more efficient.

Thanks,

berti
PA is where its at!!
  • #15,765
  • Nov 25, 2008 8:33am Nov 25, 2008 8:33am
Quoting bertie123
Hi Guys,

I have missed a few good setups recently(yest+today incl) and would like to know how you guys, especially the more experienced, do your scanning for trades so you don't miss something. Do you scan every hour, 2 hour or 4hour? or at certain times of the day or when price bars close on your broker feed? Would not mind some advice on this as I seem to miss a lot of good pa action and it's frustrating when this happens, especially after some losers which I have had recently!

I do not want to trade, trade, trade, but only take the best setups...
Hey Berti,
The feeling of missing out is more important to deal with than finding a way to scan every chart so as not to miss a trade. You will allways miss something. You have to take time off sometime, what happens then?
Try not to force it. Dont worry if you miss some. there are allways more coming. Dealling with this emotion of lack or missing out will serve you better than finding a prfect mechanical way of finding all the A+ trades.
It will come in time.
Its similar to when you first start to trade of trying to find the perfect system or holy grail.....
  • #15,766
  • Nov 25, 2008 8:41am Nov 25, 2008 8:41am
Quoting bertie123
Hi Guys,

I have missed a few good setups recently(yest+today incl) and would like to know how you guys, especially the more experienced, do your scanning for trades so you don't miss something. Do you scan every hour, 2 hour or 4hour? or at certain times of the day or when price bars close on your broker feed? Would not mind some advice on this as I seem to miss a lot of good pa action and it's frustrating when this happens, especially after some losers which I have had recently!

I do not want to trade, trade, trade, but only take the best setups...
hey berti

as a beginner i am in the same boat. This is probably not the way the more experienced do it, but for now this helps me....see my previous post
http://www.forexfactory.com/showpost...ostcount=15496

just remember there is still a lot of subjectivity with and alert service.

cheers
Simon
  • #15,767
  • Nov 25, 2008 9:01am Nov 25, 2008 9:01am
Ok, how is this for a PA setup? Would you call this a good setup on EURCHF?
H4 PB at swing high+ Res?

Relatively new to PA but flame on
Attached Image(s) (click to enlarge)
Click to Enlarge Name: eurchfw1.gif Size: 20 KB
Click to Enlarge Name: eurchfd1.gif Size: 19 KB
Click to Enlarge Name: eurchfh4.gif Size: 23 KB
Please pull my head out of my ass, I am running out of oxygen...
  • #15,768
  • Nov 25, 2008 9:06am Nov 25, 2008 9:06am
Quoting PiPtHiEf
Ok, how is this for a PA setup? Would you call this a good setup on EURCHF?
H4 PB at swing high+ Res?

Relatively new to PA but flame on
Hey Pip,

When the low of your current bar breaks the low of the previous bar it can't be a pinbar. So at best this will end as a BEOB. With that said, it is personally too much traffic for me and there are much better setups to wait for.


Mike
  • #15,769
  • Nov 25, 2008 9:11am Nov 25, 2008 9:11am
Hey Jeff/simon

Thanks for your prompt responses. Great comment jeff about controlling the emotion involved, something I will have to work on. My question was possibly influenced by the fact I've had 3 losers in my last 4 trades and have been annoyed because I missed some 'winners' today!

As I am finding out, emotion and psychology are a huge part of this game. I do know what I am doing wrong some of the time but getting the correct mindset is easier said than done. Something to be worked on,

Thanks for the advice guys,

berti
PA is where its at!!
  • #15,770
  • Nov 25, 2008 9:26am Nov 25, 2008 9:26am
CRAP!!! how did I miss that?
Please pull my head out of my ass, I am running out of oxygen...
  • #15,771
  • Nov 25, 2008 9:27am Nov 25, 2008 9:27am
How about if the daily bar forms a PB? Would that change your way of lookingat it or does the nose seems to be too short?
Please pull my head out of my ass, I am running out of oxygen...
  • #15,772
  • Nov 25, 2008 9:40am Nov 25, 2008 9:40am
Quoting PiPtHiEf
How about if the daily bar forms a PB? Would that change your way of lookingat it or does the nose seems to be too short?
yep you got it, the nose is still too small. The overall bar is nothign to get crazy about. The good pins will smack you in the face and say trade me, I promise


Mike
  • #15,773
  • Nov 25, 2008 10:19am Nov 25, 2008 10:19am
Quoting Greenhaze
Jaroo are you in the usd/cad trade?
I was in Aud/usd (1hr pb) & Usd/cad (4h pb). My trades were triggered at pinbar retrace zones then went down , then up hitting my breakeven and felt like rock just now. God damn it!!! I want the revenge now.....
My initial target price was the 1st green line, but Price was moving fast so I took the 2nd green line. Half off there and I am now at break even. I did not take the aggressive trade (at the left eye). I waited for the break.
Attached Image
Indicators show the past. Price Action "Indicates" the future.
  • #15,774
  • Nov 25, 2008 10:30am Nov 25, 2008 10:30am
Quoting lacika
Hi Jarroo!
You mean to try to get at least BE, as soon as possible, and make Your expectancy positive with higher hit rate, rather than bigger RR ratio?
Am I understand it right?
THX, Laszlo
Yes that's right. But every trade is not treated the same. I like to reduce my risk as soon as possible or place my stop loss where it makes sense i.e. S/R levels.

Remember James16's recent post. Understand it, learn it, love it.

Post #15568 James16:

THIS IS CRITICAL.

WE MUST LEARN TO:

1. notice a strong s/r area just beyond our pa if it exists.
2. know that if we trade into it we had better be prepared for a quick reversal that could give us a loss if we are not prepared.

if we know its there we have several choices.

1. get out when it gets there for a small profit.
2. take a small partial profit and move the remainder to BE.
3. stay in with your total position hoping for a break and move your stop to BE.
4. Dont enter until the level has been broken.
Indicators show the past. Price Action "Indicates" the future.
  • #15,775
  • Nov 25, 2008 11:00am Nov 25, 2008 11:00am
Just a few areas to keep an eye on..
Attached Image(s) (click to enlarge)
Click to Enlarge Name: gbp12.gif Size: 15 KB
Click to Enlarge Name: gbp13.gif Size: 13 KB
  • #15,776
  • Nov 25, 2008 3:10pm Nov 25, 2008 3:10pm
Any takers on this daily beovb? It is not quite a swing high so i may sit this one out. Hard to get a good daily set up lately.
Attached Image (click to enlarge)
Click to Enlarge Name: eur_gbp daily beovb.gif Size: 9 KB
  • #15,777
  • Nov 25, 2008 3:24pm Nov 25, 2008 3:24pm
Quoting saskgui
Any takers on this daily beovb? It is not quite a swing high so i may sit this one out. Hard to get a good daily set up lately.
I will sit this out as it is counter trend and the break of the low is too close to the previous swing low to have a decent TP.

cheers
fxp
  • #15,778
  • Nov 25, 2008 3:41pm Nov 25, 2008 3:41pm
Quoting bertie123
Hi Guys,

I have missed a few good setups recently(yest+today incl) and would like to know how you guys, especially the more experienced, do your scanning for trades so you don't miss something. Do you scan every hour, 2 hour or 4hour? or at certain times of the day or when price bars close on your broker feed? Would not mind some advice on this as I seem to miss a lot of good pa action and it's frustrating when this happens, especially after some losers which I have had recently!

I do not want to trade, trade, trade, but only take the best setups and was wondering if there are any techniques for making scanning more efficient.

Thanks,

berti
Hi Berti,
I think one of the best ways is to learn little bit programming in mql for metatrader (or any other platform you're using). There are many tutorials on web, it should help you a lot. Programming of price action is not hard. So the point could be to programm for example OutsideBars and invoke alert if candle closes and it's on your chart, you can mark the proper bar easily etc, you can even play custom sounds, so if you just watch TV (or work), custom sound wil let you know it is OutsideBar on GBPUSD etc. Than you must be picky in those alerts and trade just the best ones because not all OutsideBars are in proper location. I've attached 2 screens, first is how it looks with marked PA in chart and the second one is showing how looks Alert/Alarm.
I'm using something similar (without custom sounds). I'm still working on it little bit, there are always things to improve :-) Hope it showed you one of possible ways.
And hey, my first post on FF!!!
Attached Image(s) (click to enlarge)
Click to Enlarge Name: pa.png Size: 35 KB
Click to Enlarge Name: pa1.png Size: 62 KB
  • #15,779
  • Nov 25, 2008 5:28pm Nov 25, 2008 5:28pm
Quoting fxprocessor
I will sit this out as it is counter trend and the break of the low is too close to the previous swing low to have a decent TP.

cheers
fxp
this is exactly the reason i let the trade go to,

Being conservative if you take the break of the BEOB to the downside there is hardly much time before price should start to look for support, it is still exceptable though but certainly is not an A+ setup.
I believe . . .
  • #15,780
  • Nov 25, 2008 5:53pm Nov 25, 2008 5:53pm
Quoting ghous
this is exactly the reason i let the trade go to,

Being conservative if you take the break of the BEOB to the downside there is hardly much time before price should start to look for support, it is still exceptable though but certainly is not an A+ setup.

First off, I have to say that this is not a chart I even look at.
So as an indapendant I would like to add that as 2 of the pairs i follow closely, the euro, as I see it is week & the pound is strong right now...
just the way I see price acting right now..
51 traders viewing now