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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

  • #20,861
  • Feb 9, 2009 4:32pm Feb 9, 2009 4:32pm
Quoting Blackinc
You clear out of the fire danger mate?
Yeah we're ok...pretty dry and the Adelaide Hills could be in for some strife on the weekend according to the weather report. I believe they are pulling some helicopters from the Victorian firefront on Friday and bringing them over here.

Lost a mate, his wife and two kids in the Kinglake fires and a few others still in the danger line but most have bugged out now....terrible tragedy.

My laptop broke down for a week and I had a trade on and just let it run...came back and it was 750 pips up...closed it and donated it to the Red Cross Bushfire appeal
  • #20,862
  • Feb 9, 2009 4:59pm Feb 9, 2009 4:59pm
Anyone holding on to yesterday's daily pin? This IB in pin format makes things look interesting.
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  • #20,863
  • Feb 9, 2009 5:28pm Feb 9, 2009 5:28pm
Quoting tehuringa
Lost a mate, his wife and two kids in the Kinglake fires and a few others still in the danger line but most have bugged out now....terrible tragedy.

I'm really sorry to hear that mate, i hope it wasn't the story i read. There is some truly tragic stories emerging of people almost surviving, but just not making it.

Keep safe mate.
  • #20,864
  • Feb 9, 2009 6:09pm Feb 9, 2009 6:09pm
A few posts back J16 mentioned that he usually took partial profit at 30 pips and moved his stop to BE. This gave rise to a question. If your stop is say 150 pips and you take half your profit at 30 pips, then you need to reach 270 pips to have 1:1 risk reward. As such if you get stopped out once before you reach your 30 pip initial target its going to possibly take quite a lot of trades to make this up. Is this really the most sensible way of doing things? I guess if you are really cherry picking your trades it is as you can be 99% sure that you are going to get your 30 pips first.

Thanks for any thoughts
max
Gravity goes both ways in forex...
  • #20,865
  • Feb 9, 2009 6:28pm Feb 9, 2009 6:28pm
Quoting max pips
A few posts back J16 mentioned that he usually took partial profit at 30 pips and moved his stop to BE. This gave rise to a question. If your stop is say 150 pips and you take half your profit at 30 pips, then you need to reach 270 pips to have 1:1 risk reward. As such if you get stopped out once before you reach your 30 pip initial target its going to possibly take quite a lot of trades to make this up. Is this really the most sensible way of doing things? I guess if you are really cherry picking your trades it is as you can be 99% sure that you...
http://www.forexfactory.com/showpost...ostcount=20347
One Chart is Worth Ten Thousand Words.
  • #20,866
  • Feb 9, 2009 8:09pm Feb 9, 2009 8:09pm
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A, B or C trade?

Cheers,
Osyrius
Chasing Livermore...
  • #20,867
  • Feb 9, 2009 8:12pm Feb 9, 2009 8:12pm
Quoting osyrius
Attachment

A, B or C trade?

Cheers,
Osyrius
It's not a pin bar for me...so for me it's not even a C trade
  • #20,868
  • Feb 9, 2009 8:13pm Feb 9, 2009 8:13pm
Quoting max pips
A few posts back J16 mentioned that he usually took partial profit at 30 pips and moved his stop to BE. This gave rise to a question. If your stop is say 150 pips and you take half your profit at 30 pips, then you need to reach 270 pips to have 1:1 risk reward. As such if you get stopped out once before you reach your 30 pip initial target its going to possibly take quite a lot of trades to make this up. Is this really the most sensible way of doing things? I guess if you are really cherry picking your trades it is as you can be 99% sure that you...
It's also not a hard wired 30 pips.

Picking your trades and waiting for the perfect entry at the perfect time, you can often enter and see the trade rocket away into profit immediately.

If you pick trades where the first likely pause is a handy distance away, you often grab much more than 30 pips in that first partial grab.
Really, waiting and ignoring many supposedly good trades in preference of those ones that are most likely to rocket safely into that first profit take situation allows you to ignore R:R.

It's just another way to trade. It's also a simple way to trade, with little draw down if done right. It just requires the ability to wait around a lot ,ignoring crap trades, to make it work.
Bundy's status today: "Waiting..."
  • #20,869
  • Feb 9, 2009 8:15pm Feb 9, 2009 8:15pm
Quoting osyrius
Attachment

A, B or C trade?

Cheers,
Osyrius
XCOV's right mate. If the close was within the range of that previous bar you'd have a pin bar. It's not a pin bar
Bundy's status today: "Waiting..."
  • #20,870
  • Feb 9, 2009 8:18pm Feb 9, 2009 8:18pm
Can any one give me comment about weekly BEOB of USDSGD? Thanks
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  • #20,871
  • Feb 9, 2009 8:19pm Feb 9, 2009 8:19pm
Quoting bundyraider
It's also not a hard wired 30 pips....
Perhaps then a fixed stop loss of say 30 pips is in order, as if it does not rocket away, the trade was not as good as first thought? The point of a pinbar for instance is that it shows a change in momentum, if it then retraces the length of the pinbar, surely that move is over. Just thinking out loud

max
Gravity goes both ways in forex...
  • #20,872
  • Feb 9, 2009 8:21pm Feb 9, 2009 8:21pm
Quoting bundyraider
XCOV's right mate. If the close was within the range of that previous bar you'd have a pin bar. It's not a pin bar
Aside from the fact it's not a PB, I see a candle which clearly felt support.
But the main feature I like here is the lack of resistance between 1.29 and 1.30.

Hmm, actually there's 2 minor PPZ's: 1.2930 and 1.2950.

Oh well, probably a C trade...

LOL.

Thx guys
Chasing Livermore...
  • #20,873
  • Feb 9, 2009 8:24pm Feb 9, 2009 8:24pm
Quoting tehuringa
Lost a mate, his wife and two kids in the Kinglake fires and a few others still in the danger line but most have bugged out now....terrible tragedy.
l
Gut wrenching man. Sorry to hear that.

All of us were hoping there was no one we know, but noticed a former resident from here on the front page of the Herald-Sun . Lost his wife.
Too many people lost to not know someone.
That footage of the freight train speed of those fire balls. What could you do? I'm sure I'd have got caught too in the same circumstances many were. So sad.
Bundy's status today: "Waiting..."
  • #20,874
  • Feb 9, 2009 8:24pm Feb 9, 2009 8:24pm
Quoting xcov
It's not a pin bar for me...so for me it's not even a C trade
I agree with this and its on a one hour timeframe so not even close. Certainly not a pinbar

Max
Gravity goes both ways in forex...
  • #20,875
  • Feb 9, 2009 8:55pm Feb 9, 2009 8:55pm
Quoting max pips
Perhaps then a fixed stop loss of say 30 pips is in order, as if it does not rocket away, the trade was not as good as first thought? The point of a pinbar for instance is that it shows a change in momentum, if it then retraces the length of the pinbar, surely that move is over. Just thinking out loud

max
Trade isn't as good as first thought? Then be pickier!
A good trade is always a good trade, whether you loose or not.

Some trades just don't work out. The point is that you are supposed to be so picky that the loosing trades are rare, but acceptable when they happen because you know you traded smart and patiently.

If you trade a pin bar and it gets taken out next bar, it's highly probably that you didn't take it in a good position and should have ignored that particular one in the first place and waited for another opportunity.

Yes a pin bar signals a change in momentum, but one bar is only capturing a moment in time. It's the position on the chart that should give you the reason to trade. Not the bar itself. The bar (once closed) is just the reason to pull the trigger.
Bundy's status today: "Waiting..."
  • #20,876
  • Feb 9, 2009 9:01pm Feb 9, 2009 9:01pm
Yes a pin bar signals a change in momentum, but one bar is only capturing a moment in time. It's the position on the chart that should give you the reason to trade. Not the bar itself. The bar (once closed) is just the reason to pull the trigger.
That I like, thanks Bundy.
Gravity goes both ways in forex...
  • #20,877
  • Feb 9, 2009 9:10pm Feb 9, 2009 9:10pm
Quoting osyrius
Aside from the fact it's not a PB, I see a candle which clearly felt support.
But the main feature I like here is the lack of resistance between 1.29 and 1.30.

Hmm, actually there's 2 minor PPZ's: 1.2930 and 1.2950.

Oh well, probably a C trade...

LOL.

Thx guys
Yes, it felt support. But what support? ...How many traders out there watching trendlines, pivots, fibs and other historic levels agree with you?

You're after trades where the MOST people agree with your level. You want as many people on the band wagon as possible. Look for your confluences.

I agree with your take on the space between 1.29 and 1.30.

BUT you forgot about getting over the 1.29 level itself to start with. If that bar had closed above that, it'd be a pin, AND it'd have more going for it position wise.

By the way, go to your daily chart and draw in this fib... ...Then go back down to your 1 hr chart and have a look.

Chart...

EDIT: UMMMM.... Ignore the pink line. I moved it from somewhere and didn't notice I left it on. lol
Attached Image
Bundy's status today: "Waiting..."
  • #20,878
  • Feb 9, 2009 9:12pm Feb 9, 2009 9:12pm
Quoting max pips
Yes a pin bar signals a change in momentum, but one bar is only capturing a moment in time. It's the position on the chart that should give you the reason to trade. Not the bar itself. The bar (once closed) is just the reason to pull the trigger.
That I like, thanks Bundy.
What? And the rest of my post you didn't??

Just kidding.

No worries man. Pleasure.
Bundy's status today: "Waiting..."
  • #20,879
  • Feb 9, 2009 9:39pm Feb 9, 2009 9:39pm
hey scarlet, that is exotic pair which i don't follow. my broker doesn't offer chart. probably high spread? base on chart it's BEOB a Sell opportunity on weekly may take days to break it down. is it US dollar vs VN dong?
Quoting scarlet
Can any one give me comment about weekly BEOB of USDSGD? Thanks
  • #20,880
  • Feb 9, 2009 10:04pm Feb 9, 2009 10:04pm
Quoting AlexWong76
hey scarlet, that is exotic pair which i don't follow. my broker doesn't offer chart. probably high spread? base on chart it's BEOB a Sell opportunity on weekly may take days to break it down. is it US dollar vs VN dong?
It's USDSGD (singapore dolar), I am using IBFX.
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