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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

  • #22,101
  • Feb 20, 2009 11:53am Feb 20, 2009 11:53am
All off a BUOB I entered this trade but quickly second guessed myself. But still it's pretty cool. I gotta learn to commit once I decide on a good setup.
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"Whether you think you can or can't, you're right." Henry Ford
  • #22,102
  • Feb 20, 2009 12:05pm Feb 20, 2009 12:05pm
Quoting Scot Pippin'
All off a BUOB I entered this trade but quickly second guessed myself. But still it's pretty cool. I gotta learn to commit once I decide on a good setup.
what did you do??

Where did you close & why? I'm not asking to make you feel silly but it helps to explain it to yourself to help stop doing it again.

I'm guessing you got out when it went a bit in your favor & then formed a pin on the next bar. It then continued lower before forming another buob.
Did you have your stop below the buob? if so, why move it?
were you risking small enough that a loss on a planned trade wont hurt you??
  • #22,103
  • Feb 20, 2009 12:10pm Feb 20, 2009 12:10pm
Quoting ghous
Ah well maybe that first tp needed to be at the 47 round number Trujillo

The first gold line on my chart is the 47 round number and your stop was the other gold line which was at 46.5...notice something??

the problem with 46.5 was obviosuly that it represented the end of that price flip formed by adjacent bar lows, price could would should and did find the support it needed well above it, to be on the safe side SL's need to be on the other side of a ppz and tps just before price heads into them


Did you...
OMG. Yes, I notice the difference. I got a lost . I feel so bad, becuase this was a good trade, bad Managed by me. I couldn't notice first target area that should be placed @ 47 instead of 46.50 . This week has horrible for me, I lost all my profits and now Im a little below BE in my Demo account.

For me is enough for this week...feel bad now...I need to sit back deep breath, and find what went wrong.

Have a nice weekend guys....
  • #22,104
  • Feb 20, 2009 12:21pm Feb 20, 2009 12:21pm
Yea Rusty, shortly after breaking the bar it stalled a bit, also I was in another trade that I liked better (selling the swissy) so I had the thought to go with the hot hand. In retrospect they were both great opportunities. That actually happened twice to me today. So I need to ride out my trades once I deem it to be a good setup.

Scared $ don't make $. But I did make 5% today.
"Whether you think you can or can't, you're right." Henry Ford
  • #22,105
  • Feb 20, 2009 12:25pm Feb 20, 2009 12:25pm
Guys-

I just wanted to say thank you to James, Mike and all the other longtime members of this thread for the invaluable lessons you have shared in this thread. I have been reading and following every single day for 1 & 1/2 months so I was feeling a little ungrateful for not saying thanks. This is my 1st post in FF.

I am not technically a newbie because I have been trading in the market for years, but since I have not found much success I am considering myself a newbie for all effects and purposes and I am trying to force myself hard to trade ONLY DAILY until I can prove I can do them. However, old habits are hard to break and I recently found myself going back to lower time frames on futures/forex and losing a bunch...If you could just buy some DISCIPLINE!!

However, on the positive side, I have tested on demo and traded real micro lots on DAILY FX charts. My results have been amazing and I can't even believe them. I think I've had over 80% succesful trades over 1 month. Granted I took many Pinbar trades that most people here would not classify as A+ trades...maybe they were B or C, but I took profits really quickly at the first S/R so I think that helped a lot.

I don't know if these results are normal or if I just got lucky...I'm definitely trying to be more picky about the trades I take.

2 questions for the more experienced guys:

1) What would you say is the success rate going down to the 4 hour charts. Does it drop significantly from the Daily charts?

2) Do you think that you could successfully trade ETFs on Daily charts using Pinbars and PA? I believe it would be possible and that way I would have more charts to look at.

Thanks to all for your help,
Rubin.
  • #22,106
  • Feb 20, 2009 12:36pm Feb 20, 2009 12:36pm
golds broke 1000, will see if there is a potential trade setting up.
  • #22,107
  • Feb 20, 2009 12:44pm Feb 20, 2009 12:44pm
Quoting gorubin
Guys-


1) What would you say is the success rate going down to the 4 hour charts. Does it drop significantly from the Daily charts?

2) Do you think that you could successfully trade ETFs on Daily charts using Pinbars and PA? I believe it would be possible and that way I would have more charts to look at.

Thanks to all for your help,
Rubin.
the success rate for me is the same. I have more 4hr trades then daily.
The areas you take any trade are what you should focus on.

pa with s/r can be traded on any market. This is not a system but a method of understanding how & why the price of any market moves.
There are people who trade comodities, equities, futures & indexes using these methods.

It is simple but must be learned. Once learned you can use this knowledge anywhere.
  • #22,108
  • Edited 12:48pm Feb 20, 2009 12:45pm | Edited 12:48pm
Quoting Jduester
Guess I was thinking of a possible BEOB on the ESH9 as a continuation pattern (similar to a breakout TBL). Maybe a spot to add to a position, and move stops down. In any case, thanks for the reminder though. I sometimes get them mixed up still.

Josh
Guess that one worked pretty well!

Edit: Not sure why chart didn't work... sorry.
  • #22,109
  • Feb 20, 2009 12:47pm Feb 20, 2009 12:47pm
Quoting mbqb11
Hey Reg


The 130 area marked off by james is our PPZ area. Remember these are zones. So this pinbar is forming off this "zone". You have support, turning into resistance, and then again turning into support at the big round number ppz of 130.

Those 3 purple boxes are all apart of the same zone you can extend. You could draw one big purple box around that area to show the flip. I did that below on the chart for you.

Let me know if that makes sense
Mike
Yes now it makes sense to me.

For some reason I thought that the bottom portion of the bullish pinbar had to "bounce" off a ppz. In this case, as you have drawn it, only the top third (approximately) was within the ppz, the lower two thirds were below the zone. At the bar close it ended up as a pinbar with the top within the zone, indicating bullish price action, since this went thru support.

This is what I was trying to convey
" Or, did you see this as a pinbar that broke down through the ppz and was rejected so that signaled a move upwards. ", within this previous post

http://www.forexfactory.com/showthre...75#post2553675

Thanks for the explanation mbqb11!!
  • #22,110
  • Feb 20, 2009 1:21pm Feb 20, 2009 1:21pm
Quoting rustyjeff
a close above last weeks close will be nice.
If we do get that close your looking for and a weekly pin forms, looks like 1.30 level is next stop with really nothing in it's way. Is that how you see it?
  • #22,111
  • Feb 20, 2009 1:33pm Feb 20, 2009 1:33pm
Quoting G550
If we do get that close your looking for and a weekly pin forms, looks like 1.30 level is next stop with really nothing in it's way. Is that how you see it?
130 looks good. ppz plus big round number.
  • #22,112
  • Feb 20, 2009 1:46pm Feb 20, 2009 1:46pm
Anyone know of a good broker to buy+sell oil and gold?

I use GFT for 4x, but I dont think they do oil and gold
Dr. C
  • #22,113
  • Feb 20, 2009 1:55pm Feb 20, 2009 1:55pm
Quoting arcus
Nice trade Rac. 1 question, if you trade on the lower TF, the PPZ you draw is based on that TF or higher TF?
I would still have daily/weekly on, but add ppz for that tf to have a visual reference where price could encounter hiccups.
Quoting giusepp8
...
I feel too proud to say i made some trades as you showed on some of your posts, .. proud because they all came from my personal R&D but surely your posts pushed me to go deep into S&R (obviously complemented with PA).. i feel like i'm geting a personal edge on trading .... the only thing I blame is all the time that took me to get here to find out how trading can be unbelievably simple and fun.


Quoting ikki
Do you use too WIG20 to trade USDPLN?
no, index itself.
It could be Ecuador's Index or nikkei or anything else. I started trading foreign indexes (without much knowledge of the country's economy) based solely on DJ index. DJ acts as a barometer for every other index in a 'normal' country in the world. When I expect dj to hit resistance and bounce off it, I can safely play any index in the world. Just check next Monday major world's indexes. They will all be in the green 200-300ps.
The trick is to know when to pull the trigger, since most of the stock exchanges in the world are already closed...
I'm not going to go into details on this subject, but I thought some folks here might use this information to DEMO indexes...
Again R&D plus 15min glance at charts at the end of the trading day can be very rewarding.... for some...
  • #22,114
  • Feb 20, 2009 2:09pm Feb 20, 2009 2:09pm
This weekend we have a long holiday. I going to study and R&D, yes sir!! D :nerd:
Thanks Mark.

Quoting raczekfx
It could be Ecuador's Index or nikkei or anything else. I started trading foreign indexes.............
What does not kill me makes me stronger. Friedrich Nietzsche,
  • #22,115
  • Feb 20, 2009 2:44pm Feb 20, 2009 2:44pm
I have been studying more and saw this a sec ago marks trade from earlier this week, is this a a+++ setup you folks look for?
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  • #22,116
  • Feb 20, 2009 3:11pm Feb 20, 2009 3:11pm
Quoting rustyjeff
130 looks good. ppz plus big round number.
so how often do we get wkly pins? it is now sitting right next to the 365 ema too. looking back i see there was one the wk of 9/21. my hats off to anyone who took that one, would have been the trade of 08'.
  • #22,117
  • Feb 20, 2009 3:56pm Feb 20, 2009 3:56pm
Quoting dkmb92
so how often do we get wkly pins? it is now sitting right next to the 365 ema too. looking back i see there was one the wk of 9/21. my hats off to anyone who took that one, would have been the trade of 08'.
dont know how many we get.. dont care really.
Try to focus instead on what you will do with them when they come along.

this one is a bit smaller then the one on 9/21/08
It is a bit crowded compared to how we would like to see them but playable in my book.
areas of interest are marked.
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  • #22,118
  • Feb 20, 2009 4:04pm Feb 20, 2009 4:04pm
Quoting Jduester
Stopped out at B/E. Missed my first TP by 7 pips.
I was wondering how it went bud. Told you that these damn formations have a nasty habit of false breaking.

Great to hear you didn't get slaughtered and got out at BE
  • #22,119
  • Feb 20, 2009 4:15pm Feb 20, 2009 4:15pm
here are some others to have a look at over the weekend.
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  • #22,120
  • Feb 20, 2009 4:19pm Feb 20, 2009 4:19pm
Quoting rustyjeff
dont know how many we get.. dont care really.
Try to focus instead on what you will do with them when they come along.
..
that's right, have a trading plan ready, so you know what to do when trades are delivered to you on a golder platter.. just like fiber ...

And HERE is a little wisdom by James from the past. Not sure how many of you saw this, but a sound of lost 700k makes me work harder.
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