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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

  • #22,181
  • Feb 22, 2009 3:42pm Feb 22, 2009 3:42pm
Quoting dkmb92
i think fxprocessors post above clearly explains it all (thx mate). would anyone consider this both a beob & a pin on the wkly? if so, does that add to the confluence presented by dmc? this one is #1 on my watch list this week & i will be looking (waiting ) for a retrace as well. the dollar looks bearish all around, so i wish good trading to all this week.
do not underestimate obama's impact come tuesday/wednesday on the market....the global economy is still looking for leadership and direction out of this mess and personal thoughts aside...everyone still WANTS to believe that he can still deliver even after the bogus package was passed...........like it or not it WILL be america that leads the way out and that says dollar strength short term no matter what candles or pins tell you.....good ole common sense is still needed to trade
Don't chase the market, Let the market come to you
  • #22,182
  • Feb 22, 2009 3:46pm Feb 22, 2009 3:46pm
Quoting RandiF
What I would like comments on is; are there any signs to see when to exit, should I set TP where I see PPZ, ??? just some idés about this that could get me one step further would be nice...

Thanks!
One approach: If a trade has achieved 1:1 risk/reward and is approaching the first area of S/R, take some or all of your profit. If there is room to go before S/R is hit, move your stop to break even and watch for the move to continue.
"A is A"
  • #22,183
  • Feb 22, 2009 3:49pm Feb 22, 2009 3:49pm
I say the opposite

Trades love to test rhetoric. If anyone rocks up claiming to be able to 'save the markets' they will test this by pushing them as low as they can.

The market is displaying all hallmarks of a true bear. Good news is ignored, bad news sparks a sell off.
  • #22,184
  • Feb 22, 2009 3:51pm Feb 22, 2009 3:51pm
Quoting Tmac
do not underestimate obama's impact come tuesday/wednesday on the market....the global economy is still looking for leadership and direction out of this mess and personal thoughts aside...everyone still WANTS to believe that he can still deliver even after the bogus package was passed...........like it or not it WILL be america that leads the way out and that says dollar strength short term no matter what candles or pins tell you.....good ole common sense is still needed to trade
If a good setup comes along I will take it now. Follow my money management and try not to get emotionally involved.

If I start trying to understand Obamas influence/fundies etc it will make me deviate from my trading plan and I now realise this is the worst thing I can do for me.

Whatever works for you I wish you well but I will trade pure price action.
  • #22,185
  • Feb 22, 2009 3:52pm Feb 22, 2009 3:52pm
Quoting fxprocessor
If a good setup comes along I will take it now. Follow my money management and try not to get emotionally involved.

If I start trying to understand Obamas influence/fundies etc it will make me deviate from my trading plan and I now realise this is the worst thing I can do for me.

Whatever works for you I wish you well but I will trade pure price action.

Excellent!
  • #22,186
  • Feb 22, 2009 3:59pm Feb 22, 2009 3:59pm
Quoting fxprocessor
If a good setup comes along I will take it now. Follow my money management and try not to get emotionally involved.

If I start trying to understand Obamas influence/fundies etc it will make me deviate from my trading plan and I now realise this is the worst thing I can do for me.

Whatever works for you I wish you well but I will trade pure price action.
I am confident that listening to anything politicians say can only cost you money. There may be an exception once you understand this, as it presents counter-trading opportunities, if you will.
  • #22,187
  • Feb 22, 2009 4:08pm Feb 22, 2009 4:08pm
Yeah lol everyone loves getting in on the old "Indicators are rubbish" and "fundamentals are nonsense" argument.

As for this week there looks to be a lot of good action about. After all that chop that had to be survived last week heh

Heres my thoughts on this one JLR
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  • #22,188
  • Feb 22, 2009 4:11pm Feb 22, 2009 4:11pm
Quoting Jigsaw
Yeah lol everyone loves getting in on the old "Indicators are rubbish" and "fundamentals are nonsense" argument.

As for this week there looks to be a lot of good action about. After all that chop that had to be survived last week heh

Heres my thoughts on this one JLR

Let me ask you a question...if you are a professionel investor does that price appear as a bargain? for it to be bought
  • #22,189
  • Feb 22, 2009 4:11pm Feb 22, 2009 4:11pm
Quoting catiron
One approach: If a trade has achieved 1:1 risk/reward and is approaching the first area of S/R, take some or all of your profit. If there is room to go before S/R is hit, move your stop to break even and watch for the move to continue.
OK!
I have to get into my brain, this method is about r/s, zones, I have to trade that way, (or go somewhere) wheather I take some or all the profit when tp is there. Follow the method!

Thanks to you too, dkmb92, it helps to hear this "continue to manage/adjust your sl placement from there if the trade continues to run".

Thanks!!
Small steps shall help me forward!
  • #22,190
  • Feb 22, 2009 4:11pm Feb 22, 2009 4:11pm
Quoting Shermenator
Let me ask you a question...if you are a professionel investor does that price appear as a bargain? for it to be bought
That pair will most likely fall in my opinion
  • #22,191
  • Feb 22, 2009 4:28pm Feb 22, 2009 4:28pm
Quoting Jigsaw
Heres my thoughts on this one JLR
Up at the moment.
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  • #22,192
  • Feb 22, 2009 4:31pm Feb 22, 2009 4:31pm
Quoting Fx_Genius
Up at the moment.
Well if you look at it from a smaller timeframe as well as how long your going to hold the trade...the ball game changes....it really comes down to how long your attempting to hold the trade as well as the target....the trade can go up and then collapse since the market cant drop vertically...just my opnion good luck in the trade
  • #22,193
  • Feb 22, 2009 4:44pm Feb 22, 2009 4:44pm
Quoting Shermenator
Well if you look at it from a smaller timeframe as well as how long your going to hold the trade...the ball game changes....it really comes down to how long your attempting to hold the trade as well as the target....the trade can go up and then collapse since the market cant drop vertically...just my opnion good luck in the trade
Very valid points. I am not in this pair, was just posting current position for information to traders who's brokers are not open.
  • #22,194
  • Feb 22, 2009 4:45pm Feb 22, 2009 4:45pm
Quoting Shermenator
Let me ask you a question...if you are a professionel investor does that price appear as a bargain? for it to be bought
I am not a professional investor, I can not "assume" I am one either because I am simply not. I am a trader, and I have short bias on this pair. And I am bearish on the USD until I see otherwise.

I will leave the investing up to the investors, and simply doodle a few lines on a chart and trade them.
  • #22,195
  • Feb 22, 2009 5:06pm Feb 22, 2009 5:06pm
Quoting Jigsaw
I am not a professional investor, I can not "assume" I am one either because I am simply not. I am a trader, and I have short bias on this pair. And I am bearish on the USD until I see otherwise.

I will leave the investing up to the investors, and simply doodle a few lines on a chart and trade them.
By all means it was my mistake I did not see the small wording saying you attempted to go short....and by the way as traders all we do is assume. Everything we draw is based on assumptions of what should happen once and area gets touched. By the way we are investors on a smaller scale so we have to think like one.
  • #22,196
  • Feb 22, 2009 5:07pm Feb 22, 2009 5:07pm
I disagree. We are speculators and we have to think like one.

An investor looks to find a stable return on his money, we are looking to profit on by a rise or fall in price.
  • #22,197
  • Feb 22, 2009 5:09pm Feb 22, 2009 5:09pm
hi all

have been reading the thread up to page 66,well have found this triple bar low last bar has not closed,now if it closes higher than the other to ,does this mean a long trade
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  • #22,198
  • Feb 22, 2009 5:27pm Feb 22, 2009 5:27pm
Quoting Shermenator
By all means it was my mistake I did not see the small wording saying you attempted to go short....and by the way as traders all we do is assume. Everything we draw is based on assumptions of what should happen once and area gets touched. By the way we are investors on a smaller scale so we have to think like one.
No problem, by the way I never assume anything in trading. So you have mistakingly assumed that I assume.

EDIT: I have not "attempted" to do anything yet, merely pointed out that 1.15 would be a good area go go short from if we got some nice PA as a confirmation.

Quoting enculée
I disagree. We are speculators and we have to think like one.

An investor looks to find a stable return on his money, we are looking to profit on by a rise or fall in price.
I agree with this.
  • #22,199
  • Feb 22, 2009 5:55pm Feb 22, 2009 5:55pm
Quoting enculée
I disagree. We are speculators and we have to think like one.

An investor looks to find a stable return on his money, we are looking to profit on by a rise or fall in price.

Alright what do we whant to do as retail?....
Fallow the professional money correct?
How do we do this .....we look for price action indicating the orders being filled by market makers and simply fallowing their orders, meaning we are attempting to trade like they do by making the assumption that such reaction will take place at a certain area. Here is a little go at how I trade, I always look to trade the complete oppposite to retail for many reasons. First they are always buying at locations maket makers are simply trying to sell, and retail will always sell at places market makers will buy. When ever I look at the charts I focuse on looking at price from the aspect that if price goes up I see selling , price goes down I see buying. Since my mental process is to attempt to trade like a market market I am always going after people stops. I am always asking myself if the location I am getting filled is a bargain in relative to charts, because if I see support but its not a bargain odds are it crack . This is a buissness in all manners buy low sell high but most people understand the concept but cant take it to charts. Would you buy a car 11k even though you know its worth 10? this are things I ask myself everytime I click the button. So In my opinion everything I do in trading is to to attempt to trade like a market maker. When you buy currency your investing. The rest just means you are either a profitable invester or not.
  • #22,200
  • Feb 22, 2009 6:19pm Feb 22, 2009 6:19pm
Hi there,
sorry to post here with so big delay but yes, this is interesting pattern. You are not alone when you find it is working. I have read a book from L. Williams "Long-Term Secrets To Short-Term Trading" some time ago, I can advice anayone to read it, please dont take it as some Ad here, this can be taken as one of the "must read" books and Larry adviced it as a great pattern to enter in strong trends. Just to understand what Im talking about - if strong uptrend in place and pinbar occurs (which is usually taken as counter trend pattern), watch how it behaves and if it doesnt break low if hat pinbar, go ahaead and buy right above nose of that pin (above his high). Respectively - if strong downtrend and buy pinbar occurs, check, whether the top of the pin is broken and if not, enter to the trend right bellow the low of the Pinbar. Of course, you have to back-test it to trust this pattern. There are many ways how to enter into trend. Also there are differencies between uptrend/downtrend (DT is many times much stronger, faster hence simpier to enter) anyway, you should find what kind of donwtrend is likely to work for that patterns etc. It is very similar for any patter you can see here, if you find it in strong trend, dont go against it. Use it in the way of trend unless you see really strong counter trend pattern. Or at least be very very carefull to trade against strong trend.
I know Im talking here about entering to the market in not so good condition - at markets low (when selling) and market high (when buying) howewer the pin can be understood at that way - open and close at similar price level-hence forming PPZ; confluence with strong trend and the price cannot beat that level, thus goes down/up with trend. If you find some more confluence, its better of course. Example> Strong downtrend with just small retrace up AND on the up side of the retrace is formed PinBar (usually not adviced to take anayway because of not in low, not enough space up, not in trend etc.) This is nice example to take Pinbar at his low and set stop loss above his high. I like this patterns more in downtrend - it is more likely to go down. Backtest it before you use it.

Cheers,

Ajchi,

Quoting Chris P
Broadly speaking, I've noticed this a few times on charts where PB's have formed against a trend. I've not noted them down enough, or tested them to be sure of this, but definitely something that I'm looking into further. If we get a PB against a trend, and that PB breaks in the opposite direction; ie doesn't confirm as a PB but breaks the tail instead; it's a good signal for the continuation of the trend. Can this be played as a reverse PB formation? More testing will tell...

PS. I did have a breakout trade on usdjpy that was taken off a BUOB,...
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