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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

  • #25,281
  • Mar 30, 2009 12:18am Mar 30, 2009 12:18am
Quoting joebryce
Nice Jarroo.

I could not help but nibble on this a little.
Funny how a little nibble can be so filling.
Indicators show the past. Price Action "Indicates" the future.
  • #25,282
  • Mar 30, 2009 12:24am Mar 30, 2009 12:24am
Quoting ghous
Sure,

The problem is price won't always bounce off a ppz, even a rejection can cause a stop behind a ppz to get hit,

I wanna kill my chart each time this happens lol, still trying to figure out what can be done...mental stop is one solution (experimenting on that lately), the other could be eyeballing a lower tf...

Of course.. but the other half to the story, is how quick you're willing to move your stop.

So instead of basing my risk on the size of the pin, i was cofident in basing my risk on 131.30 being my stop.

I have also taken 1/2 off at 128.5 and placed my stop on the other 1/2 just above 130, so if it goes back up, the trade is about breakeven overall. I will move this stop to 129.25(entry) once the 4 hr closes below 128.40ish and aim for 125.50ish.

Thats my trade
  • #25,283
  • Mar 30, 2009 12:25am Mar 30, 2009 12:25am
Quoting ghous
It's the best part I like abt you Jim,

That delicate articulation you're mostly successful with between the B+ and the B trade.

You're an inspiration yourself dude
The break confirmation has helped me with that.

I am being pickier on the trades I take. It something I am always working on.

Recent post from Jim, Mike and Clockwork (Chris) have shown that the less frequent, high quality trades rule out the day. Time and time again.
Indicators show the past. Price Action "Indicates" the future.
  • #25,284
  • Mar 30, 2009 12:25am Mar 30, 2009 12:25am
Quoting jarroo
Funny how a little nibble can be so filling.


took some off now I may sleep
  • #25,285
  • Mar 30, 2009 12:28am Mar 30, 2009 12:28am
Quoting joebryce


took some off now I may sleep
Good for you Joe. Nicely done.
Indicators show the past. Price Action "Indicates" the future.
  • #25,286
  • Mar 30, 2009 12:32am Mar 30, 2009 12:32am
Quoting jarroo
The break confirmation has helped me with that.

I am been pickier on the trades I take. It something I am always working on.

Recent post from Jim, Mike and Clockwork (Chris) have shown that the less frequent, high quality trades rule out the day. Time and time again.
Quote
The break confirmation has helped me with that.

Yeah but we often see a pullback into the PA setup right after the setup breaks, it'sthen that this situation will often arise, do you go with placing the stop above the high/low of the setup or be confident that a ppz will hold such that price won't dare penetrate it...that is with a preset SL...

I'll throw up a chart once i am done with my breakfast...
I believe . . .
  • #25,287
  • Mar 30, 2009 12:44am Mar 30, 2009 12:44am
Quoting ghous
Yeah but we often see a pullback into the PA setup right after the setup breaks, it'sthen that this situation will often arise, do you go with placing the stop above the high/low of the setup or be confident that a ppz will hold such that price won't dare penetrate it...that is with a preset SL...

I'll throw up a chart once i am done with my breakfast...
Heres my situation. Maybe the more experienced traders here can ring in with their advice.

I took the break of the Weekly EUR/JPY PB.

At this point in my trading my account size only allows me to trade 1 lot @ $1/pip.

Do you recommend I take profit at the first problem area and look to re-enter if i get another price action setup? Essentially trading from problem area to problem area. Or do you think I should wait out the storms, since the trade was taken based on a weekly PA setup?
  • #25,288
  • Mar 30, 2009 12:45am Mar 30, 2009 12:45am
Quoting ghous
Yeah but we often see a pullback into the PA setup right after the setup breaks, it'sthen that this situation will often arise, do you go with placing the stop above the high/low of the setup or be confident that a ppz will hold such that price won't dare penetrate it...that is with a preset SL...

I'll throw up a chart once i am done with my breakfast...
Chart.
Attached Image (click to enlarge)
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I believe . . .
  • #25,289
  • Mar 30, 2009 12:48am Mar 30, 2009 12:48am
Quoting ghous
Normally I would have placed the stop loss above the high of the pin bar. but the other pin bar which failed earlier could serve as a decent proxy eye for the current setup,

I've mentioned earlier that I like my stops as tight as possible within boundaries of common sense.

Regards,
Ghous.
Thanks Ghous for sharing your entry plan. I just wanna ask another thing, do you ever enter on retracement of a pin bar?

BTW, you must be in profit by at least 80pips on short NzdJpy now. Have you moved stoploss to B/E? Thanks
  • #25,290
  • Mar 30, 2009 12:49am Mar 30, 2009 12:49am
Quoting BWise
Heres my situation. Maybe the more experienced traders here can ring in with their advice.

I took the break of the Weekly EUR/JPY PB.

At this point in my trading my account size only allows me to trade 1 lot @ $1/pip.

Do you recommend I take profit at the first problem area and look to re-enter if i get another price action setup? Essentially trading from problem area to problem area. Or do you think I should wait out the storms, since the trade was taken based on a weekly PA setup?
I think the key here would be to treat it like a weekly setup and nothing else even when you prefer to follow it on the daily. On the weekly I see price hitting 126 ppz, However you can't allow it to just do what it wants,

If I were you I would move my stop to BE just abt now at 128 and hope for the best.

But that just the aggressive me, you could be more conservative and take everything off right now at the daily ppz, nothing wrong with that either...it basically all depends on what kind of a trader you are...

Regards,
Ghous.
I believe . . .
  • #25,291
  • Mar 30, 2009 12:51am Mar 30, 2009 12:51am
Quoting hartnet
Thanks Ghous for sharing your entry plan. I just wanna ask another thing, do you ever enter on retracement of a pin bar?
umm...have that lined for sometime later in the year, I am just abt strangled with my busy schedules these days and can't mess around with new things, but this technique sure does work, not for the newbies though...

PS. Yup my stop's at BE as we approach the first major trouble area, the 54 ppz.
I believe . . .
  • #25,292
  • Mar 30, 2009 12:59am Mar 30, 2009 12:59am
Quoting ghous
Chart.

How many pips did that BEOB give up before it retraced ? Also the traffic to the left would had made me grab them pips quick.

Worst case is that I would have had 30 to 40 pip loss.
Indicators show the past. Price Action "Indicates" the future.
  • #25,293
  • Mar 30, 2009 1:11am Mar 30, 2009 1:11am
Quoting jarroo
How many pips did that BEOB give up before it retraced ? Also the traffic to the left would had made me grab them pips quick.

Worst case is that I would have had 30 to 40 pip loss.
less than 30, i.e not enough to move the stop to BE. a loss was IMO imminent for anyone with a preset stop above that ppz.

Regards,
Ghous.
I believe . . .
  • #25,294
  • Mar 30, 2009 1:14am Mar 30, 2009 1:14am
Quoting BWise
Heres my situation. Maybe the more experienced traders here can ring in with their advice.

I took the break of the Weekly EUR/JPY PB.

At this point in my trading my account size only allows me to trade 1 lot @ $1/pip.

Do you recommend I take profit at the first problem area and look to re-enter if i get another price action setup? Essentially trading from problem area to problem area. Or do you think I should wait out the storms, since the trade was taken based on a weekly PA setup?
This is just me. Yes, I would recommend you take profit (be it 1st half or full) at the first problem area. Why? These areas are S/R levels (PPZs) mostly or High/Lows. This is where Price is uncertain, undecided. NO ONE knows where Price will go. Especaily at these areas.

Waiting out the strom is what I let the 2nd half of my position weather through with no stress because my s/l is at break even.
Attached Image
Indicators show the past. Price Action "Indicates" the future.
  • #25,295
  • Mar 30, 2009 1:17am Mar 30, 2009 1:17am
Quoting ghous
less than 30, i.e not enough to move the stop to BE. a loss was IMO imminent for anyone with a preset stop above that ppz.

Regards,
Ghous.
Less then 30 pips, like 25 or 20? Then my result would have been a break even trade. That is enough for me to move to break even . .easily.
Indicators show the past. Price Action "Indicates" the future.
  • #25,296
  • Mar 30, 2009 1:17am Mar 30, 2009 1:17am
Wow, that's a 40 pips spike off the daily PPZ, I guess everyone's watching this.
  • #25,297
  • Mar 30, 2009 1:23am Mar 30, 2009 1:23am
Quoting jarroo
This is just me. Yes, I would recommend you take profit (be it 1st half or full) at the first problem area. Why? These areas are S/R levels (PPZs) mostly or High/Lows. This is where Price is uncertain, undecided. NO ONE knows where Price will go. Especaily at these areas.

Waiting out the strom is what I let the 2nd half of my position weather through with no stress because my s/l is at break even.
1st half out at 127.82 for 146 pips / 2nd half at break even.
Indicators show the past. Price Action "Indicates" the future.
  • #25,298
  • Mar 30, 2009 1:24am Mar 30, 2009 1:24am
Quoting marcelnyo
Wow, that's a 40 pips spike off the daily PPZ, I guess everyone's watching this.
What am I talking about? geez... must be the sugar rush, this weekly bars are just too much, I've put my stop to BE so I'll leave my TP at 126 and roll to the gym to get some exercise...
  • #25,299
  • Mar 30, 2009 1:46am Mar 30, 2009 1:46am
A better look at why I took my 1st half at 127.82. Now it could down to 113.00 and I hope so because my 2nd half will ride that pony all the way down.

I'm sure there is still a lot more pips to give up on this trade because of the strong momentum. But I'm not willing to let to many pips get away from me at such an obvious "problem area".
Attached Image (click to enlarge)
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Indicators show the past. Price Action "Indicates" the future.
  • #25,300
  • Mar 30, 2009 1:52am Mar 30, 2009 1:52am
jarroo,
113? that's a BIG piece.
as always, u are getting a piece of it.
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