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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

  • #26,981
  • Apr 14, 2009 2:49pm Apr 14, 2009 2:49pm
Quoting enculée
What platform is that?
thinkorswim
Money & Pain Respect the market, protect your capital, be patient
  • #26,982
  • Edited 2:52pm Apr 14, 2009 2:51pm | Edited 2:52pm
What do some of you experience guys think of this candle that closed at 5 est? Looks like a DHLC to me, with the highs being within 4 pips of each other.

As you can see, it has already broken the low of the candle. What is the best way to play this? wait for a retrace to say 38% of the candle? I obviously missed the break driving home from my JOB.

Just curious what some of you think.

Thanks in advance.

Scott
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  • #26,983
  • Apr 14, 2009 2:56pm Apr 14, 2009 2:56pm
Quoting FXGator
What do some of you experience guys think of this candle that closed at 5 est? Looks like a DHLC to me, with the highs being within 4 pips of each other.

As you can see, it has already broken the low of the candle. What is the best way to play this? wait for a retrace to say 38% of the candle? I obviously missed the break driving home from my JOB.

Just curious what some of you think.

Thanks in advance.

Scott
Hey Scott

Basically playing on a retrace, or a break is up to the trader. I always wait for the break of the bars. It is something I am comfortable with, it validates the bars. But playing a retrace is fine too, once you get comfortable with that. Some do a combo of both(I believe jarroo does). If you miss the break, or retrace, I wouldn't go chasing a trade personally.

This trade basically has the lows its at now to watch out for, then the next set of bar highs.

Mike
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  • #26,984
  • Apr 14, 2009 3:01pm Apr 14, 2009 3:01pm
It works on OS X =o

no more booting into windows, thanks mate!
  • #26,985
  • Apr 14, 2009 3:04pm Apr 14, 2009 3:04pm
Quoting mbqb11
Hey Scott

Basically playing on a retrace, or a break is up to the trader. I always wait for the break of the bars. It is something I am comfortable with, it validates the bars. But playing a retrace is fine too, once you get comfortable with that. Some do a combo of both(I believe jarroo does). If you miss the break, or retrace, I wouldn't go chasing a trade personally.

This trade basically has the lows its at now to watch out for, then the next set of bar highs.

Mike
Thanks Mike, just the kind of feed back I was looking for. I think I will just follow this one with my eyes and see how it works out!
  • #26,986
  • Apr 14, 2009 3:09pm Apr 14, 2009 3:09pm
Quoting enculée
It works on OS X =o

no more booting into windows, thanks mate!
I know the feeling!
Money & Pain Respect the market, protect your capital, be patient
  • #26,987
  • Apr 14, 2009 3:14pm Apr 14, 2009 3:14pm
Why confidence matters... Was this a no brainer trade?

I saw this DBHLC and passed on it, but it did move nicely and stopped at a PPZ @ 98.75 (I know they are zones). The LC bar was also a BEOB that closed below the 100.00 mark.

I hate to admit I didn't take the trade because I just didn't have confidence, because I only really trade pin bars at this point and time. Looking back, this had a lots of pluses.

1) PA of DBHLC
2) Low close bar / BEOB with close below 100.00
3) Fair amount of space
4) 61.8 fibo retrace
5) After the break price retested the 100.00 (NOW turned Resistance)
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Don't wish it were easier, wish you were better. ~ Jim Rohn
  • #26,988
  • Apr 14, 2009 3:23pm Apr 14, 2009 3:23pm
Quoting mbqb11
Basically playing on a retrace, or a break is up to the trader. I always wait for the break of the bars. It is something I am comfortable with, it validates the bars. But playing a retrace is fine too, once you get comfortable with that. Some do a combo of both(I believe jarroo does). If you miss the break, or retrace, I wouldn't go chasing a trade personally. This trade basically has the lows its at now to watch out for, then the next set of bar highs.
i would not play "rac's fav trade" against the trend. & overall right now aud is up.
  • #26,989
  • Apr 14, 2009 3:35pm Apr 14, 2009 3:35pm
Quoting LasVahGoose
Why confidence matters......
Nice job on locating the double bar. Unfortunately my feed had no such placement.
  • #26,990
  • Apr 14, 2009 3:43pm Apr 14, 2009 3:43pm
Quoting LasVahGoose
Why confidence matters......
LVG,
You are right that the trade did work out. But if you aren't/weren't comfortable trading it, then you should not trade it. If you are only trading pinbars, then the decision is made for you. Follow your plan and you will have success. It was good recognition for you to find that trade. But you will find and pass on lots of trades that work. The goal is to take only the best of the best trades. And to only take those that fit your trading plan criteria.

There were still reasons not to take it, mainly because it was not at a swing high.

I say most of this to remind myself to trade in this manner too.

Josh
  • #26,991
  • Apr 14, 2009 4:10pm Apr 14, 2009 4:10pm
Quoting Jduester
LVG,
But if you aren't/weren't comfortable trading it, then you should not trade it. If you are only trading pinbars, then the decision is made for you. Follow your plan and you will have success.
I say most of this to remind myself to trade in this manner too.
Josh
You're right. It's just that I want to 'make it' as a trader and I push my self pretty hard. I want to succeed so bad I can taste it.

But you are correct, there will be other opportunities. I'm pretty comfortable with pin bars, so maybe this frustration is sign to expand and add one other PA setup to the plan...

Thank you.
Don't wish it were easier, wish you were better. ~ Jim Rohn
  • #26,992
  • Apr 14, 2009 4:17pm Apr 14, 2009 4:17pm
Quoting LasVahGoose
Why confidence matters......
Pretty much,

But the fact that it was a DBHLC and it is pierced by the 100 and the fact that it closed below the low of the previous bar made it a very strong signal imho.

I wouldn't be throwing a party over the Fib retracement personally but it was a nice confluence to add in at the end.

I always started liking pin bars more, but now BUOB and BEOBs are my fav's.
Pin bars are just so easy to identify and understand the logic behind them, and I think thats why I gravitated toward them first.

I just was not around to see that one close at the time (Booo!) But I would have pulled the trigger on it. I don't beat myself up over it because once in a lifetime trades come a few times a month so

Confidence and belief in the setups comes with time, seeing the same thing over and over again until it's boring and normal.


This reminds me a bit of a 4HR trade I am in at the moment, the significance of the USDJPY closing below the .100 is big imho because it shows that sellers have come into the market and they are in control.

This GBPCHF is the same idea, if you have strong levels between price now and your stop loss then thats a very good thing, the amount of times I have been in a trade then it looks like its turning against me only to be kicked back by the PPZ . .

On a side note I could well be stopped out at BE on this one, my TP is at the red line but I think I was being a it greedy considering the trend if you zoom out.

EDIT - uploading charts
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  • #26,993
  • Apr 14, 2009 4:23pm Apr 14, 2009 4:23pm
Quoting Bemac
Not trying to sway but just wondering if thi helps.Attachment
Ultimately, It's up to you.
Yep thats basically what i was seeing...
  • #26,994
  • Apr 14, 2009 5:25pm Apr 14, 2009 5:25pm
Just throwing a chart up with my view. happy for any responses.
My first chart attachment so hopefully it works out.

I'm seeing a 2 day pin come IB piercing through the high of .7270.
If my lines etc are correct I figure there is up to 90 pips on offer from the break at .7180 to the area of confluence (ppz, 365ema and 23.6 fib) around .7090.

Not trading this just watching and testing.

Gov
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  • #26,995
  • Apr 14, 2009 7:14pm Apr 14, 2009 7:14pm
I am sure I know the answer to this but I want to make very sure of it.
If I see DBLHC happen, I may enter the trade after the 2nd candle/bar of the pattern is complete/closes and meets the guidelines for a A+ Trade right?
  • #26,996
  • Apr 14, 2009 7:15pm Apr 14, 2009 7:15pm
Quoting Concept
I am sure I know the answer to this but I want to make very sure of it.
If I see DBLHC happen, I may enter the trade after the 2nd candle/bar of the pattern is complete/closes and meets the guidelines for a A+ Trade right?
That's right concept. You place your pending order above the high or below the low of the DBHLC/DCLHC.
I believe . . .
  • #26,997
  • Apr 14, 2009 7:17pm Apr 14, 2009 7:17pm
Quoting Gov
Just throwing a chart up with my view. happy for any responses.
My first chart attachment so hopefully it works out.

I'm seeing a 2 day pin come IB piercing through the high of .7270.
If my lines etc are correct I figure there is up to 90 pips on offer from the break at .7180 to the area of confluence (ppz, 365ema and 23.6 fib) around .7090.

Not trading this just watching and testing.

Gov
Looks good Gov!
I believe . . .
  • #26,998
  • Apr 14, 2009 7:29pm Apr 14, 2009 7:29pm
Quoting ghous
That's right concept. You place your pending order above the high or below the low of the DBHLC/DCLHC.
Aye.

Thanks for the fast responses, it really makes life easier for me!
  • #26,999
  • Apr 14, 2009 7:39pm Apr 14, 2009 7:39pm
Quoting Aliassmith
PA is explained in the FIRST 100 pages or so Starting here and asking what PA is, is like reading a book backwards. PA= Price Action
Big Thanks! I am newbie....then seems it make me big confused for too much reading at once time. Hope you don't mind with questions from idiot like me
  • #27,000
  • Apr 14, 2009 8:00pm Apr 14, 2009 8:00pm
Quoting forexngo
Big Thanks! I am newbie....then seems it make me big confused for too much reading at once time. Hope you don't mind with questions from idiot like me
Is it the nice pin bar, please?
Appreciation for what you correct me
Thanks
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