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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

  • #27,721
  • Apr 22, 2009 7:37am Apr 22, 2009 7:37am
Quoting simoncs
Will someone please send the men in white coats to the houses of parliament - the chancellor is clearly clinically insane

2009 - 3.5% negative growth
2010 - 1.25% positive growth
2011 - 3.5% positive growth

that doesn't even make sense - how do you go from -3.5% to +3.5% in a recession in the space of 2 years - it' just not feasible.

Sensible money would be selling GBP surely?
lol. I think they mean the decline's slope will improve by 1.25% of a degree.
Bundy's status today: "Waiting..."
  • #27,722
  • Apr 22, 2009 7:39am Apr 22, 2009 7:39am
I am in EUR/CAD too. not looking good ! rarely see a nice daily pin fail like this


Quoting bundyraider
The safest way to trade a pin is on the break of the low ( for bearish pin). So some of us are waiting for that.
  • #27,723
  • Apr 22, 2009 7:43am Apr 22, 2009 7:43am
Quoting advfntrader
I am in EUR/CAD too. not looking good ! rarely see a nice daily pin fail like this
Its forming another daily pin, pins are appearing on 5min & 15 min TFs, let's hope it filters up.
Money & Pain Respect the market, protect your capital, be patient
  • #27,724
  • Apr 22, 2009 7:46am Apr 22, 2009 7:46am
Quoting simoncs
Will someone please send the men in white coats to the houses of parliament - the chancellor is clearly clinically insane

2009 - 3.5% negative growth
2010 - 1.25% positive growth
2011 - 3.5% positive growth

that doesn't even make sense - how do you go from -3.5% to +3.5% in a recession in the space of 2 years - it' just not feasible.

Sensible money would be selling GBP surely?
At least my Cable short's in the money so its not all bad news.
"The more I practice, the luckier I get." (Gary Player)
  • #27,725
  • Apr 22, 2009 7:48am Apr 22, 2009 7:48am
If you check Racezk's post he posted a GJ weekly chart
Patience + Humility + Study = Success
  • #27,726
  • Apr 22, 2009 7:54am Apr 22, 2009 7:54am
Quoting bundyraider
lol. I think they mean the decline's slope will improve by 1.25% of a degree.

He also put income tax up to 50% for > 150k per year, think Ill be moving from UK when my trading starts to yield that. Maybe Cyprus or some other tax haven.
Economists have forecast 9 out of the last 5 recessions
  • #27,727
  • Apr 22, 2009 7:55am Apr 22, 2009 7:55am
it needs to drop to form another Daily pin !!

Quoting toyboy tramp
Its forming another daily pin, pins are appearing on 5min & 15 min TFs, let's hope it filters up.
  • #27,728
  • Apr 22, 2009 7:55am Apr 22, 2009 7:55am
Quoting markmm
Does anyone know if the PF is still doing the lifetime membership after 12 month deal?
Yes, they still have that deal.
Indicators show the past. Price Action "Indicates" the future.
  • #27,729
  • Apr 22, 2009 7:58am Apr 22, 2009 7:58am
Quoting mseaz9
After many months of demo being successful i took this 2 trade live off the daily close USD/CAD & EUR/CAD . N e one watching this...what are your thoughts with the PA right now..
Yes. I am in this one as well. I am pretty frustrated about this trade. It looked like a good one.
  • #27,730
  • Apr 22, 2009 8:07am Apr 22, 2009 8:07am
Quoting layton
Yes. I am in this one as well. I am pretty frustrated about this trade. It looked like a good one.

tell me about it...they both looked like apples about to drop and took these in live...my first on live after months of demo...lol....another account with the same start...frustrated
  • #27,731
  • Apr 22, 2009 8:09am Apr 22, 2009 8:09am
Quoting jpa0827
EUR/CAD is moving up pretty strong. Any thoughts on this? Do you think it will stop below the high of our pin bar. I'm looking to place my sell order in between 1.6100 and 1.6145. I noticed on the the 1hr chart we have the 365 ema moving in our range so hopefully that will be an added resistance. Still watching PA to see where this thing is going to stop.
I've pulled my sell stop orders (were placed below pinbar break). The price action is not reacting how we would expect for a pinbar. Berti's analysis looks like it was pretty right on!
For those in this trade, stick to your plan. It might be worth some testing to determine if entering on a pinbar retracement provides better results than playing on a break over a large number of trades. I didn't do a formal test of this but generally found that waiting for the break still allowed me to make my price targets, despite the larger stop.

Hope they work out for you guys.

Josh
  • #27,732
  • Apr 22, 2009 8:11am Apr 22, 2009 8:11am
Quoting advfntrader
I am in EUR/CAD too. not looking good ! rarely see a nice daily pin fail like this
It could fail, but it hasn't until it breaches the high of the previous pin bar. This might be a great area to sell. As of right now i'm not in, but am looking for an entry with proper PA. We still have all day for a pin to form. (Trying to be optimistic) I will admit it isn't looking great though.
"Luck favors the prepared mind"
  • #27,733
  • Apr 22, 2009 8:22am Apr 22, 2009 8:22am
Quoting bundyraider
The safest way to trade a pin is on the break of the low ( for bearish pin). So some of us are waiting for that.
  • #27,734
  • Apr 22, 2009 8:27am Apr 22, 2009 8:27am
The eur/cad daily pin bar is not an A trade, heading into 365 ema, no fib confluence, no PZ. It hadnt broke yet so still isnt a pin bar. I passed on it.
Economists have forecast 9 out of the last 5 recessions
  • #27,735
  • Apr 22, 2009 8:38am Apr 22, 2009 8:38am
UsdCad is the boogie man. It wants us to be scared. But the boogie man sleeps under bed. So we need to close our eyes and send him there! Who's with me ?

Hope you dont mind a little joke
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  • #27,736
  • Apr 22, 2009 8:42am Apr 22, 2009 8:42am
Beautiful, its tanking now. 2 daily pins
  • #27,737
  • Apr 22, 2009 8:48am Apr 22, 2009 8:48am
Quoting Schneeule
UsdCad is the boogie man. It wants us to be scared. But the boogie man sleeps under bed. So we need to close our eyes and send him there! Who's with me ?

Hope you dont mind a little joke
Hey Schneeule, without reading your message I thought you drew a picture of a stickman holding a flaming book and couldn't figure out what the relevance was
  • #27,738
  • Apr 22, 2009 8:53am Apr 22, 2009 8:53am
Quoting fudge
Hey Schneeule, without reading your message I thought you drew a picture of a stickman holding a flaming book and couldn't figure out what the relevance was
I promise you, I will learn to draw bed better
  • #27,739
  • Apr 22, 2009 8:59am Apr 22, 2009 8:59am
Quoting Jduester
I've pulled my sell stop orders (were placed below pinbar break)....
I did do a formal test of retracement entries. Large sample size, I only picked the very best pins, and it performed worse than waiting for the breach. It's worth remembering that James16 says it isn't actually a pinbar until it's breached.

A more interesting agressive strategy is having a reduced stop after the breach, say at second eye level. I'm doing testing at the moment with that. It's not that different to what someone like Jarroo does, which is rarely alow himself to take a full loss. Rather he gets out early if price is going against him, sort of a mental reduced stop.

It's also worth stating that I'm discovering that simple is always better in trading. Overcomplication leads my mind towards grail seeking. I've seen too many traders (some of who worked for me) explode by trying to get too cute or fancy. They've turned A+ trades into losers with disastrous results simply by trying to finesse the entry. Not saying it can't be done, but it's a hazardous path.

I probably need to do a little testing on what level of retrace needs to happen before I pull my pending order. For example if this goes up 80% of the bar, will I still have my pending order there if it breaches beyond the low tonight?....

Let's see. I'm setting an alert for if price does get close to my pending entry. And if it breaks the nose of the bar, the pendings get pulled.
  • #27,740
  • Apr 22, 2009 8:59am Apr 22, 2009 8:59am
Caddie had a BEOB on the hourly
Money & Pain Respect the market, protect your capital, be patient
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