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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

  • #27,741
  • Apr 22, 2009 9:03am Apr 22, 2009 9:03am
Quoting advfntrader
Beautiful, its tanking now. 2 daily pins
A great Bard's words:

"A great setup is a great momentum setup"

I see no fun in having a pending order hit on a daily pin after so long into the day...all pending orders pulled off.
I believe . . .
  • #27,742
  • Apr 22, 2009 9:05am Apr 22, 2009 9:05am
Quoting TiaForex
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...
Its amazing that there are still so many traders, especially new that think Picasso looking charts must work better than a blank canvas with a few lines. I was one of those and thank god I changed before a total blow up. Keep it simple and indications (not indicators) with guide you to better trades.

Take care
  • #27,743
  • Apr 22, 2009 9:09am Apr 22, 2009 9:09am
My caddie trades are in the black, will hold to see if weekly feels like countering last weeks PA with something a bit stronger.
Money & Pain Respect the market, protect your capital, be patient
  • #27,744
  • Apr 22, 2009 9:11am Apr 22, 2009 9:11am
Quoting TiaForex
...
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.
...
I have tested something similar. I noticed that when a good pinbar is penetrated, the price usualy does not make it back to the high of the penetation move. But I looked only at daily and weekly TF. The only problem is you have to enter manualy (stay at pc for the day) and choose only the best ones.
Picture explains everything...
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  • #27,745
  • Apr 22, 2009 9:17am Apr 22, 2009 9:17am
Quoting Schneeule
I have tested something similar. I noticed that when a good pinbar is penetrated, the price usualy does not make it back to the high of the penetation move. But I looked only at daily and weekly TF. The only problem is you have to enter manualy (stay at pc for the day) and choose only the best ones.
Picture explains everything...
... now mark all the other pins on that chart that retraced past the left eye and still made a profit ... I'll have to test loads of charts.
WARNING: Don't follow me as I'm just learning
  • #27,746
  • Apr 22, 2009 9:22am Apr 22, 2009 9:22am
Quoting Schneeule
I have tested something similar. I noticed that when a good pinbar is penetrated, the price usualy does not make it back to the high of the penetation move. But I looked only at daily and weekly TF. The only problem is you have to enter manualy (stay at pc for the day) and choose only the best ones.
Picture explains everything...
Test the current left eye level AFTER the break.

Nice chart.
Attached Image
Indicators show the past. Price Action "Indicates" the future.
  • #27,747
  • Apr 22, 2009 9:25am Apr 22, 2009 9:25am
Oh lovely , now it decides to go down

Another victim reporting in

I was trying to get snazzy with a 1HR BEOB (The earlier one, not the one that is just after working lol) . . . Needless to say, -1%
Attached Images
  • #27,748
  • Apr 22, 2009 9:29am Apr 22, 2009 9:29am
Quoting adam777
... now mark all the other pins on that chart that retraced past the left eye and still made a profit.
You might misunderstand what I was trying to say. I didn't care of eyes in that test or taking pins at pullback.
I tested idea : There is a pinbar at day X. If the low/high (short / long side) is broken at the day X+1, will the price after penetrating retrace higher the actual high of the X+1 day at the moment?

The result is that the best trades never returns. If you look at gbpusd weekly, 29.9.2008, with this agresive entry you could have sl about 100 pips. If you set 1 % risk per that trade you could make 30 times the stop.

If someone tested something similar I would be grateful for his results.

I hope it wasnt me who misunderstood you
  • #27,749
  • Apr 22, 2009 9:30am Apr 22, 2009 9:30am
So what's consensus on the USD/CAD?
  • #27,750
  • Apr 22, 2009 9:30am Apr 22, 2009 9:30am
Quoting jarroo
Test the current left eye level AFTER the break.

Nice chart.
This is exactly what I meant. Go back over my post and you'll see that I said that nothing in my testing shows anything to warrant an entry before the breach. That's just me. Rac is hugely profitable doing this.

What I meant was that entering after the breach, if you were minded to be aggressive (and I'm not) you could set your stop above the left eye. I'm pointing this out to show that there are ways to be aggressive and still wait for the breach.

Personally I want to keep things simple for now. And today it's saved my bacon.

Jim, would you have pulled your pending order on the USDCAD by now because of the deep retrace?
  • #27,751
  • Apr 22, 2009 9:30am Apr 22, 2009 9:30am
Quoting layton
So what's consensus on the USD/CAD?
There is a massive BEOB on the 4 hour chart and it looks like it is about to break the low of the daily pin
  • #27,752
  • Apr 22, 2009 9:32am Apr 22, 2009 9:32am
Strange USD/CAD tanking more that EU/CAD.
  • #27,753
  • Apr 22, 2009 9:33am Apr 22, 2009 9:33am
Quoting Jigsaw
Oh lovely , now it decides to go down

Another victim reporting in

I was trying to get snazzy with a 1HR BEOB (The earlier one, not the one that is just after working lol) . . . Needless to say, -1%
That's freaking great.
Indicators show the past. Price Action "Indicates" the future.
  • #27,754
  • Apr 22, 2009 9:33am Apr 22, 2009 9:33am
This, was a great movement. Divergence, + BUOB breaking the consolidation.
Attached Image (click to enlarge)
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What does not kill me makes me stronger. Friedrich Nietzsche,
  • #27,755
  • Apr 22, 2009 9:33am Apr 22, 2009 9:33am
Quoting jarroo
Test the current left eye level AFTER the break.

Nice chart.
Oh yes, the mighty left eye.
It is usualy very close .. and always watching
  • #27,756
  • Apr 22, 2009 9:39am Apr 22, 2009 9:39am
Quoting TiaForex
This is exactly what I meant. Go back over my post and you'll see that I said that nothing in my testing shows anything to warrant an entry before the breach. That's just me. Rac is hugely profitable doing this.

What I meant was that entering after the breach, if you were minded to be aggressive (and I'm not) you could set your stop above the left eye. I'm pointing this out to show that there are ways to be aggressive and still wait for the breach.

Personally I want to keep things simple for now. And today it's saved my bacon.

Jim,...
Nicely said Tia. The key being that they are "A" catagory setups.

No, I wouldn't cancell my pending order, especially if the preceeding candle turns into a Inside Bar (candle). Momentum building? Maybe.
Indicators show the past. Price Action "Indicates" the future.
  • #27,757
  • Edited 10:24am Apr 22, 2009 10:04am | Edited 10:24am
I know this is a 30 min chart but it could be on the Daily.

Nice hard break.
Nice space, no traffic.
Breaking and then retesting a strond round number (PPZ) 1.4500.

I really don't know why anyone would trade without some assemblage of Price Action. Maybe that's just me. lol
Attached Image
Indicators show the past. Price Action "Indicates" the future.
  • #27,758
  • Apr 22, 2009 10:29am Apr 22, 2009 10:29am
Guys

Did not take UC and EC pins because IMHO they were not A+ setups. Hope the trades work out for anyone who took them. I am patiently awaiting the next A+ setup which comes along.......whenever that may be. Trying to teach myself that trading is about mostly.....waiting.

Good trading to all,

berti
PA is where its at!!
  • #27,759
  • Apr 22, 2009 10:37am Apr 22, 2009 10:37am
Quoting jarroo
...
Hi Jarroo

Tia mentioned not using aggressive stops. Do you place your stops bellow the eye of the pin or under the pin. ... if the question is too personal then I am sorry. I have seen everyone placing their stop differently.
WARNING: Don't follow me as I'm just learning
  • #27,760
  • Apr 22, 2009 10:37am Apr 22, 2009 10:37am
Quoting ghous
I am phobic to Fundis so maybe Mark (Rac) will come up with your answer,
...
Me to, I only care about long term interest direction (who's pausing, who's changing). This, plus mass psychology bind together with PA around ppz is the core of my trading. Everything else is unnecessary noise imho.
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