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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

  • #28,961
  • May 1, 2009 8:43am May 1, 2009 8:43am
Quoting frankm7
From what I've read here so far, R:R isn't necessarily as important as proper money management. My question for the more experience traders is: Do you still find yourself paying close attention to how much you are risking in relation to your account? Does it tend to me 2-3% as James recommends?

Thanks!
If you enter a trade without paying the utmost attention to how much risk you are taking you are gambling, not trading.

After one year of trading (forex) I have increased my risk from 1% to 1.5%.
  • #28,962
  • May 1, 2009 8:46am May 1, 2009 8:46am
Quoting raczekfx
Which way we'll travel today....?
No, one knows, no one cares, follow your trading plan regardless if you're long or short.

p.s. @ Braider. I closed ALL my longs due to 3350 test failure..

Enjoy the weekend..


.
Hi,
enjoy your weekend too.
I dont have that h4 on dow therefore no trade, but there is some hamemr on daily. But I dont want to trade it, it is not anyhow nice.

I won't trade euro any less tf than daily today 'cause of holidays in eu.

I am long at gbpaud from 0270 (daily hammer, nice place). Waiting for break confirmation. Reason to take it was the possition (70 %). Sending chart...
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  • #28,963
  • May 1, 2009 8:47am May 1, 2009 8:47am
Quoting jarroo
If it breaks the top of the potential PB it has failed and I'll cancell my order.

If Price has retraced to the general area of the left eye, it's actually a good sign that the PB will succeed. Again depending how it breaks. It's these Highs around the .7230ish (green area on chart) that seems to be holding it up.

Hello Jarro,

What do you mean if the pin bar low or high is not broken it is still not a valid pin bar? According to few of your post before.


Also, do you ever use the entry when price retrace to the left eye or right eye area or 50%, 62% retracement as the entry?

Do you soley use the entry of break of the low or high of the pin bar strategy?


How can we define how hard the pin bar low or high is broken to verify it is strong one?

I love all your posts and wish to learn more.

Thanks!
  • #28,964
  • May 1, 2009 8:48am May 1, 2009 8:48am
Quoting joebryce
If you enter a trade without paying the utmost attention to how much risk you are taking you are gambling, not trading.

After one year of trading (forex) I have increased my risk from 1% to 1.5%.
Here's where a large account size makes sense!
  • #28,965
  • May 1, 2009 8:51am May 1, 2009 8:51am
Btw, has anyone any thoughts about this? Rly not exactly sure. I will probably skip this one or lower risk. MAybe good for 131.00 ?

Wish you all nice profits
  • #28,966
  • May 1, 2009 8:55am May 1, 2009 8:55am
PB on 100% fibo expansion .
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  • #28,967
  • May 1, 2009 8:56am May 1, 2009 8:56am
Hi fellows,

Ucad shows a good 4H pin fail to break 1.1860 weekly resistence. I think it is a good entry. Not much important resistence above until 1.1980. and I hope it can run up to 1.1980 before today's close.
1.1910 is area I need to keep eyes on before run up to 1980.

Any comments?
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  • #28,968
  • May 1, 2009 9:01am May 1, 2009 9:01am
Quoting frankm7
Here's where a large account size makes sense!
Account size should not affect your risk percentage. What it does change is trade management and exits.
  • #28,969
  • May 1, 2009 9:13am May 1, 2009 9:13am
Hi folks,
On holiday in Greece with my fiancee visiting her family in Athens, managed to get some time to keep up with the thread. I also found this web site which is a excellent resource for Price Patterns. http://www.tradingpricepatterns.com
Im looking at breakout trading, using price patterns (entering on the retest), so this along with Pring should provide a excellent resource.
Economists have forecast 9 out of the last 5 recessions
  • #28,970
  • May 1, 2009 9:26am May 1, 2009 9:26am
Quoting PippingMama
Hello Jarro,

What do you mean if the pin bar low or high is not broken it is still not a valid pin bar? According to few of your post before.


Also, do you ever use the entry when price retrace to the left eye or right eye area or 50%, 62% retracement as the entry?

Do you soley use the entry of break of the low or high of the pin bar strategy?


How can we define how hard the pin bar low or high is broken to verify it is strong one?

I love all your posts and wish to learn more.

Thanks!
What Jim means is that if you are looking to say go short on a pinbar, that bar is actually not a pinbar until the low is broken. So for those of you that enter on a retrace, technically speaking the pin is not valid until that low is taken out. So if you enter on a retrace and price never comes down to the low and you get stopped out. The bar would not be called a valid pinbar

Best
Mike
  • #28,971
  • May 1, 2009 9:27am May 1, 2009 9:27am
Quoting PippingMama
Hi fellows,

Ucad shows a good 4H pin fail to break 1.1860 weekly resistence. I think it is a good entry. Not much important resistence above until 1.1980. and I hope it can run up to 1.1980 before today's close.
1.1910 is area I need to keep eyes on before run up to 1980.

Any comments?
Yes it was...

Quoting raczekfx
http://www.james16group.us/forums/sh...&postcount=217

no need to be greedy on Friday.

60ps off the table, rest at BE+....
.
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  • #28,972
  • May 1, 2009 9:29am May 1, 2009 9:29am
Quoting forexngo
Dear Mike, Jaroo

Please tell me if it is the great PB for setting up?
Thank you
forexngo
Hey Forexngo

That bar is coming into heavy traffic. Meaning the pin did not create any space away from all that consolidation. Also this is an example of my prior post. That bar is not valid until the low breaks. A lot of people try to sell these pins right on the close b/c they don't want to miss the action. You can do this, but it is IMO the most aggressive and least rewarding since the low is not far away.

Best
Mike
  • #28,973
  • May 1, 2009 10:35am May 1, 2009 10:35am
Hello Family,
I realy enjoy read this thread Thanks for everyone sharing his experience.
Can i know what you think about this monthly PB"Just closed yesterday" and what class is it?
Depends on my system and anlysis we are going up.

Thanks
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  • #28,974
  • May 1, 2009 10:39am May 1, 2009 10:39am
Quoting egkid
Hello Family,
I realy enjoy read this thread Thanks for everyone sharing his experience.
Can i know what you think about this monthly PB"Just closed yesterday" and what class is it?
Depends on my system and anlysis we are going up.

Thanks
neutral bar, not a pinbar
  • #28,975
  • May 1, 2009 10:39am May 1, 2009 10:39am
Quoting egkid
Hello Family,
I realy enjoy read this thread Thanks for everyone sharing his experience.
Can i know what you think about this monthly PB"Just closed yesterday" and what class is it?
Depends on my system and anlysis we are going up.

Thanks
Looks like a deer in the headlights to me
  • #28,976
  • May 1, 2009 10:42am May 1, 2009 10:42am
Innerbar u could play the break the direction of you choice
  • #28,977
  • May 1, 2009 10:51am May 1, 2009 10:51am
Have a nice weekend everyone remember the most exciting 2min in sports is tomorrow, I still havent picked a horse yet going to grab a racingform later today cya sunday
  • #28,978
  • May 1, 2009 11:00am May 1, 2009 11:00am
PippingMama:

Hello Jarro,

What do you mean if the pin bar low or high is not broken it is still not a valid pin bar? According to few of your post before. Mike explained it nicely. No break, no PB.


Also, do you ever use the entry when price retrace to the left eye or right eye area or 50%, 62% retracement as the entry? On some A+ trades I'll look to enter on a Fib retracement but only after the break. This is rare because A+ setups usually don't retrace to thoses fib levels when its going to the moon.

Do you soley use the entry of break of the low or high of the pin bar strategy? Yes. 99.5%


How can we define how hard the pin bar low or high is broken to verify it is strong one? If Price breaks hard, steady and never looks back is one good verification. lol

Also if Prices breaks 30 to 40 pips with no draw down and then retraces to the entry point, then continues in my direction is another good verification. I will usually decide if Price will continue or I'll get out of the position on this type of retest..

Most importantly, the higher the quality of the PA setup makes all of this very easy.

I love all your posts and wish to learn more.



Jim
Indicators show the past. Price Action "Indicates" the future.
  • #28,979
  • May 1, 2009 11:14am May 1, 2009 11:14am
Nicely said. Thx a lot.
  • #28,980
  • May 1, 2009 11:15am May 1, 2009 11:15am
Where have we seen this formation on the Daily Aud/Usd before?
Oh yeah, on the Daily Cad/Usd. Interesting.
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Indicators show the past. Price Action "Indicates" the future.
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