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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

  • #29,101
  • May 3, 2009 11:13pm May 3, 2009 11:13pm
Quoting djambazov84
cable has a similar setup and the h1 beob was already broken
sry cant post charts at the moment
Nice break on that one. Close to 1.5000.
Indicators show the past. Price Action "Indicates" the future.
  • #29,102
  • May 3, 2009 11:14pm May 3, 2009 11:14pm
Quoting sonicdeejay
I holdin my EU long...

but I am wary of Asian Session run up....


Sonic

Ditto that sonic.
Indicators show the past. Price Action "Indicates" the future.
  • #29,103
  • May 3, 2009 11:20pm May 3, 2009 11:20pm
Quoting jarroo
Ditto that sonic.
hmmm
aussie feels like a mere retracement more so than a reversal
Thank you Malcolm, Belekas, Jim, raczekfx and Ryanmcd !
  • #29,104
  • May 3, 2009 11:26pm May 3, 2009 11:26pm
Quoting djambazov84
hmmm
aussie feels like a mere retracement more so than a reversal

Maybe. Hard to say. Time will tell. Failure of a good PA setup tells me that the uptrend (in this case) is strong.
Indicators show the past. Price Action "Indicates" the future.
  • #29,105
  • May 3, 2009 11:52pm May 3, 2009 11:52pm
Quoting jarroo
Maybe. Hard to say. Time will tell. Failure of a good PA setup tells me that the uptrend (in this case) is strong.
Jim,
Do you ever play pinbars the opposite way by using a break of the nose as a buy/sell signal (confirmation of trend continuation)? As in AUDUSD you'd be going long on a break above .7400.

Steve.
"The more I practice, the luckier I get." (Gary Player)
  • #29,106
  • May 3, 2009 11:55pm May 3, 2009 11:55pm
Quoting mrsingha
Jim,
Do you ever play pinbars the opposite way by using a break of the nose as a buy/sell signal (confirmation of trend continuation)? As in AUDUSD you'd be going long on a break above .7400.

Steve.
No I haven't, but I've thought about it. I use them more as a gauge of the trend or direction of Price. Also, you have to gauge the strentgh of the PA setup that broke as well.
Indicators show the past. Price Action "Indicates" the future.
  • #29,107
  • May 3, 2009 11:59pm May 3, 2009 11:59pm
Quoting jarroo
No I haven't, but I've thought about it. I use them more as a gauge of the trend or direction of Price. Also, you have to gauge the strentgh of the PA setup that broke as well.
I was reading Clockwork's underwater world over the weekend and that's how he plays them.
http://www.forexfactory.com/showpost...postcount=1299
"The more I practice, the luckier I get." (Gary Player)
  • #29,108
  • May 4, 2009 12:03am May 4, 2009 12:03am
Quoting mrsingha
I was reading Clockwork's underwater world over the weekend and that's how he plays them.
http://www.forexfactory.com/showpost...postcount=1299
Clockwork is a good man, one can learn alot from him. I know I have.
Indicators show the past. Price Action "Indicates" the future.
  • #29,109
  • Edited 3:13am May 4, 2009 2:50am | Edited 3:13am
One thing which is still interesting me about this AUD/USD position, is if you scroll back as far as '06 there seems to be a fair amount of historical s & r located around this area(between 0.7376 and 0.7410).
By all rights this should be scrubbed, but for some reason..................
In fact, if you pop a monthly chart up, stick a horizontal line over the recent high and look back, it's quite interesting.
Attached Image (click to enlarge)
Click to Enlarge Name: audusd.gif Size: 16 KB
  • #29,110
  • Edited 5:41am May 4, 2009 4:53am | Edited 5:41am
Quoting ady27
You are right but....
I wish I wasn't
I know the day is not over yet so it's not a setup but just to show how the AUS/USD price hit the S/L (10 pips above the previous green PB)
Attached Image
  • #29,111
  • May 4, 2009 4:59am May 4, 2009 4:59am
Quoting pakiestra
I wish I wasn't
I know the day is not over yet so it's not a setup but just to show how the AUS/USD price hit the S/L (10 pips above the pin)
Attachment
Hi Pakiestra


What was your entry criteria on this trade? Price never broke the pinbar low.

Apologies if I have misunderstood but was it a trade based on the daily pinbar?

regards

FXP
  • #29,112
  • Edited 5:39am May 4, 2009 5:26am | Edited 5:39am
Quoting pakiestra
I wish I wasn't
I know the day is not over yet so it's not a setup but just to show how the AUS/USD price hit the S/L (10 pips above the pin)
Attachment
And this is also a valuable lesson for me. Now I know what the strong PA means. If it's not broken on the next bar is worth re-considering. This AUS/USD trade is a perfect example. I got burned twice on it
First a nice BEOB didn't get broken and now this PB is doing the same.
Mike you are absolutely right with his approach, now I get it (painfully) but still.
My respect Mike
pakiestra
  • #29,113
  • May 4, 2009 5:34am May 4, 2009 5:34am
Quoting fxprocessor
Hi Pakiestra


What was your entry criteria on this trade? Price never broke the pinbar low.

Apologies if I have misunderstood but was it a trade based on the daily pinbar?

regards

FXP
I split my total lot size in 3 (if the total risk allows for that)
My enter startegy involves entering first 1/3 on the retracement (usually between 23.6 and 38.2) and then second and third (2/3) on the break. So in the worst case (like this one) I'm in the loosing trade only with a fraction (1/3) of total size. I know it's an aggressive entry but I've test it before trying.
I will have to back track some more PA to see how it works on the longer time frame.

Yes fxprocessor, I mean daily PB on the A/U and before then there is a nice BEOB which also didn't get broken as well.
  • #29,114
  • May 4, 2009 5:55am May 4, 2009 5:55am
It's a test up with bearish rejection, true that the weekly looks very bullish, maybe just a pullback trade....
Attached Image (click to enlarge)
Click to Enlarge Name: audusd.gif Size: 36 KB
  • #29,115
  • May 4, 2009 6:14am May 4, 2009 6:14am
Quoting pakiestra
I split my total lot size in 3 (if the total risk allows for that)
My enter startegy involves entering first 1/3 on the retracement (usually between 23.6 and 38.2) and then second and third (2/3) on the break. So in the worst case (like this one) I'm in the loosing trade only with a fraction (1/3) of total size. I know it's an aggressive enter but I've test it before trying.
I will have to back track some more PA to see how it works on the longer time frame.
What do you do with the last third ?
  • #29,116
  • May 4, 2009 6:23am May 4, 2009 6:23am
My last trade was USD/CAD on 23rd April - and that's on 30 pairs. It seems that I can always find a good reason not to take a trade! So now I'm wondering - am I being overcautious? It's a bit frustrating, but I think it's probably just part of the learning process...

That USD/CAD trade was a good one for me by the way...!
When in doubt, sit on your hands...
  • #29,117
  • May 4, 2009 6:44am May 4, 2009 6:44am
Quoting Jigsaw
What do you do with the last third ?
Apologise if it wasn't clear.
First I calculate total position size (let's call it unit) based on 3% of total risk. If the whole unit can be split in 3 equal chunks I do it:
1st 1/3 is entered on the retracement (usually between 23.6 and 38.2%) of the signal bar
2nd 1/3 and 3rd 1/3 are all entered on the break of the signal bar.

A) So if the setup is strong and the bar doesn't retrace at all I'm still fine cause I've entered 2/3 of the original calculated unit and I'm in the trade.
B) If the price retraces a bit and then breaks then I'm full unit and let it go.
C) If the setup is mediocre and the bar never breaks my loss is limited only to the 1/3 of the original calculated unit.

To be honest I will have to check this on historical charts (more and on more pairs) to see how it works in general.
  • #29,118
  • May 4, 2009 7:00am May 4, 2009 7:00am
Quoting mankeyinc
It's a test up with bearish rejection, true that the weekly looks very bullish, maybe just a pullback trade....
Im on mobile internet and a webbook at the moment so I don't have the upload speed to post charts + I only have one feed running.

But if that had Divergence on it, it definately would have been a trade for me. No divergence would have been a no trade though.

This pair as a whole reminds me a bit of GBPUSD when there were those pinbars at the ultra swing low a while ago . . .

Quoting gododdin
My last trade was USD/CAD on 23rd April - and that's on 30 pairs. It seems that I can always find a good reason not to take a trade! So now I'm wondering - am I being overcautious? It's a bit frustrating, but I think it's probably just part of the learning process...

That USD/CAD trade was a good one for me by the way...!
To be honest, you can never be too picky.

Take Mikes trading for example, he has a few "methods" and what justifies a trade on one form of his trading, does not justify a trade on another form.
I know he is ultra conservative in terms of day trades and I would hazard a guess that his last Daily trade was that pair too.

The great advantage to ultra conservative trading on the Daily timeframe is that you have just simply so little time to put in.

Trading the Daily ultra conservatively is probably good for 2-4% a month I reckon, and the amount of time you have to put in is nothing. 20Minutes a day for the Dailys and maybe an hour at the weekend to setup PPZ on 30 or so pairs.

2-4% a month is a lot of money if you are trading 200k (Not that I know what it's like to trade200k or anything lol) Especially for the little time you put in.

As Clockwork says -

Now thats the type of leverage I am talking about !

If you have an ultra conservative side after going through the process you can just keep the rules intact and look to something else if you want.

Being picky is a great thing, because for example if you intraday trade, it gets harder because you have to be way more picky in terms of trades you take vs. Bars you see ratio.

Quoting pakiestra
Apologise if it wasn't clear.
First I calculate total position size (let's call it unit) based on 3% of total risk. If the whole unit can be split in 3 equal chunks I do it:
1st 1/3 is entered on the retracement (usually between 23.6 and 38.2%) of the signal bar
2nd 1/3 and 3rd 1/3 are all entered on the break of the signal bar.

A) So if the setup is strong and the bar doesn't retrace at all I'm still fine cause I've entered 2/3 of the original calculated unit and I'm in the trade.
B) If the price retraces a bit and then breaks then I'm...
Woops,

Sorry, I re-read your original post and I see you had it posted already but I just didn't pick up on it lol .

Yeah it sounds fine, definately experiment more with it. Consider plotting the Fibonacci retrace and only entering the trade (on the retrace) when PA on the lower timeframes says so ? Just something for you to consider if you get me .

Regards,
T
  • #29,119
  • May 4, 2009 7:21am May 4, 2009 7:21am
A cloud does not know why it moves in
such a direction at such speed, it just feels
a compulsion that this is the place to go
now. By the sky knows the reasons and
patterns behind the movements, and you’ll
know too if you lift yourself high enough
to see beyond the horizon.
D labour of a fool wearieth him cos he doesn't know how to enta d city
  • #29,120
  • May 4, 2009 7:25am May 4, 2009 7:25am
Quoting Jigsaw
To be honest, you can never be too picky.
Thanks Jig - that's what I figured. Reassuring... I'm looking forward to joining the PF later this month to learn more about implementing PA.
When in doubt, sit on your hands...
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