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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

  • #30,281
  • May 18, 2009 8:58am May 18, 2009 8:58am
I hope to see you soon.

Quoting simoncs
Hey guys

Going to be a bit scarce for a while. Just accepted a new contract in

Simon
What does not kill me makes me stronger. Friedrich Nietzsche,
  • #30,282
  • May 18, 2009 9:02am May 18, 2009 9:02am
As a newbie, I wanted ask you experienced guys, when do you consider a pin bar to have "failed"? I know the answer will probably overlap a bit with what constitutes a "bad" pin bar, or maybe that's just because of the example I'm about to put up:

A two-day PB formed last week, after what appeared to be a retracement of the overall uptrend. However, this PB is "bad" because of its short nose, and maybe also bearish divergence on the MACD?

Anyway, the PB broke short first, before retracing upwards to break the PB high. Since it broke short first, would you have considered this an invalid pin? (Sorry if the question's been asked before, but I've pretty much read the thread and cudn't find the answer, maybe I've overlooked it somewhere.)
Or, would you consider this an "ok" pin due to the touch of support at 143.76?

I'd really appreciate your thoughts - I presume this happens frequently, but when backtesting I just record a loss, since I can't see it play out. Another + for demo-ing!
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  • #30,283
  • May 18, 2009 11:09am May 18, 2009 11:09am
Decision time nasty lookin pin added to my position patience patience
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  • #30,284
  • May 18, 2009 11:12am May 18, 2009 11:12am
Quoting pricey
As a newbie, I wanted ask you experienced guys, when do you consider a pin bar to have "failed"? I know the answer will probably overlap a bit with what constitutes a "bad" pin bar, or maybe that's just because of the example I'm about to put up:

A two-day PB formed last week, after what appeared to be a retracement of the overall uptrend. However, this PB is "bad" because of its short nose, and maybe also bearish divergence on the MACD?

Anyway, the PB broke short first, before retracing upwards to break the PB high. Since it broke short...
They are invalid when :

1) The other side is broken (eg bullish pinbar with nose pointing down, it breaks downwards)

2) Inside bar / Price remains within the wick/body of the pinbar for the next bar.

(Eg If I am trading a daily pinbar, it must break downwards on the next day, If I am trading a 4HR it must break on the next 4HR candle)


Regards,
Jig
  • #30,285
  • May 18, 2009 11:16am May 18, 2009 11:16am
U/J looks to be consolidating finally in 96 neighborhood lookin 4 clues 2 go short could be stuck in this 100pip+ range for a bit
  • #30,286
  • May 18, 2009 11:26am May 18, 2009 11:26am
Quoting simoncs
Hey guys

Going to be a bit scarce for a while. Just accepted a new contract in Amsterdam starting tomorrow after being out of work for 5 months, so will need to concentrate on that for a while. So no more day trading, which is a shame as i was just getting the hang of it, but will hope to be able to at least trade dailies and weeklies. I will also be continuing my testing in the evenings as soon as i get a laptop.

Thanks to all of you who have helped my learning curve. I reckon this last 5 months will have been the most productive i could have...
hope we here from you from time to time. thanx for your input mate.
p.s. if you ever wanna meet up up in Dam pm me
cheers
jon
PATIENCE... DISCIPLINE
  • #30,287
  • May 18, 2009 11:27am May 18, 2009 11:27am
Hey guys,

I just started the 3month J16 challenge This is the first trade I took, I shorted the pin when it broke to the downside.

I'd like to get some feedback, I believe this was not a A++ setup, but it worked out well. What do you think?

Tyler
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  • #30,288
  • May 18, 2009 11:52am May 18, 2009 11:52am
Got stopped out of the AUD/USD, lost 120 pips, I probably moved my stop to early, just didnt feel comfortable though. Back to A+ setup hunting.
Economists have forecast 9 out of the last 5 recessions
  • #30,289
  • May 18, 2009 11:53am May 18, 2009 11:53am
Quoting greenBarret
Hey guys,

I just started the 3month J16 challenge This is the first trade I took, I shorted the pin when it broke to the downside.

I'd like to get some feedback, I believe this was not a A++ setup, but it worked out well. What do you think?

Tyler
Hi Tyler,

Are you still in the trade? When did you take profit?
Economists have forecast 9 out of the last 5 recessions
  • #30,290
  • May 18, 2009 12:03pm May 18, 2009 12:03pm
If one of experts/seniors could confirm or deny.
When is the weekly bar considered to be broken in terms of number pips ?
Is 40-50 pips break validating the bar or it has to be much higher like full 100 pips ?
Would be much obliged for a reply.
  • #30,291
  • May 18, 2009 12:03pm May 18, 2009 12:03pm
I'm out already. I took profit around the 1.7780 area, where the checkmark is. This seemed to be the first level where I thought the price could run into trouble.

Tyler


Quoting markmm
Hi Tyler,

Are you still in the trade? When did you take profit?
  • #30,292
  • May 18, 2009 12:22pm May 18, 2009 12:22pm
Quoting greenBarret
Hey guys,

I just started the 3month J16 challenge This is the first trade I took, I shorted the pin when it broke to the downside.

I'd like to get some feedback, I believe this was not a A++ setup, but it worked out well. What do you think?

Tyler
hi Tyler, looks good to me, price did what you expected yes??it has broken nice and hard,mabye you will get some follow through??have you still got part of the possition open?? if you zoom out on your weekly chart and add a fib form the big swing up you can see exactly why price stopped where it did.
hope this helps
jon
i cant post a chart right now ,seems to be problems today??
ahha..now i can!!
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PATIENCE... DISCIPLINE
  • #30,293
  • May 18, 2009 12:40pm May 18, 2009 12:40pm
FF is having problems today?
Economists have forecast 9 out of the last 5 recessions
  • #30,294
  • May 18, 2009 12:46pm May 18, 2009 12:46pm
Quoting markmm
FF is having problems today?
seems to be for me?mabye a server overload or something??
PATIENCE... DISCIPLINE
  • #30,295
  • May 18, 2009 12:52pm May 18, 2009 12:52pm
Man I'm quite shocked to see the AUDUSD formed a BUOB on the daily, with only 3 hours to the day end, I think it's the end of the setup.

Who's still on the trade? I agree that it is taking too long, but my stop is still far high on 7720, I'm planning to reduce the stop to the break of the daily BUOB.
  • #30,296
  • May 18, 2009 1:14pm May 18, 2009 1:14pm
Quoting marcelnyo
Man I'm quite shocked to see the AUDUSD formed a BUOB on the daily, with only 3 hours to the day end, I think it's the end of the setup.

Who's still on the trade? I agree that it is taking too long, but my stop is still far high on 7720, I'm planning to reduce the stop to the break of the daily BUOB.
I reduced my stop yesterday, I got stopped out for 120 pips loss, so my eur/aud trade profits got wiped out plus a few more!. Bit peeved and will be concentrating on Pin Bars from now on. Backtesting time now, while checking the charts each night for A+ setups.
Economists have forecast 9 out of the last 5 recessions
  • #30,297
  • May 18, 2009 1:23pm May 18, 2009 1:23pm
Quoting markmm
I reduced my stop yesterday, I got stopped out for 120 pips loss, so my eur/aud trade profits got wiped out plus a few more!. Bit peeved and will be concentrating on Pin Bars from now on. Backtesting time now, while checking the charts each night for A+ setups.
Well, I think AUDUSD was A+ setup wasn't it?
BUOB forming on this pair would be great from 1.7300 area , not in the middle of consolidation.
  • #30,298
  • May 18, 2009 1:30pm May 18, 2009 1:30pm
I'm still in, my stop loss is few pips above the Beob. But now, i'm a little worried about this setup I think that it's late to close the trade and take the loss, so i'll wait the upcoming news and see what happens. It looked good to me...
  • #30,299
  • May 18, 2009 1:42pm May 18, 2009 1:42pm
Quoting marcelnyo
Man I'm quite shocked to see the AUDUSD formed a BUOB on the daily, with only 3 hours to the day end, I think it's the end of the setup.

Who's still on the trade? I agree that it is taking too long, but my stop is still far high on 7720, I'm planning to reduce the stop to the break of the daily BUOB.
I moved my stop loss up to .7660. I hit TP, BARELY at .7555 (I think the low was .7552).

I will just more than break even on this trade, but I did make a small profit, no complaints.
  • #30,300
  • May 18, 2009 1:42pm May 18, 2009 1:42pm
Quoting markmm
FF is having problems today?
And I thought it was only me !

Twee needs to hit the overdrive button on the Servers I think
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