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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

  • #30,301
  • May 18, 2009 2:17pm May 18, 2009 2:17pm
Hi guys,

I found this interview with Marty Schwartz.
He is considered a great trader.

Although he trades futures and stocks it's very interesting.

Ady
  • #30,302
  • May 18, 2009 2:50pm May 18, 2009 2:50pm
Quoting marcelnyo

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.
Still in with my SL at 0.7714.
  • #30,303
  • May 18, 2009 2:50pm May 18, 2009 2:50pm
Quoting ady27
Hi guys,

I found this interview with Marty Schwartz.
He is considered a great trader.

Although he trades futures and stocks it's very interesting.

Ady
He turned $5000 into $140,000 in 2 years not bad!
Economists have forecast 9 out of the last 5 recessions
  • #30,304
  • May 18, 2009 2:54pm May 18, 2009 2:54pm
Quoting Denarii
Still in with my SL at 0.7714.
Not looking good, but the news tonight might help.
Economists have forecast 9 out of the last 5 recessions
  • #30,305
  • May 18, 2009 3:11pm May 18, 2009 3:11pm
Quoting markmm
He turned $5000 into $140,000 in 2 years not bad!
Don't forget that he was a loser for a decade or more before that... it really feels like a lifetime I'm sure.

I'm still holding with the AUDUSD short with a stop above the BEOB yesterday, although at this point IMO this is hopeful trading, just hoping that the stop won't be hit, while PA wise, I should close the position when this BUOB breaks the next day... but I'm willing to take the risk because I've put my position size accordingly...

Still.. The BUOB on USDJPY looks quite good.
  • #30,306
  • May 18, 2009 3:26pm May 18, 2009 3:26pm
This day bar is quite large in comparison to its neighbors was wanting to short but going to wait till asian session and reavaluate b4 doing something rash. Patience
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  • #30,307
  • May 18, 2009 3:35pm May 18, 2009 3:35pm
very nice Tyler.

Im very impressed with your obvious understanding of where to take profit or at the least move your stop to breakeven.

jim

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
  • #30,308
  • May 18, 2009 3:40pm May 18, 2009 3:40pm
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
Pin off round number 1.80, divergence, room to roam and some other confluence depending on what you prefer to use. I liked it to the tune of 54 pips on my frist position and 205 on my second. My only regret is that I missed out on a simular set up on euro/nzd. Good trade selection in my view bro!

K.I.S.S.

P.S. I'll have to admit, I could hear "elmer fudd" sitting on my right shoulder telling me that the nose was a little too short for it to be considered. Once I heard that, the little "jaroo" sitting on my left shoulder told me to take the trade if the pin broke with good momentum.
  • #30,309
  • May 18, 2009 3:45pm May 18, 2009 3:45pm
Quoting markmm
He turned $5000 into $140,000 in 2 years not bad!
yeah its easy.......
in theory!!!
thats a demo !!
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PATIENCE... DISCIPLINE
  • #30,310
  • Edited 4:45pm May 18, 2009 3:56pm | Edited 4:45pm
Quoting 4fun
This day bar is quite large in comparison to its neighbors was wanting to short but going to wait till asian session and reavaluate b4 doing something rash. Patience
This could close as a BUllish Outside Bar. We like these at swing Lows and other confluences to support a long trade. There is some fib levels that look to be offering additional support.
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Indicators show the past. Price Action "Indicates" the future.
  • #30,311
  • May 18, 2009 3:57pm May 18, 2009 3:57pm
Yes that day bar is nice stiil 3hrs more till close on my feed 4 those thinkin of going long that 97 looks like tough resistance just something to b aware of stop to b/e quickly etc.
  • #30,312
  • May 18, 2009 4:12pm May 18, 2009 4:12pm
Hi!
Your help is needed!
I was checking my daily charts: I realized that a couple of bars could be forming a PB, so i decided to install the period_converter script, to use a 2 days chart.
After doing so, I saw the way the script was putting together my bars was not the way I would like it to do.
Please, find attached a daily chart whith two possible PB if you take the bars together and the 2 days chart I am getting.
My question, should I trade based on what I imagine a PB is or should I stick to the new 2 days chart?
Thanks a lot!
Attached Images
Trading: the skill of avoiding trades
  • #30,313
  • May 18, 2009 4:15pm May 18, 2009 4:15pm
Quoting eswap0
Hi!
Your help is needed!
I was checking my daily charts: I realized that a couple of bars could be forming a PB, so i decided to install the period_converter script, to use a 2 days chart.
After doing so, I saw the way the script was putting together my bars was not the way I would like it to do.
Please, find attached a daily chart whith two possible PB if you take the bars together and the 2 days chart I am getting.
My question, should I trade based on what I imagine a PB is or should I stick to the new 2 days chart?
Thanks a lot!
Try switching to a bar chart, then imagine removing the close of the first bar and open of the second, then imagine them as one bar. If its a pin bar then its a 2 day pin bar.
Economists have forecast 9 out of the last 5 recessions
  • #30,314
  • May 18, 2009 4:18pm May 18, 2009 4:18pm
Quoting markmm
Try switching to a bar chart, then imagine removing the close of the first bar and open of the second, then imagine them as one bar. If its a pin bar then its a 2 day pin bar.
Precisely, that's what happens if you take the two groups of two bars I pointed in the 1 day chart.
I will use my imagination then.
Thanks.
Trading: the skill of avoiding trades
  • #30,315
  • May 18, 2009 4:19pm May 18, 2009 4:19pm
Nothing looking worthy for me tonight. Hopefully these FF problems are fixed... Night all.

Still in AUD/USD (0.7710 stop) and USD/CHF long (B/E and 1% minimum gain)

Agree that 97 will be place to watch USD/JPY...

So was that it for our big pullback in stocks? Now to the moon? I think not.

Josh
  • #30,316
  • May 18, 2009 4:26pm May 18, 2009 4:26pm
Quoting eswap0
Hi!
Your help is needed!
I was checking my daily charts: I realized that a couple of bars could be forming a PB, so i decided to install the period_converter script, to use a 2 days chart.
After doing so, I saw the way the script was putting together my bars was not the way I would like it to do.
Please, find attached a daily chart whith two possible PB if you take the bars together and the 2 days chart I am getting.
My question, should I trade based on what I imagine a PB is or should I stick to the new 2 days chart?
Thanks a lot!
I know mike once answered this before, when you see inside Our Notorious pinbar, for example you found a Daily pinbar and then you highlight it, and go to a lower timeframe, you'll see that it is actually a triangle shaped price movement.

So when we saw an bearish outside bar on a swing high, I personally really like if it protrudes higher than the last bars to the left of it, making it a pinbar when you combine it with yesterday's bar.

Same goes to the double high, lower close, it's ultimately better IMO to trade these at extreme swing highs, where the double high is the swing high, when you see them at a 2 Day chart combined with the period converter, it will end up as a pinbar too.

And the most often 2-Day Pinbar I found while backtesting was actually an inside bar setup.

So basically, all we trade is pinbars, and our charting programs are simply price aggregator that shows us it's movement graphically, since not all of us are made to read ticker tape like livermore, I know I'm not.

My opinion is when you feel you've seen a 2 day pinbar forming, only then you should use the period converter to validate your opinion.

I've read somewhere in this thread that a pinbar setup with it's left and right eye is simply a head and shoulders pattern simplified.

Hope that helps, or by a longshot correct, coming from a newbie like me.

Marcel
  • #30,317
  • May 18, 2009 4:28pm May 18, 2009 4:28pm
Quoting jarroo
This could close as a BUllish Outside Bar. We like these at swing Lows and other confluences to support a long trade. There is some fib levels that look to be offering additional support.
hi jarroo,this reminds me of something mike (mbqb11)said to me in a reply to a PM i sent him about setups of this kind.it has stuck in my mind ever since then( thanx!!). one thing he mentioned was the fact that when taking these kinds of setups at a swing high/low then the stop is above the high/low..... ok maybe not his exact words) but it dawned on me that this simple fact could change the whole structure of the set-up...
.... i AINT gonna get stopped out ..UNLESS im wrong
....price can only go my way...and could KEEP going...unless im wromg
....how much more comfortable would this make me feel!!..
..maybe im way off mark here but it jus my 2 pips worth..hehe
cheers jon
PATIENCE... DISCIPLINE
  • #30,318
  • May 18, 2009 4:40pm May 18, 2009 4:40pm
Quoting marcelnyo
Hope that helps, or by a longshot correct, coming from a newbie like me.
Marcel
Yes it does.
Thank you very much.
Trading: the skill of avoiding trades
  • #30,319
  • May 18, 2009 4:45pm May 18, 2009 4:45pm
Quoting markmm
Try switching to a bar chart, then imagine removing the close of the first bar and open of the second, then imagine them as one bar. If its a pin bar then its a 2 day pin bar.
I believe you've put my long essay into a few very understandable sentences LOL. I really gotta buy that microphone for speech recognition programs

@Josh.

I didn't knew you were in the Aussie trade too, it ain't right till proven wrong (hit SL at 7720)

Anyway, this is my take at the USDJPY trade.
Can we see it as trading in a box right here? it may breaks up to 97.00 or 97.70 Minor PPZ, but the two bar lows at 96.59 and 96.64 is where I'd consider on watching the trade when I do take it... but maybe if taking the break of BUOB at 96.56 at 10 pips+spread... I'd rather not.
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  • #30,320
  • May 18, 2009 4:50pm May 18, 2009 4:50pm
Quoting eswap0
Hi!
Your help is needed!
I was checking my daily charts: I realized that a couple of bars could be forming a PB, so i decided to install the period_converter script, to use a 2 days chart.
After doing so, I saw the way the script was putting together my bars was not the way I would like it to do.
Please, find attached a daily chart whith two possible PB if you take the bars together and the 2 days chart I am getting.
My question, should I trade based on what I imagine a PB is or should I stick to the new 2 days chart?
Thanks a lot!
If I understand you correctly what you saying is you want the period converter to merge different bars. For example you have 3 bars: 1, 2 & 3, by default it may merge bars 1 & 2 but you want it to merge bars 2 & 3??

The period converter has a 'shift' parameter which I think achieves this. I'm sure i had the same issue and after playing around with the parameter I got it do merge the correct bars.
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