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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

  • #34,921
  • Jun 25, 2009 6:23am Jun 25, 2009 6:23am
  •  kean
  • | Joined Sep 2008 | Status: James16group Lifetime Member | 92 Posts
I took this trade last night and just got off with +100pips. Anybody else take it? Any views on my exit strategy would be helpful... thanks

Kean
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  • #34,922
  • Jun 25, 2009 6:32am Jun 25, 2009 6:32am
Quoting datogio
nice break out. lets see where it is going
i quite like this one also, i have just taken the 4h beob, the break price was also the same as the daily pin. i would like price to break down to the .6300 level pretty hard as price is sitting on intraday pivot atm. i will be taking profits there if price reaches and then will be looking for .6250 to see what happens there.
jon
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PATIENCE... DISCIPLINE
  • #34,923
  • Jun 25, 2009 6:34am Jun 25, 2009 6:34am
Quoting kean
I took this trade last night and just got off with +100pips. Anybody else take it? Any views on my exit strategy would be helpful... thanks

Kean
I got in on the pin bar break today, first target was 1.6300, closed half of my position at that point, now im going to trail it with 2 bar method on h4 chart.

exit strategy should be developed based on your ROI so that's you who should know best of all does this exit strategy works for you or not my friend.

nice trade
  • #34,924
  • Jun 25, 2009 6:36am Jun 25, 2009 6:36am
Quoting fat_tom
Mr Hog,

To open this out to everyone did anyone else take these trades? and if so what where your opinions on them!!

cheers

Fat Tom (In going on Holiday in 3 hours mode..)
Thanks Tim and TiaForex

Yes I'm part of the PF and there is LOADs of info on there So just going through it all.

Thanks for your responses - they are both very useful. I like knowing what other people think when pulling the trigger.

Mat & Mike suggested using 'forextester' to backtest - and I've got to say its brilliant ! Although has pointed out I'm rubbish!

For example I took 6 demo trades for 2007 EURUSD, 5 lost The main reason is taking pinbars and it reversing after an initial push in the right direction.

Hence the need for proper trade management.
So back to the learning

Thanks for the welcolme
  • #34,925
  • Jun 25, 2009 6:41am Jun 25, 2009 6:41am
Quoting g_j_hook@yah
i quite like this one also, i have just taken the 4h beob, the break price was also the same as the daily pin. i would like price to break down to the .6300 level pretty hard as price is sitting on intraday pivot atm. i will be taking profits there if price reaches and then will be looking for .6250 to see what happens there.
jon
I closed first half with BE and the second with small loss, so I'm out, wish you luck my friend
  • #34,926
  • Jun 25, 2009 6:42am Jun 25, 2009 6:42am
Hello to all,

I am watching this setup which imo could be consider a double pinbar... we will see at the closed of the 4hr. Any comments will be appreciated.
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Unus pro omnibus, omnes pro uno
  • #34,927
  • Jun 25, 2009 6:43am Jun 25, 2009 6:43am
Quoting kean
I took this trade last night and just got off with +100pips. Anybody else take it? Any views on my exit strategy would be helpful... thanks

Kean
hi Kean, nice trade mate. i was in this but not from the daily pin. i have also been stopped by my TSL when price bounced off the 1.6300 level with about the same returns.
firstly i was wondering where you had your SL when you entered?
my question to you would be why did you close?? was there pa to make you close? did it hit your TP? did you concider leaving a part of your position open? bearing in mind the ave daily range of this pair atm is about 250 pips
and you have taken a daily trade setup do you think it should be still open or are you happy with your pips? what was the R:R on this trade??
just voiceing my thoughts here hope you dont mind?
cheers
jon
PATIENCE... DISCIPLINE
  • #34,928
  • Edited 7:09am Jun 25, 2009 6:48am | Edited 7:09am
Quoting kean
I took this trade last night and just got off with +100pips. Anybody else take it? Any views on my exit strategy would be helpful... thanks

Kean
This was my plan for it off the one hour. Entry at 6580 with 3 standard lots, 1 closed at each check mark. Final TP at 6220. SL now at 6350.
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Ghost Rider - WWTBMD?
  • #34,929
  • Jun 25, 2009 6:59am Jun 25, 2009 6:59am
I posted this chart in the pf last night as one on my watch list. Pulled the trigger when price was playing with the height of the left eye(more aggressive)
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  • #34,930
  • Jun 25, 2009 7:01am Jun 25, 2009 7:01am
Quoting LSs
Hi all!


It is common for price to retest a breakout area right? That's why Jarroo method of moving SL on each previous bar high/low makes sense...


How will you rate such reentry? I'm just curious to know (:
Let me be clear. I am not suggesting you move your stop loss (after the break) to each of the next proceeding bar Low/High. You have a setup, and Price breaks it, (ideally its the next bar and it breaks hard) and you leave that stoploss there, above/ below the break bar, until your 1st TP is hit.

This is an alternative stop loss placement then break even. So if Price breaks and retests the break, your safe.
Indicators show the past. Price Action "Indicates" the future.
  • #34,931
  • Jun 25, 2009 7:05am Jun 25, 2009 7:05am
Quoting datogio
I closed first half with BE and the second with small loss, so I'm out, wish you luck my friend
hi datogio, did you enter on the break of the pin??
it seems you closed pretty fast?! any particular reason??
cheers
jon
PATIENCE... DISCIPLINE
  • #34,932
  • Jun 25, 2009 7:12am Jun 25, 2009 7:12am
Swing high, Double top, round number (1.1) PA (IPB)....BOOM!

Entry: IPB close

TP1: IPB low.
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I believe . . .
  • #34,933
  • Jun 25, 2009 7:13am Jun 25, 2009 7:13am
Quoting g_j_hook@yah
hi datogio, did you enter on the break of the pin??
it seems you closed pretty fast?! any particular reason??
cheers
jon
I'm trading with tight stops i Just didn't like the momentum of the break so decided to close the position with possible small loss, couldn't manage anything better than that.

EDIT: yes I entered on the pin break
  • #34,934
  • Jun 25, 2009 7:18am Jun 25, 2009 7:18am
Quoting raczekfx
I posted this chart in the pf last night as one on my watch list. Pulled the trigger when price was playing with the height of the left eye(more aggressive)
hi Rac, i would be interested to know what your TP plans are for this trade??
Also what method do you use for exiting a trade if you havent set a hard target?? TSL ,2 bar stop etc or do you hide it beind PPZs?
cheers
jon
PATIENCE... DISCIPLINE
  • #34,935
  • Jun 25, 2009 7:18am Jun 25, 2009 7:18am
Quoting Gov
I wrote this post to rh674 recently and then proceded not to follow my own advice.

Jumped into the GBPJPY pin bar trade just over a day ago, price moved nicely up, moved stop to BE, went to bed, price missed my TP by 6 pips (was 131 pips in profit at that stage) then ran back down and took out the stop and ran thru a further 20 odd pips.

Gov
I always low ball my targets. Meaning I go for nearest areas of the target. If, for example, I was short and I was looking to come down on my target say a nice round number like .6300 I would take .6305 or .6310 as target hit.

Writing out your trading plan is a great exercise on many different levels.

Maybe write one out and place it on this thread. You will get a lot of different eyes looking at it and it will prbably help many others as well. The best trading plans are short and simple.

Jim
Indicators show the past. Price Action "Indicates" the future.
  • #34,936
  • Jun 25, 2009 7:20am Jun 25, 2009 7:20am
Quoting datogio
I'm trading with tight stops i Just didn't like the momentum of the break so decided to close the position with possible small loss, couldn't manage anything better than that.

EDIT: yes I entered on the pin break
ok thanx. yes there does seem to be a slight lack of momentum!!??
im gonna hang in there a while and see where she goes!? the us session could well reverse the price, but could also push it south? time will tell
cheers
jon
PATIENCE... DISCIPLINE
  • #34,937
  • Jun 25, 2009 7:21am Jun 25, 2009 7:21am
Quoting datogio
hard break of the pin, that produced 20 pips in profit instantly
Quoting datogio
I got in on the pin bar break today, first target was 1.6300, closed half of my position at that point, now im going to trail it with 2 bar method on h4 chart.

exit strategy should be developed based on your ROI so that's you who should know best of all does this exit strategy works for you or not my friend.

nice trade
datogio, you are the Man. Very nice.
Indicators show the past. Price Action "Indicates" the future.
  • #34,938
  • Jun 25, 2009 7:24am Jun 25, 2009 7:24am
Quoting jarroo
datogio, you are the Man. Very nice.
Hi jarroo and thank you my friend
  • #34,939
  • Jun 25, 2009 7:25am Jun 25, 2009 7:25am
Quoting g_j_hook@yah
ok thanx. yes there does seem to be a slight lack of momentum!!??
im gonna hang in there a while and see where she goes!? the us session could well reverse the price, but could also push it south? time will tell
cheers
jon
have a nice trade
  • #34,940
  • Jun 25, 2009 7:30am Jun 25, 2009 7:30am
Quoting Jduester
I like that exit strategy idea Jarroo. I've tested something similar (-0.5R as initial stop) and it proved very profitable. Think I posted it somewhere.


Josh
Its more of an initial stop loss strategy not an exit strategy, if we're talking about the same thing.
Indicators show the past. Price Action "Indicates" the future.
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