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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

  • #35,501
  • Jun 30, 2009 5:23am Jun 30, 2009 5:23am
Will be looking to sell this for tomorrow if price action can mantain back to the 1.7500 area

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  • #35,502
  • Jun 30, 2009 5:24am Jun 30, 2009 5:24am
update.
the retest held up, shame the pin didnt ( it was a small pin though, you need to get a little lucky with these)
1h TFs ..no good for nothing!!! hehehe
jon
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PATIENCE... DISCIPLINE
  • #35,503
  • Edited 7:08am Jun 30, 2009 5:27am | Edited 7:08am
Quoting g_j_hook@yah
thanx albchr, i have been doing just the same with the recent range.it has provided some decent trades....BE @ +5!! thats tight mate!!
lets see what the pa brings?? i have to agree with SChaos on this though, its lookin like a false break.it broke out of its range during the asian session and whipped straight back in when the eu/gb market opened.maybe its just those bad GDP numbers etc holding it back??
jon

Yes we will have to wait and see now although I "think" that drop was a lot of profit taking on the news. But, who knows...LOL

Tight stops? Yes. Aside from all the "other" knowledge about PA I've learned here. A few things have really stuck out to me after 3 times through this thread.

First, I treat EVERY trade like it's a "Jim" trade...LOL 100 a pip or so and I have to earn a lot from a little.

I use PA to indicate the "likely" direction and make my choice.
I enter with large lots 1 - 3 usually, depends on the circumstances.

I place a 5 pip trailer, set a 15 pip maximum fixed stop (in case I loose connection) and have my finger on the close button until the trailer triggers.

I never let it get to the 15 pip SL (that's a safety net). If it moves 5 - 10 against I KILL it right there.

If the trailer triggers I close the order box, set the trailer to 25 or 35 and watch. If it goes my way I take partials along route. If I get stopped out, COOL. Again from Jim, BE goes in the win column and with the 5 digit system, it's usually even a few dollars profit. This allows me to either reenter at a better place if I think it's still going that way, or let's me re-evaluate the situation.

So Far, it's worked out very well for me but time over the long haul will tell. Of course, I have to be quick and attentive which is why you don't see me post very often...LOL I'm an old carpenter and my fingers just don't type very fast (or well).....
Ghost Rider - WWTBMD?
  • #35,504
  • Jun 30, 2009 5:27am Jun 30, 2009 5:27am
albchr,
range trading? Nice Chris.



pipmyride, LSs,
kindly check out albchr's recent 3 posts. read from that onwards.
  • #35,505
  • Jun 30, 2009 5:28am Jun 30, 2009 5:28am
Quoting supremeChaos
kk007,
why not a PF of 3? of course it's achievable.
Like many/several here, my take would beanything is possible or Nothing is impossible.
& it goes without saying that u/we have to work hard (& smart) for whatever we want to achieve.
I think it's fair to say a PF of 3-5 is achieved by successful traders, probably some even more. since successful traders avoid/minimize risk as much as possible, i can't see why a PF of 3-5 is impossible & insurpassable.

I'm not the...

supremeChaos, Many thx for your opinion. kk
  • #35,506
  • Jun 30, 2009 5:34am Jun 30, 2009 5:34am
Quoting albchr
Yes we will have to wait and see now although I "think" that drop was a lot of profit taking on the news. But, who knows...LOL

Tight stops? Yes. Aside from all the "other" knowledge about PA I've learned here. A few things have really stuck out me after 3 times through this thread.

First, I treat EVERY trade like it's a "Jim" trade...LOL...
lol , nice.
it sounds a bit like me on the 15 min charts! hitting a 50-100 pips run with a 15 pip stop is ace,wish it would happen more often!!
i have also been thinking a little like you in that i have also a small acount and am tempted to open larger possitions initially but close most of it fast.?? not quite had the b#@ls yet though.
good luck
jon
PATIENCE... DISCIPLINE
  • #35,507
  • Jun 30, 2009 5:37am Jun 30, 2009 5:37am
Some of these 4H bars were tempting but they point right back into that thick consolidation. Too many roadblocks and I'm being careful not to play the first bar that comes along just because it's been dry while we've been ranging.

So patience. I'd like to see a more solid break away followed by a retest.

The longer the consolidation the harder the move. Price is winding up and will tip its hand when it is ready to move.

By the way, I don't have GBPCAD with my broker Jon but that looked nice. What was the divergence like on the 4H?
  • #35,508
  • Jun 30, 2009 5:39am Jun 30, 2009 5:39am
I am in too..on the short side we will see how it goes...
Live it or leave it!
  • #35,509
  • Jun 30, 2009 5:39am Jun 30, 2009 5:39am
Quoting g_j_hook@yah
lol , nice.
it sounds a bit like me on the 15 min charts! hitting a 50-100 pips run with a 15 pip stop is ace,wish it would happen more often!!
i have also been thinking a little like you in that i have also a small acount and am tempted to open larger possitions initially but close most of it fast.?? not quite had the b#@ls yet though.
good luck
jon
I never drop below the 1H chart. Probably will as I get better but not now. I work mainly from the 1H and 4H for trading using daily & weekly for setting PPZ's.

As far as the b#@ls go? You'd be AMAZED how much bigger they get when life depends on it...LOL

EDIT: I look for more than 50 - 100 pips though. This was a post from last week on the 25th in another thread. I had 3 trade very similar trades over the past 2 - 3 weeks.
http://www.forexfactory.com/showpost...stcount=140264
Ghost Rider - WWTBMD?
  • #35,510
  • Jun 30, 2009 5:41am Jun 30, 2009 5:41am
Quote
update.
the retest held up, shame the pin didnt ( it was a small pin though, you need to get a little lucky with these)
1h TFs ..no good for nothing!!! hehehe

g_j_hook@yah,
are u still in this trade (long)?

Talking about that PB.. (if ever u took it below the PB break)
"in hindsight", u could have looked at your indicators --- RSI & MACD.
MACD histogram was still above 0 while that PB was forming/formed.

This is one of those PB's we've seen to be a temporary pause of the current trend at that time. & this is 1 of those PB's that should be taken "normally" (as opposed to aggressively) --- which is above/below the break of the PB (in this case, break above the PB). if taken aggressively (before the PB breaks), stop could have been below the June26 highs, but then again that stop is very possible to get hit.
Hope i made sense, lol
  • #35,511
  • Jun 30, 2009 5:44am Jun 30, 2009 5:44am
EURAUD is in a great area, waiting for 4hr PA confirmation for long
Grabbing the bull by the horns!
  • #35,512
  • Jun 30, 2009 5:48am Jun 30, 2009 5:48am
Quote
Some of these 4H bars were tempting but they point right back into that thick consolidation. Too many roadblocks and I'm being careful not to play the first bar that comes along just because it's been dry while we've been ranging.

So patience. I'd like to see a more solid break away followed by a retest.

The longer the consolidation the harder the move. Price is winding up and will tip its hand when it is ready to move.

By the way, I don't have GBPCAD with my broker Jon but that looked nice. What was the divergence like on the 4H?
Great post again TiaForex, with my trigger happy finger i would do well to take heed!
I only have this pair on one feed(fxpro) and it is not something i follow either. this might be better taken if it breaks the 1.9100 level?the chart shows lovely divergence.

Quote
I never drop below the 1H chart. Probably will as I get better but not now. I work mainly from the 1H and 4H for trading using daily & weekly for setting PPZ's.
i never atempt to trade pa off the 15 min TF . only pattern breaks like triangles etc. i wish i was good enough!!
jon
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PATIENCE... DISCIPLINE
  • #35,513
  • Jun 30, 2009 5:50am Jun 30, 2009 5:50am
  •  kean
  • | Joined Sep 2008 | Status: James16group Lifetime Member | 92 Posts
Hi Mike,

Sorry to be persistant but I am genuinely a bit stuck on this at the moment. I am trying to get some structure to the way that I trade. I feel that I have the self discipline to stick to the criterea that I lay down but, at the moment, I need some help in judging different pinbar scenarios and how to trade them, I hope you don't mind...

With reference again to your #3914 post, I am very much wanting to understand the third pinbar scenario. With regards to location, I was just at the point of thinking that there were two pinbar types to consider, 'swing high/low' and 'in traffic' and starting to understand how to trade each of these types.....and then I read this post. I know how picky you are and, to be honest, I am more attracted to this choosy style of trading. So, I was seeing being picky as not taking PB's in traffic and concentrating more on the swing high/low PB's. However, the third PB type in this post has now come on to my table... and it's your personal favourite!...I need to know more!!! I am seeing it as a continuation pinbar after a retracement of the overall trend, is this correct? If so, the part that I need to understand is how to judge how much space is needed in order for it to be worth trading. I am thinking that if it retraces a lot, it will just be creating it's own new swing high and if it retraces a little it could be classed as in traffic... I am just a little confused over this point. Do you have any criteria for this particular type of pinbar that you apply?

Also, given that this type of PB is neither 'swing high/low' or 'in traffic', how do you manage it with regards to your stop loss etc?

Anyone else's views would also be appreciated

Kind regards,

Kean
  • #35,514
  • Jun 30, 2009 5:50am Jun 30, 2009 5:50am
Quoting TiaForex
Some of these 4H bars were tempting but they point right back into that thick consolidation. Too many roadblocks and I'm being careful not to play the first bar that comes along just because it's been dry while we've been ranging.

So patience. I'd like to see a more solid break away followed by a retest.

The longer the consolidation the harder the move. Price is winding up and will tip its hand when it is ready to move.

By the way, I don't have GBPCAD with my broker Jon but that looked nice. What was the divergence like on the 4H?
I took this (demo, of course). Amazed (and a little scared) by how many more setups are available on the 4hr.

Josh
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  • #35,515
  • Jun 30, 2009 5:53am Jun 30, 2009 5:53am
Waiting for the PB to be broken to the downside.

Still waiting.....

Slow day....
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  • #35,516
  • Jun 30, 2009 5:55am Jun 30, 2009 5:55am
Quoting Slurpee
I am in too..on the short side we will see how it goes...

I wish you the best on this one....

For me, it will have to breech the 6580ish area pretty solidly to go short. I'm flat now and ....
Ghost Rider - WWTBMD?
  • #35,517
  • Jun 30, 2009 5:57am Jun 30, 2009 5:57am
Quoting supremeChaos
g_j_hook@yah,
are u still in this trade (long)?

Talking about that PB.. (if ever u took it below the PB break)
"in hindsight", u could have looked at your indicators --- RSI & MACD.
MACD histogram was still above...
i didnt take the trade as ther pin bar was invalidated and i am still trying to get an angle on the yen crosses( as usual, lol) i never take a 1h pin without it breaking, im not that greedy hehe. and yes you make sense but i didnt have that kind of conviction.

Quote
EDIT: I look for more than 50 - 100 pips though. This was a post from last week on the 25th in another thread. I had 3 trade very similar trades over the past 2 - 3 weeks.
impressive!! was this taken with the same tiny stop!?
jon
EDIT: currently long eu/gb, profits takenand ST@ BE, eu/yen, profits taken and SL just below 135( about 20 pips from my entry.) which if hit will leave me a little in profit.and short the gb/cad ....it might just have missed my initial TP @1.91 by a couple of pips if it continues north?
lets see what happens
PATIENCE... DISCIPLINE
  • #35,518
  • Jun 30, 2009 6:02am Jun 30, 2009 6:02am
Quoting albchr
I wish you the best on this one....

For me, it will have to breech the 6580ish area pretty solidly to go short. I'm flat now and ....

Thank you!

We just closed 6560 on 1HR chart and it seems to have some momentum on this timeframe...we will see:nerd:

EDIT: and right now we are back above 6580 3 minutes after close of previous 1HR bar
Live it or leave it!
  • #35,519
  • Jun 30, 2009 6:03am Jun 30, 2009 6:03am
Quoting kk007
What do you think a maximum achievable profit factor for a professional trader? Is 3 achievable?

cheers,
Not on a consistant basis, no. Best traders I know achieve a PF of 2 on average...and those are really a few. But hey! Aim for 3 and if you get 2 you can still be happy
  • #35,520
  • Jun 30, 2009 6:07am Jun 30, 2009 6:07am
Quoting g_j_hook@yah
impressive!! was this taken with the same tiny stop!?
Thank you sir and ABSOLUTELY on the stop...LOL

I get stopped out a lot at BE or better but I'm only looking for that one trade that breaks my way. Sort of a catch 22. I risk a lot without risking a LOT...LOL
Ghost Rider - WWTBMD?
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