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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

  • #35,541
  • Jun 30, 2009 8:26am Jun 30, 2009 8:26am
Quoting Slurpee
albchr +2 pips secured
There ya go! Can't lose now.
Ghost Rider - WWTBMD?
  • #35,542
  • Jun 30, 2009 8:32am Jun 30, 2009 8:32am
Quoting TiaForex
Pretty scary isn't it? In my opinion it makes structure and rules even more important. Like Mike looking specifically at big round numbers. Makes it easier to filter out trades.

Couldn't agree more. Too bad this post didn't come before...LOL Might have made me pay more attention to my own rules...

Oh well, a good SLAP every now and then is a great teacher/reminder...LOL
Ghost Rider - WWTBMD?
  • #35,543
  • Jun 30, 2009 9:04am Jun 30, 2009 9:04am
Quoting albchr
I'm no expert for sure but I'm always very careful about location with these. If you look at the two "Green" arrows on this chart, you'll see that on the lower TF's, when these happen around PPZ's, they can often be misleading.
i agree here, i have all but stopped trading these kind off 2h pinbars as they are often misleading. i also remember reading something about this two bar formation from another site, i honestly cant remember exactly what was said as i wasnt too interested at the time but i think there is more to the pa here then meets the eye. or maybe im just getting paranoid!!??
jon
PATIENCE... DISCIPLINE
  • #35,544
  • Jun 30, 2009 9:07am Jun 30, 2009 9:07am
Quoting albchr
Couldn't agree more. Too bad this post didn't come before...LOL Might have made me pay more attention to my own rules...

Oh well, a good SLAP every now and then is a great teacher/reminder...LOL
well she fell! did you get a trade of the gb/us??
jon
p.s. one thing albchr, when you open a trade with the 15pip hard stop do you calculate your % risk from there also. i.e. 15 pips equal 1/2/3/% or whatever you risk??
cheers
PATIENCE... DISCIPLINE
  • #35,545
  • Jun 30, 2009 9:14am Jun 30, 2009 9:14am
Not bad that H4 cable pin ...
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  • #35,546
  • Jun 30, 2009 9:19am Jun 30, 2009 9:19am
Quoting pipmyride
Not bad that H4 cable pin ...
Yes sir! She worked out very nice. Did you get in on it? I didn't...LOL I really thought 6600 - 6580ish would be tough support to break.

Now I'll look for PA around the 6430 level for possible bounce back.
Ghost Rider - WWTBMD?
  • #35,547
  • Jun 30, 2009 9:22am Jun 30, 2009 9:22am
I took it but, I get out with small profit. I'm looking for a rac setup EUR/USD and GBP/USD in the next day.....

Quoting pipmyride
Not bad that H4 cable pin ...
What does not kill me makes me stronger. Friedrich Nietzsche,
  • #35,548
  • Jun 30, 2009 9:22am Jun 30, 2009 9:22am
is this the first hurdle for it??
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PATIENCE... DISCIPLINE
  • #35,549
  • Jun 30, 2009 9:23am Jun 30, 2009 9:23am
My TP hit, so first pinbar trade for real was succesfull

+151 pips
Live it or leave it!
  • #35,550
  • Jun 30, 2009 9:26am Jun 30, 2009 9:26am
my alternative view posted here is now taking shape.

Like i said yesterday, I presume yesterday/today's moves are predominantly affected by today's month-end/quarter-end/half-year end flows &/or liquidity/illiquidity.
seems the market waited for 14.00GMT (this hour) today before making Big moves. don't know why.


Quote
1.6600 may or may not hold..
if u look at your 2 charts, the H4 PB has formed in just 3hours. the long nose says a lot about the (initial) rejection above.

another alternative view is that this "range breakout" above 1.66 could possibly be a false one, & may take price immediately back in the range (to +/- 1.65) or perhaps even (break) below the range.
  • #35,551
  • Jun 30, 2009 9:32am Jun 30, 2009 9:32am
Quoting g_j_hook@yah
well she fell! did you get a trade of the gb/us??
jon
p.s. one thing albchr, when you open a trade with the 15pip hard stop do you calculate your % risk from there also. i.e. 15 pips equal 1/2/3/% or whatever you risk??
cheers
Nope Jon, I didn't. Have my head in some carving designs that need to be finished. That, and I'm still licking my wounds from a couple STUPID losses....LOL

My long term 38.2 fib sits at 6428 so I'm looking for PA to suggest a buy or sell from there.

That 15 pips is just a safety net in case I loose connection...i.e. power, cable or broker's server. I kill them before they ever get there. If it's not breaking strong my way, I'm out.

So no, % risk doesn't factor into my trading. With such a small account, if it did, I'd never make my bills. Basically, I have to slightly more than double my account every month. This is why I say the game I play is a dangerous one. So far, I'm on track to doing that this month. But I have to break ALL the common sense rules to do so. Not proud of it but it is what it is.
Ghost Rider - WWTBMD?
  • #35,552
  • Jun 30, 2009 9:33am Jun 30, 2009 9:33am
Quoting albchr
Yes sir! She worked out very nice. Did you get in on it? I didn't...LOL I really thought 6600 - 6580ish would be tough support to break.

Now I'll look for PA around the 6430 level for possible bounce back.
i got some - but unfortunately in anticipation of the news i exited just before so i missed the big drop
  • #35,553
  • Edited 9:48am Jun 30, 2009 9:35am | Edited 9:48am
Quoting Slurpee
My TP hit, so first pinbar trade for real was succesfull

+151 pips
Very COOL and congrats!!

Now, analyze your trade. Were you more than at least 65% - 75% sure it would work? Or was it more of a guess? Be honest with yourself as it will affect your future trades for sure.
Ghost Rider - WWTBMD?
  • #35,554
  • Jun 30, 2009 9:39am Jun 30, 2009 9:39am
Quoting mea
It happened twice in a row to me, that I got stopped out to the PIP and than the price turned around and went
where my high probability price was supposed to go.

Any thoughts about this "getting stopped out to the PIP".

I like also to mention, that each time I entered a 4H charts and I always got stopped out late evening , like yesterday 1100PM EST

all the best
mea

PS: I listened to a webinar where the speaker told the crowd that with opening London and Frankfurt stop hunters
are very active and take out all stops close to opening price,...
hi mea, stopped out to the pip just as price takes off in your direction SUCKS!!!! lol
it has happened to me often enough to make me check through the feeds of other platforms to check if i was being ripped off!!! hehe... i wasnt.
for me it boils down to my stops often being too tight, a stupid thing to do to save a few pips! doh. but having said that it will happen again to me and to you!
often the trigger bars h/l is not enough, sometimes it is nesesary to hide a little further away as often you will be right with the TA, and the bar is a good one telling you the truth, but the market wasnt quite ready to move.
try and bear in mind when you place your SL the ave range the pair could move on a couple of bars in the TF you are using. e.g. gb/us has a high ave range and so if a trade opp. comes up which offers a SL of 50 pips it might be a good idea to STILL put your SL 50 pips away as this pair can spike 100 pips no probs BEFORE going your way.
just my thoughts
jon

Quote

My TP hit, so first pinbar trade for real was succesfull

+151 pips
http://www.forexfactory.com/images/buttons/quote.gif

nice one mate!! congrats. n good luck with the next
PATIENCE... DISCIPLINE
  • #35,555
  • Jun 30, 2009 9:39am Jun 30, 2009 9:39am
Quoting pipmyride
i got some - but unfortunately in anticipation of the news i exited just before so i missed the big drop

Yep! Been there, done that many times. That's why from now on I get locked in and always let the market take me out. Very seldom if ever (when in profit) do I close the trade.

Good that you got some though...

I'm a firm believer in what Jim says about BE being a win. So anything beyond that is gravy to me.
Ghost Rider - WWTBMD?
  • #35,556
  • Jun 30, 2009 9:40am Jun 30, 2009 9:40am
Quote
Not bad that H4 cable pin ...
pipmyride,
that is a huge understatement.
check that PB's HUGE nose. & check too how 2 price bars swoop down & crushed at least 6 up bars of 'hard work'.



Quote
is this the first hurdle for it??
g_j_hook@yah,
the 1st hurdles were 1.66, 1.6550 (stall area prior the breakdown). then 1.6430, 1.64, 1.6350........ then 1.50 LOL



Quote
My TP hit, so first pinbar trade for real was succesfull
+151 pips
Slurpee,
having won 151pips on your 1st trade, i hope u don't forget that
0 (BE) - 150 pips is still considered a win/success. That's the long cut of saying that 150+ pip profits will not always come to u.
Congratulations, nice 1st real trade!
Now go get 1 of your favorite Slurpees as reward for a job well done
  • #35,557
  • Jun 30, 2009 9:49am Jun 30, 2009 9:49am
Quoting Slurpee
My TP hit, so first pinbar trade for real was succesfull

+151 pips
http://www.forexfactory.com/images/icons/icon14.gif
Nice trade!

I took the EU 4hr instead, after the pinbar break. Just banked in some pips.
  • #35,558
  • Jun 30, 2009 9:53am Jun 30, 2009 9:53am
Thanks, ghous....

Quoting ghous
Nice Ikki,
What does not kill me makes me stronger. Friedrich Nietzsche,
  • #35,559
  • Jun 30, 2009 9:55am Jun 30, 2009 9:55am
Quoting supremeChaos
Slurpee,
having won 151pips on your 1st trade, i hope u don't forget that
0 (BE) - 150 pips is still considered a win/success. That's the long cut of saying that 150+ pip profits will not always come to u.
Congratulations, nice 1st real trade!
Now go get 1 of your favorite Slurpees as reward for a job well done
you made me laugh a lot

Thank you, I know it is a great trade for me. I will sit on my hands now for some time not to take any stupid trades...

Too bad we don't have Slurpees over here in the Czech republic
Live it or leave it!
  • #35,560
  • Jun 30, 2009 9:56am Jun 30, 2009 9:56am
Quoting ijay
http://www.forexfactory.com/images/icons/icon14.gif
Nice trade!

I took the EU 4hr instead, after the pinbar break. Just banked in some pips.

Thank you and congrats to you too!
Live it or leave it!
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