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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

  • #35,561
  • Jun 30, 2009 10:08am Jun 30, 2009 10:08am
Quoting verno
Something I am watching on GBPUSD:

2hrly - pin bar formed at PPZ
hrly - DBLHC

Question - I think that James said to trade the DBLHC on a retracement if possible. Given that the 2hrly pin bar is the same setup then should I wait for the pin break or trade the DBLHC retracement.

I guess one option is to trade the DBLHC small size and then add if the pin breaks higher?
I guess that answered my question. If I had waited for the break of the PB then I wouldn't have taken the trade. Sadly I traded the DBLHC.... another lesson learnt.
  • #35,562
  • Jun 30, 2009 10:09am Jun 30, 2009 10:09am
Slurpee,
ooops.. No slurpee?
if it makes u feel better, i haven't had a slurpee for like 10 - 12 years now Alternatively, u can make one yourself. to me, it's just colored/flavored shaved/crushed ice.

If i'm not making good/great analyses, at least i'm making someone laugh. I think that's good enough.
  • #35,563
  • Jun 30, 2009 10:18am Jun 30, 2009 10:18am
Quoting supremeChaos
Slurpee,
ooops.. No slurpee?
if it makes u feel better, i haven't had a slurpee for like 10 - 12 years now Alternatively, u can make one yourself. to me, it's just colored/flavored shaved/crushed ice.

If i'm not making good/great analyses, at least i'm making someone laugh. I think that's good enough.
Yeah, it is strange, isn't it! no Slurpee in Czech republic... But I might start a business here with Slurpees

I think you are making great work here like the others... for us newbies!
Live it or leave it!
  • #35,564
  • Jun 30, 2009 10:30am Jun 30, 2009 10:30am
Hey Kean

Yes that is my favorite type pin. The one that creates enough space look wise and is with a trend. Now the question of what is enough space is impossible to answer. The way I look at it is, when you see the pin, the amount of space will help determine the best style to manage. The more space, the more room one can give to breathe. Every situation is going to look a bit different, there is no real easy way to say X amount of space is necessary. To me it is all a look thing. If there is not a lot of space, that means s/r is close by and we must get our stops to b/e quicker then if their is more space created, giving a trade an easier ride(usually), to move. These pins are STILL at swing points. They are swing points because they are moving away from price creating a new swing point. A swing high or low does not have to be the very top or the very bottom.

Here is just a quick example of a chart I had open. Notice the pin(red arrow). This is the scenario of a retracement pin. We have a large move that occurred(bullish up move), then a retrace back to .8000 mark, which is putting in a new swing low point if price bounces there. The blue box is our space area, that it could potentially move through easier then if that was all clustered with price. Now we still should look for other problem areas. But I wanted to show the Swing low swing high concept for you.

But you can see the components here. Swing low, a pinbar, a PPZ, a round number. Then you decide the best way to attack trade mgmt. The less space, the more I move my stops to b/e fast.

Hope that helps
Mike

Quoting kean
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...
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  • #35,565
  • Jun 30, 2009 10:34am Jun 30, 2009 10:34am
Quoting g_j_hook@yah
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...
Ty I should take more attention to the PAIR I guess.
It comforts me a little that I am not the only one, but like I said those hunters hunt all down not only me.
grrrrrrr
mea
just made at least up what i lost in my late night stop hunter trade
  • #35,566
  • Jun 30, 2009 10:38am Jun 30, 2009 10:38am
verno,
alternatively, u can view this DBHLC as a two matching lows, with a subsequent trend breakout (to the downside). Sir james16 has several charts mentioning this (specially on the first few pages of this thread).

also, i usually say u should always be mindful... not to take all PA setups -- PBs, DBLHC, BUOBs etc at face value. that is, these PAs will not always work (depending on the setup, location, situation etc). sometimes, PA setups present itself, as a pause in a current underlyingtrend, rather than a reversal trigger (the ones we are taught to trade).

in short, u should always qualify a PA setup if it is tradeable or not, rather than jumping on every PA setup that u see...
Hope this helps
  • #35,567
  • Jun 30, 2009 10:42am Jun 30, 2009 10:42am
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  • #35,568
  • Jun 30, 2009 10:46am Jun 30, 2009 10:46am
Quote
Yeah, it is strange, isn't it! no Slurpee in Czech republic... But I might start a business here with Slurpees
I think you are making great work here like the others... for us newbies!

Slurpee,
no slurpees there probably because it's already cold. it's generally hot/tropical in Asia so slurpees help many here to cool down.
Thanks, i hope i am. i am still a newbie at heart, & in age!
  • #35,569
  • Jun 30, 2009 10:48am Jun 30, 2009 10:48am
Quoting supremeChaos
verno,
alternatively, u can view this DBHLC as a two matching lows, with a subsequent trend breakout (to the downside). Sir james16 has several charts mentioning this (specially on the first few pages of this thread).

also, i usually say u should always be mindful... not to take all PA setups -- PBs, DBLHC, BUOBs etc at face value. that is, these PAs will not always work (depending on the setup, location, situation etc). sometimes, PA setups present itself, as a pause in a current underlyingtrend, rather...
Thanks supreme, for me it was also at a PPZ and bang on an uptrend line. I think I need to also examine trades from the other angle which would have been a break of the low means a break of trend and a quick move.

Anyway, its all learning.
  • #35,570
  • Jun 30, 2009 10:49am Jun 30, 2009 10:49am

wow, almost a back to back mbqb11 & raczekfx posts
Thank you Sirs!
(see Slurpee, i am still a newbie )
  • #35,571
  • Jun 30, 2009 10:57am Jun 30, 2009 10:57am
Quote
Thanks supreme, for me it was also at a PPZ and bang on an uptrend line..
verno,
im sure u know trendlines do not always get respected, or get respected only for a certain amount of time & depending on its significance.

Quote
I think I need to also examine trades from the other angle...
This would be beneficial. Examine pros & cons of every trade, & try to avoid having a (prolonged) bias (of where the markets are gonna go &/or going to do next)



jarroo,
i thought i would exit the thread today without seeing u here. if ever, it would have been a first for me (to not see u around). Am glad it did not happen.
  • #35,572
  • Jun 30, 2009 11:23am Jun 30, 2009 11:23am
Quoting raczekfx
.
Cool..
"""" --- -- - << ..:: ALM ::.. >> - -- --- """"
  • #35,573
  • Jun 30, 2009 11:26am Jun 30, 2009 11:26am
Quoting supremeChaos

wow, almost a back to back mbqb11 & raczekfx posts
Thank you Sirs!
(see Slurpee, i am still a newbie )
well, then to these guys I should only if you say...
Live it or leave it!
  • #35,574
  • Jun 30, 2009 11:58am Jun 30, 2009 11:58am
hey guys for a bar to be considered a BEOB I was under the impression the high and the low only need to be outside of the previous bar. is this true or does the close need to be below the previous bar as well? Is a BEOB that has a close under the previous bar regarded as a better BEOB then one that has its close somewhere in the middle of the previous bar? thanks in advance
  • #35,575
  • Jun 30, 2009 12:07pm Jun 30, 2009 12:07pm
Quoting g5ricky
hey guys for a bar to be considered a BEOB I was under the impression the high and the low only need to be outside of the previous bar. is this true or does the close need to be below the previous bar as well? Is a BEOB that has a close under the previous bar regarded as a better BEOB then one that has its close somewhere in the middle of the previous bar? thanks in advance
Yes you are correct, the high and low have to be outside the previous bar, and we are looking for a close near the lower portion of the bar. It does NOT have to be below the previous bars low. I personally prefer them that way , and I do regard it as a stronger sign personally.

Best
Mike
  • #35,576
  • Jun 30, 2009 12:22pm Jun 30, 2009 12:22pm
Quoting raczekfx
.
Oh boy, what a beauty!!!

Thanks for posting Mark

Have a nice one

Matty
  • #35,577
  • Jun 30, 2009 12:34pm Jun 30, 2009 12:34pm
  •  kean
  • | Joined Sep 2008 | Status: James16group Lifetime Member | 92 Posts
Quoting mbqb11
Hey Kean

Yes that is my favorite type pin. The one that creates enough space look wise and is with a trend. Now the question of what is enough space is impossible to answer. The way I look at it is, when you see the pin, the amount of space will help determine the best style to manage. The more space, the more room one can give to breathe. Every situation is going to look a bit different, there is no real easy way to say X amount of space is necessary. To me it is all a look thing. If there is not a lot of space, that means s/r is close by and...
Thanks Mike, this has made identification a lot clearer. Just on the trade management, as there is a degree of space, where would you place your initial stop loss on this trade, would it be different from a full bar stop used on a major swing high/low after a large move (ie. right at the top/bottom)?

Kean
  • #35,578
  • Jun 30, 2009 12:37pm Jun 30, 2009 12:37pm
Quoting kean
Thanks Mike, this has made identification a lot clearer. Just on the trade management, as there is a degree of space, where would you place your initial stop loss on this trade, would it be different from a full bar stop used on a major swing high/low after a large move (ie. right at the top/bottom)?

Kean
Hey Kean

I always place my stop loss at the other end of the bar no matter the trade for me

Best
Mike
  • #35,579
  • Jun 30, 2009 12:44pm Jun 30, 2009 12:44pm
Quoting raczekfx
.
Good post.

Thnx Mark,

Ghous.
I believe . . .
  • #35,580
  • Jun 30, 2009 12:48pm Jun 30, 2009 12:48pm
The art of S/R. is very powerful. Sometimes I think rac is like the voldemort of the trading. He's a really master in the vodoo stuff. lol

Quoting ghous
Good post.

Thnx Mark,

Ghous.
What does not kill me makes me stronger. Friedrich Nietzsche,
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