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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

  • #36,581
  • Jul 7, 2009 11:17am Jul 7, 2009 11:17am
Heads up to my fellow traders. Look at the red line on my daily chart. It's the same line on the 4hr and 1 hr. Daily shows that price has gone down to almost 1.3900. This is not the case as I have verified it with other feeds.

K.I.S.S.
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  • #36,582
  • Jul 7, 2009 11:34am Jul 7, 2009 11:34am
Quoting Shermenator
Will be buying this pair....liking the wicks the market has been leaving at the bottom...as well as the fact they took last weeks low to just pick up sell stops. We are aslo starting to make higher lows this week and the trendline is holding very nice.

At about 156.40 I will be moving my stop to break even and looking for target around 158.40

Attachment
Alright I have cancelled my buy stop untill furth pice action in the market
  • #36,583
  • Edited 12:02pm Jul 7, 2009 11:39am | Edited 12:02pm
Hi, this will close in 27 minutes, I marked the trouble area at 0.86, will move to BE asap because the nose isn't as good as it gets.

Comments on this one?

Thanks guys
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  • #36,584
  • Jul 7, 2009 11:48am Jul 7, 2009 11:48am
I marked the 8650 as a minor PPZ also. There's also the upper trendline that crosses it on H4. Sorry too lazy to post the chart, but i guess you can see what i mean. I believe its time to close the long positions. You will probably be able to open a long position from a lower price, if you really think this pair will keep heading north that is.
  • #36,585
  • Jul 7, 2009 11:54am Jul 7, 2009 11:54am
Hello Jarroo,

Today I took the EU, UCHF and AJ daily pin bar trade. The EU and UCHF has enough space allow me to take enought profit. However, the AUDJPY trade got me 70 pips loss.

Please see the chart attached. My entry is around 76.50, more than 10 pips above the pin bar high. I orginally set the stoploss to the "The bar breaks low". The market go up and take my entry and maximum give me 5 pips and reverse backdown. I finally reset the stoploss to be 75.80. 20 pips below the 76 round number.

I knew 76.5 is some kind for hurdle. If I follow your trading style, do I give too much room for stoploss and I should just give hard 20-30 pips stoploss when the entry need to clear the minor ppz?

Can you give me some hint how you would manage this kind of trade? When do you choose to use the low or high of "The bar breaks rule" and when you choose small tight stoploss for some of the trade?


In the beginning, I found this AJ is not A trade, but the location and pin bar size is good.

I look forward to your comment and shed me some light on trade management.

Thanks!

Pippingmama
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  • #36,586
  • Jul 7, 2009 11:58am Jul 7, 2009 11:58am
Quoting marcelnyo
Hi, this will close in 27 minutes, I marked the trouble area at 0.86, will move to BE asap because the nose isn't as good as it gets.

Comments on this one?

Thanks guys
hey marcelnyo
for me, dis is a BIG NO TRADE
reason being that pin is way to small with respect to the previous bar, dont forget the trend is up so u'll be fighting the trend with that tiny pin
you have to find better reasons especially when entering a counter trend trade imo
its not worth putting money on
cheers
just my 2cent
Simplicity is the key to success
  • #36,587
  • Jul 7, 2009 11:59am Jul 7, 2009 11:59am
Quoting dmc
4fun, just some thoughts on taking that 1 HR pin. Let me first start by saying I am in no way an expert and still consider myself a newb.

One thing I have learned though, especially when taking pins, is to watch out trading into large round numbers(Mike Stresses this constantly). 154 was right above that pin. I do not like the traffic next to it, but a possible better scenario would have been a BUOB closing above the round number of 154. Then go long.
Hey dmc thats all true plus the 4hr pin it was a part of all had southbound momentum. I pulled a fib on the 1hr pin and got in b4 it broke then when it got past 61fib it was time to kill it. It was a very high risk trade therefore I was only going to feed the monster a peanut. Finished for today see what the day bars bring later thanks for your thoughts.
  • #36,588
  • Jul 7, 2009 12:04pm Jul 7, 2009 12:04pm
Quoting PippingMama
Hello Jarroo,

Today I took the EU, UCHF and AJ daily pin bar trade. The EU and UCHF has enough space allow me to take enought profit. However, the AUDJPY trade got me 70 pips loss.

Please see the chart attached. My entry is around 76.50, more than 10 pips above the pin bar high. I orginally set the stoploss to the "The bar breaks low". The market go up and take my entry and maximum give me 5 pips and reverse backdown. I finally reset the stoploss to be 75.80. 20 pips below the 76 round number.

I knew 76.5 is some kind for hurdle. If I follow...
My bar high was 76.54 (part of Sunday bar)... my order was 76.65... never triggered, now pulled... that's all I can say. I thought it was a good enough setup to risk my cash... but it never triggered. Certainly not a great setup though.

Josh
  • #36,589
  • Jul 7, 2009 12:04pm Jul 7, 2009 12:04pm
Hello supremeChaos,

Thank you for showing me and I will pay more attention to previous data and big fibs in the future.

I think it will make me to pick trades more conservative and make sure there is enough room for me to take some profit off the table.

Also, most important is I follow trading style from James16 and Jarro, I need to take some profit off the table instead of missing big good chance.

Thanks!

Pippingmama






Quoting supremeChaos
PippingMama,
(looking exclusively at your charts)
just to add a little view on this, if i may...
check out the highs/lows from April 2 onwards (starting around the long-nosed PB) to the lows prior yesterday's bar/candle (i'm just eyeballing your chart... 81.30 - 82.40 area), u could say that that area is a PPZ.
as always, the more confluence, the better.
  • #36,590
  • Jul 7, 2009 12:12pm Jul 7, 2009 12:12pm
Quoting squeezy
hey marcelnyo
for me, dis is a BIG NO TRADE
reason being that pin is way to small with respect to the previous bar, dont forget the trend is up so u'll be fighting the trend with that tiny pin
you have to find better reasons especially when entering a counter trend trade imo
its not worth putting money on
cheers
just my 2cent
Dude, I think you're right, it looks like a neutral bar now, I was just looking for a ranging pair to trade but I believe right now most are beginning to trend especially NZD pairs. Thank you for your time squeezy
  • #36,591
  • Jul 7, 2009 12:13pm Jul 7, 2009 12:13pm
Quoting 4fun
Hey dmc thats all true plus the 4hr pin it was a part of all had southbound momentum. I pulled a fib on the 1hr pin and got in b4 it broke then when it got past 61fib it was time to kill it. It was a very high risk trade therefore I was only going to feed the monster a peanut. Finished for today see what the day bars bring later thanks for your thoughts.
Hi 4fun, buying a 1h small, not very convincing pin bar with strong downward momentum running straight into res at the round number, on the retrace, BEFORE it even broke is not just a risky trade imho, its suicide for your account!! looking back at the bar now it was a brave trade!lol
jus my 2 pips
jon
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PATIENCE... DISCIPLINE
  • #36,592
  • Jul 7, 2009 12:13pm Jul 7, 2009 12:13pm
Hello Josh,

I use oanda to trade but use windsor direct broker feed data. It does not show Sunday data. The pin bar high was 76.37 so I put 13pips buffer for this but it is right on the minor ppz.

I thought this setup and easy goes to 76.90 but I just dead right around that area.

How many pips do you put above the pin bar high ususally? 10pips?

Pippingmana



Quoting Jduester
My bar high was 76.54 (part of Sunday bar)... my order was 76.65... never triggered, now pulled... that's all I can say. I thought it was a good enough setup to risk my cash... but it never triggered. Certainly not a great setup though.

Josh
  • #36,593
  • Jul 7, 2009 12:21pm Jul 7, 2009 12:21pm
Quoting KissFan
Heads up to my fellow traders. Look at the red line on my daily chart. It's the same line on the 4hr and 1 hr. Daily shows that price has gone down to almost 1.3900. This is not the case as I have verified it with other feeds.

K.I.S.S.
I also see a day low of almost 1.39 on 07/07 daily bar on DBFX. But 4H bar starting 00:00 07/07 does reach down to 1.3903 on my charts. Must just be a GMT / GMT+1 thing.
  • #36,594
  • Jul 7, 2009 12:22pm Jul 7, 2009 12:22pm
Quoting Jduester
My bar high was 76.54 (part of Sunday bar)... my order was 76.65... never triggered, now pulled... that's all I can say. I thought it was a good enough setup to risk my cash... but it never triggered. Certainly not a great setup though.

Josh
Hey Josh, my long order got triggered on NZDJPY, goes 3 pips positive and slides down back to 60.00 round number, later on when I'm pulling trendlines, I realize that there was a potential breakout trade for short from the trendline. But the 60.00 looks pretty tough and the bar's bottom is still intact, it's only 1% but this is eating me off since I've just lost 0.3% on some trades which I forgot to move to BE and my wife was all over me, I'm practically depressed, and she's always blaming me for placing a stop loss... geez... I thought my fault was being too ignorant of the trades I took and forgot to set my EA to move the stop to BE... I knew the err was on my side though... damn, Just needed to unload somewhere, sorry guys.

Chart below.
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  • #36,595
  • Jul 7, 2009 12:37pm Jul 7, 2009 12:37pm
waiting for every trade to be in profit and move s/l to b/e is unrealistic expectation... it will put some big loss if it never back to b/e at all.

statstically entering trade with a s/l will protect the bottom line as well as overall profit. we just need to be picky on trades to improve win ratio then s/l is our friend.

you can try put in some number like 66% win ratio, +100 t/p, -100 s/l, position size=acc size, in the money management calc here...
http://www.forexfactory.com/showpost...09&postcount=1
it will give ~ 1% a month ROI by 1 trade a week... which is not bad and not so hard to do.

manipulate the s/l number and you'll be convinced that s/l helps in ensuring profitability if you take high probability trades.

Quoting marcelnyo
Hey Josh, my long order got triggered on NZDJPY, goes 3 pips positive and slides down back to 60.00 round number, later on when I'm pulling trendlines, I realize that there was a potential breakout trade for short from the trendline. But the 60.00 looks pretty tough and the bar's bottom is still intact, it's only 1% but this is eating me off since I've just lost 0.3% on some trades which I forgot to move to BE and my wife was all over me, I'm practically depressed, and she's always blaming me for placing a stop loss... geez... I thought my...
  • #36,596
  • Jul 7, 2009 12:40pm Jul 7, 2009 12:40pm
Quoting marcelnyo
Hey Josh, my long order got triggered on NZDJPY, goes 3 pips positive and slides down back to 60.00 round number, later on when I'm pulling trendlines, I realize that there was a potential breakout trade for short from the trendline. But the 60.00 looks pretty tough and the bar's bottom is still intact, it's only 1% but this is eating me off since I've just lost 0.3% on some trades which I forgot to move to BE and my wife was all over me, I'm practically depressed, and she's always blaming me for placing a stop loss... geez... I thought my...
Step One: Get her an account of her own.

Step Two: Enjoy the silence from that point forward.
I'm pretty much done with all this ...
  • #36,597
  • Jul 7, 2009 12:50pm Jul 7, 2009 12:50pm
Hi guys, chart below
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  • #36,598
  • Jul 7, 2009 12:51pm Jul 7, 2009 12:51pm
possible 4hr pin, 365ema, PPZ, 1hr divergence.....waiting for close to see what happens
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  • #36,599
  • Jul 7, 2009 12:55pm Jul 7, 2009 12:55pm
Quoting billye
waiting for every trade to be in profit and move s/l to b/e is unrealistic expectation... it will put some big loss if it never back to b/e at all.

statstically entering trade with a s/l will protect the bottom line as well as overall profit. we just need to be picky on trades to improve win ratio then s/l is our friend.

you can try put in some number like 66% win ratio, +100 t/p, -100 s/l, position size=acc size, in the money management calc here...
http://www.forexfactory.com/showpost...09&postcount=1
it will give...
Hey thanks bill, I'll play around with the spreadsheet for awhile to relieve myself, needed that
  • #36,600
  • Jul 7, 2009 12:56pm Jul 7, 2009 12:56pm
Quoting StoragePro
Step One: Get her an account of her own.

Step Two: Enjoy the silence from that point forward.
You got that absolutely right, I can't wait till I do... in the mean time, I need to pull myself together...
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