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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

  • #40,521
  • Aug 10, 2009 3:20pm Aug 10, 2009 3:20pm
Quoting tac
Just be careful, its counter trend so trail it tightly. I would say A+ location would be all of the above with the trend.
thanks tac. identifying the trend is something i always struggle with. it's uptrend on the daily. on the weekly it's a 3300 pip drop, then we get a fib 0.50/0.618 counter move. is this counter move a new trend, or a retrace? i agree muuch better if trends line up on both TF's. when i was scanning, i saw weekly first, then the daily, so for me this is more a weekly trade but early entry using daily, sorry i wasn't clear.

but i get your point to manage it tightly. abt 40min to close, looks like it will not break, so order will cancel.
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  • #40,522
  • Aug 10, 2009 3:23pm Aug 10, 2009 3:23pm
Quoting benji533
mjotic, I myself am new (also to forex in general).
If I can give an advice, it is to take your time and read through this thread from page one. I have read till page 135 and I got so much out of it personally. Pay most attention to james16 posts, read each of them carefully. Then go and watch the videos at the guest area of the group's website.
That was benefiting for me at least.

For your question, there are several price action setups.

You would like to look for bullish setups for going long: dblhc, buob, pin bar with a nose pointing south.
Or...

Great Post Ben. Wow.

Add more supporting confluences to thoses patterns at PPZ levels and it will give stength to your setup.

Your the Man.

Jim
Indicators show the past. Price Action "Indicates" the future.
  • #40,523
  • Aug 10, 2009 3:24pm Aug 10, 2009 3:24pm
Hi guys,

Please advice what did I miss and why I should not have taken this trade.

Thank you
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  • #40,524
  • Aug 10, 2009 3:30pm Aug 10, 2009 3:30pm
Quoting dhh
thanks jarro. i stay out of news also. i read you, but not sure i understand you(well maybe if we're talking abt intraday trading, then the relation btw hourly PA break and news release is more applicable). but this is a daily trade, are you saying we should be extra careful or maybe even not taking PA formed on the day of NFP? can you clarify?

It there was a strong setup on Thursday before the NFP on Friday morning, I will look for a break during the London session. As the NFP approaches and Thursday's setup has not broken yet I will cancell the order. I will not play the break of the setup off the NFP release.

If a setup was formed after the NFP, I will look to trade that on Monday.
Indicators show the past. Price Action "Indicates" the future.
  • #40,525
  • Aug 10, 2009 3:39pm Aug 10, 2009 3:39pm
Quoting tradertt
Hi guys,

Please advice what did I miss and why I should not have taken this trade.

Thank you
What were you trying to do? Buy, Sell? Which bar - you point at one,and mark others. Zoom in a bit and make it plain for us.
I'm pretty much done with all this ...
  • #40,526
  • Aug 10, 2009 3:41pm Aug 10, 2009 3:41pm
Quoting tac
Back from holiday, read another chunk of the thread. One of the things I have been thinking about it whether to use one time frame (Daily) for all analysis, not even looking at weekly or monthly. Zooming out to get a bigger picture though. I see the benefits of this are you wont get MT4 screwing up trend lines and also it will keep thing simple. What do you guys think?
while i believe in KISS and always focus on the timeframe trading, i use multiple timeframes in selected situations for the time being to see the bigger picture. here are my views:

1. i wouldn't trade against higher timeframe PA. for example, if we have bullish pin on the weekly, i wouldn't take bear trades on the daily.

2. also if we have bullish divergence and it's still in effect on the weekly, i wouldn't take bear trades on the daily.

sometimes it avoid lossing trades, sometimes winning ones. also it's not like you HAVE to pick yes or no. i have these guidelines, but i always look at each situation:

for example, if the trade(daily) is already locked in profit and it's approaching a weekly ppz, then i can afford to be a little aggressive and see how it handles the weekly ppz.

on the other hand, if i see a nice trade forming on the daily but it's right on weekly ppz, then i choose to be conservative and not open new trade.

hope this helps.
  • #40,527
  • Aug 10, 2009 3:51pm Aug 10, 2009 3:51pm
Quoting StoragePro
What were you trying to do? Buy, Sell? Which bar - you point at one,and mark others. Zoom in a bit and make it plain for us.

Sorry for the confusion. I sold based on the pin bar.

I marked the entry and stop loss
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  • #40,528
  • Aug 10, 2009 3:55pm Aug 10, 2009 3:55pm
Quoting LasVahGoose
The pinbar you took went to where you'd expect, plus it is counter trend (most recent trend anyways) from the middle of your chart (since July 24th), price is making HH's and HL's. If I was in that trade an alarm bell would have gone off when the bullish pinbar formed right after it. If I didn't close at the close of the Bullish pinbar I would have closed on the break of it. Easy to say after the fact I guess.

A trade like that, I'd have to watch it the whole time.

Thanks for the comments.

I thought that Pin bars are meant to be taken at swing highs and lows (ie counter trend) from what I understood from Jarroo

" If I didn't close at the close of the Bullish pinbar I would have closed on the break of it."

Don't quite understand what you meant by this portion.
  • #40,529
  • Aug 10, 2009 4:01pm Aug 10, 2009 4:01pm
Quoting tradertt
Thanks for the comments.

I thought that Pin bars are meant to be taken at swing highs and lows (ie counter trend) from what I understood from Jarroo

" If I didn't close at the close of the Bullish pinbar I would have closed on the break of it."

Don't quite understand what you meant by this portion.
I don't either, LOL. Make sure you listen to StoragePro.
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Don't wish it were easier, wish you were better. ~ Jim Rohn
  • #40,530
  • Aug 10, 2009 4:08pm Aug 10, 2009 4:08pm
Quoting LasVahGoose
I don't either, LOL. Make sure you listen to StoragePro.
Ah thanks for the example.

Now I get what you mean by the break
  • #40,531
  • Edited 4:24pm Aug 10, 2009 4:10pm | Edited 4:24pm
Quoting tradertt
I thought that Pin bars are meant to be taken at swing highs and lows (ie counter trend)
If you have the belief that the .9100 level is going to hold as resistance and price will start to go lower, there is nothing wrong with that. I don't follow the pair, so I don't know. It looks like you got taken out just by a little bit.

I understand better now why you took it, I see the strong PPZ. Forget what I said.
Don't wish it were easier, wish you were better. ~ Jim Rohn
  • #40,532
  • Aug 10, 2009 4:44pm Aug 10, 2009 4:44pm
Quoting tradertt
Sorry for the confusion. I sold based on the pin bar.

I marked the entry and stop loss
LVG pointed out the reason this trade did as it did - it ran into those bar highs and reversed.

This trade was counter trend.

When I trade counter trend, I always have conservative and firm TP's. But I find it these trades a little stressful anyway and I don't enjoy them.

What DOES get my attention is a lot of confluence for a counter trend trade - namely, at a PPZ, with divergence, at a 50 - 61.8% fib.

So we were at the 50%, and a recent minor price flip - but no divergence. Really need to have that to feel safe - for me.

Look at the attached - the top grey box picks out an interesting area. If we do not get what we want there, then we may get a double top later.

In the mean time - go with the flow and try to trade with the prevailing trend.
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I'm pretty much done with all this ...
  • #40,533
  • Aug 10, 2009 4:48pm Aug 10, 2009 4:48pm
Quoting StoragePro
LVG pointed out the reason this trade did as it did - it ran into those bar highs and reversed....
Just to add to the points of these fine gentlemen above me(even though one is hurting from a nice weekend of baseball), Aud/Cad is a very very very choppy pair. So a small pinbar like that, you can't expect all that much past that first area. Any kind of holding would need something significant at a much stronger level for me.

You've already made a lot of progress TT

Mike
  • #40,534
  • Aug 10, 2009 4:51pm Aug 10, 2009 4:51pm
Quoting mbqb11
Just to add to the points of these fine gentlemen above me(even though one is hurting from a nice weekend of baseball),
Mike
I was not going to bring that up....
I'm pretty much done with all this ...
  • #40,535
  • Aug 10, 2009 5:03pm Aug 10, 2009 5:03pm
Quoting LasVahGoose
4H Pinbar off the 1.4100 PPZ and Round Number.
78.6 retrace & multiple hits on a trend line.

Trouble around the 1.4175 area, will have to watch the trade fairly close, but the idea is that the uptrend will continue.
I was watching this, too. TL touch and rd. number, all fine. Nonetheless it may end up as one of those bars which are essentially just a retracement move (see H1 chart). Also I donīt like that the whole bar is below 1.4150 level instead of actually rejecting it like former bars to the left (H4 chart). Not saying this cannot be played successfully, just my view.

Take care
RM
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  • #40,536
  • Aug 10, 2009 5:06pm Aug 10, 2009 5:06pm
Quoting StoragePro
LVG pointed out the reason this trade did as it did - it ran into those bar highs and reversed....
Thank you both for the replies. I will study through them and make sure the mistake does not happen again. Still got much more to learn. Hope that I can catch up. Want to go through the whole thread b4 going into the PF

I just wanted to highlight this post by Jarroo

http://www.forexfactory.com/showpost...ostcount=40210

and clarify this point.

We were talking about BEOB and that they should appear at swing highs for a good reversal signal (meaning counter trend)

Pin bars are also reversal signals, won't it be better for it to appear at swing highs too?

Sorry if I got the wrong idea somewhere just trying to sort this out
  • #40,537
  • Aug 10, 2009 5:10pm Aug 10, 2009 5:10pm
Quoting tradertt
Thank you both for the replies. I will study through them and make sure the mistake does not happen again. Still got much more to learn. Hope that I can catch up. Want to go through the whole thread b4 going into the PF
No worries - It takes time.

Quote
I just wanted to highlight this post by Jarroo

http://www.forexfactory.com/showpost...ostcount=40210

and clarify this point.

We were talking about BEOB and that they should appear at swing highs for a good reversal signal (meaning counter trend)

Pin bars are also reversal signals, won't it be better for it to appear at swing highs too?

Sorry if I got the wrong idea somewhere just trying to sort this out

Yes - swing highs are the place for these bars. And your PB did not fail. It broke the bottom - went ot the bar highs, and reversed. Happens frequently that way against the trend.
I'm pretty much done with all this ...
  • #40,538
  • Aug 10, 2009 5:11pm Aug 10, 2009 5:11pm
Quoting tradertt
Thank you both for the replies. I will study through them and make sure the mistake does not happen again....
yes generally speaking both bars are reversal bars(although later on you will prob add them as continuations too), but for now yes. Pinbars should be found at swing highs and swing lows. Swing high we are looking for a bearish pinbar signaling a short. Pinbars at swing lows we are looking for bullish bars signaling longs. For outside bars, we want BEOBs at swing highs, and BUOBS at swing lows. This is just the "basics" of it. Then we have to dive into what confluence is there, the bar make up, etc. That is the meat of it. Then the end product and usually the most difficult for most is trade mgmt. Once we get all those pieces together we have our full course.

Best
Mike
  • #40,539
  • Aug 10, 2009 5:19pm Aug 10, 2009 5:19pm
Quoting Rainmaker
Also I donīt like that the whole bar is below 1.4150 level instead of actually rejecting it like former bars to the left (H4 chart). Not saying this cannot be played successfully, just my view. RM
This pair has been so sideways and flipping around the 1.41 level that it is hard to say what it will do. You bring up valid points. Another consideration would is the NFP adjustment permanent or will price go back to pre-NFP levels?

I agree, caution is in order. I'll definitely be looking for momentum (a hard fast break would be nice). It'll fly or it will be get in and get out fast as you can trades. No way I'm taking a full bar loss on this type of trade.
Don't wish it were easier, wish you were better. ~ Jim Rohn
  • #40,540
  • Aug 10, 2009 5:41pm Aug 10, 2009 5:41pm
Your thoughts ...why this went wrong not yet but i feel like this PIN will fail.

I am still holding short n e one else in the same boat???
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