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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

  • #41,461
  • Aug 19, 2009 2:26am Aug 19, 2009 2:26am
Quoting jarroo
Yeah I saw this chart. But I didn't see the IB you were talking about. Could you highlight it?
Sorry i think i confused you. When i said IB i meant to say the high of the bar before IB.
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  • #41,462
  • Aug 19, 2009 2:28am Aug 19, 2009 2:28am
Quote
the Euro vs the Check Krouna
Warmagus,
just for the sake of the others (those learning words/terms etc), it's
Czech Republic (CZK or CCK) Czech koruna (plural: koruny)
:nerd:
  • #41,463
  • Aug 19, 2009 2:30am Aug 19, 2009 2:30am
Quoting supremeChaos
jarroo,
thanks, i almost forgot to ask about this (IB location).
he may be referring to 1 of the 3 or all 3 candles (small green, small red, slightly bigger green candle) prior the last big bearish red bar on his chart.

Oh I see. Like a Master Candle break.

Thanks sChaos.
Indicators show the past. Price Action "Indicates" the future.
  • #41,464
  • Aug 19, 2009 2:30am Aug 19, 2009 2:30am
Quoting nasir.khan
Sorry i think i confused you. When i said IB i meant to say the high of the bar before IB.
That looks more like a bounce from a big strong PPZ than any kind of IB play. If anything, it broke the IB in the opposite direction of the trade (ie, it was a bullish break) and you would want to get out (with a profit) of the pin bar trade (or at least set BE) if you were managing on that timeframe.

To me, anyways.

I mean, you could be doing some kind of master candle / multi IB that didnt break... but its still headed the wrong way.

Regardless, I would have completely set a stop a couple pips higher than the PPZ when I saw it heading north so strongly. Its either gonna hit the PPZ and bounce back down (and so never get triggered), or smash through and you minimise your loss. Dont see the value in leaving your stop above the nose.

Quoting supremeChaos
Warmagus,
just for the sake of the others (those learning words/terms etc), it's
Czech Republic (CZK or CCK) Czech koruna (plural: koruny)
:nerd:
Like I said... wikipedia of the j16 chart thread
When you have to shoot, shoot. Dont talk.
  • #41,465
  • Aug 19, 2009 2:33am Aug 19, 2009 2:33am
Quoting nasir.khan
Sorry i think i confused you. When i said IB i meant to say the high of the bar before IB.

Yes , I see now, the IB mother candle break to confirm it as an IB break.

Thanks nasir.
Indicators show the past. Price Action "Indicates" the future.
  • #41,466
  • Aug 19, 2009 2:37am Aug 19, 2009 2:37am
Hi,

A 4H GJ chart.

Cheers
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Sniffing Snake's Tracks...
  • #41,467
  • Aug 19, 2009 2:39am Aug 19, 2009 2:39am
Quoting joelcf
That looks more like a bounce from a big strong PPZ than any kind of IB play. If anything, it broke the IB in the opposite direction of the trade (ie, it was a bullish break) and you would want to get out (with a profit) of the pin bar trade (or at least set BE) if you were managing on that timeframe.

To me, anyways.

Regardless, I would have completely set a stop a couple pips higher than the PPZ when I saw it heading north so strongly. Its either gonna hit the PPZ and bounce back down, or smash through. Dont see the value in leaving your stop...

Many ways to trade IBs. Popular way is the break of the Mother Candle at either direction. Not a bad IB confirmation play.

I agree with your trade management as well. Once the PB hit the 1st target I would bring down the stop loss from the top of the PB and place it within a S/R level of the setup itself or at break even. Above the PPZ within the setup just makes sense.
Indicators show the past. Price Action "Indicates" the future.
  • #41,468
  • Aug 19, 2009 2:42am Aug 19, 2009 2:42am
Quoting LasVahGoose
Then the question is do you trade it George Soros style and pile in the biggest position you possible can?

(it's a rhetorical question)
Where I stand right now the answer to that question is, "I'd risk 3% on this pin bar." When I'm strong enough I think the answer is, "I'd risk 10% of my account on a pin like this."

I also might find years from now saying something like, "I'd risk 10% on this bar" to be embarrassing. I'll find out when I get there.
How you act is more important than how you feel.
  • #41,469
  • Aug 19, 2009 2:45am Aug 19, 2009 2:45am
On Fxpro when I mouse over where it says EURCCK Weekly, a window pops up that says Euro vs Czech Krouna. /shrug
How you act is more important than how you feel.
  • #41,470
  • Aug 19, 2009 2:54am Aug 19, 2009 2:54am
Quoting jarroo
That would be an A+ PB. lol

I laughed because its so obvious and great.

If one wants to know if a PB looks good enough to trade, no matter the time frame, one only has to bring this chart up and ask," Does it look like this one?" If not, then pass on it. lol
Yep, IMO this one is up there with the USDCAD daily pin just not as famous.
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How you act is more important than how you feel.
  • #41,471
  • Aug 19, 2009 2:56am Aug 19, 2009 2:56am
Quoting LasVahGoose
Then the question is do you trade it George Soros style and pile in the biggest position you possible can?

(it's a rhetorical question)
If you're talking about Black Wednesday Soros wasn't overleveraged, in fact his risk was quite reserved, not forgetting he also had the Bundesbank on his side
  • #41,472
  • Aug 19, 2009 2:58am Aug 19, 2009 2:58am
Quoting joelcf
That looks more like a bounce from a big strong PPZ than any kind of IB play. If anything, it broke the IB in the opposite direction of the trade (ie, it was a bullish break) and you would want to get out (with a profit) of the pin bar trade (or at least set BE) if you were managing on that timeframe.

To me, anyways.

I mean, you could be doing some kind of master candle / multi IB that didnt break... but its still headed the wrong way.

Regardless, I would have completely set a stop a couple pips higher than the PPZ when I saw it heading...
My entry did't have to do anything with IB there was not even one there when i entered actual entry was of pin bar+sHs+61.8%+bouncing back from 365 EMA. I use the mother candle H/L as my little S/R when i am managing trades i.e setting SL's and TP's. So i get warned if i am buying at the low of mother candle and VICE VERSA.
  • #41,473
  • Aug 19, 2009 2:58am Aug 19, 2009 2:58am
Quoting supremeChaos
yes there's a bunch of traffic.
in case u haven't noticed, cable/gu is still or back in the range which has been going on for some months now

u have to take that range/traffic into account, so we must be very careful & be aware of traffics/ PPZ's.
at the same time, take note of quick moves that happened in the immediate left of current price: two fairly huge non-consecutive bear.bars followed by [u]2...
Hey Chaos.

I'm not in this one Cable trade.

The R/R to the 1st PPZ < risk (pinbar length) + there was a heap of traffic below (and daily range looks terrible).
Pinbars were sitting above wkly/monthly pivot confluence also.

So I stayed out.

I posted to ask if this was a crappy trade based on the traffic below.

Where're the non-consec bullbars u're talking about?
One Mind, Any Market
  • #41,474
  • Aug 19, 2009 2:58am Aug 19, 2009 2:58am
Quoting FX.Sniffer
Hi,

A 4H GJ chart.

Cheers

Very nice FXS. A man with a plan.

Would you use the AUG 7th high Fib level (the 38.2 I believe) for added confluence or just the level you used because it established the downtrend? I think I just answered my own question which was the latter.
Indicators show the past. Price Action "Indicates" the future.
  • #41,475
  • Aug 19, 2009 3:03am Aug 19, 2009 3:03am
Quoting nasir.khan
My entry did't have to do anything with IB there was not even one there when i entered actual entry was of pin bar+sHs+61.8%+bouncing back from 365 EMA. I use the mother candle H/L as my little S/R when i am managing trades i.e setting SL's and TP's. So i get warned if i am buying at the low of mother candle and VICE VERSA.
I get that. But what was your plan if it broke bullish through the candle?

If you were going to get out of the trade, either by moving to BE or just closing it, you could have already moved your stop to just above the PPZ (right at BE) and limited your risk. Anything that broke the candle was putting you in drawdown almost by default.

And if you werent going to get out of the trade, and wanted to just let it run... why watch the IB?

I'm genuinely curious on your reasoning here. i know you were talking about only managing a small account, and taking (relatively) big %R positions, so I would have thought this was the perfect opportunity to give yourself some brilliant asymmetric returns... no risk and huge potential reward is what builds small accounts.
When you have to shoot, shoot. Dont talk.
  • #41,476
  • Aug 19, 2009 3:07am Aug 19, 2009 3:07am
DBLHC on a retrace without having broken yet......higher sl
Climb aboard the pip train....
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  • #41,477
  • Aug 19, 2009 3:11am Aug 19, 2009 3:11am
Quoting Warmagus
Yep, IMO this one is up there with the USDCAD daily pin just not as famous.
Absolutely.

I always hear about these great traders that take one trade a year and make $100,000s. I believe this is what they look for when they take that one trade.
Indicators show the past. Price Action "Indicates" the future.
  • #41,478
  • Aug 19, 2009 3:13am Aug 19, 2009 3:13am
this looks pretty clean on all time-frames for a nice long with first target at1.7757? ent at the 50%fib 1.7710 with very tight stop... low risk lets see!
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  • #41,479
  • Aug 19, 2009 3:13am Aug 19, 2009 3:13am
jim i know this is 5 minute chart but is this bearish outside bar a bar u would have considered..I am bearish of the monthly chart on demo ofcourse

just wondered what u thought of it..
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  • #41,480
  • Aug 19, 2009 3:14am Aug 19, 2009 3:14am
Hi Jarroo,

Thanks, & No I wouldn't care about an additional confirmations, but for sure the 38.2 is an add to the equation as you guys play it here.

Cheers,
Sniffing Snake's Tracks...
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