DislikedI know that mbqb11 cancels his order if the next bar doesn't trigger his entry 99% of the time.Ignored
Again it comes down to your personal comfort as it always will but that is mine.
Best
Mike
Where can I learn more about Price Action like those in James16 charts? 9 replies
DislikedI know that mbqb11 cancels his order if the next bar doesn't trigger his entry 99% of the time.Ignored
DislikedHello every one,
I have a question about your trading styles.
HOW DO YOU MONITOR YOUR CHARTS.
1- You see a PB, IB, OB, DBHLC and DBLHC. then you zoom out to see where is it formed I.E near a PPZ, FIB LEVEL, MA, SWING H/L or a TREND LINE.
OR
2- You draw you PPZ, TREND LINES, Check out for FIB LEVELS and MA'S and then you wait for a PB, IB, OB, DBHLC and DBLHC to appear.
THANK's.Ignored
DislikedHey Nasir
I personally do a little bit of both. I do have specific areas I am watching with confluence, but also sometimes you just have to be a bit more flexible when a huge nice bar shows up and see if it is playable. So my answer is both
MikeIgnored
DislikedHey Nasir
I personally do a little bit of both. I do have specific areas I am watching with confluence, but also sometimes you just have to be a bit more flexible when a huge nice bar shows up and see if it is playable. So my answer is both
MikeIgnored
DislikedHi guys,
Just wanted to put this up so you guys know...
My university starts from tomorrow and I'll be there for just as much time as I am at home trading and posting/reading at FF.
Besides I am commencing some of my trading research projects that I've lined up for quite some time. Whatever extra time I have I aim to utilize it looking beyond what I know into the unseen and unknown to discover the true world behind those price bars, so obviously I won't be just as available as up till now,
I'll obviously drop back for a while here and there,...Ignored
DislikedHello every one,
I have a question about your trading styles.
HOW DO YOU MONITOR YOUR CHARTS.
1- You see a PB, IB, OB, DBHLC and DBLHC. then you zoom out to see where is it formed I.E near a PPZ, FIB LEVEL, MA, SWING H/L or a TREND LINE.
OR
2- You draw you PPZ, TREND LINES, Check out for FIB LEVELS and MA'S and then you wait for a PB, IB, OB, DBHLC and DBLHC to appear.
THANK's.Ignored
DislikedHi, I hope everybody's weekends were good.
I have a question which I've been thinking about for a while.
Let's say that we find two nice bullish pin bars, both in good locations.
The first is EURUSD and the second is EURGBP (this is just an imaginary example)
They're both good, but only the EURGBP is a real A+ setup.
Now, here comes the twist: when we then flip through the many pairs, we find that the USD is weaker than the GBP and this weakness is suggested to continue by looking at PA on the GBPUSD pair.
Now we have this: GBP is stronger...Ignored
DislikedHi guys,
Just wanted to put this up so you guys know...
My university starts from tomorrow and I'll be there for just as much time as I am at home trading and posting/reading at FF.
Besides I am commencing some of my trading research projects that I've lined up for quite some time. Whatever extra time I have I aim to utilize it looking beyond what I know into the unseen and unknown to discover the true world behind those price bars, so obviously I won't be just as available as up till now,
I'll obviously drop back for a while here and there,...Ignored
QuoteDislikedLet me answer some of your questions from my experience.
Cancelling the order if it doesn't trigger next bar
I know that mbqb11 cancels his order if the next bar doesn't trigger his entry 99% of the time. I am slightly different. Of course we all love to see price shoot down and never look back. But I look at it this way. If the next bar neither invalidates the pin bar (for example) nor triggers it, then it's an inside bar. Which in itself is a PA signal. And the pin bar plus inside bar combination can be deadly (also outside...
QuoteDislikedDBHLC
I rarely play them, mainly because they rarely show up, but if I did I would look for them at the obvious swing points. The thing I always try and remember about these bars so as not to spook myself about them being a rare and exotic PA setup, is that a DBHLC is really only a pip away from being a good outside bar with a strong close, and is usually a 2 bar pin anyway. It's just another way of looking at rejections on price.
Which brings me onto my next point...
QuoteDislikedRetrace Entries
DBHLC and Outside Bars often retrace at least 50% in my experience. If I see a good outside bar on the daily I will set my order for the breach as normal, but will also be watching 4H like a hawk at the 50% level for god price action. Then, rather than it being a retrace entry per se, it become a good 4H trade with strong daily bar confluence. In fact Rac likes looking for PA between the 50 and 61.8 ret of any swing.
I personally have never seen good results from setting blind entries at 50% retraces because often...
QuoteDislikedI personally have never seen good results from setting blind entries at 50% retraces because often just ploughs through. Better to wait for good PA.
QuoteDislikedAnother way to look at things
Now that you're armed with the information about retraces within bars, another way to use it is to not look for early entries but to look for reduced stops. For example, you still enter your trade on bar breach, but you set your stop at 50% of the bar, or at a key SR level, or at the second eye of a pin bar. Jarroo does this a lot. I've even been testing having a standard 50 pip stop and shooting for a 50 pip target from an A+ bar breach (only testing this on daily). A simple in and out for 1R. I'm also...
QuoteDislikedCaveat
This post is specifically directed at Benji because he's reached a stage where he knows what he's doing and can cope with this stuff. But if you haven't mastered playing price action the classic way, and you think this is a way to squeeze more profits, then this information will kill you. It will destroy your account and your confidence and give you next to no chance in this business. Get the basics right and the rest will follow.
I had someone trade my money once using price action principles. He fancied himself a bit of...
QuoteDislikedIt really is amazing how quickly you are assimilating the advanced material benji. You're going to be a James16 senior member and teacher before long...
DislikedThat's going to entirely depend on traded volume of the instrument involved.
If it trades 4000 contracts a minute, its a minute chart. If it trades 4000 contracts a day, its a daily chart.
(from this, you can probably figure out why forex tick charts arent really that useful)
For ES, volume is highest in the first and last half hours (about 250k), with a low of about 100k for the half hours around noon. So a 4000 tick chart is anywhere between 30 seconds and a minute or so.
Now, YM is about 130k daily...
Should be easy enough to go from...Ignored
DislikedNot sure Bro, don't deal in tick charts, but upon a bit web search:
"Tick charts provide the rough equivalent of fractional minute charts."
from...
http://www.dacharts.com/faq/tick-charts.php
Somebody else would serve you better,
g.Ignored
QuoteDisliked1) sellers SL orders were hit, and now the buyers have more strength.
DislikedThe simplest answer and what I believe is the best is ignore EVERYTHING else, and simply trade that one chart. If you have an A+ setup, then trade that and trade it based on that chart alone. It rarely lies if we put all the info together properly
Hope you had a good weekend as well
MikeIgnored
DislikedThis is really interesting, but also confusing. A pin bar is a sign of fast and sharp rejection, and an inside bar is a sign of indecision. So basically that indecision is canceling the "push" of momentum the pin is showing". I will need to check the inside bars deeper before I can say something about them. But basically I also think that we need to use common sense and not be robots. Meaning that if I see a pin bar followed with another pin bar that didn't break to the opposite side, this is still a sign of rejection.
I think I can make these...Ignored
DislikedHi guys,
...
My university starts from tomorrow and I'll be there for just as much time as I am at home trading and posting/reading at FF.Ignored
DislikedI know SeekingLight has a similar personality and his stuff is well worth reading. I think you'd like it. He does well with complex analysis because it's who he is, and a simpler reading of the charts wouldn't suit him. Trading really is personality based.Ignored
Dislikedben i have been reading your posts and i am so impressed with your understanding of price action..u have a huge future ahead of u...keep learning buddy..Ignored