james16 Chart Thread

Quoting jarroo

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Nothing wrong with pitbulls with the trend. Nice one. I'd trade it tight.

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Quoting 2mas

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...
Anyway, For the Yen crosses, I follow the teaches of the voodoo man he always says, look at the equities (DOW). when there is no room up....then resist any temptation to buy those cheeky ones.
If we look at GBP/JPY weekly has nice double top with the trend and the area around 150 is -imho- the last line of defense before the break at 146.75.
also, when I look at the daily GU PB, and UJ ib, I wonder what are the odds of both to break south,... well, it happened .....

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Quoting mbqb11

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If you moved that bar over to today with the nose sticking out like todays and through 150, I would be all over that bad boy. A lot of these less then A setups still give pips, they just need to be managed with the mindset I am not going to take a full loss, I am not going to take a full loss, I will take what I can get , or get my stop to b/e etc.

Best
Mike

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Quoting jarroo

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This kid is like butter . . . he's on a roll.

Mike, are you sure you don't have any kids?

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Quoting joelcf

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This is alot longer than I planned. So, here is the short version.

Behold, the power of the sports analogy:
I kick a football at a window. It doesnt break, and comes back to me.

Next, I kick it at the window again, but from a bit further back. The ball goes to the same point (ie, to the window) but by the time it gets there, it is already decelerating, because I kick like a girl....

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Quoting verno

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I have a question on the USDCAD daily PB. So it broke nicely downwards but then retraced. On my chart the green line is the daily PB break and the pink is the double 4 hrly PB.

My question is should I be shorting this retrace based on the fact that the daily PB is still valid. Or should I stay out given the PB has been validated and has moved down but then bounced. Therefore if I was in the original trade I would probably have now been stopped at BE on the retrace?

Just wondering how people play these?

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Quoting Grousman

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I am looking at taking this long because;

PB which indicates a rejection of PPZ
With short term trend
Overlapping fib levels
Retrace of last move up

Comments?

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Quoting mbqb11

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My answer verno, is you either got in the first time, and did something by now(since this was a pin in traffic), or you now stand aside and wait. If you enter now you are chasing an entry that already did its thing and now anything is possible

Best
Mike

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Quoting verno

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Thanks Mike, I actually looked at it a couple of hours ago (but only just got round to posting) and left it because the 4hrly trend wasn't inline with trade direction and the required stop was a bit large.

In general would you say a retrace to original break is ok to play if its within a reasonable timeframe of original break?

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Quoting mbqb11

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In all honesty, I think you either get in on the break or you wait it out. If you miss something just wait for the next one.

That's how I say it

Best
Mike

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Quoting Rocket!

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Hi Mike, just wondering if by "or you wait it out", you mean wait for different PA at confluence or you mean something else?

Do you play any sort of retraces without reaffirming Price Action. eg. Bearish Pin: say, theres a retrace to the break, or the 50/61 fib of pin high to swing low of the break of that pin, and the price just stalls at one of those marks. Would you ever enter with original pin high as stop or is this a big no-no??

Sorry if this has been asked and answered many times over.

Thanks

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Quoting Rocket!

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Thanks Mike. Clears things up for me. Why stress yourself out when you can keep things simple with A+ trades.

One last question, with regards to your management of the trade - do you move to BE quickly or do you like to wait and see how it reacts at your first Trouble Area before you modify your original Stop/TP levels? Thats probably too broad and generalised of a question so I understand if you don't have an clear cut answer. Each trade is subjective to a certain degree.

Oh, heres a 1hr pin on the EUR/JPY. I didnt take it, but I thought it...

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Quoting FinnTrader

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I have a question concerning stop losses when trading pin bars.

Some suggest that stop should be placed below/above the whole pin bar meaning often hundreds of pips on bigger time frames. This kills the risk/reward, but losses should be very rare if managed tightly.

Others tend to use small 30-40 pip stops. Then losses happen more often, but r/r gets better.


Which style do you prefer?


I have noticed that when a pin bar breaks it often gives the reaction immediately with zero drawdown so I quess the smaller stops should be more profitable way...

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Quoting FinnTrader

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I have a question concerning stop losses when trading pin bars.

Some suggest that stop should be placed below/above the whole pin bar meaning often hundreds of pips on bigger time frames. This kills the risk/reward, but losses should be very rare if managed tightly.

Others tend to use small 30-40 pip stops. Then losses happen more often, but r/r gets better.


Which style do you prefer?


I have noticed that when a pin bar breaks it often gives the reaction immediately with zero drawdown so I quess the smaller stops should be more profitable way...

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Quoting benji533

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- Yea I got your point. PA alone is only one part of the story, I know. I have stopped using EMA's and fibs because they don't really help me. As more as my charts are cleaner and simpler, I do better.
I will continue testing and checking all sorts of ways to enter these bars...until I get the way that fits me the best.

Ben

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Quoting 2mas

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Your welcome young man.
Here is my take, even if you don't use them, keeping them in front of your eyes on your charts, might open your eyes to see what made James to keep them after decades of trading. Surely he sees things many of us can't see, yet.

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