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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

  • #43,381
  • Sep 9, 2009 5:24am Sep 9, 2009 5:24am
i took the pinbar off the weekly on aj. scares me to think u guys are taking shorts lol
  • #43,382
  • Edited 5:47am Sep 9, 2009 5:26am | Edited 5:47am
Quoting squeezy
hey nonick, i saw this but didnt like it one bit...way to close to 79 round no
i took audusd beob instead but lacking momentum...stalled at the bar high in blue and reversed....atleast ive reduced my risk to half...
funny thing is that ive been long eu 1.43 since yday
lets see how it plays out...im hiding just above the round no
hi squeezy,
thanks for the feedback and of course you're right, this setup could be even better if it had more space to go. i'm aware of 79 rd number, i was just looking to enter with a sell stop, after a quick break of this level. but as you said, there isn't much momentum right now...yet both setups were technically optimal and they might still work out...
  • #43,383
  • Edited 5:33am Sep 9, 2009 5:30am | Edited 5:33am
Quoting fxairy
I Do not know. I look only BUY (Up Trend). And we can see the pin bar.
Yes, this pin bar is not good, but .....

the bar is more of a neutral bar and dont forget we want to see our PA at swing highs and swing lows.
its all about location,location,location
you can see that the big beob is clearly at a swing high just where we would like to see them
the trade is lacking momentum, not sure why but im not closing it just yet...never close a trade immaturely... imo
once you can spot the PA at the right location, it then boils down to your trade mgt & the more the confluence the better
im patiently waiting to see how it plays out

edit : dont forget MM, very very crucial(1 of the most imp, if not important)
Simplicity is the key to success
  • #43,384
  • Sep 9, 2009 8:12am Sep 9, 2009 8:12am
Hi guys, just out of curiosity,
what is your most consecutive losses in trading PA?
  • #43,385
  • Sep 9, 2009 8:50am Sep 9, 2009 8:50am
hi guys

im in on this setup.

2 day pin at high.

double top with divergence

fair amount of space as well.
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  • #43,386
  • Sep 9, 2009 9:05am Sep 9, 2009 9:05am
Quoting jarroo
Looking good on the 4 hour BEOB Aud/Usd, judith. Nice divergence on the Daily to back it up.
Quoting squeezy
hey nonick, i saw this but didnt like it one bit...way to close to 79 round no
i took audusd beob instead but lacking momentum...stalled at the bar high in blue and reversed....atleast ive reduced my risk to half...
funny thing is that ive been long eu 1.43 since yday
lets see how it plays out...im hiding just above the round no
Hey!!!!!
Watch where you are going!!!
Please don't trade against me you will may get hurt

Ben
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  • #43,387
  • Edited 10:01am Sep 9, 2009 9:12am | Edited 10:01am
Quoting nasir.khan
I will be last person to bet it.



Yeah going back to the Trend line from here could mess things up. But 1.4450 could serve us i think.
Hey buddy,

Missed this post yesterday. It was a long day for me. Barely had time to look at my charts.

So as I look at my charts now, there was no PA to confirm the move long. But no surprise about where and why price moved to

Ben
  • #43,388
  • Sep 9, 2009 10:16am Sep 9, 2009 10:16am
Geez...
I happens to me all week long. I don't have time to watch charts (except of Friday), and when I am updating myself with what's going on...I see some setups and I say to myself "no chances in the world I wouldn't pull the trigger on this one if I was here when it occurred...

BTW, my EURAUD was stopped out for 6.3R

Ben
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  • #43,389
  • Sep 9, 2009 10:37am Sep 9, 2009 10:37am
WOuld like to get some insights on this post by Mike on Trade management

http://www.forexfactory.com/showpost...ostcount=36494

Hope I can get some insights on this

1. What timeframe am I on. If the timeframe is 4hr and under, I consider this intraday. What does this mean? It means I am looking for short short term moves, and I am not going to get fancy. If we stall out at the first important area, I rarely am going to take close to a full loss. I usually make a move at this first area. Now are their exceptions to this. Of course it is situational. If I beleive highly in the location(remember the price bar is nothing more then our trigger point), I will usually trail.

When we say that we stall out at the first important point, how do we know if it is not in consolidation waiting for a break up above? When we make a move, does it mean moving the stop to BE or?

2. Example 3. A 1hr pin off a nice round number. What is the play? Watching the first areas, understanding the bar is simply 1hr worth of data, and don't try to be a hero.

What are we looking for price to do? Move up consolidate and continue moving up ? Move up and immediately come back down? If we take a 1H trade or a 4H trade, do we do anything before the next bar closes?

Sorry for such stupid questions but I was watching Where did price go videos from James and was just wondering that if we know the first trouble area is 30 pips away, what do we do? move stop to BE immediately after price has move to that area? or?

Thanks
  • #43,390
  • Sep 9, 2009 10:55am Sep 9, 2009 10:55am
Hello There ;-)
USD/CAD proce has broken the pinbar by 10pips. As Jarroo rightly points, there are some obstacles to deal with.
I have entered the trade with 2 entries. One of course is based on PA and the other and now I cause this is trend line related entry and I can get told off (seriously). ?????????
I've entered based on the reaction of the price each time when approaching the main daily trend line (marked with grey circles), so when the pin hit the trend line I have put my entry.Decided to close first lot...
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Greetings and respects. Hope you Guys having All nice day.
  • #43,391
  • Sep 9, 2009 11:05am Sep 9, 2009 11:05am
Quoting judith
I spotted these 2 setups tonight, a daily PB (CAD) and a 4hr BEOB (AUD),they seem fine, but I feel there's something missing there, not sure if I should get in, what do guys think?
Hi Judith,

I took a trade earlier today (OZ time) because of that Aud BEOB. Not directly though.

It was good how it closed convincingly well below the previous 4 bars. Always pricks my ears up.

I think like me maybe you seen (??) that it wasn't strong enough to counter the steep rise the chart has given us the past few days. And not enough room to that first potential trouble spot. It nearly looked like one of those retrace fakeouts you learn to notice after a while didn't it?

The BEOB itself hadn't hit the previous peak (next trouble spot to me) which I liked, but was too close to that peak to trade as a 4 hr set-up in it's own right.
So what I did was change to lower time frames and watched to see if it'd do anything predictable on the retrace.
Any retrace I thought would still want to close the gap down to the top of that other peak for real the next time.

Got an easy trade of twenty odd pips out of it. Would have done better, but ran an errand down the street at the wrong time to get the exit right. ...Also fluffed the entry a little. lol
Bundy's status today: "Waiting..."
  • #43,392
  • Sep 9, 2009 12:17pm Sep 9, 2009 12:17pm
think I may get out of this one soon, not much push to the upside and it could be tough getting past the 1.0800 level again. miiiiight hang around until 1.0740 as there's some support at the 1.0750 level and a break through that would seal the deal

what's everyone else thinking?

oh, and nice to meet you all! been reading around FF for a while, not posting much. was always around break even with my trading but recently this thread has given me a push into more profitability, like so many others here. you guys are great, looking forward to posting more and learning more with all of you
  • #43,393
  • Sep 9, 2009 12:24pm Sep 9, 2009 12:24pm
I took the trade off the 8hr PB but got out at BE. It reacted well initially and I liked the setup as its also a double bottom but for me it took a bit too long to play out. The best trades always seem to react quickly and cleanly.

As a result I moved my stop to BE and it got triggered. It could still move but for me time is also a factor and it ran out of it.
  • #43,394
  • Sep 9, 2009 12:47pm Sep 9, 2009 12:47pm
Hi there,

What do you think of this setup, can it be call as A+.
Just my 4h candle will close on 15min. so could it be the trade to look on?
Thanks in advance
Ed
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  • #43,395
  • Sep 9, 2009 12:50pm Sep 9, 2009 12:50pm
Quoting faizal82
hi guys

im in on this setup.

2 day pin at high.

double top with divergence

fair amount of space as well.
Hey Faizal,

I wish both the bars were much bigger personal, but a side note I see you have your take profit deeper under those bar highs and the lows(see my chart). Make sure that you watch those highs. Price can bounce right of bar highs and lows very easily. Good time to watch and make sure to reduce risk or not take a full bar loss at least.

Best
Mike
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  • #43,396
  • Sep 9, 2009 12:57pm Sep 9, 2009 12:57pm
Quoting tradertt
What are we looking for price to do? Move up consolidate and continue moving up ? Move up and immediately come back down? If we take a 1H trade or a 4H trade, do we do anything before the next bar closes?

Sorry for such stupid questions but I was watching Where did price go videos from James and was just wondering that if we know the first trouble area is 30 pips away, what do we do? move stop to BE immediately after price has move to that area? or?

Thanks
Hey Trader

This is sort of what I was trying to get at in my last post. It is entirely situational for me pesonally. If I am playing say a 1hr pin, and the first trouble area is 30 pips away. I might just flat out take profit there. Soemtimes I just move my stop up(not neccesarily to b/e) to some point. This might be under a previous bar low. Hide it under a round number. Or sometimes to b/e. Many traders will always move their stops to b/e at the first trouble area. I like to treat each situation different.

Example today was I was short xau/usd (gold ) a bit under 1000 mark. As it retraced on me I was in a drawdown. This was after already being in profit. What I did was wait for the next "high" to be put in. This was the pinbar on the 1hr(even though my entry was much lower). I then placed my stop above this high. It came close to getting taken out but again s/r, and proper stop placement kept me in(there was a daily pin at this point). My point is I haven't done this on a trade in a long time, but trades are very situational that I did this(check my general trading thread for my trading plan to do this).

So basically every situation is different to me. Sure I have strings of trades where I am flat out taking profit at the first area on my intraday trades. But if I really like a trade, I tend to simply use these areas and watch them for stop trailing placement. Then I have my breakout style trades which I tend to trail always.

I know it is confusing, but this is where the bulk of time and experience comes into play so much.

Hope that helps
Mike
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  • #43,397
  • Sep 9, 2009 1:14pm Sep 9, 2009 1:14pm
Quoting tradertt
Sorry for such stupid questions but I was watching Where did price go videos from James and was just wondering that if we know the first trouble area is 30 pips away, what do we do? move stop to BE immediately after price has move to that area? or?
ive been waiting for this. not a stupid question at all. a great one.

that video series is just a way to teach people how and why price reacts right after a trade is entered.

its designed to create confidence and skill with trading around s/r areas regardless of set up quality.

the individual trader must decide what kind of a trader he/she is and what he/she is comfortable with.

is there anything wrong with watching price hit a first area of s/r and pull back into a drawdown while waiting for a target that is further out?

NO. but it better be a quality set up.

some people dont like the stress of drawdowns. im one of them.

i personally would rather "hope" for a runner with my stop at breakeven than "hope" for a target area while in a drawdown.

once again its trader descretion.
  • #43,398
  • Sep 9, 2009 1:15pm Sep 9, 2009 1:15pm
I'm still confident in going long, but DAMN I could be an old(er) man waiting for a weekly trade to materialize.

No more of these for me. I'm too impatient.
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  • #43,399
  • Sep 9, 2009 1:19pm Sep 9, 2009 1:19pm
I am not in favor of micro managing a daily trade. I find it is a simpler matter to manage at the time frame you entered. Highly experienced traders might use multiple time frames, especially for entry. Personally, when we are approaching a critical PPZ, I will watch down to the one hour for an entry - if I am able to.

A good example right now is the EURUSD. It has broken out of a range and passed 1.4500. Now it is in the midst of a retrace and I'll be watching it as close as possible for a bounce or a forceful cross of the 1.4500 - with proper PA. The gray box straddles the level I am watching by 10 pips either side. :nerd:

What works for me is plotting out how I will manage it as price arrives at predetirmined places. I know how/where I will get out. I know when I will move stops. My road map is in place when I enter a trade. If I cannot figure it out, I have found that skipping it is the best thing for me.

On this trade, if it pokes through to 1.0870 (bar lows) that would be a good time to limit the risk at the least by moving a SL up.


..
Quoting tlindle
think I may get out of this one soon, not much push to the upside and it could be tough getting past the 1.0800 level again. miiiiight hang around until 1.0740 as there's some support at the 1.0750 level and a break through that would seal the deal

what's everyone else thinking?

oh, and nice to meet you all! been reading around FF for a while, not posting much. was always around break even with my trading but recently this thread has given me a push into more profitability, like so many others here. you guys are great, looking forward to posting...
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I'm pretty much done with all this ...
  • #43,400
  • Sep 9, 2009 1:28pm Sep 9, 2009 1:28pm
Quoting StoragePro
What works for me is plotting out how I will manage it as price arrives at predetirmined places. I know how/where I will get out. I know when I will move stops. My road map is in place when I enter a trade. If I cannot figure it out, I have found that skipping it is the best thing for me.
thanks for your input, especially this part. I've got a bad habit of micromanaging trades when they don't move quick, and a more detailed plan ahead of time could keep me from closing my position too early
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