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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

  • #43,601
  • Sep 11, 2009 9:52pm Sep 11, 2009 9:52pm
Quoting unlv_tj
Did any one here take Gold short on the Daily pin bar on Tuesday 9/8/2009?

I was tempted to short Gold, but didn't want to put down that much real money in Oanda, yet.

If you did take this trade, how did it end for you?

Were you able to get your Stop to BE? Did you take partial profit/loss? Full bar loss?

If I was to take this, I think I would have taken a full bar loss. The set-up looked too good to move stops up (great looking pin bar at a great location), my first TP would have been 970 or so.
I took the trade, see my horrible fill post from a few days back. I immediately took 2/3rds off at B/E then tightly trailed the 1/3rd. Just happy to get out intact. After watching a pinbar show up the next day and the same horrible fill occuring, I am able to deduct that FXDD expands it's spread dramatically between 5 PM and 6 PM, as there is no liquidity in the market. I guess someone did a market order during that time that caused my sell stop to trigger. Same thing happened the day afterwards. Lesson learned.
  • #43,602
  • Sep 11, 2009 10:19pm Sep 11, 2009 10:19pm
Quoting scott087
Check out my post here regarding this setup. It was definitely avoidable to take a full bar loss on this one, and it was BE for me.

Scott
nice chart
  • #43,603
  • Sep 11, 2009 10:34pm Sep 11, 2009 10:34pm
Quoting jarroo
Well said Bundy.

My thoughts were that Price would at least hit the blue S/R level before hitting the .8600 or above. ( the black line was my stop loss, .8620) I knew those Highs (orange line) were a "trouble spot", but I had confidence that the quality of the setup would push to the blue S/R level. It did not.

If another setup presented itself like this one, I would take it again and not change a thing. (that's just me. )

Jim
(Sorry, I can't post current charts)

I knew that S/R level (blue) was going to get hit. PA within a consolidation area can be tricky. (at least for me).
Attached Images
Indicators show the past. Price Action "Indicates" the future.
  • #43,604
  • Edited 2:45am Sep 12, 2009 2:36am | Edited 2:45am
Hi SP! Thank you for answering in such great detail to my questions! Sorry I didn't get back sooner, I just had quite a busy week this week.

Quoting StoragePro
That is the way it goes - HOWEVER - let me say this, good setups are EASY to spot, the trouble you are having is that they are not there - be patient and think long term. What you are experiencing is wanting to trade (aka 'make money').
That's true. As I had my first successful trades right at the beginning of the first demo month, I didn't want to stop trading for the rest of the month and book it as a positive month just because of 2 lucky trades :-)

Quoting StoragePro
Beware of small Pins. Small bars can indicate a lack of momentum and committment on the part of the large players.
Well this particular one worked out nice. I would have probably played it if I would have seen it in time. I'll attach the chart. It would be great to get a little analize from the seniors on it. Or would you have skipped it just because of it's size?

Attached Image (click to enlarge)
Click to Enlarge Name: USDJPY-small-pin.jpg Size: 87 KB




Quoting StoragePro
Did the bars suck? Bad location? Poor form? No Confluence? If so, learn from that and think of the advantages of having skipped them.
Will do, I'll analize the trades this weekend and review them on the charts.

Quoting StoragePro
Post a chart or two with marked major PPZ's - we will help you out all you need.
I'll start with this one (USDCHF). Did I miss any? Did I draw too many? Should I zoom in more looking for more PPZs?

Attached Image (click to enlarge)
Click to Enlarge Name: USDCHF-1D-PPZ.jpg Size: 144 KB


Thanks!
  • #43,605
  • Sep 12, 2009 3:54am Sep 12, 2009 3:54am
Thanks james for opening such a nice thread and hi friends and fellow traders.. for keeping it so much active

friends, i have a few queries, do take time to answer them

1. i have started reading the thread from the beginning and have reached at 160 pages till now,since this thread is so huge and is growing so actively i think its gonna take a long time to reach at the end [ even 10 pages a day would take a year,even if we consider no new posts ].I am not against hardwork and if the only way out is reading the entire thing i would surely do that, but considering many other newcomers like me,is there a another way out ??

2. till 160 pages DBHLC,DBLHC,PB,BUOVB and BEOVB were discussed is there anything else that has been added ??

DO help

Simple
Knock at the sky and feel the thunder
  • #43,606
  • Sep 12, 2009 4:20am Sep 12, 2009 4:20am
Quoting simply123
Thanks james for opening such a nice thread and hi friends and fellow traders.. for keeping it so much active

friends, i have a few queries, do take time to answer them

1. i have started reading the thread from the beginning and have reached at 160 pages till now,since this thread is so huge and is growing so actively i think its gonna take a long time to reach at the end [ even 10 pages a day would take a year,even if we consider no new posts ].I am not against hardwork and if the only way out is reading the entire thing i would surely do...

2 bar high (equal highs) direction up
  • #43,607
  • Edited 5:54am Sep 12, 2009 4:36am | Edited 5:54am
hey guys here is an interesting post made by Darkstar

I knew that is more than just liquidity in those order flow,it's something more deeply(or maybe I'm wrong) but I'll figure out by myself,I will not give up,the truth is somewherehere(in the bush where we are waiting to enter with our position) it's just waiting for me to find him

or maybe I'm not really know about what I'm talking

Ps: I'm about to finish reading his post almost +800 post in no more than 2 days

Ps2:mike you says that it's not about liquidity, that it's not even closer
than it's about market inefficiency?

For those who are interesting just enjoy this:
http://www.forexfactory.com/showpost...98&postcount=5

Quoting Darkstar
Ohh, and if you do manage to find a real market inefficiency, do yourself and those who are already trading it the courtesy of keeping your mouth shut about it.(for sure I'll )



[color=black]Pointing...
  • #43,608
  • Sep 12, 2009 5:49am Sep 12, 2009 5:49am
I see people who draw trendlines as if they were at an art lesson.
Just draw them objectively and don't try to fit them to your trading style...that's quite useless.
Stick to the definition and apply them on higher timeframes (min. H4), because on the lower ones, only horizontal lines matter.

Anyway, that's what I'm watching for the next week. Same strategy as per Natural Gas trade.

Bye
Attached Image (click to enlarge)
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  • #43,609
  • Sep 12, 2009 6:29am Sep 12, 2009 6:29am
Quoting triger88990
thanks scot for your replay, and I'll like to too hear what joel has to say, I think he he working at some bank


thanks ghous for your encuragement, actually "Trading in the zone" is in my list of reading.
Hey ghous like to see you back here, who it's your studying?

thanks shermentor, liquidity is the key word here
Going for my bachelors at a good university here in Pakistan, and it's because it's good that I have to commit myself to it so much. And over that I have some very important experiments to execute in my strategies in addition to trade the conventional stuff - so at the end of the day it was the huge number of hours I used to spend here which had to take the hit.

g.
I believe . . .
  • #43,610
  • Sep 12, 2009 7:12am Sep 12, 2009 7:12am
Hello Jaroo,

A question on setting the stoploss on this trade? Do you use the bar breaks stoploss? Or use full bar?


I got stopout using the bar breaks stoploss before it reaching the first target area.

Can you share your trade plan on this?

Thanks!


PippingM





Quoting jarroo
Not brave at all, my brother. lol

You will find that these PA setups at the edges of consolidation can be more predictable then any other.

Yes, I took partial profits at your 1st line area. I have to let some of the position run to the moon. lol
  • #43,611
  • Sep 12, 2009 7:38am Sep 12, 2009 7:38am
Hello Jaroo,

Question regarding the 2&3, why you need to reentering on the 10th on 1.0825? Is it because you close the trade for small loss when it does not had a strong break on the first atempt on the 9th?

Thanks!

PippingM





Quoting jarroo
1. I do use the Bar that breaks on many setups, but if there is a more obvious S/R level within the setup itself, I will use that one. In the case of the Daily PB Usd/Cad the left eye, as with many Pin Bar setups, is a common S/R level and not a bad place to put your stop loss to avoid a full bar loss (black line). And of course, below the PB itself is indeed the best place for a stop loss on a setup that is of high quailty. I believe the Daily Cad PB is of high quality.

2. & 3. I did the same. I re-entered on the 10th at 1.0825 and once it got...
  • #43,612
  • Sep 12, 2009 9:07am Sep 12, 2009 9:07am
Quoting ghous
Going for my bachelors at a good university here in Pakistan, and it's because it's good that I have to commit myself to it so much. And over that I have some very important experiments to execute in my strategies in addition to trade the conventional stuff - so at the end of the day it was the huge number of hours I used to spend here which had to take the hit.

g.

Your a bright young man Goss.
Bundy's status today: "Waiting..."
  • #43,613
  • Sep 12, 2009 9:18am Sep 12, 2009 9:18am
Quoting jarroo
I knew that S/R level (blue) was going to get hit. PA within a consolidation area can be tricky. (at least for me).
Yeah the ship had to turn around slower. lol

The second peak was tempting with that pin ( For em at least!).
It's a pity the first peak created a high traffic area in this case. It's taken a lot of trading experience to pass on ones like that and to know easier trades are on there way. There are even easier consolidation trades too. ..where traffic works with you. Knowing how to trade sideways doesn't mean we should abandon our pickiness, hey peoples?
Bundy's status today: "Waiting..."
  • #43,614
  • Edited 9:53am Sep 12, 2009 9:19am | Edited 9:53am
Quoting bundyraider
Your a bright young man Goss.
You got that right - including the 'Goss' part. thnx.
I believe . . .
  • #43,615
  • Sep 12, 2009 10:39am Sep 12, 2009 10:39am
Quoting triger88990
hey guys here is an interesting post made by Darkstar

I knew that is more than just liquidity in those order flow,it's something more deeply(or maybe I'm wrong) but I'll figure out by myself,I will not give up,the truth is somewherehere(in the bush where we are waiting to enter with our position) it's just waiting for me to find him

or maybe I'm not really know about what I'm talking

Ps: I'm about to finish reading his post almost +800 post in no more than 2 days

Ps2:mike you says that it's not about liquidity, that it's...
Hey Trigger:

Just read that whole thread you mentioned above. I think you are getting messed up with all this stuff. (hope i am wrong).

There is a BIG difference between finding an Edge and Market inefficiency.

Ok learning about order flow, volumes, pressure zones or any other tool is good But,

1- Finding an Edge (or truth as you said) is not about the market it's about you , not how market acts it's about how you react to it.

There is whole lot of information, education, trading systems, trading methods, indicators and etc available here. But how many of us are successful trading them 5% right???

The people who are successful with them are who know themselves, know their weakness, know there strength, know how patient they are to tackle it or call it their EDGE to sum it up.

Just take a look at successful one's in this very thread. All the stuff is same here charts, pairs traded, PA setups (PB IB BUOB BEOB etc) every thing. But know what they are good at each one of them has tweaked this stuff to fit it into their own personalty. Like some like go with the trend, some like it at Swing lows/highs, some play breakouts, some do all of above and many more ways to trade this stuff.

But in the end all you need to know about is that WHAT FITS YOU and thats what many of us are trying to do here. Not about finding a big whole in order flow.

2- Now market inefficiency or Broker inefficiency (i think) is something that will make you damn sure money but its not something permanent it won't do us any good (except money). By good i mean the stuff above. They will get to know about it soon and correct it and even take that money back from you (if you let it lying in the account). Read this post before you answer me.

All this perception i made about you is finding your interest in the post you mentioned by darkstar.
I am very sorry if i am wrong about it.
  • #43,616
  • Sep 12, 2009 1:33pm Sep 12, 2009 1:33pm
Quoting PippingMama
Hello Jaroo,

Question regarding the 2&3, why you need to reentering on the 10th on 1.0825? Is it because you close the trade for small loss when it does not had a strong break on the first atempt on the 9th?

Thanks!

PippingM
Quoting jarroo
No, I didn't play the initial break from yesterday. Consolidation Price Action setups can be a bit tricky due the obvious traffic that they inherently possess. Especially the orange line on my chart showing a strong S/R level right infront of the PB. I will usualy, not always, wait and see how Price reacts to this 1st level that's right smack infront of the setup and see if it retraces.
.
I didn't reenter, I enter only once on the 10th, I may have mis-spoke. I probably meant to say I entered when Price "re-broke" the PB the next day. Sorry about that.
Indicators show the past. Price Action "Indicates" the future.
  • #43,617
  • Sep 12, 2009 1:40pm Sep 12, 2009 1:40pm
Quoting benji533
Yea, usually there will be a strong momentum break after these squeezed areas.

By the way, I don't even use fibs...so basing a trade only on them is a bit strange feeling for me lol.

Ben
agreed... fibs are highly subjective and you can draw them anyway you want to make PA bars line up with certain fib numbers to make yourself feel better about a trade..
naked charts are best
  • #43,618
  • Sep 12, 2009 2:11pm Sep 12, 2009 2:11pm
Quoting bundyraider
Yeah the ship had to turn around slower. lol

The second peak was tempting with that pin ( For em at least!).
It's a pity the first peak created a high traffic area in this case. It's taken a lot of trading experience to pass on ones like that and to know easier trades are on there way. There are even easier consolidation trades too. ..where traffic works with you. Knowing how to trade sideways doesn't mean we should abandon our pickiness, hey peoples?
Very true, very true.

I was looking at the 4 hour BEOB Aud/Usd similar to the 4 hour BUOB Cad/Usd. The only differene is that one broke and ran, the other didn't.

But to your main point, the ones that are big (pitbulls) and smothered with confluences are what we are looking for.
Like SP's post on the Eur/Aud :
http://www.forexfactory.com/showpost...ostcount=43503 It didn't hurt that this BEOB looked like a bearish PB.

How easy was this to manage once this beauty broke. Hiding stops above PPZs.

Thanks bundy.

Jim
Attached Image(s) (click to enlarge)
Click to Enlarge Name: aud4.gif Size: 26 KB
Click to Enlarge Name: cad4.gif Size: 33 KB
Click to Enlarge Name: eadaily.gif Size: 26 KB
Indicators show the past. Price Action "Indicates" the future.
  • #43,619
  • Sep 12, 2009 2:14pm Sep 12, 2009 2:14pm
Quoting simply123
Thanks james for opening such a nice thread and hi friends and fellow traders.. for keeping it so much active

friends, i have a few queries, do take time to answer them

1. i have started reading the thread from the beginning and have reached at 160 pages till now,since this thread is so huge and is growing so actively i think its gonna take a long time to reach at the end [ even 10 pages a day would take a year,even if we consider no new posts ].I am not against hardwork and if the only way out is reading the entire thing i would surely do that,...
Hey Simple

Welcome

Yea this thread is huge. But what I would do is the following(if I had to start over). Read the first 100 pages or so(100-200). THen read the first page and all the links on the first page(especially the summary link by jdeuster). Then I would go through and read the posts of the senior traders(of course James, Jarroo, Seekinglight, Raczefx, SP, and the list goes on). But this will condense down much of the reading as you can skim a lot of the of course fluff that comes with any thread on FF. But I would read as much as you can and of course all of james16 posts about 1000 times like I have.

Enjoy too it should be enjoyable

Mike
  • #43,620
  • Sep 12, 2009 2:15pm Sep 12, 2009 2:15pm
Quoting dengzhi
agreed... fibs are highly subjective and you can draw them anyway you want to make PA bars line up with certain fib numbers to make yourself feel better about a trade..
naked charts are best
I think everything can have its place. But I prefer the simplicity is better approach. Meaning, don't just draw a fib after you see a Pinbar if you are going to curve fit it. Use the most clear obvious swing points. Where everyone can draw a fib. Of course after awhile you can very easily see in a swing to swing where we are. It is pretty obvious when a run is at the 50%.

Mike
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