• Home
  • Forums
  • Trades
  • News
  • Calendar
  • Market
  • Brokers
  • Login
  • Join
  • User/Email: Password:
  • 5:18am
Menu
  • Forums
  • Trades
  • News
  • Calendar
  • Market
  • Brokers
  • Login
  • Join
  • 5:18am
Sister Sites
  • Metals Mine
  • Energy EXCH
  • Crypto Craft

Options

Bookmark Thread

First Page First Unread Last Page Last Post

Print Thread

Similar Threads

Where can I learn more about Price Action like those in James16 charts? 9 replies

  • Commercial Content
  • /
  • Reply to Thread
  • Subscribe

james16 Chart Thread

  • Last Post
  •  
  • 1 21842185Page 218621872188 7162
  • 1 Page 2186 7162
  •  
  • Post #43,701
  • Quote
  • Edited at 10:46am Sep 14, 2009 10:12am | Edited at 10:46am
  •  TiaForex
  • Joined Jun 2008 | Status: Grateful to Merlin, Jim and Fudd :) | 714 Posts
Quoting bundyraider
Disliked
.
If you want my thoughts on how much room? ...Enough room to get into profit and start moving stops. Where the stop is likely to be nicely protected. ...That's just me though.
Ignored
I haven't heard it put better.

Those first levels almost always see a bounce of some kind. The question is always is it just a temporary bounce or a full on stop-killing reversal.

If that first level is far enough away from my entry then I have some breathing room to work out which one it is. My stop gets to break even and the trade still has room to move.

If that first level is 15 pips away, well it's going to put me in drawdown even if it's only a small bounce. And I find that hard to handle.

I've had too much time in a cold room with Mister Drawdown to relish the prospect much. So now I tend to ask, can I get my stop to break even or take profit safely before the first area it's likely to reverse. And in rare cases, is this bar so strong that it's very likely to trump that first area.

As Mike always says, if we see that first area and decide to hold through it, then that's a trading decision. But we can't be surprised if it turns around on us from that point. Price hardly ever turns around for no reason. If you're scratching your head thinking "why did that turn round on me?" then the chances are that you've missed a bar high or some area of S/R on the chart.
  • Post #43,702
  • Quote
  • Sep 14, 2009 10:22am Sep 14, 2009 10:22am
  •  bundyraider
  • Joined Feb 2006 | Status: 'Try-hard' extraordinaire... | 2,150 Posts
Quoting TiaForex
Disliked
I haven't heard it put better.
Ignored
Exactly.

...oops. ...Hang on ...I mean "exactly" to the rest of what you said.

You see the same thing happen time after time on close range trouble spots:- Draw down ....and with it the realisation that once again you could have waited for a better opportunity anyway... ...either as a better entry to that particular trade with even more reward , or for a totally different trade somewhere else down the track. In the mean time you stress about it while it screws around.

Edit: LOL I think I just repeated what you said. ...That's how badly I need to find that bed of mine right now.
Bundy's status today: "Waiting..." :)
  • Post #43,703
  • Quote
  • Sep 14, 2009 10:45am Sep 14, 2009 10:45am
  •  raczekfx
  • | Commercial Member | Joined Oct 2005 | 2,899 Posts
the gap has been closed. What now.....?
10k or 9k....
Attached Image
  • Post #43,704
  • Quote
  • Sep 14, 2009 10:50am Sep 14, 2009 10:50am
  •  TiaForex
  • Joined Jun 2008 | Status: Grateful to Merlin, Jim and Fudd :) | 714 Posts
Quoting raczekfx
Disliked
the gap has been closed. What now.....?
10k or 9k....
Ignored
I always get the impression that when Rac asks these questions he's already pretty sure of the answer....
  • Post #43,705
  • Quote
  • Sep 14, 2009 10:51am Sep 14, 2009 10:51am
  •  raczekfx
  • | Commercial Member | Joined Oct 2005 | 2,899 Posts
Quoting TiaForex
Disliked
I always get the impression that when Rac asks these questions he's already pretty sure of the answer....
Ignored
Lol... Certainly not the answer, but trading plan - Yes. Oh yes.....
Got a go, wife calls..



beov off PPZ to another PPZ.
Going back to 70.60 would be nice..
.
Attached Image
  • Post #43,706
  • Quote
  • Sep 14, 2009 11:16am Sep 14, 2009 11:16am
  •  nAVIN2007
  • Joined Dec 2007 | Status: mac daddy junior :) | 20,137 Posts
Quoting raczekfx
Disliked
Lol... Certainly not the answer, but trading plan - Yes. Oh yes.....
Got a go, wife calls..



beov off PPZ to another PPZ.
Going back to 70.60 would be nice..
.
Ignored

  • Post #43,707
  • Quote
  • Sep 14, 2009 11:56am Sep 14, 2009 11:56am
  •  Mpondondo
  • | Joined Sep 2009 | Status: Sniper in training | 33 Posts
I don't really understand BEOB and BUOB, and would like to ask the following question, please see attachment.

Attached Image (click to enlarge)
Click to Enlarge

Name: eurusd.gif
Size: 15 KB
  • Post #43,708
  • Quote
  • Sep 14, 2009 1:20pm Sep 14, 2009 1:20pm
  •  mbqb11
  • | Commercial Member | Joined Aug 2006 | 12,004 Posts
Quoting Mpondondo
Disliked
I don't really understand BEOB and BUOB, and would like to ask the following question, please see attachment.

Attachment 314049
Ignored
yep that is correct Mp,

here are a few more examples of outside bars from Jim

http://www.forexfactory.com/showpost...ostcount=11011

Best
Mike
  • Post #43,709
  • Quote
  • Sep 14, 2009 1:21pm Sep 14, 2009 1:21pm
  •  TiaForex
  • Joined Jun 2008 | Status: Grateful to Merlin, Jim and Fudd :) | 714 Posts
Quoting Mpondondo
Disliked
I don't really understand BEOB and BUOB, and would like to ask the following question, please see attachment.

Attachment 314049
Ignored
A bullish outside bar completely engulfs the previous bar, with a higher higher than the previous high and the low lower than the previous low. To qualify the bar also needs to close in the upper third of the body (lower third for bearish outside bars)

So yes, this is a bullish outside bar and you identified it correctly. Well done...

We prefer to see bullish outside bars at swing low points signalling a reversal. This bullish outside bar is at a swing high and so is best ignored when starting out.

Bar identification is only a small part of the method. The key is finding good bars in good locations. A good location has some confluence of a price pivot zone, EMAs, fibs or whatever you like to use to stack the odds in your favour. Keeping the chart as zoomed in as you have it makes it harder to see these good locations because you can't tell what is going on around price. So I'd suggest zooming out.

I hope that helps.

Aaron
  • Post #43,710
  • Quote
  • Sep 14, 2009 1:21pm Sep 14, 2009 1:21pm
  •  TiaForex
  • Joined Jun 2008 | Status: Grateful to Merlin, Jim and Fudd :) | 714 Posts
Quoting mbqb11
Disliked
yep that is correct Mp,

here are a few more examples of outside bars from Jim

http://www.forexfactory.com/showpost...ostcount=11011

Best
Mike
Ignored
One day Mike, I'll beat you to the punch. One day...
  • Post #43,711
  • Quote
  • Sep 14, 2009 1:41pm Sep 14, 2009 1:41pm
  •  mbqb11
  • | Commercial Member | Joined Aug 2006 | 12,004 Posts
Quoting tradertt
Disliked
Hi Guys,

Took this failed pin on the EUR CAD 2 days ago. Any insights on what I missed out to get stopped out in 2 bars?

Pro:

Rejected by 2 EMAs
PPZ
Nice Pin bar
Ignored
Hey Trader here is a post I made to someone in the PF

[quote=mbqb11;37354]You are quite right! Most people won't come close to admitting what you just did. Everyone thinks, well those rules are for everyone else, I am different I have seen traders go for a few years before saying I better do things the right way. Kudos to you.


As for eur/cad. The bar itself is real nice, but the location is very poor for me. We are just trading into a huge block of traffic(the big blue box). Now some people might still take it to the first immediate trouble(small blue line box). I see you shorting on the close of the bar(and also previously on chf/jpy). IMO this is the worst way to trade bars, as the benefit is real small b/c the actual low(break of bar is not far off). So you are not really getting a better position size(where as on a retracement you are at least). My recommendation is to always wait for the break of the bar.

All in all, a nice bar at a poor location(traffic wise). This is an easy pass for me. If it breaks the low, I would keep a real tight leash on it.

Hope that helps, and again I commend your honesty about the psych side. Not being stubborn is a huge plus going forward for you. The ones I have the toughest reaching are the real stubborn ones. h

Mike[/QUOTE
Attached Image (click to enlarge)
Click to Enlarge

Name: a2.gif
Size: 33 KB
  • Post #43,712
  • Quote
  • Sep 14, 2009 1:42pm Sep 14, 2009 1:42pm
  •  mbqb11
  • | Commercial Member | Joined Aug 2006 | 12,004 Posts
Quoting TiaForex
Disliked
One day Mike, I'll beat you to the punch. One day...
Ignored
We should combine your post with mine, it would be a much more complete post
  • Post #43,713
  • Quote
  • Sep 14, 2009 1:56pm Sep 14, 2009 1:56pm
  •  unlv_tj
  • Joined Oct 2007 | Status: Member | 1,288 Posts
I definitely see where Mike and Tia are coming from regarding the EURCAD trade. Trading right back into a box/range/mess. Though the bar itself was very nice looking.

What is strange, to me (and maybe I am just not getting this) is the EURCAD trade still looks better than the GBPUSD trade from last night.

I see a few took the GBPUSD trade, and did just fine. Where I passed on it, and looking back, I would still pass on it.
  • Post #43,714
  • Quote
  • Sep 14, 2009 2:05pm Sep 14, 2009 2:05pm
  •  mbqb11
  • | Commercial Member | Joined Aug 2006 | 12,004 Posts
Quoting unlv_tj
Disliked
I definitely see where Mike and Tia are coming from regarding the EURCAD trade. Trading right back into a box/range/mess. Though the bar itself was very nice looking.

What is strange, to me (and maybe I am just not getting this) is the EURCAD trade still looks better than the GBPUSD trade from last night.

I see a few took the GBPUSD trade, and did just fine. Where I passed on it, and looking back, I would still pass on it.
Ignored
Nothing wrong with this tJ. I also passed on the gpb/usd. The thing with the gbp/usd as opposed to eur/cad was at least gbp/usd had some more breathing room, but the actual bar was too small for me. IMO the only way to play these are Jarroo style of a clean hard break and not taking a big loss.

One thing for everyone to remember, is it is ALWAYS ok to pass on bars that you are not comfortable with, and one persons comfort zone does not have to be yours

Mike
  • Post #43,715
  • Quote
  • Sep 14, 2009 2:23pm Sep 14, 2009 2:23pm
  •  atton
  • | Joined Apr 2009 | Status: Member | 285 Posts
Hi all

Mike when you say that we shoudnt trade back into PPZ do you mean only the big ones ? Cuz everytime when i open my chart I see only PPZ near the price
  • Post #43,716
  • Quote
  • Sep 14, 2009 2:26pm Sep 14, 2009 2:26pm
  •  mbqb11
  • | Commercial Member | Joined Aug 2006 | 12,004 Posts
Quoting atton
Disliked
Hi all

Mike when you say that we shoudnt trade back into PPZ do you mean only the big ones ? Cuz everytime when i open my chart I see only PPZ near the price
Ignored
Hey Atton

In general yes there is s/r everywhere, which can be both major and minor. For me I trade away from most major PPZs(or at least have enough room to the major ones). Then I use the minor PPZ, to help manage my trades. The more space/ less traffic a trade is in, it means the less minor zones are around(by the nature of what a trade in space is). Thus we can use this to our advantage to hold trades longer then those that are in more traffic(thus trading into more "problem area".

Hope that makes sense
Mike
  • Post #43,717
  • Quote
  • Sep 14, 2009 2:28pm Sep 14, 2009 2:28pm
  •  nasir.khan
  • Joined Apr 2009 | Status: Member | 2,888 Posts
Quoting atton
Disliked
Hi all

Mike when you say that we shoudnt trade back into PPZ do you mean only the big ones ? Cuz everytime when i open my chart I see only PPZ near the price
Ignored
you are half way through mate.

Just trade when you can't find one near and you will just do fine.

that's all.

PS. ahhh wait mike answer more better.

PS2. oops that was fast.
  • Post #43,718
  • Quote
  • Sep 14, 2009 2:43pm Sep 14, 2009 2:43pm
  •  dhh
  • | Joined Jun 2009 | Status: Member | 195 Posts
Quoting unlv_tj
Disliked
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.
Ignored
i took full bar loss(demo). i saw it as a triple top with div, some nice space before the first TP which is around 970 like yours.

i managed it on the daily chart, there was no opportunity to move stop to BE. however after the bullish pin, i set TP to BE thinking it had a higher odds to hit TP before hitting full bar stop. but it didn't happen.

so, from mike and scott's post, it seems top2 should be a trouble area instead, which was not how i saw.
Attached Image (click to enlarge)
Click to Enlarge

Name: gold.gif
Size: 24 KB
  • Post #43,719
  • Quote
  • Sep 14, 2009 2:44pm Sep 14, 2009 2:44pm
  •  atton
  • | Joined Apr 2009 | Status: Member | 285 Posts
Hi,

Thanks both for the fast responce. How do I diverse the minor from the major PPZ. I really understand what is the difference but may you give me some examples of major and minor PPZ please. Thanks in advance.
  • Post #43,720
  • Quote
  • Sep 14, 2009 2:59pm Sep 14, 2009 2:59pm
  •  tradertt
  • | Joined Dec 2007 | Status: Reading the first 20 page of thread | 151 Posts
Guys just wondering if anyone here knows how to code a relatively simple EA. Would like to test an idea fast across the pairs and a long time frame. but I do not know coding.

If anyone knows how to do coding for an EA in Metatrader, please drop me a PM

Will share my findings with the thread once I can do more backtesting.
  • Commercial Content
  • /
  • james16 Chart Thread
  • Reply to Thread
    • 1 21842185Page 218621872188 7162
    • 1 Page 2186 7162
1 member viewing:
EvgTan
  • More
Top of Page
  • Facebook
  • Twitter
About FF
  • Mission
  • Products
  • User Guide
  • Media Kit
  • Blog
  • Contact
FF Products
  • Forums
  • Trades
  • Calendar
  • News
  • Market
  • Brokers
  • Trade Explorer
FF Website
  • Homepage
  • Search
  • Members
  • Report a Bug
Follow FF
  • Facebook
  • Twitter

FF Sister Sites:

  • Metals Mine
  • Energy EXCH
  • Crypto Craft

Forex Factory® is a brand of Fair Economy, Inc.

Terms of Service / ©2021