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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

  • #45,321
  • Oct 6, 2009 5:56am Oct 6, 2009 5:56am
Quoting pipmyride
Anyone think this BEOB is tradable - until at least the bottom ?
hi pipmyride, i have a pin bar also and i liked the trade.i think there is often some follow through to moves like this after news.
i got in on the 1h TF hwich gave a BEOB. i entered on the retrace. i have just moved my stop to be in case that round number holds out.the possition is too small to take partial profit.
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PATIENCE... DISCIPLINE
  • #45,322
  • Oct 6, 2009 6:02am Oct 6, 2009 6:02am
That is the reason why I have limited my leverage in my broker (Alpari UK) settings. It's so low now that in case I put an extra 0 in my trade size, the trade would not be executed.

Not sure if it's possible with your broker, but it makes no sense to have a 500 leverage available.

Quoting cvcamper
I had a limit sell in for what I thought was 1 lot.... I accidently a zero on the end of that... When I walked back to my computer my set draw down and stop loss was almost hit at and instead of 2%.... 20% of my account was almost gone.... Trade started to go my way, and I got out at BE as fast as possible.....
  • #45,323
  • Oct 6, 2009 6:19am Oct 6, 2009 6:19am
Quoting g_j_hook@yah
hi pipmyride, i have a pin bar also and i liked the trade.i think there is often some follow through to moves like this after news.
i got in on the 1h TF hwich gave a BEOB. i entered on the retrace. i have just moved my stop to be in case that round number holds out.the possition is too small to take partial profit.
Yep - with you on those thoughts - its also nice to see the following building on the daily (albeit a looooong way to go i know)

Edit: this is alpari btw
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  • #45,324
  • Oct 6, 2009 6:59am Oct 6, 2009 6:59am
Quoting Lyra
Hi. I shorted the pinbar on G/U Daily last week (pin no.1), breakout pattern + round number. My target is around 1.5500 since this is a breakout trade. The original stoploss was placed above the pin. Yesterday another pinbar was formed, and I move my stoploss above it (pin no.2).
Today after my stoploss was hit the price shoot down. I wonder if my trade management was inappropriate? Please give me some comment. How would you manage it if you were in this trade. Thank you.
hi

where did you enter? If you entered on a break of the pin + approx 10pips to be sure and then moved your stop above pin no.2 i assume you took a small loss?

In my eyes you managed this trade well. You identified another pin and placed your stop in a logical place and reduced your risk.

You could of possibly taken advantage of pin no.2 by placing a buy order above it, however i am not sure whether that fits into your style.

i think the key is that you did not take a full bar loss.

people will manage trades differently therfore you need to find what suits you.

i did not trade those pins myself.
  • #45,325
  • Oct 6, 2009 7:13am Oct 6, 2009 7:13am
Quoting Lyra
Hi.
Hello, Lyra.
Can u tell me why you didn't close at BE when you saw a pin forming in the other direction?

Rus.
  • #45,326
  • Oct 6, 2009 7:15am Oct 6, 2009 7:15am
Quoting pipmyride
Yep - with you on those thoughts - its also nice to see the following building on the daily (albeit a looooong way to go i know)
dont forget to check the weekly & monthly too.
  • #45,327
  • Oct 6, 2009 7:28am Oct 6, 2009 7:28am
Quoting Lyra
Hi. I shorted the pinbar on G/U Daily last week (pin no.1), ... My target is around 1.5500 since this is a breakout trade. The original stoploss was placed above the pin. Yesterday another pinbar was formed, and I move my stoploss above it (pin no.2).
Today after my stoploss was hit the price shoot down. I wonder if my trade management was inappropriate? Please give me some comment.....
1st, i think not all breakouts have sustained moves, it still depends on factors like chart situation (consolidation/length of consolidation), & other possible scenarios/factors. some may be false breakouts, or some are just short-term breakouts. breakout trade 'targets' may or may not be reached.

2nd on trade mgmt., what u could have done is u could've traded it with 2-3positions/lots (several here do this), 1-2 positions exit on 1st trouble area, then put remaining position behind an S/R, ppz, round number or .50 area. i think u could've exited with +/-100pips from the break of that PB (PB #1). 100pips profit, imho, is great enough.
were u stopped out on full position? my stop could have been behind 1.60 or 1.6050, OR a trailing stop hit by the reverse (bullish) PB.

do wait for the other replies here, several here are more experienced with daily/weekly trades.
  • #45,328
  • Oct 6, 2009 7:34am Oct 6, 2009 7:34am
I'm posting this indicator for someone to collect. Quite welcome to download it. It's a simple 5,10,20 average range indi.

Letitride
Attached File(s)
File Type: mq4 daily rangemax text.mq4   3 KB | 598 downloads
  • #45,329
  • Oct 6, 2009 7:40am Oct 6, 2009 7:40am
Quoting g_j_hook@yah
hi SupremeC,(dont u ever sleep??) yep i should have taken more notice of that flag/channel break but the problem for me was the boundary lines were untested and rather messy to take as a trade. ...
yes, i do sleep... more than ever. lol

are u referring to the boundary lines = down trend line on your chart?
if so, i'm sure u know that that TL doesnt need to be re-tested to the pip for it to validate the 'breakout' & shoot up.
also, that BUOB on your chart was off 1.46.

same with PA shape, im not so strict when it comes to PA shape. i am also in the camp that prefers/puts more emphasis/importance on location than PA shape.

just my view folks.
  • #45,330
  • Oct 6, 2009 7:43am Oct 6, 2009 7:43am
Quoting Lyra
Hi. I shorted the pinbar on G/U Daily last week (pin no.1), breakout pattern + round number. My target is around 1.5500 since this is a breakout trade. The original stoploss was placed above the pin. Yesterday another pinbar was formed, and I move my stoploss above it (pin no.2).
Today after my stoploss was hit the price shoot down. I wonder if my trade management was inappropriate? Please give me some comment. How would you manage it if you were in this trade. Thank you.
Hi Lyra,

I understand your commitment to holding on to that short, but once that Bullish Pin formed (and even failed to reach the previous low) then the idea of holding was probably a little too biased. As Eternal was, I think, trying to point out. Maybe if the bullish pin was weak looking you would think of riding out the draw down, but it wasn't weak.

Otherwise you did alright. Really, for a trade that you expected to run a while , I'd have probably done the same with moving stops as you did. Except for you missing the significance of the bullish pin. (Edit: I'm sure I'd have closed the trade actually. From experience I know it's better to stop and wait for the next one.)

One other point: You played the trend line breakout as a pullback? ...The best ones of those fire off into profit and break hard. When they hesitate to confirm and break through those new lows (or highs) of the break out, then it's time to tighten up.
...You'll figure out your own tricks and tendancies on that one though.
Bundy's status today: "Waiting..."
  • #45,331
  • Oct 6, 2009 8:31am Oct 6, 2009 8:31am
Quoting Lyra
Hi. I shorted the pinbar on G/U Daily last week (pin no.1), breakout pattern + round number. My target is around 1.5500 since this is a breakout trade. The original stoploss was placed above the pin. Yesterday another pinbar was formed, and I move my stoploss above it (pin no.2).
Today after my stoploss was hit the price shoot down. I wonder if my trade management was inappropriate? Please give me some comment. How would you manage it if you were in this trade. Thank you.
most of us (not everybody) from the pf, who know the material would be out (or at least book some profit) when cable hit blue rectangle around 1.58 area.
Those who didn't, would've had stop set @ BE+some at that point.
Until trading conditions return to 'normal', it's safer to trade TPs and reload after retrace, rather than trade and hold..
Attached Image
  • #45,332
  • Oct 6, 2009 10:32am Oct 6, 2009 10:32am
Quoting esbatu
Hi Mike,...
Hey estabu

Oanda can check this all for you if you email them. They are pretty good with all this from any problems I have ever had

Best
Mike
  • #45,333
  • Oct 6, 2009 10:36am Oct 6, 2009 10:36am
Quoting raczekfx
most of us (not everybody) from the pf, who know the material would be out (or at least book some profit) when cable hit blue rectangle around 1.58 area.
Those who didn't, would've had stop set @ BE+some at that point.
Until trading conditions return to 'normal', it's safer to trade TPs and reload after retrace, rather than trade and hold..
very very important post here guys
  • #45,334
  • Oct 6, 2009 11:04am Oct 6, 2009 11:04am
Quoting mbqb11
very very important post here guys
It's the difference between keeping your gains and not in a lot of cases, for me at least.

For those who haven't, watch "Rants and Charts A Closer Look at What We Do (7-2-09)" on the PF's Guest section. It's a long video, but it covers this in depth with visual, as well as some other fundamental elements to this style of trading. (I hope I'm allowed to link to it, if not let me know I'll remove it).
  • #45,335
  • Oct 6, 2009 11:13am Oct 6, 2009 11:13am
mike, no guarantee that 'normal' will return, will it? this might become 'normal' ?

Quoting mbqb11
very very important post here guys
  • #45,336
  • Oct 6, 2009 11:20am Oct 6, 2009 11:20am
Quoting coolshades
mike, no guarantee that 'normal' will return, will it? this might become 'normal' ?
Well I consider normal whatever we are trading. As I feel a market is moving in a better way I tend to hold on breakout trades, and trail out. If a market is choppy I tend to be more tight and take profit move my stops quicker. It is all in the eye of the beholder

But we always have to know the trouble areas. For example on gbp/usd that low was clearly the most current trouble area since that pin was not at a true swing high. Whenever we trade continuation pins like that you are always trading into that first trboule area "low"

Best
Mike
  • #45,337
  • Oct 6, 2009 11:27am Oct 6, 2009 11:27am
Hi, all! I just wanted to say thank you for all of the information and advice throughout this thread. I entered short on the gbpchf pin bar, withstood the initial retrace, as it never reached the high of the initial pin bar, and am now looking at a 180+ pip profit. The current test of 1.63000 is proving tough, but I'm hoping for a drop through that to the bottom of my fib numbers. Anyway, just wanted to say thank you!
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  • #45,338
  • Oct 6, 2009 2:10pm Oct 6, 2009 2:10pm
Slow day??

Hey , can anyone please tell me when daylight savings ends in the U.S.?
Bundy's status today: "Waiting..."
  • #45,339
  • Oct 6, 2009 2:13pm Oct 6, 2009 2:13pm
Quoting bundyraider
Slow day??

Hey , can anyone please tell me when daylight savings ends in the U.S.?

01 Nov
  • #45,340
  • Oct 6, 2009 2:18pm Oct 6, 2009 2:18pm
Quoting flyer415
01 Nov
Wow, that far away? Ok thanks. Usually catches me out.
Bundy's status today: "Waiting..."
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