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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

  • #45,381
  • Oct 6, 2009 11:16pm Oct 6, 2009 11:16pm
Quoting faizal82
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...
Quoting eternal_wndr
Hello, Lyra.
Can u tell me why you didn't close at BE when you saw a pin forming in the other direction?

Rus.
Quoting supremeChaos
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...
Quoting bundyraider
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...
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..
Thank you guys for your comments. I should have moved my stop to BE or take profit when price hit the 1st trouble area, but I didn't because I "expected" it to move further. Lesson learnt. Thank you again.
  • #45,382
  • Oct 6, 2009 11:24pm Oct 6, 2009 11:24pm
Quoting bundyraider
Hell yeah! Those real nice 'winding-up' ones, for sure.

As break out trades. The Ib's have to look nice and create a wedge or something. You'd have done this before.

You'll see what I'm doing here... (my actual working chart)

Ahh that's nice my man. I have done that before too, I just didn't know that you traded them on the 4 hour timeframe. I'm beginning to like Dale's doubles more and more as well. I've been trading them a lot more lately on the breakouts.

That's awesome and speaking of awesome, that video you sent over was ridiculous. I'd love to try that out sometime very very soon while I'm still stationed up here in the north. That's one of the few extreme sports that I haven't done yet.
I dream, therefore I become.
  • #45,383
  • Oct 6, 2009 11:29pm Oct 6, 2009 11:29pm
Quoting mike w
Ahh....
That's awesome and speaking of awesome, that video you sent over was ridiculous. I'd love to try that out sometime very very soon while I'm still stationed up here in the north. That's one of the few extreme sports that I haven't done yet.
which extreme sport?
is it just like kiteboarding which we recently discussed here about?
which sports have u been into lately?

  • #45,384
  • Oct 6, 2009 11:40pm Oct 6, 2009 11:40pm
Quoting supremeChaos
which extreme sport?
is it just like kiteboarding which we recently discussed here about?
which sports have u been into lately?

It's kinda like kiteboarding but a lot crazier. BR made a post about para-skiing. Skiing the slopes with a parachute on ya- It looks ridiculously fun. Other than that, I do a little bit of everything when the opportunity is there brother haha
I dream, therefore I become.
  • #45,385
  • Oct 7, 2009 12:25am Oct 7, 2009 12:25am
Quoting mike w
It's kinda like kiteboarding but a lot crazier. BR made a post about para-skiing. Skiing the slopes with a parachute on ya- It looks ridiculously fun. Other than that, I do a little bit of everything when the opportunity is there brother haha
ah... i have seen that on Tv before. looks exciting..
another form of Multitasking..

since we dont have snow here, i might as well practice skiing thru these flooded roofs & stacked cars first.

anyway, back to trading...
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  • #45,386
  • Oct 7, 2009 2:34am Oct 7, 2009 2:34am
Quoting atton
Hi guys .

Here is a killer trade that I ve made today

Get stopped out where the green box is. Bad luck

In moments like this I always yell : thanks James, Mike and all of you who show me that method.

Hey Atton,

Well done on this trade..... I take these all day IF they appear..... & mostly they dont.. so well done for catching one... I havent spent time working out your exit rule but cause you are new I will assume you dont have one or 2 or 3 or for any other contingency.. So well done..


Now if you are serious about learning this go back to page one of this thread.. & read it again. & again....
not the whole thread but the first pages.. you will save a lot of heart ache.

For the record... this is the kind of trade I love.... but what do you do if it goes against you in the first 2 bars??? what do you do???


It sucks... but you have to take the loss & get out early... or at your stop., which you must have, weather it an arbitrary 10 pip or more, but you have to set one. cause @ 5m it all happens quick.. & If you want a quick 20minute profite you better be ready to deal with the same loss.
  • #45,387
  • Oct 7, 2009 3:24am Oct 7, 2009 3:24am
Took a loss on USDCAD. It was a few pips below closing as a perfect pin bar above 1.06 so I could't resist it. Maybe I should have? Is there so much difference if the bar closes almost as a pin bar vs. closes clearly as a pin bar, in this case 5pips higher?
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  • #45,388
  • Oct 7, 2009 3:40am Oct 7, 2009 3:40am
Quoting FinnTrader
Took a loss on USDCAD. It was a few pips below closing as a perfect pin bar above 1.06 so I could't resist it. Maybe I should have? Is there so much difference if the bar closes almost as a pin bar vs. closes clearly as a pin bar, in this case 5pips higher?
Hey FT,
I can say I probably would have taken this trade and would have taken a loss had I been in front of charts at that time yesterday. Luckily, I was out.

It is always safer to keep a filter where you only take a trade if the pinbar is actually a pinbar, meaning it meets the following criteria:

1. Open and Close (O/C) in the top 1/3 of its bar range.
2. The O/C is within the previous bar range.
3. The high of the bar is within the prior bars range.
4. The low of the bar protrudes below the previous bar (the more it protrudes the better).
5. The bar forms at a swing low, thus after we have had lower highs and lower lows.
  • #45,389
  • Oct 7, 2009 3:46am Oct 7, 2009 3:46am
FinnTrader,
wow, very nice looking PB, in my view.
having said that, here are some thoughts

Quote
Is there so much difference if the bar closes almost as a pin bar vs. closes clearly as a pin bar, in this case 5pips higher?
u mean, it should've closed above, not below the PB's open?
i think it would really make a difference if price closed above the open. WHY? if u noticed, $cad is in a downtrend.

personally, i would've taken this. if i did, i will monitor momentum. what happened is after the PB, price ranged around the 1.06 area, instead of shooting upwards, for 3 H4 bars (that's 12hours of no expected action!!; REMEMBER: "a good setup is a high momentum setup" --jarroo). this will give me concern & lead me to think/re-think my [buy] trade (specifically considering the lack of action & the current [down] trend). so probably, i would've tightened my stop &/or closed my buy trade ASAP ---definitely i would not take a full bar loss in this one.

so, key points in this trade are:
-momentum
-jarroo's quote
-trend
  • #45,390
  • Oct 7, 2009 3:49am Oct 7, 2009 3:49am
"a good setup is a high momentum setup"

How do I understand when we have that momentum ?
  • #45,391
  • Oct 7, 2009 3:56am Oct 7, 2009 3:56am
Quoting arctos
Good morning all (as it's 11am on my side here)... (This was mentioned by someone else, can't remember who though, that it's better to check for divergence on line charts instead of bars/candlesticks.)
Considering that it's 1) at a high, 2) around a monthly pivot level and 3) there's divergence on the chart, I would like to know if I'm right in saying that we short it if a pin,... develops?
Good afternoon to u...

i think either bundyraider or PeterFM mentioned that, if i'm correct.

divergence is just 1 part of the equation; it is not enough to make price reverse with conviction. but u are correct, it is considered.
if a PA setup develops there? sure, worth considering to short. but imho, it must be a strong PA setup (ex., if a PB formed, it must be a big,convincing one) since it's pretty obvious in your line chart how strong the up trend is. sometime soon, we may either consolidate/range, or reverse/pause for a while, let's see.

welcome again, keep on reading/learning & Good luck!
  • #45,392
  • Edited 4:22am Oct 7, 2009 4:05am | Edited 4:22am
Quoting atton
"a good setup is a high momentum setup"
How do I understand when we have that momentum ?
How?
price wont meander around a range, price will move in 1 direction for some time.
Check out FinnTrader's $cad H4 chart. he bought off of a PB, but since there was no momentum (no demand/buyers), price consolidated around 1.0600 (taking out stops, whatever), then finally more sellers came in pushing price downward.
if there was momentum off of that PB he took, then price would've shot up & not consolidate.


random analogies:
in martial arts, if i kick u & my kick has enough momentum, u will either get hurt &/or throw your body down to the floor.
in boxing, if i punch u, & my punch has enough momentum, your head will twist/move &/or u will get knocked out.
in baseball, if i hit a ball with my bat, the amount of momentum (energy) will decide how far the ball will go.
in music, if i love playing drums, momentum (my desire to play) will decide if i'll play drums for 1 hour or 10hours straight (for whatever sports/music i love, for that matter). lol
in Netherlands (your place, right?), water is around u. u are no stranger to floods. if flood water level rise has (enough) momentum, it will steadily rise (just like it did in my country late last month). & (flash) flood water with momentum can move/displace/destroy cars, houses, etc.
  • #45,393
  • Oct 7, 2009 4:09am Oct 7, 2009 4:09am
Quoting supremeChaos


u mean, it should've closed above, not below the PB's open?
i think it would really make a difference if price closed above the open. WHY? if u noticed, $cad is in a downtrend.
Thank you Jduester and sC!

I mean that it would have closed within the previous bar. Now it closed almost, but about 5 pips below the low of the previous bar, so by a definition it wasn't a pin bar, but very close. Actually I didn't take a full bar loss on it, but 40 pips. I want to see the move right after the pin bar breaks and usually it gives it.
  • #45,394
  • Oct 7, 2009 5:28am Oct 7, 2009 5:28am
Quoting FinnTrader
Took a loss on USDCAD. It was a few pips below closing as a perfect pin bar above 1.06 so I could't resist it. Maybe I should have? Is there so much difference if the bar closes almost as a pin bar vs. closes clearly as a pin bar, in this case 5pips higher?
Attached is a good example of a perfect pinbar or so I think made some 15pips on this one already.
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  • #45,395
  • Oct 7, 2009 5:46am Oct 7, 2009 5:46am
Quoting pipsdaily
Attached is a good example of a perfect pinbar or so I think made some 15pips on this one already.
Target should be 87.10! See support line on weekly chart.
Attached Image (click to enlarge)
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  • #45,396
  • Oct 7, 2009 6:40am Oct 7, 2009 6:40am
hi,

im new here and still trying to learn to pick good pinbar formations
i just came across this pinbar on the USD/CAD daily chart, along with Fib retracement levels.

please let me know if i have picked a good pinbar/drawn Fib correctly etc. Any comments/criticism/improvements are welcome!

*in the first chart, ASSUMING the daily close will be at the top 1/3 of the pinbar, is it a good quality pinbar?

*in the second chart, im just showing how my Fib retracement is drawn...is it done correctly? if it is, the current price is at 61.8 area which is a critical area? (correct me if i'm wrong)

thanks!
Attached Image(s) (click to enlarge)
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  • #45,397
  • Oct 7, 2009 6:47am Oct 7, 2009 6:47am
Quoting pipsdaily
Attached is a good example of a perfect pinbar or so I think made some 15pips on this one already.
It is always safer to keep a filter where you only take a trade if the pinbar is actually a pinbar, meaning it meets the following criteria:

For Long trades:
1. Open and Close (O/C) in the top 1/3 of its bar range.
2. The O/C is within the previous bar range.
3. The high of the bar is within the prior bars range.
4. The low of the bar protrudes below the previous bar (the more it protrudes the better).
5. The bar forms at a swing low, thus after we have had lower highs and lower lows.

Or in your case... forms at a swing high after a series of higher highs higher lows... Hope you got out at b/e or better...
  • #45,398
  • Oct 7, 2009 6:58am Oct 7, 2009 6:58am
Quoting Jduester
Hey FT,
I can say I probably would have taken this trade and would have taken a loss had I been in front of charts at that time yesterday. Luckily, I was out.

It is always safer to keep a filter where you only take a trade if the pinbar is actually a pinbar, meaning it meets the following criteria:

1. Open and Close (O/C) in the top 1/3 of its bar range.
2. The O/C is within the previous bar range.
3. The high of the bar is within the prior bars range.
4. The low of the bar protrudes below the previous bar (the more it protrudes the better).
5....
Great post as always josh. These key characterisics can make all the difference in the world for a trade to succeed or fail, especially on a countertrend setup.

That being said, lol, if I did take this one I would have had a small loss myself. Being the tight trade management guy that I am, my stop loss would have been placed under the round number 1.6000. I probably would have been stopped out for a 20-30 pip loss.
Attached Image
Indicators show the past. Price Action "Indicates" the future.
  • #45,399
  • Oct 7, 2009 7:00am Oct 7, 2009 7:00am
Another bounce at prior low, nice outside situation on H4 with div (mins from close)- naturally we look at the closes resistance above head as initial targets ....

Thoughts ?
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  • #45,400
  • Oct 7, 2009 7:04am Oct 7, 2009 7:04am
Quoting pipmyride
Another bounce at prior low, nice outside situation on H4 with div (mins from close)- naturally we look at the closes resistance above head as initial targets ....

Thoughts ?
I liked this entry, but missed it...
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