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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

  • #48,221
  • Nov 17, 2009 11:08am Nov 17, 2009 11:08am
Quoting athan00
hi,
if id like to start reading this thread, isnt there a shorter way instead of reading 3000 pages?
Yes as suggested after you get your feet wet, there are a lot of posts you can skip.

This is nice put together by Josh, but as he says it is no substitute b/c there are none in trading

http://www.forexfactory.com/showpost...ostcount=23250

My suggestion get a lot of coffee and dig in for a few months

Mike
  • #48,222
  • Nov 17, 2009 11:12am Nov 17, 2009 11:12am
My hands are getting numb from sitting on them. Not many trades for my methods recently

I am watching this like a hawk. When this thing breaks it may not look back. This is a situation where I might not even look for a pullback. Bias is down based on the action around the other pairs

Mike
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  • #48,223
  • Nov 17, 2009 11:29am Nov 17, 2009 11:29am
Quoting mbqb11
My hands are getting numb from sitting on them. Not many trades for my methods recently

I am watching this like a hawk. When this thing breaks it may not look back. This is a situation where I might not even look for a pullback. Bias is down based on the action around the other pairs

Mike

I'm glad you said something about this pair. I dont have a bias. The monthly chart makes me think more short vs long but the pound is showing strength. Maybe that's the same thing everyon else sees too?

K.I.S.S.
  • #48,224
  • Nov 17, 2009 11:38am Nov 17, 2009 11:38am
Quoting mbqb11
My hands are getting numb from sitting on them. Not many trades for my methods recently

I am watching this like a hawk. When this thing breaks it may not look back. This is a situation where I might not even look for a pullback. Bias is down based on the action around the other pairs

Mike

How do you trade these breaks? I know many times you wait for a retrace to the outter side of the trendline and look for PA. But if you are thinking of not waiting for a retrace, you then just play the break of the TL? And where would you put your SL? I've demo'd these before with pending orders on either side of the wedge, but never really new where to put my SL. Thanks!

-Marc
  • #48,225
  • Nov 17, 2009 11:39am Nov 17, 2009 11:39am
Quoting mbqb11
My hands are getting numb from sitting on them. Not many trades for my methods recently

I am watching this like a hawk. When this thing breaks it may not look back. This is a situation where I might not even look for a pullback. Bias is down based on the action around the other pairs

Mike
Me too Mike, me too.

I've been killing the time by playing with other methods on demo which is fun.

I am still holding a 4H NJ pinbar from days and days ago based on the big round and gap close. My plan was a simple set and forget TP/SL. And it's ranged and ranged and ranged for a week.

The yens have lead weights tied to their ankles and they are aching to "sleep with the fishes".
  • #48,226
  • Nov 17, 2009 11:44am Nov 17, 2009 11:44am
Quoting HawkI
How do you trade these breaks? I know many times you wait for a retrace to the outter side of the trendline and look for PA. But if you are thinking of not waiting for a retrace, you then just play the break of the TL? And where would you put your SL? I've demo'd these before with pending orders on either side of the wedge, but never really new where to put my SL. Thanks!

-Marc
Hey Marc

Yes generally I wait for a breakout and pullback. The problem is when you wind up this tight often it will just break and never pullback. Now it is getting late in the day and if it is going to break in the asian session then probably will leave without me or wait for a pullback. If we stay range bound till tommorow then I might look to put a sell order under a few bar lows and then my stop would go above recent bar highs depending on what is around.

Waiting game for now

Best
Mike
  • #48,227
  • Nov 17, 2009 11:48am Nov 17, 2009 11:48am
Quoting mbqb11
Hey Marc

Yes generally I wait for a breakout and pullback. The problem is when you wind up this tight often it will just break and never pullback. Now it is getting late in the day and if it is going to break in the asian session then probably will leave without me or wait for a pullback. If we stay range bound till tommorow then I might look to put a sell order under a few bar lows and then my stop would go above recent bar highs depending on what is around.

Waiting game for now

Best
Mike
Gotcha, thanks Mike. http://cdn.forexfactory.com/images/icons/icon10.gif
  • #48,228
  • Nov 17, 2009 11:55am Nov 17, 2009 11:55am
Quoting mbqb11
My hands are getting numb from sitting on them. Not many trades for my methods recently

I am watching this like a hawk. When this thing breaks it may not look back. This is a situation where I might not even look for a pullback. Bias is down based on the action around the other pairs

Mike
Thanks for the alert Mike
I'll be watching it.

Too many BE trades for me today, damn, nothing moving.

Ben
  • #48,229
  • Nov 17, 2009 12:11pm Nov 17, 2009 12:11pm
What do you guys think?
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  • #48,230
  • Nov 17, 2009 12:27pm Nov 17, 2009 12:27pm
Quoting esbatu
Hi guys, do u pay attention to weekly trend when trading daily PA? I notice that most daily PA fail if we take as CT and those that go with the trend even the B / C grade most likely will work. Any comment?

Personally I like to keep timeframes independent of each other. For instance we maybe trending upwards on a weekly time frame and downwards on a 4h or daily and I will take a trade either way. I just trade what I see on the chart and what conforms to my definition of a good setup.This style suits my personallity.

Hunri
  • #48,231
  • Nov 17, 2009 12:38pm Nov 17, 2009 12:38pm
bet rac is in this...in blind from 1.4816
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  • #48,232
  • Nov 17, 2009 12:58pm Nov 17, 2009 12:58pm
i waited for a pull back on this one but looks like its gone foor good.
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  • #48,233
  • Nov 17, 2009 1:13pm Nov 17, 2009 1:13pm
Quoting mbqb11
My hands are getting numb from sitting on them. Not many trades for my methods recently

I am watching this like a hawk. When this thing breaks it may not look back. This is a situation where I might not even look for a pullback. Bias is down based on the action around the other pairs

Mike
I hav this on ma watchlist 2 Mike and i think this pair is poised for an xplotion. Howeva given that the triangle is symmetrical about a round number i wud go either way, just nedd PA as a pointer.

Hunri
  • #48,234
  • Nov 17, 2009 1:21pm Nov 17, 2009 1:21pm
I got this off the IB. Took off some and hoping this one can avoid getting stopped out, they do that sometimes right? lol
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"Whether you think you can or can't, you're right." Henry Ford
  • #48,235
  • Nov 17, 2009 1:30pm Nov 17, 2009 1:30pm
Quoting KissFan
I'm glad you said something about this pair. I dont have a bias. The monthly chart makes me think more short vs long but the pound is showing strength. Maybe that's the same thing everyon else sees too?

K.I.S.S.
I am not smart enough to have a bias on this one, nothing jumps out at me either way. On the weekly there is a pivot at 1.50 (it is in a downtrend), and it has just been riding that pivot line the last five weeks. No doubt it is gonna pop soon.........for my strategy I would like it to break above and then I would look for price action on a retracement back to 1.50. The arguments for a long break are that I have seen price action like this many times where it hugs an area before it finally gives in and price takes off above it. GBP seems to be gaining strength in general, but I will let price action dictate what I do (if anything).

Like Mike said though, this may just run one way and not look back.

Nathan
  • #48,236
  • Nov 17, 2009 1:32pm Nov 17, 2009 1:32pm
I didn't take this trade b/c there was no significant monthly, weekly, or even daily pivot line where this pin formed. All I had was a pin, and small ppz.... oh well...

EDIT: and i also had divergence on macd, and rsi....
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Many choose unhappiness over uncertainty.
  • #48,237
  • Nov 17, 2009 1:34pm Nov 17, 2009 1:34pm
Quoting didymario
i waited for a pull back on this one but looks like its gone foor good.

I hope you are right........this is the only trade I am in right now! I have been watching this one for weeks and took a very small profit last week on a trade but have been waiting for a break below .8900 (which finally happened).

Nathan
  • #48,238
  • Nov 17, 2009 1:41pm Nov 17, 2009 1:41pm
Quoting Dan Gilbert
I didn't take this trade b/c there was no significant monthly, weekly, or even daily pivot line where this pin formed. All I had was a pin, and small ppz.... oh well...

EDIT: and i also had divergence on macd, and rsi....

Don't sweat it Dan, in the long run I can promise you it is better to take them at good areas. Your account balance will appreciate you being picky, even though some of them will work out like this. There are more that don't work out in these situations.

Nathan
  • #48,239
  • Nov 17, 2009 1:53pm Nov 17, 2009 1:53pm
I'd like to pose a question directed at the experienced members.

The conservative way of playing a setup, pin bar for instance, is as we know to enter on the break of the h/l plus a few pips buffer.

If not broken, it's not a pin bar.

My question here is: roughly, what percentage of pin bars will fail to break?

I'm asking with 4H and up in mind and just looking at pin bars in the swing locations. It seems quite rare for a setup to not break and the ones that fail often break first and then turn.

Thoughts on this?
  • #48,240
  • Nov 17, 2009 2:07pm Nov 17, 2009 2:07pm
Quoting o990l6mh
I'd like to pose a question directed at the experienced members.

The conservative way of playing a setup, pin bar for instance, is as we know to enter on the break of the h/l plus a few pips buffer.

If not broken, it's not a pin bar.

My question here is: roughly, what percentage of pin bars will fail to break?

I'm asking with 4H and up in mind and just looking at pin bars in the swing locations. It seems quite rare for a setup to not break and the ones that fail often break first and then turn.

Thoughts on this?
I would guess 30% or so fail to break the low or high, maybe less. For me it is enough that I won't trade them unless A (most important to me) - at an area, and B they break. I don't play retracement entries on pin bars but I do on DBHLC/DBLHC and BEOB/BUOB. My experience has been that I can usually at least get to break-even or a small profit fairly quickly on the latter even if they don't break the next day. On pins, I simply prefer they break before an entry.

This doesn't mean anything I do is right way, it is just the way I am comfortable playing price action.

Nathan
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