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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

  • #48,561
  • Nov 23, 2009 6:10pm Nov 23, 2009 6:10pm
Quoting RajFX
hi there,

I discovered this thread only recently and I'd like to thank all of you who contribute. There is really ton of great stuff here... I placed some trades on the demo and they worked out beautifully. Now I finally placed some live trades and I'd like to ask the more experienced traders what would be the most reasonable step to do. I sold the break of the 4h pin bar with stop above the nose. However, the right eye of the pin is by itself a bullish pin bar. Does that automatically cancel the setup or since we have not broken above the left...
Hey Raj

Welcome to the thread

Technically it doesn't automatically cancel anything but a lot of us if we get a poor break like that and a reversal pin will do exactly as you said, tighten up. It is always important to protect ourselves from large losses so this is one good way to tighten up. So many will move it just above the high of the other pin.

Let me know if you have more questions
Mike
  • #48,562
  • Nov 23, 2009 6:16pm Nov 23, 2009 6:16pm
Quoting mbqb11
A holiday week usually thins out quick, so it will have to be very convincing to get me into anything this week. Be patient, it pays off to wait for the juicy ones

Best
Mike

What holiday is this week? (I assume it's American... normal week here in Canada)

Thanks
  • #48,563
  • Nov 23, 2009 6:16pm Nov 23, 2009 6:16pm
Quoting atclarkson
What holiday is this week? (I assume it's American... normal week here in Canada)

Thanks
Thanksgiving
  • #48,564
  • Nov 23, 2009 6:23pm Nov 23, 2009 6:23pm
Hi Mike,

thanks for a quick reply, it is much appreciated.

If we do not get the bearish break and continue to trade in the 6625 - 6585 range, how many bars before the setup is considered invalid and the best thing to do is scrap the trade possibly with small profit or at BE? Or do you keep the trade open until your stop or limit is hit?

thanks

Quoting mbqb11
Hey Raj

Welcome to the thread

Technically it doesn't automatically cancel anything but a lot of us if we get a poor break like that and a reversal pin will do exactly as you said, tighten up. It is always important to protect ourselves from large losses so this is one good way to tighten up. So many will move it just above the high of the other pin.

Let me know if you have more questions
Mike
  • #48,565
  • Nov 23, 2009 6:26pm Nov 23, 2009 6:26pm
Quoting mbqb11
Thanksgiving

aha... yankee thanksgiving. Always screws me up, our Thanksgiving is over a month ago.

Happy Thanksgiving y'all!!
  • #48,566
  • Nov 23, 2009 6:31pm Nov 23, 2009 6:31pm
Quoting RajFX
Hi Mike,

thanks for a quick reply, it is much appreciated.

If we do not get the bearish break and continue to trade in the 6625 - 6585 range, how many bars before the setup is considered invalid and the best thing to do is scrap the trade possibly with small profit or at BE? Or do you keep the trade open until your stop or limit is hit?

thanks
Hey Raj

For me I usually cancel my order if the next bar doesn't trigger it. That is once you have your bar (for example the pinbar is the long nose bar). Once that bar is formed I place my buy/sell below the low or above the high of that bar itself. If the next bar doesn't trigger I usually end up canceling it as I see momentum is not there. Not always but most of the time.

Best
Mike
  • #48,567
  • Nov 23, 2009 6:57pm Nov 23, 2009 6:57pm
Bearish pins on both the usdjpy and the eurusd, Both these pairs looking bearish to me. Soooo….
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  • #48,568
  • Nov 23, 2009 6:58pm Nov 23, 2009 6:58pm
I took the nice looking pin on eurjpy which has multiple area of confluence and in line with the downward move despite the double bottom. Trade plan is to move to break even right now as its nicely in profit and take off half the position when price reaches the target indicated. Next action will be decided after analysis of PA in this area. Any suggestions or advice on whether my reasoning is valid would be very welcome indeed. Thanks.
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  • #48,569
  • Nov 23, 2009 7:08pm Nov 23, 2009 7:08pm
GBPUSD

BEOB on the weekly at resistance. Dropped down to the H4 and saw a decent PB. Although the nose wasn't that long, it closed above a round number, and there was some traffic, there was also great confluence! 38 fib, diverge, PPZ, and in the direction of the weekly BEOB.

I've taken over 1/2 off the table and I'm at break even... now let's see if it breaks the weekly BEOB (the blue area)!

Mike (or any fellow trader), how was this analysis?
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  • #48,570
  • Edited 7:19pm Nov 23, 2009 7:09pm | Edited 7:19pm
Quoting Disney09
Hello,
Does anyone have Martin Pring's Price Pattern book on pdf? I'm about to purchase it if not...
"Pring on Price Patterns"?
none so far.
  • #48,571
  • Nov 23, 2009 7:15pm Nov 23, 2009 7:15pm
Quoting frankm7
GBPUSD

BEOB on the weekly at resistance. Dropped down to the H4 and saw a decent PB. Although the nose wasn't that long, it closed above a round number, and there was some traffic, there was also great confluence! 38 fib, diverge, PPZ, and in the direction of the weekly BEOB.

I've taken over 1/2 off the table and I'm at break even... now let's see if it breaks the weekly BEOB (the blue area)!

Mike (or any fellow trader), how was this analysis?
Hey Frank

This goes to majestic also since they are very similar. Again how and what trades one takes is more subjective, but what I am glad to see frank do here is protect himself. He knows this isn't the best bar, it is the 4hr etc. So he protected or has a plan in place. What worries me a bit majestic is that you are going to hold all the way to the bottom. At some point I think keeping your risk all out there is a bit dangerous in the long run. Not that your analysis is wrong, far from it. But I think we have to always think about how to protect ourselves as well. This means different things to different traders. Some just trail their stops, some take some off the table, others b/e quick. Others do nothing. So you are not wrong. And also these are my thoughts, there is no ONE right way, that is unfortunately what makes it harder.

Nice trading guys

Best
Mike
  • #48,572
  • Edited 7:19pm Nov 23, 2009 7:17pm | Edited 7:19pm
Took the N/U 4 hour pin here... did anyone catch this?

It moved pretty fast to that first trouble spot, so I'm at BE and in it with my initial lots. I'll probably exit in the second trouble spot since this is a long-term counter trend trade.

EDIT:
Entry Criteria

Bounce off horizontal PPZ
50 fib retrace
Light traffic below

-- Danny
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  • #48,573
  • Nov 23, 2009 7:24pm Nov 23, 2009 7:24pm
Quoting mbqb11
Hey Frank

This goes to majestic also since they are very similar....
Thanks Mike, for your prompt and thoughtful response! Although I feel I'm too conservatives with my trades as I move to BE very quickly, i'd rather make 0 pips then have it go against me.
  • #48,574
  • Nov 23, 2009 7:26pm Nov 23, 2009 7:26pm
Quoting frankm7
Thanks Mike, for your prompt and thoughtful response! Although I feel I'm too conservatives with my trades as I move to BE very quickly, i'd rather make 0 pips then have it go against me.
Trader style will dictate much of this, which is where you grow over time. James is to b/e very quick he is also on a very large account so less is certainly still more. Where as I am on a much smaller account so I give my trades more room to run perhaps. Over time as I have grown I do find myself tightening up more which means less %R but also less fluctuation in equity. It is certainly a balancing act which we are always trying to obtain.

Have a great one
Mike
  • #48,575
  • Nov 23, 2009 7:29pm Nov 23, 2009 7:29pm
Quoting mbqb11
Hey Frank

What worries me a bit majestic is that you are going to hold all the way to the bottom. At some point I think keeping your risk all out there is a bit dangerous in the long run. Not that your analysis is wrong, far from it. But I think we have to always think about how to protect ourselves as well. This means different things to different traders.
i
Mike
Hi Mike, Thanks v much for the response. I did mention in my post that i have already moved my stop to BE (If you were worried about me losing on this trade). In your personal view would a better plan be to exit half the position around the 132.60 area in case a head and shoulders type pattern forms and wait for PA clues in that area?
  • #48,576
  • Nov 23, 2009 7:38pm Nov 23, 2009 7:38pm
Quoting Majestic12
Hi Mike, Thanks v much for the response. I did mention in my post that i have already moved my stop to BE (If you were worried about me losing on this trade). In your personal view would a better plan be to exit half the position around the 132.60 area in case a head and shoulders type pattern forms and wait for PA clues in that area?
oh sorry my bad! Bit fuzzed brain here. I personally never scale out of my positions so that would have to be something you decide. I like to watch a trade develop more so


Best
Mike
  • #48,577
  • Nov 23, 2009 7:58pm Nov 23, 2009 7:58pm
Quoting mbqb11
oh sorry my bad! Bit fuzzed brain here. I personally never scale out of my positions so that would have to be something you decide. I like to watch a trade develop more so


Best
Mike
Trying to watch a trade develop in real time is a skill i am trying to learn. i seem to have no trouble making very good exits in forex tester simulation but i get itchy hands when in real time situations. it was my choice in this situation to be more inclined to not close out half the position and let the trade either stop me out or each my initial target before deciding my next course.

With this plan it forces me to see the trade through therefore preventing me from getting tempted to close out half as i know through testing that keeping the whole position on will be more profitable in the long run as long as i keep moving the stop down while giving price enough time to breath.
  • #48,578
  • Nov 23, 2009 8:06pm Nov 23, 2009 8:06pm
Looking at E/G daily to go short, does this analysis make sense?

Pros:
Fib confluence at 38 & 50
Horizontal PPZ bounce
Minor traffic below

Cons:
Poodle type pin bar

I have to admit the low risk entry does look attractive, but the small pin scares me. What do you guys do in this situation?

Thanks again.
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  • #48,579
  • Nov 23, 2009 8:34pm Nov 23, 2009 8:34pm
Quoting bluetrader
Looking at E/G daily to go short, does this analysis make sense?

Pros:
Fib confluence at 38 & 50
Horizontal PPZ bounce
Minor traffic below

Cons:
Poodle type pin bar

I have to admit the low risk entry does look attractive, but the small pin scares me. What do you guys do in this situation?

Thanks again.

I personally don't even look twice at those bars. It doesn't really signify much to me.

Again just my views
Mike
  • #48,580
  • Nov 23, 2009 8:34pm Nov 23, 2009 8:34pm
Quoting bluetrader
Looking at E/G daily to go short, does this analysis make sense?

Pros:
Fib confluence at 38 & 50
Horizontal PPZ bounce
Minor traffic below

Cons:
Poodle type pin bar

I have to admit the low risk entry does look attractive, but the small pin scares me. What do you guys do in this situation?

Thanks again.
Too risky IMO

Very small pb against the weekly hammer formed @ major SR

If you do decide to play it i would have my stops to BE very quick.
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