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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

  • #50,981
  • Jan 7, 2010 10:55am Jan 7, 2010 10:55am
Quoting ghous
Hi Hova,

We want our pin bars to be nice and prominent, when scrutinizing pin bars always compare the size of the pin bar with the preceding bars. For the pin bar to be of any real value it must at least be as long as the preceding bars.

You can clearly see those large BEBs formulating that bear run, we want a super super good pin bar to convince us to beat the odds of going against such a dominant trend, and any such bar will have to be sufficiently bigger then the bar you pointed out.

cheers.

EDIT: chart 1: real chart...
bookmark this post folks, this will save you months of headaches
  • #50,982
  • Jan 7, 2010 11:02am Jan 7, 2010 11:02am
Quoting bluetrader
Hey Dan, great job on those touch trades lately.

I've taken one trade all week on the Dailies and Weeklies for 1R. Just keeping my powder dry.

Of interest to me are the locations of the CAD pairs. Looking for some PA on these.

-- Danny
GBP/CAD by any chance? I traded this one as a sell limit order @ 1.6500 very big round number. After I was in the trade, it looked like I was going to lose... and then a gigantic 30 min pin formed and I had confidence again


S/L was originally 1.6550, now I have it moved to B/E, and closed half the position. trailing stop of 50 pips applied to remainder of my position.
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Many choose unhappiness over uncertainty.
  • #50,983
  • Jan 7, 2010 11:05am Jan 7, 2010 11:05am
Quoting mbqb11
bookmark this post folks, this will save you months of headaches
do that, and if you think you got that hole PA thing, forget it, start reading this thread again from the very beginning ( like i will do now )
Never whishing, always trading.
  • #50,984
  • Jan 7, 2010 11:14am Jan 7, 2010 11:14am
Awesome Dan!

Great RN quick hitter if you want to take full profit at first trouble area. Imagin you position sized with stop just behind the round number. $$$. With bars like that you would be golden.

I wish I could monitor the 30min but cant because of my full time job. Still can look at the thread frequently though :-). And see every 4hr bar


Quoting Dan Gilbert
GBP/CAD by any chance? I traded this one as a sell limit order @ 1.6500 very big round number. After I was in the trade, it looked like I was going to lose... and then a gigantic 30 min pin formed and I had confidence again


S/L was originally 1.6550, now I have it moved to B/E, and closed half the position. trailing stop of 50 pips applied to remainder of my position.
  • #50,985
  • Jan 7, 2010 11:21am Jan 7, 2010 11:21am
Quoting dmc
Awesome Dan!

Great RN quick hitter if you want to take full profit at first trouble area. Imagin you position sized with stop just behind the round number. $$$. With bars like that you would be golden.
I like the trailing stop on half of the position, it's like I cannot lose after I get stop to breakeven, and I cannot feel bad about missing a runner at the same time


As far as monitoring a 30 minute chart, that's not at all what happened here. I just traded the 1.65 as a touch trade, based on h4, h1, and the very big round number. When I was watching it play out, I was watching the 30 min chart, and saw that pin.
Many choose unhappiness over uncertainty.
  • #50,986
  • Jan 7, 2010 11:25am Jan 7, 2010 11:25am
Quoting Dan Gilbert
GBP/CAD by any chance? I traded this one as a sell limit order @ 1.6500 very big round number. After I was in the trade, it looked like I was going to lose... and then a gigantic 30 min pin formed and I had confidence again


S/L was originally 1.6550, now I have it moved to B/E, and closed half the position. trailing stop of 50 pips applied to remainder of my position.
remainder of position closed @ break even.
Many choose unhappiness over uncertainty.
  • #50,987
  • Jan 7, 2010 11:46am Jan 7, 2010 11:46am
I have a demo account in Oanda and i haven't used yet the trailing stop because, to be honest, I can't figure clearly how it works. Can somone give a hint about it?
  • #50,988
  • Jan 7, 2010 11:51am Jan 7, 2010 11:51am
Quoting NosferatuMan
I have a demo account in Oanda and i haven't used yet the trailing stop because, to be honest, I can't figure clearly how it works. Can somone give a hint about it?

set TS to lets say 30, and it will always be 30 pips behind price
Never whishing, always trading.
  • #50,989
  • Jan 7, 2010 11:54am Jan 7, 2010 11:54am
Quoting Hova
set TS to lets say 30, and it will always be 30 pips behind price
So when the order enters, if the price moves 1 pip so does the stop loss. Is this correct?
  • #50,990
  • Jan 7, 2010 12:02pm Jan 7, 2010 12:02pm
Quoting NosferatuMan
So when the order enters, if the price moves 1 pip so does the stop loss. Is this correct?
yep every pip it goes in your favor, SL moves up 1 pip.
  • #50,991
  • Jan 7, 2010 12:04pm Jan 7, 2010 12:04pm
Quoting mbqb11
yep every pip it goes in your favor, SL moves up 1 pip.
Thank you Mike and Hova.
  • #50,992
  • Jan 7, 2010 12:09pm Jan 7, 2010 12:09pm
still ranging.....
been having a good feel of the mkt for weeks now, feels really good
need to go read the Jim's 1st post of this thread again ( inshort i think ill just print it out)
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Simplicity is the key to success
  • #50,993
  • Jan 7, 2010 12:35pm Jan 7, 2010 12:35pm
Quoting bluetrader
Hi pinero, welcome to the thread. The link you are referring to is on the very first post by James: JDuester's Summary Post

Hope this helps
Thank you bluetrader, this is great.

Pine
  • #50,994
  • Jan 7, 2010 12:38pm Jan 7, 2010 12:38pm
Quoting mbqb11
Welcome pine
Thank you sir!
  • #50,995
  • Jan 7, 2010 12:48pm Jan 7, 2010 12:48pm
Quoting ghous
Hi Hova,

We want our pin bars to be nice and prominent, when scrutinizing pin bars always compare the size of the pin bar with the preceding bars. For the pin bar to be of any real value it must at least be as long as the preceding bars.

You can clearly see those large BEBs formulating that bear run, we want a super super good pin bar to convince us to beat the odds of going against such a dominant trend, and any such bar will have to be sufficiently bigger then the bar you pointed out.

cheers.

EDIT: chart 1: real chart...
That's what I am talking about Ghous. That's what we want people. Take heed to this post or learn the hard way . . . I know I did . . .
"Don't trade to trade . . . trade to win." - James16
  • #50,996
  • Jan 7, 2010 12:59pm Jan 7, 2010 12:59pm
looks like some of those 4hr pins we were looking at last night are working pretty well... I'm interested to see who traded them, and how they managed their trades (or are currently managing their trades)? I stayed out....
Many choose unhappiness over uncertainty.
  • #50,997
  • Jan 7, 2010 1:02pm Jan 7, 2010 1:02pm
Quoting dobe_r_man
Careful with this one, this pair is showing a lot of strength and it might just be a pause/breath before continuing on.

Not saying don't take the trade by any means, just pointing it out.

Nathan
I agree with what your saying. my thoughts are for this to stall and then it hit 9040 and now has pulled back and tested the 9000 level. if it moves north again. i was going to look for and entry around 9045-50 with a stop below 9000.
  • #50,998
  • Jan 7, 2010 1:09pm Jan 7, 2010 1:09pm
Quoting Dan Gilbert
my 50 pip trailing got hit on EURAUD unfortunately, that's ok though because now I'm here....


S/L moved to break even, half position closed, 50 pip trailing stop applied to remainder.
Dan:

Interesting watching your touch trades........are you closing half at a TP and trailing the remaining or closing half at a predetermined pip level?

Just curious...
  • #50,999
  • Jan 7, 2010 1:27pm Jan 7, 2010 1:27pm
Quoting Glenborrell
I agree with what your saying. my thoughts are for this to stall and then it hit 9040 and now has pulled back and tested the 9000 level. if it moves north again. i was going to look for and entry around 9045-50 with a stop below 9000.
If you are going to play this long you may want to put an order above 90.50 or wait for reversal price action at 90.00 to enter long.

The only reason I say that is you hate to buy right below 90.50 in case it rejects it and then you are immediately put into a losing position seconds after your entry. I hope this makes sense!
  • #51,000
  • Jan 7, 2010 2:12pm Jan 7, 2010 2:12pm
Quoting mbqb11
bookmark this post folks, this will save you months of headaches
I've found advice like this from you (mike) and the other seniors like gold dust. It's fantasic the time you give to this thread and all the new people. I've watched the free videos on the james16group website that you did and this was one of the main points it picked up that i had not previously considered to great depths. Thanks!
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