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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

  • #53,681
  • Feb 2, 2010 12:20pm Feb 2, 2010 12:20pm
Quoting Dan Gilbert
Add to that, "reminiscences of a stock operator"

Very good book explaining how accepting "tips" from a "better" trader will not end well for you... stick to what you know, and trade that. Very good book.
Ciao Dan

I'll read it for sure

many thanks to you as well Sir!!

your advice really much appreciated

"trattoria" food and wine for you as well anytime in Rome!!

ciao
  • #53,682
  • Feb 2, 2010 12:57pm Feb 2, 2010 12:57pm
Quoting squeezy
hey Mike,
quick question if you dnt mind....
in terms of 1st trouble area, if we have a big beob/pin on big round no(1st circle) depicted by chart with 1st trouble area not far from the break of bar.
is this a no trade for you or do you look at it as the bigger the PA ,the easier
it shld break through if we had our 1st trouble area like this as you can see price initially ran up to test a mini ppz above before eventually breaking.
2nd circle also shows similar scenario but this time price broke before retracing to test a mini ppz above, before moving...
Hey Squeezy

I don't really have one ABC answer for what I do. i treat each situation as its own entity and try to decide at the time the best course of action. I am not like most where the first trouble area I have to do something. I am aware of them and often use them to start to move down my stops an eliminate risk. If the bar I am taking is good enough to enter and upon break there is a trouble area usually I am not to worried about it since I am very picky. But sometimes if there is a significant first trouble area I will move my stops quicker then normal, or avoid the trade. So it really depends.

Best
Mike
  • #53,683
  • Feb 2, 2010 1:14pm Feb 2, 2010 1:14pm
Quoting mbqb11
Hey Squeezy

I don't really have one ABC answer for what I do....
thnx Mike
that helped a great deal
many pips
Simplicity is the key to success
  • #53,684
  • Feb 2, 2010 1:52pm Feb 2, 2010 1:52pm
I have a question. Its just informative, cause i wont trade this, its a little too late (SL would be too big for my tiny account), but someone could take it

Could this bar on monthly gold chart be considered as a IPB ? If it is it has a great support at 1073.00 and the daily bar has closed as a BUOB (it has also closed above 1100.00) and i know that is a little early but the weekly bar is currently forming a pretty decent BUOB (for now will see how will it close at the end of the week).

What do you think??

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  • #53,685
  • Feb 2, 2010 2:07pm Feb 2, 2010 2:07pm
Quoting ppfx
I have a question. Its just informative, cause i wont trade this, its a little too late (SL would be too big for my tiny account), but someone could take it

What do you think??
Hi PPFX,

This is actually not an IPB. An inverted pin bar would be a bullish-looking pin bar at a swing high, so it would be the opposite shape. It needs to stick out from the bars before it just like a normal pin bar, except the tail would be larger on the bottom instead of the top. The bar you refered to is more like a normal pin bar, but it isn't really either as it doesn't stick out from the price above it.

Great question, and I hope this helps. To be honest, IPBs are an advanced topic and I would recommend you focus on regular pinbars and outside bars at good locations until you are very familiar with them and profitable before even researching IPB and inside bars.

The BUOB looks good though, and your analysis seems correct to me on the weekly timeframe. Technically the daily is not a BUOB, as the low is not lower than the previous bars low.

Cory
  • #53,686
  • Feb 2, 2010 2:19pm Feb 2, 2010 2:19pm
Quoting mbqb11
Hey J



Just a side note about exits from my view point as well

http://www.forexfactory.com/showpost...ostcount=36491

Best
Mike
Mike,

I like your point "but don't try and be a hero". I'm sure plenty of us do in more trades than we should.

Something to keep in mind.

Cheers,

Glen
  • #53,687
  • Feb 2, 2010 2:24pm Feb 2, 2010 2:24pm
Quoting Dan Gilbert
anyone else still in this? or am I the only one????
I was knocked out at BE by that spike on Friday. What is your plan? Looks like a tough area to be in right now.
Don't wish it were easier, wish you were better. ~ Jim Rohn
  • #53,688
  • Feb 2, 2010 2:41pm Feb 2, 2010 2:41pm
Quoting LasVahGoose
I was knocked out at BE by that spike on Friday. What is your plan? Looks like a tough area to be in right now.
Right now I'm holding only half the position, and my stop is @ B/E. I'm targeting 1.65 to close up the rest of the trade, and also I'm going to be manually trailing above the highs of the daily bar as they close. I think the manual trail will get hit sooner than the target . fair enough
Many choose unhappiness over uncertainty.
  • #53,689
  • Feb 2, 2010 2:45pm Feb 2, 2010 2:45pm
I'm sure this has come up before but ill ask again anyway.

Im still in on both the USD/CAD daily BEOB, and the NZD/USD BUOB bar, both are doing well, up about 1% each, I was hoping to ride them out a bit longer but with NFP coming up Friday Im a little at odds with what to do, ill probably just lock both into BE.

Any other suggestions?
  • #53,690
  • Feb 2, 2010 2:48pm Feb 2, 2010 2:48pm
hello guys!!

heaven't post that much bc I had some issue with my PC,but now I have upgrade it and hope those problems will be history.

I was reading the latest posts, and see that no one referring to loonie

BEOB at swing high of resistant level with a lot of space and is supported by the move on oil futures contracts that are moving upwards with a high momentum and expecting the same with the ucad

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  • #53,691
  • Feb 2, 2010 3:09pm Feb 2, 2010 3:09pm
So when you stopped out at break even, don't re-enter the retrace unless you have PA in the 4H or 1H time frames (presumably at daily fib retracement of the pin to get confluence) hope I'm understanding this right!


Quoting dobe_r_man
That is hard to say until after the fact ()....it is always easy to know then. Honestly, if you are out at Break-even I wouldn't rush to get in unless you get price action on the 4hr or 1hr telling you to short again. Sure, this could drop and worst case you missed a move but lost nothing. It could also climb north and you saved yourself. I guess I am just saying I would wait for a reason (price action) to get back in vs. just picking a number/fib area. If price action prints at your area then take action.

I am still in the trade short and have...
  • #53,692
  • Feb 2, 2010 3:13pm Feb 2, 2010 3:13pm
Tips come often too late. When you hear them, I heard its usually a good thing to do the opposite as the Big Boys will be profit taking.

Quoting dobe_r_man
Nasir:

Tell him he should listen to HIS brother-in-law more often........ha ha.

TIPS...

A commissioned brokers best friend

Trusting
In
Peoples
Stupidity
  • #53,693
  • Feb 2, 2010 3:21pm Feb 2, 2010 3:21pm
Quoting Pinnocchio_S
So when you stopped out at break even, don't re-enter the retrace unless you have PA in the 4H or 1H time frames (presumably at daily fib retracement of the pin to get confluence) hope I'm understanding this right!
I am not saying 100% do this always, just more saying don't go chasing just because you were stopped out at break-even, i.e. have a reason to reenter.

Nathan
  • #53,694
  • Feb 2, 2010 3:23pm Feb 2, 2010 3:23pm
Quoting Dan Gilbert
Right now I'm holding only half the position, and my stop is @ B/E. I'm targeting 1.65 to close up the rest of the trade, and also I'm going to be manually trailing above the highs of the daily bar as they close. I think the manual trail will get hit sooner than the target . fair enough
Sounds reasonable, you've had an excellent run so far. Good work.
Don't wish it were easier, wish you were better. ~ Jim Rohn
  • #53,695
  • Feb 2, 2010 3:37pm Feb 2, 2010 3:37pm
Quoting Jiee
I'm sure this has come up before but ill ask again anyway.

Im still in on both the USD/CAD daily BEOB, and the NZD/USD BUOB bar, both are doing well, up about 1% each, I was hoping to ride them out a bit longer but with NFP coming up Friday Im a little at odds with what to do, ill probably just lock both into BE.

Any other suggestions?
NFP is still three days away! IMO if you are taking trades based on a daily chart you have to give them some time...they don't all just take off.

Personally, I scroll down to the 4H timeframe and mark PPZ areas i.e. areas where price might stall and potentially reverse. You can see from the chart below that UC has hit the first area and has started to reverse, however I am willing to give this trade some space and time (no physics jokes please!) and have moved my stop down slightly where marked with an arrow i.e. above the PPZ area.

With regards the NU trade, price has actually risen above the first PPZ area on the 4H chart and thus hopefully this area will now hold (also a round number) as support when it retraces (which it is doing now)...again I've moved my stop up slightly to the area marked with an arrow.

Obviously there are many ways to manage and exit a trade depending on your own risk appetite and this is just my way
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  • #53,696
  • Feb 2, 2010 3:45pm Feb 2, 2010 3:45pm
Quoting Cbh123
Hi PPFX,

This is actually not an IPB. An inverted pin bar would be a bullish-looking pin bar at a swing high, so it would be the opposite shape. It needs to stick out from the bars before it just like a normal pin bar, except the tail would be larger on the bottom instead of the top. The bar you refered to is more like a normal pin bar, but it isn't really either as it doesn't stick out from the price above it.

Great question, and I hope this helps. To be honest, IPBs are an advanced topic and I would recommend you focus on regular pinbars...
uups made a mistake about that ''ipb'' thanks for correcting me Cory
and yes youre right about that daily BUOB its more similar to a DBLHC ...
  • #53,697
  • Feb 2, 2010 4:45pm Feb 2, 2010 4:45pm
I guess this is called an I11B.... have to wait and see if anything comes of it...
Attached Image
Many choose unhappiness over uncertainty.
  • #53,698
  • Feb 2, 2010 5:17pm Feb 2, 2010 5:17pm
Do any of your guys here use the Jacko anti-hedge strategy when you get stopped out?
Learning to be rigid in my rules & flexible in my expectations
  • #53,699
  • Edited 6:05pm Feb 2, 2010 5:23pm | Edited 6:05pm
Did anyone get in on this Aud/Cad 4h Pin, its also through so a major PPZ on the weekly?

oops just noticed I draw my Fib wrong, drawn correctly the end of the nose touches the 23 line
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Learning to be rigid in my rules & flexible in my expectations
  • #53,700
  • Edited 5:50pm Feb 2, 2010 5:27pm | Edited 5:50pm
Quoting triger88990
hello guys!!

heaven't post that much bc I had some issue with my PC,but now I have upgrade it and hope those problems will be history.

I was reading the latest posts, and see that no one referring to loonie

BEOB at swing high of resistant level with a lot of space and is supported by the move on oil futures contracts that are moving upwards with a high momentum and expecting the same with the ucad

Attachment
Attachment

I am in this one,divergence,ppz,with trend,swing high.I got in at 1.0590 looking for 1.0470,that is also the 50% fib.
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