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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

  • #55,621
  • Edited Feb 22, 2010 12:01am Feb 21, 2010 11:29pm | Edited Feb 22, 2010 12:01am
Hey Dave

This one is close. Reason being the the body of the bar (open - close) looks to be the same size as the nose. We want the nose to be larger then the body. So I would say depending on how strict someone is with their bar criteria. I would personally want to see a larger nose(see jarroos post above). As for entry. That is going to come down to the trader. The traditional and most common way is to wait for a break of the low of the bar, with a stop above the high. But many people enter on retracements, some on the close etc.

Hope this helps
Mike[/quote]

Thanks for the quick response Mike.

It was because it was close that I thought I'd ask.
To see what someone else thinks, especially those with experience like yourself, is reassuring to say the least.
Thanks again.
Dave.
P.S I have watched your pinbar intro video. Excellent video, I must watch again......and again and ag............
  • #55,622
  • Feb 21, 2010 11:43pm Feb 21, 2010 11:43pm
Hi again...

I got brave enough to post my first chart for senior input 7 hrs ago and just wondering if anyone has seen it and what are the thoughts??

Thanks again...

Cherry
  • #55,623
  • Feb 21, 2010 11:52pm Feb 21, 2010 11:52pm
Quoting Cherry
Hello All,
Im being brave and trying to upload a chart of euraud wondering if this is a qualifying pin? It's not big but sits close to last montly support from 2000. There is good space above with first trouble looking like its back at 1.5400.
Is there anything else I should be seeing?
Huge thanks...
Cherry
Hey Cherry

I believe you are talking about the bar from 2/18? This is a very very very tiny bar vs a very very strong trend. What I would like to see you looking for are much larger size pinbars then this. While this might show price slowing down, it is not a very strong sign of reversal or anything significant. Against such strong downtrend we want to see some significant buying at a good level to qualify for a very high probability trade.

Hope that makes sense
Mike
  • #55,624
  • Feb 22, 2010 12:00am Feb 22, 2010 12:00am
Quoting Cherry
I got brave enough to post my first chart for senior input 7 hrs ago and just wondering if anyone has seen it and what are the thoughts??
I see you are in Australia - keep in mind that most of the senior guys here are from the US or Europe, so it's the middle of the night there

Anyhoo, to your chart:

Look at the size of the pin, and then look at the size of the move immediately preceeding it. I agree that the location is good, but the small pin following the big bars doesnt really give us much confidence.

Remember, what we are really looking for is a stop and reverse, rather than just a bar that looks like a pin. So if we are following a big move, we want a bar that has stopped and been rejected hard in the opposite direction... which will look like a big long nose.

Based on that chart, I'd probably pass on the trade*. Others might not, but in my mind it is a dicey proposition at best - could work out, might not. And if I did trade it, I would want it to break hard. Not play around and stall for a little, but to rocket north like, erm, a rocket. This more looks like a pause before it continues on its downward trend - not the kind of strength I like to see.

Now check out the one with the pink mardi gras arrow. It's more around the same size (or larger) than the bars around it - that's more what we are looking for. Not saying that it is perfect, but its a handy example and I dont have any other charts here.

Attached Image (click to enlarge)
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*edit* or, what Mike said.

* there are also some really strong fundamental reasons that I would want no part of it. But we are talkin' PA here
When you have to shoot, shoot. Dont talk.
  • #55,625
  • Feb 22, 2010 12:04am Feb 22, 2010 12:04am
Quoting mbqb11
Hey Cherry

I believe you are talking about the bar from 2/18? This is a very very very tiny bar vs a very very strong trend. What I would like to see you looking for are much larger size pinbars then this. While this might show price slowing down, it is not a very strong sign of reversal or anything significant. Against such strong downtrend we want to see some significant buying at a good level to qualify for a very high probability trade.

Hope that makes sense
Mike
Thanks heaps for confirming that Mike. Yes it does make sense when you consider the strength of the downtrend. Thanks for pointing that out.

Cherry
  • #55,626
  • Feb 22, 2010 12:22am Feb 22, 2010 12:22am
[quote=joelcf;3485688]I see you are in Australia - keep in mind that most of the senior guys here are from the US or Europe, so it's the middle of the night there

Anyhoo, to your chart:

Joel, Hi and thanks for your reply too.
Yes I know all the activity happens when I have to sleep.. makes trading a bit harder too. Which brings the question... I have also been wondering how do you move stop to BE when you are asleep?! I have used a trailing SL but you end up getting hit as it's so tight.

Thanks for your input, I may be posting a bit more now as I try and get this nailed.

Cheers,
Cherry
  • #55,627
  • Feb 22, 2010 12:24am Feb 22, 2010 12:24am
Quoting Danku
Thanks scott087,

I have aways used a 35% Pullback of these PBs but off late (for about three months) i have lost a good number of Pips......especially my recent trades on GBPCAD and EURNZD.....i am currently testing the PB break entry and looks like it is much better than the pullback entry...how many pips do you set on the PB break entry? Cheers................
Hi Danku,

Generally for a 4 hour chart i will use anywhere between 10-18 pips as a buffer to confirm the break and enter a setup. However, on the previous setup, it was clear to me that 1.65 was right above and I didn't want to trade into it. So my buffer would have been above 1.65 about 30 pips with an entry near 1.6510.

IMO, you shouldn't have buffer set in stone. If the setup requires more room for you to be comfortable entering, then by all means do so.

If I had used a standard buffer of 10 pips, it would have put my entry around 1.6490, leaving only 10 pips until 1.65--not enough room to move to break even.

Take note of what me must learn to do and our options for taking action. I chose option 4...wait for a break of the level.

James16--
"THIS IS CRITICAL.
WE MUST LEARN TO:
1. notice a strong s/r area just beyond our pa if it exists.
2. know that if we trade into it we had better be prepared for a quick reversal that could give us a loss if we are not prepared.

if we know its there we have several choices.

1. get out when it gets there for a small profit.
2. take a small partial profit and move the remainder to BE.
3. stay in with your total position hoping for a break and move your stop to BE.
4. Dont enter until the level has been broken."


Scott
  • #55,628
  • Feb 22, 2010 12:28am Feb 22, 2010 12:28am
Not an expert in IB's but looks good.
.
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  • #55,629
  • Feb 22, 2010 12:32am Feb 22, 2010 12:32am
[quote=Cherry;3485714]
Quoting joelcf
Yes I know all the activity happens when I have to sleep.. makes trading a bit harder too. Which brings the question... I have also been wondering how do you move stop to BE when you are asleep?! I have used a trailing SL but you end up getting hit as it's so tight.
Well, in a way we are fortunate here - the main trading session (London) opens at 6pm, so its fairly easy to manage. The NY session (midnight - 8amish) is a bit more problematic.

Trailing stops are one solution, but as you said, not a perfect one. You either have to set them tight and get stopped out alot, or set them loose and potentially give back a fair bit of profit (or even take a loss). It's all about knowing where price will first encounter resistance (as you marked on your last chart) and making sure you take action before it gets there.

For me, if I am just getting into an overnight position, I usually try to get my stop to breakeven before I go to sleep, and then adjust it manually after every new 4H bar, usually to just above the previous swing high/low. Depending on how much you sleep, you only miss 1 bar on the H4 timeframe that way. Once you have it to b/e, you cant lose money, so nothing to worry about. Sure, you might give up a little bit of profit that you may have otherwise caught, but there are plenty more bars in the sea.

If it is a bar that I think I will have to actively manage, I probably wont take it if it is too late. Then again, if you have to actively manage it, it probably isnt a great setup to begin with.

If you are trading daily bars as Jim suggests/demands/pleads, shouldnt be an issue to begin with
When you have to shoot, shoot. Dont talk.
  • #55,630
  • Feb 22, 2010 12:35am Feb 22, 2010 12:35am
Quoting nasir.khan
Not an expert in IB's but looks good.
.
so you would go long on this one ? brand new to this IB thing, so sorry for a stupid question
Never whishing, always trading.
  • #55,631
  • Feb 22, 2010 12:38am Feb 22, 2010 12:38am
[quote=Cherry;3485714]
Quoting joelcf
I see you are in Australia - keep in mind that most of the senior guys here are from the US or Europe, so it's the middle of the night there

Anyhoo, to your chart:

Joel, Hi and thanks for your reply too.
Yes I know all the activity happens when I have to sleep.. makes trading a bit harder too. Which brings the question... I have also been wondering how do you move stop to BE when you are asleep?! I have used a trailing SL but you end up getting hit as it's so tight.

Thanks for your input, I may be posting a bit...
I have never used this but I believe a lot of people use it to move to b/e while they sleep or are at work

http://www.forexfactory.com/attachme...2009%2011:31pm
  • #55,632
  • Feb 22, 2010 12:42am Feb 22, 2010 12:42am
Quoting Cherry
Quoting joelcf
I see you are in Australia - keep in mind that most of the senior guys here are from the US or Europe, so it's the middle of the night there

Anyhoo, to your chart:
Joel, Hi and thanks for your reply too.
Yes I know all the activity happens when I have to sleep.. makes trading a bit harder too. Which brings the question... I have also been wondering how do you move stop to BE when you are asleep?! I have used a trailing SL but you end up getting hit as it's so tight.

Thanks for your input, I may be posting a bit...

A nice tool i use is the Multi purpose trade management EA, nice thing but you need to keep your machine running all night.

http://www.forexfactory.com/showthre...highlight=mptm
Never whishing, always trading.
  • #55,633
  • Feb 22, 2010 12:46am Feb 22, 2010 12:46am
Quoting Hova
so you would go long on this one ? brand new to this IB thing, so sorry for a stupid question
Any side.

Long would have cause of space nice

but i think it will break downside.

anyways lets wait and see.
  • #55,634
  • Feb 22, 2010 12:53am Feb 22, 2010 12:53am
[quote=mbqb11;3485736]
Quoting Cherry

I have never used this but I believe a lot of people use it to move to b/e while they sleep or are at work

http://www.forexfactory.com/attachme...2009%2011:31pm
Thanks Mike,

Do you need to keep platform open for this? If windows decides to do an update and restart... or provider is doing upgrades.. as they are over night at present... then you're stuck!
  • #55,635
  • Feb 22, 2010 1:03am Feb 22, 2010 1:03am
Quoting Cherry
Thanks Mike,

Do you need to keep platform open for this? If windows decides to do an update and restart... or provider is doing upgrades.. as they are over night at present... then you're stuck!
not to sure bud, I believe MT4 most of them are client side, meaning you have to have your computer up and running etc. I don't use this stuff so I will let someone else help ya on the EA stuff

Mike
  • #55,636
  • Feb 22, 2010 1:05am Feb 22, 2010 1:05am
[quote=joelcf;3485727]
Quoting Cherry

Well, in a way we are fortunate here - the main trading session (London) opens at 6pm, so its fairly easy to manage. The NY session (midnight - 8amish) is a bit more problematic.

Trailing stops are one solution, but as you said, not a perfect one. You either have to set them tight and get stopped out alot, or set them loose and potentially give back a fair bit of profit (or even take a loss). It's all about knowing where price will first encounter resistance (as you marked on your last chart) and making sure you take action...

Glad to know there are some Aussies!
Yes.. one reason I turned to Daily bars! What you do is what I try to do but you can be in a trade and it just hasn't hit that 1st target way past sleep time... but maybe because I haven't had the best setups, which IS going to change

I've had Alpari as a broker but thinking of changing to Gomarket Aust. Their daily bar opens 8am Brisbane time, so means you need to be up till 12pm to see the 4h close or up at 4am to only miss one bar?!
  • #55,637
  • Feb 22, 2010 1:10am Feb 22, 2010 1:10am
[quote=Cherry;3485757]
Quoting mbqb11

Thanks Mike,

Do you need to keep platform open for this? If windows decides to do an update and restart... or provider is doing upgrades.. as they are over night at present... then you're stuck!
If you're running an EA then yes you do...an alternative is to use a VPS (do a google search of you're interested) typical cost USD$30 per month.
  • #55,638
  • Feb 22, 2010 1:31am Feb 22, 2010 1:31am
Hey Joe,

How do they calculate this dollar index.

Thanks.
  • #55,639
  • Feb 22, 2010 1:38am Feb 22, 2010 1:38am
[quote=Cherry;3485784]
Quoting joelcf


Glad to know there are some Aussies!
Yes.. one reason I turned to Daily bars! What you do is what I try to do but you can be in a trade and it just hasn't hit that 1st target way past sleep time... but maybe because I haven't had the best setups, which IS going to change

I've had Alpari as a broker but thinking of changing to Gomarket Aust. Their daily bar opens 8am Brisbane time, so means you need to be up till 12pm to see the 4h close or up at 4am to only miss one bar?!

Hey Cherry
Looks like we have a few things in common,
1. Just starting here
2. Go Markets
3. I gather you live in Brisbane or at least in Queensland somewhere.......I'm on the Gold Coast
Dave.
  • #55,640
  • Feb 22, 2010 1:38am Feb 22, 2010 1:38am
Seems like the TL is about to break.

There is an IB and Haiuuuuoojjj Div.

Let see.
.
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