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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

  • #61,041
  • Apr 17, 2010 6:47am Apr 17, 2010 6:47am
Quoting g_j_hook@yah
heres a couple of classic pinbar trades that worked out well. 1h TF,not for everyone. i have noted on the chart my views on this trade. the great thing about getting a nice run like this is that you get the chance to turn your scalp into a longer term trade fairly easily.

jon
Thanks g j

Great Stuff
  • #61,042
  • Apr 17, 2010 7:00am Apr 17, 2010 7:00am
Quoting Dan Gilbert
I'm going to make a post, maybe tomorrow, about how using the zigzag custom indi is a good tool to spot the most important ppz's. Just look at Jarroo's charts though, you need to manually spot those minor PPZ's when managing a trade as well....

Hi Dan,

I am also looking forward to this. Will make for a nice piece of background research for over the weekend whilst the market is closed.

Glynn
"Fail to prepare, prepare to fail."
  • #61,043
  • Apr 17, 2010 7:20am Apr 17, 2010 7:20am
Quoting g_j_hook@yah
now i like that one..mmmm

cheers

jon
before ....
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PATIENCE... DISCIPLINE
  • #61,044
  • Apr 17, 2010 7:21am Apr 17, 2010 7:21am
and after......

just to show this stuff really works!!!

jon
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PATIENCE... DISCIPLINE
  • #61,045
  • Apr 17, 2010 7:22am Apr 17, 2010 7:22am
Quoting Atc
Thanks g j

Great Stuff
thanx, glad i could help.

jon
PATIENCE... DISCIPLINE
  • #61,046
  • Apr 17, 2010 7:48am Apr 17, 2010 7:48am
Quoting g_j_hook@yah
and after......

just to show this stuff really works!!!

jon
Thanks for this Jon. Sorry if this has been asked before, can you tell me the indicator for the text in the top left hand corner of your text? Looks like an ATR indi. Thanks.

Glynn
"Fail to prepare, prepare to fail."
  • #61,047
  • Apr 17, 2010 8:00am Apr 17, 2010 8:00am
Quoting packhorse
Thanks for this Jon. Sorry if this has been asked before, can you tell me the indicator for the text in the top left hand corner of your text? Looks like an ATR indi. Thanks.

Glynn
this isnt the latest version (can be found on igroks thread) as im not on my own computer. it shows the ave. ranges for an instrument.
im not sure if you need both files?? i dont think so. the mq4 should be enough.

jon
Attached File(s)
File Type: mq4 # RANGE_TRADER_9.03 Labais53.mq4   10 KB | 429 downloads
File Type: ex4 # RANGE_TRADER_9.03 Labais53.ex4   12 KB | 384 downloads
PATIENCE... DISCIPLINE
  • #61,048
  • Apr 17, 2010 10:56am Apr 17, 2010 10:56am
Hey guys,

I received a pm with a query regarding the validity of an IPB which was on the Hewlett Packard daily chart.

Thought I'd share my views with the entire gang, as this one's a great example that we can all learn from.

***---***

I have been mentioning repeatedly that being meticulous with IPBs is imperative. There are several reasons that justify this.

1) Most of us are very new to these PA bars and their dynamics.

2) There is no "buffer" i.e an entry based on X number of pips from the PA bar low/high.

3) The stop is almost always very tight on these bars...probably the closest to entry point compared with all the other PA bars.

The shape of the IPB on this stock chart was what I call perfect. The location on the other hand was not as rosy.

Let me go through this again...

IPBs are best played at absolute swing highs and swing lows, and deep into pullbacks to major trends.

The word absolute here is the key.

When an IPB forms "near" the res/supp zone...it is always a risky trade.

Because we go in with tight stops on these bars we need to be assured that the dominant party is out of breath, at least temporarily.

***---***

Coming to the relevant chart now. Look where this IPB forms at. Swing high? No. Near it? Yes.

Do you see what it does next? It goes past the Bearish IPB's high and decides to test the BUB's high. A common phenomena.

Notice that eventually price is met with heavy sell orders and Friday closed almost as a sweet BEOB. Point is the sell orders were waiting at the swing high, which is normally the case.

Do we see the risk that we are undertaking by shorting this stock with a tight stop against the trend, and below an obvious swing high, which price has a good chance of retesting?

g.
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I believe . . .
  • #61,049
  • Apr 17, 2010 11:54am Apr 17, 2010 11:54am
Quoting g_j_hook@yah
this isnt the latest version (can be found on igroks thread) as im not on my own computer. it shows the ave. ranges for an instrument.
im not sure if you need both files?? i dont think so. the mq4 should be enough.

jon
Thanks Jon,

All the best

Glynn
"Fail to prepare, prepare to fail."
  • #61,050
  • Apr 17, 2010 2:10pm Apr 17, 2010 2:10pm
Does anyone like the look of the daily PIN on EUR/NZD?

I know it's going against a very long down trend but does the chart look like maybe the trend is getting worn out a bit?

The PIN had bounced off BRN 1.9000, the weekly is showing an IBP (I think) for a long trade, it looks like a reverse H&S pattern on the daily chart and the FTA looks like around 1.9200.

Good for a buy stop at 1.9110 ----> T/P @ 1.9180, Stop at 1.9060?

I drew 3 fibs from 3 highs down to the low of 9 April and can see fairly clear run from 1.9100 up to at least 1.9180/1.9200
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Anything can happen.
  • #61,051
  • Apr 17, 2010 3:33pm Apr 17, 2010 3:33pm
Hi Ddinnov

I looked at this earlier. Look left, there's a lot of traffic and IMHO FTA looks around 19120 ish around the high of the previous bar. There are bar highs and lows around this level further to the left. So it's an easy pass for me, but then I can find a reason NOT to trade almost any set up!!!

Quoting ddinnov
Does anyone like the look of the daily PIN on EUR/NZD?

I know it's going against a very long down trend but does the chart look like maybe the trend is getting worn out a bit?

The PIN had bounced off BRN 1.9000, the weekly is showing an IBP (I think) for a long trade, it looks like a reverse H&S pattern on the daily chart and the FTA looks like around 1.9200.

Good for a buy stop at 1.9110 ----> T/P @ 1.9180, Stop at 1.9060?

I drew 3 fibs from 3 highs down to the low of 9 April and can see fairly clear run from 1.9100 up to at least 1.9180/1.9200...
  • #61,052
  • Edited 5:07pm Apr 17, 2010 4:51pm | Edited 5:07pm
See the attached weekly EURUSD Chart ?

IPB ? or pin bar but has a bull impact since at the swing low or a doji (indecision) by combining both the weeks candles ?

it is not at the "absolute swing low " as mentioned by Ghous in the previous post.

The price is back to where it was last week. How to read this ?
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  • #61,053
  • Apr 17, 2010 5:11pm Apr 17, 2010 5:11pm
Hey Guys,

I'm full of emotions right now and I don't know who else I can share them with that could understand me as well as you all can. Feel free to pay no attention to what I say, I just need to write it down to cool off.

So after two months of lurking around here I decided to get the forex tester and start applying some of the knowledge I've gained here. Well, as I should have expected - I failed horribly. I traded on the daily time frame, trying to follow all the rules - max 2% per trade, trying to take only the best pins, trying to set up my own rules that I will follow and so on. I know I can't expect to master all of this right away but I'm really frustrated right now. It just seems so simple, yet it really isn't easy. The worst is, I don't realize what mistakes I made - I would take a pin, it would break and put me into a trade and reverse on me right away after the break to go all the way past the nose of the pin and stop me out - and I have no clue why. And with the other pins I took I didn't make enough to make up for the losses. What I'm not sure about is was it my mistake taking the wrong pins or was it due to the money management techniques I employed or a combination of both? Would someone be willing to enlighten me if I post some charts later?

I couldn't believe how emotional I got over every loss considering it as my failure. I guess I should just focus on watching the pairs on demo day by day for now.
  • #61,054
  • Apr 17, 2010 5:24pm Apr 17, 2010 5:24pm
Quoting ddinnov
Does anyone like the look of the daily PIN on EUR/NZD?

I know it's going against a very long down trend but does the chart look like maybe the trend is getting worn out a bit?

The PIN had bounced off BRN 1.9000, the weekly is showing an IBP (I think) for a long trade, it looks like a reverse H&S pattern on the daily chart and the FTA looks like around 1.9200.

Good for a buy stop at 1.9110 ----> T/P @ 1.9180, Stop at 1.9060?

I drew 3 fibs from 3 highs down to the low of 9 April and can see fairly clear run from 1.9100 up to at least 1.9180/1.9200...
Hey DD

The eur/nzd is really just in a very strong consolidation right now and this pin is in super traffic here since it isn't at any real swing point. Really tough area to play a trade within especially considering the rather large spread eur/nzd tends to carry(putting you really right at the first trouble areas pretty close. I don't neccesarily see anything wrong with your analysis just in terms of bar selection I would like to see you be more picky.

Hope you are having a nice weekend
Mike
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  • #61,055
  • Edited 8:54pm Apr 17, 2010 7:33pm | Edited 8:54pm
Bearish pin
Swing high (not a big swing though)
off 1.5500 (still to cross PPZ 1.5380 )

Thoughts ?
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  • #61,056
  • Apr 17, 2010 8:12pm Apr 17, 2010 8:12pm
Just a quick question, what's consider a scalp?

I've been reading this thread and people mention scalping here and there, but I'm a bit confused about that definition.

Isn't scalping supposed to be too risky and stupid for J16? or is scalping also considered just a trade for quick $$?
  • #61,057
  • Apr 17, 2010 8:38pm Apr 17, 2010 8:38pm
Here's what I have been messing with lately:
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Many choose unhappiness over uncertainty.
  • #61,058
  • Apr 17, 2010 8:50pm Apr 17, 2010 8:50pm
Quoting badhairday
Just a quick question, what's consider a scalp?

I've been reading this thread and people mention scalping here and there, but I'm a bit confused about that definition.

Isn't scalping supposed to be too risky and stupid for J16? or is scalping also considered just a trade for quick $$?
scalping classically means a trade took from a short TF,1h down i would say, and held for a short period of time, anything from a few seconds to a few hours.maybe even hours is pushing it as then it would border on being classed as an intraday trade.
Its not that it is too risky or stupid, PA works on any TF when used well. it is rather that it needs a lot of experience to make those snap decisions needed at those short TFs good ones. if you dont know what your doing trying to scalp a 5min chart is gonna cost a pretty penny as it involves,or can involve, a large number of trades and therfore a large number of loosers!!

hope this helps

jon
PATIENCE... DISCIPLINE
  • #61,059
  • Apr 17, 2010 8:51pm Apr 17, 2010 8:51pm
Quoting ddinnov
Does anyone like the look of the daily PIN on EUR/NZD?...
that pin's body is 'embedded' to the prior bar.
we want pins protruding from the prior bar. imo, the protrusion of the bar's body should be around 70 - 95%. this pin's body is protruding only about 20-30% from the prior bar.
if this pin takes off, well that's a different matter. like Mike said, u should be picky with bars & know what u are getting into prior to trading non-ideal bars.

Hope this helps
  • #61,060
  • Apr 17, 2010 9:01pm Apr 17, 2010 9:01pm
Quoting shauns1966
... but then I can find a reason NOT to trade almost any set up!!!
Hello Shaun,
imo u made a good observation of shaun's chart.
are u aware of that? u can build up from there.

know what reasons are for & against a trade (by reading this thread & eventually forming your own rules/qualifications based on your own personality, risk appetite etc).
then if there are more reasons stacked in your favor, then u will have the confidence to take it. also, demo trading helps (knowing if u are right/wrong in taking every trade, & boosting confidence).

i believe anxiety/hesitation is inversely proportional to knowledge/confidence

Hope this helps
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