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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

  • #63,981
  • May 17, 2010 10:01am May 17, 2010 10:01am
Quoting james16
hello dan.

yeah longer than usual.
awesome. surely you were in teh sun sippin margs on the beach

how did that big drop effect you a couple weeks back?

me, i finished a semester of college and starting summer school in a couple weeks.

welcome back
  • #63,982
  • May 17, 2010 10:09am May 17, 2010 10:09am
4HR continuation BEOB ...good sized bar and across two PPZ areas and importantly closing below the lower PPZ..entry below the low is also below the round number..8600 is an obvious target area.
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  • #63,983
  • May 17, 2010 10:30am May 17, 2010 10:30am
Quoting Greenhaze
Hi Guys

EurChf is being very rewarding for breakout traders lately. Those supports are very well defined and if broken price burst for atleast 20 pips. I guess there are breakout orders stacked under the 1.4000 BRN. Imo its good oportunity to play it with very tight stop.

Cheers
I got a question to all of you: When speaking of "tight stops" do you mean reducing the risk (e.g. 2% to 1% of account) or do you use tighter stops (less pips with full 2% risk) whenever you don't trust the setup so much and are prepared to exit earlier?

I hope my question is understandable.

@James16: Very nice to meet you in person. Thanks so much for sharing your wisdom here and building up an armada of such great and honorable traders! I'm looking forward to joining your group this year...
Thanks J16, Sam Seiden, Udine and Jacko
  • #63,984
  • May 17, 2010 10:51am May 17, 2010 10:51am
This is very similar to what I'm looking for, no doubt. I appreciate you sending me this. Thank You!



Quoting Pinbar
LasVahGoose
Member


I noticed your post looking for a fibo indicator that will draw the levels on the chart.

I can't find that thread again or would post it there but, I found this indicator and thought maybe it was sort of what you are looking for or can modify it.

Here is the indicator explanation

http://www.iforex-indicators.com/dyn...dicator-2.html
Don't wish it were easier, wish you were better. ~ Jim Rohn
  • #63,985
  • May 17, 2010 11:04am May 17, 2010 11:04am
Quoting HanSolo
I got a question to all of you: When speaking of "tight stops" do you mean reducing the risk (e.g. 2% to 1% of account) or do you use tighter stops (less pips with full 2% risk) whenever you don't trust the setup so much and are prepared to exit earlier?

I hope my question is understandable.

@James16: Very nice to meet you in person. Thanks so much for sharing your wisdom here and building up an armada of such great and honorable traders! I'm looking forward to joining your group this year...

Hi HanSolo

In case of this setup i would like to see a good momentum and no drawdown after breakout so i wouldnt let it go against me more then few pips. If momentum wont be there i will close it immidiatly. It is rather short term trade but taking for consideration current sentiment ,leaving 1/3 on the table is not bad idea. For a pip value i would simply choose a number which wont affect me emotionaly while managing it.
  • #63,986
  • May 17, 2010 11:11am May 17, 2010 11:11am
Quoting Greenhaze
Hi HanSolo

In case of this setup i would like to see a good momentum and no drawdown after breakout so i wouldnt let it go against me more then few pips. If momentum wont be there i will close it immidiatly. It is rather short term trade but taking for consideration current sentiment ,leaving 1/3 on the table is not bad idea. For a pip value i would simply choose a number which wont affect me emotionaly while managing it.
When I read "tight stop" I thought of a tight initial stop loss. Now I understand. Thank you!
Thanks J16, Sam Seiden, Udine and Jacko
  • #63,987
  • May 17, 2010 11:23am May 17, 2010 11:23am
Good to see you pop in again Jim. I hope you had a great hibernation time.

How are the snakes doing? Ghous told me he wants to see some pics of them

Quoting james16
thanks.

took a short break.

going fine.
  • #63,988
  • May 17, 2010 11:24am May 17, 2010 11:24am
Hello guys.
How about this pinbar that is forming on the daily chart?
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  • #63,989
  • May 17, 2010 11:28am May 17, 2010 11:28am
Quoting extraneo
Hello guys.
How about this pinbar that is forming on the daily chart?

Looks like cable is trying to close as a pin as well. It would take a close above 1.4500 for me to even think about it though.
  • #63,990
  • May 17, 2010 11:33am May 17, 2010 11:33am
Quoting fxprocessor
Looks like cable is trying to close as a pin as well. It would take a close above 1.4500 for me to even think about it though.

I think so
it would also usdchf 1.13
  • #63,991
  • May 17, 2010 12:00pm May 17, 2010 12:00pm
Quoting extraneo
Hello guys.
How about this pinbar that is forming on the daily chart?
Hi i read more than i post but i would like to coment in this one. Would be nice that p/a closed this way but there is still plenty time to go, and even more for the weekly, anyway i drawed some posible t/a's. Right now price is at a minor support in 1h t/f
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  • #63,992
  • May 17, 2010 12:09pm May 17, 2010 12:09pm
Scenario: You get nice setup, let's say B+ pin bar, bar gets activated. You have your first TP at first trouble area. But price has trouble reaching it and reverses and goes to negative, let's say below/above first eye.

Question: Do you leave your SL at full bar or do you move it?

Question: If you move your SL, on what ground did you decide to do it?

Any help will be appreciated.
  • #63,993
  • May 17, 2010 12:16pm May 17, 2010 12:16pm
Quoting bee24
Scenario: You get nice setup, let's say B+ pin bar, bar gets activated. You have your first TP at first trouble area. But price has trouble reaching it and reverses and goes to negative, let's say below/above first eye.

Question: Do you leave your SL at full bar or do you move it?

Question: If you move your SL, on what ground did you decide to do it?

Any help will be appreciated.
Hey Bee

My views would be:

If you are taking a B+ pinbar you are playing the odds that it will hit that FTA. Often what I see is people doing this and then price gets "near" the FTA and people do nothing and take a full bar loss. This approach in my opinion is not a good one. We have to remember everything is zones. They vary but are still zones. So if I am taking a B+ setup that I know isn't the best but has a reasonable chance to hit the FTA or give me a chance for some kind of trade, I am ALWAYS looking for ways to reduce my risk. What reduce ones risk means to each is different, but if your first trouble area is 30 pips away and you are willing to take a full bar loss after price went 20 pips, I think that trader is in for a world of hurt. Don't be afraid to cut out and live to trade another day. That is in my opinon the difference b/w a good trader and a great trader. A great trader knows that cutting for b/e or a small loss is no big deal, and understands their setup they are taking fully(ie has a trade plan). A good trader knows that they should cut out but still leans on hope.

Just my views of course and these are generalizations as it doesn't mean every trader has to react to the same trade the same way(this is what throws people)

Mike
  • #63,994
  • May 17, 2010 12:29pm May 17, 2010 12:29pm
Thank you for clarifying things up.

I would like to take this scenario further and say we got stopped at BE. Then price retraces to first eye and starts to move again in 'our favor'. Would you re-enter? I realize this is a very broad question, but still. What is your view on re-entries?

Thank you.
  • #63,995
  • May 17, 2010 12:37pm May 17, 2010 12:37pm
Quoting extraneo
Hello guys.
How about this pinbar that is forming on the daily chart?
I would touch trade BUY @ 1.1244 sooner than I would sell on the break of that pinbar!
Many choose unhappiness over uncertainty.
  • #63,996
  • May 17, 2010 12:38pm May 17, 2010 12:38pm
Quoting bee24
Thank you for clarifying things up.

I would like to take this scenario further and say we got stopped at BE. Then price retraces to first eye and starts to move again in 'our favor'. Would you re-enter? I realize this is a very broad question, but still. What is your view on re-entries?

Thank you.
Personally never. Cause I consider price to already have done what it has done per my rules and then I would consider it chasing the move.

Again style of trader plays a large role.

Best
Mike
  • #63,997
  • May 17, 2010 12:47pm May 17, 2010 12:47pm
Quoting Dan Gilbert
I would touch trade BUY @ 1.1244 sooner than I would sell on the break of that pinbar!


How can you buy at that price before the pinbar breaks?:nerd:

well maybe if price touches that 1.1244 before tomorrow, (i just answered myself)

Hi Dan, i like your posts.
  • #63,998
  • May 17, 2010 12:50pm May 17, 2010 12:50pm
Quoting Dan Gilbert
I would touch trade BUY @ 1.1244 sooner than I would sell on the break of that pinbar!
Hows the touch trading going? Profitable?
  • #63,999
  • May 17, 2010 12:50pm May 17, 2010 12:50pm
Quoting emiliolopez
How can you buy at that price before the pinbar breaks?:nerd:

well maybe if price touches that 1.1244 before tomorrow, (i just answered myself)

Hi Dan, i like your posts.
I guess I should have said I would prefer to buy at 1.1244 than to try selling with that pinbar.
Many choose unhappiness over uncertainty.
  • #64,000
  • May 17, 2010 12:50pm May 17, 2010 12:50pm
Quoting fxprocessor
Hows the touch trading going? Profitable?
I don't do them often, check my journal for all my trades

http://www.forexfactory.com/showthread.php?t=228217


my currency trading has been bad lately, but futures are ripping!
Many choose unhappiness over uncertainty.
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