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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

  • #68,201
  • Jul 8, 2010 11:34am Jul 8, 2010 11:34am
interesting euraud .. on h4 we have retracement to 61.8 then up
on daily 61.8 then down.. on weekly we re at the lows... so where we going? up?

eurusd div showing bearish movement pa.. eurusd m510 doji forming
  • #68,202
  • Jul 8, 2010 11:41am Jul 8, 2010 11:41am
who catched the h1 usdcad ?
  • #68,203
  • Jul 8, 2010 11:48am Jul 8, 2010 11:48am
Quoting mistersimple
who catched the h1 usdcad ?
actually I did, nice 100pips, first pinbar I've ever traded. I have to admit I like this style alot. I hate to use the word, but it's easier to trade 20 some pairs on 3 Higher TF than 6 on the 5 minute chart. so much time to make sure you like the trade and I don't find myself inside of a trade mad at myself wondering why I go into it. I wish I would have started this two years ago!

the hardiest thing I have is to not rush the trade and give it time to move, I stick the SL under the profits too quick. I get 10 pips instead of 30-50. time and practice will cure all.

Enjoying my day a lot more also, much slower!
A woman drove me to drink, and I forgot to thank her
  • #68,204
  • Jul 8, 2010 11:54am Jul 8, 2010 11:54am
multimonth supp (former res) touched on USDCHF(d1) => long on breakout?
  • #68,205
  • Jul 8, 2010 12:41pm Jul 8, 2010 12:41pm
short tomorrow?
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  • #68,206
  • Jul 8, 2010 1:05pm Jul 8, 2010 1:05pm
im long on verizon.weekly pb + multiyear low + daily div
  • #68,207
  • Jul 8, 2010 1:07pm Jul 8, 2010 1:07pm
Quoting mistersimple
im long on verizon.weekly pb + multiyear low + daily div
Hey MS

careful here, this pin has not formed yet. We want to wait for a bar to be fully formed before deciding to trade it. In this case you would more or less just be trading blind on daily divergence

Best
Mike
  • #68,208
  • Jul 8, 2010 1:12pm Jul 8, 2010 1:12pm
Quoting mistersimple
im long on verizon.weekly pb + multiyear low + daily div
be careful. the week is not yet over. and this bar doesn't look that good. very small.
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meine augen sind die sterne
  • #68,209
  • Jul 8, 2010 1:16pm Jul 8, 2010 1:16pm
yes u r right thanks.. tight stop..watching carefully...
  • #68,210
  • Jul 8, 2010 2:18pm Jul 8, 2010 2:18pm
[quote=Pinbar;3858959]Well, what was wrong with closing 0.5 of the full lot at the FTA and leaving the rest to run?

A lot of people do not seem to understand that we can close out our trade in portions, we do not have to close the whole thing.
I always, scale out.


My broker always me to open a 0.05 position and often I close 0.03 at the FTA.


EDIT: You mentioned trading an account under $1,000 US yet, you also mentioned you are trading 1 lot?

How do you arrive at 1 lot on a $1,000 account being 1% of the total equity?[/quot

I have a micro account, 1 lot = $.10. My broker only allows full lot trades.
  • #68,211
  • Jul 8, 2010 3:21pm Jul 8, 2010 3:21pm
Quoting Atc
Oh yaaaa !

And took what I thought was a nice signal on NZD/JPY long 4h BUOB and 8 H PB ....off BRN 60.00

I had to take profits early due to work....still getting down how to "let it run"---trade management while not watching

Thanks to J16, you and all the seniors who help

You thought ?? lol . . .this was a great quailty setup in my book Atc.
A couple of nice PBs off the 60.00 with great breaks.

Sure they may be in a bit of traffic or being in a consolidation area but sometimes being at the low of a consoldation area with a bullish PB is a good thing.


One way to let it run is place your stop loss under your targets once their hit. Back test a few of these.

Very nice Atc.

Jim
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Indicators show the past. Price Action "Indicates" the future.
  • #68,212
  • Jul 8, 2010 3:36pm Jul 8, 2010 3:36pm
Any comments on this PB 4H short off 85.00 CAD/JPY

Sorry didn't put an arrow on it, but I am sure you see it ....it looked like a apple/cherry picker....but looks like it had some traffic which the current bar stopped at.
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  • #68,213
  • Jul 8, 2010 3:55pm Jul 8, 2010 3:55pm
Quoting Atc
Any comments on this PB 4H short off 85.00 CAD/JPY

Sorry didn't put an arrow on it, but I am sure you see it ....it looked like a apple/cherry picker....but looks like it had some traffic which the current bar stopped at.
I passed on this one due to the size. Didn't really jump out as significant as well as all the other xxx/jpy pairs really weren't showing much strength. IMO looks more like a pause pin from the round number. Not much other confluence making it worth it in my book. A 10 pip buffer doesn't even trigger this one yet. But I am not too convinced by its size personally

Mike
  • #68,214
  • Jul 8, 2010 4:01pm Jul 8, 2010 4:01pm
Quoting mbqb11
I passed on this one due to the size. Didn't really jump out as significant as well as all the other xxx/jpy pairs really weren't showing much strength. IMO looks more like a pause pin from the round number. Not much other confluence making it worth it in my book. A 10 pip buffer doesn't even trigger this one yet. But I am not too convinced by its size personally

Mike
Hey Mike... If I may ask.. If you see a pin bar on the daily, what do you or most out here use for the entry? do you use retracements or high/low of the pin bar? And where do you normally have your stop loss set?
  • #68,215
  • Jul 8, 2010 4:05pm Jul 8, 2010 4:05pm
Quoting knn9413
Hey Mike... If I may ask.. If you see a pin bar on the daily, what do you or most out here use for the entry? do you use retracements or high/low of the pin bar? And where do you normally have your stop loss set?
Hey K

I am very conservative, I always wait for a confirmation. So my order would go below the low of a bearish pin, or above the high of a bullish pin. My stop loss would go on the other side of the bar. Remember a bar is not valid until the high/low breaks, and it is not invalidated until the opposite side breaks. I use this as I am conservative and it also aligns with how I manage my trades.

Take care
Mike
  • #68,216
  • Jul 8, 2010 4:08pm Jul 8, 2010 4:08pm
Quoting cprao
Jaroo, if retracing to previous low/high is a good confirmation, how do we need to trade this one ?

1) Should we wait for the retracement before placing an order ?

2) I believe, you still recommends to place the order 10 pips above/below the hig/low of BUOB/BEOB. (Conventional method)

3) how far should it retrace ? Is there a way we can determine it if there are more than one bar in the left at differrent lows/highs.
In AUD/USD case, it retaced to 07/01 pin bar high. What if it only retraced to 07/05 bar high.. would that not be considered...

A retrace or retest of a given level is basicly a formation of a PPZ level. (hang on . .stay with me here . .) What is a PPZ level? It is where Price "flips" or a level where Price acts Support then Price breaks through the Support and then acts as Resistence. (and vice versa) A PPZ level.

Think of Price retracing to the previous high/low (generally) or to a BRN or to a PPZ level as Price retesting that level (Sup or Res) in the form of an Outside Bar.

Price breaking Support and turnng into Resistance (or vise versa) all in one Price Action formation: The Outside Bar.

Take for example this BUOB and BEOB on the Nzd/Jpy Monthly.

BUOB is formed Price retraces or tests the previous bar high. The previous bar high just happens to be the 65.00 BRN this is good. The same with the BEOB. A PPZ level is formed or it was already there before the outside bars if you ask Mike. lol

Now to your questions . . .
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Indicators show the past. Price Action "Indicates" the future.
  • #68,217
  • Jul 8, 2010 4:13pm Jul 8, 2010 4:13pm
Quoting mbqb11
I passed on this one due to the size. Didn't really jump out as significant as well as all the other xxx/jpy pairs really weren't showing much strength. IMO looks more like a pause pin from the round number. Not much other confluence making it worth it in my book. A 10 pip buffer doesn't even trigger this one yet. But I am not too convinced by its size personally

Mike

Ditto that Mike.
Indicators show the past. Price Action "Indicates" the future.
  • #68,218
  • Jul 8, 2010 4:16pm Jul 8, 2010 4:16pm
Thanks Mike and Jim
  • #68,219
  • Jul 8, 2010 4:34pm Jul 8, 2010 4:34pm
I want to repost this from Ben (benji533).

It is a great post and excellent exercise that all traders should be able to follow . .well at least the smart ones like us here in this thread.

Yeah I know . .he put the understanding of Price Action together in just 6 weeks.

See if you can follow along with Ben (in the "Zooming in" section) . . . did he make any minor mistakes . .maybe? lol

check it out.

http://www.forexfactory.com/showpost...ostcount=39991
Indicators show the past. Price Action "Indicates" the future.
  • #68,220
  • Jul 8, 2010 4:54pm Jul 8, 2010 4:54pm
Quoting jarroo
I want to repost this from Ben (benji533).

See if you can follow along with Ben (in the "Zooming in" section) . . . did he make any minor mistakes . .maybe? lol

http://www.forexfactory.com/showpost...ostcount=39991

Great repost....Bar 9 ...IMO is an indecision bar
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