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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

  • #70,361
  • Aug 2, 2010 11:03am Aug 2, 2010 11:03am
eur/cad on h4. buob with trendline touch.
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meine augen sind die sterne
  • #70,362
  • Aug 2, 2010 11:24am Aug 2, 2010 11:24am
Sorry ...it's been tough trying to post and test J16Manager...and work full time....and I know this is after the fact ...but if any of the seniors could comment it would be appreciated...

Traded this 8H PB 2 lots first off at FTA and second off on the 2nd FTA which was the daily...sorry if not marked ...I'm rushed for time....

I entered on the break thought it had some room to move and the wkly showed an IPB I believe at support and BRN and the 4h had a BUB but not engulfing

My main question is :

My second lot I entered on a retrace on the eye of the PB when i saw it bounce on lower time frame in the 1.3424 area .....Do you believe this is ok to do?
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  • #70,363
  • Aug 2, 2010 12:49pm Aug 2, 2010 12:49pm
GBP/JPY

I realised something today, over the weekend i had somehow convinced myself that gbp was going up slightly then fall, so i was biased to the short side, i'm not even totally sure why! So i missed this opportunity of the daily Pin Bar, because of having a bias from one side.

Lesson learned trade what i see rather than what I think is going to happen! And not be biased!
Thanks just thought i'd share my learning
Revsta
  • #70,364
  • Aug 2, 2010 12:57pm Aug 2, 2010 12:57pm
Quoting Revstar
GBP/JPY

I realised something today, over the weekend i had somehow convinced myself that gbp was going up slightly then fall, so i was biased to the short side, i'm not even totally sure why! So i missed this opportunity of the daily Pin Bar, because of having a bias from one side.

Lesson learned trade what i see rather than what I think is going to happen! And not be biased!
Thanks just thought i'd share my learning
Revsta
That is a very useful lesson Revstar. Biases can be harmful because they can either cloud out a spectacular and obvious setup or make a poor one jump out at you precisely because "that's where you though price was going"

At most times the only form of bias I have for is the trend in the market which allows me to look for really special setups to go counter trend.

try to allow your thoughts and gut feelings to freely float and see where they take you.

g.
I believe . . .
  • #70,365
  • Aug 2, 2010 1:06pm Aug 2, 2010 1:06pm
Many thanks G, I really appreciate your input, i read all your posts with great interest.

Your totaly right, I convinced myself from looking at fundy mental analysis. The very thing that is taught not to do on this thread!

I think i will add this to my trade plan note to self 'clear you mind of any bias......' other than of course if the trend is clear and can be spotted a mile away.

revstar

Quoting ghous
That is a very useful lesson Revstar. Biases can be harmful because they can either cloud out a spectacular and obvious setup or make a poor one jump out at you precisely because "that's where you though price was going"

At most times the only form of bias I have for is the trend in the market which allows me to look for really special setups to go counter trend.

try to allow your thoughts and gut feelings to freely float and see where they take you.

g.
  • #70,366
  • Aug 2, 2010 1:08pm Aug 2, 2010 1:08pm
Quoting Atc
Sorry ...it's been tough trying to post and test J16Manager...and work full time....and I know this is after the fact ...but if any of the seniors could comment it would be appreciated...

Traded this 8H PB...
Is it ok to do? That is a loaded question

Sure if it works for you. (we know mike that can be said for everything). But it really is the truth. The question is, is this process you just did a repeatable one or were you just trying to catch as much of the move and your motives were not fully based on the patterns. I think over trading or analysis paralysis comes more times then not when trying to drop down in timeframes, nail every little piece. In my mind you pick an approach or multiple approaches that you are comfortable and rinse and repeat the heck out of it till you find what is really comfortable. If buying on the retrace is comfortable then buy on the retrace. If you want to split up yourpositions as well then split them up and then see in 6months-year time where you are and how that all feels. That is the only way to truly make any judgment. One trade could not tell you this. For example say you bought on the eye and then it never turned back. Would you now never do it again? What I mean is both scenarios will play out. So how do you react when both do and then you see where you land as per above.

Best
Mike
  • #70,367
  • Aug 2, 2010 1:09pm Aug 2, 2010 1:09pm
Quoting Revstar
GBP/JPY

I realised something today, over the weekend i had somehow convinced myself that gbp was going up slightly then fall, so i was biased to the short side, i'm not even totally sure why! So i missed this opportunity of the daily Pin Bar, because of having a bias from one side.

Lesson learned trade what i see rather than what I think is going to happen! And not be biased!
Thanks just thought i'd share my learning
Revsta
Agreed Rev

I got a bit biased last week. Although I always tell people my biases can literally change day to day. I think everyone has some bias as it guides you as long as it doesn't blind you. Sometimes when I can't even figure out "things", or I have a bias I will let the market play out till I feel more comfortable getting involved. I felt a lot of pairs were looking top heavy too and it put me to the side of caution.

Nice post
Mike
  • #70,368
  • Aug 2, 2010 1:40pm Aug 2, 2010 1:40pm
thx
Quoting mbqb11
Is it ok to do? That is a loaded question

Sure if it works for you. (we know mike that can be said for everything). But it really is the truth. The question is, is this process you just did a repeatable one or were you just trying to catch as much of the move and your motives were not fully based on the patterns. I think over trading or analysis paralysis comes more times then not when trying to drop down in timeframes, nail every little piece. In my mind you pick an approach or multiple approaches that you are comfortable and rinse and repeat...
  • #70,369
  • Aug 2, 2010 2:44pm Aug 2, 2010 2:44pm
would you consider this a nice inner bars pattern? it's audjpy 4 hour chart
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  • #70,370
  • Aug 2, 2010 2:52pm Aug 2, 2010 2:52pm
nice inside on audjpy..
my best setups on h4 now: usdchf and usdcad .. time to buy?
  • #70,371
  • Aug 2, 2010 2:54pm Aug 2, 2010 2:54pm
eur/aud on daily forming a pinbar. seems to close above the trendline.
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meine augen sind die sterne
  • #70,372
  • Aug 2, 2010 3:17pm Aug 2, 2010 3:17pm
is this a valid setup for long?
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  • #70,373
  • Aug 2, 2010 3:18pm Aug 2, 2010 3:18pm
Quoting mistersimple
is this a valid setup for long?
Hey MS

That is not a pinbar as the close is not within the prior bar

Best
Mike
  • #70,374
  • Aug 2, 2010 3:20pm Aug 2, 2010 3:20pm
yes i saw that also .. that why i asked coz im not sure ..and temptation is big
  • #70,375
  • Aug 2, 2010 3:26pm Aug 2, 2010 3:26pm
this one looks better.. off 1.0200 ..2nd eye is forming now..
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  • #70,376
  • Aug 2, 2010 3:29pm Aug 2, 2010 3:29pm
Quoting mistersimple
this one looks better.. off 1.0200 ..2nd eye is forming now..
Look at which way price is going on that chart my man. I'm all about pin bars, but there's no need to take them against a 10,000 man army. I like taking pins that are part of that army, not against it.
I dream, therefore I become.
  • #70,377
  • Aug 2, 2010 3:32pm Aug 2, 2010 3:32pm
Quoting mike w
Look at which way price is going on that chart my man. I'm all about pin bars, but there's no need to take them against a 10,000 man army. I like taking pins that are part of that army, not against it.
Setups like the ones that are indicated by the red arrow are a LOT easier to manage than countertrend setups. The ones that have an arrow that aren't pinbars are two bar pins. Some are just nice looking bullish IBs as well. Not everybody trades this style, it's just what I've found that I'm best suited towards.
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I dream, therefore I become.
  • #70,378
  • Aug 2, 2010 3:47pm Aug 2, 2010 3:47pm
thanks mike
and if u look like this
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  • #70,379
  • Edited 4:16pm Aug 2, 2010 3:55pm | Edited 4:16pm
Quoting mistersimple
thanks mike
and if u look like this
I know nothing about what you posted my man so I apologize but I can't put a view on that. I'm sure somebody else on here would be able to; I just don't have the experience necessary to talk about it lol I follow price action with trends and that's really it. I've studied larger ranging patterns like that but I haven't put them into practice as trending setups are just easier and more profitable for me. I hope it works out for ya man!
I dream, therefore I become.
  • #70,380
  • Aug 2, 2010 4:04pm Aug 2, 2010 4:04pm
Big pin off solid sup and a fib...weekly looks pretty nasty though and no trend...thoughts?
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