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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

  • #70,381
  • Aug 2, 2010 4:15pm Aug 2, 2010 4:15pm
Quoting mike w
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.

Wow, what a difference the feed makes. Totally different picture with FXpro.
  • #70,382
  • Aug 2, 2010 4:18pm Aug 2, 2010 4:18pm
Quoting fxterrapin
Wow, what a difference the feed makes. Totally different picture with FXpro.
Yeah, I keep a few different price feeds that all close at different times for the 4 hour charts. One can look phenomenal while another would close as a bar that I wouldn't even pay attention to in the least.
I dream, therefore I become.
  • #70,383
  • Aug 2, 2010 4:18pm Aug 2, 2010 4:18pm
  •  jdl
  • | Joined Oct 2006 | Status: going to master this or die trying | 101 Posts
Quoting True777
Big pin off solid sup and a fib...weekly looks pretty nasty though and no trend...thoughts?

True777, what do you see that is nasty in the weekly? Sorry, it's not jumping out at me. I see 3 previous weeks that all hit strong support at 1.4330 and a current week that dipped below that and bounced back.

I like this daily PB but I'm happy to hear contrary evidence as I'm new at this. Thanks.
  • #70,384
  • Aug 2, 2010 4:23pm Aug 2, 2010 4:23pm
Quoting jdl
True777, what do you see that is nasty in the weekly? Sorry, it's not jumping out at me. I see 3 previous weeks that all hit strong support at 1.44330 and a current week that dipped below that and bounced back.

I like this daily PB but I'm happy to hear contrary evidence as I'm new at this. Thanks.
Just the fact that the last 4 weeks has gone nowhere, just range bound, and pbs work better in a trending market. Even on the daily over the last while it doesn't look great, we did somewhat of a double top, now possibly putting in this triple bottom. But I'm new to this type of trading as well =) so lets see what some of the gurus have to say....
  • #70,385
  • Aug 2, 2010 4:28pm Aug 2, 2010 4:28pm
Is anybody watching the PB on the EurChf on the weekly TF, price is in a downtrend and just pulled back to the 50% fib, closing last week as a nice PB. Today price retraced within the PB to the 62% fib. I hope to see some bearish PA at this level and then try to preempt the break of the low of the PB, in this case I will enter the trade at a better price. My FTA is the low of the bar prior to the PB. Any comments from the senior members oh this potential shorttrade ?
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Pipcrawler
  • #70,386
  • Aug 2, 2010 4:47pm Aug 2, 2010 4:47pm
In my humble opinion I would say that we have a 11-IB in the weekly TF for the EurAud at the moment, 11 consecutive weekly bars have the bar of week 20 as the motherbar. To trade a IB we just wait for a break of the range which is the range of the motherbar. The trend prior to the consolidation was down, 60% of these ranges act as continuation patterns and 40% as reversal patterns. So I would look for a break of the low of the motherbar for a continuation of the previous downtrend. Please correct me if I'am wrong.

May the force be with you,
Pipcrawler
  • #70,387
  • Aug 2, 2010 5:02pm Aug 2, 2010 5:02pm
Hello Mike, I agree.....very interesting.

In the usdcad example ( above, 4h chart ) I would see 3 attempts by the bulls to reverse the bear selloff. This failed and the low was retested to a lower low - taking out the stop level beneath that prior low level. To determine if the bar is only profit taking by bears or renewed buying interest I would WAIT for a minimum of either

a) classic Jim pinbar with close inside or even higher than the prior bar.

b) classic reversal pattern ( ABC, 1-2-3 ).

In my reading of the entire thread during the last months I noticed that Jarroo is an expert in showing the development of a true PB and its reversal patterns, even side by side on his charts on lower ( 4h/1h ) timeframes.

So for me at least it is often safer to wait for a second entry, when strong bullish bars show some confirmation.

Hope that is useful.



Quoting mike w
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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Be like water.
  • #70,388
  • Aug 2, 2010 6:33pm Aug 2, 2010 6:33pm
Quoting everydayguid
And I may, if allowed, add that they require iron patience and steel balls (to let them run). So, sign up with a mind gym and build the invisible mus-cles (bad joke I know).

I use to think that way as well . . . lol. It is a different mindset to have when you're holding a long term position . . meaning . . dealing with large pips swings of 200-300-500 pips. Hiding behind strong Weekly and Monthly PPZ levels helps.
Indicators show the past. Price Action "Indicates" the future.
  • #70,389
  • Aug 2, 2010 6:40pm Aug 2, 2010 6:40pm
Quoting Adilius07
Yes, Jarroo, this is exactly why I like the idea of free trade: When there is a wick not long enough, or some traffic or something else (most of the time there is something that is not line up perfectly) - so I should either skip the trade (which is the best choice if I want to be very picky) or I can also trade it as a free trade. I know all I need is just a little chance for me to move to Net breakeven!

This approach really makes me MUCH more confident. I love this idea!

The problem I have is to let it really run. I keep on telling to...
You just have to go through it a bunch of times to get use to it. It really just takes practise and seeing yourself do it in real time.

Keep at it Adilius07, . . you'll get there my friend, it just takes time.
Indicators show the past. Price Action "Indicates" the future.
  • #70,390
  • Aug 2, 2010 6:46pm Aug 2, 2010 6:46pm
Quoting supremeChaos
Jarroo's free trade approach:.
u take (partial) profit on X amount. then u move your SL (for remaining position) to a value equal to that X amount. if your stop at X is hit, worst case scenario is ZERO loss (because X profit - X loss = 0); best scenario is your trade (remaining position) goes to the moon.

jarroo's posts will help u understand it much better.
here, here, here,...

Thanks sChaos almost forgot about those.

Great post from joel, but then again, he doesn't have any bad ones . . .Lady Gaga. lol
Indicators show the past. Price Action "Indicates" the future.
  • #70,391
  • Aug 2, 2010 7:09pm Aug 2, 2010 7:09pm
Quoting Adilius07
Jarroo, may I please ask. Would you also use the same free trade approach on the IPB setup? I think about this now. Maybe with IPB the best would be to exit full position at FTA (which is the other side of PB's wick)?

Not yet understand the IPB's very well. Could we also split position in halfs, or the setup is valid only until the other side of wick is reached?
IPB are ideal for the free trade approach. Instead of looking for the FTA to apply the free trade (which you could still do, of course) all you have to do is wait for Price to cover your small stop loss which IPB inherently have.

But since IPBs have this small stop loss buildt right in it, its easy just to move to breakeven with a full position. Although IPBs will tend to retest their Close (your entry) and their Highs. So a free trade can be taken to remove all doubt.
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Indicators show the past. Price Action "Indicates" the future.
  • #70,392
  • Aug 2, 2010 7:13pm Aug 2, 2010 7:13pm
Quoting ghous
If I may...

I always take full profit at the low/high of the IPB, not to say it's the only correct method though, it's what makes me most comfortable. Again depending on the location and spatial factors you might want to hold on to an IPB trade beyond the bar low/high.

Here's an example of an IPB doing wonders beyond it's low.

g.

I'll put that one in the same catagory as the Usd/Cad Nov.2007 Weekly PB, g.
Indicators show the past. Price Action "Indicates" the future.
  • #70,393
  • Edited 8:32pm Aug 2, 2010 7:31pm | Edited 8:32pm
Quoting mbqb11
this one worked out great, I was gun shy on it but it had the makings for a great trade and it broke hard too

I know a lot of you took it well done!

This one was right out of the Mike Breakout textbook.

I quess the size could have been bigger to really remove all doubt.

Look at how many different levels that Price would have to go through to reach the bottom of this PB.

- The trendline, top of the wedge type pattern.
- The top of the consolidation itself. (the box).
- The 135.00 BRN.
- The previous bar lows in purple.

This way of looking at how a setup is structured inrelation to stop loss placements is what I learn and continue to learn from you Mike.

Keep up the good work buddy.


Jim
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Indicators show the past. Price Action "Indicates" the future.
  • #70,394
  • Aug 2, 2010 7:39pm Aug 2, 2010 7:39pm
Quoting Pinbar
There she BLOWS!

I was really busy today and could get in after I stalked this all weekend.

Nice DBLHC and BUOB on H4 but it was at a swing high.


Well, I shall just watch the daily close, or maybe we will get retest and PA confirmation. Still, at least I had it in my sights.
Looks like Price is heading to the .3265. That previous Support could turn into Resistance. We shall see.
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Indicators show the past. Price Action "Indicates" the future.
  • #70,395
  • Aug 2, 2010 8:50pm Aug 2, 2010 8:50pm
Quoting jarroo
Looks like Price is heading to the .3265. That previous Support could turn into Resistance. We shall see.

Thanks for your input Jarroo.

I just took a look at H4 and it is interesting to see that for now, the TL is holding.

I am thinking that it may retest the 1.3100 again, and then our ceiling will become our floor at which point we may see some decent daily PA hinting at which way it really intends to go.
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  • #70,396
  • Aug 2, 2010 8:56pm Aug 2, 2010 8:56pm
I have noticed that some of us here uses the other end of the pinbar to place our stoploss while some uses the the eye of the pinbar.
Have anyone here through experience with both explain which is better? For example if prices move through the eye, the chances of it hitting stoploss is almost certain?
  • #70,397
  • Aug 2, 2010 9:09pm Aug 2, 2010 9:09pm
Quoting mistersimple
thanks mike
and if u look like this
i hope u are aware that harmonic patterns do not always work. any way, that is beyond the scope of this thread.
  • #70,398
  • Aug 2, 2010 9:19pm Aug 2, 2010 9:19pm
Quoting Autumm
...
Have anyone here through experience with both explain which is better? For example if prices move through the eye, the chances of it hitting stoploss is almost certain?
imho, every trade's risk management can be different. & several factors dictate which one u should use..
factors like location, size of PA setup, price situation (trending or ranging).

aside from your comfort level (&/or risk appetite), these factors will dictate which of the two is appropriate. u have to try/test & find out yourself.

for those starting out, IMHO, they should start with stop losses on the other end of the PB. then make some adjustments/testings as experience grows. (goes without saying proper money management should be implemented all throughout this process)

Hope this helps
  • #70,399
  • Aug 2, 2010 9:27pm Aug 2, 2010 9:27pm
Quoting supremeChaos
i hope u are aware that harmonic patterns do not always work. any way, that is beyond the scope of this thread.
By 'not always', I think you mean 'very rarely, and are so subjective that you can only pick them in hindsight'

Quoting jarroo
Great post from joel, but then again, he doesn't have any bad ones . . .Lady Gaga. lol
lol, how embarassing That could have been shortened to 'do whatever you are comfortable with, just have a plan'.
When you have to shoot, shoot. Dont talk.
  • #70,400
  • Aug 2, 2010 9:32pm Aug 2, 2010 9:32pm
Quoting supremeChaos
imho, every trade's risk management can be different. & several factors dictate which one u should use..
factors like location, size of PA setup, price situation (trending or ranging).

aside from your comfort level (&/or risk appetite), these factors will dictate which of the two is appropriate. u have to try/test & find out yourself.

for those starting out, IMHO, they should start with stop losses on the other end of the PB. then make some adjustments/testings as experience grows. (goes without saying proper money management should be...
Hi Supreme,

I am looking towards testing out and finding which is comfortable for me. However what i am looking for are some guidelines which i can start off with and tweaking it to suit me.

From your comments i gather that if it is a A+ trade, i could probably use the end of the bar as the stoploss so as to give it a bigger room to run while a less than perfect trade could use a tighter stop. eg the eye of the bar?
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