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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

  • #71,841
  • Aug 16, 2010 8:43pm Aug 16, 2010 8:43pm
Quoting Pipologist99
I am also looking at the kiwi, it looks like a nice pinbar off the 7000 BRN and previous support. However, this is the thought process going through my head. I could take this trade at the break of today's high, but that would give me less than 50 pips until the PPZ and potential resistance, but the S/L of this trade would have to be beyond today's pin low which would be around 100 pips. So looking at R/R, it doesn't look like a trade with great R/R. Mike please advise, thanks.
Hey Pipo

Here was a post I made about R:R

http://www.forexfactory.com/showpost...ostcount=70154

and here was Jims response(which was much more passionate then mine )
http://www.forexfactory.com/showpost...ostcount=70155

Best
Mike
  • #71,842
  • Aug 16, 2010 8:43pm Aug 16, 2010 8:43pm
Quoting bluetrader
Hey pip, here is a recent post on what mike's take is on r:r...

http://www.forexfactory.com/showthread.php?p=3909546#post3909546

Hope this helps,

Danny
dang Blue you the man!
  • #71,843
  • Aug 16, 2010 9:14pm Aug 16, 2010 9:14pm
Quoting mbqb11
Hey Pipo

Here was a post I made about R:R

http://www.forexfactory.com/showpost...ostcount=70154

and here was Jims response(which was much more passionate then mine )
http://www.forexfactory.com/showpost...ostcount=70155

Best
Mike
Could I add abit Mike? =)
Something I read recently and I thought it was pretty good.

"Speculation involves viewing your positions not as one-off trades that either go right or wrong, but rather, as a continuous view that is to be constantly traded around and updated until the preferred outcome materializes"

In light of the above being true, having one's mind fixed on a 1:2 or 1:10 or whatever, is counter productive. Mainly because it is a FACT that we can only take as much as the market wants to give; but insisting on 1:X is fixing what we want to take.

Thus if the market wants to give < X --> mess w psychology + give back a pretty decent gain --> detrimental to P&L until this mentality is sorted out.

"Take as much as the market will give to us" should be our motto? Or rather, it's fine to calculate R:R, after the trade is done, but not expect a 1:X before.

[Love Jim's response btw ]
One Mind, Any Market
  • #71,844
  • Aug 16, 2010 9:21pm Aug 16, 2010 9:21pm
Quoting Cyrus
Could I add abit Mike? =)
Something I read recently and I thought it was pretty good....
yep you got it Cyrus, trading is not one or two trades, it is everything together that makes up our methods

  • #71,845
  • Aug 16, 2010 9:23pm Aug 16, 2010 9:23pm
Quoting Pipologist99
AUDUSD, looks like it's stuck between a BRN and previous support. Does today's bar classify as a pin bar?
It does Kam,

but like you said it's stuck under the 0.9, a close above it would have been wicked cool, but as of now it is obviously not A+.

g.
I believe . . .
  • #71,846
  • Edited 9:40pm Aug 16, 2010 9:24pm | Edited 9:40pm
Quoting Pipologist99
GU looks like its bouncing off a PPZ but PA looks very weak.

Ghous indirectly gave me this idea for finding traffic and the PPZ.

Looks like GU is stuck right in the middle of a traffic Jam, just waiting to step on the gas.

I know that weekly PA is large, but the daily just put in a HH & HL.

Wondering if this is simply a retracement and we are going to see a TC?
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  • #71,847
  • Aug 16, 2010 9:56pm Aug 16, 2010 9:56pm
Looking at the daily, it looks like we have a lot of confluence suggesting another run up?
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  • #71,848
  • Aug 16, 2010 9:57pm Aug 16, 2010 9:57pm
hi

would appreciate some feedback on this small 4hr pin on gold

it was at a ppz ( never triggered ) - but thought it would go to first trouble area.
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  • #71,849
  • Aug 16, 2010 10:01pm Aug 16, 2010 10:01pm
do we bust thru .9000 and retrace

this is how i draw fibs in this instance

hidden divergence here
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  • #71,850
  • Aug 16, 2010 10:08pm Aug 16, 2010 10:08pm
Quoting Pipologist99
GU looks like its bouncing off a PPZ but PA looks very weak.
I kind of like this one. nice BUOB, off PPZ, off trend line, with trend, a little bit of room to FTA, off break of RN, possible tight stop.
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  • #71,851
  • Aug 16, 2010 10:13pm Aug 16, 2010 10:13pm
Quoting gonnamakeit
hi

would appreciate some feedback on this small 4hr pin on gold

it was at a ppz ( never triggered ) - but thought it would go to first trouble area.
hey M,

This is precisely why "size" should be a huge factor when you are looking to go counter trend. Well size is an important factor always really but it is of special significance when you're looking to catch a reversal on a such a big move up.

Compare the size of the pin bar with some of the bullish bars that form the up trend and you'll know what i mean when i say the size of the pb is an issue.

Although it obviously hasn't failed yet, and might eventually work out, it is in your best interest to be very careful when trading at extreme swing points.

g.
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I believe . . .
  • #71,852
  • Aug 16, 2010 10:29pm Aug 16, 2010 10:29pm
Quoting spookie94
I kind of like this one. nice BUOB, off PPZ, off trend line, with trend, a little bit of room to FTA, off break of RN, possible tight stop.
I would have liked to have seen a deeper retracement and the bar close above the minor ppz at 1.5700. The 365 is there as well and may be some resistance. If you take it, manage it closely.
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  • #71,853
  • Aug 16, 2010 10:37pm Aug 16, 2010 10:37pm
Quoting Atc
do we bust thru .9000 and retrace

this is how i draw fibs in this instance

hidden divergence here


Looks interesting but the FTA is close around 0.9080.
Might be worth waiting for the break and pullback with some good PA.
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  • #71,854
  • Aug 16, 2010 10:43pm Aug 16, 2010 10:43pm
Quoting Dan Gilbert
freakin awesome lol
Your the Man, Dan . . . (Yeah, that rhymes . lol)
Indicators show the past. Price Action "Indicates" the future.
  • #71,855
  • Aug 16, 2010 11:09pm Aug 16, 2010 11:09pm
NZD USD looks like we have an interesting area for some short PA.
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  • #71,856
  • Aug 16, 2010 11:31pm Aug 16, 2010 11:31pm
Quoting Pinbar
Looking at the daily, it looks like we have a lot of confluence suggesting another run up?
Hello Pinbar,
PPZs i plotted last week (1.5530 & 1.5830, among others) are still holding. basically price is within 1.5530 & 1.5830. it's amazing
let's see what price does around 1.5700 - 1.5830.. hopefully we can get in again on any good move
  • #71,857
  • Aug 16, 2010 11:32pm Aug 16, 2010 11:32pm
Quoting spookie94
I kind of like this one. nice BUOB, off PPZ, off trend line, with trend, a little bit of room to FTA, off break of RN, possible tight stop.
Quoting Donkey
I would have liked to have seen a deeper retracement and the bar close above the minor ppz at 1.5700. The 365 is there as well and may be some resistance. If you take it, manage it closely.
I would like to see Price be pushed down by the 1.5700 to the 1.5500 and then some nice bullish PA.
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Indicators show the past. Price Action "Indicates" the future.
  • #71,858
  • Aug 16, 2010 11:42pm Aug 16, 2010 11:42pm
Quoting Pinbar
Looking at the daily, it looks like we have a lot of confluence suggesting another run up?

Looks more like the 1.5550 acting as support . . .another run up? . .I could see it happen based on your confluences Pb . . .well done. Entry above the 1.5700 and have it act as support for a tight stop loss looks good.
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Indicators show the past. Price Action "Indicates" the future.
  • #71,859
  • Aug 17, 2010 12:19am Aug 17, 2010 12:19am
Just took the USD/CHF BUOB.

May be able to get to BE real quick & SL is only 24 pips right below the 0.400

This is my live account but only a 0.02 lot.
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  • #71,860
  • Aug 17, 2010 12:22am Aug 17, 2010 12:22am
Quoting Pinbar
Just took the USD/CHF BUOB.

May be able to get to BE real quick & SL is only 20 pips right below the 1.0400
Looks real good Pb . . Off the bottom of the Daily consolidation.
Indicators show the past. Price Action "Indicates" the future.
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