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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

  • #71,861
  • Aug 16, 2010 10:23pm Aug 16, 2010 10:23pm
Yesterday was a good day. GBP/CAD gave handful of profits. Today, I have an order sitting above the top of 2-day pinbar.

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  • #71,862
  • Aug 16, 2010 10:24pm Aug 16, 2010 10:24pm
Quoting jarroo
Looks real good Pb . . Off the bottom of the Daily consolidation.

Got to try...This is my first live trade since I took that crazy one back in May.
LOL

My trigger finger is getting rusty.


Yeah, the next bar low is sitting right on the 0.0400 area.
  • #71,863
  • Aug 16, 2010 10:30pm Aug 16, 2010 10:30pm
Quoting The Lord
Yesterday was a good day. GBP/CAD gave handful of profits. Today, I have an order sitting above the top of 2-day pinbar.
Eur/Cad right?

It would not surprise me at all, to see the 1.3350ish PPZ level to act as support again. Looks good Lord.
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Indicators show the past. Price Action "Indicates" the future.
  • #71,864
  • Aug 16, 2010 10:34pm Aug 16, 2010 10:34pm
Quoting Pinbar
Got to try...This is my first live trade since I took that crazy one back in May.
LOL

My trigger finger is getting rusty.


Yeah, the next bar low is sitting right on the 1.0400 area.

So your Demo account has been pretty profitable, PB ?
Indicators show the past. Price Action "Indicates" the future.
  • #71,865
  • Aug 16, 2010 10:43pm Aug 16, 2010 10:43pm
Quoting jarroo
So your Demo account has been pretty profitable, PB ?

It has been ok, not brilliant but around 25% since May with only around 10 trades. 7 winners and 3 losers, the losers were about 5% total.

I was going to post the report but, I had a computer crash and lost the demo account.

Just need to try my live account with these micro lots.
I think, I am finding it harder to pull the trigger than before but then again, the demo account shows that pulling it less is equally as profitable than before.
  • #71,866
  • Aug 16, 2010 10:46pm Aug 16, 2010 10:46pm
Quoting Pinbar
It has been ok, not brilliant but around 25% since May with only around 10 trades. 7 winners and 3 losers, the losers were about 5% total.

I was going to post the report but, I had a computer crash and lost the demo account.

Just need to try my live account with these micro lots.
I think, I am finding it harder to pull the trigger than before but then again, the demo account shows that pulling it less is equally as profitable than before.
Sounds great Pb. You may want to rethink your percentage, looks like you may be overtrading a bit.
Indicators show the past. Price Action "Indicates" the future.
  • #71,867
  • Aug 16, 2010 10:51pm Aug 16, 2010 10:51pm
Quoting jarroo
Sounds great Pb. You may want to rethink your percentage, looks like you may be overtrading a bit.

I hear you Jarroo.

I think, I had problems holding onto the winners, some of them would have run much further. This is before I really understood the point about the FTA and taking some off the table to reduce the physical risk and mental pressure.



I am thinking about the FTA around the 50.

Wow, I am extremely nervous with this live trade for some reason, probably because now I know the risks.
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  • #71,868
  • Aug 16, 2010 10:54pm Aug 16, 2010 10:54pm
Quote
Originally Posted by Pinbar http://cdn.forexfactory.com/images/buttons/viewpost.gif
It has been ok, not brilliant but around 25% since May with only around 10 trades. 7 winners and 3 losers, the losers were about 5% total..



Quoting jarroo
Sounds great Pb. You may want to rethink your percentage, looks like you may be overtrading a bit.
Jarroo, 10 trades in 3 months (May, june and July) is over trading? Am I missing any thing here ?
  • #71,869
  • Aug 16, 2010 10:56pm Aug 16, 2010 10:56pm
Quoting cprao
[/i]



Jarroo, 10 trades in 3 months (May, june and July) is over trading? Am I missing any thing here ?

No, I meant he may have been trading more then 2% of his Demo account.
Indicators show the past. Price Action "Indicates" the future.
  • #71,870
  • Aug 16, 2010 10:58pm Aug 16, 2010 10:58pm
Quoting jarroo
No, I meant he may have been trading more then 2% of his Demo account.

Yes, the better setups were over 2% but generally 2%.
  • #71,871
  • Aug 16, 2010 11:09pm Aug 16, 2010 11:09pm
USD/JPY 4H timeframe.
Last bar is an inside bar
The one before is a BEOB
Would really like to see the IB break its low for a quick run under 85,00 and a new historic low.

Cons : BEOB not at a swing high
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  • #71,872
  • Aug 16, 2010 11:15pm Aug 16, 2010 11:15pm
SL looks a bit tight. LoL
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  • #71,873
  • Aug 16, 2010 11:20pm Aug 16, 2010 11:20pm
Quoting Pinbar
SL looks a bit tight. LoL

Let it play out Pb . . . I like it .
Indicators show the past. Price Action "Indicates" the future.
  • #71,874
  • Edited 11:47pm Aug 16, 2010 11:21pm | Edited 11:47pm
Quoting jarroo
Let it play out Pb . . . I like it .

yeah, this is where I go outside and consider this current bar a Gbar.

Thanks for the moral support.

Just took a quick look at the H1 tf to see where if any Support or resistance has been met.

Looks like the 0400 is has been tested and is currently holding as support.
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  • #71,875
  • Aug 16, 2010 11:52pm Aug 16, 2010 11:52pm
This looks a likely set-up. Breakout and retest of support.
  • #71,876
  • Aug 17, 2010 12:01am Aug 17, 2010 12:01am
Quoting Pinbar
yeah, this is where I go outside and consider this current bar a Gbar.

Thanks for the moral support.

Just took a quick look at the H1 tf to see where if any Support or resistance has been met.

Looks like the 0400 is has been tested and is currently holding as support.
Yeah the 1.0400 has proved itself as Support and even as Resistance a bit on the 4 hour and Hourly. Definitely Support on the higher time frames.

The 4 hour BUOB is not the best A+ type setup due to its small size. So I like the tight management and the quick move to break even (or a free trade possibility) that you have planned.

An entry on a retrace to the previous bar High (1.0400) of the BUOB would be something to consider. I love the retrace entries of the Outside Bars to their previous bar High or Low especailly when their a PPZ level and/or BRN.
Indicators show the past. Price Action "Indicates" the future.
  • #71,877
  • Aug 17, 2010 12:08am Aug 17, 2010 12:08am
Quoting Pinbar
SL looks a bit tight. LoL

Looks like it got you PB.
Indicators show the past. Price Action "Indicates" the future.
  • #71,878
  • Aug 17, 2010 12:12am Aug 17, 2010 12:12am
Quoting jarroo
Yeah the 1.0400 has proved itself as Support and even as Resistance a bit on the 4 hour and Hourly. Definitely Support on the higher time frames.

The 4 hour BUOB is not the best A+ type setup due to its small size. So I like the tight management and the quick move to break even (or a free trade possibility) that you have planned.

An entry on a retrace to the previous bar High (1.0400) of the BUOB would be something to consider. I love the retrace entries of the Outside Bars to their previous bar High or Low especailly when their a PPZ level...

Yeah, Jarroo, it got me but not mentally.




Stopped out at 1.0393.


This is a good trade to learn from and considering it was only a 0.02 lot, -$4.62 is not much of a price to pay. LoL

Now, I have my first live trade since May to postmortem & put in my journal.
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  • #71,879
  • Aug 17, 2010 12:15am Aug 17, 2010 12:15am
Quoting Pinbar
Yeah, Jarroo, it got me but not mentally.




Stopped out at 1.0393.


This is a good trade to learn from and considering it was only a 0.02 lot, -$4.62 is not much of a price to pay. LoL

Now, I have my first live trade since May to postmortem & put in my journal.

Good trade to learn from, I agree. If that BUOB was bigger it would of had more strength. Big bars do Rule.
Indicators show the past. Price Action "Indicates" the future.
  • #71,880
  • Aug 17, 2010 12:25am Aug 17, 2010 12:25am
Postmortem


I think the H4 flip area combined with the close of the BUOB right on the 1.0400 instead of being a few pips above it and a larger bar, could have made this one fail.

I was thinking the Berlin open may quickly have pushed it to the FTA but obviously the London guys had a different idea.

It was still a reasonably good trade I believe, and it had potential with not so much risk. That is what we are trying to do here, I believe.
So, all in all, I am pleased with it even though it failed.
Actually, a loss at this stage could be psychologically advantageous over a runner. If you get what I mean.
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