james16 Chart Thread | Page 3597 | Forex Factory

Options

Go to
Permalinks
Print Thread

Similar Threads

Where can I learn more about Price Action like those in James16 charts? 9 replies

Attachments: james16 Chart Thread
Exit Attachments

james16 Chart Thread

  • #71,921
  • Aug 17, 2010 9:38am Aug 17, 2010 9:38am
Quoting spookie94
Ok, top blue line is initial break. Bottom line is entry on retrace, correct?

Did you enter when price came back down to the bottom blue line? If you did it this way looks like you had some draw down? or did you enter when it came back up (after it went past the bottom line, avoiding the draw down)?

entry is on retrace where the previous bars high is or where the dashed line is...yes there is drawdown

the second dashed line is just another example of how the bar retraces and bounces off the previous bar for a continuation play ...once again entry on dashed line if it fits with your trading plans
  • #71,922
  • Aug 17, 2010 9:42am Aug 17, 2010 9:42am
Quoting pipmyride
Hmm .. thx but wouldnt call that A ...
Closed in for nice 30 pip profit.
Attached Image (click to enlarge)
Click to Enlarge Name: gbpchfh4.gif Size: 14 KB
  • #71,923
  • Aug 17, 2010 9:44am Aug 17, 2010 9:44am
*****keep in mind this is just looking at the bars....need to factor in the other confluences****

entry short approx 1.5635

price goes to previous support approx1.558
Attached Image (click to enlarge)
Click to Enlarge Name: FXCM 1.jpg Size: 96 KB
  • #71,924
  • Aug 17, 2010 10:16am Aug 17, 2010 10:16am
Anyone here look at the indicies? Dow had a lovely pin on the daily.
  • #71,925
  • Aug 17, 2010 10:25am Aug 17, 2010 10:25am
  •  jdl
  • | Joined Oct 2006 | Status: going to master this or die trying | 101 Posts
Quoting Pipologist99
Thanks Blue, I understand what Mike is saying. So in the case of NZDUSD, wat's ur take based on PA and overhead resistance less than 50 pips away from break of pin?
Pipologist, this is how I traded this. I did not like that there was not much room between the break of pin and FTA. Otherwise I really liked the setup.

People keep saying PBs often retrace about half of the bar. The new daily bar quickly went down about half the bar, then stalled. You could see it start to turn up on the 1H chart. I had confidence in the PB, so I got in then at 0.7054. This also meant my SL could be much smaller (still beyond the end of the PB).

At +30 pips I moved SL to BE. At +60 pips (not much past the break of the pin) I took half profit and moved SL to BE+5. I am letting the second half stay open, hoping for more move up (it's a demo account).

I probably violated all sorts of J16 best practices with that entry, so chalk it up to beginner's luck.
Attached Image (click to enlarge)
Click to Enlarge Name: 08_16_nzdusd_exit.jpg Size: 52 KB
  • #71,926
  • Aug 17, 2010 10:32am Aug 17, 2010 10:32am
Quoting jdl
I probably violated all sorts of J16 best practices with that entry, so chalk it up to beginner's luck.
Very much similar to what I used to do. I used to put full order at the break of the pinbar. But whenever price used to retrace to half of it, i used to enter small lots thinking it would act as a compensation. It was some time now. Now, I don't think that's a good practice. As James point out, a pinbar is not a pinbar until it is broken.
  • #71,927
  • Aug 17, 2010 10:33am Aug 17, 2010 10:33am
Quoting The Lord
Closed in for nice 30 pip profit.
Well done, doesnt mean its A+
  • #71,928
  • Aug 17, 2010 10:37am Aug 17, 2010 10:37am
Quoting pipmyride
Well done, doesnt mean its A+
I agree.
  • #71,929
  • Aug 17, 2010 10:55am Aug 17, 2010 10:55am
aud/cad 4-hour pin.
any ideas?
fta will be around 0.94
Attached Image (click to enlarge)
Click to Enlarge Name: ac2.gif Size: 21 KB
meine augen sind die sterne
  • #71,930
  • Aug 17, 2010 11:27am Aug 17, 2010 11:27am
The 90M PB has lured me in.................
It has been a tight tussle between bears and bulls today
Attached Image (click to enlarge)
Click to Enlarge Name: 999.gif Size: 16 KB
  • #71,931
  • Aug 17, 2010 12:02pm Aug 17, 2010 12:02pm
Anybody take AUDUSD daily pin off the PPZ?

I was trying to enter on a retracement, but price didn't come down far enough. Looked like a great bar in a great place.
Many choose unhappiness over uncertainty.
  • #71,932
  • Aug 17, 2010 12:37pm Aug 17, 2010 12:37pm
Quoting Dan Gilbert
Anybody take AUDUSD daily pin off the PPZ?

I was trying to enter on a retracement, but price didn't come down far enough. Looked like a great bar in a great place.
took half off ...stop above BE by a few pips...looking for a runner...but does look like it has the potential...may dump it prior to the top
Attached Image (click to enlarge)
Click to Enlarge Name: 2.gif Size: 18 KB
  • #71,933
  • Aug 17, 2010 12:49pm Aug 17, 2010 12:49pm
Quoting Pipologist99
Thanks Blue, I understand what Mike is saying. So in the case of NZDUSD, wat's ur take based on PA and overhead resistance less than 50 pips away from break of pin?
Hey Pip, sorry I didn't reply earlier.

My take is that the pin bar is good and the location is good. At the point it arrives at FTA of .7150, I would look to:

a) Exit part of my position
b) Reduce my risk (move to BE)
c) Exit all of my position

The 50 pips is enough space for me to do one of these things. Hope I answered your question.

-- Danny
  • #71,934
  • Aug 17, 2010 1:02pm Aug 17, 2010 1:02pm
Quoting Atc
took half off ...stop above BE by a few pips...looking for a runner...but does look like it has the potential...may dump it prior to the top
9070 is last months high price. these areas tend to be a hassle for momentum...
Many choose unhappiness over uncertainty.
  • #71,935
  • Aug 17, 2010 1:08pm Aug 17, 2010 1:08pm
Took NZDUSD instead after retracement, looked better than AU......set T/P on FTA....n bagged the pips...............

Quoting Dan Gilbert
Anybody take AUDUSD daily pin off the PPZ?

I was trying to enter on a retracement, but price didn't come down far enough. Looked like a great bar in a great place.
  • #71,936
  • Aug 17, 2010 1:35pm Aug 17, 2010 1:35pm
Quoting Dan Gilbert
9070 is last months high price. these areas tend to be a hassle for momentum...
Thanks Dan
  • #71,937
  • Aug 17, 2010 1:35pm Aug 17, 2010 1:35pm
Hi All,

Still in my demo phase at the moment and due to work only trading Daily+ TFs. I'm using Alpari Demo which provides about 26 FX pairs, Gold, Silver plus a few limited commodities oil, sugar etc.

I'd like to demo the main indices FTSE, DJI, DAX etc as well as a nice range of commodities to keep my trades selective on A+ setups but having more opportunities. Can anyone recommend a broker that I could use, preferably MT4 but willing to use something else for outside of FX.

Thanks
  • #71,938
  • Aug 17, 2010 1:37pm Aug 17, 2010 1:37pm
Quoting Dan-FX
Hi All,

Still in my demo phase at the moment and due to work only trading Daily+ TFs. I'm using Alpari Demo which provides about 26 FX pairs, Gold, Silver plus a few limited commodities oil, sugar etc.

I'd like to demo the main indices FTSE, DJI, DAX etc as well as a nice range of commodities to keep my trades selective on A+ setups but having more opportunities. Can anyone recommend a broker that I could use, preferably MT4 but willing to use something else for outside of FX.

Thanks
Hey Dan

FXpro has a ton of stuff to chart with as a charting feed. That is in no way a broker recommendation as I only use them for charting but they have a lot of fxpairs /commods/futures/equities

Best
Mike
  • #71,939
  • Aug 17, 2010 2:25pm Aug 17, 2010 2:25pm
Quoting Danku
Totally agree jarroo, for my trading i would also have wanted it at a swing low or swing high and obviously bigger bar.....cheers

Quoting The Lord
I think the stop was very tight. Now, its heading towards your predicted direction. That was a very choppy area, so a little bigger one would be preferable for me personally.
Quoting Pinbar
Yes, but price was above the 1.0400 area where I took it, and there was a great possibility it was going to find a platform there when resistance changed to support on H1.

I was thinking of having another go at it, until I put the 25 & 10 ema on it to see what was going on.

The red 25 ema is lining up with the PPZ and the 38.2 fibo, this is the first time back so, it may run South soon.

Not a good long to take right now.


That was the main lesson taken from Pinbar's trade, it had some good points but the Best points of an "A" trade were missing . . .Bigger in size, deeper swing Low, supportive confluences, etc.

Even though the 4 hour BUOB on the Usd/Chf did not become invalid, meaning its Low was not breached, it does not mean that this BUOB was a good one to take. It just means that sub-bar PA will work out from time to time and that PA is a powerful thing.

So when we and Pinbar see another setup like this one, with all of its "A" catagory criteria missing . . .we will simply pass on this one even if it works out.
Attached Image (click to enlarge)
Click to Enlarge Name: usdchf17a.gif Size: 25 KB
Indicators show the past. Price Action "Indicates" the future.
  • #71,940
  • Aug 17, 2010 2:26pm Aug 17, 2010 2:26pm
I was thinkin of doing that as well. After the pin bar developed on a daily, I would then switch to a smaller time frame (1H) and wait for another pin bar to form, which would mean the retracement of the daily pin bar has ended, and then I would enter the break of the hourly pin bar break with s/l beyond it. Alternatively I could put a stop-buy order above the daily pin break in case there is no retracement and price just shoots up. Mike is this sort of thing forgiven in this forum?? Just trying to find a better entry that's all.

Quoting jdl
Pipologist, this is how I traded this....
53 traders viewing now