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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

  • #72,501
  • Aug 22, 2010 9:01pm Aug 22, 2010 9:01pm
Quoting roundrock
why are we worried so much about AUDUSD open ? if i remember correctly we enter the pin only on breaking its hi/lo. where did you place yr order ? mine is at pin high + buffer and is still there.

am i missing something ?
I think, as long as today's open is NOT below the close of pin bar, the pin bar will remain valid according to J16 method.
  • #72,502
  • Aug 22, 2010 9:03pm Aug 22, 2010 9:03pm
Quoting cprao
I think, as long as today's open is NOT below the close of pin bar, the pin bar will remain valid according to J16 method.
a pinbar is valid once it breaks. So in that case when the high breaks then the pinbar is now validated

A bar setup becomes invalidated when it breaks the other way. So in this case if the low of the pin was taken out.

Best
Mike
  • #72,503
  • Aug 22, 2010 9:15pm Aug 22, 2010 9:15pm
Quoting mbqb11
a pinbar is valid once it breaks. So in that case when the high breaks then the pinbar is now validated

A bar setup becomes invalidated when it breaks the other way. So in this case if the low of the pin was taken out.

Best
Mike
Mike, none of the happened yet. Neither it broke upside not it broke downside. (FXDD).
So the pin is neither valid nor invalid at this point.
  • #72,504
  • Aug 22, 2010 9:21pm Aug 22, 2010 9:21pm
Quoting cprao
Mike, none of the happened yet. Neither it broke upside not it broke downside. (FXDD).
So the pin is neither valid nor invalid at this point.
correct C I was just clarifying your point about the open of todays bar and how it could invalidate the pin

Best
Mike
  • #72,505
  • Aug 22, 2010 9:22pm Aug 22, 2010 9:22pm
Quoting The Lord
I too cancelled the AUD/USD order. The gap is making me feel uncomfortable. If bullish bars occur later on maybe on 4-H, I might give a try. What a bad start for the week..

I guess this is a good example how one mans trash is another mans treasure. I wento long the AUD/USd around 8870ish, mainly because in my experience gaps are often filled. I figured with a nice tight stop at the bottom of the pin, my position size is a little larger and if the pin is validated thats a bonus. Obviously more agressive, but definitely possible.

Also, just wanted to say thanks to everyone on this board...James16, MBQ, jaroo, Mike W, Ghous...etc. You guys have really made a difference in my life and trading. I couldn't have asked for a better place to stumble upon when it comes to learning how to trade successfully. I'm not great, but have certainly improved a ton since being here. I truely feel blessed!

Forgot to add that this would be a trade I would get to Breakeven quick, mainly because the pin has not been validated
"Luck favors the prepared mind"
  • #72,506
  • Aug 22, 2010 9:28pm Aug 22, 2010 9:28pm
thanks cp, mike for the clarifications on the pin.

one more question, i have seen some ppl enter on retrace. so does it mean it should first break the pin and then retrace for entry ? entering at a discount price without pin break is invalid (discount price is same as expected retracement price without a break). i understand sometimes we may not get a retracement.
  • #72,507
  • Aug 22, 2010 9:28pm Aug 22, 2010 9:28pm
Quoting jpa0827
I guess this is a good example how one mans trash is another mans treasure. I wento long the AUD/USd around 8870ish, mainly because in my experience gaps are often filled. I figured with a nice tight stop at the bottom of the pin, my position size is a little larger and if the pin is validated thats a bonus. Obviously more agressive, but definitely possible.

Also, just wanted to say thanks to everyone on this board...James16, MBQ, jaroo, Mike W, Ghous...etc. You guys have really made a difference in my life and trading. I couldn't have asked...
  • #72,508
  • Aug 22, 2010 9:29pm Aug 22, 2010 9:29pm
Quoting roundrock
why are we worried so much about AUDUSD open ? if i remember correctly we enter the pin only on breaking its hi/lo. where did you place yr order ? mine is at pin high + buffer and is still there.

am i missing something ?
My order was also at the break of the pin. But since it is a gap, it often gets filled and falls down. And when it fills the gap, it might just touch my order in the way. Maybe I am more afraid, but this is what happened in the past.
  • #72,509
  • Aug 22, 2010 9:29pm Aug 22, 2010 9:29pm
Quoting roundrock
thanks cp, mike for the clarifications on the pin.

one more question, i have seen some ppl enter on retrace. so does it mean it should first break the pin and then retrace for entry ? entering at a discount price without pin break is invalid (discount price is same as expected retracement price without a break). i understand sometimes we may not get a retracement.
Hey RR

Retrace entries are going to be before the bar breaks(the majority of the tmie). So this is part of the disadvantage of possibly entering a bar that never does validate.

Mike
  • #72,510
  • Aug 22, 2010 9:36pm Aug 22, 2010 9:36pm
Quoting jpa0827
I wento long the AUD/USd around 8870ish, mainly because in my experience gaps are often filled. I figured with a nice tight stop at the bottom of the pin, my position size is a little larger and if the pin is validated thats a bonus. Obviously more agressive, but definitely possible.
Never ever try this friend, don't pull the trigger until the bar is broken. I have lost a lot trying to do this. I used to have one order sitting at the break of the pin. And when price opened without breaking it, I would set up similar orders with smaller size, hoping that when price starts go up, I would have a very nice MM. Sometimes it does happen, but when it doesn't, it really hurts. The feeling of not maintaining a trade discipline is really really bad.

And remember, if you lose one, you will need to win two more to get to your target (3 trades for what you could do with just single one).

Just my opinion..
  • #72,511
  • Aug 22, 2010 9:47pm Aug 22, 2010 9:47pm
Quoting The Lord
Never ever try this friend, don't pull the trigger until the bar is broken. I have lost a lot trying to do this. I used to have one order sitting at the break of the pin. And when price opened without breaking it, I would set up similar orders with smaller size, hoping that when price starts go up, I would have a very nice MM. Sometimes it does happen, but when it doesn't, it really hurts. The feeling of not maintaining a trade discipline is really really bad.

And remember, if you lose one, you will need to win two more to get to your target...
Never say never. Unless you haven't tested. Then i would say never trade a strategy. testing is so so so important. mainly for psychological reasons. If you aren't confident in your strategy it is very difficult to succeed. So I will say to you and everyone else. If you don't trust the PA then don't trade it.

i will add that i have learned that averaging down on a trade has been a killer for me in the past. Averaging in to a trade as it goes in my favor has been a big difference. But hey, i still have a ton to learn. otherwise i'd be doing this for a living lol. These have just been my observations on a personal basis.
"Luck favors the prepared mind"
  • #72,512
  • Aug 22, 2010 9:47pm Aug 22, 2010 9:47pm
Quoting The Lord
I too cancelled the AUD/USD order. The gap is making me feel uncomfortable. If bullish bars occur later on maybe on 4-H, I might give a try. What a bad start for the week..
I'm not sure why your week is starting bad, you just pulled an order because it didn't go according to plan, you did what 95% of traders don't do, you showed discipline.

Sincerely
Consilium.
  • #72,513
  • Aug 22, 2010 9:51pm Aug 22, 2010 9:51pm
Quoting jpa0827
Never say never. Unless you haven't tested. Then i would say never trade a strategy. testing is so so so important. mainly for psychological reasons. If you aren't confident in your strategy it is very difficult to succeed. So I will say to you and everyone else. If you don't trust the PA then don't trade it.
Sorry Sir. I didn't mean that way.
  • #72,514
  • Aug 22, 2010 9:54pm Aug 22, 2010 9:54pm
Quoting Consilium
I'm not sure why your week is starting bad, you just pulled an order because it didn't go according to plan, you did what 95% of traders don't do, you showed discipline.

Sincerely
Consilium.
Ya, thanks. That's the positive way to go..
  • #72,515
  • Aug 22, 2010 10:01pm Aug 22, 2010 10:01pm
Quoting The Lord
Sorry Sir. I didn't mean that way.


No i understand what you mean and i respect it. It shows you are being disciplined. That is one of the hardest parts. I just want you to know that you don't need to be mad about canceling an order. because you still may get your shot andf if not you will live to trade another day. As far as I'm concern that is a successful decision you made. I just wanted to point out mainly because I find it interesting how we can all have different strategies and still be successful in this business. So just keep workin at it and stay positive.
"Luck favors the prepared mind"
  • #72,516
  • Aug 22, 2010 10:13pm Aug 22, 2010 10:13pm
Quoting jpa0827
No i understand what you mean and i respect it. It shows you are being disciplined. That is one of the hardest parts. I just want you to know that you don't need to be mad about canceling an order. because you still may get your shot andf if not you will live to trade another day. As far as I'm concern that is a successful decision you made. I just wanted to point out mainly because I find it interesting how we can all have different strategies and still be successful in this business. So just keep workin at it and stay positive.
Thanks jpa. Right now, I am watchin the pair in hour-4. I might enter it later on. Yeah, being positive is the key..
  • #72,517
  • Aug 22, 2010 10:15pm Aug 22, 2010 10:15pm
Quoting The Lord
Thanks jpa. Right now, I am watchin the pair in hour-4. I might enter it later on. Yeah, being positive is the key..
Good luck my friend and stick with it! It really will be worth it!
"Luck favors the prepared mind"
  • #72,518
  • Aug 22, 2010 10:39pm Aug 22, 2010 10:39pm
Quoting jarroo
All the PBs are a bit too small in size which is scary and they all are running into traffic. The traffic wouldn't concern me if their size was bigger . . .its all about Space (and location of course) as Mike would say.

If I had to choose one it would be the Aud/Usd PB, it has good supportive levels the .8850 and .8900 with a clear target, .9000.
Out of 3 the Aud/Usd is with the trend, a plus. But I would be more incline to pass on all. Reason is price was not away from these PPZ long enough to justify a retrace..I think it could hang a round this area for a while then who knows what it will do. I would prefer a break of the PPZ and then a retest with PA for conformation.
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  • #72,519
  • Aug 22, 2010 11:02pm Aug 22, 2010 11:02pm
The gap close trade idea was valid but if trading this way I find it better to exit as soon as the gap fills. I went long AUDUSD when my broker opened too but have exited as price came close to closing the gap on my platform.



Quoting The Lord
Never ever try this friend, don't pull the trigger until the bar is broken. I have lost a lot trying to do this. I used to have one order sitting at the break of the pin. And when price opened without breaking it, I would set up similar orders with smaller size, hoping that when price starts go up, I would have a very nice MM. Sometimes it does happen, but when it doesn't, it really hurts. The feeling of not maintaining a trade discipline is really really bad.

And remember, if you lose one, you will need to win two more to get to your target...
  • #72,520
  • Aug 22, 2010 11:08pm Aug 22, 2010 11:08pm
Point of interest. Going to watch price at 1.6140 (red arrow)
Mike, Jaroo, ghous and anyone else, let me know what you think.
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