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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

  • #72,741
  • Aug 25, 2010 12:01am Aug 25, 2010 12:01am
Quoting mihazupan1
New computer or...?

Yeah, new computer . . nothing special.
Indicators show the past. Price Action "Indicates" the future.
  • #72,742
  • Aug 25, 2010 12:01am Aug 25, 2010 12:01am
Quoting mbqb11
welcome back buddy

YYo mike . . .
Indicators show the past. Price Action "Indicates" the future.
  • #72,743
  • Aug 25, 2010 12:10am Aug 25, 2010 12:10am
Quoting artov
I'm pretty sure Jarroo would call that a hard break. I put my pending order, turned away to another screen and boom. Turning my SL to BE very soon and targeting 1.03
Yes that would be a hard freaking break. Nice trade management too, artov.
Indicators show the past. Price Action "Indicates" the future.
  • #72,744
  • Aug 25, 2010 12:14am Aug 25, 2010 12:14am
Quoting ghous
Nice and smooth is how I love'em.

g.

Your a smooth operator g. . .


Great youtube video.
Indicators show the past. Price Action "Indicates" the future.
  • #72,745
  • Aug 25, 2010 1:08am Aug 25, 2010 1:08am
pinbar on eur/chf h4.
bounced from the 1.3000.
divergence on macd.
con: long long downtrend.
Attached Image (click to enlarge)
Click to Enlarge Name: ac8.gif Size: 14 KB
meine augen sind die sterne
  • #72,746
  • Aug 25, 2010 1:26am Aug 25, 2010 1:26am
Quoting aserbfx
pinbar on eur/chf h4.
bounced from the 1.3000.
divergence on macd.
con: long long downtrend.
I'm not an expert on pins but that bar doesn't really look that appealing. At the 1.3100 level there was also a pinbar and divergence. Wasn't able to work. The current pinbar didn't really have a strong close and it looks like it is actually engulfing the previous bar. I wouldn't take the trade...but hey what do I know.
  • #72,747
  • Aug 25, 2010 2:33am Aug 25, 2010 2:33am
Hi all!

I was hoping one of you regulars could point me to some posts regarding exit strategies for the different trade setups? This thread is so large it is difficult to search for it..

regards.
Thank you j16!
  • #72,748
  • Aug 25, 2010 3:04am Aug 25, 2010 3:04am
  •  kk21
  • | Joined Sep 2009 | Status: ...the innocent bystander | 45 Posts
Quoting Ace284
I'm sorry, but your post made a cringe a little.
"should have taken full profit here..." how many times has that been said....

There's absolutely no point in thinking about what could have, should have, would have happened. It has nothing to do with you being "greedy" or "modest". The market is going to move the exact same way regardless of what you thinking or the emotions going through your head. All you can do is trade your setup, place your target, place your stoploss...and move on.

As far as I can see you saw a pinbar at...


thanks Ace for pointing me in the right direction(sorry for the belated response; connection related issues)
  • #72,749
  • Aug 25, 2010 3:07am Aug 25, 2010 3:07am
Quoting Adilius07
Another thought crossed my mind today. If we learn to be SUPER PICKY. I mean like picky to the point we only take just one setup per month or so. The one that meets all our criteria.... then, why don't we trade say 5-7% of total account? Even if RR is 1:1 or little less, that trade would make a very, very nice monthly % growth. And knowing all we need is just 1 trade, it is easier to become and stay picky...

I mean, when we have a MM of 1% or 2% isn't it puts us into more pressure to trade more, so we can make "better income" and...
Basically, trading "5-7%" means you can go broke even on A+++!@%^&* (or whatever the current nomenclature is) trades, because - as we know - trades fail. Even perfect ones.

As your trade size (as a % of account) increases, your variance increases exponentially* - and you risk bankrupting (although 'crippling' is possibly a better term, since most people will quit before account=0)your account due to the variance inherent in your trading methodology.

The whole point of the '2% rule' is to reduce your risk of ruin % to a negligible figure (assuming a +ev trading strategy, and based on a pretty normal standard deviation in results), not to help you lose less on dodgy trades.

*ceteris paribus

Quoting Adilius07
Thanks Ghous for the input. Is just I really feel this "the need to be in" sometimes. Thinking on the best ways to fight it. Defenitely sticking do Daily frame as a minimum helps!
Buy a playstation and/or girlfriend.
When you have to shoot, shoot. Dont talk.
  • #72,750
  • Aug 25, 2010 3:26am Aug 25, 2010 3:26am
Hi Ace,

why did you initally take a short trade at 110? was this a touch trade? I can't see any PA action confirmation at that level.


Quoting Ace284
I'm currently in this trade on the EURJPY. I posted this on another thread but heres the update. Took short at 110.11 on first account. Another short at 108.81 on my second account (MT4).

The main reason I took the second trade was becasue of the retest of prior support. The pinbar is small which is why it wasn't the sole reason.
  • #72,751
  • Aug 25, 2010 3:31am Aug 25, 2010 3:31am
Quoting joelcf


Buy a playstation and/or girlfriend.


http://www.freeworldgroup.com/games9...biewarfare.htm
Indicators show the past. Price Action "Indicates" the future.
  • #72,752
  • Aug 25, 2010 3:36am Aug 25, 2010 3:36am
is it correct to wait CHFJPY daily pinbar confirmation..or we could have already jumped in..?
  • #72,753
  • Aug 25, 2010 3:37am Aug 25, 2010 3:37am
Quoting joelcf
Basically, trading "5-7%" means you can go broke even on A+++!@%^&* (or whatever the current nomenclature is) trades, because - as we know - trades fail. Even perfect ones.

As your trade size (as a % of account) increases, your variance increases exponentially* - and you risk bankrupting (although 'crippling' is possibly a better term, since most people will quit before account=0)your account due to the variance inherent in your trading methodology.

The whole point of the '2% rule' is to reduce your risk of ruin % to a...
LOL, Joel, I already have a gf I think if I buy a playstation she will leave me for sure lol, she already copes with "this trading thing"

In regards to MM. This is true that with 5% I can go broke much faster. Well with 2% this process of bankruptcy will be just 2 times slower and thus more painful.... I mean if I grow to a point where I know that I got this positive expectancy of my system I could raise the MM limits. For now it would make no difference I am still loosing so 5% would make me loose faster and I would need to open another demo (which I am lazy to do) so I will stay for 2% until I graduate
  • #72,754
  • Aug 25, 2010 3:52am Aug 25, 2010 3:52am
Quoting mistersimple
is it correct to wait CHFJPY daily pinbar confirmation..or we could have already jumped in..?

On the IBFX feed, which closes its Day at 8:00 PM EST, already closed as a PB. Would have like if the PB closed strong, meaning if its Close was higher then the Open would show a stronger PB. I do like the size. Very nice hard break . .robust.

Looks like it hit its 1st target. I would be protecting my position(s) at this level.

Good eye Mr. simple . . .Are you having problems posting charts?


(Hourly chart to show the strong break).
Attached Image(s) (click to enlarge)
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Click to Enlarge Name: chfjpyhour.jpg Size: 104 KB
Indicators show the past. Price Action "Indicates" the future.
  • #72,755
  • Aug 25, 2010 4:33am Aug 25, 2010 4:33am
Thanks..yes im at work and its not easy to post charts here
Ok i mean u entered the trade just after the PB was formed .. I meant if we wait that the 2nd eye is formed (after PB) is it still ok or too late?
  • #72,756
  • Aug 25, 2010 4:39am Aug 25, 2010 4:39am
this eur/jpy chart has caught my eye, we have had a major breakout yesterday now we have price coming back up to test support on the daily time frame

now i am looking for an entry and the 1 hour looks interesting

let me know what you guys think

Attached Image (click to enlarge)
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  • #72,757
  • Aug 25, 2010 4:42am Aug 25, 2010 4:42am
Quoting aserbfx
pinbar on eur/chf h4.
bounced from the 1.3000.
divergence on macd.
con: long long downtrend.
Hey Aserb,
Trading this PB would mean you would be trading against the all time low at the 13.073, price is likely to get stalled there.

May the force be with you.
Pipcrawler
  • #72,758
  • Aug 25, 2010 4:55am Aug 25, 2010 4:55am
Quoting pocrel
this eur/jpy chart has caught my eye, we have had a major breakout yesterday now we have price coming back up to test support on the daily time frame

now i am looking for an entry and the 1 hour looks interesting

let me know what you guys think

Attachment
On the 1H-TF price generated a (small) PB off the all time low at 10730-ish, you could take this PB trade for a short ride towards the FTA at the 10700 and manage your trade accordingly when price gets there.
Pipcrawler
  • #72,759
  • Aug 25, 2010 4:56am Aug 25, 2010 4:56am
Quoting mistersimple
Thanks..yes im at work and its not easy to post charts here
Ok i mean u entered the trade just after the PB was formed .. I meant if we wait that the 2nd eye is formed (after PB) is it still ok or too late?

I understand . .lol.


Yes, we always wait for the PB to close first (or any PA formation to close), in this case the Daily close depending on your Plat feed.

Yes you can look for a retrace of a PB just like a retrace of a Outside bar ( if you saw any of my posts on the topic of Outside bar retracements)

PB retracements to the left eye are possible but I would wait for a the PB to break first to validate the PB. And if the left eye lines up with or is confluencing with a BRN or a PPZ level like the 81.50 on the Chf/Jpy.

I could see Price move like the red line on this chart . .if it behaves properly . .which they sometimes don't agree with my analysis . .lol . . .we shall see.
Attached Image (click to enlarge)
Click to Enlarge Name: chfjpypb.jpg Size: 88 KB
Indicators show the past. Price Action "Indicates" the future.
  • #72,760
  • Aug 25, 2010 5:08am Aug 25, 2010 5:08am
Quoting jarroo
I understand . .lol.


Yes, we always wait for the PB to close first (or any PA formation to close), in this case the Daily close depending on your Plat feed.

Yes you can look for a retrace of a PB just like a retrace of a Outside bar ( if you saw any of my posts on the topic of Outside bar retracements)

PB retracements to the left eye are possible but I would wait for a the PB to break first to validate the PB. And if the left eye lines up with or is confluencing with a BRN or a PPZ level like the 81.50 on the Chf/Jpy.

I could see Price...
Wouldn't the ideal situation be a break first and then a retracement performed by the same bar, in that case we could enter at a much better price, knowing in advance that the PB has been validated ?
Pipcrawler
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