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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

  • #78,901
  • Oct 30, 2010 10:58pm Oct 30, 2010 10:58pm
Quoting bluetrader
You guys mind if I play? Here's my chart... multiple choice from me

Huge BEOB engulfing 4 bars after a nice uptrend. Where is she likely to go?


What TF is that?
  • #78,902
  • Oct 30, 2010 11:00pm Oct 30, 2010 11:00pm
Quoting Pinbar
What TF is that?
1 Hour.
  • #78,903
  • Oct 30, 2010 11:03pm Oct 30, 2010 11:03pm
Quoting bluetrader
1 Hour.


Ok, I don't like that bar, it took out the previous high.
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  • #78,904
  • Oct 30, 2010 11:04pm Oct 30, 2010 11:04pm
Quoting Pinbar
Ok ,,,,here it is.


I think you were very logical with that area Ghous.
Can't help notice what the next bar did.

Makes you go...

g.
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I believe . . .
  • #78,905
  • Oct 30, 2010 11:05pm Oct 30, 2010 11:05pm
Quoting ghous
Can't help notice what the next bar did.

Makes you go...

g.

Yes, that is why I thought your area was very logical.



BT....In the original post I asked that we keep this to no shorter TF than H4 as we don't want to encourage newbies like me to start trading H1.
  • #78,906
  • Oct 30, 2010 11:11pm Oct 30, 2010 11:11pm
Quoting Pinbar
Yes, that is why I thought your area was very logical.



BT....In the original post I asked that we keep this to no shorter TF than H4 as we don't want to encourage newbies like me to start trading H1.
I agree let's keep it to higher time frames.
I believe . . .
  • #78,907
  • Oct 30, 2010 11:12pm Oct 30, 2010 11:12pm
Hello,

After more than a month unlucky research of A setups, I changed my rules a bit and took two trades this week.

 

  1. GBP/CAD H4


This one made me loose, and I find two lessons here.
I got into trade when second bar was not yet closed, but price was much lower than RN and PPZ. What happened next is price retrace to BRN when I entered, and closed where I wouldn’t want it to close.
1) Lesson, I think if decided to enter before second bar closed, I should check how active market is.
2) I have to avoid trading when I’m in a bad emotional state.

 

  1. AUD/CAD H4


When taking this, I heard some voice saying that I’m probably going for a revenge, because opened this position after a lost on GBP/CAD. But I ignored that voice because I was so sure that it’s a great trade, I liked so many things about it. I kind a felt like a winner for whole day without even knowing what’s happening in the market. I heard a voice saying that I cannot be totally sure to of being a winner, and agreed with it, but still, I felt great.
And when I got bad home I saw my TP hit.

By risking 1 percent, we can say nothing lost and nothing earned on this week, but some experience gained.

And here’s a joke:

Most of people like it doggy style. Most of traders like it doji style.

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  • #78,908
  • Oct 30, 2010 11:13pm Oct 30, 2010 11:13pm
Quoting Pinbar
Ok, I don't like that bar, it took out the previous high.
Dang Pinbar... nice job

These always use to get me because I would fall in love with the bar. Sorry about the TF Pin, missed that part.


-- Danny
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  • #78,909
  • Oct 30, 2010 11:16pm Oct 30, 2010 11:16pm
Quoting bluetrader
Dang Pinbar... nice job

These always use to get me because I would fall in love with the bar. Sorry about the TF Pin, missed that part.


-- Danny



Good one though....


What do you guys think about that bar taking the high out, was it a valid red flag?


I think it is Ghous'es turn.

I just realized that we are an even greater disadvantage doing this than live trading as, we can not even see the price of any bars.

Very good exercise to ready us for Monday, which I thought was today and got up at 7:30 am to check the markets. LoL
  • #78,910
  • Oct 30, 2010 11:21pm Oct 30, 2010 11:21pm
Quoting Pinbar
Good one though....


What do you guys think about that bar taking the high out, was it a valid red flag?


I think it is Ghous'es turn.
Isn't that the point of an engulfing bar... to make a new high, catch some buyers, and then close strongly on the other end. Otherwise it's not an outside bar. Did I miss something?
  • #78,911
  • Edited 11:46pm Oct 30, 2010 11:24pm | Edited 11:46pm
I think I inadvertently threw Ghous off by saying he needs a more tricky one.
The market does not say it is tricky or not and so, I think I biased ghous to that setup. Let's not say anything about the bar but perhaps we shuld avoid IPB as we can not see price.
  • #78,912
  • Oct 30, 2010 11:25pm Oct 30, 2010 11:25pm
Quoting bluetrader
Isn't that the point of an engulfing bar... to make a new high, catch some buyers, and then close strongly on the other end. Otherwise it's not an outside bar. Did I miss something?

Yeah, but I think it should have been much higher.

I think I remember reading something about that.


Maybe, I just did not like the body of that bar not encompassing the previous bar in it's body.
  • #78,913
  • Oct 31, 2010 12:20am Oct 31, 2010 12:20am
Quoting Pinbar
I think I inadvertently threw Ghous off by saying he needs a more tricky one.
The market does not say it is tricky or not and so, I think I biased ghous to that setup. Let's not say anything about the bar but perhaps we shuld avoid IPB as we can not see price.
I think we can include price levels.

(Exclusion of IPBs is still a good idea IMO)

what do you guys think about this one? (daily chart)

g.
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I believe . . .
  • #78,914
  • Oct 31, 2010 12:26am Oct 31, 2010 12:26am
Quoting Pinbar
I think I inadvertently threw Ghous off by saying he needs a more tricky one.
The market does not say it is tricky or not and so, I think I biased ghous to that setup. Let's not say anything about the bar but perhaps we shuld avoid IPB as we can not see price.
The markets do tell you that. Even if you were at this setup live, you would still see the PB packed in traffic and heading into an immediate S/R and trend line (if you use them) which would indicate that the PB isn't as good as ever can be.

This really is a great exercise for the newbies PB, maybe we can regularly hold such a thing at weekends for the sake of it.

g.
I believe . . .
  • #78,915
  • Oct 31, 2010 12:31am Oct 31, 2010 12:31am
Quoting ghous
I think we can include price levels.

(Exclusion of IPBs is still a good idea IMO)

what do you guys think about this one? (daily chart)

g.



Hmmmm, could be tricky.
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  • #78,916
  • Oct 31, 2010 12:34am Oct 31, 2010 12:34am
Quoting Pinbar
Hmmmm, could be tricky.
You got that right again.

Those 2 pivot areas is exactly where price flipped.

Simple isn't it?

g.
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I believe . . .
  • #78,917
  • Oct 31, 2010 12:42am Oct 31, 2010 12:42am
Quoting ghous
You got that right again.

Those 2 pivot areas is exactly where price flipped.

Simple isn't it?

g.

Thanks Ghous, I wouldn't say it is simple for me personally, but maybe, more like it is easier to see these areas for me now. Previously, it would all be just a mess to me with no possible I could imagine how you guys could do this.

I think at long last understanding the Jarroo breakthrough and price flipping or Resistance polarizing to Support thingy, really, really changed how I look at things. I mean previously I would see the main areas but not these little ones. The little ones is the place where price is showing us where it wants to go.


Great stuff, Ghous. Got to run.
  • #78,918
  • Oct 31, 2010 12:54am Oct 31, 2010 12:54am
Hi ghous, pinbar long time...anyway just catchin up with the last couple of hundred posts, since my last post....nearly there.....
Without women, money would have no meaning - Aristotle Onassis
  • #78,919
  • Oct 31, 2010 12:59am Oct 31, 2010 12:59am
Quoting mattfx
Hi ghous, pinbar long time...anyway just catchin up with the last couple of hundred posts, since my last post....nearly there.....
Hey Matt,

it's good to have you around once again.

g.
I believe . . .
  • #78,920
  • Oct 31, 2010 1:15am Oct 31, 2010 1:15am
Hi all,

Does anyone have any thoughts on this potential trade? GBP/DKK Weekly bullish bar at swing low, through BRN.

http://i845.photobucket.com/albums/a...k-31-10-10.gif

My second question is a bit off topic but any help or where to look would be appreciated. My broker, Oanda do not offer GBP/DKK, however i've worked out I can go long GBP/USD and long USD/DKK and as long as I work out the right position size to take on each pair it will work out.

However what I can't work out is how to work out my stop loss on each pair. If I want to risk 2% of my account and a stop loss of 272 pips (size of buob), does anyone know the math?

Thanks heaps
Paul
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