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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

  • #79,121
  • Nov 2, 2010 5:52pm Nov 2, 2010 5:52pm
Here's another one, E-U broke out of a triangle via a bullish bar pattern (a not so perfect BUOB). Looking for a buy PA at the pullback towards the crosspoint of the broken down-TL and the BRN @ 14000.
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Pipcrawler
  • #79,122
  • Nov 2, 2010 6:15pm Nov 2, 2010 6:15pm
Quoting john225
I´m a little bit confused now:
I entered short on the weekly BEOB.
Now the Daily candle formed a DBLHC which is a bullish signal as i know.

Now my problem is should i close the position or should i let it run?
That is exactly why I don't like to enter on a plain break of the BEOB, very often price validates the BEOB by breaking it just slightly and then pulling back to some keylevel before (hopefully) breaking the BEOB again. If you entered at the first break then you are now probably facing drawdown, if price retraces all the way to the RNB @ 8800 before reversing then the question would be: can you withstand mentally such a drawdown ? Should I close my trade or should I stay in ? I personally don't like drawdown at all, it makes me nervous and when I'am nervous I make irrational decisions that will affect my trading. Therefore I wait for a pullback to some keylevel (RNB, fib. level, previous bar lows/highs, PPZ's) for an optimal entry with less potential risk. This daily DBLHC could be the start of a pullback.
Pipcrawler
  • #79,123
  • Nov 2, 2010 7:46pm Nov 2, 2010 7:46pm
Quoting kwikwis

Looks good to me,
Yes, good looking PIN BAR.
0.9900 BRN, 76.4% ret, PPZ around 0.9800.
Already short on break of 8 HR PB on 4Hour TF. Stop above PB high.
FTA: 0.9680, second target:0.9595

I know the daily PB low hasn't broke, but I figure the 8H PB break will do to reduce risk. Am I right, Mike? Where would you enter? And would you place stop above the left eye?

Thanks
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  • #79,124
  • Nov 2, 2010 7:50pm Nov 2, 2010 7:50pm
Quoting Be Cool
Yes, good looking PIN BAR.
0.9900 BRN, 76.4% ret, PPZ around 0.9800.
Already short on break of 8 HR PB on 4Hour TF. Stop above PB high.
FTA: 0.9680, second target:0.9595

I know the daily PB low hasn't broke, but I figure the 8H PB break will do to reduce risk. Am I right, Mike? Where would you enter? And would you place stop above the left eye?

Thanks
Hey BC

This is not one I would personally take due to lack of confluence. But I trade all my bars the same and my entry would go below the low of a pinbar with my stop starting above the high. It is just how I do things. Always remember a pin is not valid until the low breaks.

Also watch out for this high

Best
Mike
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  • #79,125
  • Nov 2, 2010 7:59pm Nov 2, 2010 7:59pm
Quoting mbqb11
Hey BC

This is not one I would personally take due to lack of confluence. But I trade all my bars the same and my entry would go below the low of a pinbar with my stop starting above the high. It is just how I do things. Always remember a pin is not valid until the low breaks.

Also watch out for this high

Best
Mike
Hey Mike,
What is your buffer to enter on break for monthly, weekly, daily bars?
Thank you!
Anything can happen - You never know
  • #79,126
  • Nov 2, 2010 8:02pm Nov 2, 2010 8:02pm
Quoting kwikwis
Hey Mike,
What is your buffer to enter on break for monthly, weekly, daily bars?
Thank you!
Hey Kwi

It varies but a general overview would be something like

Daily -12-18
weekly - 15-25
monthly -20-40

Something in that realm

Mike
  • #79,127
  • Nov 2, 2010 8:07pm Nov 2, 2010 8:07pm
Quoting xmzhang
My catch for tomorrow, daily DBLHC on the E-G, a deeper retrace towards the 8600 would have been better, but you can't have them all. I will look for a buy PA at previous bar high or the RNB @ 8700 those are the keylevels for me.
Hi Zhang

I saw that too. But aren't you a little concern that the weekly form a BEOB? Also i have a PPZ drawn around 0.8800 that could be acting as resistance.
and a PPZ below the DBLHC around 0.8666 - looks a bit tight isn't it?
I am still a newbie but i am curious how you would play this
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  • #79,128
  • Nov 2, 2010 8:21pm Nov 2, 2010 8:21pm
Quoting mbqb11
Hey BC

This is not one I would personally take due to lack of confluence. But I trade all my bars the same and my entry would go below the low of a pinbar with my stop starting above the high. It is just how I do things. Always remember a pin is not valid until the low breaks.
Thanks Mike - i changed my FTA to the bars high you pointed out
When you say lack of confluence, what do you want to see for you to take this trade? Does the fib and the PPZ not close enough to each other?

Is it wise to enter on PB break on lower TF even if PB low on higher TF hasn't broke - like what i did?

Thank you
  • #79,129
  • Nov 2, 2010 8:23pm Nov 2, 2010 8:23pm
Quoting Be Cool
Thanks Mike - i changed my FTA to the bars high you pointed out
When you say lack of confluence, what do you want to see for you to take this trade? Does the fib and the PPZ not close enough to each other?

Is it wise to enter on PB break on lower TF even if PB low on higher TF hasn't broke - like what i did?

Thank you
Hey BC

I just need more of a story to think why I should be selling here. I would prefer to see what price does up at parity (1.000 level).

As for your second question. I know some do this to refine there entry. My concern isn't that this is wrong it is that it might be trying to do too much in the beginning. Just test it to see if it works for you on demo and then roll with it if it does

Mike
  • #79,130
  • Nov 2, 2010 9:05pm Nov 2, 2010 9:05pm
Quoting xmzhang
That is exactly why I don't like to enter on a plain break of the BEOB, very often price validates the BEOB by breaking it just slightly and then pulling back to some keylevel before (hopefully) breaking the BEOB again. If you entered at the first break then you are now probably facing drawdown, if price retraces all the way to the RNB @ 8800 before reversing then the question would be: can you withstand mentally such a drawdown ? Should I close my trade or should I stay in ? I personally don't like drawdown at all, it makes me nervous and when...
Interesting. Most people would pass on the trade if it already broke the PA. Your, in a sense, saying give it a second chance. I assume you would play it off the same bar which broke, correct? How do you determine when to enter on the retrace? Do you look for PA on a lower TF?
  • #79,131
  • Nov 2, 2010 9:13pm Nov 2, 2010 9:13pm
Quoting mbqb11
Hey BC

This is not one I would personally take due to lack of confluence. But I trade all my bars the same and my entry would go below the low of a pinbar with my stop starting above the high. It is just how I do things. Always remember a pin is not valid until the low breaks.

Also watch out for this high

Best
Mike
Hi Mike,
I view myself as a conservative trader also. That said how do you handle putting your SL at the top of the PBs. Ive tried it and it drives me nuts. When a trade goes into draw down I start to look for ways to not get a full bar loss and many times burn myself. Is there any tips you can share?
  • #79,132
  • Nov 2, 2010 9:17pm Nov 2, 2010 9:17pm
Quoting mbqb11
Hey BC

I just need more of a story to think why I should be selling here. I would prefer to see what price does up at parity (1.000 level).

As for your second question. I know some do this to refine there entry. My concern isn't that this is wrong it is that it might be trying to do too much in the beginning. Just test it to see if it works for you on demo and then roll with it if it does

Mike
would this be a better setup in your eyes?
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  • #79,133
  • Nov 2, 2010 9:26pm Nov 2, 2010 9:26pm
Quoting spookie94
Hi Mike,
I view myself as a conservative trader also. That said how do you handle putting your SL at the top of the PBs. Ive tried it and it drives me nuts. When a trade goes into draw down I start to look for ways to not get a full bar loss and many times burn myself. Is there any tips you can share?
Hey Spookie

This is exactly why starting with it above/below a bar is good, b/c it allows a trader to find ways to reduce their risk along the way. I just use logical areas and each trade I just determine the best course of action.

Best
Mike
  • #79,134
  • Nov 2, 2010 9:26pm Nov 2, 2010 9:26pm
Quoting spookie94
would this be a better setup in your eyes?
This was one I was watching b/c it is off the 1.4 but i would have needed a bullish close above all the bar lows to the left.

Has a better story too it though the the aud/chf

Mike
  • #79,135
  • Nov 2, 2010 9:30pm Nov 2, 2010 9:30pm
Quoting mbqb11
This was one I was watching b/c it is off the 1.4 but i would have needed a bullish close above all the bar lows to the left.

Has a better story too it though the the aud/chf

Mike
Mike, what is better story here ?

Is it because it is off from the Monthly PPZ at 1.3925 ?
Is it also because it broke weekly PPZ at 1.4 ?
I am sure, the size of the PB is really good.

But two things I did not like
1) It is trading into a cosolidation zone
2) As you said the close is not Bullish.
  • #79,136
  • Nov 2, 2010 9:34pm Nov 2, 2010 9:34pm
Quoting cprao
Mike, what is better story here ?

Is it because it is off from the Monthly PPZ at 1.3925 ?
Is it also because it broke weekly PPZ at 1.4 ?
I am sure, the size of the PB is really good.

But two things I did not like
1) It is trading into a cosolidation zone
2) As you said the close is not Bullish.
Hey C

A chart should explain it best

if it could have closed above the bottom of the box and those lows then I would have taken it
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  • #79,137
  • Nov 2, 2010 9:34pm Nov 2, 2010 9:34pm
Quoting mbqb11
Hey Spookie

This is exactly why starting with it above/below a bar is good, b/c it allows a trader to find ways to reduce their risk along the way. I just use logical areas and each trade I just determine the best course of action.

Best
Mike
Mike, since you start with above/below the bar, your position size is calculated based on this SL level, right ?
  • #79,138
  • Nov 2, 2010 9:34pm Nov 2, 2010 9:34pm
Quoting cprao
Mike, since you start with above/below the bar, your position size is calculated based on this SL level, right ?
That is correct

Best
Mike
  • #79,139
  • Nov 2, 2010 9:42pm Nov 2, 2010 9:42pm
Quoting john225
I´m a little bit confused now:
I entered short on the weekly BEOB.
Now the Daily candle formed a DBLHC which is a bullish signal as i know.

Now my problem is what you guys think should i close the position or should i let it run?

I am still in this trade but, I am in with a quarter of my position size, so the draw down is not hard to handle. If it gets above the brown line area, I may cut it off. If it gives us good bearish PA around that area, I will scale into the position again. I know we have a Daily DBLHC but it is still going against that weekly BEOB.

This was a tricky one.
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  • #79,140
  • Nov 2, 2010 9:43pm Nov 2, 2010 9:43pm
Quoting mbqb11
Hey C

A chart should explain it best

if it could have closed above the bottom of the box and those lows then I would have taken it
I believe it did close above those lows
but did not convincingly closed above the bottom of the consolidation zone/box. Mike, Did I see this right ?
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