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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

  • #79,201
  • Nov 3, 2010 3:03pm Nov 3, 2010 3:03pm
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
updated chart. 9700 acted as support
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  • #79,202
  • Nov 3, 2010 3:42pm Nov 3, 2010 3:42pm
Quoting xmzhang
Well, price pulled back towards RNB @ 8700 as expected, will now be looking for some bullish PA to go long and trying to preempt the break of the daily DBLHC.
Price behaved exactly as anticipated, pulled back to RNB @ 8700, validated the daily DBLHC and is now heading to RNB @ 8800. The following question is now: is the FTA @ 8800 also the final target of the daily DBLHC ? If price respects RNB @ 8800 as resistance then this will also complete the pullback of the weekly BEOB and we might see price take another attempt to break the weekly BEOB. But first lets see how price reacts @ 8800.
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Pipcrawler
  • #79,203
  • Nov 3, 2010 4:18pm Nov 3, 2010 4:18pm
Quoting HanSolo
Hey PB, you're getting really good at drawing these boxes. I still got some trouble with choosing highs/lows for the box range. Can you give me an advice on that? Do you draw the boxes around the highest highs and lowest lows or do you rather choose prevalent, often respected levels?

You were right with price further declining. I chose this example because it taught me a lesson other newbies might find valuable, too: Just because price forms nice PA (8h PB) with a near end close above a BRN, PPZ and fib confluence, it doesn't mean that it obeys...


I am really in the middle of the box study and can not really comment on it but it is one part of the picture that we need to pay attention to, I feel.
Maybe Jarroo or Mike can talk a little about it.
  • #79,204
  • Nov 3, 2010 7:55pm Nov 3, 2010 7:55pm
Quoting Donkey
Keep in mind I'm a newbie still in demo, but here is something you can try. Chart those set-ups and mark the FTA. How often does price make it there? If you are getting to your FTA and were to take profit and bag 40 pips with 100 pip S/L you would take .4% (- spread) of your risk. If you risk 1% of account value and catch only 3 of these a month you would make 1.2% of account....not bad. Of course you have to take best set ups and have a high win rate.

I tried this for a couple of months and marked a first, second, and third trouble area. I hit...
Thanks for you response. 90% constantly could make a pretty good argument for ignoring R:R altogether.

At this point in my journey I feel that I need to start trusting my FTA a little more. When I get 30 pips ahead I usually take half off and move my SL to BE. I think maybe I need to stop doing that so much and let it at least get to the FTA before I make that move. I just wish I could manage the trade ( or not micro-manage it) a little better and let it do its thing.
  • #79,205
  • Nov 3, 2010 8:56pm Nov 3, 2010 8:56pm
Quoting xmzhang
Well, it all depends on the strenght of that level. For instance if that pullback takes price back to a BRN then I would consider a touch trade, but usually I wait for a bullish/bearish PA @ the lower TF's in the direction of the larger TF PA.
Thank you for your reply.
  • #79,206
  • Nov 3, 2010 9:03pm Nov 3, 2010 9:03pm
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 always favor the Higher time frame setup over the lower time frame setup. The tricky part is evaluating the quality of both setups on each time frame given. . .which one has a better story. If both stories are of high quality, than they both can work out . . meaning they hit they're targets.

The Weekly BEOB is at a swing High, good size, off PPZ level(s), at retracement levels, clear targets . .a good story. The fact that it didn't break hard tells me that the .8700 is very strong and more up movement is very possible . .but remember this is the Weekly TF and waiting to see how the next bar closes (the end of the week) will show is true preformance.


The Daily DBLHC . . . the swing low could be deeper, Off a strong level; .8700, not much space and a bit of traffic, with the uptrend. Price could be consolidating on the Daily.

Price could still break the Daily DBLHC . . hits its targets . .and then the Weekly BEOB hit its own target(s). It all comes down to the highest quality of the setup on the given time frame . . imo


Jim
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Indicators show the past. Price Action "Indicates" the future.
  • #79,207
  • Nov 3, 2010 9:13pm Nov 3, 2010 9:13pm
Hello Mike and Revstar
I am new to this thread and not quite sure why you took the GJ BUOB trade, b/c as i see it the price closed just below the ppz. Please clearfy my naive doubts.
Daniel
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  • #79,208
  • Nov 3, 2010 9:19pm Nov 3, 2010 9:19pm
Quoting jarroo
I always favor the Higher time frame setup over the lower time frame setup. The tricky part is evaluating the quality of both setups on each time frame given. . .which one has a better story. If both stories are of high quality, than they both can work out . . meaning they hit they're targets.

The Weekly BEOB is at a swing High, good size, off PPZ level(s), at retracement levels, clear targets . .a good story. The fact that it didn't break hard tells me that the .8700 is very strong and more up movement is very possible . .but remember this is...
Good explanation Jarroo.. I am keenly watching this pair to understand how it behaves though I don't have any position with this pair.
  • #79,209
  • Nov 3, 2010 9:20pm Nov 3, 2010 9:20pm
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...

I agree with your post xmz. But it depends on the quailty of the Outside Bar and how close the traffic is to that OB. Meaning if the OB is at a nice swing High or Low, good size compared to previous bars, supportive confluences, etc., I will take that break to ride on that momentum.

But if the quailty is not the best, but good . .in consolidation or a lot of immediate traffic etc. . I will look for a retrace opportunity.

Much like the Eur/Gbp Daily DBLHC, previous bar High at the .8700.
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Indicators show the past. Price Action "Indicates" the future.
  • #79,210
  • Nov 3, 2010 9:22pm Nov 3, 2010 9:22pm
Quoting jarroo
I agree with your post xmz. But it depends on the quailty of the Outside Bar and how close the traffic is to that OB. Meaning if the OB is at a nice swing High or Low, good size compared to previous bars, supportive confluences, etc., I will take that break to ride on that momentum.

But if the quailty is not the best, but good . .in consolidation or a lot of immediate traffic etc. . I will look for a retrace opportunity.

Much like the Eur/Gbp Daily DBLHC, previous bar High at the .8700.

I see, that you see, xmz . .. lol


Nice one .


Quoting xmzhang
Price gave me a bullish buy PA, not a standard James PA though, but a so called morning doji star, would have like to see a bigger bullish bar after the indecision bar. But good enough for me to enter with 1/2 of my position, tight stop 20 pips below the RNB @ 8700 from which I expect some protection.
Indicators show the past. Price Action "Indicates" the future.
  • #79,211
  • Nov 3, 2010 9:23pm Nov 3, 2010 9:23pm
Yes, I am sticking with it. Just to learn about the Weekly vs Daily Pa.
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  • #79,212
  • Nov 3, 2010 9:27pm Nov 3, 2010 9:27pm
Quoting Donkey
Keep in mind I'm a newbie still in demo, but here is something you can try. Chart those set-ups and mark the FTA. How often does price make it there? If you are getting to your FTA and were to take profit and bag 40 pips with 100 pip S/L you would take .4% (- spread) of your risk. If you risk 1% of account value and catch only 3 of these a month you would make 1.2% of account....not bad. Of course you have to take best set ups and have a high win rate.

I tried this for a couple of months and marked a first, second, and third trouble area. I hit...

Great post D. Your on the right track.
Indicators show the past. Price Action "Indicates" the future.
  • #79,213
  • Nov 3, 2010 9:33pm Nov 3, 2010 9:33pm
Quoting xmzhang
Price behaved exactly as anticipated, pulled back to RNB @ 8700, validated the daily DBLHC and is now heading to RNB @ 8800. The following question is now: is the FTA @ 8800 also the final target of the daily DBLHC ? If price respects RNB @ 8800 as resistance then this will also complete the pullback of the weekly BEOB and we might see price take another attempt to break the weekly BEOB. But first lets see how price reacts @ 8800.
Very good questions xmz. . . we shall see.
Indicators show the past. Price Action "Indicates" the future.
  • #79,214
  • Nov 3, 2010 9:33pm Nov 3, 2010 9:33pm
Quoting jarroo
I agree with your post xmz. But it depends on the quailty of the Outside Bar and how close the traffic is to that OB. Meaning if the OB is at a nice swing High or Low, good size compared to previous bars, supportive confluences, etc., I will take that break to ride on that momentum.

But if the quailty is not the best, but good . .in consolidation or a lot of immediate traffic etc. . I will look for a retrace opportunity.

Much like the Eur/Gbp Daily DBLHC, previous bar High at the .8700.

Thank you Jarroo. The above two statements provides me some clues
When do I look for retracements and when not ?

Currently I am looking for retracements for all the good/great looking bars.

Entering on retracemtn point has following benefits

1) position size can be bigger by keeping the SL on the other side of the bar
2) if PA breaks (assuming it did not break before retacement), addttional pips can be made all the way upto FTA (at least)
3) if it even did not break but at least reached the low/high of the bar (in the direction of the trade), you can set that to BE to make it risk free.

All the above works good only when the retracement point is clear.

However, if entered at retracement pt without solid PA, there is a chance of loosing the trade also.
  • #79,215
  • Nov 3, 2010 9:37pm Nov 3, 2010 9:37pm
Quoting ppfx
Thanks Jarroo Im only doing what you and the other seniors have taught me.

We all feed off each other . .its what's great about this Thread . .
Indicators show the past. Price Action "Indicates" the future.
  • #79,216
  • Nov 3, 2010 9:43pm Nov 3, 2010 9:43pm
Quoting cprao
Thank you Jarroo. The above two statements provides me some clues
When do I look for retracements and when not ?

Currently I am looking for retracements for all the good/great looking bars.

Entering on retracement point has following benefits

1) position size can be bigger by keeping the SL on the other side of the bar
2) if PA breaks (assuming it did not break before retacement), addttional pips can be made all the way upto FTA (at least)
3) if it even did not break but at least reached the low/high of the bar (in the direction of the trade),...
This is true about a losing trade . .that's why you what a clear retracement level . .previous bar High/Low at a PPZ or BRN, etc. And also a tight stop loss 20-30 pips, it is either going to be right or not. The benefits you mentioned are worth the risk s to me. Being picky with the good/great looking bars will make the difference . .
Indicators show the past. Price Action "Indicates" the future.
  • #79,217
  • Nov 3, 2010 9:57pm Nov 3, 2010 9:57pm
Quoting xmzhang
Sorry Jarroo, here is a setup on the 1H-TF of E-U, just couldn't resist

I understand xmz . .lol . Just remember that Higher time frame PA can be a great confluence with Lower time frame PA . .
Indicators show the past. Price Action "Indicates" the future.
  • #79,218
  • Nov 3, 2010 10:48pm Nov 3, 2010 10:48pm
I know I have not been visiting this thread at all lately, but I had to pop in to post this text book style trade on the weekly T/F...

My trading has become very relaxed, and I pass on more trades than I take... Feels good

I used the PA from 2007-2008 to determine when to move my stop to B/E, and when to close up my trade for profit.

Trade added a bit more than 0.7% to the account....
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Many choose unhappiness over uncertainty.
  • #79,219
  • Nov 3, 2010 11:36pm Nov 3, 2010 11:36pm
Quoting Dan Gilbert
I know I have not been visiting this thread at all lately, but I had to pop in to post this text book style trade on the weekly T/F...

My trading has become very relaxed, and I pass on more trades than I take... Feels good

I used the PA from 2007-2008 to determine when to move my stop to B/E, and when to close up my trade for profit.

Trade added a bit more than 0.7% to the account....
Nice Dan

The good ones will jump out and are worth the wait. I am looking for one last push here myself

Good to see you stop in
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  • #79,220
  • Nov 3, 2010 11:53pm Nov 3, 2010 11:53pm
Quoting mbqb11
Nice Dan

The good ones will jump out and are worth the wait. I am looking for one last push here myself

Good to see you stop in
Hey Mike,,,,Isn't that a BUOB at a swing high?
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