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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

  • #94,521
  • Apr 28, 2011 12:52am Apr 28, 2011 12:52am
jon, your explanation is very logical and made your point clear enough to be understood. it is good to know that you are reading the trendline in itself to judge potential price movement, which seems no different than what I usually would expect to interpret market information,however, the way you translate the market info sounds very interesting by looking into patterns before qualifying a tradable TL. thanks for your sharing experience, I will post some TL chart when proper situation arise and see if we might have similar feel about the potential setup. Happy trading

jeurre

Quoting g_j_hook@yah
hey Jeurre, The way i see it is that there are 2 ways to draw TLs, generally speaking, one the way we see Mike (mbqb11) draw them on the charts he posts here which is just to outline the pattern or trend, the other is to draw them exactly as the tech heads say they should be, i.e. from the exact lows/highs (whether its a bar chart or line chart). The difference is that Mike does NOT trade the TLs he trades the PA whilst being aware of the pattern/trend.
i sometimes trade the TL which is why it is important for me to have them drawn correctly. to...
  • #94,522
  • Apr 28, 2011 1:00am Apr 28, 2011 1:00am
Quoting Aggro
Morning all!

I'm in this trade since yesterday and Im wondering if my SL is OK or should I move it up further? I went long on retrace to 1.4700, took half position at 30 pips and SL to BE..

Comments are welcome.

Ty, M
Hi Aggro,

congrat for your trade. Your SL is totally up to your strategy. There is no one good way to place it. I often leave SL at BE and exit when I see pattern of serious stall. Depends on the situation and the market.
Do you take partial profit?
Where is your target? Do you have a target?
Do you want to trace SL? If yes, do you want to trace by pip values or market structure?

I see you have placed under bar low on the 4H. It is a valid strategy if lines up with your expectations.

For example if you want to hold your positions for longer, it may not be good. If you are rather scalping the move, OK.

(For example I have 2 positions, 1.361 and 1.4362, and my target is 1.5. But I may not exit at 1.5 just like that, I am willing to give up on some pips to see a confirmed stall represented on min. daily rather weekly TF. Accordingly, my positions are sized for a different trading style than, say, SL 30 pips with TP 60 pips.)

Hope this helps.
Kind Regards zol
  • #94,523
  • Apr 28, 2011 1:38am Apr 28, 2011 1:38am
Quoting zoli
Hi Aggro,

congrat for your trade. Your SL is totally up to your strategy. There is no one good way to place it...
Hey zoli

My target is 1.49. Here I'll be looking for some PA. I'm tracing my SL by market structure. I don't know if my position will hold for longer term, because my SL is tight.. So i guess im scalping this trade
What do you suggest? Move SL back to BE and wait for 1.5 or leave SL where it is and wait to price hit 1.49? ..don't know if my entry is good enough for holding, until price hit 1.5.
(hope you understand me, english is my second language)

Tnx for reply, it helps alot!
M
  • #94,524
  • Apr 28, 2011 1:46am Apr 28, 2011 1:46am
Quoting jeurre
jon, your explanation is very logical and made your point clear enough to be understood. it is good to know that you are reading the trendline in itself to judge potential price movement, which seems no different than what I usually would expect to interpret market information,however, the way you translate the market info sounds very interesting by looking into patterns before qualifying a tradable TL. thanks for your sharing experience, I will post some TL chart when proper situation arise and see if we might have similar feel about the potential...
please do. i will try and contribute.

jon
PATIENCE... DISCIPLINE
  • #94,525
  • Apr 28, 2011 2:24am Apr 28, 2011 2:24am
Quoting soavesoave
Hello all!

Is this daily close good enough to take it as a short sign?

What you all think?
hey soavesoave,
the bar you mentioned is really a BEOB (with a weak close) rather than a pin bar. remember that james teaches us to look for bearish pin bars and BEOBs at swing highs rather than swing lows (we want the nose of the pin to stick out above the previous bars highs). thats not to say they wont work out at swing lows but they are much more tricky.
this is not a bar i would personally trade, first because of the location and second because of the weak close.
hope this helps...

jon
PATIENCE... DISCIPLINE
  • #94,526
  • Apr 28, 2011 2:44am Apr 28, 2011 2:44am
what do u think about this picture of mmi stock is it A setup pin bar ?i have triple bottom ,div. and pretty strong close pinbair...
Attached Image (click to enlarge)
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  • #94,527
  • Apr 28, 2011 3:38am Apr 28, 2011 3:38am
Quoting dodko1144
what do u think about this picture of mmi stock is it A setup pin bar ?i have triple bottom ,div. and pretty strong close pinbair...
hi dodko,
my view on this would be very cautious, i like the bar and the location (judging from your chart)but the stock is in consolidation and may not run very well due to the lack of space..There is also a strong downtrend preceding the consolidation. i would have the FTA where you have but would also take note of the two bar lows at about the pin bars high (its hard to tell the difference in price from the chart) as they could stall price before it takes off?i also see a number of bar H/Ls in between your FTA and the next level you have marked which may cause problems.
this would be one to baby sit and for me take profit quickly. may well work out though. i would prefer a break out of this range and then a retest to take a trade from.
btw is this yesterdays bar?? cant tell from the chart.

just my view

jon
PATIENCE... DISCIPLINE
  • #94,528
  • Apr 28, 2011 3:40am Apr 28, 2011 3:40am
Quoting PhAnTi'
this will be a nice BEOB , PBR resistance turned support example. wait for retest and buy.

otheriwse sidelined for me unless you didnt take the break out trade today.
Agreed,

Not sure how to play break outs without getting burnt. I like to see a retest for confirmation.

Thanks for clarifying.
  • #94,529
  • Apr 28, 2011 3:45am Apr 28, 2011 3:45am
Quoting mbqb11
No worries Jon

Here was an example of a flag pattern that to me was tradeable and I took today based on breakout and pullback.

Clear up trend, clear flag panel with obvious TL, clear PA, BRN
Doesn't get much better than that. Beautiful setup.
  • #94,530
  • Apr 28, 2011 4:30am Apr 28, 2011 4:30am
Quoting aserbfx
i got this wrong tick on a couple of my GCi-mt4 charts.
does anyone got an idea how to solve this problem?
i don't want to download a new metatrader because i will then lose all my trendlines, s/r etc on my charts.
thanks
does anyone know how to fix this?
thx
meine augen sind die sterne
  • #94,531
  • Apr 28, 2011 4:41am Apr 28, 2011 4:41am
Quoting aserbfx
does anyone know how to fix this?
thx
Try this aserb,

http://www.forexfactory.com/showpost...ostcount=93081

It'll get the data from Metaquotes database though, not your broker, so there may be differences from your previous data.
If you don't like the new data, you can delete it all and MT will get a completely fresh set of data straight from your broker.

Also, you can save all your different charts as templates that can easily be transferred to a new Metatrader, if you preferred.
  • #94,532
  • Apr 28, 2011 4:45am Apr 28, 2011 4:45am
Quoting Sgrb1
Try this aserb,

http://www.forexfactory.com/showpost...ostcount=93081

It'll get the data from Metaquotes database though, not your broker, so there may be differences from your previous data.
If you don't like the new data, you can delete it all and MT will get a completely fresh set of data straight from your broker.

Also, you can save all your different charts as templates that can easily be transferred to a new Metatrader, if you preferred.
thanks sgrb1
i will try it later. i am at a different computer right now.
meine augen sind die sterne
  • #94,533
  • Apr 28, 2011 5:06am Apr 28, 2011 5:06am
Quoting Aggro
Hey zoli

My target is 1.49. Here I'll be looking for some PA. I'm tracing my SL by market structure. I don't know if my position will hold for longer term, because my SL is tight.. So i guess im scalping this trade
What do you suggest? Move SL back to BE and wait for 1.5 or leave SL where it is and wait to price hit 1.49? ..don't know if my entry is good enough for holding, until price hit 1.5.
(hope you understand me, english is my second language)

Tnx for reply, it helps alot!
M
Both options could work out. There is no one right way and I do not know the ultimate method for this. There is none. There is only your choice of action regarding this particular trade. It is important to know what you want to do with the trade before you enter. That is the trade management.

My comments on your thoughts:
How do you know 1.5 is an ultimate barrier? I do not know it. Some months ago EUr was going down and at 1.3 many still shorted it like hell. Look at it now.

Important to note that you can not loose with this trade any more. That is good.

I am sorry I can not advise you further but I am also in the club of guys do not know what is the best. It has to be the most comfortable for you.

If it helps check out this:
If I trade a specific set up with a spec. target, I exactly do as I predetermine. For example, I say in advance that i trail SL on the 4H under bar lows, or higher lows. Or I say that I take profit at xxx level or yyy pips.
If I enter a set up with the intention of riding the trend I usually sit on BE (maybe after some profit taken) and wait till the trend dies. That could be weeks or even months. How long will the EURUSD up trend last? If you know please let me know so I can short it at the top.

That is only my personal management style and I have more. It is based on my experience, which is mainly this: Whenever I did acceptably well, I was sitting on some profitable trades and was looking for additional entries but allways saying "ahh this is just not perfect I will wait for a better". It is surprising how easily get your trades to the hundreds of pips of profit if you go on "holliday". That happens rarely but I also like rare opportunities which have rather similar potential.

At the beggining I was told that 10-20 pips per trade profit is good for beginners. Some guys went for 5 pips. 80 pips were super and impossible to get. Eh. What a hussle. I will not quit anyway!


My 2 cents.
Kind Regards zol
  • #94,534
  • Apr 28, 2011 5:12am Apr 28, 2011 5:12am
Quoting 5.25
Agreed,

Not sure how to play break outs without getting burnt. I like to see a retest for confirmation.

Thanks for clarifying.
youre welcome.

id like to trade break outs on the smaller timeframes, m5 or m1...drawing clear horizontals to see the certain lvl, open my trade window and placing a trade when price moves up and catches the stops.
works with pending orders as well.

tight stops obv.
Hero calls followed by margin calls...
  • #94,535
  • Apr 28, 2011 5:13am Apr 28, 2011 5:13am
Quoting mbqb11
Not necessarily John, it really depends on the situation. A lot of times I trail before a bar closes no matter the timeframe, depends.

I meant round numbers, all round numbers carry some weight to me, some more then others with BRNs almost always being very important.

Best
Mike
Ok now its clear and when do you use the 2 bar Exit strategy?
  • #94,536
  • Apr 28, 2011 6:01am Apr 28, 2011 6:01am
Quote
hey soavesoave,
the bar you mentioned is really a BEOB (with a weak close) rather than a pin bar. remember that james teaches us to look for bearish pin bars and BEOBs at swing highs rather than swing lows (we want the nose of the pin to stick out above the previous bars highs). thats not to say they wont work out at swing lows but they are much more tricky.
this is not a bar i would personally trade, first because of the location and second because of the weak close.
hope this helps...

jon


right... and looking at it now, looks like it hasnt made any great move as it would if it were at a swing high.

Thanks for your input!
How bad do you want it? That's the attitude!
  • #94,537
  • Apr 28, 2011 6:24am Apr 28, 2011 6:24am
Quoting zoli
Both options could work out. There is no one right way and I do not know the ultimate method for this. There is none. There is only your choice of action regarding this particular trade. It is important to know what you want to do with the trade before you enter. That is the trade management....
Wow, what a post

I'll leave SL where it is for now.. I'm more comfortable with that and don't really know if the price will hit 1.5.
As you said I'm already in profit with trade and I don't wanna close trade at BE, if I could take another 50-60 pips.. Not because BE isn't good, but because I'm in the middle of the trend and don't know where this could go or retrace..

Tnx again for amazing reply... always learned/find something new
M
  • #94,538
  • Apr 28, 2011 6:37am Apr 28, 2011 6:37am
Quoting Adilius07
This one is now on my radar. I love it really.
But would be interesting to hear any comments especially critisim please!
This is W2.
Hi Adi,

Looks like your 2 week beob did well.

pat
  • #94,539
  • Apr 28, 2011 6:44am Apr 28, 2011 6:44am
Quoting john225
Ok now its clear and when do you use the 2 bar Exit strategy?
Hey J

2bar exit method is just another tool in the box to help me manage my stops depending on the situation. There isn't a time when I only do one thing over the other. Generally when I am trailing I am watching a few things like the 2bar trail as well and it's a good guide to watch and use to help move stops

Take care
Mike
  • #94,540
  • Apr 28, 2011 6:58am Apr 28, 2011 6:58am
Quoting mbqb11
Hey J

2bar exit method is just another tool in the box to help me manage my stops depending on the situation. There isn't a time when I only do one thing over the other. Generally when I am trailing I am watching a few things like the 2bar trail as well and it's a good guide to watch and use to help move stops

Take care
Mike
hi i am new to this comunity, wish to learn more and wish to make many friends.....trader friends foe mutual benefits, pls keep me in your thoughts
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