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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

  • #95,581
  • May 24, 2011 7:16am May 24, 2011 7:16am
Quoting P.Dean
Hi everyone,

I got a beginners question, my apologies ahead.

In my chart I have point out a pinbar.. is that a pinbar that can trade on to go long? (my dilemma is that its passed the lower low)

Thank you.
Hey dean

I aint no expert but i would not trade that pin because it is a small pin, in 'traffic' and against the trend. however this does not mean it will not work!! I would not classify it as a high probability trade but thats just my opinion - others may hold a different opinion.

Kal
  • #95,582
  • May 24, 2011 7:19am May 24, 2011 7:19am
Dean

The Supremo posted while i was posting.......his advice is spot on!! He is one person who's posts are always worth reading and paying attention to. Always dispensing common sense and wisdom. Supremo I salute you!!

Kal
  • #95,583
  • May 24, 2011 7:34am May 24, 2011 7:34am
Quoting Kalbar
The Supremo posted while i was posting...
Kal
thank you very much, but i dont deserve too much praise.
we are all treading on the same path.
  • #95,584
  • May 24, 2011 7:39am May 24, 2011 7:39am
Thanks very much guys for answering my question.
  • #95,585
  • May 24, 2011 7:53am May 24, 2011 7:53am
Quoting supremeChaos
Kal
thank you very much, but i dont deserve too much praise.
we are all treading on the same path.
Hey Supremo

Its guys like yourself, mike, jarroo(where is the great man?) etc who make this forum such a great place to be!! I would recommend this thread above all others on the web for ANY newcomer to trading. They could not do any better.

Kal
  • #95,586
  • May 24, 2011 8:06am May 24, 2011 8:06am
Sorry this is in hindsight, but still good learning opportunity for some:

Did anyone catch this?
I do most of my trading now from my mobile so can't post charts util I get to a computer.

Real obvious horizontal level which could be seen on Daily.
Also seen on 4h as shown here.
Breakout, orderly pullback with pin bar.

These Daily and 4h timeframes, for me at least, only produce a few trades a month so this one could be my only trade of the week. We shall see though. Week before last there were 3 trade setups.

http://3.bp.blogspot.com/-LSGXiUwAQK...%2B5-23-11.gif
  • #95,587
  • May 24, 2011 8:21am May 24, 2011 8:21am
ANZD.. my 4h candle is closing in 40min.. entry was made from touch trade perspective for a retracement for current downtrend. SL already reduced.

Anyone else looking at 3200 level?
Attached Image(s) (click to enlarge)
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  • #95,588
  • May 24, 2011 8:28am May 24, 2011 8:28am
Quoting billm
Hi Mike, can you explain a bit further.

Are you using 4Hr and 1Hr in combination ie; looking on 4Hr for PA set ups and then dropping to 1Hr for a PA entry ?

or treating each timeframe seperately ie; PA setup on 4Hr with entry on 4Hr break, and same on 1Hr ?

thanks
Hey Bill

I treat each timeframe separate. The only time I drop down for entries is for my breakout trading for the most part

Hope that helps
Mike
  • #95,589
  • May 24, 2011 8:30am May 24, 2011 8:30am
Quoting aarangio
Hi ya Mike..

Just on this point what sort of % gain would you consider to be a good return for say a week or month or year on any account balance?

Cheers,
Adrian
Hey Adrian

First of all I never look at my %return on anything smaller then a quarterly basis. It can mess with your head and week to week variance is always going to show its face. So when I see someone say I want X% a week I get very scared.

As for what is good? No one can answer this but you. Some are flipping ecstatic with 15-20% for the YEAR b/c they know compounded over time what this is going to do for them. Most have a 500$ account and want to double it every month(and of course fail).

Depends on your risk tolerance, methods, goals etc. I always say trade right, be smart about your MM and see where your personal methods take you. instead of trying to stretch oneself the other way. I always like to think about what I can LOSE as opposed to what I can gain.

Sorry can't give you an exact number but it's just not that way in reality

Best
Mike
  • #95,590
  • May 24, 2011 8:31am May 24, 2011 8:31am
Quoting Be Cool
Yes, that GbpCad is obvious - i guess higher TF pattern is more reliable?
Thanks Bud
Hey BC

I wouldn't really say more reliable. I think the reliability comes in the structure of the pattern. I trade patterns all the way down to the 15min if they are structured nice.

Best
Mike
  • #95,591
  • May 24, 2011 8:38am May 24, 2011 8:38am
Quoting mbqb11
Hey BC

I wouldn't really say more reliable. I think the reliability comes in the structure of the pattern. I trade patterns all the way down to the 15min if they are structured nice.

Best
Mike
which is your favorite? Head and shoulder?

From my perspective if it confluences with good levels you get at least a bounce to neckline to take some off and reduce SL.
  • #95,592
  • May 24, 2011 8:40am May 24, 2011 8:40am
Quoting mbqb11
Hey Adrian

First of all I never look at my %return on anything smaller then a quarterly basis....
Gmorning Mike ..

Cooool!, thanks for the in depth explaination on this!

Cheers,
Adrian
  • #95,593
  • May 24, 2011 8:42am May 24, 2011 8:42am
Hi, I'm watching this pair too, I traded this last time price was at this level and it worked out well.
My question would be after such a strong move down might it be too soon to enter. I would obviously wait for a good bar signal eg BUOB.

What would you ideally need to see to enter long?

Attached Image (click to enlarge)
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Free speech is an oxymoron
  • #95,594
  • Edited 9:15am May 24, 2011 8:46am | Edited 9:15am
In case anyone is interested!

https://fxtrade.oanda.com/your_accou...1&zone_id=2561
  • #95,595
  • May 24, 2011 8:51am May 24, 2011 8:51am
Quoting arsa
which is your favorite? Head and shoulder?

From my perspective if it confluences with good levels you get at least a bounce to neckline to take some off and reduce SL.
Hey Arsa

I am not the biggest H&S fan. Don't get me wrong I have and do trade them, but I like much simpler patterns. Like a box breakout, or a wedge, or a flag pattern. THey are easier to read in the market to me

Best
Mike
  • #95,596
  • May 24, 2011 8:51am May 24, 2011 8:51am
Quoting aarangio
In case your interested!

https://fxtrade.oanda.com/your_accou...1&zone_id=2561
Just scanned them but that all looks like some good ones
  • #95,597
  • May 24, 2011 8:56am May 24, 2011 8:56am
Quoting mbqb11
Hey Arsa

I am not the biggest H&S fan. Don't get me wrong I have and do trade them, but I like much simpler patterns. Like a box breakout, or a wedge, or a flag pattern. THey are easier to read in the market to me

Best
Mike
I do like box breakout. Even more retracement after the BO. but can't figure out how to trade wedge or flag pattern. any links you could share?

best,
arsa
  • #95,598
  • May 24, 2011 9:01am May 24, 2011 9:01am
Quoting Banzaisky
Hi, I'm watching this pair too, I traded this last time price was at this level and it worked out well.
My question would be after such a strong move down might it be too soon to enter. I would obviously wait for a good bar signal eg BUOB.

What would you ideally need to see to enter long?

Attachment
maybe PB like this:
Attached Image (click to enlarge)
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  • #95,599
  • May 24, 2011 9:02am May 24, 2011 9:02am
Quoting arsa
I do like box breakout. Even more retracement after the BO. but can't figure out how to trade wedge or flag pattern. any links you could share?

best,
arsa
Here are some crude drawings of them. I look for price action either to tip me off out of the pattern(a preemptive I call it) or on a pullback after the pattern breaks

Bes
Mike
Attached Image (click to enlarge)
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  • #95,600
  • May 24, 2011 9:08am May 24, 2011 9:08am
Quoting mbqb11
Here are some crude drawings of them. I look for price action either to tip me off out of the pattern(a preemptive I call it) or on a pullback after the pattern breaks

Bes
Mike
Hey Mike

Just a quick question on your breakout trading - do you always enter off the break of a PA bar or do you enter at a level (eg the pullback to the pattern)?

Thanks,

kal
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