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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

  • #96,441
  • Jun 13, 2011 10:14am Jun 13, 2011 10:14am
Quoting Be Cool
I don't know if it's just me, but i find it very hard to find good setup these days. Very few tradeable PA. I only took one trade last month.Or has everyone gone down to the lower TF?
I took just 1 trade this month too, and I monitor the markets like crazy.
  • #96,442
  • Jun 13, 2011 10:26am Jun 13, 2011 10:26am
Hi

Anyone on EURAUD D1/W1?
FTA on D1 seems to be BRN 1.3500

Cheers
Andreas
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  • #96,443
  • Edited 10:54am Jun 13, 2011 10:29am | Edited 10:54am
Quoting pex
any comments for this pinbar?
thnx
my 2 cents

hideous r:r, truly countertrend, and the reasons why someone should short chf this year are few, if any. Doubt even the contrarian tribe shorts chf(I'm usually assigned to that tribe).

Let the deep pockets get bored with their new toy 1st; till then, you're jumping ahead of a train.

if you take it, I'd put a limit order at 1.3635(or where is the previous all time low) with a sl at 1.358(at 1.36 imho you're just begging to sell the bottom). Though still... wouldn't short chf. At least not today.

At 1.366x(that's the value I see in your pic) you'd have something like 65-70% success rate with probably 1:2 r:r, which is ugh imho. And if you enter conservatively, 10-15 pips above the pin, your whole profit is ~30 pips while your risk is at least 80(till 1.36).
  • #96,444
  • Jun 13, 2011 10:31am Jun 13, 2011 10:31am
Quoting Adilius07
I took just 1 trade this month too, and I monitor the markets like crazy.
I sent you a PM. Tell me what you think
  • #96,445
  • Jun 13, 2011 10:48am Jun 13, 2011 10:48am
Quoting Dan Gilbert
This is the longest I have held a trade this year, and I had another trade similar to this earlier this year. Holding positions like this for so long when you're in a free trade is pretty easy in my opinion, although a year ago I probably wouldn't have been able to imagine it lol. I would prefer if it miraculously hits the target before market close today, but if not, I'll still be waiting.
Price hit the final target. It was a long wait, but overall, very good trade. Good for a tad better than +1%
Attached Image (click to enlarge)
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Many choose unhappiness over uncertainty.
  • #96,446
  • Jun 13, 2011 10:50am Jun 13, 2011 10:50am
Quoting diggsnoob
I would have thought you of all people would be happy that LBJ went down
I just wanted to see him live up to all the hype, and win out against everyone who hates him, but he failed, so I'm not impressed with it overall....
Many choose unhappiness over uncertainty.
  • #96,447
  • Jun 13, 2011 10:53am Jun 13, 2011 10:53am
Quoting Be Cool
I sent you a PM. Tell me what you think
I just did
  • #96,448
  • Jun 13, 2011 10:56am Jun 13, 2011 10:56am
silver, something I am observing from the sideline.
Attached Image
Many choose unhappiness over uncertainty.
  • #96,449
  • Jun 13, 2011 11:24am Jun 13, 2011 11:24am
Quoting Dan Gilbert
Price hit the final target. It was a long wait, but overall, very good trade. Good for a tad better than +1%
Awesome dan!


  • #96,450
  • Jun 13, 2011 12:20pm Jun 13, 2011 12:20pm
Quoting Dan Gilbert
Price hit the final target. It was a long wait, but overall, very good trade. Good for a tad better than +1%
Nice one Dan nice one son nice one Dan let's have another one!
  • #96,451
  • Jun 13, 2011 12:36pm Jun 13, 2011 12:36pm
Quoting Dan Gilbert
silver, something I am observing from the sideline.
I actually pulled out of a sell order on this one. Break of the BEOB and trendline. Wasn't convincing enough at the time.
  • #96,452
  • Jun 13, 2011 12:54pm Jun 13, 2011 12:54pm
Quoting mbqb11
Awesome dan!



Quoting Kalbar
Nice one Dan nice one son nice one Dan let's have another one!

Thanks guys.
Many choose unhappiness over uncertainty.
  • #96,453
  • Jun 13, 2011 1:39pm Jun 13, 2011 1:39pm
Quoting mbqb11
Awesome dan!


Hi Mike,
Good trade for you too on EUR/CHF

Where is your current trailstop on EUR/CHF? Or You are out the trade.

I am still trailing last part with SL above 1.22

Thank you!
Anything can happen - You never know
  • #96,454
  • Jun 13, 2011 1:56pm Jun 13, 2011 1:56pm
Hello,

I know there is a lot of ways to manage stops, but I would like to know, from your experience, if it is better to have stop at full bar (on pin bars) or on the first eye?

I would really like to know from your experience.

Thank you.
  • #96,455
  • Jun 13, 2011 2:09pm Jun 13, 2011 2:09pm
Quoting AndreasF
Hi

Anyone on EURAUD D1/W1?
FTA on D1 seems to be BRN 1.3500

Cheers
Andreas
finally got filled at 1.3622; got out at 1.356x(whole move lasted less than 1.5h, so I got out at the end of the box on h1).

Should get to at least 1.35 imho, will try reentering 1.360x(should bounce back abit imho, given the speed of the fall).
  • #96,456
  • Jun 13, 2011 2:27pm Jun 13, 2011 2:27pm
Quoting bee24
Hello,

I know there is a lot of ways to manage stops, but I would like to know, from your experience, if it is better to have stop at full bar (on pin bars) or on the first eye?

I would really like to know from your experience.

Thank you.
what do you mean?
Hero calls followed by margin calls...
  • #96,457
  • Jun 13, 2011 2:30pm Jun 13, 2011 2:30pm
Quoting kwikwis
Hi Mike,
Good trade for you too on EUR/CHF

Where is your current trailstop on EUR/CHF? Or You are out the trade.

I am still trailing last part with SL above 1.22

Thank you!
Hey KK

I got nicked out around 2260 using essentially the 2 bar trailing stop loss

Best
Mike
  • #96,458
  • Jun 13, 2011 2:37pm Jun 13, 2011 2:37pm
Quoting bee24
Hello,

I know there is a lot of ways to manage stops, but I would like to know, from your experience, if it is better to have stop at full bar (on pin bars) or on the first eye?

I would really like to know from your experience.

Thank you.
Hey Bee

This would really be an impossible answer to give, as it comes down to how one utilizes the different techniques and what is best for the trader.

Instead it's about demoing and understanding the differences in the two and seeing how they work for YOU

A full bar stop
-Advantages- more room to move stop an eliminate risk off a trade. More room to work with in managing the stop. A bar is not negated until the high/low is taken out
Disadvantages - a smaller position size

A lower stop
-Advantages - A higher position size
Disadvantages - a smaller stop size means less room to work with and less distance b/w entry and stop loss. Must be more careful with stop placement. Potentially getting stopped out before the bar has it's full ability to work(see above about a bar being negated)

This advantage/disadvantage see-saw effect as I call it occurs in almost all aspects of trading

Hope this makes sense
Mike
  • #96,459
  • Jun 13, 2011 2:37pm Jun 13, 2011 2:37pm
Quoting bee24
Hello,

I know there is a lot of ways to manage stops, but I would like to know, from your experience, if it is better to have stop at full bar (on pin bars) or on the first eye?

I would really like to know from your experience.

Thank you.
my approach:

on the close of the eye is way too tight imho.

at the end of the pin - depends; if the pin is very long, probably not... varies with the pin. Usually I place it behind the next major resistance/support regardless of pin length.
  • #96,460
  • Jun 13, 2011 2:38pm Jun 13, 2011 2:38pm
Quoting PhAnTi'
what do you mean?
I mean how more often do you get stopped out before price reaching first PT when using first eye of pin bar as your stop loss, as opposed to having your stop at full size (high/low) of pin bar.

Hope this clarifies.
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