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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

  • #102,401
  • Sep 29, 2011 7:34am Sep 29, 2011 7:34am
An inside bar formed on GBPUSD daily TF yesterday and today's bar is trying to break the high of the bar 2 days ago.

Does the wick only have to break yesterday's IB or must today's bar close above yesterday's high for it to be a valid inside bar set up?

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My understanding of the IB trade is that the 3rd bar must break the 1st and 2nd bar high and close above it to be a valid trade. And assuming it does, we put a limit buy order above that third bar?
  • #102,402
  • Edited 7:51am Sep 29, 2011 7:41am | Edited 7:51am
Quoting fascist
An inside bar formed on GBPUSD daily TF yesterday and today's bar is trying to break the high of the bar 2 days ago.

Does the wick only have to break yesterday's IB or must today's bar close above yesterday's high for it to be a valid inside bar set up?

Attachment

My understanding of the IB trade is that the 3rd bar must break the 1st and 2nd bar high and close above it to be a valid trade. And assuming it does, we put a limit buy order above that third bar?
Never heard anything about the 3rd bar having to break the high of the bar prior to the IB, nor waiting for the next bar to close.
If you wait for the next bar to an IB to close, there will be no point in having an IB setup in the first place.

The IB must be inside the previous bar and we trade the break of the high or low of the IB.

It is also sitting right on a weekly PPZ at the 1.5500 RN.
  • #102,403
  • Sep 29, 2011 7:43am Sep 29, 2011 7:43am
Quoting Pinbar
Never heard anything about the 3rd bar having to break the high of the bar prior to the IB, nor waiting for the next bar to close.
If you wait for the next bar to an IB to close, there will be no point in having an IB setup in the first place.

The IB must be inside the previous bar and we trade the break of the high or low of the IB.
Oh, maybe i misinterpreted the set-up then. So is today's formation a good trade set up? it has surpassed the high of the IB.
  • #102,404
  • Sep 29, 2011 7:54am Sep 29, 2011 7:54am
Quoting fascist
Oh, maybe i misinterpreted the set-up then. So is today's formation a good trade set up? it has surpassed the high of the IB.

I don't like it.
It is between two daily PPZ & not at either a SH or SL
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  • #102,405
  • Sep 29, 2011 8:08am Sep 29, 2011 8:08am
Take a look at the Monthly chart

very well defined support and resistance at this area.
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  • #102,406
  • Edited 8:44am Sep 29, 2011 8:27am | Edited 8:44am
Quoting picon1
Afternoon everybody.

Great little setup for me this morning on the 60m cable chart. Beautiful pin bar formed on the high of day with a decent 20 point 1st target down to the high of the previous spinning top bar.

Half off there, and stop initially to BE.

A few other areas that make this interesting. The 2 purple lines on the chart represent the Asian session high and low from yesterday, which I know were very good areas of S&R yesterday from watching what price did there, and the notes I made as it went along. Also the Asian high lines up quite...
yeah, that was a nice one; still in it with a tiny bit. Just poured 1st coffee and was pretty bored and cable is the 1st chart - was pretty happy to find it.

btw. - I found bemac's tool - http://www.forexfactory.com/showthread.php?t=162886 (actually think the other thread is the EA - don't remember tbh) - very helpful in providing general guidelines(as long as you keep watchin' calendar/news/pa and don't over relay on it).

p.s. - and SNB gloriously spoofs me out... Oh well, given how much they provided with that peg, guess it's ok...
  • #102,407
  • Sep 29, 2011 8:46am Sep 29, 2011 8:46am
Quoting Martynp
Thanks alot for the comments on this Mike. Much appreciated.

I found myself being a bit stuck during this trade as I saw the price go way up once the pin was broken and did not know whether to close out the position and take a profit. My feeling (from reading this and another thread on PA) was to give the trade time to breath and make its mind up and not rush out of trades, Cut the losses Short and let the profits run!

I am now confused as to how to determine whether to take the profits at the FTA, move stop to break even to minimise losses...
Hey Marty

Time and practice is going to determine what you do at these areas.

To me the better the STORY of a situation(this is the key the story not the bar) the more likely I am to hold the trade. The less the story and less I believe in a trade the quicker I am to get to b/e or take profits quick. The nzd/usd to me would be a quick hitter and take profit at the FTA. WHy? Were fighting a HUGE down move and the pinbar has little confluence other then being a nice closing pin. For me this situation doesn't warrant holding when to me the likelihood of areas like the FTA reversing us.

Here is a general post I wrote on exits. Very general as each situation is independent of one and another. So there are too many factors to make a list of 'if this happens , I do this'. But it may help
http://www.forexfactory.com/showthre...22#post2853922

Best
Mike
  • #102,408
  • Sep 29, 2011 8:48am Sep 29, 2011 8:48am
Quoting Martynp
Hi again,

I have a question about a trade I am currently in on GBP/CHF. Before I go on I want to say that i think the entry on this was a mistake. I entered at 1.3911 because I saw the pin bar on 21st Sept bounce of a pre drawn S/R pivot that had confluence with a 61.8 fib. However the pin was not a a swing high low and I now feel I probably should not have been in the trade.

Anyhow, I am in it now and have been in a loss for the last week but have not been stopped out. I don't know what to do with the trade as it just seems like price is going...
Hey M

I think you answered your own question here. It's not a trade you should have taken so if that were me I would close the trade immediately as it provides no benefit to hold, except "hope". The only trades worth holding are ones you want to be in. Clearly based on your wording this was not a trade you would normally take.

Best
Mike
  • #102,409
  • Sep 29, 2011 8:50am Sep 29, 2011 8:50am
Quoting snowly
yeah, that was a nice one; still in it with a tiny bit. Just poured 1st coffee and was pretty bored and cable is the 1st chart - was pretty happy to find it.

btw. - I found bemac's tool - http://www.forexfactory.com/showthread.php?t=162886 (actually think the other thread is the EA - don't remember tbh) - very helpful in providing general guidelines(as long as you keep watchin' calendar/news/pa and don't over relay on it).

p.s. - and SNB gloriously spoofs me out... Oh...
Cheers Snowly, I'll take a look at the thread and see what it's about.

Got stopped out on the last part of my GBP trade for +10. Not a bad little trade. Stopped out on the Euro trade, but took a re-entry on a 50% retrace of the trigger bar, and closed that trade out at +30. With the loss on the first try about a +5 trade on Euro.
  • #102,410
  • Sep 29, 2011 9:37am Sep 29, 2011 9:37am
Quoting mbqb11
Hey Marty

Time and practice is going to determine what you do at these areas.

To me the better the STORY of a situation(this is the key the story not the bar) the more likely I am to hold the trade. The less the story and less I believe in a trade the quicker I am to get to b/e or take profits quick. The nzd/usd to me would be a quick hitter and take profit at the FTA. WHy? Were fighting a HUGE down move and the pinbar has little confluence other then being a nice closing pin. For me this situation doesn't warrant holding when to me...
Hi Mike

A great post there and within it one of the keys to success ......always be ready to act at FTA as this area is key. Whether its move to BE, partial or full profit only time and experience and the individual personality will decide. A crucial area to watch and can be the difference between winning and losing traders.

Kal
  • #102,411
  • Sep 29, 2011 9:45am Sep 29, 2011 9:45am
Quoting mbqb11
Hey Marty

Time and practice is going to determine what you do at these areas.

To me the better the STORY of a situation(this is the key the story not the bar) the more likely I am to hold the trade. The less the story and less I believe in a trade the quicker I am to get to b/e or take profits quick. The nzd/usd to me would be a quick hitter and take profit at the FTA. WHy? Were fighting a HUGE down move and the pinbar has little confluence other then being a nice closing pin. For me this situation doesn't warrant holding when to me the likelihood...
This makes a lot of sense to me. Thanks so much for the time you have put in answering my questions. I find there is so much to learn and its obviously not an exact science so I am starting to learn some of the discretionary stuff. Thanks again.

Quoting mbqb11
Hey M

I think you answered your own question here. It's not a trade you should have taken so if that were me I would close the trade immediately as it provides no benefit to hold, except "hope". The only trades worth holding are ones you want to be in. Clearly based on your wording this was not a trade you would normally take.

Best
Mike
Once again, thanks for this. I think I will get out and rack the loss up as a lesson learned. Thankfully its only a Demo account.
  • #102,412
  • Sep 29, 2011 10:39am Sep 29, 2011 10:39am
been watching gbp/nzd for a while...two plays for this one, i wonder which will come first. looking for bearish PA at 2.04 or bullish PA at 1.95
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  • #102,413
  • Sep 29, 2011 11:56am Sep 29, 2011 11:56am
Quoting AvanishDemo
my next fish..
my 2nd trade of the month...
n Off we go...i reduced my risk my movin SL js abv 0.71
(1st trade had to cancel the trade with small profit..but then it was a nice runner)
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  • #102,414
  • Sep 29, 2011 12:25pm Sep 29, 2011 12:25pm
Quoting AvanishDemo
my 2nd trade of the month...
n Off we go...i reduced my risk my movin SL js abv 0.71
(1st trade had to cancel the trade with small profit..but then it was a nice runner)
js an addition..along with yellow PPZ..
we also hav 3rd touch of TL..
plus wat i see that it has been nicely reacting on 150ema(in pink).(as shwn by arrows n blue mark)
multiple confluences wch prompted me to take a trade..despite BEOB not CB 0.7BRN
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  • #102,415
  • Sep 29, 2011 12:31pm Sep 29, 2011 12:31pm
Quoting AvanishDemo
js an addition..along with yellow PPZ..
we also hav 3rd touch of TL..
plus wat i see that it has been nicely reacting on 150ema(in pink).(as shwn by arrows n blue mark)
multiple confluences wch prompted me to take a trade..despite BEOB not CB 0.7BRN
Nice job AV, played really well and thought out. I especially like the MOST is that retrace back to the previous bar low which is right where all those bar highs are to the left. That is sort of the make or break point and would be my trade/risk mgmt area

Nice job bud
Mike
  • #102,416
  • Sep 29, 2011 12:38pm Sep 29, 2011 12:38pm
gj h4 pinbar. broke through 120 and closed above. long down-trend.
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meine augen sind die sterne
  • #102,417
  • Sep 29, 2011 3:00pm Sep 29, 2011 3:00pm
GBP/USD has dropped 1300 pips since mid to late August, from 1.6600 to bottoming out at 1.5300 on September 22.

Since bouncing off that 1.53 level, we've seen a retracement that is currently at 1.56 after being rejected from 1.57.

If GBP/USD can climb to 1.58 we will have another nice BRN which provided support on July 12 and Jan 25.

In addition, the 1.58 level is the 38.2% retracement level from the 1.66 highs in August.

Let's see if PA confirms as we reach that level.
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  • #102,418
  • Sep 29, 2011 3:01pm Sep 29, 2011 3:01pm
Here are some charts for trades that i took today @ H1. Not a pure price action like PB or BU/EOB, but bounces from PPZ (yellow lines) with some PA confirmation, all in a trend. Proximity to EMAs allowed me to set tight stoplosses. Some feedback from experienced crew appreciated, thanks!
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  • #102,419
  • Sep 29, 2011 3:21pm Sep 29, 2011 3:21pm
eur/aud showing decent sized pb in the 4hour chart
  • #102,420
  • Sep 29, 2011 4:42pm Sep 29, 2011 4:42pm
Just when you think you're making progress, bang!!! This month had been going well and then GBPAUD daily took me out to take me into negative figures for the month. Still on demo thank God.
Good sized bar (OK maybe its slightly bullish but close is in bottom third of bar), 61.8 fib, 1.6 BRN which is also a pivot zone- confluence in my eyes- it would have been nice if the 365 ema had been a bit lower. I was sure 1.55 was where it was going but the bar just broke and headed north- maybe the 50 fib was the reason? Maybe its' just the one that happens now and then.

There are so many people on the forum with different perspectives that my approach was basically to read all James 16 posts only (he is the master) and all his charts (over and over again may I add) rather than get confused with everyone's views. My appraoch therefore has been to split my trades in 2, trade 1 with TP at FTA, and Trade 2 with open TP. Stop loss on both is above the pa bar (which could be quite a hit sometimes). Stop loss on trade 2 moves to b/e once the first trade has hit its' target. I always wait for a good location and pa to confirm.
Would be grateful for feedback on why people would have rejected this trade.
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