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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

  • #102,681
  • Oct 5, 2011 3:58pm Oct 5, 2011 3:58pm
Quoting ashag28
Does anyone have a pip calculator for position size they wouldn't mind sharing?
Excel or any program. Thank you
I am using a very simple system.
You also know which is your limited risk in your deposit currency, at is is not changing every day.
I built the attached indicator (that also show the time to bar close in different time frames).
I take the value per tick from the indicator, I measure the size (number of ticks) of the bar I am trading with the MT4 haircross, and just multiply, in order to know how much money I am risking and (eventually) how many lots I can trade.
Risk is absolutely important, but doesn't recquire total precision, INMHO.
Attached Image
Attached File(s)
File Type: ex4 jm.ex4   4 KB | 389 downloads
Trading: the skill of avoiding trades
  • #102,682
  • Oct 5, 2011 4:13pm Oct 5, 2011 4:13pm
Quoting mbqb11
Hey Amar

I sure do, I just make sure to have bounds on my orders going into the NFP so I don't get slipped too bad(or any time for that matter really)

If a trade is good I take it no matter the day

Best
Mike
Thanks Mike
  • #102,683
  • Oct 5, 2011 4:14pm Oct 5, 2011 4:14pm
Quoting BigJay
Welcome Cricketer,
the 2nd of october was a sunday so this tiny bar is called a sunday bar and some people just disregard these bars (me included) so IMHO (as i'm still new here) the usdcad is a good setup i'm keeping an eye on it waiting the price to break the 1.05 level.

Regards
turned out to be a really great trade BigJay! I waited for H1 to close below the BRN then went in when it came up to test the area... I know James says we should only target 100 pips a pair per month... I think I'm done with USDCAD for October :-)
  • #102,684
  • Oct 5, 2011 4:48pm Oct 5, 2011 4:48pm
Quoting mbqb11
Hey C

Welcome and glad to see you posting. Here is a chart I put up for someone yesterday. My bigger concerns are the BRN 1.05 and the fact that we are in a VERY strong trend. For that reason in my view these have to be played with a very tight watch and move stops quicker.

Again welcome (to posting at least )

Mike
Thanks Mike. You know this may sound a little odd but I saw one of your videos from the paid section from a friend. One with the 2 bar stop method. I am really glad that I registerd here.

Well I played this one a bit differently, not really a pinbar break sell stop. I waited for hourly bar to close below the BRN then went short with a tight.. (literally 15 pips) with 0.2% of my capital as risk using percentage risk model ($0.2%/15 pips) when it retraced back to 1.5.. glad it worked out! It was a risky risky move but with the pin behind I took the chance.

Now I'm worried because this one worked, I might be taking more risky trades and it will be bad in the long run... I've been trading long enough to know how bad it can be to make money in a bad trade and the side effects.

Anyway thanks once again for noticing my post. Hope I can bother experienced PA traders with these types of noob questions more often.

Attached: The way I took the H1 entry
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  • #102,685
  • Oct 5, 2011 5:21pm Oct 5, 2011 5:21pm
Thank you very much for the Calculator.
  • #102,686
  • Oct 5, 2011 5:27pm Oct 5, 2011 5:27pm
Quoting Donkey
8910 held through a few days by about 7pips. Stop now to 8975, reducing about 90% risk. Strong daily close above FTA. Going to see if price can push through 9200 and the 365ema over next day or so.
After a couple of days the 365ema and 92xx area is holding. I considered closing trade, but I've decided to lock in a small profit (moving stop to 9065) and see what the next 24hrs brings.
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  • #102,687
  • Oct 5, 2011 5:28pm Oct 5, 2011 5:28pm
Quick hitter I took today. I am already out

4hr BEOB (tbhlc)
Off 2.05 BRN
Divergence
Breaking Trend line

This pair is SUPER choppy and against the trend and I am aware of that, which is why I am out at the first trouble area.

I would have loved if this bar had a higher high, maybe I would have held it longer.

But you cant deny the fact of all the confluence this had, it is almost a no brainer that this will hit the FTA. That is all you can ask for as a trader. What you do from there is up to you. The point is especially with a pair this choppy you have to be aware of the FTA and do something. I am happy with what I did. Planned it from the beginning.

Also look at the respect to that trend line after the BEOB. I would think that is a retrace traders dream (Not sure as I am not one)

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  • #102,688
  • Oct 5, 2011 7:34pm Oct 5, 2011 7:34pm
Quoting eswap0
I am using a very simple system.
You also know which is your limited risk in your deposit currency, at is is not changing every day.
I built the attached indicator (that also show the time to bar close in different time frames).
I take the value per tick from the indicator, I measure the size (number of ticks) of the bar I am trading with the MT4 haircross, and just multiply, in order to know how much money I am risking and (eventually) how many lots I can trade.
Risk is absolutely important, but doesn't recquire total precision, INMHO.
Sounds very cool, Im with Tradestation and the little calculator is great for calculating position sizes. Thank you very much I really appreciate it.
  • #102,689
  • Oct 6, 2011 12:35am Oct 6, 2011 12:35am
Quoting geniusztc
then it would be my network problem .there is always bad network in china , pin bar knows it .
hahah, yeah , that's what i suspected.
hope the connection gets better soon.
  • #102,690
  • Oct 6, 2011 12:57am Oct 6, 2011 12:57am
You can say that again!
EDIT: There are a lot of new people on this board, so this is not a trade recommendation.

3 weeks ago workmen severed my fiber optic connection, it was out for 5 days, then last week the same thing occurred in another area and my connection was again out for 2 days.

I want to go back to Japan where the Internet is blazing fast and never goes out. Actually, even in Japan one time it went out, it was fixed 30 mins later!

Not to mention that this week is a major holiday here in China and 1.4 billion people are using the net.
Please all go back to work ASAP.


EUR/GBP H4 looking interesting.
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  • #102,691
  • Oct 6, 2011 1:11am Oct 6, 2011 1:11am
Have a quick question about trade management.

If you have entered a position on the daily TF do you stick to that whilst managing trouble areas, taking profits, trailing stops and looking for exits or do you go down a TF or 2 (to say H4 or H1) to micro manage and look for areas where price might stall?

Interested in views on this as I am still in all 4 trades mentioned earlier but some of the S/R areas on the daily are a distance away on some of them and there are no obvious places to trail a stop to in those areas (example is the AUD/JPY where the next S/R area is over 100 pips away but price has stalled overnight).
  • #102,692
  • Oct 6, 2011 1:19am Oct 6, 2011 1:19am
Quoting geniusztc
does anyone watch this pair ? 1.0550 is the previous high on 2/16/2004. and we have lower high and pin bars here .SL 40 pips to short it ,it is not bad if we have light lots . need you ideas ,steve .
NOW，365ema shows support again .this time 150ema zone (1.02) is the resisatance ,price is between the 365ema and 150 ema. when price break this area,there will be another chance.

( thanks supremechaos. it works now )
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A chart helps those who can read it.
  • #102,693
  • Edited 4:17am Oct 6, 2011 1:53am | Edited 4:17am
AUD/USD possible weekly PB in the making.

Came off a nice area, has the 150 EMA as confluence, size is not that great but it is currently holding above the monthly support area.


More image woes.
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  • #102,694
  • Oct 6, 2011 2:04am Oct 6, 2011 2:04am
Quoting Martynp
Have a quick question about trade management.

If you have entered a position on the daily TF do you stick to that whilst managing trouble areas, taking profits, trailing stops and looking for exits or do you go down a TF or 2 (to say H4 or H1) to micro manage and look for areas where price might stall?

Interested in views on this as I am still in all 4 trades mentioned earlier but some of the S/R areas on the daily are a distance away on some of them and there are no obvious places to trail a stop to in those areas (example is the AUD/JPY where...
I personally like to look at the 8H, 4H and 1H to get an idea of what's going on. Especially in the case of the USDCAD trade as it's counter the strong up trend. I look for pullback highs in the case of short trades. Just somewhere logical to place stops, but no to close that I get shaken out prematurely.

You'll know the ideal places when you see them, and again it depends on your risk profile.
  • #102,695
  • Oct 6, 2011 2:06am Oct 6, 2011 2:06am
Quoting Pinbar
AUD/USD possible weekly PB in the making.

Came off a nice area, has the 150 EMA as confluence, size is not that great but it is currently holding above the monthly support area.


More image woes.
There's a nice weekly one developing on USDCAD as well. I'm hoping the daily PB from yesterday turns into a nice early entry for the weekly one. Gotta have a dream
  • #102,696
  • Edited 2:30am Oct 6, 2011 2:29am | Edited 2:30am
Just some updates on trade management from yesterdays trades on ŁAUD and $CAD.

ŁAUD has ran nicely overnight, and the last part is a good 150pip up. Couple of things running through me mind now on this one.

1) Lock in some more profits 2) UK Interest rate today which will have a big impact. Talk of more QE by BOE will imo, move this further down.

So I want to lock in some profit, but not too tight that I could get stopped out before any potential movement during the news. So I've taken my stops from the 1H pullback high as in the chart below

Attached Image


On $CAD it's a bit easier decision. We're in a strong uptrend, and I see this short trade as a short term position, although a weekly PB is developing

With that in mind, overnight price has moved down to just under the RN of 0400 that I mentioned yest, which is an area with a few things suggesting a halt to the down move as you can see from the images below.

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  • #102,697
  • Oct 6, 2011 2:32am Oct 6, 2011 2:32am
THE daily pin bar ,the same time ,the h4 beob. and now ,the breaking of the up trend line on h4 chart .everything as expected.
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A chart helps those who can read it.
  • #102,698
  • Oct 6, 2011 3:09am Oct 6, 2011 3:09am
May be a strong support level at 72, we have reached:
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go go go
  • #102,699
  • Oct 6, 2011 3:33am Oct 6, 2011 3:33am
Looking at ŁAUD trade again now. Another nice push down. Time to re-assess my stop levels. Looking at the 1H chart again and the pullback high on my chart above 5969. I'm of the opinion that this would be too close to PA, and a better bet would be placing a stop just above the RN of 1.6. Torn between not getting to close to the PA and being stopped out around news time, before any potential down moves, and too far away that if price goes up rather than down on the news, I let a decent chunk of profit go.

Nothing too obvious on $CAD at the moment as a new area to move stops to. Looking for the RN 04 to start acting as a bit of resistance now. That would give me some confidence of more downside moves.
  • #102,700
  • Oct 6, 2011 5:01am Oct 6, 2011 5:01am
EG H4 did show us a PB at the area mentioned and it is just about to break.
However, I do not like the lack of space to the FTA which is going to be the bottom of the consolidation box on the left. It could also bounce at the blue rectangle with all those bar lows clustered up.

The PB itself also lacks something, maybe if it had a longer nose and the close was towards the end of the bar. It may well hit its target but, I am standing aside and will watch how the daily bar closes.
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