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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

  • #120,061
  • Oct 25, 2012 3:48pm Oct 25, 2012 3:48pm
Hi Mike and Everyone ,

What do you think about this nice Box.
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  • #120,062
  • Oct 25, 2012 3:52pm Oct 25, 2012 3:52pm
Quoting Rona
Hi Mike and Everyone ,

What do you think about this nice Box.
great job Rona, this is definitely a great box of consolidation to watch


Best
Mike
  • #120,063
  • Oct 25, 2012 4:22pm Oct 25, 2012 4:22pm
Quoting VitorNutzz
Tks for the answer, I see it on y chat too, but I have to say that its been hard to me trade weekly and daily together.
It seems that they almost always have a diferrent opinion about the price, and If I look to monthly it gets worst.
How easy should be trading the HIGHER TF all together?? or would be better if we were ONE TF only, like daily charts??

Tks!
Vitor.
I'm opening positions only on a daily graph.
On a monthly and weekly graph I am trying to determine the price movement, price in up, down or renge trend. After that the main areas of S & R.
If P respects or not these areas, on a daily graph waiting for confirmation with PA (pinbar, BEOB, itc.) And put the pending order.

P.S.
I'm trying to trade mainly in the direction of the trend.
  • #120,064
  • Oct 25, 2012 4:50pm Oct 25, 2012 4:50pm
Quoting mbqb11
Hey Vitor

Welcome to the thread!

You are right it's all about putting in your time. Being in no rush is a VERY good thing.

I put some notes on your chart to explain why this is a tricky situation. You spoted a great boxing and PPZ but your stuck now in a very sideways market making trades like this in my eyes more difficult to manage and less appealing

Again welcome
Mike
Hey Mike, tks a lot for your answer, you are so direct and clear that a child could get it.
I can see now that one of my actual trading problems is that I use to look at +- 6 months on daily, if I zoom out to 1 year or ++ I can see another chart =), absolutely, we can see a bigger part of the whole story.

Again, tks a lot Mike, you are a very nice guy, and a great teacher.

I´ll try to zoom out a little more on my charts and try to read the whole story. Do you think its good to use daily bars (PA) on Weekly levels (PPZ, Retr...)??
If I´m a Daily trader, is there any time when I could just forget about the Weekly and dont even look at it or I should always look for bias and levels on weeklys to trade on daily??
I´m sorry bothering you so much.

Tks!
Vitor
  • #120,065
  • Oct 25, 2012 7:46pm Oct 25, 2012 7:46pm
Pretty big BOUB that I will be watching.
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Price is beautiful. A repetitive method is a competitive method.
  • #120,066
  • Oct 25, 2012 9:08pm Oct 25, 2012 9:08pm
EURUSD H4
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  • #120,067
  • Oct 25, 2012 11:16pm Oct 25, 2012 11:16pm
Quoting Faustus
EURUSD H4
How do you manage to see anything on that chart with all the indicators on it.
The only real indicator that you need is price itself and to see it, may be an idea to get rid of the rest of that stuff.
  • #120,068
  • Oct 25, 2012 11:40pm Oct 25, 2012 11:40pm
Of course it is, just the indicator moves in the horizontal where there are BUOVB and BEOVB
  • #120,069
  • Oct 26, 2012 3:51am Oct 26, 2012 3:51am
Hey guys,

Sorry to bug you all. I have few questions so please help me out.

What is the optimal number of charts you all watch for detecting pin bars?

Are the pin bars reliable across all currency pairs or is it that pin bars on a certain currency pair is more reliable than the others?

Given that stop loss is place below the low/ high or the pinbar, which pinbar entry strategy gives a higher probability of success?
1. entry on close
2. entry after retracement
3. entry few pips away from the low/high

Also, wrt to the stop loss - Good pinbars are the ones which have a longer nose. So if we place a stop loss few pips behind the low or high of the pin bar, then the risk reward ratio decreases as the length of the nose increases. So in such a case when the nose is very long, where would be the optimal place to place the stop loss?

Thanks
  • #120,070
  • Oct 26, 2012 4:08am Oct 26, 2012 4:08am
my sell on EURAUD BRN 1.2500
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all is eternal - this is good news for people who loves bad news
  • #120,071
  • Edited 6:03am Oct 26, 2012 5:11am | Edited 6:03am
Quoting giggles
Hey guys,

Sorry to bug you all. I have few questions so please help me out.

What is the optimal number of charts you all watch for detecting pin bars?

Are the pin bars reliable across all currency pairs or is it that pin bars on a certain currency pair is more reliable than the others?

Given that stop loss is place below the low/ high or the pinbar, which pinbar entry strategy gives a higher probability of success?
1. entry on close
2. entry after retracement
3. entry few pips away from the low/high

Also, wrt to the stop loss...

Hi Giggles,

I've been looking for this kind of pieces of information. Going back into this huuuuge thread, I could find some details that I guess are always worth reminding.

Mike, and other senior members, please feel free to add any correction if I made any sort of mistake...

this post http://www.forexfactory.com/showthre...89#post1468889 shows a good way of analyzing pinbars from a statistical point of view.
It's rather an old post (2007), and I don't know the size of his sample nor how far back the guy looked at PBs, but it gives some good confidence about PB relevancy.
Anyway, I would love doing that sort of statistical analysis as a quick update of his, but honestly I'm running out of time...

One other thing which is of interest is a chart Mike has posted quite a few time:
http://www.forexfactory.com/showthre...000#post189000
(this was a hard one to dig out! )
Mike was talking here about 2-days pins but it obviously also applies to 1-bar pins ...

Two things I think are important to remember: (1) James states that a price action setup is only valid once broken, and (2) most powerful PB either retrace or immediately break (EDIT: this is stupid . Of course either it retraces or not . What I mean is, from what I read in this thread, either the next bar breaks strongly without any retracement, or the next bar retraces to 61.8% and then breaks the PB...) .

Regarding SL placement.
I understand what you mean. I keep it stupid and put my SL above/below the PB, and keep risking a certain amount of my account (1% on each trade). Though, if there is a break of the 61.8% retracement in the opposite direction of my trade, I consider this as a signal that invalidate the PB and close the position.
Just my way of doing, haven't done any statistical analysis on this topic to assess whether it's really a good idea
Slow & steady
  • #120,072
  • Oct 26, 2012 6:27am Oct 26, 2012 6:27am
Quoting giggles
Hey guys,

Sorry to bug you all. I have few questions so please help me out.

What is the optimal number of charts you all watch for detecting pin bars?

Are the pin bars reliable across all currency pairs or is it that pin bars on a certain currency pair is more reliable than the others?

Given that stop loss is place below the low/ high or the pinbar, which pinbar entry strategy gives a higher probability of success?
1. entry on close
2. entry after retracement
3. entry few pips away from the low/high

Also, wrt to the stop loss - Good pinbars...

You forget the most important thing about PA bars: LOCATION

Location is what tells you if the pinbar is good or not.
I don't need easy. I just need possible.
  • #120,073
  • Oct 26, 2012 6:46am Oct 26, 2012 6:46am
Quoting VitorNutzz
Hey Mike, tks a lot for your answer, you are so direct and clear that a child could get it.
I can see now that one of my actual trading problems is that I use to look at +- 6 months on daily, if I zoom out to 1 year or ++ I can see another chart =), absolutely, we can see a bigger part of the whole story.

Again, tks a lot Mike, you are a very nice guy, and a great teacher.

I´ll try to zoom out a little more on my charts and try to read the whole story. Do you think its good to use daily bars (PA) on Weekly levels (PPZ, Retr...)??
If I´m...
Hey Vitor

Thanks for the kind words

You can absolutely use daily bars and weekly levels. One thing is that if you try to do too much it might start to cause a disconnect. Often I see people pick good levels but then any old PA that shows up there they take on a lower timeframe. I call this a disconnect because we have to also view that PA in relation to the timeframe it shows up. To me each timeframe has its own ebb and flow(or stories) so we have to be careful. One thing you will see with a lot of us is we develop our stories and execute everything on the same timeframe. A large part of that has to do with above but also with the simplicity in this that makes things easier with less information to have to process. I like to recommend that to traders learning

Hope that helps
Mike
  • #120,074
  • Oct 26, 2012 6:53am Oct 26, 2012 6:53am
Quoting giggles
Hey guys,

Sorry to bug you all. I have few questions so please help me out.

What is the optimal number of charts you all watch for detecting pin bars?

Are the pin bars reliable across all currency pairs or is it that pin bars on a certain currency pair is more reliable than the others?

Given that stop loss is place below the low/ high or the pinbar, which pinbar entry strategy gives a higher probability of success?
1. entry on close
2. entry after retracement
3. entry few pips away from the low/high

Also, wrt to the stop loss...
Hey Giggles

PA works on all markets. I watch over 70 FX pairs and 3000 equity charts. It works in futures and other markets as well. Price Action is universal

Stop losses do NOT have to be place above/below a PA bar like a pinbar. This is the conservative way we teach new traders to take them(and many of us still use it like myself, more on that in a bit). But the reality is a bar is not valid(as said by P thanks) until the bar breaks, just as a PA bar is not invalidated till it breaks the other way(where your stop loss would be on the other side). We can enter on retracement of these bars, and on closes as well. We can also place our stop losses at different points within the bar as well to help increase position size if the situation is good enough

R:R is all relative. Just cause you have a stop on the other side of the bar doesn't mean your R:R is bad. That's all relative to what your target is. Also just because our stop STARTS in one spot(wherever that may be) doesn't mean it must remain there. I like to move my stop up as a trader progresses to reduce my risk when logical. This will then actually increase my overall reward many times while decreasing my overall risk.

There is no optimal as a general statement. That comes from what works for the trader and it is something to begin to track and explore what works best for yourself

Hope that helps
Mike
  • #120,075
  • Oct 26, 2012 7:46am Oct 26, 2012 7:46am
Quoting DaGrizlyBull
You forget the most important thing about PA bars: LOCATION

Location is what tells you if the pinbar is good or not.
yep location is everything, that's no joke

Mike
  • #120,076
  • Oct 26, 2012 7:59am Oct 26, 2012 7:59am
Thanks Mike, D and P,

70 FX pairs and 3000 equity charts !! Wow. Currently, I am looking only around 10 FX pairs and I am already getting dizzy This could be because I am new to all this.
  • #120,077
  • Oct 26, 2012 9:13am Oct 26, 2012 9:13am
Mike, how much time do you spend to view over 3000 charts?
  • #120,078
  • Oct 26, 2012 9:21am Oct 26, 2012 9:21am
Quoting RonaldinhoKuban
Mike, how much time do you spend to view over 3000 charts?
Hey Ronald

Depends if I do them straight usually do them in groups of hundreds through sunday football watching But prob 2-3 hours I guess. Goes pretty fast. Some weekends I'll just scan a 1000 or so depending how busy I am

Best
Mike
  • #120,079
  • Oct 26, 2012 10:46am Oct 26, 2012 10:46am
Quoting mbqb11
Hey Ronald

Depends if I do them straight usually do them in groups of hundreds through sunday football watching But prob 2-3 hours I guess. Goes pretty fast. Some weekends I'll just scan a 1000 or so depending how busy I am

Best
Mike
I also look over the weekend all couples do an analysis of the last week and preparing for the next one, though much smaller pairs have
  • #120,080
  • Oct 26, 2012 11:08am Oct 26, 2012 11:08am
Quoting mbqb11
... through sunday football watching ...
hehe, Like it My usual activity during UEFA Champions and Europa Leagues
Btw, Hi All.
Follow my trading on Twitter and FB: @pumlitch
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