james16 Chart Thread | Page 6293 | Forex Factory

Options

Go to
Permalinks
Print Thread

Similar Threads

Where can I learn more about Price Action like those in James16 charts? 9 replies

Attachments: james16 Chart Thread
Exit Attachments

james16 Chart Thread

  • #125,841
  • Jun 1, 2013 7:39am Jun 1, 2013 7:39am
Mike, would you be so kind to make a comment on this trade? The thing that botheres me here was I too fast to cut out the trade with a loss? Maybe I should hold the trade with my SL2 untill London open next day? The comments are on a chart.
Attached Image (click to enlarge)
Click to Enlarge Name: gbpaud beob h4.gif Size: 48 KB
If not up, then down, otherwise sideways :-)
  • #125,842
  • Jun 1, 2013 1:13pm Jun 1, 2013 1:13pm
Quoting Magestic
Mike, would you be so kind to make a comment on this trade? The thing that botheres me here was I too fast to cut out the trade with a loss? Maybe I should hold the trade with my SL2 untill London open next day? The comments are on a chart. {image}
Hey M

Someone asked me about this in the private side

My comments were basically that this is an overall very choppy intraday pair. Which means a few things. Price is more likely to chop around making mangement and entries a bit trickier. This person wanted to play a break of the BUOB which is fine, but based on the close of the bar I would have preffered a retrace or entry on the close. BUT we must know that price doesn't respect things as perfect because of how up and down this pair is. IMO this means you must be willing to give more leeway on an entry lik eyou took. Waiting for something like a close below your TL as opposed to a spike down. IMO if you are iwlling to allow that pattern to have spikes through as well then you gotta be willing for more whipsawy type action during your entry. So when that pullback bar CLOSES then I would look to move my stop under that low.


Hope this helps
Mike
  • #125,843
  • Jun 1, 2013 1:16pm Jun 1, 2013 1:16pm
Quoting LamerTrader
Hello there again! Some of you might no that during the summer i want to do some "major super mega" pin bar backtesting and I'm gathering as many information as I can in advance. 2 Day Pinbar As far as I know at trading we want to know (or at least guess) where price is going to go. Price will go where the majority of the people (traders) think it will go. (Right???) So we are looking for signals that are so obvious that noone will miss - everybody will see and everybody will know what to do. (Giant pinbar - everybody recognizes it etc - everybody...
Hey LT

A 2 day pinbar is just another way to aggregate price action to have an understanding of what price is doing. It's no more lor less reliable in my mind than a 1day bar. It's just a matter of perspective. Very often a beob is just another way to view a 2day pinbar and vice versa. I think that when starting out do less. Just makes it less complicated. Better to get good at a few things then build your repetoire then try to overload yourself with things. This leads to over trading which is probably the #1 killer of accounts of someone who is past the basics of trading

Take care
Mike
  • #125,844
  • Jun 1, 2013 2:29pm Jun 1, 2013 2:29pm
Hi all! I'm new and this is my first post here
I love this thread and what you guys do here!!
I've been into forex for almost a year and follow the tread since a few months.


Was wondering what do you guys think about this chart.
Price on the last candle closed below LCS, I plan to enter on the retrace to the LCS and then I'd like to see price break through FTA and go for the fibo confluence.
Attached Image (click to enlarge)
Click to Enlarge Name: Schermata 2013-06-01 a 21.28.03.png Size: 65 KB
  • #125,845
  • Jun 1, 2013 2:51pm Jun 1, 2013 2:51pm
I also like Gold. It formed a PB on the weekly and on the daily there's a nice BEOB which closed under the resistance. I'll set a pendig under the upper red resistance line and then see how price reacts at the support marked with the first blue line, which is also a LCS, if i'm not wrong. What do you think?
Attached Image(s) (click to enlarge)
Click to Enlarge Name: Schermata 2013-06-01 a 21.40.02.png Size: 59 KB
Click to Enlarge Name: Schermata 2013-06-01 a 21.40.08.png Size: 58 KB
  • #125,846
  • Jun 1, 2013 3:42pm Jun 1, 2013 3:42pm
Quoting mbqb11
{quote} Hey M Someone asked me about this in the private side My comments were basically that this is an overall very choppy intraday pair. Which means a few things. Price is more likely to chop around making mangement and entries a bit trickier. This person wanted to play a break of the BUOB which is fine, but based on the close of the bar I would have preffered a retrace or entry on the close. BUT we must know that price doesn't respect things as perfect because of how up and down this pair is. IMO this means you must be willing to give more leeway...
Thank you, Mike for your answer. Maybe I misunderstood smth, but I did actually moved my SL under the pullback candle after it spiked. I was bothered with the next candle, that moved back to 225 once again. My thought process was that it had already swept away sell orders below, why should it move there once again. And I closed it.
If not up, then down, otherwise sideways :-)
  • #125,847
  • Jun 2, 2013 2:24am Jun 2, 2013 2:24am
some us stocks for the next week.
mu, schw (on weekly and monthly) and clf
Attached Image(s) (click to enlarge)
Click to Enlarge Name: MICRON TECHNOLOGY.png Size: 18 KB
Click to Enlarge Name: schww.png Size: 49 KB
Click to Enlarge Name: schwm.png Size: 43 KB
Click to Enlarge Name: CLIFFS NATURAL RESOURCES.png Size: 17 KB
meine augen sind die sterne
  • #125,848
  • Jun 2, 2013 2:32am Jun 2, 2013 2:32am
Quoting mbqb11
{quote} Hey LT A 2 day pinbar is just another way to aggregate price action to have an understanding of what price is doing. It's no more lor less reliable in my mind than a 1day bar. It's just a matter of perspective. Very often a beob is just another way to view a 2day pinbar and vice versa. I think that when starting out do less. Just makes it less complicated. Better to get good at a few things then build your repetoire then try to overload yourself with things. This leads to over trading which is probably the #1 killer of accounts of someone...
Thank you Mike!

In my current demo trading i wont trade 2D Pins just as you recommended but at the backtesting I think I will consider taking a look at them
Thank you again, have a nice weekend!

Stephen
It's all psychology...
  • #125,849
  • Jun 2, 2013 9:10am Jun 2, 2013 9:10am
Quoting Magestic
{quote} Thank you, Mike for your answer. Maybe I misunderstood smth, but I did actually moved my SL under the pullback candle after it spiked. I was bothered with the next candle, that moved back to 225 once again. My thought process was that it had already swept away sell orders below, why should it move there once again. And I closed it.
oh my mistake! Too much sun lol

Still leave your stop under that low. Especially on a pair like this, but even any other pair you gotta let it work out more than that in my book

Best
Mike
  • #125,850
  • Jun 2, 2013 11:33am Jun 2, 2013 11:33am
Quoting james16
{quote}the pf will be very graphic. i want to introduce a little system i use. just call it a christmas present to all of you. one of the problems i have always faced in this public thread is trying to introduce material that is difficult for new traders to grasp, heck even most seasoned traders dont do some of the stuff i do. trying to get it accross in an understandable manner in a small window is tough. since price action is the trigger in much of my trading if you have no understanding of it you are going to be confused. this is one of the obstacles...

  • #125,851
  • Jun 2, 2013 4:04pm Jun 2, 2013 4:04pm
Quoting mbqb11
{quote} oh my mistake! Too much sun lol Still leave your stop under that low. Especially on a pair like this, but even any other pair you gotta let it work out more than that in my book Best Mike

OK, thats make sense now, thank you.
If not up, then down, otherwise sideways :-)
  • #125,852
  • Jun 2, 2013 7:58pm Jun 2, 2013 7:58pm
AUD/USD has potential for a bearish setup.
Attached Image(s) (click to enlarge)
Click to Enlarge Name: 1.gif Size: 548 KB
Click to Enlarge Name: 2.gif Size: 569 KB
Click to Enlarge Name: 3.gif Size: 568 KB
  • #125,853
  • Jun 2, 2013 11:21pm Jun 2, 2013 11:21pm
Guys,

For the first chart, how should I manage my trade?
Is my SL and TP logical?

For the second chart, do we need to include the swing high / swing low with arrows for trade management decision?
Where will be the best place to take profit here?

Thank you guys!! Happy trading!
Attached Image(s) (click to enlarge)
Click to Enlarge Name: 130603 usdmxn.png Size: 46 KB
Click to Enlarge Name: 130601 nzdcad.png Size: 50 KB
  • #125,854
  • Jun 3, 2013 1:40am Jun 3, 2013 1:40am
Quoting ken.b
Guys, For the first chart, how should I manage my trade? Is my SL and TP logical? For the second chart, do we need to include the swing high / swing low with arrows for trade management decision? Where will be the best place to take profit here? Thank you guys!! Happy trading! {image} {image}
hey Ken, my 2 cent
The nz/cad, nice trade. (dont like your TL though) he first arrow is right the RN 82.00 and has history so for me i would watch out for that price. Notice how price stopped there (within 16 pips) when it fell.?if it does go below it could be a good place to hide your stop. i also like the level the PB formed although you dont have it marked on your chart, as it is a retrace from the break through that level. these swing highs lows do need to be taken into consideration especially if they have history and also the most recent ones. as for TP that is up to you. some like to keep trades untilk price shows them a reason to get uot. it down to the trader. check my chart for my take (quick) on it.
On the usd/mxn chart i cant see what you traded? (like the TL on this one though) there seems to no reason for the SL to be where it is except to protect your profits?. Again its up to you as to how far your wanting to take the trade? the longer you want to be in the more room you need to give price.

jon
Attached Image (click to enlarge)
Click to Enlarge Name: nzdcaddaily.png Size: 64 KB
PATIENCE... DISCIPLINE
  • #125,855
  • Jun 3, 2013 2:42am Jun 3, 2013 2:42am
Quoting Pinbar
AUD/USD has potential for a bearish setup. {image} {image} {image}
Hey Steve!

I dont know if you are familiar with the PF but there is/was a guy named Rockrat who played these gaps. My question is if your strategy is the same?
(You see the gap, you wait until price widens - and then you expect it to reverse on a PPZ - like in this case? Rockrat said he has a TOTALLY different R/R ratio at gap trades. What would be your R/R in this case?

Thank you!
Stephen
It's all psychology...
  • #125,856
  • Jun 3, 2013 3:02am Jun 3, 2013 3:02am
Quoting LamerTrader
{quote} Hey Steve! I dont know if you are familiar with the PF but there is/was a guy named Rockrat who played these gaps. My question is if your strategy is the same? (You see the gap, you wait until price widens - and then you expect it to reverse on a PPZ - like in this case? Rockrat said he has a TOTALLY different R/R ratio at gap trades. What would be your R/R in this case? Thank you! Stephen
I don't see any bearish PA on the hourly at this level, which leads me to think, it could possibly go to the next level above it.
Where, I shall look for a rejection of this level with an SFP. So, it is hard to talk about RR as, we have yet to find an entry and workout the SL.
Attached Image (click to enlarge)
Click to Enlarge Name: 1.gif Size: 558 KB
  • #125,857
  • Jun 3, 2013 3:26am Jun 3, 2013 3:26am
We may see a nice hourly rejection of this area and possibly an SFP.
Attached Image(s) (click to enlarge)
Click to Enlarge Name: 1.gif Size: 48 KB
Click to Enlarge Name: 2.gif Size: 53 KB
  • #125,858
  • Jun 3, 2013 4:33am Jun 3, 2013 4:33am
Thank you Steve!

Keep us updated Your posts help a lot (at least for me).
Cheers, Stehpen
It's all psychology...
  • #125,859
  • Jun 3, 2013 7:48am Jun 3, 2013 7:48am
speaking of good levels PB.. how about this BRN 100.00.....
good place to look for some action here..


jon
Attached Image(s) (click to enlarge)
Click to Enlarge Name: usdjpyh4.png Size: 61 KB
Click to Enlarge Name: usdjpyh1.png Size: 62 KB
PATIENCE... DISCIPLINE
  • #125,860
  • Jun 3, 2013 7:48am Jun 3, 2013 7:48am
Quoting g_j_hook@yah
{quote} hey Ken, my 2 cent The nz/cad, nice trade. (dont like your TL though) he first arrow is right the RN 82.00 and has history so for me i would watch out for that price. Notice how price stopped there (within 16 pips) when it fell.?if it does go below it could be a good place to hide your stop. i also like the level the PB formed although you dont have it marked on your chart, as it is a retrace from the break through that level. these swing highs lows do need to be taken into consideration especially if they have history and also...
Hey GJ,

Thanks for your input.

For the first chart, I entered based on the break of the BUOB at the trendline. A pinbar formed so I'm putting a tight stop there. I'm not sure whether it's just a short term pullback or it's really a reversal. How would you manage it if you're in the trade?

For the second chart, may I know, why do you think that the trendline is not a good one?

Thanks again!

Kenny
Attached Image(s) (click to enlarge)
Click to Enlarge Name: 130603 usdmxn.png Size: 46 KB
Click to Enlarge Name: 130601 nzdcad.png Size: 50 KB
64 traders viewing now