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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

  • #126,301
  • Jun 21, 2013 8:36am Jun 21, 2013 8:36am
Quoting 4xjoema
{image}


I would watch shorting this on H1 as, is evident by the RH&S pattern, there is bullish PA on the daily tf.
  • #126,302
  • Jun 21, 2013 8:44am Jun 21, 2013 8:44am
Quoting Pinbar
{quote} I would watch shorting this on H1 as, is evident by the RH&S pattern, there is bullish PA on the daily tf.
thanks pinbar I just took full profit as it retraced to my upper ppz. nice quick little profit. will be watching for a break of the tl.
  • #126,303
  • Jun 21, 2013 8:45am Jun 21, 2013 8:45am
Quoting albus999
watching the TL and the weekly HCR. And all this around the BRN {image}
awesome bud I am watching this one too


Mike
  • #126,304
  • Jun 21, 2013 8:47am Jun 21, 2013 8:47am
2/3 tp at 1855 and the rest hit sl at 1877.
  • #126,305
  • Jun 21, 2013 9:14am Jun 21, 2013 9:14am
Quoting dennis4u15
hi pinbar, mbqb11, Jaroo, could u have a look at the GBP/USD chart. there is a good pinbar, Fib, a good support level, trendline and BRN. Lots of Confluence{s}. i tried on demo but it seems its not gona work out. The only thing i can think of is maybe cos its friday so traders are taking profit off the table...please do advice. Regards Dennis {image}
Hey Dennis

Someone asked me about this in the PF as well> My response was this bar is just very very tiny fighting a much bigger few bearish bars previous to it. If you look there isn't any real confluence here. For example your trendline isn't really relevant since we don't know if that's a trendline. If price moved up here then you could start connecting end points. But without that you are really just connecting any two points on a chart(this is why I use trendlines that have 3 or more touches). But size of bar here is an easy way to avoid these types of situations. Otherwise what happens is people will curve fit their chart to try to trade a bar. That's tricky. These types of small bars literally need to break very hard otherwise this happens over and over on the small ones

Hope that helps
mike
  • #126,306
  • Jun 21, 2013 9:15am Jun 21, 2013 9:15am
Quoting g_j_hook@yah
{quote} i liked the look of this chart myself but the simple weakness of the bar itself kept me out. notice the size of it compared to the bars on the swing down...or the average sized bars on the swing up...may still work out?? We may get some more downside judging from the 4h BEOB just printed from the 1.5500 level? jon {image}
Great Jon and Steve, thanks for clarifying. I think small bars (without a deeper understanding of confluence) are one of the first things new traders make mistakes with PA. THat's why people will abandon PA because they say pinbars don't work but it's just having a deeper understanding of bars and their locations and then combining the two.


Thanks for helping out guys
Mike
  • #126,307
  • Jun 21, 2013 9:17am Jun 21, 2013 9:17am
Quoting Pinbar
{quote} Mike will tell you that bar size is crucial along with location. Actually zooming out to two clicks above the smallest MT4 chart size, shows the true size of the bar, if you zoom in more than that, it sort of distorts bars and makes them look better than they actually are. As they say, "If in doubt. Zoom Out". You are doing fine Dennis. It is easy to talk yourself into a trade.
So true Steve. The biggest difference on my equity curve(even after being profitable for awhile) is simply staying out of even so-so trades. I am very conservative but it in turn takes a lot of the doubt out when I do enter.

Rifle shot mentality is the way to go, it will change your trading



Mike
  • #126,308
  • Jun 21, 2013 9:57am Jun 21, 2013 9:57am
Happy Friday,
What do you all think of these. EU printed a large DBHLC breaking down the TL. USDCHF similar in the other direction.
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  • #126,309
  • Jun 21, 2013 9:59am Jun 21, 2013 9:59am
Hey Mike ,Hey Jaroo

One question I always wanted to ask you guys is how do you organize your day?

I'm having serious problems with my time management right now, my job's gotten more stressfull lately and I don't really find time for trading.Well actually I do have time but I don't want to trade when I am half asleep or can't concentrate.

So how do you guys do it? Do you have set times in the day?
  • #126,310
  • Jun 21, 2013 10:07am Jun 21, 2013 10:07am
Another interesting one. Not exactly at the swing low but damn this one looked tempting.
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  • #126,311
  • Jun 21, 2013 12:18pm Jun 21, 2013 12:18pm
Quoting Pinbar
{quote} Yeah Jon, just Chilling out is the thing to do. Looks like the 1.53832 is the next stop for price, if the back of that small PB breaks, which I think will happen. {image}
tut tut PB...you were, wot?, ten pips out.....on a 1D TF.

jon
PATIENCE... DISCIPLINE
  • #126,312
  • Jun 21, 2013 12:19pm Jun 21, 2013 12:19pm
Quoting mbqb11
{quote} So true Steve. The biggest difference on my equity curve(even after being profitable for awhile) is simply staying out of even so-so trades. I am very conservative but it in turn takes a lot of the doubt out when I do enter. Rifle shot mentality is the way to go, it will change your trading Mike

What you teach so unselfishly, does not fall on deaf ears.

Sincere thanks Mike.
  • #126,313
  • Jun 21, 2013 12:23pm Jun 21, 2013 12:23pm
Quoting g_j_hook@yah
{quote} tut tut PB...you were, wot?, ten pips out.....on a 1D TF. jon
Actually, 15.59 pips.

Must need a beer or a toke.
Or possibly, both.
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  • #126,314
  • Jun 21, 2013 12:24pm Jun 21, 2013 12:24pm
Quoting 4xjoema
{image}
been watchin this also. i have my TL a little diferent but its basically the same story. That 1H BEOB would have been tempting...except the TL has been well hammered. the more you knock at the door the more chance of someyone opening it, or so they say. eezy in hind sight of course, but it kept my ichy fingers away. If you had the FTA marked in there was still only a BE trade? so no loss. Its looking promising for Sund/Mond now though...

jon
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PATIENCE... DISCIPLINE
  • #126,315
  • Jun 21, 2013 12:26pm Jun 21, 2013 12:26pm
Quoting 4xjoema
{quote} thanks pinbar I just took full profit as it retraced to my upper ppz. nice quick little profit. will be watching for a break of the tl.

jus seen this post, nice one. well played.

jon
PATIENCE... DISCIPLINE
  • #126,316
  • Jun 21, 2013 12:30pm Jun 21, 2013 12:30pm
Quoting Pinbar
{quote} Actually, 15.59 pips. Must need a beer or a toke. Or possibly, both. {image}
you must read minds!!!


haha

jon
PATIENCE... DISCIPLINE
  • #126,317
  • Jun 21, 2013 12:35pm Jun 21, 2013 12:35pm
Quoting Winston Reed
Another interesting one. Not exactly at the swing low but damn this one looked tempting. {image}
These moves drive you (or me at least ) nuts!! lol. they seem to come out of the blue and dont give us any readable PA, at least for me, you know your only chasing price if you enter so you stay out....then it goes to the moon. happens time and time again..
bty in my experience TLs like those are a bit dodgy. the steady regular ones seem the most reliable.

jon
PATIENCE... DISCIPLINE
  • #126,318
  • Jun 21, 2013 12:40pm Jun 21, 2013 12:40pm
Quoting Pinbar
{quote} What you teach so unselfishly, does not fall on deaf ears. Sincere thanks Mike.
agreed, Mike has this way of explaining thing that makes stuff simply fall into place. Thats a talent in itself.
"rifle shot mentality" class. ill be nicking that one, it fits my avatar perfectly (if not my trading :/


jon
PATIENCE... DISCIPLINE
  • #126,319
  • Jun 21, 2013 12:51pm Jun 21, 2013 12:51pm
Quoting g_j_hook@yah
{quote} jus seen this post, nice one. well played. jon
thanks Jon.
  • #126,320
  • Jun 21, 2013 12:53pm Jun 21, 2013 12:53pm
i bottled out cos its frid among other things...see what happend on the very next bar..!
thats been my week all over...lol

EDIT: looks like 1,3000 for next week..??


jon
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PATIENCE... DISCIPLINE
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