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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

  • #127,201
  • Aug 9, 2013 2:16am Aug 9, 2013 2:16am
Quoting bee24
Does anyone make sense of 2-day pinbar formed on EURCAD? What do you guys think? {image}
Hi bee24,
in my opinion you´re right if we combine those 2 bars we get 2-day pinbar. Would I play this? No. Here are my reasons. We´re in an uptrend here for very long time. So I would need something more significant to convince me to play shorts right now. Here I see just 2- day pin bar, there´s just no story for me yet. Also there´s not much space, there´s a lot of mess just below this bar, so price will have to fight through a lot. There´s danger that it will just bounce up. I tried to mark everything in my chart, I hope it helps a little.

Mav
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  • #127,202
  • Aug 9, 2013 2:34am Aug 9, 2013 2:34am
Quoting bee24
Does anyone make sense of 2-day pinbar formed on EURCAD? What do you guys think? {image}
Hi bee!
Lately I observed that these 2day Pinbars at good location can be VERY powerful. If there is a minor FTA ahead of us, the move can easily break it through. However in this case just as Mav pointed out we got a huge swinghigh resistance in-front of us. If we would have closed below, then maybe We could play a lower TF entry with PA confirmation.
Scroll back on your chart an look for such 2day pinbars. And check how they play out. (Im going to do the same in the next few weekends)

Cheers,
Stephen
It's all psychology...
  • #127,203
  • Aug 9, 2013 2:47am Aug 9, 2013 2:47am
Hi guys!
@Pinbar @JarrooTraders

I might go into some jarroo trading in the next weekends and I was wondering if you do any of these "jumping out and reentering" thing.
I mean just as pinbar mentioned in his former post - he would have quit the trade at the PBT Bar's close. Turned out to be a good decision, since price turned back.
However if price would have moved further south, then would you have put a pending on the same level, thus ensuring that with a retrace you will catch the down-move?

What I basically want to know is that if you do play these in and out games, then how exactly.

Cheers, Stephen
It's all psychology...
  • #127,204
  • Aug 9, 2013 3:38am Aug 9, 2013 3:38am
Quoting Pinbar
{quote} You really had no reason to take a loss on this trade, apart from hoping it would run. As Niche said, "Hope is comfortable companion but a very bad ally. {image} {image}
Why do you prefer to take partial profit instead of full profit or just moving your stop loss?

I played with the numbers and a strategy with partial profit has almost always less EV than a strategy with no partial profit. An exception is if the first take profit is close to the second take profit (but even in this case taking full profit at TP1 instead of TP2 has better EV than taking partial profits).
  • #127,205
  • Aug 9, 2013 3:55am Aug 9, 2013 3:55am
There's a pin bar forming on the weekly chart of Lloyds TSB stock, when the LSE closes could be a good short position.

Chris,
  • #127,206
  • Aug 9, 2013 4:02am Aug 9, 2013 4:02am
Quoting bee24
Does anyone make sense of 2-day pinbar formed on EURCAD? What do you guys think? {image}
Does james16 play 2 day pinbars?
I've found a 2 day pin bar on CADCHF (it also has divergence I think) but I'm afraid not a lot of traders watch 2 day charts (not even Metatrader5 has this chart).
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  • #127,207
  • Aug 9, 2013 5:04am Aug 9, 2013 5:04am
Quoting str8
{quote} Does james16 play 2 day pinbars? I've found a 2 day pin bar on CADCHF (it also has divergence I think) but I'm afraid not a lot of traders watch 2 day charts (not even Metatrader5 has this chart). {image}
They don't look at it but the huge bearish and then the huge bullish bar on the daily at the swing low will poke their eyes out... Pros will know what's the drill, don't worry.
If you want to check some order flow aspect of it check Pinbar's thread.
However I personally believe that if you dont need anyone's approval for trading 2day pins. Mike or Ghous may tell you they dont trade it but I will give it a shot. If it gives value to my trading -(aka it gives profit) then Ill put it in my toolbox.
Lately I have seen numerous 2day pins and most of them worked out well. It's time to backtest them

Cheers,
Stephen
It's all psychology...
  • #127,208
  • Aug 9, 2013 5:13am Aug 9, 2013 5:13am
hey guys for many of you this might sound like stating the obvious but after many hours looking at charts today i would have to say that

'it is not just about the price action, it is about where the price action happens'

i guess this is what mike calls 'the story'
Learning for Earning and Trading for Freedom
  • #127,209
  • Aug 9, 2013 6:06am Aug 9, 2013 6:06am
Quoting str8
{quote} Why do you prefer to take partial profit instead of full profit or just moving your stop loss? I played with the numbers and a strategy with partial profit has almost always less EV than a strategy with no partial profit. An exception is if the first take profit is close to the second take profit (but even in this case taking full profit at TP1 instead of TP2 has better EV than taking partial profits).

Because, I am trading off weekly levels which, may run for quite a bit, I want to catch the runners even if it is only with the remaining third of the trade.

This protects the investment and often, will run for quite a bit.
  • #127,210
  • Aug 9, 2013 6:29am Aug 9, 2013 6:29am
Anyone trade this daily PB.
It was beauty.
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  • #127,211
  • Aug 9, 2013 6:38am Aug 9, 2013 6:38am
Quoting mbqb11
{quote} locked in profit under the weeks low Take profit still at 66 but will watch tomorrows open or a bit later today to possibly close if we push a bit higher {image}
take profit hit
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  • #127,212
  • Aug 9, 2013 7:25am Aug 9, 2013 7:25am
Quoting str8
{quote} Does james16 play 2 day pinbars? I've found a 2 day pin bar on CADCHF (it also has divergence I think) but I'm afraid not a lot of traders watch 2 day charts (not even Metatrader5 has this chart). {image}
Hi Str8,

I'm in this one, for the reasons given by Stephen.

Broke OK, waiting for the TP1 to be hit.
I "mentally" moved my SL to the bottom of the bar that broke the 2-D PB (method given by Jarroo a few time ago). I like it here, it confirms the importance of the felt eye level .

wait an see

take care
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Slow & steady
  • #127,213
  • Aug 9, 2013 10:11am Aug 9, 2013 10:11am
Quoting Pinbar
Anyone trade this daily PB. It was beauty. {image}

Yup, took the trade. Still in the trade. What's your TG for this?
  • #127,214
  • Aug 9, 2013 5:35pm Aug 9, 2013 5:35pm
Quoting sodiska
{quote} Yup, took the trade. Still in the trade. What's your TG for this?

I am not in it but, it would probably be the low around 6.4288
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  • #127,215
  • Aug 10, 2013 5:10am Aug 10, 2013 5:10am
some weekly charts from german stocks:

arl with strong close in uptrend

fra with possbile breakout above 50 usd

gil with triangle

saz strong close in uptrend
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meine augen sind die sterne
  • #127,216
  • Aug 10, 2013 5:58am Aug 10, 2013 5:58am
Wondering if anyone has experimented with such megabars... @Mike, @james16 @pinbar @jarroo
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It's all psychology...
  • #127,217
  • Aug 10, 2013 6:12am Aug 10, 2013 6:12am
Quoting Pinbar
{quote} Because, I am trading off weekly levels which, may run for quite a bit, I want to catch the runners even if it is only with the remaining third of the trade. This protects the investment and often, will run for quite a bit.
Wouldn't it be more profitable if you trail your stops? For example only moving your stop loss to break even without taking any profit. This protects the investements because you can't lose any more. And still allows you to catch the runners.
  • #127,218
  • Aug 10, 2013 7:15am Aug 10, 2013 7:15am
Quoting str8
{quote} Wouldn't it be more profitable if you trail your stops? For example only moving your stop loss to break even without taking any profit. This protects the investements because you can't lose any more. And still allows you to catch the runners.

for a daily chart what number of points do you suggest as a tailing stop.
  • #127,219
  • Aug 10, 2013 9:19am Aug 10, 2013 9:19am
@Mike@ Others

Do you guys know a place where I can start demoing with futures? I just need a platform or a place where I can see charts and add some lines / notes just like mt4.
Thanks.
Stephen
It's all psychology...
  • #127,220
  • Aug 10, 2013 9:22am Aug 10, 2013 9:22am
us stocks on weekly:


phm with strong close in downtrend

yum with possible breakout above 75 usd
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meine augen sind die sterne
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