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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

  • #127,541
  • Aug 27, 2013 7:06am Aug 27, 2013 7:06am
Anyone took the daily pinbar on the GBPJPY? How do you trail your SL?
I feel that, with such a huge movement, there might be a great reverse tomorrow. I don't want to "lose" profits so I trail it by looking at S/R on the 1H timeframe.
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  • #127,542
  • Aug 27, 2013 7:18am Aug 27, 2013 7:18am
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  • #127,543
  • Aug 27, 2013 7:51am Aug 27, 2013 7:51am
Quoting makwana
{image}
Hi! I like the "lock partial profits and move to BE" strategy. So I would take some before the blue area.
The only thing that concerns me is why with such a great shape the price didn't fall down the next day...look at august 9, 2011 on the daily...is history repeating itself?
Don't know but I think I won't take this one...
  • #127,544
  • Aug 27, 2013 9:53am Aug 27, 2013 9:53am
Quoting makwana
{image}
Hey Mak

I would avoid this based on the same as this chart

If it breaks that's your FTA but that is very very close.

Best
Mike
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  • #127,545
  • Aug 27, 2013 10:01am Aug 27, 2013 10:01am
Quoting slam.dunk
mqb11, i am headed south for the winter. let me know when those trades kick in. ########################## todays market condition report for euro/nzd. the market depth is currently +24.009. sell orders(+13.77) have made a small progress moving toward intended target, buy orders(-37.78) are not applicable at this time and should remain closed until further notice.. happy trading, zero/. . . platform : http://www.citifxpro.com/new-metatrader4 Login : 2089598551 Password : r4rtslx (read only password) . . {image}
Because yes I even like to help those that come in here rudely

If you read some of the material here(yes it's not all contained on post 1 it can't possibly be )

You wouldn't short into the major PPZ and BRN. Notice how this area holds now as support

If my order triggers where do you guys think my stop loss goes? It's logic based on basic concepts we teach here

Best
Mike
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  • #127,546
  • Aug 27, 2013 10:05am Aug 27, 2013 10:05am
Hey dudes.

Quoting gianmarco
The only thing that concerns me is why with such a great shape the price didn't fall down the next day...
Cheers for that, that is what I was wondering too, as in terms of set up it looks pin point, whilst looking at previous pin bars, the trade triggers the next day and gets easily to the FTA area and then does what it wants to.

Quoting mbqb11
{quote} Hey Mak I would avoid this based on the same as this chart If it breaks that's your FTA but that is very very close. Best Mike
I did not know that, so basically any friday candle which seems like a reversal pin bar should be avoided as it's a 'false candle' and does not accurately resemble the true market sentiment. Now (I'm assuming) some of these pin bars may actually come good but in the long run they would be better off avoided? If this be the case would you say the same regarding BEOBs and BUOBs too?

. . . and here I was thinking this PB was plum! lol
  • #127,547
  • Aug 27, 2013 10:06am Aug 27, 2013 10:06am
Quoting makwana
Hey dudes. {quote} Cheers for that, that is what I was wondering too, as in terms of set up it looks pin point, whilst looking at previous pin bars, the trade triggers the next day and gets easily to the FTA area and then does what it wants to. {quote} I did not know that, so basically any friday candle which seems like a reversal pin bar should be avoided as it's a 'false candle' and does not accurately resemble the true market sentiment. Now (I'm assuming) some of these pin bars may actually come good but in the long run they would be better off...

Hey Mak


Well not just because it is a friday pinbar. That bar would be small and weak/lack confluence no matter what day of the weak. But being that it is friday we can have a better idea that the "bounce" that creates the pin could be from profit taking and thus why it is created but small. If it's a larger nose pinbar it is fine to take coming off a friday. But you will see that fridays do give these small tiny bars that fool traders(coming off a trending market)

Best
Mike
  • #127,548
  • Aug 27, 2013 10:18am Aug 27, 2013 10:18am
Here is a current Daily chart that im watching. I would much prefer a setup to the downside due to the fewer stopping points along the way. There is a lot of traffic to the upside (even though this is a BO I still look at the potential areas of support and resistance within the pattern) Please note im just posting this chart up to see what others think (Mike in particular )

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Cheers
Dan
  • #127,549
  • Aug 27, 2013 10:22am Aug 27, 2013 10:22am
Quoting dan89
Here is a current Daily chart that im watching. I would much prefer a setup to the downside due to the fewer stopping points along the way. There is a lot of traffic to the upside (even though this is a BO I still look at the potential areas of support and resistance within the pattern) Please note im just posting this chart up to see what others think (Mike in particular ) {image} Cheers Dan
looks good dan

It's on my radar as well too

Best
Mike
  • #127,550
  • Aug 27, 2013 10:35am Aug 27, 2013 10:35am
Quoting mbqb11
{quote} looks good dan It's on my radar as well too Best Mike
Nice ! Its always good to hear that my charts are similar to the more senior members ...provides reassurance

Dan
  • #127,551
  • Aug 27, 2013 10:37am Aug 27, 2013 10:37am
Quoting dan89
{quote} Nice ! Its always good to hear that my charts are similar to the more senior members ...provides reassurance Dan
if you want me to nit pick


I prefer the descending TL due to accuracy, would have my rising TL drawn a bit different too


Mike
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  • #127,552
  • Aug 27, 2013 11:08am Aug 27, 2013 11:08am
Quoting slam.dunk
{quote} mr reed, i asked for what i asked for. whether or not you wish to give it to me is not even an issue for me.. also, in closing, if it makes you happy to send childish emails to me, then plz knock yourself up. please notice that i do not play childish games. i state again that there is no strategy in this james16 thread. i state again that those that claim that there is a strategy here are poking sticks into clouds. pinbars do not make a strategy. pinbars are an excellent tool that is used by con artists and snake oil salesman. ALMOST EVERY...
You clearly don't understand the strategy from this thread.
We don't trade pin bars, we use pin bars to confirm a good support/resistance and a bigger story.
I think over 95% of the pin bars I don't trade them. Because the support/resistance is not good enough and/or the story is not good enough.
Pin bars mean nothing to me without confluence. I may even trade a nice level without any pin bar but I will never trade a pin bar without confluence.
I know there are some price action course sellers that trade pin bars at bad levels and/or without story but this thread is different. I'm willing to show you my results after I will have a bigger sample (still a beginner but profitable until now despite some bad trades I took in the beginning) and after I will change the broker I use and withdraw all money from it I will share my password with you to see my results (my broker has advanced statistics, so even if I withdraw the money it will still show all the trades I made).
  • #127,553
  • Aug 27, 2013 11:15am Aug 27, 2013 11:15am
Quoting mbqb11
{quote} if you want me to nit pick I prefer the descending TL due to accuracy, would have my rising TL drawn a bit different too Mike {image}
Hey Mike, initially I also prefered the upper trendline but I was concerned that if price did break out to the upside there would be a lot of trendline touches/traffic for price to break though. Anyone of these points could reverse price back to our entry. Question, how important is traffic / trendline touches within a pattern after price has broken out ? (if that makes sense )

Cheers
Dan
  • #127,554
  • Aug 27, 2013 11:17am Aug 27, 2013 11:17am
Quoting makwana
{image}
Hi,
1.41 area is interesting,but the PA in not convincing enough for me to trade.

Weekly
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Daily
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  • #127,555
  • Aug 27, 2013 11:17am Aug 27, 2013 11:17am
Quoting mbqb11
{quote} if you want me to nit pick I prefer the descending TL due to accuracy, would have my rising TL drawn a bit different too Mike {image}
It is also the neck line of the bearish head&shoulders !
Nothing personal,just business
  • #127,556
  • Aug 27, 2013 3:30pm Aug 27, 2013 3:30pm
mbqb11
Mike,

Do you think it may be possible to use the hourly or thirty minute price action as a driver for lower time frame trading (aka Ryanmcd style for example)?
Cheers.
every Saint has a past. Every Sinner has a Future
  • #127,557
  • Aug 27, 2013 3:57pm Aug 27, 2013 3:57pm
Quoting turnip15
mbqb11 Mike, Do you think it may be possible to use the hourly or thirty minute price action as a driver for lower time frame trading (aka Ryanmcd style for example)? Cheers.
Hey T

Yep absolutely. The great part about PA trading is it is universal. The lower the timeframe you go the quicker you must make decisions and some things like spreads/slippage become a larger factor in costs


Best
Mike
  • #127,558
  • Aug 27, 2013 4:19pm Aug 27, 2013 4:19pm
Quoting mbqb11
{quote} Hey T Yep absolutely. The great part about PA trading is it is universal. The lower the timeframe you go the quicker you must make decisions and some things like spreads/slippage become a larger factor in costs Best Mike
Thanks for a prompt reply Mike
every Saint has a past. Every Sinner has a Future
  • #127,559
  • Aug 27, 2013 4:55pm Aug 27, 2013 4:55pm
I'm sorry, where can I find more on trading logic or in other words psychology behind buying, selling and so on? It's been mentioned here on some occasions but I can't find any posts explaining it in detail.

Thanks
  • #127,560
  • Aug 27, 2013 9:08pm Aug 27, 2013 9:08pm
Quoting bee24
I'm sorry, where can I find more on trading logic or in other words psychology behind buying, selling and so on? It's been mentioned here on some occasions but I can't find any posts explaining it in detail. Thanks
Hey Bee

There isn't a set guideline for a general reason why people are buying and selling


The better way to view it is why are people buying or selling in a particular instance . I refer to this as the story. This is built into the concepts such as PPZs, BRNs, Big bars vs small bars, Space vs traffic etc . Each of those concepts involve that psychology. So instead of thinking about things in general think about things in a particular instance.

For example the recent chart i've been posting on the cad/chf. How do I know to avoid that pinbar? It's using the structure of PA to understand market psychology or using historical price flow to indicate potential future flow. A small bar off a friday is more likely to be profit taking causing a "weak" bounce. Would I want to be buyer of a weak bounce and weak buying/profit taking.


So it's in that way that it's better to understand psychology of your chart, rather than in a general way. construct the story of your chart and you will both understand why the chart looks the way it does and how to approach it logically. This is how I present my charts and view the "story" of a trade

Hope that helps
Mike
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