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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

  • #128,901
  • Nov 23, 2013 7:51am Nov 23, 2013 7:51am
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  • #128,902
  • Nov 23, 2013 10:35am Nov 23, 2013 10:35am
german 2gb on weekly
breakout south with more potential
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meine augen sind die sterne
  • #128,903
  • Edited 10:55am Nov 23, 2013 10:37am | Edited 10:55am
Quoting patapouer
Hello guys, been a bit busy with my wife's pregnancy. Funnily, it also made my trading better: less time to overthink = so-so trades weren't even considered. Congrats to the ones who rode the AUDUSD drop, I got shaken out after the weekly pinbar I also have two other trades I've taken at about the same time: Exxon Mobil: entry at the break of the D1 BUOB at a very strong W1 support area + MACD div and BB extreme. FTA was pierced through and retested, then it just kept going up. Took me some time to realize that the D1 BUOB was followed by a ........
hey P, Congratulations on such trades excellently planned and executed all thanks to the wife pregnancy wow. Just wanted to ask you a few questions if you don't mind. For the exxon mobil trade what made you target that far of since price was in kind of a box there with a lot of traffic along with the price on a heavy bearish divergence on the weekly. And on the PG trade price was at all time highs so why hold the trade for that long.
Congrats on all of them once again.

Al
  • #128,904
  • Nov 23, 2013 11:44am Nov 23, 2013 11:44am
Quoting albus999
{quote} hey P, Congratulations on such trades excellently planned and executed all thanks to the wife pregnancy wow. Just wanted to ask you a few questions if you don't mind. For the exxon mobil trade what made you target that far of since price was in kind of a box there with a lot of traffic along with the price on a heavy bearish divergence on the weekly. And on the PG trade price was at all time highs so why hold the trade for that long. Congrats on all of them once again. Al
hi alb
first I have to admit to admit I've been quite lucky on those trades
my sl is either below the price action set up for at an internal PPZ.
first take profit is at the FTA, which usually represent .5 - 1 R depending on where the stop loss is.
I move my sl to be at that time for the 2 remaining positions.
the second take profit is the next trouble aera on the way.
the 3rd sl is trailed behind weekly and daily PPZ.
the main idea to me is that I don't know which trade with be a runner.
so I try and give them some room but I want to protect myself as well.

Hope I made my thought process clearer... and sorry I didn't mention it in my previous post...

And many many thanks for the kind words.
All credit due to this thread
Slow & steady
  • #128,905
  • Nov 23, 2013 2:10pm Nov 23, 2013 2:10pm
Quoting patapouer
{quote} hi alb first I have to admit to admit I've been quite lucky on those trades my sl is either below the price action set up for at an internal PPZ. first take profit is at the FTA, which usually represent .5 - 1 R depending on where the stop loss is. I move my sl to be at that time for the 2 remaining position.........................Hope I made my thought process clearer... and sorry I didn't mention it in my previous post... And many many thanks for the kind words. All credit due to this thread
much clearer P, thank you.

Al
  • #128,906
  • Nov 24, 2013 12:35am Nov 24, 2013 12:35am
Hi Ghous, Thank you very much for the Fake Out strategy. So far it is going well.

I know fretting or regretting is not for this risky business. But my winning trades are getting stopped out for less than 1 pip. I dont worry about SL being hit but the train is going without me. Do you think I could have put the BE in more appropriate place?
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  • #128,907
  • Nov 24, 2013 7:48am Nov 24, 2013 7:48am
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  • #128,908
  • Nov 24, 2013 8:44am Nov 24, 2013 8:44am
Need suggestion from seniors please.
Bearish pin bar,Main trend down, resistance, rejection from EMA 150 and 365 and also BRN.
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  • #128,909
  • Nov 24, 2013 9:40am Nov 24, 2013 9:40am
Quoting zohaib
Need suggestion from seniors please. Bearish pin bar,Main trend down, resistance, rejection from EMA 150 and 365 and also BRN.
Zohaib,
I'm not a senior here though, just learning but this is my view on it.

Al.
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  • #128,910
  • Nov 24, 2013 10:05am Nov 24, 2013 10:05am
Quoting zohaib
Need suggestion from seniors please. Bearish pin bar,Main trend down, resistance, rejection from EMA 150 and 365 and also BRN. {image}
Not a senior as well, but IMHO no matter what you do your stop must be moved to BE when (if) the price reaches 1.2430 as this is a major PPZ.
Twitter @raitchev
  • #128,911
  • Nov 24, 2013 10:15am Nov 24, 2013 10:15am
Quoting albus999
{quote} Zohaib, I'm not a senior here though, just learning but this is my view on it. Al. {image}
Thanks albus999 and raitchev for your comments. I am still learning and i think still having bit problem with FTA so appreciate your comments.
  • #128,912
  • Nov 24, 2013 11:32am Nov 24, 2013 11:32am
Quoting zohaib
{quote} Thanks albus999 and raitchev for your comments. I am still learning and i think still having bit problem with FTA so appreciate your comments.
No probs. My guess, by the way, is that seniors would pull out the following arguments NOT to go into this trade:
-small pin
-no space created
-running into traffic.

Also, if you look 2-3 candles back you can see that two day pin bar... And you would be trading right into it. It is just too much going on and I believe it's not a good idea to trade this set up.
It helps to ask yourself: If I was currently long in that pair, would I get this pin as a indication to close my position? For me the answer is not. So I wouldn't trade this pin.
Twitter @raitchev
  • #128,913
  • Nov 24, 2013 11:58am Nov 24, 2013 11:58am
Quoting whynotnaveen
Hi Ghous, Thank you very much for the Fake Out strategy. So far it is going well. I know fretting or regretting is not for this risky business. But my winning trades are getting stopped out for less than 1 pip. I dont worry about SL being hit but the train is going without me. Do you think I could have put the BE in more appropriate place? {image} {image} {image} {image}
All great entries. I can see most of these have hit their major trouble areas and bounced off of them. Its ok to be expecting more from a trade but giving up on as much as 3R of profit for a BE looks like a poor exchange. They eventually took off for bigger gains but remember that in real time the decisions are always going to be made on the available limited information. The kind of trader I am, I would have executed my full take profit at those marked major trouble areas. But even if you decide to hold on, it makes sense to at least take partial profits at these major areas. Or use a tighter stop to take advantage of momentum blowing through the trouble area.

If you're allowing a trade to go 3R in your favor, and then letting it hit a major trouble area and retrace all the way back to your entry, even a BE is more like a loss at this stage because you've just given so much back.

Nice run there on the CHF/SGD. Did exactly as I thought it should do. I am regretting my decision of impulsively killing the trade prior to FOMC that day. I could have waited for the daily close, and that being not so bearish and closing back within the prior bar would have probably kept me in.

Anyways, I am glad that you're finding the method useful and effective.

hope this helps.

g.
I believe . . .
  • #128,914
  • Nov 24, 2013 11:59am Nov 24, 2013 11:59am
Quoting Neytiri
{image}
Ahh...Beauty that!

g.
I believe . . .
  • #128,915
  • Nov 24, 2013 12:07pm Nov 24, 2013 12:07pm
Quoting zohaib
Need suggestion from seniors please. Bearish pin bar,Main trend down, resistance, rejection from EMA 150 and 365 and also BRN. {image}
Hey Z,

You got some great answers from Albus and Raitchev,

Don't really have anything else to add.

A small pin bar at a minor swing high, headed into traffic - not exactly a setup with all the factors lined up.

As Albus put it, a hard break could see the FTA, but that being so close, is it really worth all the risk you would have to take up in endorsing the small bar itself?
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I believe . . .
  • #128,916
  • Nov 24, 2013 12:11pm Nov 24, 2013 12:11pm
Quoting ghous
{quote} Hey Z, You got some great answers from Albus and Raitchev, Don't really have anything else to add. A small pin bar at a minor swing high, headed into traffic - not exactly a setup with all the factors lined up. As Albus put it, a hard break could see the FTA, but that being so close, is it really worth all the risk you would have to take up in endorsing the small bar itself? {image}
Thanks Ghous and raitchey once again. Points noted and appreciate your answers
  • #128,917
  • Nov 24, 2013 12:13pm Nov 24, 2013 12:13pm
Quoting zohaib
{quote} Thanks Ghous and raitchey once again. Points noted and appreciate your answers
And while we're still about 45 minutes to the daily close our time (calender day) A very happy birthday buddy!

g.
I believe . . .
  • #128,918
  • Nov 24, 2013 12:19pm Nov 24, 2013 12:19pm
Quoting ghous
{quote} And while we're still about 45 minutes to the daily close our time (calender day) A very happy birthday buddy! g.
Thanks a lot bro God bless you
  • #128,919
  • Nov 24, 2013 1:27pm Nov 24, 2013 1:27pm
Now that we've cleared the USD/SGD pin, what do you guys think about the NZD/USD one?

On a bird-eye daily view, it looks like it has stalled on a major flip zone
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Looking closely, however, not a really awesome location, but still some space to run (0.8370ish - 1:1 R:R at least..)
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What gives me most confidence, though, is 4HR trend line. Although bearish, the trend line is confirmed by THREE pin bars.
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Dunno about you guys, but my fingers are so itchy for trading this setup
Twitter @raitchev
  • #128,920
  • Nov 24, 2013 2:23pm Nov 24, 2013 2:23pm
Quoting raitchev
Now that we've cleared the USD/SGD pin, what do you guys think about the NZD/USD one? On a bird-eye daily view, it looks like it has stalled on a major flip zone {image} Looking closely, however, not a really awesome location, but still some space to run (0.8370ish - 1:1 R:R at least..) {image} What gives me most confidence, though, is 4HR trend line. Although bearish, the trend line is confirmed by THREE pin bars. {image} Dunno about you guys, but my fingers are so itchy for trading this setup
Take a look at the week & month charts, man. Make sure your fingers don't do anything you'll have to punish them for...
When the going gets weird, the weird turn pro.
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