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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

  • #129,921
  • Feb 13, 2014 6:37am Feb 13, 2014 6:37am
Quoting Berserker
EURUSD - look at how the price closed yesterday right on the long term weekly uptrend. I think this is what Tail Gunner would call traffic, and what I should have been aware of before entering the trade. Or played it with tight stops to maximise profits... {image}
I think market did what was supposed to do. This is level I marked before entering the trade. I took profit only with 1/2. There was too much traffic but really quick profit was achieved in few minutes.

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Lose small, win BIG
  • #129,922
  • Feb 13, 2014 6:46am Feb 13, 2014 6:46am
Quoting michal7
{quote} I also took AUDNZD long from pin bar on 24th of January, took 1/2 off at 1.0655, 1/4 off at 1.0837 and rest hit my TP at 1.09. That same day we got a big pin bar and then we got a pin bar also on weekly, that's why I entered thinking that even if it's just a retrace we should get to 1.0730. I usually don't look at monthly so I missed that pin bar there. I've lowered my risk a bit already. Price is ranging now so I'm waiting wheter it breaks up or down so I can act. {image} {image}
AUDNZD finally broke down properly and hit my first TP at 1.0740. So half cashed in and second half set to BE. Now let's see if it was just a retrace or we go down to test the bottom again.
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  • #129,923
  • Feb 13, 2014 7:02am Feb 13, 2014 7:02am
Quoting michal7
{quote} AUDNZD finally broke down properly and hit my first TP at 1.0740. So half cashed in and second half set to BE. Now let's see if it was just a retrace or we go down to test the bottom again. {image}
I expected stronger reaction to actual level. Nothing happens at the moment. It could be a good sign.
Lose small, win BIG
  • #129,924
  • Feb 13, 2014 8:38am Feb 13, 2014 8:38am
Quoting michal7
{quote} AUDNZD finally broke down properly and hit my first TP at 1.0740. So half cashed in and second half set to BE. Now let's see if it was just a retrace or we go down to test the bottom again. {image}
I got the exact spot for entering AUD/NZD long, as where your took profit. .

Keep up the great job!
It's a sport, an artform and a science.
  • #129,925
  • Feb 13, 2014 9:47am Feb 13, 2014 9:47am
Quoting Berserker
EURUSD - look at how the price closed yesterday right on the long term weekly uptrend. I think this is what Tail Gunner would call traffic, and what I should have been aware of before entering the trade. Or played it with tight stops to maximise profits...
That -- plus the relatively modest size of the PB compared to surrounding bars -- is exactly why I avoided that trade. Notice the awful traffic areas that price needed to bull its way through for a successful trade. The areas outside the channel are especially nasty.

When a PB is quite large it indicates a high degree of momentum in the price reversal. The bigger the PB, the greater the momentum. That high degree of momentum might carry you through traffic. IMO, that price momentum was not present here, because of the relatively modest PB.
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Forex is for the lifestyle.
  • #129,926
  • Feb 13, 2014 10:04am Feb 13, 2014 10:04am
Quoting michal7
{quote} AUDNZD finally broke down properly and hit my first TP at 1.0740. So half cashed in and second half set to BE. Now let's see if it was just a retrace or we go down to test the bottom again. {image}
You are braver than I am. I tend to let my trades run, but a PB is a high-momentum trade. When I see that much sideways action day-after-day plus a major retrace in price after entry, I bail. IMO, a high-probability trade can evolve into an average trade. I ejected yesterday at BE. But I am glad that it worked for you!
Forex is for the lifestyle.
  • #129,927
  • Feb 13, 2014 10:09am Feb 13, 2014 10:09am
Quoting Donaciello
{quote} I got the exact spot for entering AUD/NZD long, as where your took profit. . Keep up the great job!
If I may ask, what was the PA for your entry? I can see price sitting right on the pivot zone on the daily chart and I can see price stalling on the 4H chart, but I do not see any PA. I have been pondering on how to go long on that monthly PB. I already got whipsawed (going long) by that big daily PB on my demo account.
Forex is for the lifestyle.
  • #129,928
  • Edited 10:38am Feb 13, 2014 10:33am | Edited 10:38am
Quoting Tail Gunner
{quote} If I may ask, what was the PA for your entry? I can see price sitting right on the pivot zone on the daily chart and I can see price stalling on the 4H chart, but I do not see any PA. I have been pondering on how to go long on that monthly PB. I already got whipsawed (going long) by that big daily PB on my demo account.
It was the retest of the left shoulder, bar some pips. No additional weekly/daily price action, a pure monthly trade.

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W
It's a sport, an artform and a science.
  • #129,929
  • Feb 13, 2014 10:35am Feb 13, 2014 10:35am
Anyone else noticed the spread-spikes with oanda?

My NZD/USD (sell stop) was processed with a huge spreadhike (+6 slippage), and the stop loss was taken out with a similar spike (another +5 slippage).

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It's a sport, an artform and a science.
  • #129,930
  • Feb 13, 2014 10:44am Feb 13, 2014 10:44am
Quoting Tail Gunner
{quote} That -- plus the relatively modest size of the PB compared to surrounding bars -- is exactly why I avoided that trade. Notice the awful traffic areas that price needed to bull its way through for a successful trade. The areas outside the channel are especially nasty. When a PB is quite large it indicates a high degree of momentum in the price reversal. The bigger the PB, the greater the momentum. That high degree of momentum might carry you through traffic. IMO, that price momentum was not present here, because of the relatively modest PB....
Starting to understand the concept of traffic, and what I need to be looking for. Cheers.
We are what we repeatedly do. Excellence, then, is not an act, but a habit
  • #129,931
  • Feb 13, 2014 10:51am Feb 13, 2014 10:51am
Quoting Tail Gunner
{quote} You are braver than I am. I tend to let my trades run, but a PB is a high-momentum trade. When I see that much sideways action day-after-day plus a major retrace in price after entry, I bail. IMO, a high-probability trade can evolve into an average trade. I ejected yesterday at BE. But I am glad that it worked for you!
I'm not as brave as it might seem. My entry was 1.0795 and it was triggered while I was not watching and when I saw it I was in loss already so I've just moved my SL above 1.0860(at 1.0880) to lower my risk. I woke up today and it was in profit. I moved my SL to BE immediately. Later it came so close to my first TP and stalled so I closed first 1/2 manually. It was bit of luck there for me. If pin bar was not quite big I'd probably close it in a loss at around 1.0830-40. But bar was very nice so I kept waiting wilt lowered risk.
  • #129,932
  • Feb 13, 2014 11:21am Feb 13, 2014 11:21am
Quoting Berserker
{quote} Starting to understand the concept of traffic, and what I need to be looking for. Cheers.
Better to be out of a trade and wishing that you were in it, than to be in a trade and wishing that you were out of it.
Forex is for the lifestyle.
  • #129,933
  • Feb 13, 2014 11:42am Feb 13, 2014 11:42am
Hey, anyone trading this pinbar on USDCHF? My entry was almost on the close of the pb and my initial stoploss was just under the formation. After some initial struggle price moved up and stoped a bit above my entry. I moved my stop to the 61.8% retracement of the move, which is also near a weekly pivot. I'm a little worried about the future of this trade since there seems to be a lot of traffic above and almost no momentum.

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  • #129,934
  • Feb 13, 2014 12:17pm Feb 13, 2014 12:17pm
Quoting toplel
Hey, anyone trading this pinbar on USDCHF? My entry was almost on the close of the pb and my initial stoploss was just under the formation. After some initial struggle price moved up and stoped a bit above my entry. I moved my stop to the 61.8% retracement of the move, which is also near a weekly pivot. I'm a little worried about the future of this trade since there seems to be a lot of traffic above and almost no momentum. {image}
Hi,seems to me you are now buying into a res area which was recently supp 3 bars back
  • #129,935
  • Feb 13, 2014 1:21pm Feb 13, 2014 1:21pm
Quoting toplel
Hey, anyone trading this pinbar on USDCHF? My entry was almost on the close of the pb and my initial stoploss was just under the formation. After some initial struggle price moved up and stoped a bit above my entry. I moved my stop to the 61.8% retracement of the move, which is also near a weekly pivot. I'm a little worried about the future of this trade since there seems to be a lot of traffic above and almost no momentum. {image}
I am a relatively new trader, but my thoughts for what they are worth: you are trading (1) against the overall trend (2) with a relatively small PB (which indicates lack of momentum) (3) against quite a bit of traffic from January. Price is also battling against a lower TL of a pennant formation on my daily chart.
Forex is for the lifestyle.
  • #129,936
  • Feb 13, 2014 1:31pm Feb 13, 2014 1:31pm
Quoting Tail Gunner
Oil looks mighty fine, retreating from a BRN ($100) and the 150 MA at a swing-high double-top. {image}
That oil/usd trade garnered me 50 pips last night, but I forgot that traders must use much larger lots for futures. Another rookie mistake. Oh well, I earned enough for a cheeseburger and a beer. [BTW: That is something that really irks me about MT4. How difficult can it be to list pip value on a trade entry box?]

I will be looking to short again against that BRN ($100) if appropriate PA appears. I know that a hangman is a bearish indicator, bit I am unsure how to play it.
Forex is for the lifestyle.
  • #129,937
  • Feb 13, 2014 2:15pm Feb 13, 2014 2:15pm
Quoting Tail Gunner
{quote} That oil/usd trade garnered me 50 pips last night, but I forgot that traders must use much larger lots for futures. Another rookie mistake. Oh well, I earned enough for a cheeseburger and a beer. [BTW: That is something that really irks me about MT4. How difficult can it be to list pip value on a trade entry box?] I will be looking to short again against that BRN ($100) if appropriate PA appears. I know that a hangman is a bearish indicator, bit I am unsure how to play it.
Have you considered taking your trading out of MT4?
Most brokers offer quite sophisticated trading tools, order-types and additional info.

Made this transition myself some 5 months ago and I'm very pleased with it so far.
It's a sport, an artform and a science.
  • #129,938
  • Feb 13, 2014 4:18pm Feb 13, 2014 4:18pm
Quoting BlazG
{quote} Three reasons I wouldn't trade this setup: pin bar has a relatively large bearish body, it closed below the lows of prior several bars, it's a friday bar. B
Good call on eur/cad. That almost-PB was invalidated by today's low.
Forex is for the lifestyle.
  • #129,939
  • Feb 14, 2014 4:07am Feb 14, 2014 4:07am
Been in GBPJPY since beginning of the week - seen some good pip gains, but have a small return as I had small position due to massive SL on weekly.

Everything going well until last night when I started messin'...

On the four hour chart, it's been stepping up nicely, so thought I'd double my position when it broke the current box. I set my buy stop and stop loss just above my current stop loss, so I would be left with some profit if everything went south. Within the next hour, price raced through my buy stop, then whipsawed to take out my SL. That'll teach me

I'm still in profit on this with my current SL, but now that's been reduced. I think I made the mistake of buying into a yen pair on a Friday just before Tokyo opened - am I right in thinking that things could be volatile in this session? Also, I didn't really set a large enough SL to protect me being whipsawed.

In addition - I prob don't have enough experience to be doubling up, pyramiding etc. Keep it simple stupid.
We are what we repeatedly do. Excellence, then, is not an act, but a habit
  • #129,940
  • Feb 14, 2014 4:43am Feb 14, 2014 4:43am
That's the trouble with the weekly charts, there were a couple of good ones this week but you see smaller return
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