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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

  • #130,561
  • Apr 14, 2014 6:20pm Apr 14, 2014 6:20pm
Quoting mbqb11
{quote} Hey D Yep I avoid heavily gapped equities. Also trading them on the weekly helps smooth out a lot of the movement as well. So I trade equities exclusively on the weekly at this point and avoid ones with huge gaps. The chart should really just look like an FX chart and I find it more than ok to trade with the same inherit risks that FX really brings me Hope that helps Mike
Thanks, I also noticed that stocks that gapped heavily tend to show some sort of inactivity or 'the calm before the gap'.
Selecting charts that look 'smooth' as in FX is a good tip, hadn't though of that one myself, but it certainly sounds logical .

Will definitely be a good exercise for getting picky, since last week I made it no further than 'B' on the NASDAQ, after I had checked the Euro-stocks.
Had a little over 30 stocks that showed PA, but in retrospect, only a few show the 'swing into the setup' like your recent pinbar trade.

Will have another go at it this upcoming weekend.
Lastly, I check quotes on investing.com now, but it's a usability-nightmare to say the least.

Is there a good platform for demoing this?

Thanks in advance,
W
It's a sport, an artform and a science.
  • #130,562
  • Apr 14, 2014 9:55pm Apr 14, 2014 9:55pm
Quoting Donaciello
{quote} Thanks, I also noticed that stocks that gapped heavily tend to show some sort of inactivity or 'the calm before the gap'. Selecting charts that look 'smooth' as in FX is a good tip, hadn't though of that one myself, but it certainly sounds logical . Will definitely be a good exercise for getting picky, since last week I made it no further than 'B' on the NASDAQ, after I had checked the Euro-stocks. Had a little over 30 stocks that showed PA, but in retrospect, only a few show the 'swing into the setup' like your recent pinbar trade. Will...
you can try the think or swim platform for weekly charts(data I believe is delayed but that's ok for demoing

I go through 3000 stocks a week and their are always weeks(like this one) that none appear too

Mike
  • #130,563
  • Apr 14, 2014 9:56pm Apr 14, 2014 9:56pm
waiting for some volatility but keeping an eye on a few pairs that are showing loss of momentum or squeezing. We just need some decent movement
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  • #130,564
  • Apr 15, 2014 6:00pm Apr 15, 2014 6:00pm
Mike, what is your thought on taking on the Pinbar? everyone else please chime in if you have comments or questions
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  • #130,565
  • Apr 15, 2014 6:21pm Apr 15, 2014 6:21pm
Quoting halfstep
Mike, what is your thought on taking on the Pinbar? everyone else please chime in if you have comments or questions {image}
Hey Half

For me this is just a small bar thats in a very sideways market. Notice price didn't make a nice swing point so that puts us right into traffic and trading it would be trading right into the last point of selling. Bit lackluster for me personally. I'd rather watch the rising TL or if we make new highs into the 1.7000 BRN is a good confluence area for PA for me

Hope that helps
Mike
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  • #130,566
  • Apr 15, 2014 10:57pm Apr 15, 2014 10:57pm
Thanks for the insight Mike. I would agree with your view, didn't take the trade, but just wanted to hear another's take on it. I do have a limit buy right above the double top.

I am also quite familiar with the concept of not entering trades when the left side of the chart has alot of traffic, but the ideal pin bar at swing points, or showing reaction to pivot levels with lots of rooms to run, don't happen that often; so how do you manage to stay patient for quality trades? How many trades would you take per month Just based on FX daily charts?

Also, how do you manage your trades? Do you usually fully take profits at FTA or a strong pivot area or do you manage most of your trades by move SL to BE and letting it run? FYI, I have previously tried to manage all my trade by moving my SL to BE and letting them run, I was not successful at it and can never book profits at the right time. Exiting trades has never been a strong suit of mine, just wanted to hear your thoughts.
  • #130,567
  • Apr 16, 2014 1:29am Apr 16, 2014 1:29am
Adding to *halfstep's trade management question:

Mike, what I'm really curious about is how do you react when price reaches your FTA? I mean, do you move your stop to BE immediately when price reaches your FTA or do you reduce your risk and wait until price closes beyond your FTA and only then move your stop to BE. I mean I know it's different when you're trading in consolidation and when you trade a break out, but I still couldn't get my head around on this subject.

The more I demo the more I realize how imporant it is to cut your losses as soon as possible, which means you should move your SL to BE as soon as possible. On the other hand, if you enter the market, you have to accept the risk of losing your money. So if you previously decided to enter the market and determined your risk on that trade then you must be willing to lose that sum of money anyway.

My dilemma is: most of my trades lately reach the FTA and it's amazing to watch that my predictions were correct BUT most of the time price just reverses and often I have to take a loss after that because I'm waiting for price to close beyond my FTA, which never happens. On the other hand if I move to BE immediately when price reaches my FTA, I get stopped out most of the time and just miss a highly profitable trade.

I would really like to know what your thoughts on this Mike. I'm just starting out and it's kind of frustrating. Anyway I think I'll have to rewatch your live trade videos, as I can remember it's an amazing source of learning material for trade management
  • #130,568
  • Apr 16, 2014 3:43am Apr 16, 2014 3:43am
Quoting mbqb11
waiting for some volatility but keeping an eye on a few pairs that are showing loss of momentum or squeezing. We just need some decent movement {image}
I have got it. 8 hr BUOB breaking downward trend line. Entered on the break of new High but missed the retest entry. Now plus 70 and SL moved to BE
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  • #130,569
  • Apr 16, 2014 5:04am Apr 16, 2014 5:04am
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  • #130,570
  • Apr 16, 2014 5:52am Apr 16, 2014 5:52am
I cancelled my left-over position in AUD/NZD (long), since the TP on the first half was hit and I no longer felt comfortable in the position.

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Made €0.12 on this one

W
It's a sport, an artform and a science.
  • #130,571
  • Apr 16, 2014 9:01am Apr 16, 2014 9:01am
Hey Half and Almost

I figured I would sort of answer you both together as well as upload a recent webinar of mine too.

Quoting halfstep
Thanks for the insight Mike. I would agree with your view, didn't take the trade, but just wanted to hear another's take on it. I do have a limit buy right above the double top. I am also quite familiar with the concept of not entering trades when the left side of the chart has alot of traffic, but the ideal pin bar at swing points, or showing reaction to pivot levels with lots of rooms to run, don't happen that often; so how do you manage to stay patient for quality trades?
Well all kinds of setups happen and then you have periods when certain types don't. For example when price ranges as heavily as it has recently more likely I'll end up taking breakout type trades by the nature of the markets. Then when the markets break out and start swinging your chances of finding good swing type trades as you asked will appear. The market just goes through these cycles as well as individual pairs/securities do as well too. The way I stay patient is two fold. The first is watching a lot of stuff. I watch ~80 FX pairs on daily/weekly, about half that on the 4hr/1hr and 3000 stocks on the weekly chart. With that many charts it's only a matter of time before something will show up. Does this mean I can go days/weeks without a trade? You bet ya. April is a perfect example. But I also know that one great trade can put you well into profit and lead to amazing returns in the long run. So I take what the market gives. I've also made enough mistakes of giving back good profit that not being patient will do, that cycle is lost it's fun for me and you gotta just learn that.

Quote
How many trades would you take per month Just based on FX daily charts?
Again it greatly varies depending on what the markets are doing. Some months no trades, some month it could be 5+. I really honestly don't keep track of that as it's irrelevant to me. Stay focused on just quality setups and let the rest take care of itself. It's much better to take NO trades for the month if you find none then take 10 daily trades and come out losing. To give you a rough idea I'm probably averaging about 5 trades a month so far this year. But i've taken I believe one trade in april. So that's just an average and across all markets. Again it's all about what the market offers me and most traders get fixated on the "trading" aspect which is normal but also pushes them to impatience. Double edged sword

Quote
Also, how do you manage your trades? Do you usually fully take profits at FTA or a strong pivot area or do you manage most of your trades by move SL to BE and letting it run? FYI, I have previously tried to manage all my trade by moving my SL to BE and letting them run, I was not successful at it and can never book profits at the right time. Exiting trades has never been a strong suit of mine, just wanted to hear your thoughts.

Quoting Almost
Adding to *halfstep's trade management question: Mike, what I'm really curious about is how do you react when price reaches your FTA? I mean, do you move your stop to BE immediately when price reaches your FTA or do you reduce your risk and wait until price closes beyond your FTA and only then move your stop to BE. I mean I know it's different when you're trading in consolidation and when you trade a break out, but I still couldn't get my head around on this subject. The more I demo the more I realize how imporant it is to cut your losses as soon...
I decided to upload a webinar from the PF from last week for you both. The reason is because somewhere near the 3/4 mark I believe, I do a rant on exits. It was one of my personal last aha moments and I can describe things much better than in text. To give you some general text answers(as well to almost). I do not take partial profits ever. Period. I did a lot of research on my own personal trades when I used to attempt this and quickly found for my style taking full profits always led to more overall profits. I am either in a market or out of a market. As for FTA. This is another thing that people get fixated in. A FTA is simply a point that we identify. What we do should vary depending on what the "story" tells us. Sometimes this is to get out full profit. Sometimes get to breakeven. Sometimes move our stop a bit. And sometimes Nothing.

I suggest tracking multiple types of exits for all your trades and accumulating that data to analyze down the road. It will help you analyze yourself better too.

But please watch my video. The theme of what I say is. The big aha moment for me is when I realized Exits are NO different than Entries. THEY ARE THE SAME THING.

Video as promised
Inserted Video

Hope this helps
Mike
  • #130,572
  • Apr 16, 2014 9:30am Apr 16, 2014 9:30am
good day
I present this pair for the analysis of trading, I see highly likely to generate a change in direction by having a well-defined resistance.
I welcome your comments. thanks
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  • #130,573
  • Apr 16, 2014 10:21am Apr 16, 2014 10:21am
Quoting mbqb11
Video as promised http://youtu.be/VUxNKisOfto Hope this helps Mike
Very -, extraordinarily helpful webinar Mike!
The fact that boxes can help as future profitability-projections and gathering the information, so as to dissect it for all it's various intents and purposes, BRILLIANT!

Not many people make it towards consistent profitability in trading, but you made it to the next level by being able to clearly transmit the valuable nuggets of information & experience, using no more than circles and arrows.
In Einstein terms, you've reached perfection.

Keep up the great work Mike!

Wouter.
It's a sport, an artform and a science.
  • #130,574
  • Apr 16, 2014 11:36am Apr 16, 2014 11:36am
Quoting cesar8
good day I present this pair for the analysis of trading, I see highly likely to generate a change in direction by having a well-defined resistance. I welcome your comments. thanks {image}
I'd be very careful taking this, because of the slow & steady approach of price.
It is often those approaches that poke through to only - after making a wick - come back down. (fake-out).

With Bearish PA, this might make for a great setup, but if, and when...

W
It's a sport, an artform and a science.
  • #130,575
  • Apr 16, 2014 1:15pm Apr 16, 2014 1:15pm
Quoting mbqb11
{quote}I go through 3000 stocks a week and their are always weeks(like this one) that none appear too Mike
With all that you watch, How many trades would you say you average a week or a month?
  • #130,576
  • Apr 16, 2014 1:27pm Apr 16, 2014 1:27pm
mike what about this pin on ppz?
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  • #130,577
  • Apr 16, 2014 1:44pm Apr 16, 2014 1:44pm
entry by base 150...pin bar on weekly.
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  • #130,578
  • Apr 16, 2014 1:57pm Apr 16, 2014 1:57pm
Quoting Forextm
mike what about this pin on ppz? {image}
I know you asked Mike for his opinion, but here's mine:

EUR/GBP: I think your pinbar is small, especially when compared to the downward move that preceded it.
The bar itself does not straddle any major location, except for a recent low.
Most importantly, this trade is in no-man's land in terms of BRN's.
Do you see how close 0.82 is below your pinbar?
A wick-fill scenario is more likely IMO, yet I'm not fully compatible with that kind of entry.
Your trade might still work out, but I doubt this is an A+ setup.

PS: SL's typically go below the pinbar, yours isn't, may I ask why?

USD/CAD: This one I like better, but I'm biased (I'm in this one too ).
Big BUOB, straddling - and closing away from 1.1000.
1.1000 itself created perfect confluence with 365 EMA, yet I didn't take it, as I was positioned already.


Best,

W
It's a sport, an artform and a science.
  • #130,579
  • Edited 11:35pm Apr 16, 2014 9:30pm | Edited 11:35pm
Quoting Donaciello
{quote} I know you asked Mike for his opinion, but here's mine: EUR/GBP: I think your pinbar is small, especially when compared to the downward move that preceded it. The bar itself does not straddle any major location, except for a recent low. Most importantly, this trade is in no-man's land in terms of BRN's. Do you see how close 0.82 is below your pinbar? A wick-fill scenario is more likely IMO, yet I'm not fully compatible with that kind of entry. Your trade might still work out, but I doubt this is an A+ setup. PS: SL's typically go below the...
Thanks Donaciello!
sl in usdcad?because i entry by base not by pb
  • #130,580
  • Apr 17, 2014 12:19am Apr 17, 2014 12:19am
gbp/usd breakout
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