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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

  • #132,361
  • Sep 21, 2014 8:47am Sep 21, 2014 8:47am
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  • #132,362
  • Sep 21, 2014 9:46am Sep 21, 2014 9:46am
Quoting Kouroushi
Anybody thinks about going short on NZD/CAD? Have broken a VBRN strongly {image}
Hi Kouroushi and all, what is a VBRN ?
what is your idea for that trade ?
thanks
Xam
  • #132,363
  • Sep 21, 2014 10:38am Sep 21, 2014 10:38am
Quoting Xamarass
{quote} Hi Kouroushi and all, what is a VBRN ? what is your idea for that trade ? thanks Xam
I guess

VBRN= Very Big Round Number
  • #132,364
  • Sep 21, 2014 11:17am Sep 21, 2014 11:17am
Quoting Xbd14
{quote} I guess VBRN= Very Big Round Number
This is my proposal, I like the nice slope of the MA(8) vs MA(40) and MA(180),
Expectancy 1,6R but available to place a trailing stop in case....
SL@ 1,2 ATR(14)
and around 3% position size

I don't know that pair maybe same info about foundamentals and sentiment
analysis is a good to define the big picture

cheers
Xam
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  • #132,365
  • Sep 21, 2014 11:32am Sep 21, 2014 11:32am
Quoting nc_trader
I know you are right, it is easy to make money when markets have a nice trend and when the markets are ranging it is not so easy. But i have nice results for the past months even when market are ranging, because i only trade with high risk/reward setups. I never trade with less than 1:5R/R and i believe Risk/Reward is the key to success! At this moment i'm looking to AUD/CAD, it seems nice to me. It breaks a nice bullish channel and a nice support zone. {image} photo hosting
NC,

1:5 R/R is too good. When do you move your stops to breakeven and how do you trail your stops? Also, how do you handle the psychological pressure of booking profits when the R/R is relatively low say 1:1?

Thanks
  • #132,366
  • Sep 21, 2014 2:20pm Sep 21, 2014 2:20pm
Quoting ghous
{quote} Your biggest challenge lies in managing your expectations. Ever wondered why people start off with a big bang only to be mauled and ruthlessly smacked around by the markets soon after? Yes your wins and losses are merely a function of probability, but the persistence of the phenomena of beginners luck followed by reality striking instead of the other way round should make you sit back and wonder why it is the way it is. Ever experienced the "sting" when you lose on a trade you really expected to win on? Ever wondered why a losing streak...

I joined the thread last year , learnt a few things and even became a member to the paid site for a while. Now I am back with more determination to make it in trading and now read this post by Mr. Ghouse. I think this is brilliant and rarely you find such nuanced insights into trading anywhere else online. This post is really brilliant.
  • #132,367
  • Sep 22, 2014 3:10am Sep 22, 2014 3:10am
Anybody short the GBPJPY pinbar?
  • #132,368
  • Edited 4:25am Sep 22, 2014 3:17am | Edited 4:25am
Quoting fascist
Anybody short the GBPJPY pinbar?
Hey fascist
Really... fascist!!!
Anyway, not a good place to go short, we are in an uptrend. So let's wait for a pullback to retest the latest resistance which is a support now.
  • #132,369
  • Sep 22, 2014 4:37am Sep 22, 2014 4:37am
Quoting Kouroushi
{quote} Hey fascist Really... fascist!!! Anyway, not a good place to go short, we are in an uptrend. So let's wait for a pullback to retest the latest resistance which is a support now.
Yeah fascist - but just a name.. couldn't think of any at the time.

Upward trend meaning which timeframe? Daily pinbar points to a rejection area and turning point.

Its breached 178 upwards and retesting 178 again.
  • #132,370
  • Sep 22, 2014 5:01am Sep 22, 2014 5:01am
Quoting fascist
{quote} Yeah fascist - but just a name.. couldn't think of any at the time. Upward trend meaning which timeframe? Daily pinbar points to a rejection area and turning point. Its breached 178 upwards and retesting 178 again.
Hi,
I am not trading such setups but I am also watching this. I could read few times in this thread that big pins they reverse even strong trends. Location is not bad imho.

Regards.
  • #132,371
  • Sep 22, 2014 5:18am Sep 22, 2014 5:18am
Quoting fascist
{quote} Yeah fascist - but just a name.. couldn't think of any at the time. Upward trend meaning which timeframe? Daily pinbar points to a rejection area and turning point. Its breached 178 upwards and retesting 178 again.
Fascist
That's what I see: we breached 1.7531 which used to be a strong R & the border of a box. Now price probably going to retest that. A good plan I suppose would be looking for PA around 1.7531 to go long. If you wanna go short to 1.7531, it would be a counter trend & should be played cousiously. This pinbar is rejecting what important level? it's sitting on no special S/R or confluence
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  • #132,372
  • Sep 22, 2014 5:24am Sep 22, 2014 5:24am
Quoting Kouroushi
{quote} Fascist That's what I see: we breached 1.7531 which used to be a strong R & the border of a box. Now price probably going to retest that. A good plan I suppose would be looking for PA around 1.7531 to go long. If you wanna go short to 1.7531, it would be a counter trend & should be played cousiously. This pinbar is rejecting what important level? it's sitting on no special S/R or confluence {image}
I meant 180.00 area. I'm basing this trade on J16's original trade to take pinbars.. not on how it was later developed by Jaroo.
  • #132,373
  • Sep 22, 2014 6:20am Sep 22, 2014 6:20am
Quoting Kouroushi
{quote} Fascist That's what I see: we breached 1.7531 which used to be a strong R & the border of a box. Now price probably going to retest that. A good plan I suppose would be looking for PA around 1.7531 to go long. If you wanna go short to 1.7531, it would be a counter trend & should be played cousiously. This pinbar is rejecting what important level? it's sitting on no special S/R or confluence {image}
Except the huge round number 180.00 and if you look back to 1997 - 2003 this level has been tested 10+ times and pretty much every time it was rejected to the pip so theres no question this is an important level.

Also i dont see the significance in 175.31, sure it was a swing point but we are talking about 1 point and it didnt even hold the second time it was tested. Its worth watching but not the strongest S/R level i'd say.

We are in an uptrend but that doesnt stop us from going short if we get a strong signal, mike does it all the time.
  • #132,374
  • Sep 22, 2014 6:57am Sep 22, 2014 6:57am
Quoting ekling
{quote} Except the huge round number 180.00 and if you look back to 1997 - 2003 this level has been tested 10+ times and pretty much every time it was rejected to the pip so theres no question this is an important level. Also i dont see the significance in 175.31, sure it was a swing point but we are talking about 1 point and it didnt even hold the second time it was tested. Its worth watching but not the strongest S/R level i'd say. We are in an uptrend but that doesnt stop us from going short if we get a strong signal, mike does it all the time....
But don't you think it would be much more reliable if sucha pinbar formed around 200? It's not a good place to go short, thogh it may go down it's arisky trade. Mike is picky Idon't suppose he would go short for this
  • #132,375
  • Sep 22, 2014 7:20am Sep 22, 2014 7:20am
Quoting Kouroushi
{quote} But don't you think it would be much more reliable if sucha pinbar formed around 200? It's not a good place to go short, thogh it may go down it's arisky trade. Mike is picky Idon't suppose he would go short for this
In terms of round numbers then sure 200 is a bigger round number than 180 but again 180 have been tested and rejected numerous of times so there is confluence.

It all comes down to how picky you are. I think youre right about mike not trading this pin but then again he is a very picky trader.

All i'm saying is that this setup does have a couple of things pointing in its favor, whether its enough is up to each and one of us do decide.
Do i think the trend is over? No but i do think theres a fairly good chance that price will retest the 175 area.
  • #132,376
  • Sep 22, 2014 9:26am Sep 22, 2014 9:26am
Quoting ekling
{quote} Except the huge round number 180.00 and if you look back to 1997 - 2003 this level has been tested 10+ times and pretty much every time it was rejected to the pip so theres no question this is an important level. Also i dont see the significance in 175.31, sure it was a swing point but we are talking about 1 point and it didnt even hold the second time it was tested. Its worth watching but not the strongest S/R level i'd say. We are in an uptrend but that doesnt stop us from going short if we get a strong signal, mike does it all the time....
Hope everyone had a nice weekend

Yep you are right E, and I do have a pending order on a break only. In this case we don't have a ton of confluence, while the 180 BRN is certainly important it's not what I would call a confluence of s/r type play. It's a pure momentum play of a large bar in a lot of space. If you get that follow through of momentum the target of the top of the range is highly highly likely. BUT we did have abnormal news event the GBP is coming off and that certainly could cause a bit of a bump for price especially on a friday.

But yes a large bar like this with a ton of space is always juicy. I would only personally play this one on the break because of the above(although the left eye is TRYING to hold). The target into the BRN of 175 is very logical and a very logical area to look for both longs or shorts.

Some people shorted at the left eye and price did give a healthy 60+ pip bounce that could get you to breakeven or a small tight stop above the high that is made. If we had more confluence to go with the pinbar it would make more sense for me to short on a retrace. In this case though seeing the continued momentum of a broken and confirmed pinbar is important and I would use the pullback area to reduce my risk(think dynamic R:R)

Hope that helps
Mike
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  • #132,377
  • Sep 22, 2014 9:56am Sep 22, 2014 9:56am
I did go short at the left eye but i havent modified my trade anything yet. If we break the bottom line of the box then i will probably move my stop to just above the box which is almost break even. If we break the top of the box and continue to move up i will probably close the trade manually.
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  • #132,378
  • Sep 22, 2014 1:22pm Sep 22, 2014 1:22pm
Quoting mbqb11
{quote} Hope everyone had a nice weekend Yep you are right E, and I do have a pending order on a break only. In this case we don't have a ton of confluence, while the 180 BRN is certainly important it's not what I would call a confluence of s/r type play. It's a pure momentum play of a large bar in a lot of space. If you get that follow through of momentum the target of the top of the range is highly highly likely. BUT we did have abnormal news event the GBP is coming off and that certainly could cause a bit of a bump for price especially on...
Thank you Mike
Would you please participate in the thread more? for someone like me in this part of the world it's really hard to transfer money to your paying site & it would charge me a huge commission. with the capital right now I've put in the market it's not that logical, so please give more here
What other pairs are you currently looking at?
  • #132,379
  • Sep 22, 2014 1:36pm Sep 22, 2014 1:36pm
watching eur/usd for a potential support zone...
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meine augen sind die sterne
  • #132,380
  • Sep 22, 2014 3:58pm Sep 22, 2014 3:58pm
Quoting mbqb11
{quote} Hope everyone had a nice weekend Yep you are right E, and I do have a pending order on a break only. In this case we don't have a ton of confluence, while the 180 BRN is certainly important it's not what I would call a confluence of s/r type play. It's a pure momentum play of a large bar in a lot of space. If you get that follow through of momentum the target of the top of the range is highly highly likely. BUT we did have abnormal news event the GBP is coming off and that certainly could cause a bit of a bump for price especially on...
Will you cancell the order, as it didnt trigger next bar?
If not up, then down, otherwise sideways :-)
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