Yeah 4 hour. You can do the same with the daily close chart and that intersects at the same point. lol
Sorry, I didn't mean to make that sound like I'm belittling the set up. Example of my pickiness some times. lol
I'm thinking along the lines of a break to your upper channel line and some kind of direction decision after that. People just don't seem to like near misses of established patterns. ...I don't know. You've probably got an idea by now of how much I like everything like this to agree. This is just one of those examples.
No belittling taken my friend. Your comments and insight are most welcomed as always.
I would like to see a bounce back down at my entry. I management to take off half 72 pips and moved my stop loss above the left eye.
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Just when i thought this was going to be difficult, Monday close brings about an opportunity.
Things setting up nicely o the Eur/Chf:
I am still thinking on me entry point though, the 4H tells me the trend line hasn't yet broken plus there is a good enough chance of a retracment back to the trend line even if we see a valid and genuine break given the short term trend is still up, maybe i should just watch the daily close and conservatively play the break of the low in this case...
Thanks for the heads up ghous. Played the PB on the 8 hour (technically a BEOB). (sorry I can't post a chart)
It's never a bad decision to wait for the Daily to close and trade just them.
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In this with ya, very nice daily with the trend A+ in my book.
Price Action with the trend (retracemants) is always a high probability trade. But your view about reversible Price Action being more viable in consolidating markets, hit home with me.
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No, it's not standard. You have to use a period converter.
Here one:
Once installed. Add "periodcon" to your chart. Go to "inputs", there go to "Period Multiplier". If your on the 4 hour you would input "2" for the 8 hour chart. or "3" for the 12 hour chart , "4" for the 16 hour chart and so on.
Next:
Go to "File" and click "Open Offline" . Pick your time frame and pair you convertered and Click "Open". Then just add your template. Done.
Jim
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I was wondering if we could go back to this post by Jim please..
Sorry for this but i am only just starting to learn PB now so please don't flame me! ..
Where Jim has put the arrow for that move just before it there are alot of OB and a couple of IB..
How do you work out which one was the one to take? or is it just a matter of watching congestion and also which way the move goes after the IB or OB is created?
Sorry if obvious answer but I have been trying the IB OB PB and I'm getting hurt and now totally getting confused about what I'm doing wrong..
Could some one help please?
Adrian
Can you post charts Adrian?
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Nevermind Bundy showed me how to pull up the chart with that little arrow I didn't know that! thanks bundy
On the chart James posted there are no other good OBs at a swing high there. If you could post a chart with markings of which you are reffering to that would definitley help. IMO insidebars are the last of the price bars a trader should learn. They are IMO the most difficult to trade correctly. Of course this is just from my experience. OBs, are like pinbars in that you want to see them at swing highs. The OB isn't at a perfect swing high but still playable depending on the trader. Again if you took this trade, the first area to watch out for would have been the blue line...
Nicely said and done Mike. (as always)
Jim
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here is the kind of intraday entry i take and why.
there is nothing on this chart other than price and floor trader pivots. floor trader pivots mean nothing to me unless i can find some confluence to go with them. the only thing missing here is a set up bar which is not always needed if you have enough confluence. IM POSTING THIS FOR ONE REASON. if your entries have nothing more than one criteria to enter your gonna get screwed. here are the reasons/confluence behind this entry decision. this entry was taken at 2795 and had around a 5 pip drawdown as it reached for 2800.
in the blue box we have.
1. a pure 50 fib retrace to the substantial number of 2800.
2. a clear price flip at 2800....
Very important point Jim makes is this post.
Yes, he outlines his enrtry. The number of reasons/confluences to enter a trade have to be met. A Pin Bar, for example, by itself is not enough. The more the merrier of confluences to support a given entry, the better.
But more importantly, he talks about the reasons/confluences supporting his stop loss and breakeven point. Notice he didn't talk about his profit targets.
I'm not saying profit targets are not important, but controlling losses and looking at ways to reduce them should be looked at first and foremost.
Jim
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Was watching weekly ppz on u/chf. I have already pos in fiber, but this could be a very nice trade also. We could get a weekly PB as well. We'll see. I have marked (blue horizontal lines on daily) few points of interest.....
Wow raczek, your on a roll. Nice charts.
BEOB on the 8 hour Usd/Chf.
Jim
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Is anyone considering playint the daily pin on this pair? Pin is at a swing high and right on the PPZ at 1900. I normally do not trade CT but this pin, if it breaks, seems to fit J16 criteria. Anyone care to comment or feel free to give reasons for NOT taking this pin?
Bertie
I like how you phased that, "reason for NOT taking this pin?"
I can't find any.
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My only concern is the pin is CT. However I think a good question is 'would james himself play this pin?', and I think that the answer would be yes (assuming it breaks, of course!),.
Also, if someone like yourself, who's analysis I much respect, can find no reason not to, that's good enough for me!!
Berti
It looks to be a classic Pin Bar reversal.
But as you know if you ever played Texas Holdem, holding a pair of Aces doesn't always win.
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It's a great find Jarroo!!! the location is perfect plus there is a quite a bit of divergence within that rising wedge, definitely an A+ trade....but look at the trend...
Position yourself wisely my friend. lol. The Pin may never break.
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Now the Usd/chf looks to be in a similiar state. The price has retraced as much as 50% into the Pin bar is almost touching the price level that serves as the high of the left eye and plus it's an important ppz too i.e at 1.19. Can i consider this good enough given the divergence and the rising wedge pattern formation?
earlier i have always waited for the break of the pin but i would really like to master the skill of using these advanced entry techniques from my trading tool box. One thing i know off is that takinf trades of retrcaments are obviosuly...
ghous, I like your analysis of looking for confluences to line up to give you a strong entry. It's very good. But as you said, it is an agressive and risky approach to entering a PA set-up before the break.
The key is the break of any given Price Action set-up.
As your Eur/Chf chart shows, it saved you a loss waiting for the break that never happened.
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Please I need help. I am a newbie in forex of about three months old. I need some expert mentoring and advice from you. Please help me. I know all the terminolgies but I am not good when it comes to practical trading, so please I want you to carry me along. My name is Emmanuel Umoren. my email ID is jehem4real@yahoo.com, and my yahoo messenger ID is spinto2vip4. Thanks a lot.
Inside Bars can be a dime a dozen. But when they are supported by the confluences that we look for: PPZs, Location, S/R levels, Fib retracements, higher time frame Price Action, etc., they can prove to be just as responsive as any other PA set-up.
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Hi, Jarroo!
On the EU H8 Pin, You sold at the break of the pin, or few pips under the 1,26+PPZ? Why?
THX, NL
I took the break at Pin bar (1.2631). The top of the PPZ (in green) looks to be 1.2670 and the bottom 1.2631. Once Price broke the 1.2631, I would like to see the PZZ reject Price and continue down. Stop/loss is above the Pin Bar. Breaking the 1.2600 help confirm my entry.
This is not a "A" trade set-up so I'm not expectiing it to act like one. I've taken half off the table (+42 pips) and letting it play out. If Price breaks the 1.2670 level I may stop it out before it gets to the top of the Pin Bar.
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I took the inside bar after the one you marked. Stop loss is the blue line (1.2629). I like the IB's that are in the top/bottom 1/3 of a bar or so because they are usually trend continuation patterns on smaller timeframes (triangle, flag, horizontal channels), and when they break there's little resistance. I was wrong this time though!
I see. I like that it is below a PPZ level. It's a tough trade, a lot of traffic.
I would put more emphasis on the S/R levels then trendlines, flags, etc. I'm not saying that they are not important, they are. I feel that the S/R levels and PPZs carry more weght in your confluence alignments.
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I wish I could be watching clouds go by myself. Use to do it when I lived in Argentina 10 years ago. Have not been able to find a glider assoc close by.
You'll have to talk with raczekfx. He may know of some.
Or maybe this was meant for him, sorry.
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No need to be sorry. Finally I got a post answered (respectfully). You guys rock. First time I see a thread live this long at FF. Hope to join the PF soon. I am just waiting on a bank account I opened to put the money I am going to use for that purpose. See you all in there.
I just recently over the last few months re-joined the James16 website. I say rejoined because back in 2006 I joined the PF for a few months and it was great. The knowledge and support there was incredible.
The James16 Group website now has grown and developed into something pretty special. The knowledge and information has grown 10 fold. The webinars and videos alone are outstanding. It will defintely speed up the learning curve of trading Price Action. I highly recommend it, if only for a month or two.
Jim
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Hopefully I will be able to join and stay the full 12 months. Money is tight right now. I had funded a live account and fortunately I realized I needed more practice before I lost any money. I made a few dollar, lost a few dollar, but my initial capital is still there. Better invested in joining the PF for now. I already have plans on how to come up with more capital for when I decide is time to go live again. What happens when you re-join? do past paid months count?
Just start out small. Remember that its "PIP Amounts" not "Dollar Amounts" that matter. Meaning if you have a small account and make 75 dollars it may seem like a small amount of money and it is.
But if that money was made from 75 pips . . now that's impressive. Making constistent positive pips is where it's at because you can always add zeros to the dollar amount.
Yes, I believe past paid months count.
Jim
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hello james 16,i am totally new to this thread.all i want to know and ask is that...DO YOU CONSIDER NEWS RELEASE WHILE TRADING YOUR SYSTEM OR YOU DONT PUT NEWS INTO CONSIDERATION?
HAPPY PIPS TAKING
News is Price and Price is News. Or vice versa.
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I missed the juicy 4hr pins including the g/u pictured below... but i am planning on taking the daily pin. Not much of a swing high but with the trend and bouncing off a trendline. I think if it breaks than a very good chance to visit 1.4650ish again. Also i have noticed daily pins on g/u often give you the chance to book some profit even if the location is not prime.
Just have not decided if i will take it on the break or retrace...
Nice work saskgui.
The best play is wait for the break. A more agrressive play is look for bearish Price Action around the left eye on the 8 hour, 4 hour and even the hourly.
(Sorry I can't post charts. I had to borrow yours)
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I put in trades on the daily charts for the following pairs...
GBPUSD - Pinbar with trend. Limit Short at 1.4860.
AUDUSD - BEOB with trend. Limit Short at .6315.
GBPJPY - BEOB with trend. Limit Short at 142.22.
EURCHF - Pinbar with trend at 50% retracement. Limit Short at 1.5126.
Is anyone else taking these on the daily, or are they waiting for shorter time frame set-ups?
Looking good.
Except for the Eur/Chf.
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Thanks Jaroo. I have tightened up my stop losses, set a few into the profit zone. Maybe not the best method, but their could be upcoming resistence towards all GBPUSD, GBPJPY, and AUDUSD.
Of all four tradse the EURCHF looked the best. So I will hold on to it for the time being.
Nice job unlv. Don't forget to take some off the table when they near thoses S/R levels and let the rest ride.
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Would just like to echo Jarroo(also a great man!) comments..............you keep us imbued with hope and optimism when we feel a little lost and all alone! Would love your critique of the failed 1day pin on the EUCHF today if you have the time,
best wishes,
berti
My 2 cents:
Beside not breaking 10 to 15 pips below the PB for an entry. There was nothing to indicate to me that this PB would fail. It's just one of those rare occassions that a PB (with similar supporting confluences) just doesn't pan out.
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here ya go. please remember that this takes a little time and practice. price should have reached the 5100 level so no excuses from me i would just ask one question if i were talking to some of you that took this trade.
IF IT HAD reached 5100 (it was 27 pips short) and reversed what would you have done?
once again THIS WAS a failed pin bar but there are always things to learn from them. things that might have kept you out or prevented a loss if IT HAD reached 5100..
jim
So if a Pin Bar (or any PA set-up for that matter) is sitting on or is near a S/R level, a better entry to look for is not necessarily the break of the PA set-up. But below the S/R level that it is sitting on. Makes sense to me Jim, Thanks.
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1. notice a strong s/r area just beyond our pa if it exists.
2. know that if we trade into it we had better be prepared for a quick reversal that could give us a loss if we are not prepared.
if we know its there we have several choices.
1. get out when it gets there for a small profit.
2. take a small partial profit and move the remainder to BE.
3. stay in with your total position hoping for a break and move your stop to BE.
4. Dont enter until the level has been broken.
in the case...
Great post Jim. Printed and Posted in large font. (with chart of course).
. . . "helping on the thread" . . just trying to follow in your very large foot steps.
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Well, I am one of the guys that follow the thread but never post.
But I swear that I will contribute more.
I started to trade forex two years ago but I've never had consistency in my balance. In the beggining of this year I started to read this whole thread. What amazing thread!! I did my 3 months of demo trading and some months ago I came back to trade with my live account.
So, since I was "naked" and apply what I learned with you guys, my account always grow up!
So, I wanna thank James, Jarroo, Raczekfx and all the other guys that make...
I admire your Perseverance. A key ingredient in this business. Trust me, it gets easier.
Through practise (and losses) comes experience. Through experience (and successes) comes confidence. With confidence comes knowing the difference between a good trade and a not so good trade because bad trades are never taken.
Jim
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trade.a conservative 1 shouldnt take it due to the tp/sl ratio.with small shots its ok in my book...
I missed some good Price Action today.
Although the location of these Bullish and Bearish Outside Bars are not the best (Swing Highs and Swing Lows are better locations) they did prove to be successful.
Eur/Usd BUOB and Usd/Chf BEOB. (4 hour)
Nice Profit target panos.
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I am a little stumped on inside bars. I will leave these for now as they seem harder to read than the other PA setups, but for future reference...
what did i do wrong?
I went short when bar no.3 broke below the inside bar no.2. I had my stop above bar no.1 It then immediately moved up and through my stop.
Was the setup just in the wrong place? and this is how i should have played this? Or should my entry point have been below the low of bar no.1
thanks
Simon
Inside Bars should be played like any other PA formation, where location is important . . .
Bundy , you bet me to it.
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Didn't mind the positioning of the BUOB on EurUsd. ....Pullback off the trendline of the wind up we've been having. I actually entered not long after the close without looking for a better entry. Just knew it had a high chance of taking off like a rocket this time. lol
Yeah, the location wasn't great but the supporting confluences was nice.
The break of the BUOB was above the PPZ and 1.2700. I always miss the easy ones.
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Guys, what are your thoughts on taking partial profits?
On the one hand, if you close part of you position and/or move SL to BE, you already some money in hand; if you are then in a "free trade" you have little to worry about. Still, there comes a moment (e.g. another SR level) where it would make logical sense to lock in some further profits (e.g. move SL again or close another part of the position).
On the other hand, by the time you reach the final targeted TP, you have 1/4 or less of the original position left. That means that RR ratio...
Think you answered your own questions 007.
Depends on your goals as a individual trader. If your looking to catch the larger trend and ride it long term, then the "free trade" is the way to go. Locking in profits is never a bad decision. I'm not big on Risk/Reward. I'm a Risk/Potential profit guy.
Adding to a position after confirming PA after a retracement or clearing S/R levels. Yes, I agree with that.
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Looking at the daily chart things do look a bit clearer so this may not be a bad level.
The 97.50 and 98.00 look to be an area of S/R (PPZ). But that's pretty far away. It may still go up there a test that area. It would have been better if the PB formed at that level.
So no obvious bearish Price Action on the 8 hour, daily and weekly.
We have a PB at a swing high (not a high high like Nov.4th). Its with the trend and below a round number, 97.00. Not the best conditions but worth (to me) a small position.
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The H4 pin could be a retracement before the up move. USD index made tripple top and broke the longterm uptrend support , S&P made double bottom and is above strong S/R area now , EUR/JPY & EUR/USD all broke their resistance.
Absolutely possible. Nice chart.
I like the 96.20 as the 1st price target.
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Keep up the good work, maybe someday you can quit that fulltime IT job and not have to work on that booking site as well. I keep busy with video games and trade the 5min. Yes it's a fulltime job but I think I will keep it
Half Life 2 Rules.
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On my chart this one isn't a pin bar. It's hard to trade when my bars close different time. Is there anything to on on that?
Price Action formations with different brokers with different bar closes tends to balance out in the long run. Why not get another broker meta trader account and compare PAs on both.
Notice that the PPZ is the same.
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Jaroo, does the colour of PB makes any/much difference?
Not as important as the location amd supporting confluences. But it would be nice if a bearish PB was red and a Bullish PB green. I think the length of the nose and the size of the head are more important then color. imo.
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Jaroo are you in the usd/cad trade?
I was in Aud/usd (1hr pb) & Usd/cad (4h pb). My trades were triggered at pinbar retrace zones then went down , then up hitting my breakeven and felt like rock just now. God damn it!!! I want the revenge now.....
My initial target price was the 1st green line, but Price was moving fast so I took the 2nd green line. Half off there and I am now at break even. I did not take the aggressive trade (at the left eye). I waited for the break.
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Hi Jarroo!
You mean to try to get at least BE, as soon as possible, and make Your expectancy positive with higher hit rate, rather than bigger RR ratio?
Am I understand it right?
THX, Laszlo
Yes that's right. But every trade is not treated the same. I like to reduce my risk as soon as possible or place my stop loss where it makes sense i.e. S/R levels.
Remember James16's recent post. Understand it, learn it, love it.
Post #15568 James16:
THIS IS CRITICAL.
WE MUST LEARN TO:
1. notice a strong s/r area just beyond our pa if it exists.
2. know that if we trade into it we had better be prepared for a quick reversal that could give us a loss if we are not prepared.
if we know its there we have several choices.
1. get out when it gets there for a small profit.
2. take a small partial profit and move the remainder to BE.
3. stay in with your total position hoping for a break and move your stop to BE.
4. Dont enter until the level has been broken.
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The 97.50 and 98.00 look to be an area of S/R (PPZ). But that's pretty far away. It may still go up there a test that area. It would have been better if the PB formed at that level.
So no obvious bearish Price Action on the 8 hour, daily and weekly.
We have a PB at a swing high (not a high high like Nov.4th). Its with the trend and below a round number, 97.00. Not the best conditions but worth (to me) a small position.
I was asked (a few times) how I'm managing the Usd/Jpy 4 hour PB trade from yesterday. I hope you all don't mind if I post it here.
I took half off at an obvious support level (96.23) and move the other half to break even.
I was tempted to close the 2nd half when the PBs (in yellow) presented themselves. But instead of closing the 2nd half I moved my stop lose just above the support level, 96.30 level.
The trade is with the over all trend so I'm letting it ride.
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I saw these pinbars last night on the EU and GU, but didn?t take them, thought there wasn?t too much room to the downside.
What do you think about them, are they a valid pinbar signal?
thanks for your comments,
Francisco
The EU was not valid in my book. The nose length has to totally surpass all previous bars (candles). GU is valid, but I would like to see a longer nose. Not bad.
I'm not sure if your looking at the formation itself because you did not show any other reasons that these PBs may be tradable.
The validity of a Pin Bar has many components: Location (at a Swing High/Low), S/R levels (PPZs), Fib retracements, Trendlines, with the trend, etc. It is these confluences that make up a high probability PB.
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understand that daily is down..
So..u only looks for the Short trade on UJ H4???
Do u have any loss trade so far?
Sonic
Yes. Trading with the overall trend and looking for Price Action with that trend (with supporting confluences, of course) is not a bad way to go.
I haven't had many losses on my Price Action account lately. Probably because my frequence of trades are not as many as it use to be. Looking for more ideal PA set-ups and taking nothing less helps.
My DIBS account is another matter when it comes to losses.
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start with monthly tf and look for s/r, go down to weekly, daily and do the same thing. If s/r on a higher tf corresponds to one on the lower tf, you have much better chances it will hold again. When doing this, I had about 80% W/L ratio. If you just pick a random s/r on lower tf, chances it will hold are dramatically lower. If you pick s/r 'with a trend' (on price retrace), your odds are much greater than playing one against the trend.
Great post raczek.
As you noted about the James16 video in the guest section on the James16 Group being worth $Ks, I believe this post as well is worth just as much.
Example: 4 Pin Bar on the Usd/Cad, 11-25-08. (metatrader - Alpari)
Although the PB was not the best in location or size, the strength in the move came from the Daily PPZ.
Don't you agree that trading somewhat has become real difficult?? Could be the end of year lack of volatility, and if so this is my first ever experience of it, a pretty pathetic one though
I wouldn't say "difficult" it just requires a little more patience in looking for quality set-ups. It can alwys be better.
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Took the 4h pin on UScad because of it's location. However.......left the trade for a while and when I came back it had gone from 50+ pts profit into
-40 pips loss situation! It moved very quick and caught me out as I would have probably taken 50 on this because of previous bar lows!
Yet again the market teaches another lesson........monitor trades on the lower TFs closely. My trading at the moment is consisting of a whole series of harsh lessons from a harsh teacher......Mr Market himself. I am determined to document and learn from...
Are we talking about the same 4 hour Cad PB?
If your entry was at the PB break (1.2371), the trade had no draw down until it gave up 200+ pips.
Grab those pips when they are offered or move to break even if your looking for a longer term trade.
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I tend to write my own. They only take a couple of minutes most of them and I can fiddle with them further to filter better. lol
At the moment I'm only watching daily and 4 hour charts for "Wake up calls". ...Reading them mostly naked. (the charts. lol)
If I then see an indication of a setup coming up I will check back every hour etc. That's what I feel like doing at the moment, so I do it.
I found in the past that using identifier type programs showed me too much and I'd get bored with all the signals and lose interest. lol
I4bs are probably...
Weeding out Inside Bars is always a good practise. The double barrel I4Bs (or I3Bs, I2Bs) on the 4 hour/ Daily are usually (not always) followed by a pretty strong move.
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what is the ratio shd I use if I wanna to identify PB using this indi??
Sonic
The default settings should be fine. You can try different settings. Also, if you use the Pin Bar values they will only show up on the Daily chart. I like seeing I4Bs on the 4 hour and 1 hour (DIBS) charts.
I don't know how to fix this.
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How would this pin bar be graded? Or is it even a pin bar? I'm thinking the nose is good, but it rest of the bar goes down fairly low between the eyes.
Thanks Peter. I would strongly suggest you click PeterFM's name and read his posts (make that all of his posts). It will help you greatly. It sure has helped me.
Neutral bar off a hourly resistence. I would first ask you LVG is where is the Weekly and Daily S/R levels (PPZs)? Even if that was a good looking Pin Bar on the hourly, I would see if it was off thoses higher time frame levels.
Edit : You don't have to click the name any more, just click the post number. I forgot.
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I didn't look at the weekly, but here is my attempt looking now. Top of neutral bar is cyan line. I get a retrace 'almost' to the 23.6 fib from the larger move and break of 23.6 from the smaller move, which is a weak fib level. The green box I have marked possible resistance. I guess that is maybe some confirmation? I'm closer to the resistance level than the support level. Yes/No?
Price probably responded because it was close to resistence. More likely the 1.3000 round number. Close to a S/R level is good. But "On" a S/R level is better.
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I took both these IBs and have no reason to think they were poor. The shape is perfect and so is the location.
Both the trades are with the overall trend and have come off solid confluence, which seems like a tick mark to each of the things you need to check for when getting in a trade,
Eur/usd was off the confluence of the 1.29 ppz and the 23.6 fib level from the shorter term swing occurring somewhere around 19th September
Usd/chf being in a similar state was earlier supported by the confluence of 23.6 fib again from the shorter term swing...
I would consider those IBs as "Sunday Bars" which are ignore since they were formed on a US Holiday.
I'm not knocking your trade ghous. It just goes to show you the power of PPZ, Round numbers, and trading with the overall trend as you have indicated.
Nice trade my friend.
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I don't have Sunday bars from my broker so i never take these into consideration, but perhaps you're right, these may have formed due to low volatility yesterday anyways...
Here's the trade plan for each of the trades (Sl's are at break even), half of the trade volume gets closed as e hit our "Tp 1" on each trade:
Nicely done ghous. TPs are perfect in my book.
Notice the EU bounce right at 1.2700, interesting. lol.
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You can set History to false to show just LAST I4B/PB. Also, changing PB settings to 70/30 weeds out some weak ones - you may have to see if that works for you.
Enjoy!
Yes. Thank you, 007! Its working great now.
I don't rely totally on this identifier, there are obviously many other factors that we as Price Action traders take into consideration.
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Sure thing! I call those things "service indicators" (like Bar expiration time, for example) - with many pairs and TFs to watch (and other things to balance - I cannot be in from of monitors all the time for now), they do help.
Over the last few days I tweaked some old indies to do nice alerts for SR levels (you simply move the lines where needed) and TLs. Let me know if you are interested.
Sure I'm interested. I liked this horizonal alert but if you change time frames it reset itself. Any help with this one?
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What would be your take on this 1 hour pin?Looks as if we may get a 4 hour PB out of it in time.Would you trade this jarro?Or would you pass on something like this?
I would wait until the 4 hour close but this being late on Friday I would pass until next week.
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That's exactly the problem I was fixing Also, I wanted a double-line alert (S and R), so that I can watch range BO I can make it to a single line, if needed, but SR seems to make more sense.
The last problem was alerts themselves - the best original version kept giving alerts at every bar once conditions were met, e.g. once once crossed S and stayed below, alerts would keep coming in. I changed that to one alert at crossing SR or TL. New alert would only be given after re-test (i.e. crossing back, and the breaking the line again)....
Thanks 007. I'll check them out next week.
Thanks again.
Jim
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Sorry folks, just a minor intervention. Jarroo, you have to have recognised already that dibbs can be greatly enhanced with J16PA.
I would be interested in hearing your views on a compilation of the two WITH the understanding that it would be Research & {at this point,} Not Trade Advice.
Yes I have been thinking of that enhancment ( I guess we think alike)
Then again what system or methodology wouldn't be enhanced by J16PA.
An added confluence to the mix of many.
We'll do, sir.
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Hi all new to this thread, came via the DIBs thread and would just like to thank Jaroo! Will wade through as many posts as I can but could be very old by the time I finish all 1000 plus of them!
A question did James 16 ever roll out his trading system! Is so where (If Poss) do I go to get information. (Be polite)
Regards
Welcome abroad gaia.
Price Action, the J16 way, is more of a trading method than a trading system. The beauty of PA is that if you apply it to a trading system that you have or are comfortable with using, it will improve it greatly.
I would suggest as you read through the thread, click on the posts from a James16 and mbqb11 (Mike) and read all their posts. There are many others with great experience and knowledge for you to gain from as you read through.
Just remember that Price Action formations (Pin Bars, DBHLC, BUOB, etc.) are just part of the overall Price Action set-up. You will find that Location and the Confluences supporting a PA set-up, make up the complete story of a high probability Price Action trade.
Jim
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I tell myself everyday that this is not the way to go, but it's stronger than me;( do you think that we can actually learn patience?
Tell yourself that it's NOT stronger then you, is a start.
Patience can be learned . . it just takes Practise . .just like anything else.
If Patience was easy is wouldn't be a virture. Fun thing is, I'm pretty impatient person outside of trading. But once I realized that waiting for the best set-up pays off big time. Why would I ever rush a trade ever again.
Don't get me wrong, my patience is always tested just not as much.
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Here is a long i took on the Usd/Cad on Monday. Friday close of last week was showing signs of further correction and retracment into the trend but this week continued on with the bull run, once we saw the break of the confluence zone (1.24 ppz and the 23.6 retracment fib) there was little doubt that it would now serve as support.
The BUOB on the close of the Monday bar was the entry trigger with the stop just below the confluence zone.
Profit targets are 1.27 and 1.3.
Nicely done ghous.
I especially like the stop placement below the confluence zone.
Well done, sir.
Jim
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Just wondering what your thoughts were on the 1h pin on EU. I could not see any other reason to take it apart from it being a good looking pin. Could you elaborate so that us lesser mortals can learn a bit more? Many of us on here respect your views and it would be nice to hear your opinion on this one man,
thanks,
berti
Mike said it perfectly.
When we are at new level Lows (Support areas) we look for signs that Price may give us a hint of where it wants to go. What better then a PB at a swing Low (hourly swing Low). On the hourly time frame, just remember the move may be short lived.
My target price is the green lines, I didn't capture the entire move.
Thanks Mike.
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You absolutely made the right decision. If it doesn't sit right with a trader, fit your criteria, it could end up going 100000000 pips and it still wouldn't make a difference.
Not trading is often the answer
Mike
Let's see . . at 500 dollar a pip that would be . . . .
Some day . . . .
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All the news rate cuts yesterday and the NFP today is what got me out, saw some pullback and thought it was best to get out and get done for the week. I got out with a total of +57 for the entire position so not totally a looser...
BUT LOOK WHERE IT IS NOW!!!!! Guess i should have understood that daily tf trading has very little to do with news! I just could not hold on!
Every pips that now goes in the favor of the bulsl hurts me like a poisened arrow right across my heart...
For a second I thought you had a loss. lol
ghous you made 57 pips!lol So tell me what you should have done. Not moved your stop loss to soon . . .is that what your saying?
I like that "Confluence Zone" . .you may be on to something there.
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Ghous it's been pretty evident how much your improving lately.
You've come up with some good trade ideas. (Some errors occasionally). Starting to get it fella.
Don't stress about making the same mistakes over and over. You have to give these habits some credit. They're bloody hard to break!
Keep up the good work dude.
I wish my "mistakes" ended in a net gain. lol
I don't think he made a mistake. He felt that the trade was going against him . . . was smart enough to ge out with a nice chunk of pips . . . I say
tou ch? ghous.
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Notice what started this entire move down in oil. a bearish outside bar at an extreme high.
huge fortunes have been made in this down move. I mean HUGE.
I know a guy that has a 3 year old daughter and he purchased leap put options off of this bar in HER retirement account. leaps are just options with a lot of time left before expiration
That little girl now has more sitting in that account than most 65 year olds do when they retire.
never ever forget that knowledge is power. it can be used for good or bad...
Merlin was (is) a big Oil guy. I wonder if he caught the move up and down. It would be nice to hear from him.
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Your chart is correctly marked up. I will sell the low of the pin and let each days PA play out. If the resistance is as strong as it looks it could become a very nice trade. For those that are more quick to move their stops to b/e they should watch those areas. I will trail at the end of each day depending on how PA shapes up.
Take care
Mike
Mike, shouldn't you be in bed right now. LOL
Hope your feeling better bro.
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Hi Angel,
I keep stops just below the setup that triggered my trade. If it's a pb on 1hr, stop would be few pips below/above that pb. If there is ppz, 61fib or some kind of confluence, I could place it below/above it. Same rules apply to trading on daily, weekly, monthly charts. If I enter on 1hr most of the time I'm out on the same time frame.
e.g. I shorted u/c on 1hr and my initial stop was above monthly ppz. I have now moved my stop as indicated below. Please note that I haven't played or assumed daily PB yet. When I decide to play that daily...
Nice trading plan raczek (as always). Clean and simply. Its always nice to hide behind the higher time frame S/R levels (PPZs). Gotta love it.
I missed the Cad 1.3000 due to some prior committments. I usually schedule stuff on the 1st Friday on the month because I don't trade on this day (NFP, etc.) I knew earlier his morning, when we were talking, it was gone to hit big.
In the past I would have been bumming out all day that I missed it (feeling much like ghous was earlier). Now I just smile contented. Contented in the fact that I know another opportunity like this will happen again, it always does. As the Big Man (James16) says, these things happen over and over again. And it is the trader that has the patience and discipline to let these trades develop that makes the difference.
Jim
Oh by the way . . . I'll be watching the daily Pin bar come monday morning just like everyone else.
(God, I love this thread.)
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Hey Jim, Im doing great man! How about yourself? I hope everything is good for ya brother! I'll be sendin a PM your way just to chat and see how life is treating you. Ttys.
Your right on that too about the pin. I can't wait for a solid trade to come about off the daily. Other than the IBs a few days ago, I haven't seen a solid daily trade in a while.
Doing good as well Mike.
The patience game is in full play lately. Which is good because it usually pays off nicely. Trading is waiting as Bundy says.
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Sounds good, I do expect a retrace within the pin bar with the steep drop in the closing hours on friday and 1.2790 seems like a good place for a short if anyone's into more risky pinbar plays.
CAD rates out on tues though, hope that won't interfere with the charts too much.
A left eye entry before the break can be very risky. As long as you have some other confluences supporting it. The left is a good area to look at after a break then retrace.
I would like to see it break and never look back.
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I know the 1 hour isn't ideal to trade, but what do folks think about this setup?
PIN (maybe in traffic) on the 1HR hitting a Supply Zone where price has dropped a few times before (white arrows) and hitting a 38 fibo zone. I'm thinking being nimble and get in and out fairly quick.
Hey LVG. You have outlined the hourly PPZ very well and the PB you have indicated is off the hourly PPZ. The PB could have easily worked. Prive Action with supporting confluences is a powerful thing. But now you know why we for the break, it'll save you out of a lot of potenial losses. Trust me on that.
When trading on the hourly or any lower time frame it is crucial (imo) that we know the location of the Higher time frame S/R levels (PPZs). Because the is the heart of where Price Action and a high probability trade will meet.
Although the PPZ levels on the Daily Euro are not well defined, I placed some PPZ levels in green where some may be and your hourly PPZ level in blue. You can see the the higher time frame levels can not be ignored.
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"When trading on the hourly or any lower time frame it is crucial (imo) that we know the location of the Higher time frame S/R levels (PPZs). Because the is the heart of where Price Action and a high probability trade will meet."
Price at the monthly pivot 12736 and Price at above Weekly Pivot Point 12086
look at the chart
rgds,
my30marahaba
I sure you meant 1.27086 for the Weekly Pivot Point.
I don't see any clear Price Pivot Zones as define by James16 in that area. But you get the meaning of using higher time frame levels, be it Pivot Points or fib levels. What ever you feel comfortable with.
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Hello Jarro,
Hope you had a nice weekend!I was wondering how you will handle the MM on this usd/cad pinbar?The candle itself is over 300 pips.What is your plan?Thanks in advance,I always appreciate your posts
Clockwork nailed it.
As we know, the ideal stop loss placement is above (or below) the given Price Action formation. So we adjust our postion size to meet our money management risk.
Another strategy is use fib levels of the Price Action formation itself. Once Price breaks the PB (repeat), once Price breaks the PB or 10-15 pips away, we place the stop loss at the 50% retrace or 61.8 fib level. If we have a confluence of something else at these levels the better.
The daily Cad PB: the 50% retracement lines up nicely with the left eye. So the stop loss above this 50% level would look good.
Just remember this is not the ideal. Above the PB is the best location for the stop loss.
The best plan would be to take clockwork's advise, adjust your postion and place your stop loss there.
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I really appreciate you taking the time to respond. I always learn something from you. If you are ever in Las Vegas, the Steaks and Drinks are on me.
Looking at E/U getting close to the 1.2777 - 1.2800 area, which I have marked as another possible turning point and I'm looking to see if some type of price action will develop at that level. After that I think it is the Daily PPZ zone you have mapped out at around that 1.2848 level is the next possible turning point.
One day I'm going to get these S/R levels down and the market better...
Aahh Vegas, the stories I could tell you . .to bad they have to stay there. lol
You got the levels down on the hourly just do the same on the Weekly and even the Monthly.
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The only trades i took are the Gu long, which was off the daily Pb (also an IB) with the distinguishing factor being the spce avaiable for the trade to survive in.
The fact that we're going against such a dominant downtrend convinced me to stay away from longer term trades, I'll be happy if we hit this the resistance trend line, if we do i am getting out with a net gain of 250 pips roughly. the Grey area mentioned on the chart is where i took half the profit and left the rest riding on a free trade.
Very nice ghous.
That IB is also a I4B. (How did I miss that .)
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The other trade was the Nzd/usd long of the break of the daily pin. now this was in a nice situation where the pin high was resting just at the resistance trend line. Fortunately this weeks open was above the trend line leaving it broken but what was even better that the vlsoing of the gap was also the pullback I and many of us want when we see the break of a terbdline and want to trade it.
The best thing i could do was to go down on the 4H and look for PA. and Bingo!!!! a bearish candle then a Pb right at the trendline, my signal to go long...
Wow. Freaking beautiful. Mike is going to love that one.
5 pips late . . .
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How I wish I could take these trades further, the week truly has been of to blasting start
The whole point is profit and loss is all part of the game and even though I am happy I know I can't get carried away, the rules have to be followed. So waht if the dollar is being drained like waste the fact is it's all countertrend, I am still not convinced that the overall trends have bottomed for a reversal,
Needless to say whatever the outcome of my present trades, I'll be anxiosuly waiting to get back to "with the trend" stuff
Regards,
Ghous....
You may be at the start of a new trend ghous. You never know.
Just take some off the table at area the make sense and place the stop losses the same way.
Nice work brother.
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Hallo guys i get the opportunity to thank you all for the great teaching that i get every day from this forum.
now i have a doubt....i started on my demo account as a novice trader to enter trades on Daily/Week PA on PPZ or FIB with 2 position.
The first has a TP at the first support/resistence.
With the second position i move the stop loss to BE and let it run looking to lower TF ( generally 4H) to get out?
What do you think about this strategy?
Am i on the right way?
Thank you.
Yes benem. I would say your on the right track.
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What I didn't like about some pinbars though are the large SL which skew the R:R ratio. Not all the time but in this case like the CAD with the first support being so close, perhaps this is more relevant for counter trend pinbar trades, just thought I'll put forth my observation.
One of the validations of an "A" trade PA set-up (which I consider this Cad Daily PB to be) is that when it breaks on the next bar it will produce a decent size move. There is nothing wrong with have a 50 or 70 pip stop loss above/below the "A" trade set-up. (Depending on the pair). And then moving to break even.
If a PA set up is not triggered on the next bar tells me the quality of the set-up. Does this make sense?
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If that's so Then a repetition of a PA setup is more bad than good right? For instance We see a Pin Bar with a tail to the south, We know we need to get out our bull costumes, now the next bar instead of going up keeps going down and near the low of the pin bar finds some support to tacklw with, unable to do so it heads right back up to close as another pin bar (or a near pin bar) what do we do then?? should we consider this a setup twice as good as the earlier one or half as good or something else,
I have actually seen this kind of a setup earlier...
All I'm saying is when we have a strong PA set-up, with confluences and location in all of it's glory. It should break on the very next bar with a sizable move. And a tight stop loss can be placed.
If it doesn't break on the very next bar, I would question the strength of the set-up. And may pass on it altogether.
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Seriously though, Jim doesn't seem to put much weight into trendlines. He must have a reason for this. I am not devaluating your use of trendline ghous, I use them as well. It's just something to consider.
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Excellent point! I too noticed that earlier. Maybe he can hint on this better, but you're right that he does'nt put a lot of trust on trendlines, I am curious to know why.
It may be that they can be very subjective on where they are placed. Where as S/R levels can be very obvious or should I say, less subjective. Just a thought.
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from what i have seen his knowledge of price action is so accurate that he actually doesnt need them, the less u have on the chart the more the data is readily seen...and if u check yur chart u will find that price respects horizontal support and resistance and the trendlines are just additional consideration to back/ highlight these impt areas
kinda like the ema's....this is what i think anyways
great work guys ..keep it up!
I think you got it right on nAVIN.
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MINIMUM REQUIREMENTS / THIS IS A BUSINESS
WHATEVER / WHICHEVER WAY YOU DECIDE TO TRADE YOU MUST (AT A MINIMUM):
The sad thing is that some will read this, agree with it and chose to ignore it. Only after many losses and/or accounts will they say "Now what was that thing that James16 guy was talking about? Oh yeah, maybe I'll take this a little more seriously".
Ok maybe it was just me.
Thanks again Jim for all that you do.
Jim
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actually they were in a trading room in dallas in the late 90's and they did have internet trading although not like it is today. i told this story years ago. its here somewhere.
Yeah the Late 90's. lol
The time between 1984-1993 compared to today must seem like stone age.
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2. day trading OFF OF A DAILY CHART (if necessary based on a possible retrace of an initial move) and if not working the move for a swing or position trade if we bust some early s/r.
Would Somebody be so kind to tell me Jim's Quote's second half with different words?
THX, NL
Its not just the Daily where you find these its also on the Weekly. Here's a beauty on the Euro weekly. Pin Bar. 50% retrace at a PPZ and then busting through another PPZ.
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I like the location, Monthly PPZ. (1.5650ish area). Price has really reacted strong at this level I would like to see more definable Price Action forming.
That ugly little Daily PB may turn into a beautiful swan.
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I am not Jarroo but I agree with Mr. T. The pinbar itself was beautiful! The reason I would not trade it is due to the rather sideways move just prior to the pinbar. When a bar setup appears, I determine if the market reaction that created the setup is strong or weak. The sideways movement indicates weak reaction to me as price just hung around the resistance just prior to the pinbar. Hope I made sense. There are always great setups around the corner, so why not be extremely selective? We had IBs galore on the daily charts today, however, I did...
I am Jarroo and I agree with you completely. lol
I like the 1.5650 area, now let's wait and see if we get some obvious PA set-ups.
Well said phpscott.
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Not sure what mean... I was looking at the short trade Ghous was talking about. You had mentioned the 1.5650 S/R line and I was saying there were also 68.1 and 50.0 fibs close to there as well. Here is a pic of the 4H
Yeah, I know. I was looking at the past Pin Bars on your Monthly chart and seeing the little or no draw down there was off the breaks. That's all.
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Possible pin on this 4H GU (FXpro feed) - 40 min. to go!
Looks like in traffic, but bouncing off the trendline res.
Location is something Iam trying to improve, so need comment on this. Thanks
ALMAttachment 180395
Also bouncing off 50 ret., later spotted
The 4 hour PPZ you have drawn Alm is very good. Let's take a look at the Daily PPZs and see how they relate to the 4 hour.
The Daily PPZs are not very clear but we can get an idea of where they are. The 4 hour PB with the confluence off the 4 hour PPZ may prove to work out very nicely.
Price Action with supporting confluences is a powerful set-up. But as chr5648 has said . .traffic with price to the left a little messy, not at swing high/low. PA closer to the Daily PPZs would be nicer.
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The 4 hour PPZ you have drawn Alm is very good. Let's take a look at the Daily PPZs and see how they relate to the 4 hour.
The Daily PPZs are not very clear but we can get an idea of where they are. The 4 hour PB with the confluence off the 4 hour PPZ may prove to work out very nicely.
Price Action with supporting confluences is a powerful set-up. But as chr5648 has said . .traffic with price to the left a little messy, not at swing high/low. PA closer to the Daily PPZs would be nicer.
Sorry. Here's a better chart of 4 PA (PB) off the Daily PPZ.
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I wouldn't consider taking the GU PB myself as it is in traffic and not at a swing high, BUT, there's another 4H PB forming at EURUSD which adds to the validity of the short.
Have to wait till the 4H close though...
EDIT: Not a PB anymore at EUR but maybe a BEOB
You may want to wait until it actually closes. lol
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Possible 1hr R-db trade on the EURUSD..... not really confident enough with these setups to have a crack on my live account but might have a go at it on my demo.....not much room to move though but could be good for around 1.2917-ish
I think you played that nicely. Razcek would be proud.
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You can really see the double bottom on the 4H chart. Beautiful and classic pattern. I love these and head and shoulders.
What I love about double bottoms is there is a 3% failure rate if we close above the apex. Then, price throwsback around 68% of the time (according to Bulkowski)... so that's why I was saying earlier to look for a bounce off of 1.33 back down to that support area... and then continuation up...
If you do the price projection on that DB, it is 1000 pips from the top of the apex, which is 1.6530... well guess what that is? 50%...
Are these the double bottoms your talking about on the Daily (blue) and 4 hour(white) charts, respectively?
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but i thought/read when a HnS forms you are looking to play the break of the neckline? therefore if this is HnS then the break would be south? I can't quite see how it is valid if you are looking for a break up.
Sure, if the HnS is standing on its head. lol Inverted HnS Pattern.
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which is surely not valid as i thought HnS was a reversal pattern and aren't Bundy and Mr T looking to go long?
sorry, just not seeing the connection with the double bottom formation and the HnS (if i drew it correctly - which now not convinced i have as shouldn't it be inverted at market bottom?)
Ok. No not the same as a double bottom. Double bottom infers a double touch of the absolute low. The same way as tripple tops etc that we play.
An inverted Head and Shoulders Pattern is a single touch of the bottom with an immediate change of trend ....confirmed by the break of the right shoulder line.
You could get a head and shoulder pattern with a double bottom in it. BUT there would be two heads.
If you want to find the equivilent pattern in bars. A Pin bar would be a head and shoulder pattern. With the two eyes defining the shoulders...
Oh I see . I was tring to inter relate the two. I see that now.
Thanks for the clarification. My bad.
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I haven't posted here for a while. Just to let you seniors know that what you've taught me was put to good use :-)
Here's to you Jarroo...classic S/R PPZ.
I hope I didn't sound like I was knocking you trade caesar. For you to look at this level and a Price Action formation to trigger it means your ahead of most people. And your on the right path.
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AU 4H tf has got PB bouncing off the confluence of PPZ and 61.2 ret.
Hoping to get in the breakout, Comments on this are welcome. Thanks
I can see some bullish divergence too!
It still is pretty ok though as far as my money goes, I am looking to get in on the break too, It;s not at a swing low but sure is with conlfuence with the current trend, should be good for a short term trade atleast
I agree ghous16 . . . I mean . . . ghous.
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Just thought i'd give a physc. perspective on how i managed this uj trade.
Was it the best way?? maybe , maybe not but it was the plan that i had.
My thinking for the trade was to get in at the initial break of 91.35.
If it broke 9o.85 (the previous low) I would ride the initial push low then take 1/2 off. set stop to break even & let it run.
Well of course it went all the way to 88.36 looking good right.
first 1/2 was taken at 90 so i was feeling prety good about life also knowing that my 2nd 1/2 was at be & just above a 61.8 retacement...
rustyjeff : an observation.
Your post is well written and will be helpful to many. (Thank you)
But what confuses me about this trade is this: Was this a short term trade, which is usually with the Hourly time frame. Or was this a long term trade placed on the Hourly?
The mark of a good trader is the long term trade and dealing with the riggers (stress, anxiety, etc) that accompanies it. Dealing with pips swings that you have mentioned (300 to 1000 pips) is normal with long term trades and should be expected. My guess is that this was a long term trade because you had a plan and stuck to it no matter the pip swings that were involved.
Well done.
Jim
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Indicators show the past. Price Action "Indicates" the future.
So when price does hits an important level what makes you decide whether to go short or long? James16 strategy in it's most simplest of form is watching for price action on important confluence and res/supp zones for a possible entry. You haven't followed his strategy like you should or admit that you have your own strategy, what you mentioned above is not what James16 has been teaching through these 1000 pages of posts.
Abt your trade specifically if you're risking 18 pips on the trade (i assume you have your SL 18 pips away) you are'nt following...
I think your closer to a ghous16 Chart Thread then I thought.
Keep on keeping on ghous
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Indicators show the past. Price Action "Indicates" the future.
There is a BUOVB on Swissy 4H on the extreme bottom, having Daily PPZ at 1.1500. Doesn't look very good, as the potential trade will be against the trend. Comments?
Mike and Bundy (as always) offer great info on this IB. It never ceases to amaze me how much I (we) learn from these guys. Maybe its becasue as time goes by, they are becoming even better traders and they share that experience here on this thread. How cool is that.
Anyways . . .
The strong confluence of Monthly (Weekly) PPZ and 61.8 Fib on the Eur/Chf is perfect location to look for Price Action. Waiting for Daily and Weekly Price Action is what we will be looking for.
But I like the 4 hour IB you selected not only because its off the confluences stated above but its also an I4B with a small range. Just remember that lower time frame moves may be short lived. Protect your gain.
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There is a BUOVB on Swissy 4H on the extreme bottom, having Daily PPZ at 1.1500. Doesn't look very good, as the potential trade will be against the trend. Comments?
I am a little disappointed in missing the movement on the Euro, seems most setups are on the smaller TF's. Well this is somewhat interesting to me. Wondering if we are winding up for a breakout Wednesday?
I posted this on the PF a few days ago. Daily BUOB - Dec 4th. I took the trade on the 8th.
1.2800 PPZ. Took half at the green line.
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Yes hes has plenty, & i'm sure he knows.
If not, he should.....
Thanks guys . . but I am no different then any of you.
I've just been practising this a little longer. That's all.
Patience is a key factor, no doubt Jeff. But that can be practised as well.
There was a BUOB (in green) just prior then the one I took. But I wanted to see a good break above the 1.2800, a very tight PPZ and round number.
This post from Jim hit home for me. And worth repeating over and over again.
James16:
"THIS IS CRITICAL.
WE MUST LEARN TO:
1. notice a strong s/r area just beyond our pa if it exists.
2. know that if we trade into it we had better be prepared for a quick reversal that could give us a loss if we are not prepared.
if we know its there we have several choices.
1. get out when it gets there for a small profit.
2. take a small partial profit and move the remainder to BE.
3. stay in with your total position hoping for a break and move your stop to BE.
4. Dont enter until the level has been broken. "
Hi guys, I've been reading this thread october (I think)...well I've been trading this style for about 2 months and Im at breake even due to My fear to give to the market what I've taken from it. (Yes I know "let winners run and cut loser fast").
I got no major problem getting good entries, but my real problem is where take profits...so I will post my first pic here to show you What I consider a good trade (following experienced J16's traders).
PB at confluence of 150 and 350 MAs and 61.8 FIBO level.
I put a buy stop 10 pips above top PB...
Sorry i can't posts charts right now. Could you post a Daily Chart with its PPZ levels?
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Damn. That's was a good divergence trade at that high a couple of days ago too. lol
Thanks Bundy (as always).
Forgot who took the short break of a I4B (different platform) at that level. looking good.
(edit: Getsmart took that trade, I wonder how's he doing with it)
trujill: Most of what James16 teaches (and preaches) stems from the higher time frames of the Daily and Weekly. So alot of our analysis starts there.
The 4 PB and the confluences you mentioned are very good. PB (imo)is just to small compared to the largeness of the recent down move. This past year has shown that even on the Daily time frame, PBs have failed after such a large move.
The Daily PPZs that I have drawn would be a good location for PA to develop on the Daily and/or 4 hour time frame.
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Here is an update on the CHF/JPY trade. Go, go, go! This pin bar business really does work, huh?
Nice LVG.
Although there was much traffic at the previous bars (candles), look at the size of the PB compared to them. It's almost BUOB/PB if there is such a thing. lol
It wasn't the prettiest set-up, but I can understand why it worked.
Price Action, location and supporting confluences are a powerful thing. They just take time to develop.
Nice job LVG.
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I set it to b/e fairly early on as I was a bit nervous about it and wanted to protect my capital. So I was duly stopped out...earlier on I would have kicked myself for it but I don't these days I don't as preserving my capital is number 1. Its still a battle though sometimes, when to move the stop on a trade....I guess as it is for many,
Joe
ps. but I am still in on the break of the chyjpy pb
Very understandable Joe.
Have you tried the "free trade" approach? This is where you take half off once Price moves the amount you are risking. And then let the other half go. If it stops you out your net is zero pips.
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Indicators show the past. Price Action "Indicates" the future.
I haven't tried it but am aware of it.... maybe it was through the DIBs method thread.... have tried it in demo on my DIBs demo trades and I like it..
Haven't decided whether to risk 1% or 2% (I usually risk 1%) when using this method, I guess thats why I haven't tried in a live trade yet...
Cheers,
Joe
Yes, just like the trade management of the DIBS method. Its a good way of preserving capital while giving a trade room to breathe for a longer term trade.
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Indicators show the past. Price Action "Indicates" the future.
That's it for me.
I'm backing out till after the new year. Taken trades the past couple of days that I wouldn't normally take. I think now's the time to enjoy the holiday season. lol
In case I don't drop in, have a good one everybody!
Same to you Bundy. You have a great Christmas and New Year if we don't see ya.
Jim
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Indicators show the past. Price Action "Indicates" the future.
Thanks all who responded.
I still don't understand why, if higher timeframes are more powerful(ie successful), anybody feels so bored with their lives that they just HAVE to go lower in order to be doing something.
Cheers, and an excellent holiday to all.
A man after Jim's heart. lol
Very well said sir.
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So here is a setup that I'm not sure whether to play or not. BEOB on the daily audusd.
1. Would you classify this as an A trade ?
2. There's nice fib and ppz confluence above or middle of the bar
3. But there's minor ppz, support and resistance at .6750, at break of the bar
Would you wait for a break and retrace or pure break ? Perhaps its in a little too much traffic.
Appreciate your thoughts,
Joe
ps. also applies to BUOB on the USDCAD
I like it.
Its not at an extreme High but a new high none the less. Nice supporting confluences there. I would take it at the break.
If a retrace occurs, look for the low of the previous bar (green line). If it respect that level it looks good.
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jarro, my PA teacher is around, maybe he would be kind to answer me as usual with load of charts
Thanks
Mike
Sorry I can't post my own charts.
The Euro and Swissy Daily PBs have great potential. But as we have seen in the past, Pin Bars (or other reversing Price Action) after a strong move have ended in failure. Even after the break.
I have bad looking charts right now. Can anyone post these two pair with Weekly and Daily PPZ levels. (Hopefully their the same levels. lol)
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Hey Jarroo what do you think of the usdjpy pa ? BUOB on the daily....see my previous post for charts..
Regards,
joe
Yes, I saw your charts on the usd/jpy. More of a DBLHC than a BUOB to me. (right, technically BUOB). Pretty strong move down . . . not sure I this one. I'll have to wait and see on my charts for a better look.
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Thanks for all those great lessons and this great example, just a quick question. When is this divergence are you looking for some pattern on there to be sure when exactly it is going to come down? Otherwise how can you know that this is exact moment to go in the trade? And if you are looking for pattern then on the same TF or some smaller one?
Thanks again!
Ed
Divergence is side note confirmation, to me at least. It is not a end all/ be all type of situation. For example if you have a set-up for a down move from new highs, with location and supporting confluences, divergence would be nice to have as well. But not necessary to have to confirm your decision to take the trade. (imo)
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As always Jim knows his stuff and is always a big help
I use divergence as just another "tool".
Ultimately we are looking for good PA at a good area to confirm everything else. The most recent example was the triple top on USD/CAD + Div + Pinbar with good space swing high. High probability trade is what our goal is. If you try to just trade divergence in a trending market, you will get killed over and over. Wait for the market to tip its hand via Price action at a good spot. Then you...
Nicely done Mike.
Folder>price action>examples>divergence.
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Im in the USDCHF and EUR/USD also triggered. I guess my question to anyone is, does it makes sense to be in both CU and EU since they are very much correlated? Is that too much risk? What are the pros and cons?
Trade each as individual trades. As if there was no correlation.
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I closed half of the trade at 1.4070, which is the daily Support 1, pivot level for today. What is your expert opinion on managing such trades? Thanks.
fxpilot
Nice fxpilot. (expert lol)
I like the nice round number 1.4000 which is at my PPZ. Could go to 1.3900. (1st half)
Then 2nd half to just above break even. Maybe to the left eye level.
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So you're saying if you're in the initial trade but didn't take profit at the target you exit immediately? No re-entry?
Correct.
In my initial analysis I determine my 1st target and it gets hit and I miss it (for some reason) I don't "hope" that it gets hit again. I'm out. No re-entry. On the 1st half
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Now the euro my first target was 1.4000. It got to 1.4050 level after moving what 130 or so pips. I am not going to let 130 pips go to 0 pips because my 1st target wasn't hit. So I will lock down at 50 then 75 then 90 while still give it some room to breathe.
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Indicators show the past. Price Action "Indicates" the future.
Now the euro my first target was 1.4000. It got to 1.4050 level after moving what 130 or so pips. I am not going to let 130 pips go to 0 pips because my 1st target wasn't hit. So I will lock down at 50 then 75 then 90 while still give it some room to breathe.
Case in point. I'm out my 1st half on the euro for 83 pips. Other half just above my break even point.
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On the Euro I don't say "man I wish stayed in a little longer". I don't say that any more. Because it was more like "Why didn't I take some of that 200 pip move off the table, now I'm -45 pips". LOL
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A break of 1.53 has to be important here right Jarroo? It's good that the low of the BEOB touches this level so anybody sensible and aware of these crazy market conditions will play it's break which has to be below 1.53.
ps on my chart i also have 2 fibs, the 50 and 38.2 just around 1.53...hmmm...
Yes that's right ghous. I wouldn't be surprise if the 1.53 acts as resistence once and if it breaks.
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How do you play the BEOB? A break of the low + 10 pips like a pin?
The Weekly is obviously a lot bigger time frame and 10 pip break would be to small imo. I would look to Daily to see if any Bearish PA would gives us a hint where Price may be heading.
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The Ib on the daily is what gives the trade direction, and before Friday close is the trigger Ib on the 4H.
Under normal market conditions I would have liked to take my first profit around 1.160 but here i took half off at the first hints of support this time (being extremely conservative), which is around 1.633, at roughly 80 pips.
Whatever that can be made in times like these wether it's 8 or 80 or 800 pips, it's more a pot of gold than anything else
Regards,
Ghous.
ghous, you sure do like those "with the trend Price Action trades". Not a bad way to go my friend.
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Just finished 60 pages and don't feel like I've even started. Any way, great stuff. I hope to learn a lot more from this thread. I am very new to Forex and so far have been looking at candle charts. It's interesting to now look at bar charts and see little to no difference. Are bars just a personal preference or is there something about them I am missing?
IS the PF still going strong? any stats on it lately?
Bob
Bars or Candles just a personal preference. PF is always going strong. Not sure on the stats.
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Understood, but what if you just want to place a limit order (say you will not be around to watch more closely)??? Is there a text book way to enter the trade, similar to the Pin Bar setups?
You could place a sell stop with a stop loss placement with a 1st target limit order if you couldn't watch it.The same with PBs.
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No apologies necessary djam. We here at the James16 Chart Thread are always studying and learning the ins and outs of Price Action. What better way to illustrate our questions than with a chart.
As others have said, this is an Inside Bar (orange candle). (Sunday Bars are ignored).
IBs are a Price Action formation and there are diferent ways to play them.
One way is to take the break of the Low in a down trend and the break of the High in an up trend. Which could be risky if we don't have supporting confluences of Location, PPZ levels, Fib levels, Round Numbers, Price Action on higher time frames, etc.
The Pin Bar in blue meets all the required confluences of a Price Action trade. And you can see how well it worked.
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Indicators show the past. Price Action "Indicates" the future.
Here's an interesting point about checking higher time frame Price Action when playing on lower time frames, even on the Daily.
The Pin Bar on the Eur/Chf in blue (forget about the preceeding Price movement in purple).
Pin Bar looks good. Location is at a swing Low, at PPZ level, top of the PB is above a round number, etc. Price never broke the top of the Pin Bar so the trade would have never taken place. But what if Price did break the top? Let's look at the Weekly . .
The Weekly BEOB should have you thinking that the Daily Pin Bar may be going the other way and the strength of it would be weak.
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I start with the Weekly/Daily charts and place obvious S/R levels and see where they are the tightest (PPZs). I then fine tune them to the neartest Round Numbers. Then look for Price Action at these levels.
Eur/Jpy looks to be consolidating. That PB in blue looks great yet the price move it generated was short lived. Maybe due to the time of the year and may continue down as things begin to get back to "normal".
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A few reasons to not take that daily pin and actually look for an entry in line with the weekly signal... ( )
Gotta watch those trend lines people.
(I see these as one of the least risky of setups... Real decent PA confirmation after a trendline break. OK Pic says DBHLC but technically a BEOB. I trade them the same way anyway. lol)
PA can also help support a given set-up on different time frames.
Nicely presented Bundy.
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True. However, what if that precediing weekly BEOB was 800 pips long? You could easily play the daily (with levels of S&R) for a particular pair and still be in good shape. This is where the nuances of trading PA come into play and experience is important. Especially in this case when 60-70% of the time the bar following the engulfing bar pullsback to 50 or 61.8... (which is where I pull the trigger to go short)
Excellent point Mr.Trend.
There is usually retrace after a break on higher time frames or as you say 60%-70% of the time. Glad you pointed this out, don't know why I didn't.
Interesting to see if that PB broke (yes I know the Close wasn't within the previous bar) where Price may have gone.
Well look at that, 150 ema (1st time back) and 50% retrace /61.8 Fib all in the same area.
Thanks,
Jim
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I haven't changed my long term trading method in almost two years. It's all in this thread.
This is not jankone's 5min style, so it's probably boring for many of you, but it works for me..
Will be interesting to see what this one looks like on Sunday evening.
Pin Bar looks weak compared to the size of the down move of the previous weeks. Like to see a Pin Bar of equal or greater in size (then the previous weeks.)
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It still could work out. Like you said, it will be interesting to see how it plays out.
I understand people will conclude that the week that this PB formed was not a "normal" week so the vaildity of the PB may be questioned. I don't care how Price Action is formed, be it News or otherwise. As long that it is formed, then the next step analysis of Location and confluences begins.
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I was also looking at the Weekly on the GBP/CHF and I'm not sure if I drew the divergence correctly, but it appears to be bullish divergence. Also, we are sort of in a no mans land of an all time low.
What do we do when we can no longer look to the left for PPZ's ??
As we say, Location is a big confluence when looking at PA set-ups and this one has it with hitting new Lows. Would be nice if a Weekly PPZ was visible also at this level, but its not.
Going down to the Daily, 8 hour and/or 4 hour charts could gives us a hint of S/R levels on the Weekly. Also Round Numbers play an important role of S/R levels.
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Ah, there is a a lot going on on the 4H chart... Going to the 4H chart I see the 1.5300 level was minor PPZ was acting like resistance until it broke and is now support. I drew a fib off the last 'leg down' and price is getting caught up in the fibo 78.6 1.5750 to 1.5800 level. I'm thinking a strong break of the 1.5800 level is something to watch, which also happens to be the break of the pin bar off the Weekly chart.
Very Nice LVG.
If it does break, I like the 1.5900ish level for 1st target.
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Let me give it another try to help you understand...
PIN BAR: This is a bar which opens, goes in a direction for quite a distance and then returns to close somewhere around the place where it opened. This bar hence will have a really long wick/tail/nose at one end wuthile having a very small body. Such a bar can be of great help to PA traders if this nose is pointing into emtpy space away from the vicinity of price action (refer to chart below). [b]The distinguishing factor betwen a good Pin bar and any other bar is that...
Nice post(s) ghous.
I going to have to call you James16 junior from now on. lol
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we may be be master of our own destiny..however i can honestly say yur trading is very impressive..i wish one day i can have your attitude, displine and mental approach to the game...
thanks for yur posting...i really need to look at them in more depth as there is so much to learn
I can't speak for racekfx but I bet you he didn't start at this level of trading in the beginning.
I sure it was many years of studying S/R levels (PPZs), Price Action and their supporting confluences that he began fine tuning this type of trading.
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Exactly! great point Jarroo. It obviosuly would have been a much longer journey than it first appears to be. The guy is loaded with all the experience in the world which is just one of the few pre-requisites of his style of trading.
Sometimes i don't like our immediate newbies having to ask questions like "why did you take the trade at the break of the IB as suggested by J16". I can understand that if I was a newbie i would have the same question in my confused head. I guess it all comes down to the fact that what James has been teaching here...
Price Action, the J16 way, is a method of trading. It can be incorporated into any system, any style of trading. It is a study of how Price behaves under certain conditions. When a Price Action formation develops with supporting confluences, then a high probability trade can be taken.
As I mentioned to others throughout the FF, Price Action is a great place to start and finish when learning how to trade effectively. It just takes time to learn.
What I like about raczekfx posts is his analysis on locations and confluences. We can all learn a lot from this. His entries are aggrestive so I just wait for PA.
Yes ghous . . long live this thread.
Jim
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I am quite new to the J16 thread and have been reading all the previous posts and believe PA is a powerful indicator.
Have been looking through some charts today and have noticed a weekly pin bar on eur/gbp.
I believe J16 would advise placing of Sell order below the pin with a SL just above the pin.
I would be interested to hear if the experienced guys & gals here would trade this setup - as is at a major high ?
Regards
MAB
Yes that's it.
The Weekly Pin Bar is not in its classic formation but it is a Pin Bar. It's size looks good in relation to the size of it's up move. Meaning that it sizes is not small and wimpy compared to the size of the bars (candles) in the up move .
The Daily PPZ not well defined , I have it around the .9520 area. Good solid Bearish PA at this level could validate the reversal Weekly PB.
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I've been reading the past posts, half way done =)
So I have few questions to ask for clarification. PPZ is zone for BOTH support AND resistance? And another is what is the meaning of trading pullbacks to previous support after breakouts (Raczek mention in post #8617). Sorry Rac, just I've been really interested to your insight of trading.
Thats it for now lol. Thanks.
PPZ are where Support and Resistance levels meet. Check the James16 and mbqb11 posts. They give many examples.
Hi guys, this is a trade I entered on dec. 31 2008 and exit today (more than +300 pips).
i would like you guys with much more experience than me, analize it and tell me if I got lucky or im starting to "feel it"
Check my chart, I entered on an confluence of IB and support; my entry was @1.0676, inicial s/l@1.0530, TP1 (50%) around support line (1.0793), TP2 (50%) around 1.1050 (took profit @1.1022 because i missed that price).
Problably it continues its north path, but I just planned my trade and executed it as well.
Im in a learning process...
I agree with Mike, your location of your confluences look good which had to do more with your trade then the Inside Bar. (your chart is hard to read only because I can't relate them to my own charts, not at home.)
Now the lucky part: During the past two weeks, the day trading sessions, as we know, were thin due to the Holidays. So Inside Bars were all over the place, on all the pairs. Check the same time periods in 2007, 2006, etc.
Would you trade Sunday Bars? No, they are ignored unless you combined them with Fridays trading which makes sense.
I look at Holidays and thin trading weeks similar to Sunday Bars. Pleae do not take this the wrong way, it is a great trade. But it had more to do your eye for the confluences then the PA formation. So in this sense your "feeling it" trujillo. Nice Job.
Jim
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Thanks Jarroo, I too will be looking for PA on 4hr / Daily for a possible position to enter. I have put my daily PPZ around 0.9500 (round number) upto 0.9520. I agree it is a little vague at the moment.
Thanks
MAB.
The Weekly PB on the Eur/Gbp worked out nicely Mab.
Once Price broke the PB, it's a good sign to see Price retrace to the entry point and then continue to fall as shown on the 4 hour chart. More so on the Hourly.
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I tried to this by myself first and got confused, and need to check the ideas with senior traders. Areas like this A/C is the most confusing areas for me so far, since looking at the daily bar, the low volatility from the holiday make the bar so small and I find it hard to find for PPZ areas. So, this is what I come out with. Hope you can help.
For the daily chart, the two line is PPZ for the daily and also for the weekly chart. There's a PB but the nose is not long enough. So, I will look for potential setup in this PPZ areas. Daily...
I like the .8500 as a strong PPZ . TBL on the 4 hour could be tradable, I would have a target at .8430. But my eyes would be looking for Bullish PA to ride the current uptrend.
In all honesty, the pair is a messy and all over the place. When I scan pairs and would come across this one . . . that looks like a couple of porcupines in a fight . . I pass. There are many other easier pairs to trade.
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Thanks Jarroo for the quick reply. I know this pair is a mess, just want to learn so at least I know and got to learn what to expect in this area. Now I'm in love with PA lol.
I understand, this is how we practise and learn.
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The pin bar break has turned into a good trade - I am only paper trading at the moment with the J16 stuff - but am seeing the benefits of trading higher time frames. It also suits because I currently work full time.
Took profit at TP1 for 150 pips. Moved remaining Lots to B/E.
Guys, do the TP 2 & 3 areas look like reasonable targets ?
Regards
MAB
Managing a trade is an idividual thing. Draw some S/R levels on the Daily for possible targets and/or stop loss placements.
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I like the .8500 as a strong PPZ . TBL on the 4 hour could be tradable, I would have a target at .8430. But my eyes would be looking for Bullish PA to ride the current uptrend.
In all honesty, the pair is a messy and all over the place. When I scan pairs and would come across this one . . . that looks like a couple of porcupines in a fight . . I pass. There are many other easier pairs to trade.
Yeah, this stuff works.
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I got two questions. Looking at U/CHF chart, is this consider as confluence even though the distance between the PPZ and 50Fib retracement is big like in the chart? And how would you trade this PB (I know the close is not in the previous bar, assume it's a PB lol), and then when look at the weekly chart, the upmove is strong (I assume maybe strong bullish). I know Mike would trade each timeframe differently. So, would you pass or take the PB? It's a bit confusing when daily pointing down and weekly pointing up. Hopefully any senior trader will help...
That does not qualify as a PB because it didn't close within the previous bar (candle). I do like its location and area confluences.
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Indicators show the past. Price Action "Indicates" the future.
The difference b/w this thread and many of the threads on FF is there is not a Do this, then do that. Like raczefx pointed out a few pages back, James16 is not a system, but a method. A method that takes some time and a lot of dedication to learn. You would be best served to spend the extra time you have to start from page 1. If you can only read 1 page a day, it will serve you very well. I know it seems like an enormous task, but you will think very differently when you get even a 100 pages in. If you must skip some of the thread, the...
First time poster here in this thread. Thanks to all the contributors and most of all to Jim. I've rededicated myself to studying and applying PA since starting this thread. In any event, anyone else see the Pinnochio bar on the EURCHF weekly chart. I am sure its not too late to take advantage of it. Maybe go down to the next couple lower TFs and pick your spot? Comments and criticisms welcome. May be forming a double top on the 4hr. Maybe wait for it to break through the 4r double top to confirm a break through the 38 fib instead of bouncing back...
James16 (Jim) makes an important point about the qualifications of a valid Pin Bar (candle). I like to look at different platforms to see Price chopped up differently.
Although the Pin Bar was not vaild IBFX, it was on FxPro/Alpari. I was able to catch some pips on this one.
Thanks. Yeah I know it does not qualify as PB. But what if it is a PB, do you still take it even though looking at the weekly chart, it's strong bullish bar (candle). Or do you take each timeframe separately. This is what confuse me most of the time.
I take each time frame seperately, but always aware of the higher time frame I'm trading. So your concern is a valid one.
Is the bullish trend stalling or reversing? Is it PPZs levels supporting Price or Resisiting Price? Will the 50% retracement stall and continue or reverse?
This is where we let Price Action formations help us in giving clues to where Price is heading.
Ive fine tuned my PPZ levels on the Usd/Chf.
Edit : Ive taken the break of the invalid PB base on Location and PPZ.
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Indicators show the past. Price Action "Indicates" the future.
Thanks Jarroo. The way I see it, it stalled on weekly PPZ somewhere around 1.1320. I've also take the invalid PB since based on I read in this thread, location and PPZ are the crucial supporting point of PB. I have my target around 1.0870.
Thanks! It makes thing much more clearer!
My 1st target is the 1.0930ish level.
This is a risky trade due to the invalid PB.
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Indicators show the past. Price Action "Indicates" the future.
WELL IM BACK after a great little trip to the mountains of northern new mexico and southern colorado. got some catching up to do i see. next year should find this thread taking its next step. me and fijitrader are working on that this month. i sure wish fij would get back involved at forex factory but i guess when your retired in paradise you can do what you want.
lol,
jim
Welcome back big guy.
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Indicators show the past. Price Action "Indicates" the future.
Thanks Jarroo. The way I see it, it stalled on weekly PPZ somewhere around 1.1320. I've also take the invalid PB since based on I read in this thread, location and PPZ are the crucial supporting point of PB. I have my target around 1.0870.
Thanks! It makes thing much more clearer!
Wow . . . arcus you nailed that Price Target at 1.0870. I have to check my charts when I get home.
Very nice.
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Indicators show the past. Price Action "Indicates" the future.
How would you play a pin like this? Would you wait for some kind of retracement and then enter? Or would you wait until the low of the pin is broken to enter?
Enter at the break of the Pin Bar (candle). All Price Action set-ups are entered at the break. Other entries, like retraces, are more aggressive.
Stop loss would be placed above the PB.
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Indicators show the past. Price Action "Indicates" the future.
Also, what time do your daily bars close? I'm in NYC and my bars close at 5:00PM EST. On my chart it looks like the pinbar close was higher than the previous bars high which made me a little concerned.
Yes, different platforms will show Price chopped up differently. I have many platforms that I look at for that reason.
Somtimes you have to weight the decision with other factors like strong confluences (PPZs, with the trend, etc.) with the PA formation being off by a few pips.
I noted that with invalid PB on the Usd/Chf Daily a few days ago.
I'm in this trade and entered 10 pips below the low of the pin bar at 92.63 with a stop loss 10 pips above the pin at 94.70.
I tend to enter with three lots and set profit targets for two and let the third lot run.
The first profit target for me was 91.63 so one lot was closed for +100 pips. The second lot stop loss was moved to break even and I redeuced the exposure on the third lot by bringing its stop loss to 93.70.
The second profit target was 90.90 and that was worked out by looking at previous bar lows and highs that could...
Very nice Dave.
Dave is a Rock Star in the PF. (at least to me.)
His info should be well noted.
Jim
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Indicators show the past. Price Action "Indicates" the future.
be even more picky than the year before . . . i like that. watching pound swissy too. will be interesting to see what it does around 174 or 175. I see that there is a bullish outside bar on my feed.
Here is a chart of the dollar index. Looks like a two day pinbar on the daily. i also noticed that a bullish divergence is on the weekly.
Plus, an inside bar has developed on cable. Now, cable broke out this week with an inside bar. Will this inside bar cause a break down next week? We'll see.
Additionally, there is a bullish divergence that has...
Looks good Flem. What time frame is the divergence on the swissy?
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Indicators show the past. Price Action "Indicates" the future.
This is hidden or reverse bullish divergence, where price makes higher lows and there are lower lows on macd, which is the opposite of regular or classical divergence.
Inverted divergence. I see thanks.
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Indicators show the past. Price Action "Indicates" the future.
Jim,thanks for how u have help so many traders here and more so,do consider this PIN BAR tradeable?Welcome comment from Mike and Rac
Ayour2a
Adaptation from here
Very, very, very tradable. (Easy to say since it worked out nicely. lol)
Supporting confluences and the right location:
Pin Bar is off a Swing Low and is sitting on a strong Weekly PPZ and Trendline. Also off a Fib level 61.8, March low and Nov high.
Break of the Pin Bar is above a nice Round Number, 1.0800.
Anything else?
When these supporting confluences and right location line up with a PA formation, a very tradable and high probability trade can be taken.
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Indicators show the past. Price Action "Indicates" the future.
wish i knew a way to have this greet every new person to this thread.
if i could just convince all of you to do this you would have a real chance at your dream/s.
Awww come on Jim . . I need to make money NOW . . . this month . .this week. Those requirements could take at least 9 months or a year . . maybe even two years. I don't have time for that . . . I just need to . . . . .
. . . . wait a mintue . . . I just had a flash back . .
Sorry about that Jim . . . I just remembered what was going through my head back then. It wasn't until after 9 months or to a year of losses and confusion that I realized the requirements are a powerful teaching and learning tool.
These requirements will test if your serious about trading and if you really want to trade for a living.
If your not able to fullfill the requirements, you may be in the wrong business.
Jim
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Indicators show the past. Price Action "Indicates" the future.
The best thing to do when learning this all would be the following.
Learn to identify the main bar patterns, and the perfect looking ones. For example a big huge pinbar at a swing high/low. Or a big huge BEOB/BUOB. Do all of this on the daily/weekly charts. Mark of the most clear PPZ(support and resistance areas). Focus on trading less and trading the most clear patterns that emerge. This will give you the confidence and discipline to trade better.
Ghous reposted the minimum requirements that James sets out a few posts back. Follow those and...
Great stuff Mike, as always.
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Indicators show the past. Price Action "Indicates" the future.
Even though I'm not of James16s students I printed it out
the time I came across the beauty of price action.
I too thought I could make more money on M5, M15 timeframes
and that I only had to trade 1-2 hours a day. Boy I was wrong.
Fact is:
1. With the small timeframe my demo was a bloody rollercoaster and
it was very stressful.
2. With daily timeframe 90% of the work is moving stops and locking in profit.
It almost gets boring being profitable.
Its amazing what a little practise and a little more patience (ok alot more patience) can do to your account when applied.
Good for you Tj.
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Indicators show the past. Price Action "Indicates" the future.
Well it was a DBH (but for more than 10 pips) at resistance level. So I thought if price brakes that resistance and DBH, I will enter long...so It brakes it and I bought it...So the rest is history....
I see. It did move nearly 200 pips before hitting your s/l. Capture and protect your gains, especially against the trend.
As long as this Loss was a strong learning experience, I view it as a net Gain.
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Indicators show the past. Price Action "Indicates" the future.
ive been a reptile fanatic my entire life. my oldest son (11) and i have a snake business that does very well.
my son with Bob Clark. Bob is a regular on the Lettermen show and one of the most famous and respected snake experts in the world. Bob is a good friend and took a liking to my son several years ago. he actually invited us to his place to spend a whole day with him about two years ago. Bob owns the longest snake in captivity. it is 30 plus feet and is on loan to the Columbus zoo.
This is one of our hatchlings from last year. a super...
Wow, cool stuff Jim. I'm sure the wife is very happy. lol (just kidding).
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Indicators show the past. Price Action "Indicates" the future.
AUDUSD - R:R - 1:1 off 0.66
NZDUSD - R:R - 2:1 off .55
EURJPY - R:R - 4:1 off 117
CADJPY - R:R - 3:1 off 72.5
CADJPY looks best for me... Although it does have some resistance just above it...
Id have liked EJ a bit lower and it may not even close as a pin.
Edit - EJ, may be the best bet if it closes above 118...
Thoughts?
Let's make sure they close within the previous bar.
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Indicators show the past. Price Action "Indicates" the future.
I still need more work on my entries. Just to let other people know that these are risky trades (maybe not to razcek) and they are not based on any obvious PA.
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Indicators show the past. Price Action "Indicates" the future.
Its just a good area to place your stop loss above instead of the just above the top of the BEOB. The top of the BEOB is the ideal stop loss placement.
Also, if Price breaks and then retraces, its a good area to look for to see if Price may head back down for re-entry.
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Indicators show the past. Price Action "Indicates" the future.
www.stockfetcher.com. They already have filters for most of the candlestick patterns. If thats not enough , you can write your own. Its very simple to write.
What the heck is a Bearish Kicker? lol
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Indicators show the past. Price Action "Indicates" the future.
nice little gem there Jarroo, thanks for that. of late i have been trying to get in earlier by fibbing the bar itself but you never know how far price will retrace 38 or 50. so this might help give a better indication.
If you mean to enter a PA setup before the break is an aggressive entry and I wouldn't recommend it. (trust me on that . . ouch ).
Best to wait for the break.
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Indicators show the past. Price Action "Indicates" the future.
I've been on these pairs for quite some time now, divergences all around and signs of bottoming out yet the reversals have'nt really been there, the asian sessions were showing strength till from no where the dollar started to weken again...
I am still new to this "buying at the bottom" "selling at the top" thing and market movement against my anticipations is what made me type the words "not normal" (got it jarroo?? ), or let's say unpredictable for me personally, looking at you guys making pips all around makes me feel times...
I thought you were a with-the-trend-PA-guy, ghous. Thoses BEOBs had your name all over them.
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Indicators show the past. Price Action "Indicates" the future.
Yeah I know, but recently I've been invloved with some swing trading as done by Raczekfx and Rustyjeff here, trying to think on those terms I just found the divergence and higher tfs ppzs that helped me stay away from those setups, it's like my new mentality is conflicting with what I've been here at FF so far. i've had some solid trades too but only recently was struggling a bit to find the "true bottom/top".
If i was still the same ghous those trades sure were one a few of those which i anxiously wait for.
hope I am not getting lost here......
Time to get back to basics ghous. Time to get back to your great higher time frame PA analysis that we all enjoy.
Those type of trades will come over time, but not now.
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Indicators show the past. Price Action "Indicates" the future.
Yep I had no pin either, but here is still the analysis of the area.
And what I mean by zooming out, to understand where we are.
Notice how small looking the bar really is, but more importantly all the traffic and support you would be trying to trade into. The 1.2000 area is a huge pivot(look at the congestion of the blue box area. Fighting a battle to try to trade that one. Your stop would have to be moved real quick(I would just stay out).
Just some thoughts
Mike
Not on any of my charts either. (Note to self: do not use ATC FX Pro charting. lol)
Nice "thoughts" Mike. I like them just as much as your so called "ramblings". lol
Jim
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Indicators show the past. Price Action "Indicates" the future.
Its just a good area to place your stop loss above instead of the just above the top of the BEOB. The top of the BEOB is the ideal stop loss placement.
Also, if Price breaks and then retraces, its a good area to look for to see if Price may head back down for re-entry.
Here's a good example of what I was trying to explain.
Usd/Jpy. We have a BEOB on the 4hour and Price breaks for some good profit. Then it retraces to the Low of the BEOB's previous bar (candle) and then continues down.
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Indicators show the past. Price Action "Indicates" the future.
How often do you set your stop loss just above the (high/low) of the bar before the signal bar?
In most cases, or just in cases where you feel strongly about the upcoming strength of the next move?
Thank you for your help!
T.J.
Usually they act like they should behave when they break. Which is, Price breaks and then runs for 80 to 100 pips like the Eur/Usd and Eur/Jpy did today. lol
Obviously this isn't always the case so I tend to look for inner S/R levels within the PA setup itself to reduce my risk. I am slowly learning that the best s/l placement is above or below the given PA setup.
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Indicators show the past. Price Action "Indicates" the future.
Thanks for that, Mike.
It's just been a shocking 2 or 3 days. It's not the losing('though that DOES sting), it's more the repeating of a couple of 'old' mistakes(not the Loony PB-that's a brand spanking new mistake!), which I thought I'd ironed out some time ago. Mix in some hubris from the celebration of a first profitable year of trading, and you probably get the picture.
Thing is, if I trade 'within' myself, so to speak, I'm totally confident that, over a full year I can, even now, make 20%+ on my account. But I started off with a crazy over...
Many words of wisdom from Mike and Bundy. Yes Bundy, I been there before as well.
Believe it or not Interceptor you have gain a ton of expierience in last "2 or 3 days". It is these trying times that we don't see or feel the experience we have gained.
Many trades go through this, throw their hands up and give up. Yet you sir will Perservere, because that's what suscessful traders do.
Hang in there buddy. You'll get there.
Jim
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Indicators show the past. Price Action "Indicates" the future.
Coincidentally, I just posted USDCAD to my journal
I only have one bearish pin, that, although happening a bit too "low" for my tastes(too much occlusion by the bar before it) caused me to exit my long(before getting back in again later), I feel it was pretty prominently placed => the area had shown reactions before, and this comes pretty close to the rustyjeff/raczekfx stuff all on it's own. Add the PA-PB and I was out of my long trade faster than you can say "protect your profit"
Occlusion is a term indicating that the state of something, which is normally open, is now totally closed.
Ok I get it now. lol
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Indicators show the past. Price Action "Indicates" the future.
...lol ...Nahh . No worries man! Not a problem there at all! I actually just checked out that post. I remember that sequence. (What was the story about hypnotized brick layers remembering every brick they laid? lol )
Anyway I think you are looking back and not seeing the original innocence of it all. The absolute best way to show something is to...ummm... show something. So I did. lol
I consider you a good friend now. So cheers anway!
As I you, my friend. I've learned many PA lessons from you.
Cheers mate,
Jim
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Indicators show the past. Price Action "Indicates" the future.
Looks like the PB wasn't big enough or strong enough to get even a wimper down move. It tells me that the uptrend is pretty strong. Bullish PA is what I would be looking for around the PPZ,
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Indicators show the past. Price Action "Indicates" the future.
I am not jarroo in any regard ofcaorse but if you ask me that BUOB was not tradable. the reason i have (not sure if jarroo has the same reason...) is that the BUOb although indicating bullish strenghth, has'nt been able to "peek" over and above the green rectangle marked as the "ppz zone" by Jarroo.
The rectangle is'nt just a fancy way of showing the "ppz zone" how wide you draw it is actually very important.
Jarroo's rectangle ends somewhere abt 1.235 which has been an impressive region...
Thanks ghous. Nicely put.
The best place we would like to see BUOB is at a swing Low. And a BEOB at a swing High. If this BUOB was a BEOB at the PPZ and on the Daily, then were talking money on a short.
In a strong up trend like this pair Bullish Price Action, like a BUOB, can help confirm a uptrend continuation.
Bullish PA in an uptrend and Bearish PA in a down trend is not a bad way to go. As you know my friend.
Jim
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Indicators show the past. Price Action "Indicates" the future.
That's because you spend too much time typing here...
I posted my entries in the pf.
Perhaps we should exchange IMs, so one of us can watch the charts and singal...
good point .
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Indicators show the past. Price Action "Indicates" the future.
This is NOT trading advice. I have mentiuoned many times that account size matters and that we are all different personalities and traders.
my stop on nzd/jpy is already at breakeven and i have already taken a nice profit off of the table.
is there anything wrong with a trader that sees this going to the 38 or 50 fib. surely not and it may very well do so. if it does i have extra profit BUT THE CHANCE OF ME LOSING MONEY ON THIS TRADE IS 0.
trading like this with a decent account size and an ultra picky entry strategy is how you make it...
I would change "in my opinion" to just a period " . ".
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Indicators show the past. Price Action "Indicates" the future.
That is a really good entry at the exactly bottom.
I just wondering how you play the buy at bottom sell at top?
Any clue to trigger the trade, like pa?
Yes Price Action is best way to find the top/bottom of the market.
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Indicators show the past. Price Action "Indicates" the future.
Do get me wrong, I'll be the first one to tell you that razcek possesses some special voodoo powers. But its just a 50% retrace from the last down move.
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Indicators show the past. Price Action "Indicates" the future.
my problem is i freak never knowing if i am right? i mean i saw this thing going short from 7230 ish and got stoped out only to watch it fall, how do you guys confirm your right?
Practise, practise, practise.
Once you seen it happening over and over again you'll begin to trust it . . . then you'll begin to trust yourself.
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Indicators show the past. Price Action "Indicates" the future.
In your old chart posted here, I found more than one pin bars here. (just one example)
I am wondering did you enter all of them? Or how do you filter out the fakey signals?
Sure i don't want to be burnt. it is a daily signal, that is sore.
So, I usually enter at 50 ret. But it still hurts.
May just pick out the one with the trend. But in that case I will miss lots of good ones. Especially the one at tops or the bottoms.
Please comment. Thanks
I took none of thoses PBs. They didn't meet the qualifications explained, in length, on this thread. Location, PPZ levels and other confluences must be meet to consider a high probabilty trade. You always want to enter on the break of a PA setup.
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Indicators show the past. Price Action "Indicates" the future.
yes jim it is a live account i have vowed this year to give up indicators they are bad for your health. Love this thread trying to get a feal for how you guys trade.
You know the saying . . . A smart man learns from his own mistakes, but a wiseman learns from other people's mistakes.
Take Jim's advise and learn on Demo until you are profitable. I wish I did. I had to loss a few accounts before I took Jim's advise and Demoed until I was profitable.
Be a wiseman.
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Indicators show the past. Price Action "Indicates" the future.
The same question. I saw you ignore the pin bar before the IB.
When you took this enter, how did you do when the price approaching the low of the pinbar?
As a newbie, everywhere is a pa setup and everywhere is a r/s. so I may think there is a pin, the price may come back to show respect to the pin. Obviously, I am wrong.
How would you do to when this south way break is following a pin bar pointing north? This is just one example. As I learn more, I found more confused when several contradict pa setups one following another.
I answered that on the DIBS thread.
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Indicators show the past. Price Action "Indicates" the future.
I see. Whats the minimal TF you drill down to confirm the entry if i may ask? As i see your posts in 4hr and dayly, but as i was here long time ago, so i might be wrong.
I'll go down to the hourly sometimes but mainly 4 hour, Daily and Weekly.
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Indicators show the past. Price Action "Indicates" the future.
The story is: I was stocking James for two years... cleaning his house, cooking meals, taking dogs out and all I could see, was a closed door to his office with a big sign "trading in progress, no entry for rac"
The break through came about a year ago, when he allowed me to synch his PCs with mine. Ever since, whenever he trades, the very same trades are automatically opened on my platform. All I do is watch and post on FF
Sorry to disappoint guys..
r
I knew it!!!
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Indicators show the past. Price Action "Indicates" the future.
damn i knew that was going for a few pips but didnt take it. see jaroo knows what the hell he is doing, just look at where his stop is now. you never know this could bust long big time.
jim
Stopped out at break even on the 2nd half. 56 pips on the 1st.
There is no better feeling one can have when your 1st target gets hit and a break even balance is placed.
The next one will bust long big time.
Jim
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Indicators show the past. Price Action "Indicates" the future.
It's something that requires practice and studying charts to get a good hold on.
I'm sure there's a video or two in the guest area that get's into this. You may have not seen it yet, or missed that bit while concentrating on something else.
Here's a chart:
Taking the previous down wave (Marked by white line of course) as an example, you can pre-mark possible trouble spots for the next run upwards....
1. At the top of the wave there was an area where the pair fought sideways before deciding...
Just like water, Price tends to flow towards least resistence. You illustrated this beautifully.
Nice post mate.
Jim
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Indicators show the past. Price Action "Indicates" the future.
Start on the Monthly chart and find the obvious Pivot Zones there, and work your way down to the timeframe you are trading. The higher the TimeFrame the stronger they usually are.
Also, try to fine tune the PPZs around Round Numbers.
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Indicators show the past. Price Action "Indicates" the future.
Just wanted to illustrate Jarroo's point on the GU Daily Pin. If you look at this 4hr chart (the blue highlights the bars that made the daily pin) you can see that there was a 4hr pin which breaks out nicely on the next bar. It then retraces to the previous resistance line which has turned into support. This is the break out, pull back, and continuation. It looks like the daily GU pin should trigger within the next 4hrs or so.
Nicely illustrated stoli.
Your lips to Price's ear.
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Indicators show the past. Price Action "Indicates" the future.
I didn't wait for the break as it happened when I was just about to hit the hay, that is why I only traded half the size. Then re-added on the surges back down, somewhere around 50% of the original bar. It just looked good from the charts I was looking at. Plus it had divergence on the macd as well. That is what I was thinking anyway.
Very risky trade. The PBs look great I'll give you that. But they look whole lot better when they break. They could very well work out nicely for you.
This could be a nice trade or a very tough lesson to learn. Good luck to you.
Jim
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Indicators show the past. Price Action "Indicates" the future.
Does anyone know of any 'quirks' or things to be aware of when trading EUCHF? Every time I take a trade on this pair I get my fingers burnt! Can anyone give me any advice on this pair?
Thanks,
berti
Gotta chart and the reasons why you took the trade(s).
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Indicators show the past. Price Action "Indicates" the future.
Just a quick question for you guys. How do you consider a pin that has taken out a strong ppz level like on this 4hr with cable is that level weaker now that the price has overshot it so much or does the retracement just add to the strength of the level?
cheers
What do I consider when Price moves through a PPZ level and comes back down to form a Pin Bar, at a swing high? I consider it a tradable opportunity.
A few problems with this PA setup: the 1.4050 is actually a Resistence level not a PPZ and Pin Bar's nose is much to short. I do like the level of resistence which could turn into support and strengthen the 1.4050 level. Also, the swing high could be higher. Just my thoughts.
Now watch it fall like a stone. lol
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Indicators show the past. Price Action "Indicates" the future.
To me personally I like it better when pins have PPZ running through their noses, In my eyes thats going to hold as support/resistance and help protect my stop. But i don't differentiate if say . . The nose has bounced and not even touched the PPZ or a pin bar like the one you have on your chart.
I didn't get that on my feed, I highlighted the bar that I think it is , but even if it was any of the other bars I still wouldn't have been taking it.
1) It's sitting on the support (See Chart)
2) I didn't like the form of the bar on your feed...
I like the 1.4000 as resistence then turning into support better then the 1.4050 as well, Jig.
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Indicators show the past. Price Action "Indicates" the future.
Right now I am looking at the USD/JPY 1 hour chart. I drew up a pennant. I have it breaking this pennant briefly to the upside, but finding stiff resistance at the 61.2 retrace. I will wait for the bottom break of the pennant before going short. Any thoughts or opinions? Sorry I will figure out soon how to post a chart
I would like to welcome you abroad as well Jlr.
As you read the very important 1st post of this thread and begin learning the methods of Price Action. I would strongly suggest that you start your education on the higher time frames . This will give a clearer picture of how Price Action setups work and how consistent they are.
Jim.
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Indicators show the past. Price Action "Indicates" the future.
hi jarro i'm still learning want to ask why u said that resistance level not ppz. what diference between ppz and that resistance level thx.
Support levels and Resistence levels are independent levels we see on our charts all the time. It is when these levels meet together that makes a quality PPZ zone.
Thanks for the encouragement
Mike. actually, my trading is very conservative..
Just my two cents Pip.
Good job on the demo trading. This is where we learn, practise and learn. You are following the path much of us have taken. Early on, we look at any opportunity for a gooding looking PA setup to trade.
Searching for location, formation, PPZs and other confluences to develop, so we can trade. We then look at entries a bit more aggressively at 50% & 61.8 retracements, before the break, left eye entries and so on.
I believe this OK to do with demoing, of course. It's part of the learning and confidence building process. We hit a couple a A+ trades which just stand out (see any James16 chart). After awhile you'll notice your most successful trades were the one that stood out amoung the rest. The A+trades, the Mike trades.
You'll say to yourself "that Mike guy is right again". Waiting for the best setup will win every time.
I know each trader will develop their own style of trading over time. But what I do often, and it helps me alot. I ask myself "would Mike take this trade?" More often then not, the voice says "No". But at least I know if I enter, I'll be grabbing pips quickly and getting out of these so-so trades.
Good looking charts by the way.
Jim
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Indicators show the past. Price Action "Indicates" the future.
1) Watch more pairs
2) I would say still trade the higher timeframes (Daily, 4Hour)
2) I personally sellotape my trading "plan" to the wall beside where I trade, it includes stuff like risk, what I am looking for to take trades, that keeps me disciplined, I am the first person to own up to "shotgunning trades" that get's me NOWHERE
Note - Jim posted a chart within the first 100pages of this thread where he puts rectangles around areas of fibonacci/PPZ confluence. . . When he does this...
Great post here Jig
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Good analysis that proved to be , If I saw a legitimate close below 1.40 yesterday I was definately taking my ball home.
Are you still long Jarroo ?
Bit of a trouble at 1.42 yesterday . . . I wasn't scared . . . That BUOB from 1HR is kicking is up.
Do you see anything on your charts in terms of resistance ? It's relatively clear sailing to 1.4350 in my eyes. . But from .4350 upwards it all seems a little dodgy . . . And increasingly so as you get closer to the .45 . . .
Thoughts ?
Yes, I got in on the break of this grouping of PBs (1.4024). I didn't want to post it because its a bit off the trail. But it looked good for a small position trade.
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Thanks Jaroo. Yes, im trying my best , to be patient.
Yes, I am collecting the charts from this thread for mths. But honestly, it's hard, very hard for me to indentify what's an A+++ setup, I have my favorite setup pattern which im currently comfortable with. but not sure A+++ or not.
so wondering , if ppl can mark A+, or A, or A- basing on own standard when posting charts, spcially from u senior guys, it will help a lot . (dont mark during the trade but after, I really want to learn but not follow)
Check james16 charts and Mike's charts over and over again.
Like I said, your coming along nicely. It's just a matter of time and you'll get there.
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Do you see anything on your charts in terms of resistance ? It's relatively clear sailing to 1.4350 in my eyes. . But from .4350 upwards it all seems a little dodgy . . . And increasingly so as you get closer to the .45 . . .
Thoughts ?
I see a clear shot as well to the 1.4350. Consolidating at that level would make me hang on a lot longer.
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Yes, I got in on the break of this grouping of PBs (1.4024). I didn't want to post it because its a bit off the trail. But it looked good for a small position trade.
No surprise where this hit. As Jim's chart had shown. Sometimes I get it to the pip but not always. lol
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Just curious as to why you did not get in earlier on the break of the pin at about 1.39?
Quick answer, because the preivous PB had failed and the PB looking Inside Bar broke to the downside. So the PB the Jim talked about wasn't the best, in traffic and so on. Price had to prove to me by breaking the entire group.
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I look at your charts jarroo and can not believe how clean they look, i think i am making way to complicated. and really dont now when to pull the trigger.
I would start by moving to the Daily and Weekly time frames. Study charts by James16, Mike, Seeking, Bundy, and many others that post in these time frames and the picture will get clearer.
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Jarroo, do you mean you would hang on of the consolidation above or below 1.4350? Cause when I see consolidation below PPZ at round number, I tend to think the price will reverse so that's why I want to know why would you want to hang on longer. I mean, what would you really want to see or see when you see consolidation above or below PPZ because when I see PB, i know what to do but consolidation, a little bit confused. Thanks!
Well we hit the 1st target area and I took half off/other half to break even.
Are you thinking long term or short term? If short term I would probably lock in 50 to 100 pips and if it gets stopped out I'm happy.
Long term, 2nd have at break even (more breathing room), I will deal with the big swings in pip movement and see if Price continues on. If it gets stopped out I still happy because that was my long term plan.
We know that Price was going to react at the PPZ at 1.4375ish level. So if Price hangs around this level (consolidates) it may break up through or not. No one knows where Price may go. But I have myself in a position where no matter what the outcome I Win, because I will not loss money. I'm giving this trade a chance to run at zero risk. A very good feeling.
Jim
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Anyone think this pin is worth taking if it breaks? With the trend, possible ppz forming, swing high and 'space' to the left? Is this a good setup(if it breaks)?
I thought I would share a PM I got. Hope you don't mind bertie . . . . It shows the importance of a good location even if the Price Action formation isn't the best. Is it an A trade ? Probably not, but it was good for a least a 100 pips.
___________________________________ ___________________________________ ________________
Hey bertie, Yes it was a decent setup. Off a PPZ level, confluence with a 61.8 retracement and at a swing High. I would have liked to see a longer nose on the Pin Bar but the the location was great. It was good for over a 100 pips.
Looking for these type trades on the Daily and even Weekly are even more powerful.
Good job.
Jim
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Well we hit the 1st target area and I took half off/other half to break even.
Are you thinking long term or short term? If short term I would probably lock in 50 to 100 pips and if it gets stopped out I'm happy.
Long term, 2nd have at break even (more breathing room), I will deal with the big swings in pip movement and see if Price continues on. If it gets stopped out I still happy because that was my long term plan.
We know that Price was going to react at the PPZ at 1.4375ish level. So if Price hangs around this level (consolidates) it...
Yes, I'm still in this trade.
Jim
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You didn't answer my question ghous About the failed PBs with the trend.
Well, they didn't fail by breaking the top of the PB. But failed in the sense that they did break hard on the next bar like they would do in a strong trend continuation. So maybe the trend is going the other way. We shall see.
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Which Pbs are you referring to Jarroo? The daily Pb?
I am not sure what to make out as yet...but a blurred guess is the continuation of the downtrend, the Pb on the daily broke but what's important is the bar that broke it, was another Pin bar...
You are right about that. I quess a completed failure of the PBs would have meant that Price is going the way. Pin Bars rule.
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you probably havnt thought of it this way but your in the best possible situation.
your young and you have tons of time to save your money. while saving you get killer good at doing this. in a couple of years you will have everything you need.
your youth, a good account size and the knowledge to do something with it.
i just fely envy. that may sound crazy but its true. i would have given anything to be in your position when i was your age.
would i have done it right back then? probably not.
will you? i dont know. only you know that....
I felt that envy too . . . ghous is like 18 years old . . . reading some of his posts he sounds like an old pro.
When I was 18, my concentration was Wine, Women and Song (partying). lol
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Yeah, University takes up the majority of my time though. I had two free days during the week and had great intraday adventures on cable lol.
Jarroo, do your eyes not get sore with the white backround on the your charts ? I wanted to have charts that looked awesome like yours () but they hurt my eyes after a while . .
lol. No they don't get sore. White background saves my print ink. lol
Can't you change it to an off white or tan color?
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1. Are you still trading DIBS Jarroo ? I love the trading for infinite yield document . . 2.Whats your exit strategy for it ? 3.Also, if you think bias is long for the day eventhough we DIB is "below" the daily open will you take it long ?
1. Due to time and availability to my "trading room" I haven't been trading DIBS recently.
2. Once a DIBS trades turns in to a longer term trade, I go into much of the trade management discussed on this thread. i.e., placing stops above/below PPZs, Profit targets as discussed by James16 and Mike, etc. I do try to let them run as Peter Crowns talks about but tend to end the trade when Price Action tells me to.
3. Trading the DIBS method with the overall trend and ingoring the DIBS trades against the trend has work out nicely over the last 5 months. The overall trend being defined on the Daily and Weekly. Just like a surfer waiting for that big wave.
I alot of people don't like the numberous small losses and break even trades it takes to endure to catch that big wave. Which is OK, DIBS is just a different approach to enter a given market.
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I agree with what you are saying with the trend being "defined" by PA, I like the DIBS method and don't mind the small losses at all. I think DIBS works well with the J16 Material.
Have you closed out your cable positions or are you still long ? I got a bit earlier in the week but hey, a profitable week is a profitable week.
Yes I'm still in my 2nd half and moved my stop loss just under 1.4200 level. I can't post a chart right now.
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Nice job, jim
Holding through that ppz after a few days looking like she might turn shows true experience, dedication to ones plan & thorough understanding of everything that James teaches...
All newbies, In case you have not allready noticed. listen to all this gentleman says. He is wise & knows his stuff. He also is good at explainin it.
thanks for your input Jarroo.
It also helps that my account size is not as big as Jim's. lol.
Basicly once my 1st taget/1st half was hit and my 2nd half move to break even, I was going to let ride until Daily Price Action tells me to get out. Ignoring the large pip swings of 200-300 pips is hard to do but I have nothing to lose and a whole lot (no pun intended) to gain.
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well done Jaroo, congrats for ur win and thx for sharing ur trade with us. ur way's of trailing sl is very helpful to me.
may I ask why u enter at the group PB break instead of that signal low PB break?
The preivous PB had failed and the PB looking Inside Bar broke to the downside. So the PB the Jim talked about wasn't the best, in traffic and so on. Price had to prove to me by breaking the entire group. I needed more confirmation then just the low PB break.
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Ok, make sense now. Thx, so it's more like break the goup PB = break the traffic.
Also I noticed if we combined the 3 PB with the bull candle right after, it's a big PB too. hmmmm, very interesting!
Thanks again, Jarroo
Good eye Piproo. Combining candles (bars) can be an effective way of looking at Price Action that others may not see. Just remember that you have to combine the other candles as well. Ex. 2 day Pin Bar still has to be within the 2 day previous bar and so on.
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Just wondered how often you combine 2 bars to get a pinbar? Spotted a couple of these last week but was not sure how to play them. I take it that they are valid on any timeframe?
berti
You play them just like any other PA setup. Location, PPZ and other supporting confluences.
8 Hour Eur/Jpy:
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Once installed. Add "periodcon" to your chart. Go to "inputs", there go to "Period Multiplier". If your on the 4 hour you would input "2" for the 8 hour chart. or "3" for the 12 hour chart , "4" for the 16 hour chart and so on.
Next:
Go to "File" and click "Open Offline" . Pick your time frame and pair you convertered and Click "Open". Then just add your template. Done.
Jim
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I hear you. I am still developing exits that work for me, so I exited with just over 1:1 R:R. I would consider reentering at end of daily if it still shows as it is (pinbar). Not willing to give up much profit on intraday charts though.
Still 7 hours till day close... not even considering it yet.
Well said and nice plan josh.
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Hope you've moved your pin up to B/E... not a great looking bar on the 8 hour for me. I'm out.
Did nearly reach 116 though.
Night all. Got a small stop entry on the NZD day 'pin' (few pips outside previous low) but very small and may not even get hit. (Stop for all 3 micro lots is at 0.4990, despite what it shows.)
Interested to hear all comments.
E/J: A classic James16 trade. Price did everything it was suppose to do.
Was it an "A" trade . . a Mike trade. No, it was not. Pin Bar to small compared to recent Pin Bar Lows that didn't work, support level was not well defined, etc. Price Action is a powerful thing and this stuff works. It just takes time to understand what works, what doesn't, and where Price is likely to go.
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Yeah, I really liked this trade. I am not following when you say that the Pinbar was too small relative to other Pinbar lows that didn't work. Looking at the 8 hour chart, I only see a few pinbars in the last 5 days or so... Or are you looking further back than that? It looks like it's a swing low, O/C inside previous bar, nose protrudes 0.72 below prior bar low.
Now, if we look at confluence. All I had was that it failed to break through 113.00 after being able to do so two weeks ago. I would think we should need more than that. So if that's...
Pin bar 1 on your chart looked great. Pin bars are never too long. But it didn't break. A great looking setup and it doesn't break. I don't know how many times a PA setup has saved me because it didn't break. This is one of them.
The best PA setups break on the next bar. As today's 8 hour E/J pin bar did.
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be careful with your bar formations. its a common mistake for new folks.
bar 1 is not a pin bar but an outside bar. to have been a pin bar its high would have needed to be within the prior bar.
bar 2 is simply an inside bar. it has a pin bar look to it but its not even close to being a true pin bar.
your highlighted bar is a pin bar and was a decent one in my opinion simply because oif where it formed. as jarroo said it went exactly where you would have suspected.
you will be much better served to...
Josh and I were just talking about the 8 hour Pin bar that I took in real time earlier today.
Yes my mistake. That's an outside bar alright. And that outside bar it surely lying, just like pinocchio. lol
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thats what i thought. nice trade too, right where you were expecting.
those long nosed looking "pins" get a lot of people if they dont look closely. they have gotten me before. this one almost did until i clicked his chart and looked closely.
its a good habit to get into. just a mental checklist that doesnt take 3 seconds and it can often save your rear end.
jim
Important point about learning, studying and pracising on the Daily. That's where it came together for me. I firgured the 8 hour time frame had more weight then say the 15min or 30min chart. lol
Thanks Jim
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This is shaping up nicely. Jarroo, you still in? Never felt any heat if you entered on the breakout. Nice...
Josh
Absolutely.
Whenever I can get into a trade with some juice on the 1st half I will most of the time (not always) leave my 2nd half at break even. I like the
in-the-bank-profit, no risk, higher return potential aspect of this type of trade.
I don't know why I didn't stick to this on the Daily Gbp/Usd trade I had a few days ago. For some reason I thought that the 1.4200 level was going to hold, it did not. If I left it (2nd half) at break even, I would be looking good now.
Always learning and improving.
Jim
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There you go Jarroo, you seem to know Jim well...lol!
Well said James
Regards,
Ghous.
Let me tell you something, we are all lured into this business of thinking it is easy money, fast money, riches over night and all the freedom that would bring. It is these characteristics that doom us. The characteristics one needs to trade sussessfully is just the opposite.
It's a marathon not a sprint, it doesn't happen over night and it takes time, practise and patience. And the understand of the many posts like this brilliant one from Jim that has to hammer home into your brain.
Yeah after reading all of Jim's and Mike's post it starts to sink in. lol
I think a lot people understand them as well. But remember, what they say means nothing if you don't apply it. Once you start applying what he is hammering in us, you'll understand Jim even better. Yes this business gets easier.
Jim
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He does'nt follow normal MM techniques, just as he said he does'nt want to see a trade that has gone positive for once to give him anything negitive. To a person who calculates risk/reward for every trade this may sound silly but Jim does'nt give a damn to the risk/reward, anything goes positive he'll put it in the bag hurl it on his back and move on...that's just him
Bear in mind though that there are'nt many who trade like this not because they don't but because they can't...he operates a huge account and IMO the best thing...
Good points ghous.
Also remember that Price Targets at S/R levels, recent Highs/Lows, etc., comes into play and they may only be 30 pips away. A good confirmation of a successful PA setup is that it breaks on the next Bar (or candle) and it breaks robustly. Think momentum.
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Do you think its risky to enter short on the 4H beob break out pull back?
Eur/Gbp.
When the pullback is confirmed with PA makes it less risky.
A good pullback area to the .9100ish level which is a Daily PPZ also the strong Round Number .9000. Just entering short at these levels is risky. That is why we need to confirm it with Price Action, the higher the time frame the better.
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As the title reflects i am now entring the 4th year in the study of charts and taking trades based on that charting.1 year live and with clients money who as i said in the title is happy needless to say so am i.
I play Daily bars, mostly on trend and i look for confluance on higher time frames.
Hey Baba G.
I've been enjoying your posts. Sounds like you have experienced many different situations over the last 3 years. Is there any one (or two) moments that you realized or had a thought that said " . . . . ohhh . . now I get it."
An epiphany, so to speak, in the trading world.
Thanks,
Jim
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now I get it.
An epiphany, so to speak, in the trading world.
LOL oh god yes every time i lost! The voice would say STOP TRADING YOU DONT HAVE A CLUE
On a more sensible note i had 4.The first is consistant entry and win.Second was consistant managment.Third consistant exit and last consistant % risk.
They are all individual methods which if separated renders the system absolute rubbish but together create a yield curve and a system performance rate which over time and only over time fills you with a confidance to place your bets.Each...
Patience: Its worth its wait in gold.
You gotta like that.
Thanks G.
Jim
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honestly, I havent played any wkly yet! mostly on daily and 4hr.
So if u play this wkly OB, ur sl on the high? that's around 700 pips sl.... even using MM to enter, still looks like giant sl to me.
and for wkly trading, how long it lasted?
Any advice? thanks
Yes that's the best place for the stop loss so you adjust your position to meet that money management requirement. If your like most people you make that adjustment and your per pip amount is .000001 cent. lol
Or you can place the s/l above a Daily or 4 hour PPZ which will reduce your risky substantially.
Or you can use a fixed amount say 50-70 pips and move your stop loss to break even quickly once a you gain 30-50 pips, which I like to do.
All approaches have their pros and cons.
It's really is up to the individual trader and their risk tolerance.
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this looks quite interesting! what will od if u 50-70 pips been stopped out and then down again to ur entry? will u reenter?
aslo, can u explained more on fixed stop loss tech u using?
thanks again
If my stop loss is hit, I'm out. I don't do what I know some people do and remove the stop loss hoping that "it will come back". There are many times where my stop loss is hit and at that very moment it turns in my favor.
I may reenter at the entry again. It depends on the monmentum the PA setup.
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Yeah I didn't take them, because I wasn't a huge fan of the breakout pattern(for me to play a breakout I look for clear patterns). Secondly the area I was watching just didn't close above the area I was looking for to play in my intraday style. So overall things were close, but not exactly how I liked it so stuck to my rules and stayed out. Never the less missed a bunch of moves, but that is how the story goes. I know Jim(jaroo) caught a lot
Mike
I can't post a chart right now so I had to steal this one from Mike's Breakout Thread in the PF.
1st target was hit at 135.00. BUOB off the wedge breakout.
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Nice Jim, I caught on to the same one. Now it looks like the 130 area is going to act as support. I'd like to see a retracement from here then solid pa in that area to get into another position headed towards the top.
Mr. Mike. How's going buddy. That pretty girl keeping you busy. lol
Should be interesting how the News tomorrow will play out with the Beast. I'm liking that 130.00-131.00 as well.
Jim
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Patient, dicipline, hard work?? Wich one is missing??? Maybe time combine with all of that
Regards...
Repetition.
Once you start seeing PA at these PPZs at Round Numbers (or at RN themselves) over and over again it starts to sink in. Then once you make a couple of successful trades, you'll start to trust it. Then, hopefully, you'll never trade anything less.
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If you’re a meta trader user just right click on the meta trader chart and go to “Save As Picture”.
Then “Select the image you would like to save:” Pick “Active chart” at “600 x 600 pixels” then click “OK”
Save anywhere you want i.e. Desktop.
Then when you enter to post comments go down to “Manage Attachments” click that.
Then click “Browse” to find your pic you want to attach, i.e. Desktop.
Click the pic you want and hit “Open”, Then hit “Upload”.
Wait for it to upload then close the “Manage Attachments” window. Then make sure you hit the “Submit Reply” button that is under the “Manage Attachments” button.
Done.
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Dang gave up a lot on GBP/CHF... bought 2 lots and planned to take profits early on 1, and let the other ride... still fighting emotions even on my dinky account.
All part of the learning curve my friend. Do that a few more times and you'll let the ride last a little longer. Locking in profit of course.
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Thanks, Jarroo, Ghous and others, ur E/G trades and following up are the best lesson I got this wk. I dont trading this pair, but really benefit a lot.
Hope u will do more of this kind of live and following up analysis.
First time I traded this pair this year or last year for that matter. An obvious Weekly setup is hard to pass by.
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GM guys,
hey jaroo i like ur charts, they look clean, mayb cos of the white background
is dis a valid dlhc to trade if it holds, thnx
i see the pa, it remains whether they r tradable
If it holds its a valid formation of a DBLHC.
Your right, what would make it tradable? Like to see DBLHC at swing Lows and DBHLC and swing Highs.
Another approach is that a DBLHC is a bullish formation and when taken with a bullish trend could be doable but risky.
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I suppose its time to bank some profits, that 4H pinbar makes me nervous
Chris P:
Quote:
Until the PB has confirmed it isn't valid!! Have faith in your trade and only exit when price confirms a reversal.No need to hand back those hard earned pips just yet
Chris P has it right. And once that PB broke, it got me totally out of my Eur/Gbp trade. Especially before NFP. The prior PB tickled the break in the beginning but then failed and told me that we were heading down some more.
Also if you enter a Daily PA setup and everything is moving fine then you see a PB on the 4 hour time frame. If it never breaks and fails, great. But if it breaks, the move may be short lived and then continue in your direction.
Price never moves in a straight line. (OK, maybe the Gbp/Jpy, but she's crazy)
Jim
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it look like a valid buob (my 4H ends in 10 minutes):
1. touched 116.00 (round) which is PPZ.
2. confluence daily pivot
3. looks like a minor up trend shift with the 21ma
4. E/U looks the same. currency correlation
Questions for the experienced PA's:
1. Is it valid?
2. If yes, would you wait for ret to 50% of the big bar? taking the chance of missing it
thanks for the help
If it holds its a valid formation of a BUOB.
Is it tradable? Like to see BUOB at swing Lows and BEOB and swing Highs.
Another approach is that a BUOB is a bullish formation and when taken with a bullish trend could be doable but risky at any retracement.
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hi josh,on my mt4 feed it closed a neutral bar with the close below thr prvious candles close,but on mf oanda feed it closes a nice looking pin wich has no body at all,o+c in side the previous candles body so technicaly good.
but i have to say with the present bullish sentiment in gb and the fact that it has jus broken the weekly BEOB im still pretty bearish this pair.
this is the chart i posted last week,with the new bars showing the break
of course could be completely wrong
regarding mt4 platforms try odl securities,more instuments than...
Watching as well. (Blue box is the Weekly BEOB)
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EDIT: I like "all" my bars to be inside the trendline as far as possible...I guess that's the magic here, agree on the Pin bar thingie though, I was abt to discard the setup lol!
I like the fact that it broke 122.00. I'm not a big trendline guy but when they add to the confluence of set up all the better.
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One question about the GBPCAD chart that you posted. There's a PPZ (red line that I drew) just under the PB that you considered as A+ trade. Can you explain what you'll do if you found PB with nice location (like G/CAD) but with PPZ just below the it. I mean what would you consider before taking it. Maybe because I'm lack of experience that's why I see every PPZ as major PPZ. Hope you understand what I'm saying as I dunno how exactly to explain it to you.
Check this great post from James16 (the big guy) it has helped me very much.
Thanks Jarroo. Helpful as usual Anyway, according to you, what would you rate the PB in term of formation (which I think is A+) and the location.
I can't post my own charts right now so I'll borrow yours.
Its in the A catagory to me. You pointed out the main resistence (PPZ level) that this trade has to overcome.
Also the PB is off the 1.8400 level which has shown some strong down move when hit. Ergo, the PB from that level. It just may want to continue down. We shall see.
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I feel like I am being jipped on my ibfx feed, should i consider changing my feed to fxpro? Is this an issue for anyone else, and have they switched because of lack of signals? Or does it just not really matter because ibfx will have signals fxpro doesnt? Thought?
Mr. Smith is right. Different feeds will give different signals and I do believe they equal out over time.
It is nice when an "A" trade is confirmed on many feeds. Coincidence? Maybe.
Gotta love your Avatar. Nice. lol
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Yes a pin bar signals a change in momentum, but one bar is only capturing a moment in time. It's the position on the chart that should give you the reason to trade. Not the bar itself. The bar (once closed) is just the reason to pull the trigger.
I wish I'd said that. Very nice Mr. Bundy.
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Pip, you could have taken yesterdays pin bar long. BUT, it is very congested & look what it has to run into... See those bar highs to the left?
What did it do when it got there..? This is another rejection from that area which has been tested before. making a ppz.
seeing all this reaction there it may be a more probable trade to wait for a nice bearish pa off it or a break higher then a retest as support.
Very nice Jeff.
There it was on the 4 hour chart, a Pin Bar off a Daily/Weekly PPZ level.
Shows the importance if your looking for a PA setup on the 4 Hour and Hourly time frame it must be off the Daily and Weekly PPZs.
A break of the 1.1700 (Round Number) gave good confirmation.
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What do you think about this one? Maybe some of us had already had their order in. Though it's still early to decide, but if it ends as BUOB and close above the PPZ, would make a good trade IMO. So, comment pls.
Pro: Swing low, bounce off daily PPZ.
I'll be watching this too arcus.
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What do you think about this one? Maybe some of us had already had their order in. Though it's still early to decide, but if it ends as BUOB and close above the PPZ, would make a good trade IMO. So, comment pls.
Pro: Swing low, bounce off daily PPZ.
How we doing arcus.
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nice trade, jaroo. I started watching this pair since ur last trade. and when u put on the setup chart yesterday, I nearly break my rule of not trading this pair
I hold my trigger anyway, but great trade, great following up.
A classic J16 PA setup. Would not be surprise if we see a James16 chart on this one.
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Damn you remind me of history, I was trying to do just that and some days back was terribly mistaken that I had found out the secret to Rac's Voodoo.... remember Jarroo...
Scary times....
Yes I do. Rac doesn't chase trade or just pick random spots. He focuses on strong S/R levels with tight stops. He's very good at it. I learn alot from all of his charts.
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Jim, You posted this last April, post 10101. This makes great sense. All the great traders on this thread more often post that they took some profit and moved their stop to B/E - thus removing all risk. This helps answer my question of what the great traders are concerned about when they place a trade (R:R, or setting profit at PPZ, or moving stops, etc)
PS: Another example to read through the entire thread. I've continued to learn lots on each page I turn...
Thanks,
Josh
That's a good one. I wish I wrote it. Don't know where I read it but it sticks with me all the time.
Most (if not all) Price Action "A" trades will break their trigger and run for a good amount of pips on the next bar. If they don't and start to retreat, it's not a bad idea to get out for a small loss. Sure it may go back in your favor but maybe it won't. Check some of the "A" trades on this thread didn't they have any drawdown? Probably not much if any.
Good confirmation of a good PA setup is one that breaks and never looks back.
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hey jarroo,
jst dloaded fxdd & ibfx platforms and noticed dat fxdd has the earliest feed time....
i.e. closing of h4 chart or any chart
which makes an early entry real cool, thnx
im currently watching the gbpusd h4 beob on fxdd which isnt visible on the others but seeing inside bars/ tml for a possible trend continuation
cheers
Looks good squeezy. Check you Daily PPZ. Nice round number. 1.4400.
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hey jarroo,
jst dloaded fxdd & ibfx platforms and noticed dat fxdd has the earliest feed time....
i.e. closing of h4 chart or any chart
which makes an early entry real cool, thnx
im currently watching the gbpusd h4 beob on fxdd which isnt visible on the others but seeing inside bars/ tml for a possible trend continuation
cheers
Notice that the PPZ levels and of course the Round Numbers are the same on all feeds. lol
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Not exactly sure what his entry style is my friend I just know his good lol...and umm I am just basing it on the story my chart shows me and thats tht we have 12 hour of price trying to make lower lows and buyers take over and push up....so I based it more of what price is doing then the actually candle ....
I see. Good luck friend.
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Hi Jaroo.
I took BUOB on EURGBP, got PT1 and reverse position on H4 PB short (my 4th SL this year).
How do u manage the trade in the case like this? Or you wouldnt take CT H4 signal against daily trade? Location looks good to me as well.
Thank you
alter
This is just me. I don't know how others manage their trades. I will take a CT on a lower time and keep my longer time frame trade open. Many times the lower time frame trade will be short lived and then continue in the direction of my longer time frame trade. Is this clear to you?
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jarroo
dis was wat made me enter the trade
hope it made sense
That's an aggressive entry. I like to wait for the break of the Outside Bar. I do like that its below the Low of the previous bar. It's looking good now.
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Let us assume you had entered a trade long on a Daily chart, then you saw fit to add on when the opportunity arose. When you see a A+ trade short on the 4HR. When you go short. what position size are you using ? Relative to your overall exposure on the pair long . . If that makes sense ?
Just looking for your opinion on this . .
Does your overall bias dictate that you are relatively risk heavy on longs and risk light on shorts.
Do you hedge yourself fully if it is really a+ or is it only relative to maybe . . the last position size...
Its not a common occurrence and the CT setup has to be "A" quality. Much like the 4 PB on the Eur/Gbp this morning. My risk is relative to the quality of the trade, meaning "A" trade or "B" trade.
Its just an understanding that Price doesn't travel in a straight line and retraces at different levels.
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Does your overall bias dictate that you are relatively risk heavy on longs and risk light on shorts.
Do you hedge yourself fully if it is really a+ or is it only relative to maybe . . the last position size that you put on . . And where you think price is going to turn around.
(Yes it's true Mike says I often complicate things too )
Just wondering your ideas on this
Jig
Take the 4 hour BEOB on the Gbp/Usd. I entered on the break with a small position. Why? Is not an A trade, because its not at swing High. It could be a contination PA of the down trend. I like that it engulfed two bars and that is below a round number. We shall see.
Jim
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yeah thnx jarroo
pls cld u help me out wit my entries, since u said dat one is aggressive
wat i do is, once the bar closes for my confirmation of pa....i jump in
do u hav a pdf file on how to enter, set sl and some other things like dat
now dat im seeing the right pa, need to fine tune other things like entries etc
i totally feel u on the bearish pa on a down trend, cldnt help the nice pa, for the trend continuation......
Put this great post from James16 next to your bed and read it nightly. lol (just kidding)
Just taking a look at this AUD/Cad 4 HR..Definitely not a an A+ but here are some thoughts.
Pros.
Good pin formation - Long nose, eyes in good position
Fib confluence on at 50 and 61.8
Off the 150 and 365 EMA
At a price pivot Zone the 81.50 seems to be a FLipping point
Cons:
Not at a swing high or Low
Good amount of traffic to the left
The 80.50 Level is not far off should see some resistance there
As I am writing this it just seems more and more like a no trade, location is SO IMPORTANT, any comments?
Your Cons are it. They outweight the Pros.
Nice 4 Pin Bar on Feb 2nd. Now we're talking A trade.
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Jarro,
Thanks for all your insight you share here with all of us. I have one question for you.Wouldn't you consider the 1.4300 a pretty strong ppz(support)?I would have been waiting for a bounce myself...What is your view of this?
I still like the 1.4400-1.4375 level.
You really want to define the PPZs on the Daily/Weekly time frames. Sure you'll find some on the 4 hour but the stronger ones are on the Daily/Weekly.
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Looks good I guess. Dunno what's happening on my 2nd half lol Just want to ask about the 4H PB, looks good though it's no longer valid right now. I don't take it since I was asleep. I'm wondering would you close your long when the 4H PB hit? Can't post chart right now, still in school.
I let my 2nd half close at break even.
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We had a BUOB on the H4 but we do not close above the gold area. hmm...actually I don't know what to anticipate lol would be nice to see price break the low and retest the ares. JMHO.
We know on Bullish/Bearish Outside Bars that Price tends to retrace back the previous bar Low (BEOB) or the High (BUOB).
Remember that we have a Weekly BEOB ( the 800 pound gorilla in the room)
The "Lows in gold" is the previous bar Low of the Weekly BEOB.
What does this mean? We could be heading downtown. If the Weekly BEOB acts like it suppose to do. lol
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LOL Learn new stuff hehe Never now that BU/BEOB supposed to act that way. Thanks. So, we should wait for PA at this gold area. And one more thing, if I not mistaken, I think I read somewhere in this thread that some people enter on the retrace of the BU/BEOB, is it right?
Bearish PA on the Daily at this level is not a bad way to go. It would be in agreement with the Weekly BEOB.
Yes, some take a more aggressive entry at a retracement.
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Inside bars used to baffle me so I'll explain what I've learned and how I became able to make use of them.
First I only look at those on daily and up because an IB during the day can be created for the wrong reasons, inactive periods rather than consolidation as we like to think of it, so a "break" is more insignificant. But if an entire trading day forms an inside bar it is consolidating because the active session of the day couldn't make new highs or lows.
For how to use them I've seen all kinds of things from trading the break of the IB itself...
Great post on Inside Bars Thexder. Great insight. Thanks.
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That was a classic J16 "A" trade in my book Jim. I made some solid pips off that one.
At what point did you realize that Price was going to reach that strong resistence level? Or was there a point after the break of the BUOB that told you that level of strong resistence would be reached?
Jim
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That was a classic J16 "A" trade in my book Jim. I made some solid pips off that one.
At what point did you realize that Price was going to reach that strong resistence level? Or was there a point after the break of the BUOB that told you that level of strong resistence would be reached?
Jim
I think one answer could be once Price broke the 8950ish level (these Lows gold) or the 9000 level, Price had a chance to reach the next level of heavy resistence. (sorry not a current chart.)
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It's worth waiting and saving your capital for days like today
Could it be reversal on dow and e/j? let's see.
If interested, here is a little doc with my today's trades (aggressive, yet planned very carefully).
Dow closed above ppz, so I will look forward for dozens PA entries from a daily perspective.
Happy trading.
.
Thanks raczek. Cool stuff.
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That GBP/JPY pin was my first James 16 trade on my real account after waiting the first 12 days of February without a single trade(which was hard for me), took some profit after a 40 pip move to 130.50(because of previous bar highs at that level), now I am trailing the other half with Mikes 2 bar stop method on the 15m, I know this isnt the best thing to do but I am very anxious to close out with profit. My next level is 131.50 to watch. Me trailing on the 15m is such a newb thing to do i know guys
2 bar method on the 15min?!
At least use the 4 hour time frame.
Nice trade dmc.
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ahahah I know I was such an idiot wasnt thinking straight...lol but all worked out well so there is no problem, now I know for next time, that's what is so great about it.
No, no, no . . you are not an idiot. I understand you want to make some profit. That's why we're here. Your target of 130.50 (previous Highs) was great. Take some off the table, move to break even and give some room to ride. I just thought the 15min time frame was to small to give the trade a chance to run.
There is nothing wrong to taking profit where you see fit. We are all learning here and I'm sure you will come to realize your own way of taking profits to best fit your style.
I apologize if I came off badly.
Your Patience would make James16, Mike, and others Proud and have them saying to themselves "that dmc gets it! "
Good job dmc.
Jim
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I'm also in this from the break of the Pin Bar and took some off after 150 pips. It looked like this 13350 area could be a problem but it is moving through this as I type. If this holds I can't see anything on the Daily that should hold it back until around 13550?
Quote:
Originally Posted by Piproo
hope im right, correct me if im wrong please
134 minor resistence, easy to go 135. if break we have 137 and 140 ahead, but unlikely to reach today
Very nice guys. I like the recent Highs 136.50ish.
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i see youre still here on a fri afternoon. may i please ask a question? as far as the 4h chart goes...i am on a feed where each 4h bar closes, respectively, at 4am, 8am, 12pm, 4pm, 8pm, & 12am est time zone. so should i definitely be paying more close attn to when the 4am, 8am, & 12pm closes (b/c of london & early ny) more so than the 4pm, 8pm, & 12am (late ny & early asian) to see what pa might develop in ppz's? this was just a thought i had, so just curious. thanku.
A quailty PA setup doesn't have a time table. Sure late on Fridays, Holidays, 1st Fridays on the month, etc., may give mixed signals on the 4 hour time frame. I have found that an "A" trade setup doesn't know what time it is.
GbpJpy Daily PB broke at the 9:00 PM EST Hour.
Jim
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Yes, but not on this trade (I have tight stop to lock in profit [already triggered]. I'm trying to recover from a bit of a draw down and want to get back to break even on the account. This move helped a ton, that is for sure. Otherwise, I would let the pips swing. I did ride out the GBP/CHF a while back on the big move, so I have stomached the 300+ pip swings and I'd do it again.
Understandable. But remember if your trade is at break even or locked in for some pips, your not losing anything. The potential for a large gain with no risk exists. When you remove it, it does not exist. (I'm not explaining this right)
One step at a time LVG, nice trade bro.
Jim
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To borrow a page from the book of Jduester, I would like to post my analysis of USD/CHF in an attempt to teach others while getting feedback from some of the experienced traders.
My first instinct was to go short at 1.1492 (10 pips below the low of the current candle) for the following reasons:
- Price has failed to close above 1.17 for the past four weeks.
- I think I see some bearish divergence (if I am not mistaken).
- There are three consecutive candles with long wicks and small bodies (a sign of indecision and possible reversal).
After...
I like your instincts to go short below 1.1500. If this week's neutral candle had a longer wick, we're talking now it's a Pin Bar. (as you have mentioned) And a break below two distinct PPZ levels (1.1600 & 1.1500) would work for me nicely.
Looking for PA set ups on the Daily at these levels should prove promsing.
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Should I place a limit order to sell this pair if price reaches .8936 (10 pips below what I think is a pinbar)?
Pros:
- Price bounced off of a PPZ I drew on my chart.
- Looks like a valid pinbar to me. Price opened and closed below the high of the previous candle. My eye tells me the wick is long enough. Please correct me if it does not look like a valid pin to you.
- Price bounced off of 38.2 fib I drew on my daily chart from the high of .9517 on Jan 26 to the low of .8634 on Feb 10. I believe that this is what James16 calls confluence. Please...
Hey Gator.
I was wonder why you jumped down to the 4 hour when your Weekly chart analysis was so good. lol
Eur/Gbp:
I believe the Weekly BEOB is still in play here. I made some nice pips on this BEOB break last week you can check my past posts on it. It was a very easy trade.
PPZs level take a little practise but what I do is I start with the weekly chart (and even the monthly) and look where Price has flipped or where Highs and Lows meet. Then I go to the Daily chart and fine tune them near Round Numbers. These are not precise levels that's why their called zones. So any PA setups around these levels could present a high probability PA trade.
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Your explanation is sound and I agree, but here is a hypothetical... Say you have 10,000 dollar account and you draw down to 8500. You enter a trade and you are back up to 9500. For me, I'd put a tight stop to make sure I lock in that profit as I try to get the account back to 10K. I understand I'm giving up the chance at having the trade go higher (maybe say go to 11k - 12k, etc, etc). but at least the account is closer to being out of draw down thean staying at 8500...
I don't know if that is the best way to do it or not, but that is how I'd...
Again I understand and have been there. Just don't let a loss (or two) get away from your trading plan.
You have a drawdown on your account and you say "I got to win some pips so I capture some instead of taking half off and letting the rest ride". So you take some quick profits and then it goes to the moon (or to the center of the earth.) And you say "why didn't I take half off/other breakeven. Darn it."
If you have banked some profits and half at break even you now in position to add more to your account with no risk. It cannot go negative.
Just something to think about LVG. My approach is getting to a positon of a "free trade" where you have every thing to gain and nothing to lose.
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I have traded this pattern down to the 5min timeframe. It is all about learning how price(all the components) works, combining the knowledge of support/resistance and price action analysis. The bar is simply the trigger point and the bunching of information in a reoccurring pattern that we can easily recognize. The concept of space is to help those learn one such way to trade price action.
Space basically means that in the immediate area there is less resistance/support. This will help your trade move easier through the upcoming areas....
Just when I thought I've read all the best Mike posts on this thread, this one comes along.
Great stuff as always Mike.
Jim
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ok, Jarro, i turned my chart to daily to show the ppz. is the blue ppz a good on?
Many thx again
The 116.50 look like a good PPZ level and infact this BUOB may just work out. Price Action with supporting confluences is a powerful thing.
But we want the best setup to take place. We want all the pieces fitting together to gives us the highest probability trade. And since this is not at a swing low (a real swing low), it is an important piece of the story that's missing.
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There is an immediate ppz at 0.91 plus the 50 fib ratio from the recent swing high, IMO there is'nt enough space atall. The shape's not great on my Fxopen feed either but since the feeds differ youmight be looking at an A+ shape, location however abates the validity of the setup...
Regards,
Ghous.
I think he's talking about this Pin Bar in Blue ghous, which is at a bad location. We would like to see the PB in the green area.
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Hi Chaos,
Strange. The platform's been running all day. There'a full set of 1 hour bars. I've just checked another of Jarroo's charts (EURJPY) against mine and thats different too.
I'll have to dig into it deeper tomorrow (its nearly beer time here).
Steve.
It is President's Day here in the States. May be causing different feed data.
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They are two different brokers! I use FXPro (so does Jim, Ghous, Jig etc...), whereas your charts are provided by FX-Pro. Sneakily similar names but very different companies. FX-Pro have their regional office in Jordan, while FXPro are based in Cyprus, with other offices around Europe, including the UK.
Consequently, your feed may have a different 4h bar close.
Hope that clears this up for you.
Chris
Different locations. Thanks.
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Not in any trade right now, closed my Gbp/Jpy Daily PB on Friday. I don't like holding trades over the weekend unless I have a few hundred pips under my belt.
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Good spot for shorting e/g if price will make it there. Trendline/fib confluence + fresh s/r flip zone , 0.9200 round number could be good place to look for price reversal.
I agree. I believe that Weekly BEOB is still in play. Looks like we will close again near the Weekly BEOB's previous bar Low, .8960ish level.
Yeah Jim is Tenacious with a capital "T". He would probably be successful no matter what business or endeavor he wants to puruse.
I just thank God it was trading so we can learn form his mistakes, successes and everything that goes on in this business. Not many experienced successful traders are willing to do that.
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the h4 OB is only broken by 25 pips and now retrace. I wonder why u said u missed it and do u think of enter at the retrace?
Thanks again
(Sorry I can't post a chart)
One thing I look for when I enter a trade off a good PA setup, and I believe this 4 Hour Usd/Chf BEOB off a Daily PPZ was a good setup.
Did it break on the next bar? Yes it did.
Was the break hard/fast and keep running? Not really, it broke downwards about 20 pips and then immediately started running the other way (upwards).
I would have probably cut this one loose for a small loss. Or stopped it out at break even.
A good confirmation is that when Price breaks, on the next bar, it should run for a good amount of pips (30-50 pips). This tells me that the setup and my entry are correct. Especially on the 4 hour/Hourly time frames.
I missed it because I was not watching this pair at the time and I would not enter on a retrace. I would wait and look for another PA setup at this level to develop.
Jim
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Most people get stuck in the 2 steps forward(with an A+ trade), then 3 steps back(with the B and C trades). Thus you feel as if you are chasing your tail and end up somewhere around breakeven. This is still a good sign to get to this point, but IMO to get past this breakeven level we have to shake that "need to trade" feel. And do the right thing
Guilty.
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My Problem is i shot gun trades, like i am looking at the geepy andgoing i should short that.
This kind of thinking is going to wipe you out. As bundy said . . "Remember, we're after highly predictable moves with good expectancy." You must trade the set-up, the signal, the trigger. Random shotguns will kill ya.
When you see a large PB on the Daily, at new Highs, at the 61.8 fib, off a Weekly PPZ then you can say "I should short that at the break.
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Thank you for your advice and thanks the good suggestion from piproo. It looks like it is worth to read this 1448 pages. .
Actually I read a few pages, I am wondering why this thread is so special so long? all those bar patterns seems are standard patterns just with different names here. We can find all of them from www.investopedia.com or www.fxwords.com, like Shooting Star", "Evening Star","Evening Doji Star","Dark Cloud Pattern","Bearish/bullish Engulfing...
Bar patterns are just part of the story . . .read on friend . . read on.
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what about this??? not done forming but input? and yes bundy instead of taking the trade i went back to sleep i am getting there.
To much traffic. We want these PBs at swing Lows and swing Highs. At Daily and Weekly S/R levels (PPZs). Map out your Daily and Weekly PPZs and then wait for Price to get there and then look for some bar confirmation.
Hang in there buddy.
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Jarro, I have a question on this chart I have on the daily tf. I have studied the price action and actually I did took this short trade quite awhile ago. I was expecting it to go much much lower because it went out of my resistance line there, however, it failed. The green line there was my entry point and my red line was my stop. Would you please comment? Thanks
Where were your S/R levels (PPZs)? What Price Action setup was this based on? Was there any other supporting confluences?
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That 4 hour Pin Bar in the middle of traffic. "B'' and "C" trades sometimes work out. They prove themselves at times just enough to give you false hope. Still if I was icthing to trade, why not enter with some assemblage of a PA setup.
James16, Mike and others will tell you many times how they didn't take a "B/C" type trade that they thought was pretty good and then watched it go to the moon.
We look for the best "A" type trade and nothing less. It's an ongoing study. You just need to get burned on a few "B/C" trades to re-focus your pickyness.
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Jaroo, I am in no rush, but just to make sure Im not a complete idiot... I have not seen any A trades over the past 3-4 days or so. Im fine with that, just waiting on the perfect setup.... I have not missed something obvious have I? I love the USD/PLN possibly, however that is such a HUGE spread.
I haven't see any "A" trades on the Daily lately either. The Daily PB on the Gbp/Jpy on the Feb 11th was my last one I traded. Trust me when one presents itself this thread will be showing it, big time. lol
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What about this one I picked as a pinbar entry? Is this how we do it correctly? USDCHF have moved up slowly over the past few weeks. Please rate my trade on this one.
What about this one I picked as a pinbar entry? Is this how we do it correctly? USDCHF have moved up slowly over the past few weeks. Please rate my trade on this one.
The only thing that's giving me pause is that it didn't break on the next candle and it's not breaking down hard. could be the time of day.
See how the other PB did (light blue circle), next candle break and robust.
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Jarroo,
I'm happy to see you point that out as an area of concern. I was just about to post my chart asking you that same question. Could this now have turned support?
Steve.
From looking at your chart it looks like its below the resistence level of 1.1800-1.1780 level. It may go back at test it again. Overall not a bad setup. Is it an "A" trade? Probably not because it would have broke for 50 pips already. lol
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Hi, Jarroo, it's not strange to find no trade for u for couples of days. and I believe this is tha attitude we all need to learn.
But may I ask how many trades u took per wk averaged?
Cheers,
Pip
Hard to say how many each week. Some weeks 3 or 4, other weeks zero. It use to be a whole lot more. lol.
I still fight the patience game. But once you get a taste some successes and figure out that "Patience Pays", it gets a lot easier to do.
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I saw a BUOB in EURUSD H4 chart.
According to my rules:
1) It is at a support zone.
2) But there are no space
3) It is at a swing low.
So according to my own rules: this is not a good A+ trade and I will not take it. Anyone else have any comments? Pls advise as I am a newbie in trading.
The 1.2500 is a very strong PPZ level. Take a look at the Monthly chart.
This is a great location for a Price Action setup to develop.
dkmbp92 is right it looks like a weak DBLHC. The Pin Bar next to it caught my eye. But its rather small, on the 4 hour and in traffic. Although you got to like it's location. A Daily and/or Weekly bar conformation would prove more promising.
Good eye Ray. Keep it going, you'll get there.
Jim
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Indicators show the past. Price Action "Indicates" the future.
NoBread:
I have decided to stop trading i have turned my standard account into a mini on bs shotgun trades. will take a few months off.
Quote:
Originally Posted by NuckingFuts
Jim's advice about getting it wired on a demo first comes from 25 (if I remember correctly) blown accounts.
Listen to the man, he isn't BS'ing around.
Quote:
Originally Posted by ghous
He is doing the right thing abt taking some time off, he is brave enough to understand that this short gap is important to ensure he does'nt blow his account off...
Then start reading this thread from page 1 or better still join the group....it will transform your trading if you show the discipline. The material itself isn't hard at all, though there are many facets to the diamond....the internal struggle is the hard bit and on the PF there is plenty of material to sort out those emotions and correct them.
Either way I wish you all the best
Cheers
Dave
Fighting the inner Beast is a tough war to conquer. But it can be beaten.
Hang in bro, you'll get there.
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Indicators show the past. Price Action "Indicates" the future.
Hi guys, sorry I fell asleep the last time I posted. My trades, they are all closed with 0, 0, and 5pips. LOL... nvm I still got my gj up and halfway to its target profit (135.51)
Good for you hijack.
I was wonder how you played that out. Some would take that stoploss off at break even and "hope" that it would continue down.
I consider the way you managed that trade as A+++.
Nice Job.
Jim
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Indicators show the past. Price Action "Indicates" the future.
hi guys what do u think about this posible pinbar location, still not closed yet, but if close like this is that good location?
CHFJPY Look like good location break and retrace and bounced back with pinbar.
USDCHF make it seem make false break and now comeback down?
What's the Daily and Weekly Price Action telling you?
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Indicators show the past. Price Action "Indicates" the future.
I was like going to take 1/3 of the trade targeting the next PPZ I had drawn and set the other remaining trades to at least BE and yeah, "hope" it would continue down, but unfortunately it did not played well. That's one case, I'll face more and more and let this one going to be one of my experiences.
You stuck to your guns and if it played out you were golden and since it didn't, you lose nothing. It could have easily gone your way but you protected yourself, very nice. It's all about controling risk/ minimizing losses in my book.
The next one will go your way.
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Indicators show the past. Price Action "Indicates" the future.
daily chfjpy i think it's look like try to break up that resist/ppz up but and before give that pinbar althought not in very good position.
weekly i think now at resistance ppz
uchf daily i think it's break up from triangle. uchf weekly look like bias still up.
i think not very good to trade ?
the signal is gone/not very good anymore i think now..
cmiiw
So there's nothing really clear or obvious on the Daily or Weekly time frames. Yes Price is at a good location on both pairs. We'll have to come back to it and check it later. Let's check some other pairs shall we?
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Indicators show the past. Price Action "Indicates" the future.
Looking for a retrace to around the junction of the two trendlines....trendline break....price comes back to retest the trendline then look for PA to confirm
Very nice Dave. Your making Mike proud. lol
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Indicators show the past. Price Action "Indicates" the future.
The 1.2500 is a very strong PPZ level. Take a look at the Monthly chart.
This is a great location for a Price Action setup to develop.
dkmbp92 is right it looks like a weak DBLHC. The Pin Bar next to it caught my eye. But its rather small, on the 4 hour and in traffic. Although you got to like it's location. A Daily and/or Weekly bar conformation would prove more promising.
Good eye Ray. Keep it going, you'll get there.
Jim
Thoses "B'" and "C" trades do work out sometimes, Ray. Tough to see them run when you don't trade them. Funny once I stop taking them, they work. lol
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Indicators show the past. Price Action "Indicates" the future.
That was a classic J16 "A" trade in my book Jim. I made some solid pips off that one.
At what point did you realize that Price was going to possibly reach that level of expectance? Or was there a point after the break of the Pin Bar that told you that Price was going hit that level?
My thoughts are that we would manage our trade with the expectation that those levels would be reached, if not, our trade is protected.
Jim
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Indicators show the past. Price Action "Indicates" the future.
that was the big target you would expect eventually with resistance holding until reached. what is reality? the final target if thats the way someone trades or somewhere in between including breakeven. me personally was about half profit and half breakeven. most of my trades end up like that.
good question j,
jim
Yeah my 1st target was the previous bar High (of Pin Bar) for 150 pips. Then I just locked some in and got out before the weekend.
Thanks Jim.
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Indicators show the past. Price Action "Indicates" the future.
Patience Pays. Nice job ghous and all who spotted these PA setups.
A great confirmation (for me) is how Price reacts after the break of our setup. Meaning it has to break on the next bar (candle) and it has to break hard and robustly. It it doesn't do any of this, you may give it a chance for a while if it doesn't happen then get out. (I've been working on this confirmation with "B" trades . . . don't tell anyone.)
Good example is the Hourly PB on Usd/Gbp this morning.
We have our PB at swing Low (not the lowest of the Lows), faily good PPZ at a round number of 1.4200. Now look at the break on the next bar. It went over 50 pips in 5 mintues. Where else did Price do that? Nowhere else but our PA setup. A buy stop just above that PB was not a bad idea for me to take.
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Indicators show the past. Price Action "Indicates" the future.
Jarroo, I woke up about an hour too late for this cable set up, but I love these. One hour pin bar at rejection of previous day's highs or lows. They happen often and are usually quite generous. In my testing, they qualify as A-/B+ trades...only because they're done on the 1 hour timeframe. They're A- when the prev hi/low lines up with solid sup/res. B+ when its just prev day.
I like those quaifiers Life Pip.
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Indicators show the past. Price Action "Indicates" the future.
Broadly speaking, I've noticed this a few times on charts where PB's have formed against a trend. I've not noted them down enough, or tested them to be sure of this, but definitely something that I'm looking into further. If we get a PB against a trend, and that PB breaks in the opposite direction; ie doesn't confirm as a PB but breaks the tail instead; it's a good signal for the continuation of the trend. Can this be played as a reverse PB formation? More testing will tell...
PS. I did have a breakout trade on usdjpy that was taken off a BUOB,...
I've talk breifly about this before as well. I was thinking of starting a Thread in the PF called "When Price Action Fails" Or "When Pin Bars Fail"
An interesting study indeed, Chris.
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Indicators show the past. Price Action "Indicates" the future.
It's just like any other set up talked about in here. ....It depends on the placement in the chart against your confluences.
You can bet though, when you get a pin with a really good long "pinochio nose on steroids" at a swing high / low you don't trade against it. ....For all the others , it's open season. (depending on that "chart placement" thingy)
Solid "A+" Pin Bars don't fail. If they did fail, they wouldn't be A+. lol
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Indicators show the past. Price Action "Indicates" the future.
There has been a lot of discussion about trading failed pinbars in this thread from back in Aug/September too. Also on whether A+ setups fail. It all stemmed from a failed EUR/USD daily pin on August 12, 2008.
Jim16 has a great post that might be worth rereading. Perfect pinbars can and will fail from time to time. The trick is finding the best setups and only playing them. That increases our probability for success. I think that is what you meant anyway Jarroo?
As SL has often said, "I'm writing most of this as a reminder to myself..."...
Yes Josh it was just a different perspective of looking at PBs as a possible signal or confirmtion of Price continuation.
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Indicators show the past. Price Action "Indicates" the future.
James, it appears to me that because this pinbar is immediately below the 3 purple ppz's to the left, meaning that price would have very little room to move upwards if the pinbar is broken.
Or, did you see this as a pinbar that broke down through the ppz and was rejected so that signaled a move upwards.
Will someone please explain the reasoning for this trade in more detail so I can understand?
p.s. This is a great thead, have been following it since last summer and have learned alot!!!
Thoses "purple ppzs to the left" are not 3 different levels of PPZs. Jim is showing that the 130.00 (a nice round number) is a strong single PPZ level.
Why is it a strong PPZ level?
He indicatates why by highlighting (in purple) where Price acted as Support and Resistence at the 130.00 level. An area where Price has flipped many times. So when Price breaks this 130.00 it has a good chance of moving forward as it did in the past. Which it did.
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Indicators show the past. Price Action "Indicates" the future.
Just wondering earlier in your posts a few days ago you mentioned you watch about 20 different currency pairs....
A couple of questions if you could answer please as I was wondering how you manage and check them all quickly for trades?
1. Have you got them all set up on 1 platform of MT4 with Tabs all showing on the bottom and you flick through different tabs of currencies?
2. Are they all set to 1 day TF and then you click top icons TF tabs only down to 4hr TF's?
3. Does each chart only have a Candle Stick chart set up on them...
No such thing as a stupid question on this thread or this business.
I beleive it was Mike that said he watches 20 pairs and gold/silver. I watch about 10 or so.
I have them all on one platform with all the tabs on the bottom. Mainly on the Daily and Weekly. I'm a candle stick guy, I tried to go to Bars but couldn't do it. May one day I'll change.lol
The only thing I'll have on all the charts is the Daily, Weekly and Monthly PPZ levels. PZZs are fined tune to the nears round number unless its totally obvious that its not a round number (which is rare).
When Price starts to move closer to these PPZ levels I'll throw on a MA or a Fib trace and see what develops. Never RSI or shoshtics, etc. (did I spell that right.) Sometimes MACD for divergence but that's it. I'll move down to the 4 hour or Hourly when again Price is at these levels to see if anything stands out Price Action wise. But mainly its the Daily time frame that I target.
Hope this helps.
Jim
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Indicators show the past. Price Action "Indicates" the future.
I just missed this one! I really liked it as we had a weekly pin and daily buob. Also the weekly pin on the usd index looked nice. Do you think it would be a bad idea to wait for a small retracement and then enter?
Its never a bad idea to wait for PA setup to develop. A convincing Bullish PA at the 1.2900 on a lower time frame may prove successful, although risky.
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Indicators show the past. Price Action "Indicates" the future.
This is my first trade of using James16 price action method. Entered the trade when my pending order is hit at 1.2910. Stop loss placed 10 pips away from the bottom of the pinbar. I will move my stop loss when price reached 1.3000.
Classic long term J16 trade Ray. You may want to grab some pips earlier then 1.3000. Currently I took 42 pips on the 1st half of my position and the 2nd half is now at break even.
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Indicators show the past. Price Action "Indicates" the future.
On the EURUSD weekly setup, I saw a good pinbar formed and from my current learning(which is very limited as I am only at pg 242 of this thread) I feel it is a good A class trade, so I took the trade by placing a pending order on the top of the pin bar. I like to know if the pending order is never hit, how do we know when will the pinbar setup on the weekly become invalid, do you consider the pinbar beocme invalid when price breaks the bottom of the pinbar? Pls advise.
When Price breaks the bottom of the PB (in this case) it would be considered invalid or failed. The PB only became valid when it broke.
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Indicators show the past. Price Action "Indicates" the future.
Nice one Jim....I'm there with you from 1.2893....TP1 at 1.3000 the stops to BE on the remaining lots. Probably run a two bar trailer after that off the weekly timeframe. Good luck with the trade
Very nice Dave. Your lips to Price's ear. lol
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Indicators show the past. Price Action "Indicates" the future.
The quick grab for some profit, understandable, coming from the fact that no matter how good the weekly pin is. We are still in a strong down trend untill proven otherwise.
This is a trade however I am willing to risk the 1% & keep the stop where it is (at the bottom of the bar) & not take any profit till the first weekly resistance area
Looks real good Jeff.
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Indicators show the past. Price Action "Indicates" the future.
james16 Chart Thread
You've probably got an idea by now of how much I like everything like this to agree. This is just one of those examples. 
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Still 5 mins to go...
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. That BUOB from 1HR is kicking is up. 
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remember Jarroo...
i am getting there.
