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Where can I learn more about Price Action like those in James16 charts? 9 replies

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james16 Chart Thread

  • #5,601
  • Aug 23, 2007 2:03pm Aug 23, 2007 2:03pm
thanks seekinglight and happy camper
u guys are awesome

seems like usdjpy is within pinbar parameters at the moment. so ill watch that one too and practice it if it ends up being a pin
  • #5,602
  • Aug 23, 2007 3:08pm Aug 23, 2007 3:08pm
Quoting mamutot
hey there - as i am in the PB trade from last Friday, i wanted to know what you guys think about this idea: EU is going to form Head & Shoulders, therefore it should keep rising just a bit more before it falls again to the PB area.
Do you feel strongly enough about this opinion to risk a large amount on a trade? Be careful about saying what the market is "going to" do... what it "should" do... etc. You may be right at times, but that's how people blow their accounts--they refuse to see any possibility other than what they want to see, and they don't listen to the market but try to dictate what it will do. I'm just saying, be careful.

Remember, especially with chart patterns, that a pattern means NOTHING until it is completed, and even then it is often useless. In your example, this will take at least days to happen, if it does happen at all. Lots of variables and unforseen things can happen in a week's time.....
  • #5,603
  • Aug 23, 2007 3:20pm Aug 23, 2007 3:20pm
Quoting JoshDance
Do you feel strongly enough about this opinion to risk a large amount on a trade? Be careful about saying what the market is "going to" do... what it "should" do... etc. You may be right at times, but that's how people blow their accounts--they refuse to see any possibility other than what they want to see, and they don't listen to the market but try to dictate what it will do. I'm just saying, be careful.

Remember, especially with chart patterns, that a pattern means NOTHING until it is completed, and even then it is often useless. In your example, this will take at least days to happen, if it does happen at all. Lots of variables and unforseen things can happen in a week's time.....

hey josh

thanks for your reply, my post was meant actually not for a trade entry but for looking a place where the trade i took would stop making money, as i see it - EU MIGHT perform H&S and if it does i will look for PA to confirm it going back down, i am not taking any risk on my assumption, i am just trying to see what might happen, and if it does - i want to be ready few days before.

trying to see what might happen will always help you determine what to do now - even when you decide something not logical, because you are aware of the possible outcome.


Thanks anyways!
  • #5,604
  • Aug 23, 2007 4:48pm Aug 23, 2007 4:48pm
Could somebady please tell me about the last green candle on this chart...??

What does this kind of candle mean? Is there anything that can be done with it??? Is it a BUB ???

Or is it just a nothing bar???
Attached Image
  • #5,605
  • Aug 23, 2007 4:50pm Aug 23, 2007 4:50pm
Quoting Tiki Trader
Could somebady please tell me about the last green candle on this chart...??

What does this kind of candle mean? Is there anything that can be done with it??? Is it a BUB ???

Or is it just a nothing bar???
yeah it is pretty much just a BUB although you usually want to see the close higher, I wouldn't call it much more then that
  • #5,606
  • Aug 23, 2007 11:15pm Aug 23, 2007 11:15pm
Quoting Tiki Trader
Could somebady please tell me about the last green candle on this chart...??

What does this kind of candle mean? Is there anything that can be done with it??? Is it a BUB ???

Or is it just a nothing bar???
Tiki, the bar prior to that one was a BUOB. I went long on that and took some profit out. A BUOB tells us that the bears won out shortly, pushing the low below the previous day, but that the bulls pushed strongly forward and beat the high of the day. This is more significant than just a bullish bar, since the low of the previous day was not only tested, but broken, and even then the buyers won out. This is strong confirmation of bullish behavior, at least in the short term.
  • #5,607
  • Aug 24, 2007 3:58am Aug 24, 2007 3:58am
Hi all,
look at this retrace to the lower tl, absolutely fabulous! Anyone get in on this? (I didnt) Raz
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Never say never.
  • #5,608
  • Aug 24, 2007 4:40am Aug 24, 2007 4:40am
I was long off a nice 4hr pin in a vain hope to get in at second eye of monthly pin (not a v good one) let it bounce down without hedging off tl and broke even.
But if that 4hr pin I took fails then the weekly pin will be activated.
Then it's back on trend and business as usual.
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GOD IS NOT SHORT OF CASH
  • #5,609
  • Aug 24, 2007 5:34am Aug 24, 2007 5:34am
Quoting Swami S
I was long off a nice 4hr pin in a vain hope to get in at second eye of monthly pin (not a v good one) let it bounce down without hedging off tl and broke even.
But if that 4hr pin I took fails then the weekly pin will be activated.
Then it's back on trend and business as usual.
Ah great thanks Swami for reminding me about that weekly pin, I like the idea of being ¨back on trend and business as usual¨ Will it happen that is the question...take care, Raz
Never say never.
  • #5,610
  • Aug 24, 2007 8:05am Aug 24, 2007 8:05am
Right side of the chart.

Perfect example of how the channel top provides support and 2.0057 s/r held it in. Then it wound up, price tested inside the channel, rejected, made a 4h Pin Bar, then finally broke upwards.

Just a great example of seeing how a chart gets filled out (I posted this one just a day or two ago if you remember) and how s/r works.

Let's see what happens next...
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Trust price. Know yourself.
  • #5,611
  • Aug 24, 2007 8:45am Aug 24, 2007 8:45am
Quoting SeekingLight
Right side of the chart.

Perfect example of how the channel top provides support and 2.0057 s/r held it in. Then it wound up, price tested inside the channel, rejected, made a 4h Pin Bar, then finally broke upwards.
If there's one thing I've learned recently from Demark, it's that channels and trendlines are by and large very subjective and thus unreliable for analysis by the masses. You and others may have a good feel for drawn trendlines that price finds s/r at, but IMO too many people, especially new ones like myself, have been led astray by "the up channel" or "the down trendline"... it's drawn freehand, eyeballed, and thus no one trendline will look like the next. The problem is exacerbated as time goes on, as a one-tick difference between two points (say, the difference between a line drawn 1.3415 and 1.3550, compared with 1.3415 and 1.3551) at present translates into a huge difference later. Thus, price may find a general s/r zone around a trendline, but even then it's often unreliable.

For example, I'm not quite sure how you drew that line on your chart, but it certainly differs from anyone else's line, because it's been subjectively drawn. In fact, if I'm not mistaken, it does not connect to a price above the 2.0393 (or so) peak, correct? I guess what you did is draw the bottom line, and then just add the parallel line on top--but even a line drawn on the bottom could easily differ by a few ticks, and thus change the top one. Add to that the fact that an infinite number of such lines can be drawn, and charts can end up far too cluttered and unreadable, especially by new ones like myself who can easily lose sight of price because the lines are all over the place! :-) I'm just saying that of course channels and lines are useful, but new people shouldn't get too hung up on precision with them!

EDIT: unless it's a standard deviation channel, in which case I'm all for it! ;-) (since it is mathematically derived, and not eyeballed, and thus objective, at least if we agree on a starting point for the channel) :-)
  • #5,612
  • Edited 11:19am Aug 24, 2007 10:24am | Edited 11:19am
I didnt see anyone mentioned the euraud Daily Pb occured last week, did anyone take it? i did - and it is doing very nice, it might form a PB to te other side today, but it moved very nicely downwords.


comments?



edit: here is a link to my journal where i discuss this trade - would very much like to get some comments.

http://www.forexfactory.com/showpost...8&postcount=23
  • #5,613
  • Aug 24, 2007 12:16pm Aug 24, 2007 12:16pm
Hey Mamutot,

I'm in short on the EURAUD as well. That Daily Pin from last week was nice indeed. I see the Daily Buy Pin forming today on top of the 365 EMA and I'll also set my stop above the Daily Pin if it closes like that.

Tom
  • #5,614
  • Aug 24, 2007 3:13pm Aug 24, 2007 3:13pm
Quoting JoshDance
If there's one thing I've learned recently from Demark, it's that channels and trendlines are by and large very subjective and thus unreliable for analysis by the masses. You and others may have a good feel for drawn trendlines that price finds s/r at, but IMO too many people, especially new ones like myself, have been led astray by "the up channel" or "the down trendline"...
Hey Josh..
Hehe..
I thought one of the points of reading / learning DeMark's TLs was to define "true" trendline points (low / high with two neighbors or something)?

Well, ironically enough that's how I used to think about all of it when I began, too. Not that that ever stopped me from drawing more and more trendlines day by day. I just always was secretly annoyed at RaczekFX for being able to draw those TLs that actually guided price and I somehow always seemed to "miss".

(generalized "you" as in "one" follows
But at some point you realize what to look for and which TLs are more and which are less helpful. What others do or don't draw is completely irrelevant.
YOU trade off YOUR charts, that's the only reality that counts.
Hence it is GOOD that they are subjective, because so is your trading.


You don't really NEED trendlines to begin with, since they often coincide with s/r, like on cable => 1.9665 I had as normal horizontal s/r and that's also where one of many possible trendlines rests.
Same deal with 1.3363 and 1.3433 EURUSD.
But they are important for me to decide when things are leaving "bounds" behind and a change of trend is imminent. Prolly why folks call em trendlines

No really, I'm guessing. I haven't read one complete forex book in my entire life, nor do I care to. Quite frankly - if you need more than 30 pages to outline what your core trading logic is about(not counting pictures/charts that is), then in MY opinion you're either clueless or overcomplicating things or simply looking for an excuse to ask 149.99$ for a lot of fluff over a few hundred pages. ;p

Most strategies on FF only need 1-5 posts to outline how they're traded and they work just as well or "unwell" as any book out there sold promising the "key to forex trading"..

Man, have I ever gone off topic now..lol...let's end it here ;p

Just a bit of insight into my head ;p

Take care,

SeekingLight
Trust price. Know yourself.
  • #5,615
  • Aug 25, 2007 11:55am Aug 25, 2007 11:55am
is this a 2 week PB in the EURUSD??

http://i11.tinypic.com/4lncvfk.gif
  • #5,616
  • Aug 25, 2007 12:23pm Aug 25, 2007 12:23pm
Quoting mamutot
is this a 2 week PB in the EURUSD??
yep or you can just look at it as in IB, but visually I look at it as a 2 day PB helps me

M
  • #5,617
  • Aug 25, 2007 2:15pm Aug 25, 2007 2:15pm
I was wondering if anyone can help out with a question I have.
When I look at MT4, I see a DBHHC on the EUR/JPY, high on Thurs 159.09 and high on Fri 159.10.
When I look at my chart on dealbook 360 from GFT, the high on Fri is 159.24 which completely negates the DBHHC formation.
I am not sure if I need to have conformation on both charts to consider the formation valid?
I was not able to get a chart into this post since I am not sure how to do it.
Thanks for any input,
Camptrader
  • #5,618
  • Aug 26, 2007 2:27pm Aug 26, 2007 2:27pm
Man, no one has said a word all weekend in here !!

So I will start...

Dailies and weeklies... unfortunately I don't see much !! A lot of BUBs quite a few of which I will no doubt try to trade... haven't decided which ones yet...

I would be very happy if anyone would point out anything else !!
  • #5,619
  • Aug 26, 2007 3:54pm Aug 26, 2007 3:54pm
Quoting Tiki Trader
Man, no one has said a word all weekend in here !!

So I will start...

Dailies and weeklies... unfortunately I don't see much !! A lot of BUBs quite a few of which I will no doubt try to trade... haven't decided which ones yet...

I would be very happy if anyone would point out anything else !!

Hey AUDI ( TT )

there are lots of IB in the weekly chart - which is quite obvious after the week before that didnt follow nothing but craziness, i am not sure all of the are tradable but as i learned sometimes the weekly can guide you into picking better trades on the daily, or simply don't trade this week until you see on helava trade just jumping at you!

i know i am waiting - generally i don't like to decide on Monday's - especially when it is the end of this crazy month, and ofcourse not after the great week i have had, so who knows - i am waiting for a trade to make me trade - i am NOT TRADING!

i am calling for any par who is willing to convince to trade it to send me a notification - PB's in Daily at Ret + Fib. + ema is a must!

  • #5,620
  • Aug 26, 2007 4:11pm Aug 26, 2007 4:11pm
Quoting camptrader
I was wondering if anyone can help out with a question I have.
When I look at MT4, I see a DBHHC on the EUR/JPY, high on Thurs 159.09 and high on Fri 159.10.
When I look at my chart on dealbook 360 from GFT, the high on Fri is 159.24 which completely negates the DBHHC formation.
I am not sure if I need to have conformation on both charts to consider the formation valid?
I was not able to get a chart into this post since I am not sure how to do it.
Thanks for any input,
Hey camptrader,

No, you don't need multiple charts/feeds to confirm the setup. Play the signals as you see them on whichever chart you have. Price is price regardless what the formation might be on another chart feed.

Most of the time the charts will not agree with eachother when there is a time difference (even when there isnt some times). You can either choose one chart service to look at and stick to it exclusively, or trade what you see on both sets of charts. Sometimes price will be at a good spot to Sell for example and all you see on one chart is a BEB, but looking at another chart you might see a Sell Pin.

Whatever works for you. It's all personal preference that comes after experience.

Tom
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