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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

  • #6,041
  • Sep 13, 2007 5:46pm Sep 13, 2007 5:46pm
My 4 hr charts had no PBs !!! Otherwise I would have done what they say !!! That last 50 pip drop, I was sitting there thinking to make the trade, but thinking, well, day is over... not gonna be any more movement today... and then it just kept falling... I am truly kicking myself this afternoon for not getting at least 50 pips... and even more so because whenI saw that last green spike up... I was just saying to myself that it looks lilke it is going to come down... yet as usual I did nothing... !!! On one of the few afternoons I am actually home...

Lets see if I can make some really stupid trade tonight to actually lose some pips !!! And make up for just sitting here on my duff !!
  • #6,042
  • Sep 13, 2007 5:49pm Sep 13, 2007 5:49pm
Quoting Tiki Trader
OK, I have a real PA question... in the following chart I see this pattern over and over again, not just on 1 hr, but all time frames... last green candle is not a PB, but WHY, does price always fall after that candle ?? I have always seen it, but now I am paying more and more attention to it... I think it is tradable...

THX for your answers !!!

Tiki,
just my idea on this pattern: If you combine the green candle (with the spike) and the following red candle, you get a 2hr-pin, open and close within the previous bar (first eye). Thatīs at least another way to see it. After all itīs just price and the timeframes we/our brokers choose are somewhat "artificial".

RM
  • #6,043
  • Sep 13, 2007 5:53pm Sep 13, 2007 5:53pm
That's the name of the game sometimes Tiki.
Sometimes trades like these come up where it happens so quickly.
I actually was about to trade the GBPJPY pin but saw it too late and it had already moved quite a bit. But it then proceeded to move a lot more.
That's why you need to play what you see if it looks good and fits your plan.

Don't try to get back at the market for trades you missed out on.
Trust me, it only leads to trouble.

Tom

PS: GBPJPY= wow! just keeps going........
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  • #6,044
  • Sep 13, 2007 5:55pm Sep 13, 2007 5:55pm
Quoting moneybags
That's the name of the game sometimes Tiki.
Sometimes trades like these come up where it happens so quickly.
I actually was about to trade the GBPJPY pin but saw it too late and it had already moved quite a bit. But it then proceeded to move a lot more.
That's why you need to play what you see if it looks good and fits your plan.

Don't try to get back at the market for trades you missed out on.
Trust me, it only leads to trouble.

Tom

PS: GBPJPY= wow! just keeps going........
doesn't get nicer then that
  • #6,045
  • Sep 13, 2007 6:11pm Sep 13, 2007 6:11pm
Quoting Tiki Trader
OK, I have a real PA question... in the following chart I see this pattern over and over again, not just on 1 hr, but all time frames... last green candle is not a PB, but WHY, does price always fall after that candle ?? I have always seen it, but now I am paying more and more attention to it... I think it is tradable...

THX for your answers !!!
My take on this is that it is also at a price pivot area. If you look closely at the close of this pin you can notice that it is at the 2.033 area. This a PP area and price was rejected or did not have strength to close above it.
Dion
  • #6,046
  • Sep 13, 2007 6:49pm Sep 13, 2007 6:49pm
Quoting Tiki Trader
Lets see if I can make some really stupid trade tonight to actually lose some pips !!! And make up for just sitting here on my duff !!

Don't be angry at yourself - if you didn't see a setup, there was nothing you could have done, period.

Some days we just have to watch.

The next setup will come.

Don't trade in anger or out of spite.

Have a nice evening with the wife instead, do something else than trading, I'm sure you will think of something...and just relax a bit...spare time is so hard to come by...cherish it....don't anger yourself...it only leads to trouble and a downward spiral....stay away from the negativity, it is your greatest enemy..

And if you do trade - don't stake more than usual. Don't trade different than usual. Nothing happened. It's just another trade...all rules still apply, same as before..keep this in mind.


P.S. imho there was NO setup on GBPUSD before the drop and there was no 1h PB. GBPJPY had a 4h PB on the IBFX feed however as just posted.
Trust price. Know yourself.
  • #6,047
  • Sep 13, 2007 6:57pm Sep 13, 2007 6:57pm
Well, I finally did it, I joined the PF. I'm only 100 posts into the Price Action Education thread and already I feel that I've gotten my money's worth. Thanks to all who take part in this community and for so generously sharing your wisdom and experience. I look forward to much time spent on the 'other side', slowly and steadily improving my trading skills.

James16, you ARE a wizard!
  • #6,048
  • Sep 13, 2007 7:10pm Sep 13, 2007 7:10pm
Welcome
  • #6,049
  • Sep 13, 2007 7:40pm Sep 13, 2007 7:40pm
Quoting SeekingLight
As in at all?

I was long a bit, then short a bit, now long a bit...

I shoulda held onto the short a bit longer =)
But no problem, other things worked out.....UNLIKE CABLE hehehe ;p

BTW @ wiz, seeeeeeeeeeeeeeeeeeeeeeeee about EURGBP
As in short from Monday until...let me check my clock...'till yesterday.

EURGBP - same observation I had with EURUSD, bounced off 200 sma on 15m. Just Another Pattern I like to keep an eye on regularly.
  • #6,050
  • Sep 13, 2007 7:42pm Sep 13, 2007 7:42pm
d1 pin
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GOD IS NOT SHORT OF CASH
  • #6,051
  • Sep 13, 2007 8:01pm Sep 13, 2007 8:01pm
No I don't try to get b ack at the market... but I still deserve the swift kick in the a_ _.......... !!! For once again not being ready !!


Quoting moneybags
That's the name of the game sometimes Tiki.
Sometimes trades like these come up where it happens so quickly.
I actually was about to trade the GBPJPY pin but saw it too late and it had already moved quite a bit. But it then proceeded to move a lot more.
That's why you need to play what you see if it looks good and fits your plan.

Don't try to get back at the market for trades you missed out on.
Trust me, it only leads to trouble.

Tom

PS: GBPJPY= wow! just keeps going........
  • #6,052
  • Sep 13, 2007 8:23pm Sep 13, 2007 8:23pm
OK I like this answer best... and it is true... although the truth is I only rarely ever even look at a 1 hr chart anymore...

But I do have to get into the habit of checking more on combining candles...

THX for all the answers !!! I feel better now...

Can someone please explain to me what really is ABC pattern ?? Even if you PM me about since it is not PA stuff... or point me to a thread here in the forums that might explain it... I missed that class somewhere...


Quoting Rainmaker
Tiki,
just my idea on this pattern: If you combine the green candle (with the spike) and the following red candle, you get a 2hr-pin, open and close within the previous bar (first eye). Thatīs at least another way to see it. After all itīs just price and the timeframes we/our brokers choose are somewhat "artificial".

RM
  • #6,053
  • Sep 13, 2007 8:30pm Sep 13, 2007 8:30pm
OK... is this the correct ABC ??? ( did my own research for a change ) Seeking... is this what you were saying ???
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  • #6,054
  • Sep 13, 2007 8:31pm Sep 13, 2007 8:31pm
Hey, that is not the chart I made... !!! Let me try again !!
  • #6,055
  • Sep 13, 2007 8:36pm Sep 13, 2007 8:36pm
ABC ??? B is correction to A and C must be longer than A ???
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  • #6,056
  • Sep 13, 2007 9:16pm Sep 13, 2007 9:16pm
Quoting Tiki Trader
OK... is this the correct ABC ??? ( did my own research for a change ) Seeking... is this what you were saying ???
Yes that's correct ABC pattern.

I try not to think as ABC. I think as higher high, higher low followed by higher high / lower low, lower high followed by lower low again. Because you can get to ABCDEFG in a long trend.

That's the general idea. Also the basic definition of a trend. Think simple
  • #6,057
  • Sep 13, 2007 9:22pm Sep 13, 2007 9:22pm
OK I will have to work on this... but also would it not be abc abc over and over again too ??

And so if the pattern now continues on GBP/USD we might now start D ( or another A ?? ) ?? OK not PA stuff... But gonna work on it...


Quoting Goozman
Yes that's correct ABC pattern.

I try not to think as ABC. I think as higher high, higher low followed by higher high / lower low, lower high followed by lower low again. Because you can get to ABCDEFG in a long trend.

That's the general idea. Also the basic definition of a trend. Think simple
  • #6,058
  • Sep 13, 2007 9:45pm Sep 13, 2007 9:45pm
Quoting mbqb11
Hey Sas,

Too make this easier, just view the red bar(I recolored it), that is our pin bar. It is located in a good spot(a good spot being a long nose protruding away from price bars to the left). It also has its open and close contained within the bar to it's left. The bar I highlighted in yellow is the bar we are looking for it to break the high of the pinbar(the high would be the green small line I colored in). If the yellow bar however breaks the low of the pinbar(the red bar), then that pinbar is invalidated.

And yes 1 tick = 1 pip

Does this help?

Mike
Thanks for the reply Mike.

Yes that makes sense. I thought i was supposed to compare the first bar against the third for some reason.

Long nose, open and close of nose inside the bar on the left, bar on the right has to be shorter than the nose = pinbar. Gotcha!
  • #6,059
  • Sep 13, 2007 9:56pm Sep 13, 2007 9:56pm
Hi all,

After considering one component of system development as outlined by Tharp, namely opportunity (the number of trades you get in a given period of time), the last week or so I've been trying new ways of trading--trading on very small TFs. I've been using a method outlined elsewhere here on FF where the traders use a 5 second chart, and there is a ton of action there--can be quite dangerous, but can also produce tons of opportunities.

As Tharp notes so well, a system which produces an average of, say, 3R return per trade (twice the initial risk, in other words), can not be assumed to outperform a system which produces an average return of only 0.5R. This can easily be the case if a day-trading or scalping system can produce, say, 10X more trades per a given time period. Over an average day, in this example, the day trading system with a 0.5R expectancy produces a 5R per day "expectunity" (Tharp's term), while the other hypothetical system only produces 3R, if it gives one trade per day on average. Moving on...

Well, I've been an advocate of longer TFs, as is the general approach here, and I still believe greatly in the validity of longer TFs--but I believe now more so than ever that one must trade what fits him or her best, and not just take a general rule and forcibly apply it to himself/herself. That's why I forced myself to revisit shorter timeframes.

The case against shorter TFs has always been that price action is less reliable--basically price will move in a more erratic fashion... at least, that's what I interpret as the main disadvantage to shorter TFs. But take a look at the attached 1 minute chart of EURJPY which spans the last couple of days. Now, if you didn't know any better, would you guess this to be a 1-min time frame, or might you believe at first glance that it was a well-behaved daily chart?

While IMO bar patterns like BUOB, pins, and so forth may not be as reliable, look how well price, overall, respects S/R and trends so nicely. This is just a small data sample, but this pair, and many others, behave just as nicely on a very regular basis on much smaller TFs as they do on larger ones. With so many opportunities, a disciplined trader with a fixed %R position sizing system could potentially do well.
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  • #6,060
  • Sep 13, 2007 10:08pm Sep 13, 2007 10:08pm
Quoting Goozman
Yes that's correct ABC pattern.

I try not to think as ABC. I think as higher high, higher low followed by higher high / lower low, lower high followed by lower low again. Because you can get to ABCDEFG in a long trend.

That's the general idea. Also the basic definition of a trend. Think simple
not sure about ABC (it's been a while since my last english class), but I have a question..
Suppose I was short cable since yesterday and was looking for opportunities to take some profit (I could take some now ~2.0180). I was also thinking of taking some at 2.0060 and the rest around 1.9960/80. Does that make sense?
Thanks.
R
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