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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

  • #8,361
  • Edited 5:08pm Dec 20, 2007 5:03pm | Edited 5:08pm
I am not disagreeing with what Mb and Mamotot are saying, but, I consider PA to be proportionately weighted to its particular timeframe and the SR timeframe. For example, this trade on the hour went in the direction of the PA indication. Albeit the PA is not an indication of tomorrow, or next week's trend, but rather it is an indication of the next few hours. So, in essence, it is much more of a scalp or short term PA trade. I try to weight the bars proportionately to their respective time frames. To me this makes sense because after all, a bar is an increment of time. Why not trade it that way? Could we even say that a one hour PA set up; sitting on larger timeframe confluence would be even more reliable? I just think of it as dropping a marble on a concrete floor, the marble is definitely going to bounce, maybe not far, but it’s going to move! Dropping a bowling ball on glass, well, you know what will happen there. Just MHO.
  • #8,362
  • Dec 20, 2007 5:22pm Dec 20, 2007 5:22pm
Quoting HipsterPipster
but, I consider PA to be proportionately weighted to its particular timeframe and the SR timeframe. For example, this trade on the hour went in the direction of the PA indication.
I agree with this statement, but have to clarify what I was saying more. PA is everywhere occurring all the time. This was simply a price bar setup. To me the words Price Action encompass all the different aspects involving a trade. To call this a price action setup is deceiving for the way I look at trade. I would just refer this to as the correct identification of a price bar setup.

So if you are going to play a price bar setup such as a DBLHC, why fight the 1 hr trend. Which is proportional to the 1 hr price bar setups. Which is what your statement referred to. I agree things are proportional, but one can not forget the "action" part in price action. Did this go up a few pips? Sure? but what was the rest of your plan on the trade. Entry is the easy part.

Just my views on trading

Mike
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  • #8,363
  • Dec 20, 2007 5:58pm Dec 20, 2007 5:58pm
Quoting mbqb11
I agree with this statement, but have to clarify what I was saying more. PA is everywhere occurring all the time. This was simply a price bar setup. To me the words Price Action encompass all the different aspects involving a trade. To call this a price action setup is deceiving for the way I look at trade. I would just refer this to as the correct identification of a price bar setup.Mike
I believe we have a difference of terms but very similiar concept or understanding. If you notice, I did not talk about this trade being a good trade or not, but rather spoke about bar time and its relation to future bar time.
Quoting mbqb11

So if you are going to play a price bar setup such as a DBLHC, why fight the 1 hr trend. Which is proportional to the 1 hr price bar setups. Which is what your statement referred to. I agree things are proportional, but one can not forget the "action" part in price action. Did this go up a few pips? Sure? but what was the rest of your plan on the trade. Entry is the easy part.

Just my views on trading

Mike
Again, I spoke about bar time and its relation to future bars, and yes, price did go in the direction of this PA, or price bar action, wether it was a solid trade or not. Also, your R:R values would again, be in proportion to your time frame. So, your plan would be in relation to your time frame. I am not sure anyone is calling this a "price action setup". If you reread my post you will note, "I consider PA to be proportionately weighted to its particular timeframe and the SR timeframe". SR being support/resitence and or confluence, which implies location. Cheers Mike
  • #8,364
  • Dec 20, 2007 6:10pm Dec 20, 2007 6:10pm
This looks to be a BEOVB on the USDCAD weekly, if it closes as such this week I will look to get short on this pair sometime next week (waiting for retracement to get a good entry).

Any thoughts?

There is resistance back in 1975 around this level. And the monthly will probably print a pin bar (although there is time for this, obviously). The previous monthly bar was a BUOVB, so this is a bit tricky......but I still like the look of the weekly BEOVB.
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  • #8,365
  • Dec 20, 2007 7:33pm Dec 20, 2007 7:33pm
I agree... !!! Today we bounced off the 50 Fib line And if things keep going just a bit, we might be looking at a monthly PB... !!!

Quoting pip_bagger
This looks to be a BEOVB on the USDCAD weekly, if it closes as such this week I will look to get short on this pair sometime next week (waiting for retracement to get a good entry).

Any thoughts?

There is resistance back in 1975 around this level. And the monthly will probably print a pin bar (although there is time for this, obviously). The previous monthly bar was a BUOVB, so this is a bit tricky......but I still like the look of the weekly BEOVB.
Attached Image (click to enlarge)
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  • #8,366
  • Dec 21, 2007 1:57am Dec 21, 2007 1:57am
Quoting Tiki Trader
I agree... !!! Today we bounced off the 50 Fib line And if things keep going just a bit, we might be looking at a monthly PB... !!!
i am not into forecasting but i do make analysis (yeah right..) of what i think is the direction...so i am really not sure that a pb will form and even if it does - it is much smaller than 2 months pb we have before and is not much confluenced the way i see confluence..
  • #8,367
  • Edited 2:50am Dec 21, 2007 2:27am | Edited 2:50am
continuing the short term downtrend we have a 1h pb on the 1h TL

lets see if it forms a 4h pb on NF
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  • #8,368
  • Dec 21, 2007 3:21am Dec 21, 2007 3:21am
Quoting pip_bagger
This looks to be a BEOVB on the USDCAD weekly, if it closes as such this week I will look to get short on this pair sometime next week (waiting for retracement to get a good entry).

Any thoughts?
For a bearish OUTSIDE bar price has to completely engulf/encompass the prior bar, the current bar's high is lower than last week's high.
Trust price. Know yourself.
  • #8,369
  • Dec 21, 2007 3:31am Dec 21, 2007 3:31am
This was one for patient people. Wiz's favorite "retrace bus" back to the pin's lows occured, but we actually tested that area twice/for two weeks, before we finally made a second mini pin in traffic and gave up completely.

The TL / channel low had some buy orders left that once exhausted gave another rally for bears to sell into and on a second retest/loss of the channel triggered new sell stops, making us just blow lower towards the next marked projection / s/r area.

Could have been one sweet trade with a lot of spare time for the trader.

What was critical about this top PB was: It was big enough(375 pips), the open and close were level, and, imho one of the most important things, the bar before it was a clean, completely fragile BUB without any s/r in sight for the first 100-200 pips => had enough space to build momentum on break.
Attached Image (click to enlarge)
Click to Enlarge Name: gbpusd_211207_weekly.gif Size: 21 KB
Trust price. Know yourself.
  • #8,370
  • Dec 21, 2007 4:03am Dec 21, 2007 4:03am
Quoting mamutot
continuing the short term downtrend we have a 1h pb on the 1h TL

lets see if it forms a 4h pb on NF
it did - waiting for price to break.
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  • #8,371
  • Dec 21, 2007 4:59am Dec 21, 2007 4:59am
4 hours show a potential pin bar at resistence 1.6630, another 70 min to the closed of this bar.
Look to sell 1.6588, SL 6639, target 1.6560.
Comment ..
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  • #8,372
  • Dec 21, 2007 8:44am Dec 21, 2007 8:44am
Quoting james16
thanks trinity, yes i will post my indicators but going into what i do with them would be to much i think. lets just say i use them as support and resistance levels, they help me to see the big picture. the ma's are simple 21, 79 and 365. the exponential ma is 89. the bands are a keltner channel set at 8,1.3,1.3. i want to take this oppurtunity to thank todd mitchell who taught me much of this. if you ever want to spend two grand and actually come away happy check him out.
I was using price action with only MA's. But now i got keltner channel which has following field -
MA_Period
MA_Mode
Price_Mode
ATR_Period
K
ATR_Mode (default value is false of Atr_mode).
James sir already told about keltner channel setting. But i donot know how to set it please help.
Iam attaching indicator also.
Attached File(s)
File Type: mq4 KeltnerChannel_v1.mq4   3 KB | 1,265 downloads
Let's trade together.
  • #8,373
  • Dec 21, 2007 9:22am Dec 21, 2007 9:22am
Quoting the_wizard
Hi raczekfx,

I saw this too but not taking it due to the fundamentals of the market. Good to see some commodities charts Good luck.

Wiz
Fundamentals are important.. however I see it getting heavier every day...
it could be gathering more strength for another push higher, but I'm leaning towards the idea that we're heading down at least 60ps... will see.
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  • #8,374
  • Dec 22, 2007 5:12am Dec 22, 2007 5:12am
either a very convincong Daily PB will show itself to the long direction or i am taking anything this pair has to offer for the short side..


whats your opinion?
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  • #8,375
  • Dec 22, 2007 8:43am Dec 22, 2007 8:43am
Nice Break up in USD/JPY
Nearest resistance around 116.38 so it's a good set up in my oppinion.
Attached Image (click to enlarge)
Click to Enlarge Name: USD-JPY.jpg Size: 247 KB
  • #8,376
  • Dec 22, 2007 12:35pm Dec 22, 2007 12:35pm
Quoting jatis
Nice Break up in USD/JPY
Nearest resistance around 116.38 so it's a good set up in my oppinion.
Well, I am not sure. There was strong support in the 113.50 area that could become support but I still see some resistance around the exact area where price is lurking around at the moment. I went long on the TBH from the 13th of december but got out at the current resistance area. But if we move higher on monday it could be worth a buy.

Btw, got out breakeven on my EURCAD short because my trailing stop was to tight (150 pips). The position would be +350 pips now. VERY annoying.

Chris

Will post future setups later tonight if there are any.

Chris
  • #8,377
  • Edited 5:04pm Dec 22, 2007 4:48pm | Edited 5:04pm
Chris,

I had the same problem too. I took eurcad on Monday and got stopped out for +80pips due to excessive volatility on Tuesday i think. I hate when that happens.
I always seem to get caught between giving the trade a chance to run and then not allowing the trade to go say 100/150pips in my favour and then tracking negative.Personally i think its a big no no allowing the market to move substantially in your favour and then track negative.I do have emergency stops out side of the nose of weekly pins but prefer to close out well before these get hit on poor PA.If i am in profit, then i will monitor PA on the 4hr just to give me a heads up.If i don't like what i see then i don't take chances,no point.Trade what you see.If it looks bad then i'm out.
I guess at the end of the day, we should be happy with pips in the bank rather than complaining about what we missed out on.After all, the market cannot be defined nor predicted 100%, so we must trade what the market is telling us at any particular time.If i choose to exit then i did so because i was not impressed by the PA at that moment in time.If i look back with hindsight then i know that at that moment i did the best thing i could have done when not knowing the outcome.

I was eyeing out usdcad weekly for a potential short.It has formed a bearish engulfing pattern.This pair is definitley on my short list.Only another week of trading will give the answers.
However, i have traded through a fair few Christmas holiday periods and i don't like the market dynamics at this time of year. So whether i trade or not is another thing.

Take care and have a good weekend.
Cheers,
Steve
  • #8,378
  • Dec 22, 2007 5:31pm Dec 22, 2007 5:31pm
Quoting mamutot
either a very convincong Daily PB will show itself to the long direction or i am taking anything this pair has to offer for the short side..


whats your opinion?
I see IMO.
SHORT MPP 310 pips
to
Tp2 @ 1.4170
tp 3 @ 1.4070


Sizz
  • #8,379
  • Dec 22, 2007 7:45pm Dec 22, 2007 7:45pm
Hi Steve & Chris,

I have the same story for EUR-CAD.

I have several idea about exit.

Because we use weekly bar to enter then we wait until weekly candle finish at the end of the week to take profit.

Regarding to 18 dec price volatility, we wait until that candle close upper support to close our profit/loss.(see picture)

Any other idea ?

BTW just my 2 cents
Attached Image(s) (click to enlarge)
Click to Enlarge Name: EUR-CAD Weekly.jpg Size: 447 KB
Click to Enlarge Name: EUR-CAD Daily.jpg Size: 447 KB
  • #8,380
  • Dec 22, 2007 11:22pm Dec 22, 2007 11:22pm
Hi Jatis,

Yeah cad crosses definitely traded heavy throughout the week. These were on my radar last Monday and by the looks of the bars this week the crosses are on my radar again for shorts.Like i mentioned before,i won't trade much this time of year unless i really like what i see.You would have to twist my arm to get me in the market.
There are many exit strategies Jatis. I want to see PA working against my position on the daily or 4hr for me to exit the trade.I like to give the position a fair shake,but if things don't look right, then they don't look right.
I have attached a chart of my trade last week to explain myself.
Cheers,
Steve
Attached Image (click to enlarge)
Click to Enlarge Name: eurcad.gif Size: 17 KB
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