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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

  • #9,101
  • Feb 13, 2008 5:31pm Feb 13, 2008 5:31pm
I agree with the 123 reversal idea... but Tiki decided to get in , and get out quick... +67 pips... adds 0.5 % to my account.........

The get in get out quick was part of the plan.. as I think I said in my journal...

Quoting Betard
Yesterday's Aussie pin off to a good start. The .8873 level might be tough to break, but if that goes we might have a big drop as that would be a 1-2-3 top reversal on the daily chart.
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  • #9,102
  • Feb 13, 2008 8:36pm Feb 13, 2008 8:36pm
Haha the aussie reversed quick after the news and went up like crazy. I closed out half earlier but the other half is still in maybe it will fall again. Good thing you got out quick Tiki.
  • #9,103
  • Feb 13, 2008 8:43pm Feb 13, 2008 8:43pm
Yup..........!!! I know the idea of letting profits run is correct... but still... I seem to like setting a target... getting there... and buggin out... at least for me for right now.. it works better that way...

Quoting Betard
Haha the aussie reversed quick after the news and went up like crazy. I closed out half earlier but the other half is still in maybe it will fall again. Good thing you got out quick Tiki.
  • #9,104
  • Feb 13, 2008 9:57pm Feb 13, 2008 9:57pm
Hi everyone, I am still getting through this entire thread but Im noticing what could be a good price action setup on the EUR/GBP 4HR chart. There are 5 matching lows in a row all within 1 pip! Four bars have a low of 0.7414 and the other bar has a low of 0.7413. Each bar has a lower high. Is this a good setup for a trend continuation breakout? Plus considering the number of bars, it has the potential to go down quite far. Any input from the experienced PA users would be appreciated. Here is the chart:
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  • #9,105
  • Feb 13, 2008 10:03pm Feb 13, 2008 10:03pm
Quoting araouf
Hi everyone, I am still getting through this entire thread but Im noticing what could be a good price action setup on the EUR/GBP 4HR chart. There are 5 matching lows in a row all within 1 pip! Four bars have a low of 0.7414 and the other bar has a low of 0.7413. Each bar has a lower high. Is this a good setup for a trend continuation breakout? Plus considering the number of bars, it has the potential to go down quite far. Any input from the experienced PA users would be appreciated. Here is the chart:
Matching bar lows can be a good place to play breakouts

I am a bigger fan of playing breakouts and waiting for a pullback. Then on the pullback looking for PA.

On the chart below, we can see shorting would be fighting a very strong uptrend.

Orange Horiz lines are great places to search for PA. As well as a breakout long here of the blue line.

The upside to a short here would be there is quite a bit of room to run to the short side, before an expected support area.

Just my views

Mike
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  • #9,106
  • Feb 14, 2008 12:34am Feb 14, 2008 12:34am
Quoting Tiki Trader
Yup..........!!! I know the idea of letting profits run is correct... but still... I seem to like setting a target... getting there... and buggin out... at least for me for right now.. it works better that way...
I use targets MOST of the time. Occasionally I see a trade I want to let run.
If you ask me there's no right or wrong way on this. You trade the setup the way you know works best for that particular case.

Mike's pretty good at lettin' em run.
Bundy's status today: "Waiting..."
  • #9,107
  • Feb 14, 2008 2:46am Feb 14, 2008 2:46am
Quoting bundyraider
I use targets MOST of the time. Occasionally I see a trade I want to let run.
If you ask me there's no right or wrong way on this. You trade the setup the way you know works best for that particular case.

Mike's pretty good at lettin' em run.
I'd say a good rule of thumb is: favor letting it run if you're getting in long with the uptrend after a retrace e.g., favor targets if trying to bend the trend or in consolidation mode.

Remember the "leg parity" stuff I mentioned about pin bars(Steve Nison had the same idea it seems, but I thought of it independently, too, so nyer!)?

AUDUSD basically got 35 past the left bar's low or roughly the same length as the last 2 bars before it, then ran into the support zone..bam.

Given that we'd been rising and chopping along I guess it was ok to adapt to the environment..sometimes taking a little vs nothing is a better deal, sometimes you need to let em run..knowing when to do which best is the tricky bit


AUDUSD also has been pretty parallel to Gold lately...Bundy should know
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Trust price. Know yourself.
  • #9,108
  • Feb 14, 2008 3:18am Feb 14, 2008 3:18am
I also saw the 4hr bar chart. I have it looking as a long myself. I have a trade set up on PAPER! I am so new to forex (really 1 year). But have had 4 consectutive winning gy trades by using this forum for 3 days. I get it! I cannot believe it. This price action is really what I have been missing. I have not had 4 consecutive winning trades ever. And I took them with confidence. I appreciate all the input all of you have shared. THANK YOU!
  • #9,109
  • Feb 14, 2008 3:46am Feb 14, 2008 3:46am
Hi Mike,

Thanks for the response. Yes it looks like you are correct in regards to going long and not short on the eur/gbp. After slightly breaking through the strong support, a PB has formed on the 1 hr. It will be interesting to see how this will play out.
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  • #9,110
  • Feb 14, 2008 5:06am Feb 14, 2008 5:06am
Weekly Inside Bar coming in to play again.
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Indicators show the past. Price Action "Indicates" the future.
  • #9,111
  • Feb 14, 2008 5:11am Feb 14, 2008 5:11am
after a dbhlc, find a support, and then ?
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Financial Freedom
  • #9,112
  • Feb 14, 2008 5:12am Feb 14, 2008 5:12am
Quoting mbqb11
Matching bar lows can be a good place to play breakouts

I am a bigger fan of playing breakouts and waiting for a pullback. Then on the pullback looking for PA.

On the chart below, we can see shorting would be fighting a very strong uptrend.

Orange Horiz lines are great places to search for PA. As well as a breakout long here of the blue line.

The upside to a short here would be there is quite a bit of room to run to the short side, before an expected support area.

Just my views

Mike
since the eur/gbp moves so 'fast', by the time it reaches down to support and go back up, you would've retired.

on a serious note, i just saw someone's daily chart showing eur/aud having a long bullish candle while Oanda shows a near pinbar or inverted hammer.........so flip a coin maybe...........
  • #9,113
  • Feb 14, 2008 5:19am Feb 14, 2008 5:19am
Quoting adelmonora
after a dbhlc, find a support, and then ?
Down.
Indicators show the past. Price Action "Indicates" the future.
  • #9,114
  • Feb 14, 2008 5:30am Feb 14, 2008 5:30am
i don't know, i think if broken the orizontal line... go up.
Financial Freedom
  • #9,115
  • Feb 14, 2008 5:34am Feb 14, 2008 5:34am
Quoting adelmonora
i don't know, i think if broken the orizontal line... go up.
DBHLC is a bearish Price Action formation. Its just that on smaller time frames (hourly TF) PA doesn't hold much strength then on higher time frames. So, PA on lower TFs can be unreliable.
Indicators show the past. Price Action "Indicates" the future.
  • #9,116
  • Feb 14, 2008 5:41am Feb 14, 2008 5:41am
ok

Quoting jarroo
DBHLC is a bearish Price Action formation. Its just that on smaller time frames (hourly TF) PA doesn't hold much strength then on higher time frames. So, PA on lower TFs can be unreliable.
Financial Freedom
  • #9,117
  • Feb 14, 2008 5:43am Feb 14, 2008 5:43am
Quoting adelmonora
i don't know, i think if broken the orizontal line... go up.
Check out this DBHLC on the GBPJPY in Aug. 2007 on the Daily. This move was worth 1900 pips.
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Indicators show the past. Price Action "Indicates" the future.
  • #9,118
  • Feb 14, 2008 5:50am Feb 14, 2008 5:50am
...se the image..
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Financial Freedom
  • #9,119
  • Edited 6:40am Feb 14, 2008 5:55am | Edited 6:40am
Quote
Check out this DBHLC on the GBPJPY in Aug. 2007 on the Daily. This move was worth 1900 pips.

IMHO a sub-optimal example.
It's a completely sideways motion and there was no steep run up prior to the reversal setup.

I think the most reliable setups are those occuring against/at PPZ, preferably with added confluence and "clear" of noise.

It worked out because all of the carry trade was being beaten to a pulp at the time(there was also a sideways HNS and subsequent loss of support / break of a bigger support as well); but ideally you don't want to take "reversal" trades in the middle of the chart if there's nothing to reverse due to a sideway staggering..where are you going to move to?

IMHO there wasn't a great or clear setup on my daily chart during that whole sideways except for "breaks" and retests / level losses..but no really great PA in itself showing.

The EURUSD chart and GBPCHF chart show how there can be "boundary" setups that work okay within a range at the extremes though and with a real "run up" first.
Trust price. Know yourself.
  • #9,120
  • Feb 14, 2008 6:44am Feb 14, 2008 6:44am
Quoting araouf
Hi Mike,

Thanks for the response. Yes it looks like you are correct in regards to going long and not short on the eur/gbp. After slightly breaking through the strong support, a PB has formed on the 1 hr. It will be interesting to see how this will play out.
Hi araouf,

Like Mike mentioned, he'd wait for a breakout/pullback either of the top trendline or of a stronger support area (his orange line).

As for the pin your pointing out. It's a great example of a pin happening for the wrong reason.
If I was a betting man, I'd say that pin's about to be busted. LOL

It's up to you, but there's better / clearer trades, really.

This pair will give us a trade eventually, but to my mind, not yet.


Check out the chart to see what I mean about the pins placement....
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Bundy's status today: "Waiting..."
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