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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

  • #10,301
  • Apr 26, 2008 4:55pm Apr 26, 2008 4:55pm
hi all

can i ask as a newcomer opinion on usd/cad which shows 2X ib,dbl,pinbar (in traffic ) and downtrend.Is this good for a short?

thanks gerard
  • #10,302
  • Apr 26, 2008 5:10pm Apr 26, 2008 5:10pm
Quoting DutchTrader
Jarroo,

Thanks for posting that, I really enjoy reading your stuff. BTW I posted about this in the Aussie Pairs thread as well.
Looks like a lot a reasons for the Aussie to fall next week. Look for a possible retrace before the fall.

A couple approaches is Fib retracement and 50% retracement on the PA itself. In this case the Pin Bar.
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Indicators show the past. Price Action "Indicates" the future.
  • #10,303
  • Apr 26, 2008 5:15pm Apr 26, 2008 5:15pm
Quoting Gerard212
hi all

can i ask as a newcomer opinion on usd/cad which shows 2X ib,dbl,pinbar (in traffic ) and downtrend.Is this good for a short?

thanks gerard
What time frame are you looking at?
Indicators show the past. Price Action "Indicates" the future.
  • #10,304
  • Apr 26, 2008 5:48pm Apr 26, 2008 5:48pm
Quoting james16
hey scooter, it is tradestation. every bar stands on its own if that answers you question. i usually set my stop right above or below the two bars. i dont like to lose a lot of money, if it breaks the two bars its usually over. profit targets have to be user defined. i trade with enough so that just a small move will make me several hundred dollars sometimes thousands depending on the set up. i cannot say this strongly enough, never let a winner become a loser. winning three hundred and getting out only to watch it go to 3 thousand bothers me much less than watching my 300 profit turn into a 300 loss because i did not lock it in. thats just me we are all different. i take half profit then move my stop to breakeven for the other half. winning is a rush, losing sucks. if a trade goes south on me i can live with it, i cant live with watching a winner go to a loser because i did not use my brain. doing that keeps me up at night. and yes i still do it from time to time.
It is one of the keys to increasing ones portfolio, An FX strategy must consider the assurance of profit constantly, whether the profit is big or small does not matter. What matters is that the profits are much more when compared to the losses.
I concurr
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  • #10,305
  • Apr 26, 2008 5:55pm Apr 26, 2008 5:55pm
Quoting Gerard212
hi all

can i ask as a newcomer opinion on usd/cad which shows 2X ib,dbl,pinbar (in traffic ) and downtrend.Is this good for a short?

thanks gerard
Hey gerard,

I'm relatively new as well so just take my comments as my personal opinion.

I guess you're talking about the daily timeframe? I posted charts of daily and weekly timeframe for reference. I'm watching this pair because to me it looks like its forming a wedge (ppz resistance ~1.0350 + up trend line).

In terms of PA: The reasons why I wouldn't take the short is because the pin isn't creating space (what u said about traffic), also I don't like the eye to be that much above the open/close of the pin.

But what really puts me off is the fact that the weekly up trend line is too close and so I don't expect the price to pierce through that support (not just yet anyway). This means that the reward:risk on a short is not appealing to me.

However, despite all those reasons I still think that price might move down, just not past the trend line. Hence I am sitting tight and hoping to play a bounce off it.

Hope that helps. As I said, it's just my personal opinion and I am fairly inexperienced.

good luck!

Carlos

p.s. This might be of interest as well. If you move to the monthly chart you'll see a DBLHC from the previous 2 months and a pin bar in January. Just thought I'd chuck that into the brain mincer
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  • #10,306
  • Apr 27, 2008 12:42am Apr 27, 2008 12:42am
Quoting jcsmesquita
Hey gerard,

I'm relatively new as well so just take my comments as my personal opinion.

I guess you're talking about the daily timeframe? I posted charts of daily and weekly timeframe for reference. I'm watching this pair because to me it looks like its forming a wedge (ppz resistance ~1.0350 + up trend line).

In terms of PA: The reasons why I wouldn't take the short is because the pin isn't creating space (what u said about traffic), also I don't like the eye to be that much above the open/close of the pin.

But what really puts me off is the fact that the weekly up trend line is too close and so I don't expect the price to pierce through that support (not just yet anyway). This means that the reward:risk on a short is not appealing to me.

However, despite all those reasons I still think that price might move down, just not past the trend line. Hence I am sitting tight and hoping to play a bounce off it.

Hope that helps. As I said, it's just my personal opinion and I am fairly inexperienced.

good luck!

Carlos

p.s. This might be of interest as well. If you move to the monthly chart you'll see a DBLHC from the previous 2 months and a pin bar in January. Just thought I'd chuck that into the brain mincer
Nice jc.

I guess I have a different GMT time, but the Price Action may play out the same.

This is my take on the cad.

Current PA on the Daily is a Inside Bar (candle). S/R levels on the top and bottom of this IB look to be strong. A hard and fast break of these levels could be playable.
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Indicators show the past. Price Action "Indicates" the future.
  • #10,307
  • Apr 27, 2008 12:54am Apr 27, 2008 12:54am
An interesting look at the Cad on the 4 hour could provide an early small position entry inrelation to the Daily.

4 hour Inside Bar (Purple). IB Daily (Green). A convincing break at the 4 hour IB at the top and/or bottom could show the way.

If Price (for example) breaks the bottom 4 hour IB at 1.0142, I would look for a confirmation break at 1.0121, the bottom of the Daily IB.
Attached Image
Indicators show the past. Price Action "Indicates" the future.
  • #10,308
  • Apr 27, 2008 1:31am Apr 27, 2008 1:31am
thanks guys

i did in fact mean the daily

gerard
  • #10,309
  • Apr 27, 2008 5:50am Apr 27, 2008 5:50am
Quoting jarroo
Looks like a lot a reasons for the Aussie to fall next week. Look for a possible retrace before the fall.

A couple approaches is Fib retracement and 50% retracement on the PA itself. In this case the Pin Bar.

watch it form a inside bar this week and go all the way to 9413 50% retrace , that would be stinky.
  • #10,310
  • Apr 27, 2008 10:56am Apr 27, 2008 10:56am
BEOVB price action on my weekly chart

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  • #10,311
  • Apr 27, 2008 3:22pm Apr 27, 2008 3:22pm
Weekly Inside Bar (candle), GBP/JPY.
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Indicators show the past. Price Action "Indicates" the future.
  • #10,312
  • Apr 27, 2008 3:31pm Apr 27, 2008 3:31pm
jarroo

Very dedicated, you are. I am curious how many pips you collected in 2007, to be this committed.
  • #10,313
  • Apr 27, 2008 3:59pm Apr 27, 2008 3:59pm
Quoting tdion
jarroo

Very dedicated, you are. I am curious how many pips you collected in 2007, to be this committed.
Not as many as I should have. lol

2007 was a huge learning curve for me and only now has that due diligence is starting to pay off.

Patience for A trades, Money Management, its all about managing loses not profits, etc., are important things to learn and practise. But, I have found that Perseverance is the number one drive to have.
Indicators show the past. Price Action "Indicates" the future.
  • #10,314
  • Apr 27, 2008 4:01pm Apr 27, 2008 4:01pm
Quoting jarroo
Weekly Inside Bar (candle), GBP/JPY.
Inside Bars are defined as indecision in the market, which is neither Bearish nor Bullish. So, a break of the top and/or bottom could be a tradable opportunity.

The DBLHC (Bullish)from two weeks ago is still in play here. Price Action historically on higher time frames (i.e. Weekly chart) will retrace before they break and move. The retracement may have been completed from last week, down to the 50 % retracement level. We shall see.
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Indicators show the past. Price Action "Indicates" the future.
  • #10,315
  • Apr 27, 2008 4:03pm Apr 27, 2008 4:03pm
Quoting jarroo
Not as many as I should have. lol

2007 was a huge learning curve for me and only now has that due diligence is starting to pay off.

Patience for A trades, Money Management, its all about managing loses not profits, etc., are important things to learn and practise. But, I have found that Perseverance is the number one drive to have.

Oh yeah . . .I forgot . . . Its a lot of fun too.
Indicators show the past. Price Action "Indicates" the future.
  • #10,316
  • Apr 27, 2008 4:21pm Apr 27, 2008 4:21pm
Quoting tdion
Very dedicated, you are. I am curious how many pips you collected in 2007, to be this committed.
You know, it's timing. Both that question, as well as me seeing
http://www.forexfactory.com/showthread.php?t=83575
just in time.

I cut some stuff back out I was about to post.

Anyhow.

Instead I will ask:
Have you found something that makes you profit that you have kept, stuck to and traded for longer than 2-3 months?
This includes the fully automated, mechanical EA attempts as well as discretionary trading, be it with A-H or J16 or anything really.
Trust price. Know yourself.
  • #10,317
  • Apr 27, 2008 4:23pm Apr 27, 2008 4:23pm
Quoting jarroo
Not as many as I should have.
Now that sounds familiar

Quote
2007 was a huge learning curve for me and only now has that due diligence is starting to pay off.

Patience for A trades, Money Management, its all about managing loses not profits, etc., are important things to learn and practise. But, I have found that Perseverance is the number one drive to have.

Indeed. I just wanted to say thanks for contributing.
I believe you're exactly on the right track with the above mentioned key elements.

Seeking
Trust price. Know yourself.
  • #10,318
  • Apr 27, 2008 4:30pm Apr 27, 2008 4:30pm
Quoting SeekingLight
Now that sounds familiar



Indeed. I just wanted to say thanks for contributing.
I believe you're exactly on the right track with the above mentioned key elements.

Seeking
Thanks Seeking.

Your posts on this thread (throughout FF) have been a huge help for me in this business.

Thanks again,

Indicators show the past. Price Action "Indicates" the future.
  • #10,319
  • Apr 27, 2008 4:43pm Apr 27, 2008 4:43pm
SL forex is strictly viewed as a hobby. I can't see trading without a guaranteed or near guaranteed profits at this point. The experience of taking loss after loss with the latest CORNFLOWER or BAT system and bankrupting an account is something I am not willing to do.
  • #10,320
  • Apr 27, 2008 5:37pm Apr 27, 2008 5:37pm
Quoting jarroo
An interesting look at the Cad on the 4 hour could provide an early small position entry inrelation to the Daily.

4 hour Inside Bar (Purple). IB Daily (Green). A convincing break at the 4 hour IB at the top and/or bottom could show the way.

If Price (for example) breaks the bottom 4 hour IB at 1.0142, I would look for a confirmation break at 1.0121, the bottom of the Daily IB.
I guess I missed that entry (1.0142)
Attached Image
Indicators show the past. Price Action "Indicates" the future.
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