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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

  • #10,961
  • May 25, 2008 10:55am May 25, 2008 10:55am
Quoting joebryce
Check it out. DBLHC at a confluence of fib retracements (not all shown). The daily chart had shown bearish divergence at the end of April. Does this cloud the potential? I will watch for P/A on smaller timeframes if we retrace Fridays bar.
Not necssarily cloud its potential but show its potential. Price Action tends to retrace on higher time frames. The divergence may show the beginning of that retrace. (Although I am not a big fan of divergence).

Bullish PA in a uptrend and Bearish PA in a downtrend it not a bad way to start. Add some supporting confluences and you have yourself a potential high probablilty trade.
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Indicators show the past. Price Action "Indicates" the future.
  • #10,962
  • Edited 2:04pm May 25, 2008 2:04pm | Edited 2:04pm
Quoting jarroo
Not necssarily cloud its potential but show its potential. Price Action tends to retrace on higher time frames. The divergence may show the beginning of that retrace. (Although I am not a big fan of divergence).

Bullish PA in a uptrend and Bearish PA in a downtrend it not a bad way to start. Add some supporting confluences and you have yourself a potential high probablilty trade.

I think the charts are beginning to speak to me. On Thursday the Cad gave us a spinning top, inside bar. Also on Thursday the Aussie gave us a DBHLC. On Friday the Cad broke topside and the Aussie formed an inside bar.

So I'm thinking either I take the Aud/Cad long on a break of that DBLHC, or an even better scenario would be for the Cad to come back a little and then take the Aud/Cad long at the break of the IB on the Aussie?

Thoughts??
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  • #10,963
  • May 25, 2008 2:23pm May 25, 2008 2:23pm
Quoting joebryce
I think the charts are beginning to speak to me. On Thursday the Cad gave us a spinning top, inside bar. Also on Thursday the Aussie gave us a DBHLC. On Friday the Cad broke topside and the Aussie formed an inside bar.

So I'm thinking either I take the Aud/Cad long on a break of that DBLHC, or an even better scenario would be for the Cad to come back a little and then take the Aud/Cad long at the break of the IB on the Aussie?

Thoughts??
I would wait on a retrace on the DBLHC Aud/Cad on the Daily. If Price breaks the top before a retrace, I would entry a small position with a tight stop under the 61.8 fib of the DBHLC.
Attached Image
Indicators show the past. Price Action "Indicates" the future.
  • #10,964
  • May 25, 2008 5:18pm May 25, 2008 5:18pm
Looks like a pretty good beob which has retraced to the 50 fib ret, if I drew it properly. Also touched previous area of resistance.


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skype: ststroud. let's talk trading.
  • #10,965
  • May 25, 2008 7:11pm May 25, 2008 7:11pm
Quoting tyler812
Looks like a pretty good beob which has retraced to the 50 fib ret, if I drew it properly. Also touched previous area of resistance.


Attachment
Technically this isn't a BEOVB as the 'engulfing' day did not completely contain the previous day...
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  • #10,966
  • May 26, 2008 6:51am May 26, 2008 6:51am
Quoting tyler812
Looks like a pretty good beob which has retraced to the 50 fib ret, if I drew it properly. Also touched previous area of resistance.
Tyler,

this is what I see on 4h. There is a kinda pinbar on weekly. The fibonacci tool should be placed on the swing high, on your chart at the high of the bulish candle.

Greets
kpt
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  • #10,967
  • May 26, 2008 7:01am May 26, 2008 7:01am
Quoting kptMisiu
Tyler,

this is what I see on 4h. There is a kinda pinbar on weekly. The fibonacci tool should be placed on the swing high, on your chart at the high of the bulish candle.

Greets
kpt

Monthly retrace of Pin Bar with lots of space below. The pin bar is not the best but I like the swing high position and the fact that we made the first lower low on monthly in about 10 months.
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  • #10,968
  • May 26, 2008 7:32am May 26, 2008 7:32am
Quoting tyler812
Looks like a pretty good beob which has retraced to the 50 fib ret, if I drew it properly. Also touched previous area of resistance.
Quote
Tyler,

this is what I see on 4h. There is a kinda pinbar on weekly. The fibonacci tool should be placed on the swing high, on your chart at the high of the bulish candle.

Greets
kpt

As pip bagger pointed out, the BEOB was a bit short on the top side. An Outside Bar (candle) has to be totally outside the previous bar (candle) including the wicks.

Tyler was looking for a retrace using Fibs on Price Action itself. Either for an entry or a stop loss placement after the break of the "outside bar (candle)".


Here is an example of a BEOB on the Usd/Gbp (3/14/08) using Fibs for a stop loss placement after the break.

The ideal location for a s/l would be on the top of the BEOB. But Fibs can be used to reduce the risk exposure. Above the 50 & 61.8 would have been safe.
Attached Image
Indicators show the past. Price Action "Indicates" the future.
  • #10,969
  • May 26, 2008 3:48pm May 26, 2008 3:48pm
Quoting jarroo
I would wait on a retrace on the DBLHC Aud/Cad on the Daily. If Price breaks the top before a retrace, I would entry a small position with a tight stop under the 61.8 fib of the DBHLC.
Aud/Cad
Attached Image
Indicators show the past. Price Action "Indicates" the future.
  • #10,970
  • May 27, 2008 8:17am May 27, 2008 8:17am
Quote
Tyler was looking for a retrace using Fibs on Price Action itself. Either for an entry or a stop loss placement after the break of the "outside bar (candle)".

Yeah, thanks jarroo, that's what I was getting at. I usually just play the break of patterns like that, but often you can get a better r:r by entering on a retrace of the PA pattern.
skype: ststroud. let's talk trading.
  • #10,971
  • May 27, 2008 9:25am May 27, 2008 9:25am
Quoting jarroo
Aud/Cad
Jarroo,

Did you take this trade? If so, what kind of targets did you use?
  • #10,972
  • Edited 1:56pm May 27, 2008 9:29am | Edited 1:56pm
Quoting joebryce
Jarroo,

Did you take this trade? If so, what kind of targets did you use?
No, I did take this trade. I stick to the USD pairs. Sometimes the EUR/JPY and GBP/JPY because I can't help myself.

Wow, it's looking good.
Indicators show the past. Price Action "Indicates" the future.
  • #10,973
  • May 27, 2008 11:58am May 27, 2008 11:58am
If GBP closes low enough today we have a bearish outside and also a double bar high lower close (highs differ by 2 pips) with an inside bar in the middle. There's a 3rd high bar also within 2 pips of the other 2 to add to the upper resistance. Could it make it back down to test 9635 again?
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"Support and Resistance either holds or it doesn't." -Anonymous hillbilly
  • #10,974
  • May 27, 2008 3:54pm May 27, 2008 3:54pm
I love this chart.... PPZ or S/R trading is very powerful addition to PA. I've been using this daily dow futures chart since the beginning of the year for all my yen needs..
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  • #10,975
  • May 27, 2008 4:03pm May 27, 2008 4:03pm
yep and once price broke clearly below 12700 it was an easy call that price was headed down hard. that was a no brainer sell and it has been very profitable. my dow account is very happy about it. now we watch and see if we can get a pullback to that level with some bar confirmation. i dont trade limit orders very often on daily charts but that area might be a decent place to try one.

jim

Quoting raczekfx
I love this chart.... PPZ or S/R trading is very powerful addition to PA. I've been using this daily dow futures chart since the beginning of the year for all my yen needs..
  • #10,976
  • May 27, 2008 4:10pm May 27, 2008 4:10pm
Hi James16,

Firstly thanks for sharing valuable knowledge, second, what broker do you use to trade DJIA/YM

Thanks
Money & Pain Respect the market, protect your capital, be patient
  • #10,977
  • May 27, 2008 11:11pm May 27, 2008 11:11pm
Diagonal PPZ?

Or just a trendline acting like a trendline. I thought it was interesting how this trendline acted as S/R all the way down on the GBP/USD Daily.
Attached Image
Indicators show the past. Price Action "Indicates" the future.
  • #10,978
  • May 28, 2008 12:31am May 28, 2008 12:31am
BUOB right at 50 sma and SR area. Any opinions on the aggressiveness of taking this here on the retrace versus waiting for a break? My fundamental outlook would have me cautious to buy Usd. Yet Price Action on most pairs seems to indicate Usd is going bullish for the moment. We also have a BEOB on the Euro today.
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  • #10,979
  • May 28, 2008 4:48am May 28, 2008 4:48am
Quoting joebryce
BUOB right at 50 sma and SR area. Any opinions on the aggressiveness of taking this here on the retrace versus waiting for a break? My fundamental outlook would have me cautious to buy Usd. Yet Price Action on most pairs seems to indicate Usd is going bullish for the moment. We also have a BEOB on the Euro today.
Just a question JoeBryce. ....Do you ever zoom out?

Personal preferences I s'pose.

Anyway, the BUOB was good enough for me to mark it down for trade watch first this this morning (Oz time, just after daily close). It's shown good support the past few days. Also 38.2% ret.
...There's also a trend line that I had in there.

I never got in, due to other trades popping up as well. Don't like getting too thin. ...If I had of though, I'd have entered on that strong BUOB on the 1 hr chart.

In other words , I'd would have been using the Daily as the setup , then waiting all day for a trade in that preferred direction. ...Easy!
All you have to do then is trail your stops in the days ahead. ( And take part profits at some point also, if you prefer. ) If it keeps to that direction.

For the record, I've just done a similar thing on a couple of other pairs.

.
Bundy's status today: "Waiting..."
  • #10,980
  • May 28, 2008 5:14am May 28, 2008 5:14am
Quoting joebryce
BUOB right at 50 sma and SR area. Any opinions on the aggressiveness of taking this here on the retrace versus waiting for a break? My fundamental outlook would have me cautious to buy Usd. Yet Price Action on most pairs seems to indicate Usd is going bullish for the moment. We also have a BEOB on the Euro today.
I think you need to be wary on this, almost every other pair that I watch showed a small inside Monday bar and a big outside bar the following day. The small inside bar on Monday was a result of Memorial day in the US and a Bank Holiday in the UK. i.e. none of the big players were around.
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