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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

  • #14,001
  • Sep 28, 2008 6:23am Sep 28, 2008 6:23am
Here is my look at it...

Well as we can see price has come to the buy zone in the monthly chart forming the pin bar...I personally trade 4 hour chart and the daily chart...


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In the fallowing picture you will see my 4 hour perspective of this market...
What you see in my picture is a bullish movement taking place that has about one more move up before the sellers show us if this move up over the past couple of days was the retracement to the down move or if the retracement to the bullish movement has finished and it will now continue on in it bullish direction after creating a pin bar in the monthly chart on the 50 percent fibb (red) we also have a bullish head and shoulders taking place ...keep in mind I position myself in the right shoulder....
The true direction should be shown once the market impacts that down trendline...Because if price is able to brake it we shouldf be able to continue to get some waves up...and if enough sellers are proven at that last downtrendline then the market will brake the upward trendline over the past couple of days and make a bearish head and shoulders...the coming up days might get a bitt rangy do to the fact the market will find some sellers to the recent up move...

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here is a better zoomed in pic...

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  • #14,002
  • Sep 28, 2008 11:35am Sep 28, 2008 11:35am
Hi, everyone!

I know that my question might sound silly (just learning) - on GBP/USD 23.09 was I4B. Thought, that it's going to brake up. But question is not about PA...

Thing I could not understand - if fundamentals for dollar are bad (like on 23.09) it should get cheeper - for one GBP You "should get" more USD. So the price from 1.86 should go up, lets say, for 1.93...

But on 23.09 the price broke down...Even after all news and indecision of bail-out...How it could be?

Sorre for my english...
  • #14,003
  • Sep 28, 2008 11:45am Sep 28, 2008 11:45am
Quoting initex
Hi, everyone!

I know that my question might sound silly (just learning) - on GBP/USD 23.09 was I4B. Thought, that it's going to brake up. But question is not about PA...

Thing I could not understand - if fundamentals for dollar are bad (like on 23.09) it should get cheeper - for one GBP You "should get" more USD. So the price from 1.86 should go up, lets say, for 1.93...

But on 23.09 the price broke down...Even after all news and indecision of bail-out...How it could be?

Sorre for my english...
Hey Initex,

That is the catch with fundamentals and most things in trading. It is never as cut and dry as it seems. It has much more to do to how people are going to react to the information then anything else. This is why a lot of us(including James), completely ignore fundamentals. Not saying that they can't be helpful or you can't integrate it with price action, you certainly can. Just another route you might possibly take.

Hope that helps

Mike
  • #14,004
  • Sep 28, 2008 6:16pm Sep 28, 2008 6:16pm
Quoting mbqb11
Hey Initex,

That is the catch with fundamentals and most things in trading. It is never as cut and dry as it seems. It has much more to do to how people are going to react to the information then anything else. This is why a lot of us(including James), completely ignore fundamentals. Not saying that they can't be helpful or you can't integrate it with price action, you certainly can. Just another route you might possibly take.

Hope that helps

Mike
Hi mike .. just quoted this message to get your attention.

If i can i want to pull up a stupid question about gaps.
Nowadays, don't know why every week i'm seeing gaps on opening, now... i don't remeber in which post you mentioned your gap play something like there was a good PA towards closing a gap.

My question is why does a Gap have to be closed? I mean on my feed, todays asia session on gbp/usd opened a with 30 pips gap down, it's a 10% approx daily move, why does it have to be engulfed??
A gap to me is telling that basically nobody is buying, we know that price moves in order of the match up af buying and selling order .. so today on the opening the first buy order to match up to selling was 30 pips south, that's showing me great selling preassure.. why couldn't a gap be lifetime opened... ??

Re-reading my question it seems such as those articles on a scientific magazines with titles .."How do traders close a Gap"... in past maybe i would have bought it .

However going to get some sleep.


Giuseppe
  • #14,005
  • Sep 28, 2008 6:26pm Sep 28, 2008 6:26pm
Quoting giusepp8
Hi mike .. just quoted this message to get your attention.

If i can i want to pull up a stupid question about gaps.
Nowadays, don't know why every week i'm seeing gaps on opening, now... i don't remeber in which post you mentioned your gap play something like there was a good PA towards closing a gap.

My question is why does a Gap have to be closed? I mean on my feed, todays asia session on gbp/usd opened a with 30 pips gap down, it's a 10% approx daily move, why does it have to be engulfed??
A gap to me is telling that basically nobody is buying, we know that price moves in order of the match up af buying and selling order .. so today on the opening the first buy order to match up to selling was 30 pips south, that's showing me great selling preassure.. why couldn't a gap be lifetime opened... ??

Re-reading my question it seems such as those articles on a scientific magazines with titles .."How do traders close a Gap"... in past maybe i would have bought it .

However going to get some sleep.


Giuseppe
Hey Giuseppe,

Gaps in the forex market tend to close much more then they don't. In fact all gaps I have ever personally watched have closed. This doesn't mean they close right away, or when they will. They could take weeks to close.

To me gaps are just like a lot of other phenomenons in trading and they are self fulfilling.

You say a gap to you means nobody is buying/selling, but a lot of times these gaps occur because of pre market trading where a large order might come in, hit some stops say below the market FORCING action lower, then the markets open across the board and the action is towards closing that "gap".

Also be careful when your broker opens. Sometimes these gaps are just because your broker open so late, because the forex market is technically open 24/7. The earlier your broker opens the better you can see where price is. I like to use FXpro, as they open the earliest of most mt4 brokers. And I also watch oanda charts since they are open 24/7. You get a better idea if/when price gaps. I look for the big gaps, and don't mess around with the small 30 pips gaps as they usually are either just due to charting difference(time broker opens), or happen so early that spreads are so wide and liquidity is still so thin, that slippage and spread factors are too high for me.

Please note gapping in equities markets are much more common because of the nature of the markets being centralized. I am NOT familiar at all with gaps in those markets, just forex.

Just my views
Mike
  • #14,006
  • Sep 28, 2008 7:18pm Sep 28, 2008 7:18pm
Quoting mbqb11

And I also watch oanda charts since they are open 24/7. You get a better idea if/when price gaps.
Hello Mike. First, I just want to say that I love your posts and I'm always trying to keep track of them. May I ask you a little more detail on how you use the oanda charts to gain insights for your gap trading as I find that Oanda never shows gaps on the Monday open. For example Eur-Usd "closed" at 1.4612 on Friday and after opening went down to 1.4580 then up to 1.4635 before falling again. My MT4 broker opened at 1.4549, a 60 pips gap... Thank.
  • #14,007
  • Sep 28, 2008 7:39pm Sep 28, 2008 7:39pm
Quoting my30marahaba
Dear All,
I would like to share with you all for this EU currency
Price has complete retrace to 68% Fibo on the weekly down trend
Price close at 76.8 % after complete the retracement to be pullback to 50% Fibo
On Daily Chart Price has been break the IB with the downward direction,
I expected the Price be going to 14490 - 14430 (50% fibo) by this week.

Base on my weekly statistics data down weak trend.
IF the Price can break the weekly trend line (14430) to be continue to the down line trend.

I have been place my order
SELL from 14667 @1 - TP 14511
SELL from 14626 @2 - TP 14395

Kindly please correction me IF i made wrong analyst of this EU currency.

Best Regards,
My30marahaba

hi all,

good result on monday

rgds,
my30marahaba
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  • #14,008
  • Sep 28, 2008 7:42pm Sep 28, 2008 7:42pm
Quoting OGW
Hello Mike. First, I just want to say that I love your posts and I'm always trying to keep track of them. May I ask you a little more detail on how you use the oanda charts to gain insights for your gap trading as I find that Oanda never shows gaps on the Monday open. For example Eur-Usd "closed" at 1.4612 on Friday and after opening went down to 1.4580 then up to 1.4635 before falling again. My MT4 broker opened at 1.4549, a 60 pips gap... Thank.
Hey OGW,

Once and a while(for example a few weeks back with the high volatility.) There were a bunch of pairs that had small gaps on the oanda charts as well as my broker charting. This extra gapping on even oanda gave me even more confidence to employ my gap strategy. Other then that I stick to FXpro charts and the big gaps that can be seen on the 4hr charts

Hope that helps

Mike

edit I found you one such example
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  • #14,009
  • Sep 28, 2008 8:01pm Sep 28, 2008 8:01pm
Thanks a lot Mike, it does help. I'll be looking for those gaps that shows even on Oanda.
  • #14,010
  • Sep 29, 2008 12:35am Sep 29, 2008 12:35am
Hi guys, a nice breakout trade waiting to happen on the Usd/cad...Mike you watching it?
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I believe . . .
  • #14,011
  • Edited 4:40am Sep 29, 2008 3:56am | Edited 4:40am
I wonder if Mike would consider this a BreakOut/Pull Back with confirming PA. (4 hour Gbp/Usd)

(Sorry I can't post my own charts. Had to steal this one from mymar on the DIBS thread. )
Attached Image
Indicators show the past. Price Action "Indicates" the future.
  • #14,012
  • Sep 29, 2008 4:05am Sep 29, 2008 4:05am
Quoting jarroo
I wonder if Mike would consider this a BreakOut with confirming PA. (4 hour Gbp/Usd)

(Sorry I can't post my own charts. Had to steal this one from mymar on the DIBS thread. )
yes it was not a mike type breakout trade Jarroo, however i caught this one as a daily BEOB breakout...10 pips below the low of the BEOB...

one could also have played the IB right after the BEOB.
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I believe . . .
  • #14,013
  • Sep 29, 2008 4:31am Sep 29, 2008 4:31am
Quoting ghous
yes it was not a mike type breakout trade Jarroo, however i caught this one as a daily BEOB breakout...10 pips below the low of the BEOB...

one could also have played the IB right after the BEOB.
Thanks ghous. Higher time frames RULE.
Indicators show the past. Price Action "Indicates" the future.
  • #14,014
  • Sep 29, 2008 4:57am Sep 29, 2008 4:57am
Quoting ghous
yes it was not a mike type breakout trade Jarroo, however i caught this one as a daily BEOB breakout...10 pips below the low of the BEOB...

one could also have played the IB right after the BEOB.
Hiya ghous and Jarroo. BTW made me feel good you related to the fetal position Jarroo My pc went down on me but So I only shorted this one. Was looking to short it from Friday. Took 3 trys to get it but man its a sweet trade. lost a 1/4 %, then another 1/4% then got it right and now up around 7%. I will try and post a chart. I did get some short ghous from that ib before the beob but got whiped out. this trade im in risk was 21 pip reward over 250, trying to do the Mike pull back thing.

Jarroo do you want any charts posted?

Jason
May the fish in your stream of life always bite.
  • #14,015
  • Sep 29, 2008 5:12am Sep 29, 2008 5:12am
Quoting aSandman
Hiya ghous and Jarroo. BTW made me feel good you related to the fetal position Jarroo My pc went down on me but So I only shorted this one. Was looking to short it from Friday. Took 3 trys to get it but man its a sweet trade. lost a 1/4 %, then another 1/4% then got it right and now up around 7%. I will try and post a chart. I did get some short ghous from that ib before the beob but got whiped out. this trade im in risk was 21 pip reward over 250, trying to do the Mike pull back thing.

Jarroo do you want any charts posted?

Jason
the IB before the BEOB was not availabe on my feed the Ib after the BEOB was there, i however had a pending order 10 pips below the low of the BEOB since just before Friday close which got hit today, and honestly i am glad it did!
I believe . . .
  • #14,016
  • Sep 29, 2008 5:26am Sep 29, 2008 5:26am
Quoting aSandman
Hiya ghous and Jarroo. BTW made me feel good you related to the fetal position Jarroo My pc went down on me but So I only shorted this one. Was looking to short it from Friday. Took 3 trys to get it but man its a sweet trade. lost a 1/4 %, then another 1/4% then got it right and now up around 7%. I will try and post a chart. I did get some short ghous from that ib before the beob but got whiped out. this trade im in risk was 21 pip reward over 250, trying to do the Mike pull back thing.

Jarroo do you want any charts posted?

Jason
after a smooth ride so far, i feel a major hurdle is reached, a proper break of 1.8 and WHEW! the train should be unstoppable!!

EDIT: forgot the chart...
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I believe . . .
  • #14,017
  • Sep 29, 2008 6:00am Sep 29, 2008 6:00am
@Ryan

any comments here, please?
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  • #14,018
  • Sep 29, 2008 6:08am Sep 29, 2008 6:08am
Quoting giraia_br
@Ryan

any comments here, please?
ofcaorse it's for Ryan, but i don't see much of a divergence there specially in the first chart posted if you ask me...

just my 2 cents...

Regards,
Ghous.
I believe . . .
  • #14,019
  • Sep 29, 2008 6:19am Sep 29, 2008 6:19am
Quoting aSandman
Hiya ghous and Jarroo. BTW made me feel good you related to the fetal position Jarroo My pc went down on me but So I only shorted this one. Was looking to short it from Friday. Took 3 trys to get it but man its a sweet trade. lost a 1/4 %, then another 1/4% then got it right and now up around 7%. I will try and post a chart. I did get some short ghous from that ib before the beob but got whiped out. this trade im in risk was 21 pip reward over 250, trying to do the Mike pull back thing.

Jarroo do you want any charts posted?

Jason
Thanks for that Jason. I'm good now. Home sweet home.
Indicators show the past. Price Action "Indicates" the future.
  • #14,020
  • Sep 29, 2008 6:47am Sep 29, 2008 6:47am
Quoting jarroo
I wonder if Mike would consider this a BreakOut/Pull Back with confirming PA. (4 hour Gbp/Usd)

(Sorry I can't post my own charts. Had to steal this one from mymar on the DIBS thread. )

dear sir,

I was close my short for this gu and waiting for confirmation to go long any idea sir .......

regrads,
my30marahaba
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