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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

  • #17,661
  • Dec 30, 2008 1:18pm Dec 30, 2008 1:18pm
Maybe some of you will find it usefull:

http://www.moneyhackers.com
  • #17,662
  • Dec 30, 2008 1:54pm Dec 30, 2008 1:54pm
Quoting rustyjeff
Your at it again I see. dont you ever take a break.
I'm, but can't help it when alarms show up on my BB..... I hope to show you my e/cad 'green' charts sometimes in mid Jan...09

@ghous: don't exaggerate my friend. If that was even half true, I would not be hanging around FF...lol

@hipster: yes, I see euro being very weak next year. time will tell.
  • #17,663
  • Dec 30, 2008 4:28pm Dec 30, 2008 4:28pm
Hello guys
I would like to ask how do you get better entry with PA setups?
For example if you have a daily PB and you want to have better entry how would you do that?
My idea is to wait till PB high/low is broken and then wait for pullback, switch to lower H4/H1 timeframe and look for PA setup on this time frame. Or maybe just enter on fib ret from the top/low of the PB. But , as I see it , we have to wait for PB high/low to be broken first and then we can pinpoint our entry.
Any suggestion would be very much appreciated

alter
  • #17,664
  • Dec 30, 2008 7:33pm Dec 30, 2008 7:33pm
E/U m1
If it makes sense , why not take it.
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  • #17,665
  • Dec 30, 2008 8:37pm Dec 30, 2008 8:37pm
Quoting Greenhaze
Maybe some of you will find it usefull:

http://www.moneyhackers.com
thx for t link...
how can we interpret it??

Sonic
  • #17,666
  • Dec 30, 2008 8:46pm Dec 30, 2008 8:46pm
Quoting sonicdeejay
thx for t link...
how can we interpret it??

Sonic
Times of volatility would signify larger price movements than normal. You could develop a system that capitalizes on those swings.
For example, 12:00 EUR/USD has the highest average movement. However, I would like to see a tally on the far right giving the average volatility per entire daily price range.
  • #17,667
  • Dec 30, 2008 8:58pm Dec 30, 2008 8:58pm
Quoting HipsterPipster
Well, here we go.
Hey Hip,

I see you've posted a couple of times in reply in my original question:
http://www.forexfactory.com/showpost...ostcount=17536

I feel kind of embarrassed because I don't think I really understand the answers... You said look for stop hunts and posted a pic, but what exactly is a stop hunt how do we know when we see it on the chart. Also, what is the strategy behind the stop hunt? How do we use this information?

Here is an update on my on the AUD/USD. Looks like price moved above resistance and is now acting as support? Do you think we have more confirmation of an up move now?
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Don't wish it were easier, wish you were better. ~ Jim Rohn
  • #17,668
  • Dec 30, 2008 9:03pm Dec 30, 2008 9:03pm
Two good looking bars with nice confluence of fibs taken from different important levels combined with prior support, now resistance.

All the best for the new year....

A
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  • #17,669
  • Dec 30, 2008 9:04pm Dec 30, 2008 9:04pm
Quoting sonicdeejay
thx for t link...
how can we interpret it??

Sonic
Take EURUSD for example.
If you look at row 'Wed' and column '10' you'll find number 82.
This is the avarage range of 10:00 EST time hourly bars of all wednesdays beetwen <2008-11-27 08:00:00 to 2008-12-30 21:00:00>. On the week row you'll see the avarage range of those hourly bars in whole date range which is: <2008-11-27 08:00:00 to 2008-12-30 21:00:00>.

It's helpfull for choosing best times to trade in each day of the week , most helpfull for day traders ;]. I have copied this whole table to excel and made time charts from them.
  • #17,670
  • Dec 30, 2008 9:17pm Dec 30, 2008 9:17pm
This chart shows the total avarage range of hourly bars calculated from most popular forex pairs in time from 11/27 to 12/30. You can see similar patterns pressing ctrl+L in mt4. The time under the chart is GMT. Sry for a lil offtopic postings.
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  • #17,671
  • Dec 30, 2008 9:27pm Dec 30, 2008 9:27pm
Added some more to the AUD/CAD for analysis. I still have a hard time with Divergence... To me it looks like the CCI is making lower highs and price is sideways. Did I draw this correctly and what exactly does it mean if it is drawn correctly? the 38 fib also seems to be acting as resistance right above the .6850 Monthly PPZ.
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Don't wish it were easier, wish you were better. ~ Jim Rohn
  • #17,672
  • Dec 30, 2008 9:36pm Dec 30, 2008 9:36pm
Quoting ghous
Don't mind John and I am sorry if that post of mine came across as "arrogant", I had no such intentions.

All I am trying to say is that the questions you're coming up with are far too basic, and have been covered well in detail early in the thread and often on throughout this thread.

If you really have read the entire thread even once with understanding you should know what a BUOB is. If you have'nt there is no need to feel bad or degraded, just go through the thread again so you can understand this better!

Wish you best of luck in your trading,

Regards,
Ghous....
Hey Ghous,

Its ok and i dont feel bad at all. You are doing well in here and good trader must except failure. Its only im a lil bit confuse since previously im mainly using chart patterns and not bars chart. Im also wonder about the calculation for indicate as it was the true BeOb. BuOb of even PB.

Dont worry, im half empty cup people. I can drink and at the same time throw back unnecessary stuff.

Thank Ghous,

Regards
  • #17,673
  • Edited 9:55pm Dec 30, 2008 9:50pm | Edited 9:55pm
We need to pay attention to EUR/GBP here.

EUR/GBP has the sign of topping on 4HR chart, with divergence on MACD. Watch for PA setup here.

Ken
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  • #17,674
  • Dec 30, 2008 10:42pm Dec 30, 2008 10:42pm
Quoting LasVahGoose
Hey Hip,

I see you've posted a couple of times in reply in my original question:
http://www.forexfactory.com/showpost...ostcount=17536

I feel kind of embarrassed because I don't think I really understand the answers... You said look for stop hunts and posted a pic, but what exactly is a stop hunt how do we know when we see it on the chart. Also, what is the strategy behind the stop hunt? How do we use this information?

Here is an update on my on the AUD/USD. Looks like price moved above resistance and is now acting...
First off, I must say trade what you see, and no need to be embarrassed. I was expecting an up move and a close near the daily open. At times these sharp reversals are stop hunts. A pin bar can be generated in this way, and as we know, many times is a reversal signal. Here is a nice description for you that explains some of the market psychology. http://www.aboutcurrency.com/content/view/455/123/
  • #17,675
  • Dec 31, 2008 1:39am Dec 31, 2008 1:39am
Quoting goodtiding5
We need to pay attention to EUR/GBP here.

EUR/GBP has the sign of topping on 4HR chart, with divergence on MACD. Watch for PA setup here.

Ken
One of the few great setups emerging...

Regards,
Ghous.
I believe . . .
  • #17,676
  • Edited 3:22am Dec 31, 2008 2:03am | Edited 3:22am
Quoting johnbaem
Hey Ghous,

Its ok and i dont feel bad at all. You are doing well in here and good trader must except failure. Its only im a lil bit confuse since previously im mainly using chart patterns and not bars chart. Im also wonder about the calculation for indicate as it was the true BeOb. BuOb of even PB.

Dont worry, im half empty cup people. I can drink and at the same time throw back unnecessary stuff.

Thank Ghous,

Regards
No worries John,

Let me give it another try to help you understand...

PIN BAR: This is a bar which opens, goes in a direction for quite a distance and then returns to close somewhere around the place where it opened. This bar hence will have a really long wick/tail/nose at one end wuthile having a very small body. Such a bar can be of great help to PA traders if this nose is pointing into emtpy space away from the vicinity of price action (refer to chart below). The distinguishing factor betwen a good Pin bar and any other bar is that the open and close are very close to each other, the nose is long and points away from the bars around it According to many PA traders this bar is the strongest of PA signals!

BUOVB:. A BUllish Outisde Vertical Bar. This is any bar that exceeds the entire range of the previous bar. Meaning that the high of this bar should exceed the previous bar and the low should also exceed the previous bar. The color is important ofcoarse. It signals that the bulls have stepped into the market and are willing to run away with price, this bar can be a good trend contiunation or reversal signal.

BEOVB: A BEarish Outside Vertical Bar. This is similiar to the BUOVB but the only difference is the color. i.e the close is lower than the open. Just like a BUOVb signals bull strength a BEOVB indicated bearish strength and is a good signal for "down" could be trend reversal or trend continuation.

INSIDE BAR: Inside Bar. this is a bar which is totally engulfed by the bar before it, consider this somewhat an opposite of the BEOB/BUOB. In this case the bar's high and low both lie within the high and low of the previous bar, such that the bar gives the impression of being inside the previous bar. This bar is amongst the most popular of all PA signals and can be quite tricky to play specially on the lower tfs, on the higher ones it's a great scene! . It signals a halt in momentum and can be considered a valid reversal or contiuation pattern.

there. I have tried to make it as simple as i could, hoep you understand it this time, if there is still some confusion let me know...

Here are a few examples from a Eur/Cad daily chart...

Regards,
Ghous.
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I believe . . .
  • #17,677
  • Dec 31, 2008 2:22am Dec 31, 2008 2:22am
Quoting ghous
No worries John,

Let me give it another try to help you understand...

Regards,
Ghous.
Thank Ghous. This is golden nugget and id put it on my note. Thus, for as per chart you refer, are you taking the current trade at BeoVB level? Since the next candle is retrace almost 100% so its quite hard to place the SL aite?

I do get some infos thats its better for any PA signals to be at place where less noise or traffic and not congested in between. Are you agreed with this idea ghous?
  • #17,678
  • Dec 31, 2008 2:43am Dec 31, 2008 2:43am
Quoting johnbaem
Thank Ghous. This is golden nugget and id put it on my note. Thus, for as per chart you refer, are you taking the current trade at BeoVB level? Since the next candle is retrace almost 100% so its quite hard to place the SL aite?

I do get some infos thats its better for any PA signals to be at place where less noise or traffic and not congested in between. Are you agreed with this idea ghous?
The BEOB is at a swing high, with a double top and heavily loaded with divergence on the daily as well as the weekly (refer to Raczekfx's post a few posts back) IMO currntly the best setup on the higher tfs

I am not trading it just yet as I am waiting for my spread to come back to normal but If i would have traded this, the trade would be at the break of the BEOB (as should be the strategy for taking any PA signal) i.e I would have placed a sell stop order 10-20 pips below the low of the BEOB (thus taking it's break) as you can see the BEOb was never activated and this should have saved you from any counter price movement.

Coming to your query of stops, they are ideal at the oppsoite end of a PA signal or at a close by Support and resistance region/zone. Just as an example consider the situation where the BEOb was validated, the Double top has occured right off 1.75 so if you're a brave, courageous and conservative trader you would have your stop above 1.75 and you would still have been in this trade, though for a moment your heart would have jumped up to your throat

A more aggressive trader might want a stop above 1.72 above which the price has not yet been able to close. So a more aggresive stop might be just above the 1.72 level in a hope that since price has'nt really been able to make through 1.72 it may finally show the urge to go down (confirmed by divergence)

Also note that is this current example the aggressive trader won over the more conservative one, but i don't intend to promote any kind lol I mean I don't want you to become more aggressive in the trades you take, not to say you can't but you just need to be the trader you are, it'll bring out the best in you short term gains and lossess tell you nothing abt your success in the long term, just use a strategy you're most comfortable with

Regards
Ghous.
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I believe . . .
  • #17,679
  • Dec 31, 2008 2:57am Dec 31, 2008 2:57am
Quoting ghous
No worries John,

Let me give it another try to help you understand...

[PIN BAR:[/b] This is a bar which opens, goes in a direction for quite a distance and then returns to close somewhere around the place where it opened. This bar hence will have a really long wick/tail/nose at one end wuthile having a very small body. Such a bar can be of great help to PA traders if this nose is pointing into emtpy space away from the vicinity of price action (refer to chart below). [b]The distinguishing factor betwen a good Pin bar and any other bar is that...
Nice xplaination..buddy...

Sonic
  • #17,680
  • Dec 31, 2008 3:00am Dec 31, 2008 3:00am
Quoting ghous
I mean I don't want you to become more aggressive in the trades you take, not to say you can't but you just need to be the trader you are, it'll bring out the best in you short term gains and lossess tell you nothing abt your success in the long term, just use a strategy you're most comfortable with

Regards
Ghous.
Better and better now! Ghous, attach my chart on GU, am i spotting the right BeoVB bars there? Im taking that trade with 38.2 retracement. Currently green at 45pips.

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