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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

  • #17,901
  • Jan 6, 2009 9:08am Jan 6, 2009 9:08am
4h pb off daily ppz. This is against the strong euro downtrend we've had over the last few days, but off an area which could give us a bounce back to the previous bars lows. TP would be around 1.3550
Attached Image(s) (click to enlarge)
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Click to Enlarge Name: eurusd 4h 060109a.gif Size: 19 KB
History will be kind to me, for I intend to write it - Winston Churchill
  • #17,902
  • Jan 6, 2009 9:27am Jan 6, 2009 9:27am
Hi guys...I'm kinda new around here,
Just wondering is the bar forming right now on the 4H Aud/Usd (15:00 GMT) could be a possible pb (notice the double top as well)

Same goes to 4H Eur/Aud minus the double top...
  • #17,903
  • Jan 6, 2009 9:32am Jan 6, 2009 9:32am
Pin with Trend + Div at Swing high.

Though about playing a break down of the swing right before (under blue bar), would've been good for close to 1:1
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  • #17,904
  • Jan 6, 2009 9:39am Jan 6, 2009 9:39am
Quoting xcov
Hi guys...I'm kinda new around here,
Just wondering is the bar forming right now on the 4H Aud/Usd (15:00 GMT) could be a possible pb (notice the double top as well)

Same goes to 4H Eur/Aud minus the double top...
Hi xcov, it really depends on what time the 4h bar is set to close. I use 2 feeds: Alpari and FXPro. The 4h bar on FXPro certainly looks like a pb at the moment, however the close of the bar isn't for another 2 1/2 hours! A lot can change in that time. Having said that, the area price is currently reacting off is a ppz, and there is also divergence as indicated on the chart below, so it's a good place to be scouting for a setup. Personally though I don't look at 4hr bars until there's about 10 minutes to go until the close. That way any good setups will jump out at me. It also helps to cut down the hours I spend staring at the monitor!
Attached Image (click to enlarge)
Click to Enlarge Name: audusd 4h 060109.gif Size: 21 KB
History will be kind to me, for I intend to write it - Winston Churchill
  • #17,905
  • Jan 6, 2009 9:39am Jan 6, 2009 9:39am
Quoting arcus
What do you guys think about this small PB. It's still in sideway move. So I thought I want to try to play in this range. The PB supported by PPZ and 61.8Fib. I actually shorted from the blue area, and close around 60+ps when I see price rejected the PPZ and the market didn't move much after London open. So, this definetely still in correction. Any comment on this?

I had another trade running on E/U. Hit the target around 1.3400 but currently still holding it, just want to see how price reacted at the PPZ. If it fail, I will close my position.
It's a BUOB Arcus, besides I feel that the ranging bars have been all over the place, It's always a good idea to trade your plan rather than plan your trade after taking it, the higher tfs should assist you well in doing so...

Regards,
Ghous.
Attached Images
I believe . . .
  • #17,906
  • Jan 6, 2009 9:39am Jan 6, 2009 9:39am
Quoting stoli7188
Pin with Trend + Div at Swing high.

Though about playing a break down of the swing right before (under blue bar), would've been good for close to 1:1
Hey Stoli,

I worry enough watching people play the 5min in here, but to each his own with this stuff. But that bar isn't a pinbar. The close has to be within the prior bar. Just be very careful, don't want you guys to get burned.

Take care

Mike
  • #17,907
  • Jan 6, 2009 9:43am Jan 6, 2009 9:43am
Quoting Pie Trader
Hi xcov, it really depends on what time the 4h bar is set to close. I use 2 feeds: Alpari and FXPro. The 4h bar on FXPro certainly looks like a pb at the moment, however the close of the bar isn't for another 2 1/2 hours! A lot can change in that time. Having said that, the area price is currently reacting off is a ppz, and there is also divergence as indicated on the chart below, so it's a good place to be scouting for a setup. Personally though I don't look at 4hr bars until there's about 10 minutes to go until the close. That way any good setups...
Ahh yes, thank you for clearing things up Pie Trader
  • #17,908
  • Jan 6, 2009 9:46am Jan 6, 2009 9:46am
Quoting Pie Trader
Hi xcov, it really depends on what time the 4h bar is set to close. I use 2 feeds: Alpari and FXPro. The 4h bar on FXPro certainly looks like a pb at the moment, however the close of the bar isn't for another 2 1/2 hours! A lot can change in that time. Having said that, the area price is currently reacting off is a ppz, and there is also divergence as indicated on the chart below, so it's a good place to be scouting for a setup. Personally though I don't look at 4hr bars until there's about 10 minutes to go until the close. That way any good setups...
Well said Pie trader you're doing good

@xcov:

I would like you to take into account a possible support zone for any Pb that may form here, Divergence alone should never be the driving force when you enter a trade, just an addition on one of the few seats to the back

Regards,
Ghous.
Attached Image
I believe . . .
  • #17,909
  • Jan 6, 2009 9:51am Jan 6, 2009 9:51am
Quoting ghous
It's a BUOB Arcus, besides I feel that the ranging bars have been all over the place, It's always a good idea to trade your plan rather than plan your trade after taking it, the higher tfs should assist you well in doing so...

Regards,
Ghous.
Thanks Ghous I don't realize it was a BUOB, silly me. But I do notice the huge barrier that you mentioned. I'm new in PA method, usually I would stay away from ranging area (using my system). But after I learn more about PA, I hope that I can somehow at least know what to do in the area based on PA. That's the reason I'm trading those area (of course in demo lol). Refining my system is my objective. Anyway, your help is really helpful
  • #17,910
  • Jan 6, 2009 9:56am Jan 6, 2009 9:56am
Quoting DutchTrader
This stuff started working, as soon as I stopped getting in my OWN way.
Man I loved this post

Reminds me of what James says, "it's you vs your own ego"

Nice dutch

Mike
  • #17,911
  • Jan 6, 2009 10:08am Jan 6, 2009 10:08am
Nice Pb on GBP/USD H1. Closed 2/3 at middle res and 1/3 at be. I see this pair bullish now and i'm waiting for price to get to 1.4740.
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  • #17,912
  • Jan 6, 2009 10:12am Jan 6, 2009 10:12am
Quoting ghous
Well said Pie trader you're doing good
Thanks Ghous, still plugging away . Well done on your recent trades by the way. You seem to have the basic pa stuff nailed and some of the more aggressive entries you've taken have been very well placed. I'm not quite there myself yet, still concentrating on the obvious pa stuff, although I managed to ride that 1hr pb I took from last week on EU all the way from 1.4178 to 1.3395 taking profit out on the way. A very nice start to the new year! (EurGbp is coming along nicely as well )

Keep up the good work

Regards,
Pie Trader
Attached Image (click to enlarge)
Click to Enlarge Name: eurusd 1h 060109a.gif Size: 21 KB
History will be kind to me, for I intend to write it - Winston Churchill
  • #17,913
  • Jan 6, 2009 10:21am Jan 6, 2009 10:21am
am not too Good sighting DBHLC, hope this is valid......... I love the divergence mostly Ghous and Jarro, my PA teachers, I need ur experienced comment
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  • #17,914
  • Jan 6, 2009 10:29am Jan 6, 2009 10:29am
Quoting Naijafx
am not too Good sighting DBHLC, hope this is valid......... I love the divergence mostly Ghous and Jarro, my PA teachers, I need ur experienced comment
Hey Naija

For it to be a DBHLC, the close of the bar needs to close LOWER then the previous bars LOW

Mike
  • #17,915
  • Jan 6, 2009 10:31am Jan 6, 2009 10:31am
Ghous , what broker do you use for metatrader?






thanks
What does not kill me makes me stronger. Friedrich Nietzsche,
  • #17,916
  • Jan 6, 2009 10:31am Jan 6, 2009 10:31am
Quoting Naijafx
am not too Good sighting DBHLC, hope this is valid......... I love the divergence mostly Ghous and Jarro, my PA teachers, I need ur experienced comment
Hey Naijafx,

For a DBHLC to be valid the close has to be below the entire previous bar

Regards,
Ghous.
I believe . . .
  • #17,917
  • Jan 6, 2009 10:33am Jan 6, 2009 10:33am
Quoting ikki
Ghous , what broker do you use for metatrader?






thanks
I am currently using Fxopen as my broker but have demo mt4s from Fxpro and IBFX just for reference.

Regards,
Ghous.
I believe . . .
  • #17,918
  • Jan 6, 2009 10:59am Jan 6, 2009 10:59am
Quoting mbqb11
Hey Stoli,

I worry enough watching people play the 5min in here, but to each his own with this stuff. But that bar isn't a pinbar. The close has to be within the prior bar. Just be very careful, don't want you guys to get burned.

Take care

Mike
Agreed Mike it is not a text book definition of a pin bar, but it's how you interpret the information given. Similar to the idea of the 2day pin bars or 2bar pin for that matter. The outside bars, the double high lower closes (and vice versa) all essentially show the same formation. Visually/ mentally combine the outside bar wit the bar before it (open and closes), combine the dbhlc/dblhc, they all are basically the same look. Which is that they all show a movement of price and then a reverse of some sort. Now what makes the PA strong is the confluence (think of it as an extra push in the right direction, the more confluence- the stronger the push).

While that particular 5min bar didn't clearly show the open inside the close, the 1min chart (see attachment) clearly illustrates the 5min pattern that shows an ideal pin bar. If the 5min chart were shifted one minute off what it is now then the bar would have been a perfect 5min pin. Again its the underlying reason for why these bars work in the first place, if one can see the formations/ reasoning behind it then your one step closer to being in tune with the markets.

Now Mike I wasn't snapping back if this post has a bit of an attitude to it as I learned a lot from you and appreciate what you've done. All I hope to do with this post is open some eyes to see what goes on behind the PA.

The reason I took the trade wasn't so much because of the pin but it was a pin at a clear swing high, in a down trend with clear supporting divergence. In my testing one thing I've noticed (and believe me I've spent a lot of time in ForexTester) is that the shape or size of pin doesn't make too much of a difference (although having a long nose is usually better than not) but its the confluences and the location - does it have space?

To everyone who's read this lengthy post I'm not advocating that you combine bars and really go deep sea diving looking for pin formations everywhere. Do what so many of the long timers preach- wait for price to come to you, look for the confluences, focus on good location. When the other elements line up, the shape of the bar- in my experience is somewhat trivial. I say somewhat because I will not confuse a neutral bar for a pin bar or a simple BEB/BUB for a pin because it has a long nose. Hope this helped someone, and hope I didn't confuse any.

On a side note I will stop posting my 5min trades here as they really don't seem to go along with this thread and may get confusing/ send the wrong idea for some. I will post my position trades, as I do trade longer TF's as well and I must say the trading board is pretty sweet.

Please feel free to critique, question, or give me feedback on what I have posted.
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  • #17,919
  • Jan 6, 2009 11:15am Jan 6, 2009 11:15am
Quoting stoli7188
Now Mike I wasn't snapping back if this post has a bit of an attitude to it as I learned a lot from you and appreciate what you've done. All I hope to do with this post is open some eyes to see what goes on behind the PA.

Please feel free to critique, question, or give me feedback on what I have posted.
No worries Stoli, I never take anyone posts as anything more then what they are

Everyone finds their own way eventually, I just had to jump in b/c we get a lot of new traders who stop in this thread and I want them to get off on the right foot. If down the road they decide to do what they will with the material I am all for that. If you are making money you are making me happy

Best of luck!
Mike
  • #17,920
  • Jan 6, 2009 11:20am Jan 6, 2009 11:20am
Anyone still in the G/C???? I'm still 1/2 in. Coming up to a PPZ, not sure if it can go more. 1.6000 has been broken and I'm thinking 1.7525 is the next stop if it breaks 1.6720 ish area...
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Don't wish it were easier, wish you were better. ~ Jim Rohn
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