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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

  • #20,721
  • Feb 6, 2009 5:51pm Feb 6, 2009 5:51pm
Quoting Mr Smith
Yea closing above 1.3 woulda been great, a break of it will have to do for me, yea intraday should be fun next week with things lining up like this.
Yes it will

I know where this one is headed . . . .

It's been a while since anything of note on the daily's actially, well apart from the Cable last week . . . Which isn't that long ago really . . But just seems it ? A week is a long time in trading
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  • #20,722
  • Feb 6, 2009 5:57pm Feb 6, 2009 5:57pm
Quoting Mr Smith
I'm sure everyone already sees it, anyway, chart of euro buob daily, once that and 1.3 break, pretty solid trade, I'll be playing anyway.
Of course 3085 has a bit of a PPZ, but I think while it might get held up there, we have a good chance this trade will go for a while, my plan is to hold and give this one more room to move.
Sorry for the ugly colors.

I'm not a big trend line guy, but there are some good hits on the down trend line on this move, the BUOB hit and pulled back from it, so may or may not mean something. One more variable to look at.
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Don't wish it were easier, wish you were better. ~ Jim Rohn
  • #20,723
  • Edited 6:55pm Feb 6, 2009 6:40pm | Edited 6:55pm
Quoting Jigsaw
Yes it will

I know where this one is headed . . . .

It's been a while since anything of note on the daily's actially, well apart from the Cable last week . . . Which isn't that long ago really . . But just seems it ? A week is a long time in trading
Typically Brit: GOT YOUR FRONT BUDDY.

How does this fit into your plan?
My reputation compells me not to post the complete answer,but, it is not so farlly beyond the Left Extension of the White.
BUT: My question is. Under Review...

How would you react to Negative Input?...
Preposterence suggests: 'I Will Remain Calm'
Regarding the Graphic...

I Think you are correct!
Our Numbers Differ, but ce la vie.
Ahh S#it; I did it agian. Hopepefully; Made someone else Think.
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  • #20,724
  • Feb 6, 2009 9:59pm Feb 6, 2009 9:59pm
Quote
Typically Brit: GOT YOUR FRONT BUDDY.

I do not understand but I assume thats a good thing ? !

Quote
How does this fit into your plan?

How does what fit into my plan ? in reality I trade PA. And wait for PA. It might blast off, it might tank. I could not tell you. I won't take a break of the bar upwards itself as I stated earlier because it is too near the 1.30 level.

If I have a look and observe price action over on the left the Bullish outside bars which worked out to be good ones had space to move into before they reached the 1.30 . . The worst Bullish outside bar had no space to move into near the .30 and as a result formed a neutral bar afterwords.

I have no long term plan. but on Monday. I am going to have a bias for long's , until I see different. If I get a one hour pin off of the .30 at a swing high will I take it ? Maybe,

Quote
How would you react to Negative Input?...

I would like to think well, but then again only time will be the judge of that.

Quote
Regarding the Graphic...

I Think you are correct!

Really ?

NOTE : I never use any of the Bar stuff up on the top right of the chart, I just have it for spread and magnified Market price, Although I do think the bars do look awesome there though
  • #20,725
  • Feb 6, 2009 11:55pm Feb 6, 2009 11:55pm
can anyone comment on this 4H pin bar and IB combination? I entered at the break of 1.7090 and sl was 1.7250.
The reason for the entry,
1. swing high
2. plenty space
3. one pinbar and one pin like IB confirms the resistance

But I was burnt. If I was wrong about this trade, please correct me.
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  • #20,726
  • Feb 7, 2009 1:48am Feb 7, 2009 1:48am
Quoting RedA
can anyone comment on this 4H pin bar and IB combination? I entered at the break of 1.7090 and sl was 1.7250.
The reason for the entry,
1. swing high
2. plenty space
3. one pinbar and one pin like IB confirms the resistance

But I was burnt. If I was wrong about this trade, please correct me.
Firstly the pin didn't close inside previous bar, so not a pin by definition, better to stay out of these, also it wasn't off any great area, ppz etc, not enough confluence for me. If it was off the 1.7500 area, that would have been a good area, but also the pin nose wasn't long enough after all the bullish moves. Hope that helps.
  • #20,727
  • Feb 7, 2009 2:10am Feb 7, 2009 2:10am
Quoting Jigsaw
Yes it will

I know where this one is headed . . . .

It's been a while since anything of note on the daily's actially, well apart from the Cable last week . . . Which isn't that long ago really . . But just seems it ? A week is a long time in trading
lolololol!!!! you're killing me with that rocket jig...
I believe . . .
  • #20,728
  • Feb 7, 2009 2:13am Feb 7, 2009 2:13am
Quoting dmc
I know that some people dont like to trade on friday but I have a question for you guys. If it comes to the end of the day and you have a pin, do you take it and hold over the weekend(what about a 4Hr pin?) I think I remember Mike saying he doest trade on Fridays??

I am eyeing this up it looks juicy to me>>thoughts if it closes as a pin?
never go for these near a Friday close. the resson is when Monday opnes price will probably create the gap then look to fill it, it's all over the place during the first few hours as there is thin volume, the whipsaws make you highly vulnerable to stress and emotional fits, getting in a trade at Friday close or very early on Monday can be disastrous descision...

Care for your $$$ Play it safe
I believe . . .
  • #20,729
  • Feb 7, 2009 5:45am Feb 7, 2009 5:45am
1. AUD weekly. BUOB bounce off PPZ.
2. NZDJPY weekly. BUOB.
3. AUDJPY weekly. BUOB bounce off support. Probably not much room to go up.
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  • #20,730
  • Feb 7, 2009 6:56am Feb 7, 2009 6:56am
Quoting Mr Smith
Firstly the pin didn't close inside previous bar, so not a pin by definition, better to stay out of these, also it wasn't off any great area, ppz etc, not enough confluence for me. If it was off the 1.7500 area, that would have been a good area, but also the pin nose wasn't long enough after all the bullish moves. Hope that helps.
My 4hr pin DID close inside of previous bar. Plus the pinbar was larger than the previous 4 bars and larger than 9 of the last 10 bars. Plus we failed to close above the 365EMA.

The problem for me taking this trade (short) was that 1) I don't trade below dailys (yet) and 2) I've read a lot about not taking 4 hour trades on fridays. It would have been nice to have this formation at 1.75, where we have a PPZ line from Dec08.

Other than that, the pin hasn't failed yet, but probability doesn't look good based on what GU did friday.

Just my 2,

Josh
  • #20,731
  • Feb 7, 2009 7:20am Feb 7, 2009 7:20am
Quoting ghous
lolololol!!!! you're killing me with that rocket jig...


Quoting RedA
can anyone comment on this 4H pin bar and IB combination? I entered at the break of 1.7090 and sl was 1.7250.
The reason for the entry,
1. swing high
2. plenty space
3. one pinbar and one pin like IB confirms the resistance

But I was burnt. If I was wrong about this trade, please correct me.
Quoting Mr Smith
Firstly the pin didn't close inside previous bar, so not a pin by definition, better to stay out of these, also it wasn't off any great area, ppz etc, not enough confluence for me. If it was off the 1.7500 area, that would have been a good area, but also the pin nose wasn't long enough after all the bullish moves. Hope that helps.
Everything Mr.Smith says is true. With Inside Bars, location is the most important thing. I would honestly need something like the 1.75 running through the middle of an Inside bar, coupled with Bias in a direction. AND coupled with PA before it. Location and IB'shave everything to do with eachother.

Actually I know of a perfect IB set up that I would have taken this week. . . (Was not near my screens at the time)

Man, I tried to trade inside bars for soooooooo long, then I just flat out gave up trading them (Which is totally fine too) But within the last two months or so. I have come to an understanding of which ones are good and which are not. It is all in the charts anyway.

Again not claiming to be re-inventing forex or anything, just speaking from experience.
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  • #20,732
  • Feb 7, 2009 7:44am Feb 7, 2009 7:44am
Quoting Jduester
My 4hr pin DID close inside of previous bar....
I saw that one and it did look good on one of my feeds . . . .

But the reasons why I didn't take it are written on the charts anyway.

Chart 1 - Location has nothing going for it . . . It kinda has space to move into when i zoomed out a bit but i Mean the 1.70 is less than 1:1 a way. I really liked the shape of this bar. But I was struggling to find reasons to trade it. No way would I have traded the inside bar after it.

Chart 2 - You kinda touched upon it already, GBP formed a bullish outside bar against everything else in that four hour period, indicating GBP Strength overall for the next four hours. Contradicting signals is something that I never take.

Again, just how I personally do things . . .
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  • #20,733
  • Feb 7, 2009 9:37am Feb 7, 2009 9:37am
We have a possible pinbar on the daily EUR/GBP. Here is my thought process on paper as to whether this is a good trade candidate or not . Please let me know if this makes sense to you guys.

Pros:
1. Swing Low
2. O/C within Previous bar
3. Bounced off minor PPZ
4. At 50% FIB (10/20 to 12/30)

Cons:
1. O/C not in top 1/3 (close was 40% from top), making this more of an "indecision only" bar
2. Bar range is smaller than previous few bars, which were strongly bearish.
3. Would be running into another PPZ zone around 0.8800. To me this signals that there isn't much room upward (also see weekly). 0.8800 is also round number resistance.
4. Against trend of last few months.

For these reasons, I don't find this to be a good trade candidate and so will be watching this from the sidelines.

Josh
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  • #20,734
  • Feb 7, 2009 10:05am Feb 7, 2009 10:05am
Quoting Jduester
We have a possible pinbar on the daily EUR/GBP....
Hey Josh,

I don't have any charts near me at the moment but from what I can remember this did not close as a pin my feeds.

I will post some charts and thoughts later, the place to look like on this pair for any long action at all will be at the confluence of the .61 Fib, PPZ and the .85 Psych level.

Slightly off topic - Why Accucharts ? Have you tried Metatrader ?

Have you been looking over many charts from the past ?

Regards
Jig
  • #20,735
  • Feb 7, 2009 11:21am Feb 7, 2009 11:21am
Quoting Azuremaster
1. AUD weekly. BUOB bounce off PPZ.
2. NZDJPY weekly. BUOB.
3. AUDJPY weekly. BUOB bounce off support. Probably not much room to go up.
Good eye Azure.

Looking at the Daily BEOB Usd/Cad as well.
Attached Image
Indicators show the past. Price Action "Indicates" the future.
  • #20,736
  • Feb 7, 2009 11:34am Feb 7, 2009 11:34am
Quoting Jigsaw
Hey Josh,

I don't have any charts near me at the moment but from what I can remember this did not close as a pin my feeds.

I will post some charts and thoughts later, the place to look like on this pair for any long action at all will be at the confluence of the .61 Fib, PPZ and the .85 Psych level.

Slightly off topic - Why Accucharts ? Have you tried Metatrader ?

Have you been looking over many charts from the past ?

Regards
Jig

Jig,
Thanks for the quick eval of EUR/GBP. That's why I'm not taking the trade - O/C wasn't in top 1/3 of bar. But maybe your feed didn't even have O/C in previous bar.

Accucharts because it was better than forex.com and I had only looked at those two when I first looked into forex... then I found this site, and everyone seems to use some form of M4. Have begun looking into switching. Accucharts data only goes back to 2003, so it will NOT work for me 'manually backtesting' to learn PA (using F12)...

On my list:
1. Finish this thread (up to post 8355 and am reading 500-600posts/day). (this is the priority and has a March 6th goal).
2. Get Metatrader demo account to be used for backtesting the 90s on all majors (dailys, weeklies, monthlys). (soon, so i'm ready to move from #1 to #2)
3. Get a trading plan finalized using what I've learned in this thread. Have been jotting down things and have a trade journal, but am still developing/rewriting rules. (in the process, but should be complete before I start #2)

Do you have cons to Accucharts (other than lack of old data?) I haven't had a problem with them, but again, I"m only trading demo right now.

Cons to M4 that I've seen (only from charts posted) is that the price column doesn't show round numbers - it shows prices based on a set distance away... for example, instead of the column showing every even round number (0.8800, 0.9000, 0.9200), M4 seems to show 0.8824, 0.9135, 0.9342)... I don't like that much. minor but it bugs me Maybe M4 can have a 'fixed' major axis...

I need to go through the broker thread before deciding too so to not clog up this thread.

Thanks to everyone who posts in this thread. Especially the charts. I gain a lot from people posting their thoughts about the trades. Good and Bad, Pros and Cons. It's amazing how far I've come since 1/9/09. Can't imagine the trader I'll be on 1/9/2010 if I can continue to learn at this pace!

Josh

Josh
  • #20,737
  • Feb 7, 2009 11:54am Feb 7, 2009 11:54am
Quoting jarroo
Good eye Azure.

Looking at the Daily BEOB Usd/Cad as well.
Easy Bro, We have'nt yet broken out of it...

Regards,
Ghous.
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I believe . . .
  • #20,738
  • Feb 7, 2009 11:59am Feb 7, 2009 11:59am
Quoting ghous
Easy Bro, We have'nt yet broken out of it...

Regards,
Ghous.

My data feed is magical and breakout has already occurred.
Attached Image
Indicators show the past. Price Action "Indicates" the future.
  • #20,739
  • Feb 7, 2009 12:02pm Feb 7, 2009 12:02pm
Quoting Jduester
Jig,
Thanks for the quick eval of EUR/GBP....
hi josh,on my mt4 feed it closed a neutral bar with the close below thr prvious candles close,but on mf oanda feed it closes a nice looking pin wich has no body at all,o+c in side the previous candles body so technicaly good.
but i have to say with the present bullish sentiment in gb and the fact that it has jus broken the weekly BEOB im still pretty bearish this pair.
this is the chart i posted last week,with the new bars showing the break
of course could be completely wrong
regarding mt4 platforms try odl securities,more instuments than you can shake a stick at!!
hope this helps, jon
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PATIENCE... DISCIPLINE
  • #20,740
  • Feb 7, 2009 12:08pm Feb 7, 2009 12:08pm
Quoting g_j_hook@yah
hi josh,on my mt4 feed it closed a neutral bar with the close below thr prvious candles close,but on mf oanda feed it closes a nice looking pin wich has no body at all,o+c in side the previous candles body so technicaly good.
but i have to say with the present bullish sentiment in gb and the fact that it has jus broken the weekly BEOB im still pretty bearish this pair.
this is the chart i posted last week,with the new bars showing the break
of course could be completely wrong
regarding mt4 platforms try odl securities,more instuments than...

Watching as well. (Blue box is the Weekly BEOB)
Attached Image
Indicators show the past. Price Action "Indicates" the future.
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