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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

  • #24,281
  • Mar 19, 2009 6:37pm Mar 19, 2009 6:37pm
Hey guys what do you think about how USDCAD is shaping up on the Daily. I'm at work can't post a chart.
  • #24,282
  • Mar 19, 2009 7:11pm Mar 19, 2009 7:11pm
  •  krue
  • | Joined Mar 2008 | Status: finger scares cat, power of illusio | 410 Posts
Am I drawing a correct PPZ? this seems outside its left eye.

I've taken enough of risk shotguns, now, decide to hide in bush with rafle.
Learn looking for reason not to trade, this is my start point from today.

Or, others give correction regardless its result. I just want to see different views, not necessarily correct ones, this will help know how much information not being taken. people always see what they want to see, that's a problem. so, welcome different comments. thank you


Quoting Altitudes444
Hey guys what do you think about how USDCAD is shaping up on the Daily. I'm at work can't post a chart.
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  • #24,283
  • Mar 19, 2009 7:21pm Mar 19, 2009 7:21pm
  •  krue
  • | Joined Mar 2008 | Status: finger scares cat, power of illusio | 410 Posts
traffic? fighting against a minor resistance at the moment? wait for breakout off of the Pin high would be better, if one don't think it's in traffic? this pair has been in consolidation quite long, so, an explosive move might be expected? it is an ascending triangle having bullish implication, isn't it?

These are the information I am having
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  • #24,284
  • Mar 19, 2009 7:26pm Mar 19, 2009 7:26pm
Quoting mbqb11
falling knife. Notice the large size of the previous bars. THen notice the close is not within the previous bars body(only a rule for falling knife theory). Small bar, NOT enough to reverse a huge move for me. Also next bar didn't break. These I don't touch with a 10 foot pole(well ok my account)

Take care

Mike
Kind of like a rotten cherry, the ones you bite into once.
  • #24,285
  • Mar 19, 2009 7:45pm Mar 19, 2009 7:45pm
I see reasons for short and long. Therefore I'm staying out . Let the market decide where it wants to go.
  • #24,286
  • Mar 19, 2009 8:02pm Mar 19, 2009 8:02pm
anyone ever tried drawing them from the close of a bar instead of its high? or drawing it from a high (or highest) ppz to a low (or lowest) ppz? or do most draw them from the high of the swing high bar & since thats how most do it & trade off of, then thats how we should all do it? just a thought.
  • #24,287
  • Mar 19, 2009 8:13pm Mar 19, 2009 8:13pm
Quoting krue
traffic? fighting against a minor resistance at the moment? wait for breakout off of the Pin high would be better, if one don't think it's in traffic? this pair has been in consolidation quite long, so, an explosive move might be expected? it is an ascending triangle having bullish implication, isn't it?

These are the information I am having
remember the open and close must be within the prior bar to be a pinbar.
  • #24,288
  • Mar 19, 2009 8:14pm Mar 19, 2009 8:14pm
Quoting HipsterPipster
Kind of like a rotten cherry, the ones you bite into once.
lol yes exactly

the falling knife pin, is deadly. It is just a break in the action, before the freefall continues. I have been burned on enough of those too know when the symptoms of one are occurring and to stay out.
  • #24,289
  • Mar 19, 2009 8:43pm Mar 19, 2009 8:43pm
Quoting ghous
Hi Jlmac,

I had a pending order 20 pips below the low of the BEOB,

Another entry which was also valid in this case was a retrace entry as price hit the 61.8 ret and formed a pin bar/BEOB on the 4H,

Due to time constraints I am sticking to the more conservative ways of entry and exit and trading on higher time frames only. And if you really have a tough routine that would not allow you ample screen time to trade/fine tune entries on the lower tfs, nothing beats the conventional "waiting for the break of the bar high/low" way of doing it ...
Thanks for the feedback ghous.I had thought you took entry off the break of the "first bar" in the BEOB formation.I see where you are coming from now,Good trading to you!
  • #24,290
  • Mar 19, 2009 8:45pm Mar 19, 2009 8:45pm
Quoting dkmb92
anyone ever tried drawing them from the close of a bar instead of its high? or drawing it from a high (or highest) ppz to a low (or lowest) ppz? or do most draw them from the high of the swing high bar & since thats how most do it & trade off of, then thats how we should all do it? just a thought.
the idea with a tool like a fib that is IMO some would debate otherwise, a pure Self fulfilling prophecy tool

So you want to draw it from where everyone else would draw it. This would be clear swing high and swing low points. THe more obvious the swing points the better IMO.

Like most things in the trading world, there are different approaches but I always speak from my experiences

Mike
  • #24,291
  • Mar 19, 2009 8:53pm Mar 19, 2009 8:53pm
Quoting mbqb11
lol yes exactly

the falling knife pin, is deadly. It is just a break in the action, before the freefall continues. I have been burned on enough of those too know when the symptoms of one are occurring and to stay out.
What are those symptoms? I picked up on the close being within the body of the previous bar.

As posted I entered on the 1hr pin because it occurred right where I was watching. That then turned into the 4hr pin, again at a very nice location everything else excluded. Isn't the location right where we would want it?
  • #24,292
  • Mar 19, 2009 9:08pm Mar 19, 2009 9:08pm
What do others think about this I4B on the E/G daily? I am looking to short it 15 pips under the inside bar. First trouble spot I see is around .9318, then .9123. T/P at .9155. Thoughts?

Had a bad week thus far. Three losers, two small winners. Got caught by the Fed yesterday and was stopped out on one. Another was simply a bad trade I should not have made (over trading). And another, a pin bar, just went against me. So am a bit short on confidence right now, trying to regroup. Anyway, here is the chart.
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  • #24,293
  • Mar 19, 2009 9:12pm Mar 19, 2009 9:12pm
Quoting joebryce
What are those symptoms? I picked up on the close being within the body of the previous bar.

As posted I entered on the 1hr pin because it occurred right where I was watching. That then turned into the 4hr pin, again at a very nice location everything else excluded. Isn't the location right where we would want it?
Are you talking about the usd/chf (that was what my post was in response too simoncs).

If you look at the following pinbars on gbp/jpy

I scrolled the chart over to the right so you could see the lengths

If the pinbar is small you are not going to reverse a HUGE move down 9/10. Another thing is when the close and open are not within the previous bars BODY, not just bar but body. This happens over and over when they fail like that(last chart)
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  • #24,294
  • Mar 19, 2009 9:13pm Mar 19, 2009 9:13pm
IB in daily in this pair. I put a sell stop. I'm demoing. Will see. I let you know the results.
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What does not kill me makes me stronger. Friedrich Nietzsche,
  • #24,295
  • Mar 19, 2009 9:13pm Mar 19, 2009 9:13pm
the type of bar I personally need to reverse a huge move.

Again if something works for you don't fix what ain't broken. But I am just speaking from experience of getting burned


Best
Mike
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  • #24,296
  • Mar 19, 2009 9:21pm Mar 19, 2009 9:21pm
Quoting johnnyonspot
What do others think about this I4B on the E/G daily? I am looking to short it 15 pips under the inside bar. First trouble spot I see is around .9318, then .9123. T/P at .9155. Thoughts?

Had a bad week thus far. Three losers, two small winners. Got caught by the Fed yesterday and was stopped out on one. Another was simply a bad trade I should not have made (over trading). And another, a pin bar, just went against me. So am a bit short on confidence right now, trying to regroup. Anyway, here is the chart.
Well I'm fairly new around here and I might not be experienced enough to comment yet,

but if I trade the EG, I always looked at the strength of the EU and GU, which both I can say has quite nothing to say (for me).

Frankly, I haven't traded any live accounts this week, other than scalping the gold/silver BUOB, mainly because I watch gold a lot (maybe feeling the tape lol), and silver seems to be a strong pal of it.

I have experience on IBs, I4B in which I got burnt, I found out at one time when I'm short of setups, I tend to force myself to find one, measuring previous bars to find an I4B, redrawing my weekly PPZs, but because the burns are still warm, I try to let the setups find me, not the other way around, the best ones are always obvious, like the weekly USDCAD BEOB, nowadays I always try to look for an idiot proof trade, being one myself

Cheers.
  • #24,297
  • Mar 19, 2009 9:24pm Mar 19, 2009 9:24pm
anyone know where i can find usd index chart on mt4? i follow ibfx, fx-pro, & lite-fx feed, but i cannot find it. sorry for off topic question.
  • #24,298
  • Mar 19, 2009 9:27pm Mar 19, 2009 9:27pm
Quoting mbqb11
the type of bar I personally need to reverse a huge move.

Again if something works for you don't fix what ain't broken. But I am just speaking from experience of getting burned


Best
Mike
wow, I gotta save these kinds of posts :o
  • #24,299
  • Mar 19, 2009 9:28pm Mar 19, 2009 9:28pm
Actually Mike, I was referring to the Usd/Jpy, not sure how to link to my previous post so here is what I saw. I didn't like the chf pb as it was pointing right into a ppz. This on the other hand formed right at where I wanted it. I entered on the 1hr and the fruit seems to be ripening. Do you see much difference between this and the chf?

This is something I have just started trading. As I have gotten better at defining my ppz I see pairs almost always gives something in these areas. I would have been out already but with the 4hr pin I set my stop to BE and will give the fruit a chance.
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  • #24,300
  • Mar 19, 2009 9:33pm Mar 19, 2009 9:33pm
Quoting ikki
IB in daily in this pair. I put a sell stop. I'm demoing. Will see. I let you know the results.
Hi ikki, how's greece lately?

I can't skip the feel that if it was me, I'd put a buy stop order on top of the IB instead, because to me it appears at a swing low, but still in the middle a weekly channel, I'd like to see PA on top or at the bottoms of these channels when prices are ranging.

IMO, the EURCHF IB is located in a better place, because I've always use PA to look for reversal, not continuation, at least in my experiences...

but you know what Jim says, you should try everything out, because you're demoing, maybe you saw something that I didn't, after all, I'm very new.

That's just me, I'm just trying to comment and giving my view
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