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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

  • #27,441
  • Apr 20, 2009 5:59am Apr 20, 2009 5:59am
based on the gbp weakness i mentioned earlier, i took the 4hr IB on break of previous lows.
not the greatest entry so set target for 150 ema - out at +110pips

however still feel this will fall - it is retesting the 150 then down to the nice confluence of TL +365ema + 141ppz

(very tempted to go short again)
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  • #27,442
  • Apr 20, 2009 5:59am Apr 20, 2009 5:59am
Quoting alter
So the traffic is more important then PPZ+fib confluence?
I found that there is always traffic unless I trade extreme high or extreme low as BuOB you have shown. Unfortunatelly these trades are very rare .
Can someone explain to a beginner what you mean by 'too much traffic'. Is it too much volume? And are you getting that info from the MACD? Thanks

Also, I am demo trading only daily weekly as advised and I appreciate that the good trades are extremely rare. But can anyone have any suggestions for accelerate the learning curve?

Finally, is there a definition of what makes a potential setup A+, or A or B because currently I'm a bit hazy on that?

Sorry for all the questions...
When in doubt, sit on your hands...
  • #27,443
  • Apr 20, 2009 6:10am Apr 20, 2009 6:10am
Quoting bertie123
Hook,

This looked like a classic BPC trade, but because its on the 1 hr I would not have taken it at the moment as I am on daily and weekly - not seeing any setups on these TFs at the moment.
BPC ??
thanx jon
PATIENCE... DISCIPLINE
  • #27,444
  • Edited 6:33am Apr 20, 2009 6:21am | Edited 6:33am
Quoting simoncs
based on the gbp weakness i mentioned earlier, i took the 4hr IB on break of previous lows.
not the greatest entry so set target for 150 ema - out at +110pips

however still feel this will fall - it is retesting the 150 then down to the nice confluence of TL +365ema + 141ppz

(very tempted to go short again)
hi simoncs, iv also been tempted a few times today to add to the small short i have running on this pair lol, iv been looking to short the break of 127 but iv decided against it. its allready moved a big chunk of it ave range for today, and price is resting on a strong ppz and the 38% fib of the recent daily raleigh,and the 50 ema!!, so im passing for now. i want some more confirmation that this is not gonna bounce back up from here.(which would seem likely from the chart imo???)
jus my thoughts, cheers
jon
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PATIENCE... DISCIPLINE
  • #27,445
  • Apr 20, 2009 6:41am Apr 20, 2009 6:41am
Quoting gododdin
Can someone explain to a beginner what you mean by 'too much traffic'. Is it too much volume? And are you getting that info from the MACD? Thanks

Also, I am demo trading only daily weekly as advised and I appreciate that the good trades are extremely rare. But can anyone have any suggestions for accelerate the learning curve?

Finally, is there a definition of what makes a potential setup A+, or A or B because currently I'm a bit hazy on that?

Sorry for all the questions...

G,
Check out this post.
http://www.forexfactory.com/showpost...&postcount=129

Josh
  • #27,446
  • Apr 20, 2009 6:43am Apr 20, 2009 6:43am
Quoting g_j_hook@yah
BPC ??
thanx jon
Hook,

It means Breakout, Pullback and Continuation (BPC).

berti
PA is where its at!!
  • #27,447
  • Apr 20, 2009 6:43am Apr 20, 2009 6:43am
Quoting gododdin
Can someone explain to a beginner what you mean by 'too much traffic'. Is it too much volume? And are you getting that info from the MACD? Thanks

Also, I am demo trading only daily weekly as advised and I appreciate that the good trades are extremely rare. But can anyone have any suggestions for accelerate the learning curve?

Finally, is there a definition of what makes a potential setup A+, or A or B because currently I'm a bit hazy on that?

Sorry for all the questions...
Hey there,

Traffic - Occurs when there are bar formations to the left of where the price action is occuring, it's where there seems to be "side to side" movement.

It has nothing to do with volume,

Accelerate the Learning Curve - Easy,

1) Watch more pairs (SIG Trader has around 60)
2) Read the thread more
3) Backtest the Daily and Weekly charts by either : (Or a combination )

a) Ordinary metatrader, scroll back a on the Daily and F12 and go "bar by bar", and try and predict whats going to happen and where the bar formations will get in trouble.

b) vHands Simulator - (which is free) http://www.forexfactory.com/showthread.php?t=60849

c) Forex Tester - (which you have to pay to use, Ive no association with them or whatever but I found it to be the best money I ever spent)

A+ or B+ Setup : There are no "Strict definitions", because different people like different things,

An A+ pinbars checklist would probably be :

Pin Bar
- Swing High
- Long nose
- Close below the Open
- Space to the left of it (Not in traffic) space for it to move into
- Formed off of a Major PPZ with either Fib confluence, round number confluence . . . some people use EMA confluence.

It's more of a term for waiting for the best setups rather than an actual checklist.

Regards,
Jig
  • #27,448
  • Apr 20, 2009 6:45am Apr 20, 2009 6:45am
The usd/cad is testing that broken tl on the daily. Sorry for not posting a chart.
Patience + Humility + Study = Success
  • #27,449
  • Apr 20, 2009 6:55am Apr 20, 2009 6:55am
Quoting mrsingha
Sorry, couldn't resist.
Lol... yes.... very, very profitable.....
  • #27,450
  • Apr 20, 2009 6:55am Apr 20, 2009 6:55am
Quoting Jigsaw
Hey there,

Traffic - Occurs when there are bar formations to the left of where the price action is occuring, it's where there seems to be "side to side" movement.

It has nothing to do with volume,

Accelerate the Learning Curve - Easy,

1) Watch more pairs (SIG Trader has around 60)
2) Read the thread more
3) Backtest the Daily and Weekly charts by either : (Or a combination )

a) Ordinary metatrader, scroll back a on the Daily and F12 and go "bar by bar", and try and predict whats going to happen and where the bar formations...
Very, very good! Much appreciated... I've been wondering whether to go for Forex Tester - I think it's time I invested.
When in doubt, sit on your hands...
  • #27,451
  • Apr 20, 2009 7:20am Apr 20, 2009 7:20am
Quoting Jigsaw
Hey there,

Traffic - Occurs when there are bar formations to the left of where the price action is occuring, it's where there seems to be "side to side" movement.

It has nothing to do with volume,

Accelerate the Learning Curve - Easy,..............


Regards,
Jig
Great post Jig....

Very much like the "definitions" list I printed out and hung by my monitor. But I like your version better so I'll replace mine with it....
Ghost Rider - WWTBMD?
  • #27,452
  • Apr 20, 2009 7:40am Apr 20, 2009 7:40am
Can someone tell me know what DBLHC and the other abbreviations like that stand for? I would appreciate it. I've been trying to find it on the thread and can't figure it out. If you have link to the definitions list or something similar, that would be very helpful as well. thanks as always.

jim
"Luck favors the prepared mind"
  • #27,453
  • Apr 20, 2009 7:47am Apr 20, 2009 7:47am
Quoting jpa0827
Can someone tell me know what DBLHC and the other abbreviations like that stand for? I would appreciate it. I've been trying to find it on the thread and can't figure it out. Thanks as always.

jim
Pin = Pin bar

BUOB = Bullish outside bar

BEOB = Bearish outside bar

DBLHC = Double bar low higher close

DBHLC = Double bar high lower close

TBHLC = Triple bar high lower close

TBLHC = Triple bar low higher close

IB = Inside bar

PA = Price action

PPZ = Price pivot Zone
  • #27,454
  • Apr 20, 2009 7:52am Apr 20, 2009 7:52am
Jigsaw,

Thanks for the info. Thats a big help!
"Luck favors the prepared mind"
  • #27,455
  • Apr 20, 2009 7:58am Apr 20, 2009 7:58am
Quoting g_j_hook@yah
hi simoncs, iv also been tempted a few times today to add to the small short i have running on this pair lol, iv been looking to short the break of 127 but iv decided against it. its allready moved a big chunk of it ave range for today, and price is resting on a strong ppz and the 38% fib of the recent daily raleigh,and the 50 ema!!, so im passing for now. i want some more confirmation that this is not gonna bounce back up from here.(which would seem likely from the chart imo???)
jus my thoughts, cheers
jon

yup good points jon - -unfortunately my itchy trigger finger decided otherwise but fortunately for it, it is currently avoiding amputation by 50pips
  • #27,456
  • Edited 8:28am Apr 20, 2009 8:15am | Edited 8:28am
I've searched the thread but been unable to find an answer to this:

I'm trading weekly and daily only just now, but when is the best time to trade? On the daily bar for example, should I trade immediately on close of a signal bar (say it was a good pin or a DHLC or whatever), or should I wait to watch what happens as the new bar develops, and maybe take the trade at 06.45 which is the time I generally get up? I'm just trying to develop a good routine, and knowing this would help a lot.

Hope this hasn't been answered a hundred times and I just missed it...

Thanks, G

p.s. I'm UK based.
When in doubt, sit on your hands...
  • #27,457
  • Apr 20, 2009 8:35am Apr 20, 2009 8:35am
Quoting simoncs
yup good points jon - -unfortunately my itchy trigger finger decided otherwise but fortunately for it, it is currently avoiding amputation by 50pips
lol, yeah that would be the 50 i wanted hehe
jon
PATIENCE... DISCIPLINE
  • #27,458
  • Apr 20, 2009 8:37am Apr 20, 2009 8:37am
Quoting gododdin
I've searched the thread but been unable to find an answer to this:

I'm trading weekly and daily only just now, but when is the best time to trade?...
Hey G,

I'm Irish so I am GMT based as well.

When trading the Daily and Weekly the consensus is (Generally)

Wait for the PA to be broken, eg we place our order at the bottem of the pin/whatever. Then wait for price to prove itself. So, no entries on the close.

My Routine is :

- I will already sort out my charts on sunday in terms of PPZ and places of interest.

Every night at 11PM GMT I will check my Daily closes, If I see anything I like I will place the order, then wait for it to trigger.

If you only enter at 6.45 GMT the morning after you might miss the PA triggering in Asia session.

Thats it


I know you might hear people say "oh london session and the overlap are the best times to trade", but they are talking about intraday trading there.

I honestly don't think it matters when the PA triggers.

Regards,
Jig
  • #27,459
  • Apr 20, 2009 8:39am Apr 20, 2009 8:39am
Quoting gododdin
I've searched the thread but been unable to find an answer to this:

I'm trading weekly and daily only just now, but when is the best time to trade? On the daily bar for example, should I trade immediately on close of a signal bar (say it was a good pin or a DHLC or whatever), or should I wait to watch what happens as the new bar develops, and maybe take the trade at 06.45 which is the time I generally get up? I'm just trying to develop a good routine, and knowing this would help a lot.

Hope this hasn't been answered a hundred times and I just...
Hi G

I am also in UK for now. For the most part i use Alpari for my charting which closes 11pm BST. If i am still up then this would be the best time for me to place my order for the daily. I will not place an order until the bar closes - unless i think i have the perfect setup, in which case i can look at Fxpro which would close at 10pm BST. But that is in extreme cases where the position is the most important factor and i am not so bothered about the bar.

I guess based on reading the previous bars and the location gives me an idea of whether i think the daily bar will break straight away or will retrace a little. A lot of the time outside bars retrace a good distance and so do pins (but to a lesser degree), therefore as this is going to be in the Asian session which generally sees less volume for the most part i don't place my daily orders until 6.45am the next day.

Sometimes i miss the entry and wish i had stayed up, but i catch at least 80% this way i reckon.


cheers

Simon
  • #27,460
  • Edited 9:08am Apr 20, 2009 8:47am | Edited 9:08am
Jig & Simon - many thanks for both replies - very helpful (Jig you are being a real hero today answering all these newb questions!)

Cheers, G
When in doubt, sit on your hands...
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