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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

  • #27,821
  • Apr 22, 2009 6:43pm Apr 22, 2009 6:43pm
Quoting PipGator
There is a BUOB on my daily chart for EUR/USD. It's at a swing low and its high is above the nice round number/PPZ of 1.3. Also, it
I think it is a stronger signal when the open of the BuOB is below the close of the previous bar, not 100% sure on that.
Don't wish it were easier, wish you were better. ~ Jim Rohn
  • #27,822
  • Apr 22, 2009 6:44pm Apr 22, 2009 6:44pm
I was just wondering what everyone thinks of the EUR/CAD & USD/CAD now that the Bars have closed for the day. Do you think they are headed higher (above the daily PB)? I can't decide on what to do with these two setups. They looked great to me, yet they moved terribly today; therefore, I'm still on the sidelines. I thought today was going to be a great trading day. Instead I was bored outta my mind
"Luck favors the prepared mind"
  • #27,823
  • Apr 22, 2009 6:49pm Apr 22, 2009 6:49pm
Thanks to Jigsaw and Mike for your replies. I'm sorry to be so dense on the subject. Mike - how do you know or calculate the value of a pip on a cross currency pair? I know it's $1 or $10 with a USD pair, and I know how to calculate entry size based on risk, but how is it different with the cross pairs?

Thanks again for indulging my ignorance.
"A is A"
  • #27,824
  • Apr 22, 2009 6:51pm Apr 22, 2009 6:51pm
Quoting jpa0827
I was just wondering what everyone thinks of the EUR/CAD & USD/CAD now that the Bars have closed for the day. Do you think they are headed higher (above the daily PB)? I can't decide on what to do with these two setups. They looked great to me, yet they moved terribly today; therefore, I'm still on the sidelines. I thought today was going to be a great trading day. Instead I was bored outta my mind
tomorrow we go down
Money & Pain Respect the market, protect your capital, be patient
  • #27,825
  • Apr 22, 2009 6:52pm Apr 22, 2009 6:52pm
Quoting jpa0827
I was just wondering what everyone thinks of the EUR/CAD & USD/CAD now that the Bars have closed for the day. Do you think they are headed higher (above the daily PB)? I can't decide on what to do with these two setups. They looked great to me, yet they moved terribly today; therefore, I'm still on the sidelines. I thought today was going to be a great trading day. Instead I was bored outta my mind
I wonder the same thing. My sell-stop order is still in place. Thinking about closing it.
"A is A"
  • #27,826
  • Apr 22, 2009 6:53pm Apr 22, 2009 6:53pm
Quoting catiron
Thanks to Jigsaw and Mike for your replies. I'm sorry to be so dense on the subject. Mike - how do you know or calculate the value of a pip on a cross currency pair? I know it's $1 or $10 with a USD pair, and I know how to calculate entry size based on risk, but how is it different with the cross pairs?

Thanks again for indulging my ignorance.
I use a tool that comes with Oanda, called Pip/Profit calculator Makes it really easy

Example

anything

xxx/usd it is 1:1 , meaning 10,000 units will make 1 pip = 1 usd

Now when you start doing non usd based

ex usd/cad - 12,389 units will make 1 pip = 1 usd
aud/jpy 9801 units = 1 pip = 1 usd


so I just use this tool and it solves everything, real quick easy to use. Sure there is the long way to calculate it which you can find if you do a search in this forum. But why not make it easier and use a PIP converter tool(I am sure you can find many just by googling)

Hope that helps
Mike
  • #27,827
  • Apr 22, 2009 6:55pm Apr 22, 2009 6:55pm
Quoting catiron
Thanks to Jigsaw and Mike for your replies. I'm sorry to be so dense on the subject. Mike - how do you know or calculate the value of a pip on a cross currency pair? I know it's $1 or $10 with a USD pair, and I know how to calculate entry size based on risk, but how is it different with the cross pairs?

Thanks again for indulging my ignorance.
Page 2 of this thread goes over leverage and position size, it will get you started.

http://www.forexfactory.com/showthread.php?t=39514
Don't wish it were easier, wish you were better. ~ Jim Rohn
  • #27,828
  • Apr 22, 2009 7:00pm Apr 22, 2009 7:00pm
[quote=mbqb11;2688636]I use a tool that comes with Oanda, called Pip/Profit calculator Makes it really easy

/QUOTE]

And if you don't have Oanda like Mike said, you can use this calculator here - http://www.earnforex.com/position_size_calculator.php before you trade.

It's handy because you can put in the % you want to risk and it will calculate what it will be in lots, especially handy for my account in Euro
  • #27,829
  • Apr 22, 2009 7:05pm Apr 22, 2009 7:05pm
Quoting mbqb11
I use a tool that comes with Oanda, called Pip/Profit calculator Makes it really easy

Example

anything

xxx/usd it is 1:1 , meaning 10,000 units will make 1 pip = 1 usd

Now when you start doing non usd based

ex usd/cad - 12,389 units will make 1 pip = 1 usd
aud/jpy 9801 units = 1 pip = 1 usd


so I just use this tool and it solves everything, real quick easy to use. Sure there is the long way to calculate it which you can find if you do a search in this forum. But why not make it easier and use a PIP converter tool(I am sure you can find...
I'll look into it -- thanks.

Plus, I hope I didn't sound presumptuous about expecting your reply. You are always so helpful here. Greatly appreciated.
"A is A"
  • #27,830
  • Apr 22, 2009 7:06pm Apr 22, 2009 7:06pm
[quote=Jigsaw;2688652]
Quoting mbqb11
I use a tool that comes with Oanda, called Pip/Profit calculator Makes it really easy

/QUOTE]

And if you don't have Oanda like Mike said, you can use this calculator here - http://www.earnforex.com/position_size_calculator.php before you trade.

It's handy because you can put in the % you want to risk and it will calculate what it will be in lots, especially handy for my account in Euro
Perfect - thank you.
"A is A"
  • #27,831
  • Apr 22, 2009 7:12pm Apr 22, 2009 7:12pm
Quoting catiron
I'll look into it -- thanks.

Plus, I hope I didn't sound presumptuous about expecting your reply. You are always so helpful here. Greatly appreciated.
not at all! I just try not to miss any

Mike
  • #27,832
  • Apr 22, 2009 8:06pm Apr 22, 2009 8:06pm
Quoting TiaForex
...Clockwork71's silent service thread is great for talking about price action setups on stocks as well.
Tia, thanks for the recommendation. Up to this point I haven't ventured into any other threads besides this one, but the Silent Service thread is pure quality. Thanks again.
  • #27,833
  • Edited 9:57pm Apr 22, 2009 9:13pm | Edited 9:57pm
I was looking at my IBFX feed and found a couple of interesting setups.

The USD/CAD that has been the recent buzz of this thread has formed a 2-day pinbar. It had a bounce of of the 1.25 PPZ and has fib confluence. As mentioned in a few posts, the region near 1.23 is an area of concern. Maybe an entry below 1.23 would be approproriate? As far as I am concerned, this setup is as valid as the pinbar we saw on the daily chart yesterday.

The USD/CHF has a BEOB near the swing high. It has pierced the PPZ near 1.17, which has proven to be an important level over the past several weeks. It also coincides with a 61.8 fib level on my chart. The way I see it, there may be a minor PPZ near 1.1550. Maybe it would be a good idea to move stop loss to BE near 1.1550 and possibly take profit?

I am favoring the USD/CHF because there is more space between the bottom of the BEOB and the nearest minor PPZ I have found than the space between the bottom of the USD/CAD and 1.23. USD/CHF looks like an A+ setup to me, but maybe the minor PPZ near 1.1550 makes it a B trade or less?

Comments are welcome and appreciated.
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  • #27,834
  • Apr 22, 2009 9:36pm Apr 22, 2009 9:36pm
Quoting PipGator
I was looking at my IBFX feed and found a couple of interesting setups.

The USD/CHF has a BEOB near the swing high. It has pierced the PPZ near 1.17, which has proven to be an important level over the past several weeks. It also coincides with a 61.8 fib level on my chart. The way I see it, there may be a minor PPZ near 1.1550. Maybe it would be a good idea to move stop loss to BE near 1.1550 and possibly take profit?
Hey Pip

One thing I am big on is size of bar. I like a bigger bar that shows some significance in terms of the "action" that took place that day. With that said, your analysis for anyone who believes this is worth trading is very good. If this is a retracement of that larger move down, then 1550 could be the trouble point and certainly the b/e point. Beyond that it is trading into the heavy PPZ at 1500

Just my view

Mike
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  • #27,835
  • Apr 22, 2009 10:47pm Apr 22, 2009 10:47pm
Quoting gorubin
Lots of BUOBs on EUR pairs today like EUR/AUD, EUR/CAD and EUR/GBP and also Gold. I guess they're all related to the sell off in equities today.

I like the EUR/GBP the most also because it's at a swing low + a triple bottom at 0.8793 I haven't seen these too often. Also bouncing off of EMA(150) green line. First area of resistance if it breaks 0.8917 might be not too far around 0.8975...

Any opinions?
Did you take the trade? I was just wondering because I missed it.

This BUOB engulfing a couple of Daily candles (pretty close to the same size with a 3rd candle), at a swing Low and a supportive touch of the 150 ema as you mention, sure brought about a nice PA setup.

Talk about a break that never looks back, this one was it. The 30min shows the hard and fast break.

Could it really be this simple?
Attached Images
Indicators show the past. Price Action "Indicates" the future.
  • #27,836
  • Edited Apr 23, 2009 12:02am Apr 22, 2009 11:32pm | Edited Apr 23, 2009 12:02am
I remain lightly short USDCAD, though I am trying to resolve the idea of the price point at roughly the 50 percent monthly fibo versus the idea of weekly uptrend consolidation versus the daily pin with resultant indecision yesterday. God forbid, I am actually looking at the conflicting daily/weekly stochastics as well!

Nibbling also at the Aussie on the retracement of those 4-hourly pins; again, weekly resistance is a caution, however.
  • #27,837
  • Apr 23, 2009 12:05am Apr 23, 2009 12:05am
Quoting adam777
... so that's what we're looking for. I guess if price slows down near the resistance and your buy stop, it just won't climb fast enough to make a profit, and I guess such a trade may as well be cancelled. It's a momentum play.
If your buy/sell stop is just above/below a given quality PA setup then a hard break (momentum break) should follow. If I'm understanding your post.

If it doesn't break it could result like the proceeding bearish candle did (check mark). This trade shows the importance of waiting for the break.
Attached Image
Indicators show the past. Price Action "Indicates" the future.
  • #27,838
  • Apr 23, 2009 12:18am Apr 23, 2009 12:18am
Indeed, one could debate the merits of waiting for the break versus aggressively waiting for a retracement of a long candle like that to enter. Risk/Reward comes into play at some point.
  • #27,839
  • Edited 1:05am Apr 23, 2009 12:39am | Edited 1:05am
Quoting Alexandra
Indeed, one could debate the merits of waiting for the break versus aggressively waiting for a retracement of a long candle like that to enter. Risk/Reward comes into play at some point.
I've had that debate and waiting for the break wins hands down for me.
Its just that the break gives me many other confirmations of the validity of the setup.

But it I were to enter prior to the break (in this case, the bearish PB), I would look for bearish PA on a lower time frame that fit the same criteria of any other quality PA setup. We have a 4 hour BEOB and Inside bars that may just fit. (Although the 4 hour BEOB's break point is the same as the PB's)
Attached Image
Indicators show the past. Price Action "Indicates" the future.
  • #27,840
  • Edited 12:57am Apr 23, 2009 12:44am | Edited 12:57am
Indeed, well said. I agree with that. Wise words about the importance of a good setup versus a somewhat aggressive one. There is sometimes a temptation on a large PB break to place a "hopeful" stop at an intrabar retracement, but overall, I find one has to accept the amount of risk offered by the appropriate stop below the bar. If it's too much, then there is another opportunity elsewhere.

That is a nifty bit of 4-hour spotting from your eagle eyes on USDCAD. Perhaps we are simply re-testing that weekly TL.

So if you cast those eagle eyes on EURJPY, would you ever act on a 1-hour PB as we see now? I find that unprofitable and mentally exhausting if one is covering multiple pairs.
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