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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

  • #32,981
  • Jun 9, 2009 11:41pm Jun 9, 2009 11:41pm
Quoting jarroo
No problem Tipers, glad I could be of help.

And don't ever say that again "I'm sorta hoping I do lose a trade . . " because guess what, you will. Loss is a 4 letter word, so we don't say them.


See how much cleaner the Aud/Usd and Flem26's chart of the Eur/Cad look complared to the Gpb/Aud.
Yep the eurcad does look nice. Flem26 add a 365 ema to your chart on daily and you'll see it has been using it as resistance for a fair while. That will probs be the second resistance zone to encounter after 1.56500
Attached Image (click to enlarge)
Click to Enlarge Name: eurcad.gif Size: 15 KB
  • #32,982
  • Jun 9, 2009 11:47pm Jun 9, 2009 11:47pm
Quoting oltciter
NIce PB on this pair!
pretty obvious for 100 pips, damn being at work
Grabbing the bull by the horns!
  • #32,983
  • Jun 9, 2009 11:50pm Jun 9, 2009 11:50pm
Quoting oltciter
NIce PB on this pair!
Very nice, oltciter. There's that PB/IB again. Drawdown after the break of that one, you guess it, ZERO.
Attached Image
Indicators show the past. Price Action "Indicates" the future.
  • #32,984
  • Jun 9, 2009 11:51pm Jun 9, 2009 11:51pm
Quoting Bilyb
hmmm... wasn't trying to be funny. ...and I know funny... I'm a clownfish! (jk)

I have daily trade that I look for starting at 2 hrs before the London open. It makes me money so I keep a clock set to that time. I sure don't want any confusion about what time it is in London when I'm risking my hard earned dough!!!
I use this free computer clock by Qlock-World Clock.
Attached Image
  • #32,985
  • Jun 9, 2009 11:55pm Jun 9, 2009 11:55pm
Quoting jlmac27
Hello Jarroo,
I have read threw the dibs method awhile ago and really liked it.But with my bad habit of not sticking to anything I moved on.My question is, do you still trade it?I can see how this would be a "robust method" as peter crown would say.Just curious on your results.
I believe jarroo has DIBS already ingrained in his thoughts & trading. He might not even be aware of it.
  • #32,986
  • Jun 10, 2009 12:05am Jun 10, 2009 12:05am
Quoting supremeChaos
I believe jarroo has DIBS already ingrained in his thoughts & trading. He might not even be aware of it.
You got me there sChaos. I was aware of the Time of Day when the Daily Gbp/Usd PB (in blue) broke.
Attached Image
Indicators show the past. Price Action "Indicates" the future.
  • #32,987
  • Jun 10, 2009 12:11am Jun 10, 2009 12:11am
Quoting fxprocessor
Just wanted to leave a quick note before disapearing for a while.

I have been an avid reader/part time poster on the thread for the last 2 1/2 years and feel it's time to drop off for a while.

Jim, thanks so much for your help both here and in the PF and also a big thanks to Mike and everyone else who has been so giving of their time
I will still be hunting for my A+ setups but feel it's time to move on from the forum and minimise outside influences in order to become even more picky
take care all and thanks again
FXP
fxprocessor,
do post from time to time. better than being a 100% lurker.
  • #32,988
  • Jun 10, 2009 12:16am Jun 10, 2009 12:16am
Quoting mkashifk
Thanks supreme for your advice on PPZ. now I am trying to understand what is it. Infact my assumptions were based on mainly two things:
1- The main trend which i observed on the daily chart
2- The confluence which I have understood from the thread. Since the daily pivots were there and the fibs and psychological levels were also in the zone, I wondered what would happen if I played it on a demo account.
I did earned some 40 pips.
I would have been wrong, but this was the first time that I saw something, that got me excited.
Thanks alot for all the...
mKashif,
search the thread for "PPZ". in short, u can think of PPZ as customized pivot points"

Glad that u got excitement out of reading this thread.
Continue your demo on the side (or demo exclusively) & keep at it!
  • #32,989
  • Jun 10, 2009 12:28am Jun 10, 2009 12:28am
Quote
For those who like to play with fire

4fun,
I hope u are aware that a divergence signal (from any oscillator such as MACD, RSI, Stoch etc) doesn't exactly equate to a trade signal. it is more of an alert than a trade signal. An alert in the sense that it may present a trade in the near future.
but at times, a divergence just means a slowdown in momentum of the current trend, but does not necessarily mean that that current trend has already ended --- the trend may just be in a temporary pause.

hope some of u can still learn from these:
Trend vs No Trend which Indicator to Use_Trader's Mag
Reverse divergence, Martin Pring
Attached File(s)
File Type: pdf ReverseDivergence&Momentum MartinPring.pdf   808 KB | 2,530 downloads
  • #32,990
  • Jun 10, 2009 12:31am Jun 10, 2009 12:31am
I see that some discussion has been going on regarding the eur/cad daily pin bar. I'd like to ask questions about this particular set-up and about the pin bar just to the left of the current pin bar.

(Note: this is my first chart post. I am not looking to place a trade . . . I'm far from placing my first trade. I'm simply doing a bit of studying.)

First Pin Bar (Black Arrow)

PROS:

* Pin bar has a lot of "space," as mbqb11 described in a video posted on the guest area of the private forum
* Grazed a heavy S+R area of 1.5350
* Open and close are within the previous bar's shape
* Based on the downward movement, there is bound to be a retracement, but the downward movement is strong

CONS:

* Seems to be a bit of traffic to the left of the pin bar
* The body of the bar is nearly the same size as the nose

Analysis: I probably would have passed on this bar because the size of the body is equivalent to the size of the nose.

Second Pin Bar (Red Arrow)

PROS:

* Contains a long nose
* Open and close are within the previous bar's shape
* Touched the S+R area of 1.5350 (Price touched S+R area of 1.5350 twice without break, which means this level is strong)

CONS:

* Lack of "space" from the recent northward movement

Analysis: It looks better than the first pin bar because of the size of the nose. However, there is very little space between the bar and previous price action. I would probably take this bar before taking the former pin bar.

Questions:

1. Am I analyzing too much?
2. Comparing the two pin bars, which bar shows (would show) the most promise?
3. I listed many PROS to each of the pin bars' actions with only a few CONS. Because the CONS list is smaller than the PROS list, do I automatically assume this is a trade-able pin bar?

In advance, thank you for the feedback! And my apologies for the somewhat long post.
Attached Image (click to enlarge)
Click to Enlarge Name: eurcad, 6-9-09.gif Size: 20 KB
  • #32,991
  • Jun 10, 2009 12:39am Jun 10, 2009 12:39am
Quoting jay
I see that some discussion has been going on regarding the eur/cad daily pin bar....
1. It's probably a good habit to get in to. After awhile I think you internally begin to process the info to where you can notice great bars within a few seconds of seeing them...they literally begin to stand out. That's when you start drawing fibs and checking MACD to get as Martin Pring says, 'the weight of the evidence'.

2. The second bar by far, much bigger nose, off the 50 fib and the 1.5500 price zone...somewhat of a double bottom and some divergence

3. It's all your discretion, it probably will go ahead to the 365, but I don't like the space and that's enough to keep me out of the trade. You could do worse to take it and set to BE at 30 pips and hope for a sharp break.
  • #32,992
  • Jun 10, 2009 12:47am Jun 10, 2009 12:47am
Quoting Icehocey77
1. It's probably a good habit to get in to. After awhile I think you internally begin to process the info to where you can notice great bars within a few seconds of seeing them...they literally begin to stand out. That's when you start drawing fibs and checking MACD to get as Martin Pring says, 'the weight of the evidence'.

2. The second bar by far, much bigger nose, off the 50 fib and the 1.5500 price zone...somewhat of a double bottom and some divergence

3. It's all your discretion, it probably will go ahead to the 365, but I don't like the...
Thank you, Icehocey, for the reply.

I am assuming the "365" is a moving average? Not there yet. Ya about blew by me, but i quickly reviewed my notes and understand (i.e., if that was what you meant by "365").

Secondly, you answered question number two with the second bar being the most trade-able, but then answered number three as if you aren't going to take this particular bar because of the space.

So am I assuming correctly that you would not have taken EITHER bar?
  • #32,993
  • Jun 10, 2009 12:49am Jun 10, 2009 12:49am
Quoting jay
I see that some discussion has been going on regarding the eur/cad daily pin bar. I'd like to ask questions about this particular set-up and about the pin bar just to the left of the current pin bar.

(Note: this is my first chart post. I am not looking to place a trade . . . I'm far from placing my first trade. I'm simply doing a bit of studying.)

First Pin Bar (Black Arrow)

PROS:

* Pin bar has a lot of "space," as mbqb11 described in a video posted on the guest area of the private forum
* Grazed a heavy S+R area of 1.5350
* Open...
Not a long post at all. Well thought out, to the point and it looks like you have been doing your homework as well. Very Nice.

Yes I agree the second PB is a better choice due to size and form, yet the first one did work out. Shows you the power of Price Action at a great location, 1.5500 (Daily and Weekly PPZ level). The traffic is a concern but a hard break could solve that. lol

Can I ask you where your 1st target would be?


Edit: And what Icehocey77 said too. lol
Indicators show the past. Price Action "Indicates" the future.
  • #32,994
  • Jun 10, 2009 12:52am Jun 10, 2009 12:52am
Quoting Jduester
Thanks for all the suggestions on how I could have traded this pinbar differently..............
Jduester,
a little addition....

hope u were aware of the recent $'s weakness & gbp strength (despite the Gordon Brown issue etc.. lol). this was evident looking at the weekly chart. & i think this is 1 of the main reasons why gbp$ reversed the way it did.

I've just reviewed the charts. among other possible confluences (& aside from the 1.5800-15810 minor PPZ i've mentioned in the previous post):
price stopped about 30pips from the Daily 200EMA.
price stopped about 3-5pips from the 38.2 of the April22 - June3 swing.

Since we try to minimize risk & maximize profits, i think it is prudent that we look at at least 1 lower timeframe, to see & be aware of how things are going (looking into the finer details: looking through the trees after peeking at &inspecting the whole forest), specially so since this was a weekly trade with a weekly PB (a lot can happen within a week)

this has proven to me, in real time, that the size of the PB is really just 1 of several criteria to be looked at/be considered, with a conclusion that:
small PB may work, big PB may not work.

of course, having said all these, we are aware that the weekly PB has yet to be invalidated.. for all we know, this could be setting up as an ultimate raczekfx fave retracement setup. who knows
So i'm 1 of many who'll be watching this pair further... To me, this is real-time education, folks
  • #32,995
  • Jun 10, 2009 12:56am Jun 10, 2009 12:56am
Quoting jay
Thank you, Icehocey, for the reply.

I am assuming the "365" is a moving average? Not there yet. Ya about blew by me, but i quickly reviewed my notes and understand (i.e., if that was what you meant by "365").

Secondly, you answered question number two with the second bar being the most trade-able, but then answered number three as if you aren't going to take this particular bar because of the space.

So am I assuming correctly that you would not have taken EITHER bar?
Ahh sorry, yeah the 365 is the 365 day Exponential Moving Average, it can act as support and resistance and if you plot it on this particular chart it has done a fantastic job of doing so.

First bar is a definite no, I had to do some studying of the second to see if it was yes/no but ultimately I decided on passing on it.
  • #32,996
  • Jun 10, 2009 12:56am Jun 10, 2009 12:56am
Quoting jarroo
Can I ask you where your 1st target would be?
Thanks for the reply, jarroo.

Honestly, I did not even take "targets" into consideration. LOL! Shows how ignorantly new I am. Nonetheless, by looking at the chart, the Daily shows very little in way of S+R levels in the short term. Perhaps a target at 1.5630-60 would hold, but I don't want to trade based on a "Perhaps."

So, I am not sure with targets. I guess this current pin bar would not be a good one.
  • #32,997
  • Jun 10, 2009 1:00am Jun 10, 2009 1:00am
Quoting Icehocey77
the 365 is the 365 day Exponential Moving Average, it can act as support and resistance and if you plot it on this particular chart it has done a fantastic job of doing so.
This has been added to my notes. Thank you.
  • #32,998
  • Jun 10, 2009 1:02am Jun 10, 2009 1:02am
Quoting jay
Thanks for the reply, jarroo.

Honestly, I did not even take "targets" into consideration. LOL! Shows how ignorantly new I am. Nonetheless, by looking at the chart, the Daily shows very little in way of S+R levels in the short term. Perhaps a target at 1.5630-60 would hold, but I don't want to trade based on a "Perhaps."

So, I am not sure with targets. I guess this current pin bar would be not be a good one.
I didn't mean to put you on the spot Jay. But yes, very good eye. It's always something to look for if the decision to take a setup arises. It's not a bad setup but there are better ones. picky picky.
Attached Image
Indicators show the past. Price Action "Indicates" the future.
  • #32,999
  • Jun 10, 2009 1:05am Jun 10, 2009 1:05am
Quoting jarroo
I didn't mean to put you on the spot Jay. But yes, very good eye. It's always something to look for if the decision to take a setup arises. It's not a bad setup but there are better ones. picky picky.
No worries, jarroo. I love hard questions, especially the ones I didn't even prepare for. Thanks for your time.
  • #33,000
  • Edited 1:09am Jun 10, 2009 1:07am | Edited 1:09am
Quoting jay
Thanks for the reply, jarroo.

Honestly, I did not even take "targets" into consideration. LOL! Shows how ignorantly new I am. Nonetheless, by looking at the chart, the Daily shows very little in way of S+R levels in the short term. Perhaps a target at 1.5630-60 would hold, but I don't want to trade based on a "Perhaps."

So, I am not sure with targets. I guess this current pin bar would not be a good one.
Plot a hoz line at 1.56350 and scroll back in time a little. Seems to be a fairly strong resitance/support. Zoom out to weekly and you'll see it also is strong there too. T1 = 1.56350, T2 = 365 expo ma ~ 1.57500

Looks like bullish divergence forming on daily. Pin bar has broken and is in a retrace so you could look for a possible entry at a fib, giving you a tighter stop

EDIT: Wow I'm slow at posting, jarroo showed what i was talking about with the chart.
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