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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

  • #34,861
  • Jun 24, 2009 10:13pm Jun 24, 2009 10:13pm
Quoting tyler812
There seems to be a pin-bar-in-traffic-a-thon going on. It's a close tie between GBP/USD and NZD/USD (although I keep looking at nzd/usd...)

Attachment Attachment
I'm looking at that one too. My chart only goes back to 2005, but the .6400 level is practically the middle of the entire range of price movement (NZD/USD weekly chart).
Don't wish it were easier, wish you were better. ~ Jim Rohn
  • #34,862
  • Jun 24, 2009 10:41pm Jun 24, 2009 10:41pm
Good day.

I am reading this thread from beginning now, very slow am still on page 17.

Back on trades: have been watching the EG pair.

Location: Bounce on 61.8 fib, flip zone.
Room: the resistence will be around 0.8570-0.8600.
PA: Isn't it a good inside bar.
Am I missing something of taking into consideration?
Any suggestion, advice would be appreciated.

Thanks in advance
rh
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  • #34,863
  • Jun 24, 2009 10:43pm Jun 24, 2009 10:43pm
Quoting rh674
Good day.

I am reading this thread from beginning now, very slow am still on page 17.

Back on trades: have been watching the EG pair.

Location: Bounce on 61.8 fib, flip zone.
Room: the resistence will be around 0.8570-0.8600.
PA: Isn't it a good inside bar.
Am I missing something of taking into consideration?
Any suggestion, advice would be appreciated.

Thanks in advance
rh
looks pretty ok to me, theres a clear pivot zone there, my only reccomendation maby would be to take it on the break of the inside bar through a buy stop order...
Grabbing the bull by the horns!
  • #34,864
  • Jun 24, 2009 10:48pm Jun 24, 2009 10:48pm
Quoting rh674
Good day.

I am reading this thread from beginning now, very slow am still on page 17.

Back on trades: have been watching the EG pair.

Location: Bounce on 61.8 fib, flip zone.
Room: the resistence will be around 0.8570-0.8600.
PA: Isn't it a good inside bar.
Am I missing something of taking into consideration?
Any suggestion, advice would be appreciated.

Thanks in advance
rh
Hey RH

Welcome, page 17 is still very early on take it slow as you are, but you will learn much more in the pages to come. Inside bars are IMO the trickiest of all the techniques you could aquire here. One main problem is trading IBs on a timeframe like the 4hr. Sine there is still a lot of dead time due to the timeframe, IBs will pop up left and right having you possibly in and out of the market enough to drive someone crazy(or account down). So your analysis isn't necessarily wrong. As white said also, the accepted way to play IBs is to wait for a break, as this is showing the consolidation(which is what an inside bar represents), being broken for a potential "break out" of that bar.

Again enjoy and take things slow it is the best thing to do

Mike
  • #34,865
  • Jun 25, 2009 12:22am Jun 25, 2009 12:22am
  •  LSs
  • | Joined Jan 2009 | Status: I switched to the smarter side | 84 Posts
Hi all!

I'll like to ask you guys opinion on rating such trade:

We all know reentry can be a little risky. So here's the trade. The GBPJPY Daily PB, I took it and breakeven. It is common for price to retest a breakout area right? That's why Jarroo method of moving SL on each previous bar high/low makes sense...

Now, in 4H, we got a PB (not the best shape) but it bounced off the daily PB breakout lvl.

How will you rate such reentry? I'm just curious to know (:
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  • #34,866
  • Jun 25, 2009 12:24am Jun 25, 2009 12:24am
Quoting LSs
Hi all!

I'll like to ask you guys opinion on rating such trade:

We all know reentry can be a little risky. So here's the trade. The GBPJPY Daily PB, I took it and breakeven. It is common for price to retest a breakout area right? That's why Jarroo method of moving SL on each previous bar high/low makes sense...

Now, in 4H, we got a PB (not the best shape) but it bounced off the daily PB breakout lvl.

How will you rate such reentry? I'm just curious to know (:
Hey LSs

Technically speaking that bar is only a neutral bar. This is when the open and close are in the middle of the bar, and can be seen when we have tails of equal lengths from both ends. This is an indecision type candle. There will be much "cleaner" trades then this around the corner. Patience

Mike
  • #34,867
  • Jun 25, 2009 12:35am Jun 25, 2009 12:35am
Quoting LSs
Hi all!

I'll like to ask you guys opinion on rating such trade:

We all know reentry can be a little risky. So here's the trade. The GBPJPY Daily PB, I took it and breakeven. It is common for price to retest a breakout area right? That's why Jarroo method of moving SL on each previous bar high/low makes sense...

Now, in 4H, we got a PB (not the best shape) but it bounced off the daily PB breakout lvl.

How will you rate such reentry? I'm just curious to know (:
Quoting mbqb11
Hey LSs

Technically speaking that bar is only a neutral bar. This is when the open and close are in the middle of the bar, and can be seen when we have tails of equal lengths from both ends. This is an indecision type candle. There will be much "cleaner" trades then this around the corner. Patience

Mike
+

You have your Fibs drawn upside down,

For a bullish Pin bar your fib ret are drawn from the pin bar low to the pin bar high.


I believe . . .
  • #34,868
  • Jun 25, 2009 12:41am Jun 25, 2009 12:41am
Quoting ghous
+

You have your Fibs drawn upside down,

For a bullish Pin bar your fib ret are drawn from the pin bar low to the pin bar high.


good catch! I read to fast sometimes
  • #34,869
  • Jun 25, 2009 12:42am Jun 25, 2009 12:42am
Quoting mbqb11
good catch! I read to fast sometimes
No problem,

You need to be in bed anyways...
I believe . . .
  • #34,870
  • Jun 25, 2009 12:45am Jun 25, 2009 12:45am
Quoting ghous
No problem,

You need to be in bed anyways...
I seem to be more productive when I am awake
  • #34,871
  • Jun 25, 2009 12:47am Jun 25, 2009 12:47am
  •  LSs
  • | Joined Jan 2009 | Status: I switched to the smarter side | 84 Posts
Opps.. Thank you for reminding me there, Mike!

I guess I still haven't got the mentality to hold my trade longer. Perhaps because I'm playing with 1 lot and tend to move SL to breakeven after +30 or taking quick profit at the first TP area.

Because I once set a mindset that I'll TP as soon as possible with 1 lot, until i grew it big enough to play more lots, perhaps I'll take some out of the first TP area, and let the remainding to run. Definitely need to look further into price behaviour of retesting.
  • #34,872
  • Jun 25, 2009 12:54am Jun 25, 2009 12:54am
Quoting LSs
Opps.. Thank you for reminding me there, Mike!

I guess I still haven't got the mentality to hold my trade longer. Perhaps because I'm playing with 1 lot and tend to move SL to breakeven after +30 or taking quick profit at the first TP area.

Because I once set a mindset that I'll TP as soon as possible with 1 lot, until i grew it big enough to play more lots, perhaps I'll take some out of the first TP area, and let the remainding to run. Definitely need to look further into price behaviour of retesting.
Don't worry LSs, if something is working it is ok to stick with it. We just have to be flexible to each trade situation. For example I took the aud/jpy pinbar instead of the gbp/jpy. But like the gbp/jpy we were in a decent amount of traffic, which for me means, I am not going to get fancy. I look to that first area either as stop to b/e or full take profit. In this case the upcoming trouble area was close enough that a re-test as you showed was too probable that I didn't want to move stop to b/e and thought better to outright take profit. Price reached my take profit, has sine retested(would have stopped me out), and now continuing on.

So we have to decide as traders what is the best for us in each situation. It seems tricky at first, but it becomes repetitive for the most part. The idea is to find what fits you as a trader. Is it wrong to hold a trade when others might take quick profit. Not neccesarily over the long run, as long as all traders recognize the same basic components and then test what works for them best.

Take care
Mike
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  • #34,873
  • Jun 25, 2009 1:13am Jun 25, 2009 1:13am
Mike,Jim,Jarroo,Ghous Ryan etc etc

Alot of help you guys provide to us apprentices.The light is not on yet

but it is looking a little brighter these days.

Gerard 212
  • #34,874
  • Jun 25, 2009 1:25am Jun 25, 2009 1:25am
Quoting ghous
+

You have your Fibs drawn upside down,

For a bullish Pin bar your fib ret are drawn from the pin bar low to the pin bar high.


Hello,

I'm sorry, I do not understand how fib would be drawn.
Probably because I would have drawn as Lss

Sorry for my English ...

Thanks so much for this fantastic thread's learning

Nadine
  • #34,875
  • Jun 25, 2009 1:26am Jun 25, 2009 1:26am
Quoting Gerard212
Mike,Jim,Jarroo,Ghous Ryan etc etc

Alot of help you guys provide to us apprentices.The light is not on yet

but it is looking a little brighter these days.

Gerard 212
It is like those power conservation bulbs that get brighter slowly before reaching their full brightness

a little bit at a time
  • #34,876
  • Jun 25, 2009 1:30am Jun 25, 2009 1:30am
Quoting nadid83
Hello,

I'm sorry, I do not understand how fib would be drawn.
Probably because I would have drawn as Lss

Sorry for my English ...

Thanks so much for this fantastic thread's learning

Nadine
Hey Nadine

when drawing a fib we want the numbers to start from low to high(23.6 on top) when looking to go long on a retracement like lls chart. So if you are looki ng to go short then the lower fibs would be on the bottom. The deeper the retrace the higher percentage price has moved that is why the numbers run the way they do

also your english is great

mike
  • #34,877
  • Jun 25, 2009 1:34am Jun 25, 2009 1:34am
Quoting mbqb11
Hey Nadine

when drawing a fib we want the numbers to start from low to high(23.6 on top) when looking to go long on a retracement like lls chart. So if you are looki ng to go short then the lower fibs would be on the bottom. The deeper the retrace the higher percentage price has moved that is why the numbers run the way they do

also your english is great

mike
Here is an example where we would be searching for shorts. So we are drawing the fib from high to low, showing the lowest numbers on the bottom and increasing as they move up. So as price rises(or retraces) into the fib numbers it has retraced a larger amount of the measured move(where the fib was drawn from Swing high to the swing low). So price has already moved past the 23.6, and is approaching the 38.2. So the reason the numbers go from low to high, is b/c they represent the percentage the move has retraced of the larger down move. When we hit 38.2 this means price has retraced 38.2% of that big move down.

Hope that helps a bit, and for a long scenario, it would just be the exact opposite

Mike
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  • #34,878
  • Jun 25, 2009 1:40am Jun 25, 2009 1:40am
Quoting nadid83
Hello,

I'm sorry, I do not understand how fib would be drawn.
Probably because I would have drawn as Lss

Sorry for my English ...

Thanks so much for this fantastic thread's learning

Nadine
Mike explained it better than I could have, on a more general note go through these couple of posts too...

http://www.forexfactory.com/showpost...ostcount=32471

http://www.forexfactory.com/showpost...ostcount=32473

Regards,
Ghous.
I believe . . .
  • #34,879
  • Jun 25, 2009 1:41am Jun 25, 2009 1:41am
  •  LSs
  • | Joined Jan 2009 | Status: I switched to the smarter side | 84 Posts
Quoting nadid83
Hello,

I'm sorry, I do not understand how fib would be drawn.
Probably because I would have drawn as Lss

Sorry for my English ...

Thanks so much for this fantastic thread's learning

Nadine
Sorry, I got my old habits and used the old fibo drawing method in my old self. I know it is confusing because u tend to see the fibo line up pretty well, but the number is opposite.

While the correct number most people look for retracement is 61.8, I was looking at 38.2.

And also to add to Mike explanation, this is the correction to my chart.
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  • #34,880
  • Jun 25, 2009 1:43am Jun 25, 2009 1:43am
Quoting Gerard212
Mike,Jim,Jarroo,Ghous Ryan etc etc

Alot of help you guys provide to us apprentices.The light is not on yet

but it is looking a little brighter these days.

Gerard 212
I don't deserve my name to be placed between those great names Gerard but I must say you've made my day...

Helping others and getting helped is how we role and which is also is the motive of this great thread,

Regards,
Ghous.
I believe . . .
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