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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

  • #36,541
  • Jul 7, 2009 12:46am Jul 7, 2009 12:46am
Quoting joelcf
Keep in mind that correlation != causation.

Very broadly, the correlation you see (which often breaks down) between USD and oil is used to be mainly driven by the fact that oil is priced in USD, and so to buy more expensive oil, you needed to buy more USD.. and what happens when a bunch of people want to buy more of something? So there was a positive correlation... and you saw oil leading USD.

There are other factors balancing this though.

The USD is a 'safety' currency, so in times of uncertainty (like rising oil prices),...
Hear hear, I think this guy really know what he's talking about, fundamentals are a like a giant missing link to my trading capabilities.

Great stuff Joel
  • #36,542
  • Jul 7, 2009 12:47am Jul 7, 2009 12:47am
Quoting supremeChaos
jarroo,
LOL...
Yes, i try to complicate things. I love challenges.
Keeping it simple is the way to go my friend, because I will tell you a little secret . . . .

.

.

. . . . it's the only thing that works.
Indicators show the past. Price Action "Indicates" the future.
  • #36,543
  • Jul 7, 2009 1:03am Jul 7, 2009 1:03am
Quoting jarroo
Keeping it simple is the way to go my friend, because I will tell you a little secret . . . .

.

.

. . . . it's the only thing that works.
FRAME IT FOLKS!
  • #36,544
  • Jul 7, 2009 1:05am Jul 7, 2009 1:05am
Quoting joelcf
Keep in mind that correlation != causation.

Very broadly, the correlation you see (which often breaks down) between USD and oil is used to be mainly driven by the fact that oil is priced in USD, and so to buy more expensive oil, you needed to buy more USD.. and what happens when a bunch of people want to buy more of something? So there was a positive correlation... and you saw oil leading USD.

There are other factors balancing this though.

The USD is a 'safety' currency, so in times of uncertainty (like rising oil prices), people...
Great Details! Thanks
"""" --- -- - << ..:: ALM ::.. >> - -- --- """"
  • #36,545
  • Jul 7, 2009 1:06am Jul 7, 2009 1:06am
Quoting mbqb11
FRAME IT FOLKS!
I would like to frame... Need to know where the secret starts and ends
"""" --- -- - << ..:: ALM ::.. >> - -- --- """"
  • #36,546
  • Jul 7, 2009 1:11am Jul 7, 2009 1:11am
Quoting faltuuse
Anatomy of my trade of the week…
cheers..
This is one of the most thoughtful trade breakdowns in this thread that I have seen for a while, and I dig your 'holistic' approach - some fundamentals, some news-driven events, some tech and some PA. Another kind of confluence, I guess.

At the very least, a slightly different way of looking at things.. which is always a good thing!

Hope you post more!

Quoting jarroo
Keeping it simple is the way to go my friend, because I will tell you a little secret . . . .

.

.

. . . . it's the only thing that works.
Love it. My scrapbook just got a new page.
When you have to shoot, shoot. Dont talk.
  • #36,547
  • Jul 7, 2009 1:15am Jul 7, 2009 1:15am
Quoting jarroo
Keeping it simple is the way to go my friend, because I will tell you a little secret . . . .

.

.

. . . . it's the only thing that works.
nicely said Jarroo
very very true indeed, cldnt agree more
Simplicity is the key to success
  • #36,548
  • Jul 7, 2009 1:16am Jul 7, 2009 1:16am
Quoting Almfx
I would like to frame... Need to know where the secret starts and ends
It begins with a great location and then bar confirmation and ends with another obvious great location. Pretty simple, right ?
Indicators show the past. Price Action "Indicates" the future.
  • #36,549
  • Jul 7, 2009 1:22am Jul 7, 2009 1:22am
Quote
Keeping it simple is the way to go my friend....

jarroo,
Yes, agree.
i was more of kidding on that particular statement.
At least, i provoked u to make another short but sweet post, as a result.

(lol, if u could only compare my charts now from the previous 2 - 2.5+yrs, lol.. .... my charts this year are (it varies but) 50-90% less cluttered, thanks to the Simplicity advocated in this thread )
  • #36,550
  • Jul 7, 2009 2:09am Jul 7, 2009 2:09am
My SL hit on 4hr pinbar in EURUSD, +3pips (target missed by 2 pips ). Ryanmcd are you still in? Or anyone else?
Live it or leave it!
  • #36,551
  • Edited 3:07am Jul 7, 2009 2:13am | Edited 3:07am
  •  LSs
  • | Joined Jan 2009 | Status: I switched to the smarter side | 84 Posts
Quoting Slurpee
My SL hit on 4hr pinbar in EURUSD, +3pips (target missed by 2 pips ). Ryanmcd are you still in? Or anyone else?
I moved my SL on each bar formed in 4H, and TP for 60 pips at 1.3998 (1.4000 - 2pips spread)


LSs
  • #36,552
  • Edited 3:45am Jul 7, 2009 2:59am | Edited 3:45am
4H chart.

Nice BEOB at swing high with the trend bouncing off a PPZ and the 200EMA...assuming it closes as a BUOB...

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*edit* with some support which could cause trouble around the 75.40-75.30 level. For some reason, the line didnt show up on my chart *shakes fist* photoshop!

I'd probably play the break of that level, down to around the 74.70ish level where the next lil ppz hangs out.

Obv, wait for the break, since it is a pin-ish (proxy, or ignore sunday) formation on the daily and could be a retrace before a bullish move.
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When you have to shoot, shoot. Dont talk.
  • #36,553
  • Jul 7, 2009 3:21am Jul 7, 2009 3:21am
Morning everyone...
Ghost Rider - WWTBMD?
  • #36,554
  • Jul 7, 2009 3:26am Jul 7, 2009 3:26am
Dear all,
I have made a post yesterday about the entry of the Pinbar. Thanks for those responsed, they have told me that I have misused the Pinbar a bit. The entry of a Pinbar should be entered as Fig 1.
Today I have a further question about 2 other kind of setups which have been less discussed here, DBLHC and BUOVB.
My questions are:
1. Is there any particular entry level for DBLHC and BUOVB Fig 2 & 3, or we enter once the second bar closed?
2. Is there any detailed description of the uses of DBLHC and BUOVB as the pinbar in this thread?
3. Is the location considerations of DBLHC and BUOVB quite similar to Pinbar (e.g. confluence)
Thanks a lot for reading.
cheers,
KK
Attached Image
  • #36,555
  • Jul 7, 2009 3:29am Jul 7, 2009 3:29am
Quoting dkmb92
...also, has anyone ever done any back-testing to see what overall results one gets when they play a pa set-up w/ full position & just close it all out at first level of resistance & then move on to the next set-up? seems like there are plenty of pa signal/set-ups to trade that if one always takes all profit at first resistance they will be more profitable in the long-run.
attached is the trade i am watching for tomorrow, a/j daily long...
My testing showed that I was leaving a lot on the table taking full profit at first PPZ level...Results will vary for everyone. I like to hold until at least 1R, especially on 4hr.
I'd much rather take fewer trades and hold on to them for larger profits than take many trades (some less 'good' than others) and take lots of small profits.

Just my opinion though and like Mike said, do what you feel most comfortable with, which takes time and trial and error to figure out.

Josh
  • #36,556
  • Jul 7, 2009 3:38am Jul 7, 2009 3:38am
Quote
My questions are:
1. Is there any particular entry level for DBLHC and BUOVB Fig 2 & 3, or we enter once the second bar closed?
2. Is there any detailed description of the uses of DBLHC and BUOVB as the pinbar in this thread?
3. Is the location considerations of DBLHC and BUOVB quite similar to Pinbar (e.g. confluence)

kk007,
1. DBLHC & BUOVB entry is 5-10 (or 5-20) pips above the top, trader-dependent entry. u can also enter on a Retracement of that DBLHC or BUOVB, around the 38.2, 50, or 61.8% Fib. this happens in the immediate bar/succeeding bar after that PA or sometimes in subsequent bars. some people here, abandon the trade WHEN the immediate bar does not break accordingly (upwards in this case of the DBLHC or BUOVB) --- similar protocol with a PB.
2. Im not sure how to answer this Q. but basically, it's similar to PB --- price rejection & momentum/sentiment change.
to me, it's like: same chocolate, but different brand/taste/texture.
3. Yes, swing high/swing low points, confluence, PPZ, etc.
  • #36,557
  • Jul 7, 2009 4:13am Jul 7, 2009 4:13am
Quoting supremeChaos
kk007,
1. DBLHC & BUOVB entry is 5-10 (or 5-20) pips above the top, trader-dependent entry. u can also enter on a Retracement of that DBLHC or BUOVB, around the 38.2, 50, or 61.8% Fib. this happens in the immediate bar/succeeding bar after that PA or sometimes in subsequent bars. some people here, abandon the trade WHEN the immediate bar does not break accordingly (upwards in this case of the DBLHC or BUOVB) --- similar protocol with a PB.
2. Im not sure how to answer this Q. but basically, it's similar to PB --- price rejection & momentum/sentiment...

Thanks supremeChaos!
  • #36,558
  • Jul 7, 2009 6:25am Jul 7, 2009 6:25am
interesting break of the pin, hope it can pass 1.0800 zone
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  • #36,559
  • Jul 7, 2009 6:45am Jul 7, 2009 6:45am
1. On what I think is a break out into (what i think is) a new trend.... trail stops. (PPZs, two bars or whatever you like) Target major levels and so on .... blah blah blah-----------What do you see that makes you believe that we might be starting a new trend?

2. On a trade I've entered with close S/R. ....full profit (Take what the market is willing to give. ) … I've placed a stop a sacrificial 10 pips behind the current price once at my target instead of going flat and gotten an extra 50 or 60 pips. Not just in this method either. On rare occasion massive unexpected bonus moves with a full position on. ---------------Haha! That has never happened to me but you know I have fantasized about it. As much as I look at these charts I am certain to get lucky like this one day. You will be the first to know!

3. On a break out trade that has a previous recent high/low to contend with before a trend can possibly continue on.... Watch screen at that high/low when alarm goes off.... If it looks like retracing take full profit and wait for a new pullback entry at the break out point. Re-enter if looks right. If there's enough room and a good enough signal I'll even take reverse trade down to the pullback area and apply same method. Rarely though.-------Right now I just watch these. I know exactly where you are coming from. I use lower timeframes to show the reversal. This is a rare trade that I get to watch though. I’m out in the field so much of the day.
4. Weekly chart shows bearish OB (Not awesome, but good OB). ...4 hour chart gives Rac style retrace entry right where suspected. ...enter trade ....Take partial profit at low of weekly bearish bar if it looks like consolidating at that low. ....--------------This is a good way to earn money for the account and I have used it to high probability success. It is also a low pressure trade for me. I like having a longer TF direction (trend)to short term trade in the same direction. It’s a psychological edge from my point of view.
A lot of the long time members here will be nodding there heads with most of the stuff above. Others will be going "Oh mannn.... he's totally over complicating it!"—You could be right here but I get the message. Once you learn something, you simply build on it and then when you explain it to someone they may not be at that level of education yet. If anyone here thinks that this process was a short one for me, I kept a journal for some time right here on FF. I look back and read my old posts from time to time and wonder how in the heck I did’nt blow up my acct.
Thanks for the details and insight Bundy! I am certain that this has helped not just me but many here.
K.I.S.S.
  • #36,560
  • Jul 7, 2009 7:36am Jul 7, 2009 7:36am
Quoting Slurpee
My SL hit on 4hr pinbar in EURUSD, +3pips (target missed by 2 pips ). Ryanmcd are you still in? Or anyone else?

My trail stop got hit, I got like +30 pips or +.05% gain, no biggie it happens next trade
Keep taking CT trades, I need more money
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