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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

  • #37,101
  • Jul 10, 2009 9:51am Jul 10, 2009 9:51am
Quoting squeezy
hahahahahahaha
lets wait till mkt closes 1st guys
nice ipb wkly trades ghous....
lol, thanks.
I believe . . .
  • #37,102
  • Jul 10, 2009 9:56am Jul 10, 2009 9:56am
Quoting supremeChaos
... too quiet.
can we start the climate discussion with the new Climate Czar, ehem..




g_j_hook@yah,
how far back is the correlation that u've noticed.
what timeframes, MT4 broker?
Thanks
lol... what ? are you a police man or something!?? hehe
these are fairly new to me SC,and tyhey dont corrolate as closley as say the eu/us- us/ch but they are well worth taking note of. The gb/chf seems to be the closest in real time. i doupt it makes a difference which broker you use.?
jon
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PATIENCE... DISCIPLINE
  • #37,103
  • Jul 10, 2009 10:08am Jul 10, 2009 10:08am
Quote
hey,check out my double post supreme
Nice one squeezy.

Quote
hahahahahahaha
lets wait till mkt closes 1st guys
as far as im concerned, it's already closed. lol


Quote
these are fairly new to me SC,and tyhey dont corrolate as closley as say the eu/us- us/ch but they are well worth taking note of. The gb/chf seems to be the closest in real time.
g_j_hook@yah,
hey i dont see picture perfect correlation here.
gbpcad looks like a spiked hair/mohawk? or head&shoulders,
gbpchf looks like a zigzag hair,
while eurgbp looks like a falling hair.
I was expecting something like a very visible correlation.
or i might be missing something.
Thanks
PS. i think Oanda has a correlation table. or some other broker. I'll try to find that correlation table.


squeezy, mine's triple quotes/posts.... beat that
  • #37,104
  • Edited 10:49am Jul 10, 2009 10:12am | Edited 10:49am
Quoting supremeChaos
Nice one squeezy.

as far as im concerned, it's already closed. lol


g_j_hook@yah,
hey i dont see picture perfect correlation here.
gbpcad looks like a spiked hair/mohawk? or head&shoulders,
gbpchf looks like a zigzag hair,
while eurgbp looks like a falling hair.
I was expecting something like a very visible correlation.
or i might be missing something.
Thanks
PS. i think Oanda has a correlation table. or some other broker. I'll try to find that correlation table.


squeezy, mine's triple quotes/posts.... beat that
http://www.mataf.net/en/tools/correlation-table
thats the add. for the corrolation table, i dont know how accurate they are??
Look again at the eu/gb - gb/chf SC, the corrolation is clear! or no? most of the swings corrolate nicely
jon
PATIENCE... DISCIPLINE
  • #37,105
  • Edited 10:46am Jul 10, 2009 10:20am | Edited 10:46am
http://fxlabs.oanda.com/cgi/fxlabs.pl?n=fxcorrelations


Quoting supremeChaos
PS. i think Oanda has a correlation table. or some other broker. I'll try to find that correlation table.
  • #37,106
  • Jul 10, 2009 10:26am Jul 10, 2009 10:26am
g_j_hook@yah, billye,
thanks. i think those are what i'm referring to.
jon, was just kidding. so u are only after the swings per se.

billye,
c g_j's post about correlation.
  • #37,107
  • Jul 10, 2009 10:46am Jul 10, 2009 10:46am
well thats me for the week. nothing broke very hard today eh??!! a bit disapointing but hey, cant have it all. i still managed a profit today though. i wonder what next week will bring??
Right...Jarroo, what do think we can do as a race to combat global warming?? lol...ITS THE WEEKEND!!
jon
PATIENCE... DISCIPLINE
  • #37,108
  • Jul 10, 2009 10:55am Jul 10, 2009 10:55am
Hello Everyone,

What do you think about the CADCHF pair? Is it call an i11b setup?

How you guys will play this setup if you go for this? I think it should be long but don't know how to enter.

All comments are welcom


Quoting squeezy
yeah, wasnt sure of the counting i2b, i3b,i4b etc....will read up on them over the wkend, if i got time
hey,check out my double post supreme



hahahahahahaha
lets wait till mkt closes 1st guys
nice ipb wkly trades ghous....
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  • #37,109
  • Jul 10, 2009 10:57am Jul 10, 2009 10:57am
Quoting PippingMama
Hello Everyone,

What do you think about the CADCHF pair? Is it call an i11b setup?

How you guys will play this setup if you go for this? I think it should be long but don't know how to enter.

All comments are welcom
Hey Mama

Careful that bar has a higher high then the previous bar so it is no longer an inside bar. But in general the PPZ is above you so pressure is more to the downside till proven otherwise

Best
Mike
  • #37,110
  • Jul 10, 2009 10:59am Jul 10, 2009 10:59am
Quoting PippingMama
Hello Everyone,

What do you think about the CADCHF pair? Is it call an i11b setup?

How you guys will play this setup if you go for this? I think it should be long but don't know how to enter.

All comments are welcom
hi there PippingMama, i dont think this counts as it needs to be the last bars what are IBs. these were broke by tha last two bars .
hope this helps?
jon
EDIT: Mike you are FAST!! glad you confirmed it though
cheers
PATIENCE... DISCIPLINE
  • #37,111
  • Jul 10, 2009 11:14am Jul 10, 2009 11:14am
Took, this 4 hr pin this morning at 1.0872. It was a tough one to take because of the choppiness but I saw the 1.09 level as a good resistance point and so far it has been. For now I have cut my risk in half by using the bar break stop. I may move TP' out a little further especially if it moves down a few more pips and I will put my stop to BE,

On a side note about the mental side of this trade. I feel I put this trade on slightly out of revenge that i was debating the Eur/Usd 4 hour yesterday evening and it had a great move. I need to control my emotions a little more and just think to myself that there will eb another trade soon to take. Thats the whole beauty of it.

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  • #37,112
  • Jul 10, 2009 11:39am Jul 10, 2009 11:39am
Hello Ghous,

You did a good trade on AUDCHF IPB weekly setup.

I want to know what is the market sentitment on the IPB? Which one is strong PA compare to a PB at a good location?

I was thinkin that a inverse PB at the top location like AUDCHF is saying that market try to go down but buyers still be able to push it up and finally form a inverse PB at top?

Can you give me some explannation on the logic about this IPB bar?

Why you pick the entry to be closed of the IPB bar?


Thanks!

Pipping



Quoting ghous
lol, thanks.
  • #37,113
  • Jul 10, 2009 12:14pm Jul 10, 2009 12:14pm
Quoting clockwork71
I do a lot of "work" on the meaning of bars.....beyond something as simple as a pinbar. (It must open and close within the bar before, etc....) I have found that most of what you need to do is this:

Notice what areas truly matter. Listen to those bars, they tell stories. I would suggest this trader is only partially correct. Exhaustion is exhaustion, no matter if your broker is CMT, EST, or Martian Time.

I would explain further, but that is probably beyond the scope of a posting on a thread.
do you trade etf's? how do you analyze or keep up w/ possibly hundreds & hundreds of different stocks or other potential instruments/investmen vehicles to make your selections? thx.
  • #37,114
  • Jul 10, 2009 12:29pm Jul 10, 2009 12:29pm
Quoting Ryanmcd
I trade lots of small crap PB's all day long, what I look at is risk, It's just like playing a inside bar to me, if it's 30 pips risk for 2% thats great, I hate the HUGE PB's that need 150 pips for 2% because that's a huge run I have to get and 300 for 4% and that is not going to happen, just a different way to look at it. Also I posted I thought we where going to sell off as all the pairs where turning down at that time and my BB and a few MA's that I use to keep me in check of price said the same. Also no I am not going to share the MA's I use...
Thanks Ryan. That makes alot of sense given this is just a numbers name at the end of the day.

I noticed that price was hugging the bottom BB on the H4 along the 95.00 level before your entered UJ, making a short trade a TC trade. Is that something you would take into consideration when working out whether the trend is down?

Simon
  • #37,115
  • Edited 1:49pm Jul 10, 2009 1:32pm | Edited 1:49pm
Quoting PippingMama
Hello Ghous,

You did a good trade on AUDCHF IPB weekly setup.

I want to know what is the market sentitment on the IPB? Which one is strong PA compare to a PB at a good location?

I was thinkin that a inverse PB at the top location like AUDCHF is saying that market try to go down but buyers still be able to push it up and finally form a inverse PB at top?

Can you give me some explannation on the logic about this IPB bar?

Why you pick the entry to be closed of the IPB bar?


Thanks!

Pipping
Hi Pipping Mama,

Thnx for the warm comments.

The basic phenomena of an IPb is as follows.

...

A bullish pin bar has a bullish effect when:

1) It occurs at a swing low.

2) It occurs at a decent pullback to an up trend.

A bullish pin bar has a bearish effect when:

1) It occurs at a swing high.

2) It occurs at a decent pullback to a down trend.

similarly...

A bearish Pin bar has a bearish effect when:

1) occurring at a swing high.

2) occurring at a decent pullback to a down trend.

A bearish pin bar has a bullish effect when:

1) It occurs at a swing low.

2) It occurs at a decent pullback to an up trend.

******------******

Basically a bullish pin bar at a swing low tells us that the bears who were in control have been overtaken. PA tells us this by leaving a long wick to the downside of the bar, which means price fell like it was doing for so many bars (the trend is down) but failed to close with authority. The bears only just stepped into the market and pulled price back up which the bears were unable to resist.

A bullish Pin bar at a swing high tells us that price failed to make a high significantly higher than the previous bar, and that's not all, the bulls actually lost control. PA tells us this through the bar with a very small upper wick (lack of bull strength) and a long lower wick (the bears have stepped in) hence just like in the case of a pin bar the bears haven't gained control but have definitely stepped in snatching the remote control from the bears thus a Bullish Pin bar at a swing high is basically a bearish bar dressed up like a bull.

Same goes with a bearish pin bar,

At a swing low it tells us that the bulls have stepped in (though not in total control just yet) and might dictate terms from here on.

******------******

I chose the close as my entry point because while I was studying them in depth I noticed that a lot of times price would shoot down/up from the close of the IPB kiss the end of the longer wick and fail to go beyond it i.e it finds resistance/support at it.

This is actually true for every price bar, the low and the high can and do and will work as major or minor support/resistance. this is precisely why waiting for the break of a pin bar is important, while tucking an initital SL above/below the longer wick is the safest way to play them.

However in the case of the IPB the close (i.e entry) is further away from the first target (end of the longer wick) than in the case of a pin bar where such an entry and TP would be ridiculous.

Once the IPB breaks the longer wick it can make another move down just like we expect a pin bar to work after the break from the supp/res from the bar high/low. So I'll either exit my entire position on the IPB low/high if a i see a problem in it running to break the bar or take some off at the low move my stop and let the trade run. (in the case of a strong momentum trade and little spatial concerns after the break of the IPB)

The initial SL is placed above/below the shorter wick for reasons mentioned above so it automatically nets you a risk rewards of more than 1:1 unless you're trading a symmetrical doji or something.


(Note also that if I see some form of hinderence in between my entry (bar close) and tp1 (ipb low/high) I will almost certainly take some off at this level and move my stop.)

******------******

Sorry for the long post guys, i thought it was necessary at this stage.

I've given the post a name so I can refer such a question to this post instead of typing the same stuff over and over again.

Regards,
Ghous.
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I believe . . .
  • #37,116
  • Edited 1:55pm Jul 10, 2009 1:40pm | Edited 1:55pm
Quoting dmc
Took, this 4 hr pin this morning at 1.0872. It was a tough one to take because of the choppiness but I saw the 1.09 level as a good resistance point and so far it has been. For now I have cut my risk in half by using the bar break stop. I may move TP' out a little further especially if it moves down a few more pips and I will put my stop to BE,

On a side note about the mental side of this trade. I feel I put this trade on slightly out of revenge that i was debating the Eur/Usd 4 hour yesterday evening and it had a great move. I need...
Me too - it was not worth much in all likelihood and I think you saw that going in, so good for you and manage it accordingly because this is not a primo play. I got out with just a bit less than a full 1R. Kind of like a eating chicken wings without a cold beer! Tasty, but....

On the emotional side of things - that is the real fight. Have you considered a journal for yourself? You can do a daily inventory on yourself and your attitude. Also, for each and every trade, take full stock on why you are taking the trade, the thinking and emotional state you are in. If you collect the right details, and if you are honest, you'll see some interesting patterns emerge.

Then you can review periodically and see how things line up - when you win, when you lose. And then be able to address what needs adjustment - or at least avoid trading when the circumstances are personally bad for you.

Got some Eros Ramazzotti and Laura Pausini in my ears right now. Damn. That is some real power in those pipes. I'd sing like that - if I had a shred of talent!

EDIT: Now she is singing with Michael Buble. Oh - I'd give my right arm for a gift like that.
I'm pretty much done with all this ...
  • #37,117
  • Jul 10, 2009 1:56pm Jul 10, 2009 1:56pm
Thanks for the comments SP, Yes I have been considering a journal but just need to get started on it. Maybe I will makei t a blog, I dont know yet .

I am out of the USD CHF trade now though, was lookign for every reason not to take the trade into the weekend and was given a bullish pinbar on the 1hr. So i closed out at .4% return, which isnt awful i guess. I need to stop playing with my tp's I would have had .5% return which would have been great considering the choppy area. Just have to read what the market gives you and not fight it , thats why I closed.


Quoting StoragePro
Me too - it was not worth much in all likelihood and I think you saw that going in, so good for you and manage accordingly because this is not a primo play. I got out with just a bit less than a full 1R. Kind of like a eating chicken wings without a cold beer! Tasty, but....

On the emotional side of things - that is the real fight. Have you considered a journal for yourself? You can do a daily inventory on yourself and your attitude. Also, for each and every trade, take full stock on why you are taking the trade, the thinking and emotional...
  • #37,118
  • Jul 10, 2009 2:19pm Jul 10, 2009 2:19pm
After a hard weeks trading.......Life is good....
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Ghost Rider - WWTBMD?
  • #37,119
  • Jul 10, 2009 2:36pm Jul 10, 2009 2:36pm
Quoting dmc
Thanks for the comments SP, Yes I have been considering a journal but just need to get started on it. Maybe I will makei t a blog, I dont know yet .
I recommend this journal to be private - for your eyes only. the nature of what goes in it is kind of personal. Keeping this personal gets you off the dime faster too.
I'm pretty much done with all this ...
  • #37,120
  • Jul 10, 2009 2:37pm Jul 10, 2009 2:37pm
Quoting albchr
After a hard weeks trading.......Life is good....
LOL !!

Living the life I see. One element is missing though - where is the little woman? She needs to be rubbin' yer feets!
I'm pretty much done with all this ...
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