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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

  • #37,421
  • Jul 15, 2009 12:40am Jul 15, 2009 12:40am
Hello James16 Turtles!
Yesterday took two trades - EurAUD PB and EURCAD BEOVB. I have real micro account at Oanda, but for charting I use ODL. Confusing thing is that at morning I placed Limit Sell on EURAUD at Oanda based on ODL chart PB. Then I rescan Oanda charts and saw EURCAD - at Oanda there was nice BEOVB to play with, but at ODL - not even close. Same was with couple other currencies.
I know, that we should trade what we see, but... How it is in situation, where one broker have nice PA setup, but other closes are different (no PA setup confirmation)?

Maybe I should get one more "charting" broker for different time zone (ODL is GMT I think), because I have seen many times, when someone call-analyse a trade, but on my chart (ODL) is nothing...?

Attached two charts - Oanda EURCAD and ODL EURCAD... On Oanda there is BEOVB (Friday - Monday), but ODL have Friday IB - propably could play IB breakout...
Attached Image (click to enlarge)
Click to Enlarge Name: eurcad_odl.gif Size: 11 KB
Attached Image
  • #37,422
  • Jul 15, 2009 12:46am Jul 15, 2009 12:46am
Quoting initex
Hello James16 Turtles!
Yesterday took two trades - EurAUD PB and EURCAD BEOVB. I have real micro account at Oanda, but for charting I use ODL. Confusing thing is that at morning I placed Limit Sell on EURAUD at Oanda based on ODL chart PB. Then I rescan Oanda charts and saw EURCAD - at Oanda there was nice BEOVB to play with, but at ODL - not even close. Same was with couple other currencies.
I know, that we should trade what we see, but... How it is in situation, where one broker have nice PA setup, but other closes are different (no PA setup...
Hey Initex

This is simply b/c the start time of the different brokers bar. So if they start at different times they will have different looks. For example Oanda new candle starts at midnight which is 7 hours later then my broker fxpro. Over the time of 7 hours much can happen to change the look. Again this is why location is the most important thing we do

Best
Mike
  • #37,423
  • Jul 15, 2009 1:05am Jul 15, 2009 1:05am
Quoting initex
Hello James16 Turtles!
Yesterday took two trades - EurAUD PB and EURCAD BEOVB. I have real micro account at Oanda, but for charting I use ODL. Confusing thing is that at morning I placed Limit Sell on EURAUD at Oanda based on ODL chart PB. Then I rescan Oanda charts and saw EURCAD - at Oanda there was nice BEOVB to play with, but at ODL - not even close. Same was with couple other currencies.
I know, that we should trade what we see, but... How it is in situation, where one broker have nice PA setup, but other closes are different (no PA setup...
Try looking at the different charts with a 1hour chart. You may see the same.

Hi Everyone on this thread, this is my first post here . i have been reading this thread with great interest. I am sure if i put the time in this education will lift my trading a great deal.

Thanks James and all the contributers for creating a great thread.
  • #37,424
  • Jul 15, 2009 1:13am Jul 15, 2009 1:13am
Quoting vijay s.
Assuming we get a good close, this looks like a good short 4h trade.
Took full profit at 1.0840. It continued down past my exit, but that doesn't concern me at all. I traded my plan, and ended with profit-- on to looking for the next trade setup.
  • #37,425
  • Jul 15, 2009 1:38am Jul 15, 2009 1:38am
Quoting pjpipster
...
Hi Everyone on this thread, this is my first post here . i have been reading this thread with great interest. I am sure if i put the time in this education will lift my trading a great deal.
Thanks James and all the contributers for creating a great thread.
pjpipster,
Welcome, enjoy the thread & good luck!
of course, post a lot to learn much much faster


Quoting vijay s.
Took full profit at 1.0840. It continued down past my exit, but that doesn't concern me at all. I traded my plan, and ended with profit-- on to looking for the next trade setup.
vijay s.,
that's great. u traded your plan & u took profit.
if u notice $ has weakened, i think, across the board.
i missed all the moves. lol
specially yesterday because of my Crappy internet. Just got back online today
  • #37,426
  • Jul 15, 2009 2:13am Jul 15, 2009 2:13am
Quoting egkid
I just thought to share what i'm doing
Since few minuts open 5 stander lots: 2 sell u/cad and 2 buy e/u and 1 buy u/j Target 1 Million to prove to my self i'm good and because Many says opposite of my view "Demo Account"

"in real account .....2% risk"
Thanks
ps: sorry if i interrupt this great thread to say this just got feeling to share it.
Quote
For example:U/Cad
1-Bearish Bat on daily chart Max top suppose to be 1.1785

2-Oil 58$ Critical area "as bloomberg says:
Pennsylvania-based consultant Schork Group Inc. “If the bulls are going to put up a defense, this is where it will occur. If they fail, the path toward a $40-handle will be wide open.”

3-My Daily chart indicator show sell.

4- EW in my count EW5 to down should start here

What a great feeling to be right and nice PIPS i got All winning e/u and u/cad and u/j Now i know why few only win
  • #37,427
  • Jul 15, 2009 2:22am Jul 15, 2009 2:22am
Autopager makes it easier to read. I am on page 3 right now.

Quoting tac
A tip, if you are using firefox as your browser, there is an free addon called autopager. It basically allows you to scroll the whole thread without having to click each new page. It loads a page at a time as you near the bottom of the page.
  • #37,428
  • Jul 15, 2009 2:25am Jul 15, 2009 2:25am
egkid,
yes, it's a great feeling.
when u post, do state the reasons why u are talking certain trades.
saying "sell $cad, based on bearish Bat, BEOB, PPZ, etc" is better than just "sell $cad".
This way, everyone can learn from u.
I know u get my point.
  • #37,429
  • Jul 15, 2009 2:26am Jul 15, 2009 2:26am
maheshbohir,
Glad u finally took the initiative to post after lurking for some time.
Keep them coming.
  • #37,430
  • Jul 15, 2009 2:49am Jul 15, 2009 2:49am
Dear all,

Can anyone tell me why do these things (pinbar, BUOB, DLHC, etc.) work? The explanation may be posted before, but this is such a big big big thread. Please help!

Cheers!
  • #37,431
  • Jul 15, 2009 2:50am Jul 15, 2009 2:50am
Quoting james16
welcome tac.

i think the best approach is to balance staying current with the thread and reading from the beginning.

in other words dont get to wrapped up in reading the whole thing as fast as you can.

stay current and give yourself plenty of time to read it.

learn a coiple of basic bars, learn how we look at support/resistance and have fun with it while your learning.

very simple stuff and pretty darn easy to get good at if you approach it in the corect manner.

resist the temptation to go as fast as you can.

follow the...
Thanks James,

I agree about not just Reading the thread for the sake of saying I read it. The real purpose is to learn from the number of posters asking all the questions related to this method. I will be on daily charts and would rather stay there and expand my markets traded to get more oppurtunities rather than drop timeframes.

Thanks for the tips on taking notes also.

Tac
I hear and I forget. I see and I remember. I do and I understand.
  • #37,432
  • Jul 15, 2009 3:07am Jul 15, 2009 3:07am
Quote
i think the best approach is to balance staying current with the thread and reading from the beginning.

in other words dont get to wrapped up in reading the whole thing as fast as you can.

thats what i'm doing. im currently on page 59
  • #37,433
  • Jul 15, 2009 3:09am Jul 15, 2009 3:09am
mike and greg thanks for the reply on the chfjpy i noticed its trying to push north il just have to wait and see.
thanks, john
  • #37,434
  • Jul 15, 2009 3:11am Jul 15, 2009 3:11am
Quoting kk007
Dear all,
Can anyone tell me why do these things (pinbar, BUOB, DLHC, etc.) work? The explanation may be posted before, but this is such a big big big thread. Please help!
Cheers!
kk007,
simply put,
these PA setups works because they are a good manifestation of agreements/disagreements or balance/imbalance between buyers/sellers.
when these PA setups appear, an imbalance between buyers/sellers has emerged & momentum usually follows (to the direction of these PA setups; that is, BEOB shows a down direction/momentum, DBLHC = upmove, etc).

more simply,
these PA setups are like footprints of where (direction) price may go (momentum).
Hope i made sense
  • #37,435
  • Jul 15, 2009 3:17am Jul 15, 2009 3:17am
Quoting supremeChaos
kk007,
simply put,
these PA setups works because they are a good manifestation of agreements/disagreements or balance/imbalance between buyers/sellers.
when these PA setups appear, an imbalance between buyers/sellers has emerged & momentum usually follows (to the direction of these PA setups; that is, BEOB shows a down direction/momentum, DBLHC = upmove, etc).

more simply,
these PA setups are like footprints of where (direction) price may go (momentum).
Hope i made sense
Thanks supremeChaos, my friend, for your simply put explanation. I think you are quite right. It will be even more wonderful if there is also a "complicatedly put" explanation. Cheers! Will see!
  • #37,436
  • Jul 15, 2009 3:17am Jul 15, 2009 3:17am
Quoting kk007
Dear all,

Can anyone tell me why do these things (pinbar, BUOB, DLHC, etc.) work? The explanation may be posted before, but this is such a big big big thread. Please help!
Slightly more completely put,

I think all of those are considered reversal patterns so just on that definition, the formation can be observed to show an attempt to keep going in the direction things were moving most recently but price couldn't make it any further in that direction (who cares why), so it started to turn around and show signs of reversing through the appearance of these bar patterns.

So a quick and dirty reason why a reversal pattern works is because they exploit the inherent inability of price to keep going and it is therefore likely it will now go the other way.

The most obvious example is the pin with its long nose. The previous bars for a good pin setup would be trending with new highs and lows in whatever direction the trend is, then the pin shows up where it opens within the previous bar, tries to keep going with the trend, can't, and closes back within that previous bar again rather than making a new high/low with the trend. It shows failure to keep trending and a good probability to now reverse.
"Support and Resistance either holds or it doesn't." -Anonymous hillbilly
  • #37,437
  • Jul 15, 2009 3:22am Jul 15, 2009 3:22am
Quoting supremeChaos
yes, Slurpee.
go get one slurpee (ooops, )
We don't have Slurpees over here, I might grab some beer for celebration
Live it or leave it!
  • #37,438
  • Jul 15, 2009 3:34am Jul 15, 2009 3:34am
Quoting Thexder
Slightly more completely put,

I think all of those are considered reversal patterns so just on that definition, the formation can be observed to show an attempt to keep going in the direction things were moving most recently but price couldn't make it any further in that direction (who cares why), so it started to turn around and show signs of reversing through the appearance of these bar patterns.

So a quick and dirty reason why a reversal pattern works is because they exploit the inherent inability of price to keep going and it is therefore...
Thanks Thexder,

I think you are completely right.

Shortly put,
These are all good reversal patterns.

Nevertheless, for why they are effective, and why these patterns with their particular shape/requirements so that they are so effective, there are not many available explanations.

I have read books with names like "encyclopdia of candlestick patterns", but those thousands of candlestick patterns on those books are not mostly effective.

This experience makes me quite curious.

Thanks anyway for your explanation.

Cheers!
  • #37,439
  • Jul 15, 2009 3:36am Jul 15, 2009 3:36am
Quoting Almfx
Attachment
Almfx, did you take this trade? USDCHF pin on 4HR...

I did, my TP hit just an hour ago or so...

Man, we have to love this game
Attached Image
Live it or leave it!
  • #37,440
  • Jul 15, 2009 3:40am Jul 15, 2009 3:40am
Quoting kk007
I have read books with names like "encyclopdia of candlestick patterns", but those thousands of candlestick patterns on those books are not mostly effective.
Well, the pin bar is similar to a shooting star or a hammer.
Don't wish it were easier, wish you were better. ~ Jim Rohn
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