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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

  • #41,001
  • Aug 14, 2009 9:56am Aug 14, 2009 9:56am
Hi supreme

yes 82 does stand for 1982 and yes that is the year i was born.

I have been trading fx for 2 years now but have only been consistent over the last 3-6 months as this is when I came across this thread and joined the pf. surprise surprise!!

i recently qualified as a lawyer here in the uk but i have not gone into practice due to not having my contract extended / recession / difficulty in finding work.

Fortunately my father runs a metal trading business so I decided to work with him and trade fx full time. I also look at stocks and I am practising to trade the indices.

Take care and happy trading.

faizal
  • #41,002
  • Aug 14, 2009 10:09am Aug 14, 2009 10:09am
Quoting faizal82
Hi supreme

yes 82 does stand for 1982 and yes that is the year i was born.

I have been trading fx for 2 years now but have only been consistent over the last 3-6 months as this is when I came across this thread and joined the pf. surprise surprise!!

[color=black][font=Verdana]i recently qualified as a lawyer here in the uk but i have not gone into practice due to not having my contract extended / recession / difficulty...

Faizal, there's a quote button on the bottom right of each post. =)

I must say buddy, you're in a situation that is worthy of envy.

Ah, yes, I place stops in the signal timeframe too. The rest are used as auxillary stuff.

This thread seems to span all the timezones.
Hope James is proud about how far reaching this awesome material is =)
One Mind, Any Market
  • #41,003
  • Aug 14, 2009 10:25am Aug 14, 2009 10:25am
If it wasn't Friday close to afternoon, I would consider this BUOB ...50 pip window of opportunity...

GregB
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  • #41,004
  • Aug 14, 2009 10:52am Aug 14, 2009 10:52am
Quoting faizal82
Hi supreme
yes 82 does stand for 1982 and yes that is the year i was born.
I have been trading fx for 2 years now but have only been consistent over the last 3-6 months as this is when I came across this thread and joined the pf. surprise surprise!!
Good to hear u are doing well...
another one to join the 20-something "clan" in j16 thread.
A possible future seasoned trader & teacher in this thread?
Keep the posts coming....



Quote
If it wasn't Friday close to afternoon, I would consider this BUOB ...50 pip window of opportunity...
batesmotel
it's probably profit-taking/position adjustments, nothing wrong taking it...
ooops. the train already moved about 20pips...

btw, check NZDCAD H4 & Daily... MACD div on H4...
if price can stay & close above 1.74, it probably will muster enough force to move further up (1.75 - 1.78)... if not, 1.73 area is likely & D1 will end up as a HUGE PB. W1 looks great for longs, Monthly chart is so far an IB.

also, it's amazing u had a buy on NZDCAD while i had a small short [demo; XTB MT4, similar with Alpari, GMT + 2] on AUDCAD (entry 0.9145, exit 0.9090)
[i havent check currency correlations recently but...] It seems AUDCAD is not correlated with NZDCAD anymore OR AUDCAD leads (NZDCAD or vice versa)
I'll try & put up a chart tomorrow/later..
  • #41,005
  • Aug 14, 2009 10:57am Aug 14, 2009 10:57am
Guys/Girls,

wanted some advice on wether this is qualifies as a DHLC type formation?

the second bar didn't retest the highs of the first bar it was already there so to speak? so is this some sort of hybrid BEOB/DHLC combo?

just wanted to know if this is valid PA? - not necesserliy if its a valid trade if you get my meaning!

Thoughts?

Tom
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  • #41,006
  • Aug 14, 2009 11:16am Aug 14, 2009 11:16am
fat_tom,
u should've mentioned which MT4 broker this is that u are using, so others can compare/countercheck.

on XTB MT4 demo [similar with Alpari, GMT + 2],
previous bar's hi163.02/close162.79,
current bar's high162.90/open162.84.

my thoughts, jmho...
(since im not that strict/am quite flexible on PA shape/formations) visually, to me this is, like u said, a hybrid BEOB/DBHLC, IF it closes almost exactly as u have posted above. anything can happen in the last few hours of this day that can "damage" the look of the two bars in question.
on its own, yes it's a valid PA, i'll monitor & consider taking it. (note that we haven't discussed PPZ's, div's, confluences, etc...)
probably the seasoned traders are more strict & better, & they may have a different view, so listen to their comments too.
  • #41,007
  • Edited 12:05pm Aug 14, 2009 11:47am | Edited 12:05pm
fat_tom, supreme :
imo this setup, although it's not perfect, could turn out to be a good one, on daily, there's a double top with bearish divergence and 365ema, and on weekly this setup is off 60ema.
i'd be aware of 155, which is a big rd number and the first trouble area, if it gets past it, the price could go to D1 150ema+152.5.
one could also simply keep this weekly setup in mind and look for intraday opportunities to go short. but don't listen just to me, i'm sure some more experienced traders have more to say about this one.
  • #41,008
  • Aug 14, 2009 12:15pm Aug 14, 2009 12:15pm
A lot of folks just make a decision and move on. Not me. I revisit every single one of them - sometimes for weeks after. I try to learn something from every decision to get in or not.

I think this is a great non-trade for you (and all of us to look at) Thanks for posting it because it is sweet. You did not make a mistake skipping this trade - not at all - you stayed comfortable - and alive.

What I am showing you is a little something I learned from Swami on the PF. A once a week analysis of the markets. I do it differently than he does, but I do it, and found it very valuable. (Thanks Swami - somebody is listening very close to you!)

First chart is the BIG PICTURE. The Weekly of this pair. See the fib retrace? Where is price now? hhmmm....

Second Chart is the daily. See the grey box marking a PPZ? Where is price now? hhmmmm

Last Chart - the 4 hour. Couple things to take note of - first, we have divergence. Big divergence. Big, Pink Elephant in the room divergence. Second - PB on my PPZ. Third - that two bar PB I also marked - FAILED. It did not start a run.

The traffic. Yeah, I see it. It happens often when price nudges to a PPZ. Eventually, some one has got to lose these battles, and this one is day trading days old...

Confluence - we got a ton of it. And enough of it that I felt the risk was worth it.

Finally - look at The gray bar on the 4 hr chart - that marks a PPZ that was rejected from underneath on July 28. Guess where my stop is now.... If price stays below that bar, it has a chance to run a bit.

RUN FORREST, RUN !!!

This is a really cool example - IMHO...


EDIT: Oh - and yes, I've been stalking this one trade all week. And I got it twice... Tastes like chicken...

Quoting Cyrus
What do you guys think of this?

Comments please. Kinda new to this, might be missing out on some stuff.

I know there's a nice bullish pin in the daily, so I'm betting on a smaller move in 4hr to just 1 PPZ. Not gunning for a home run.

Ok. I'm abit confused right now.

Daily: Bullish Pin
4hour: Bearish Pin
1hour: Bullish Pin after 4hour bearish pin.

AUDUSD 4hour Pinbar off PPZ.
Target PPZ @ the bottom + wPivot
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I'm pretty much done with all this ...
  • #41,009
  • Aug 14, 2009 12:15pm Aug 14, 2009 12:15pm
Hi folks

hope some senior members or someone can answer my questions

i was just scrolling through the history GBP/JPY daily chart, right back to 1995, and it confuses me and brings up a few questions important to me.
i see no or very few decent looking pin bars at swing high and swing lows or rather at the right locations right back from 1995 to up until early 2000.

why is it that pin bars are appearing now and not previously?

will these pin bars continue to appear say e.g another 10 years? i know you cant see the future so cant really have an exact answer to this question but i just wanted folks opinons

what if market characteristic change (and pin bars stop appearing), where do we go from there?

what method can i diploy or rather how would one approach the market to adapt to the changing market?

these questions have always bugged me and its time i got others opinons and views

thank you

sohail786
  • #41,010
  • Aug 14, 2009 12:25pm Aug 14, 2009 12:25pm
In light of Storagepro's looking back, I'd like to propose everyone do the same thing.

I'm doing some testing on daily IBs right now (for the 5647385837th time) and check this OUT. IF THIS ISN'T EXCITING, YOU ARE DEAD.

Go back to the daily IB on 4-14-2006. Check it out. A 32 pip stop is what I would have used here. Look at the profit potential. I about pissed my pants. First take profit I would have used was at prior resistance at 1.7588. After that, I set my stops to break even and let em run. See where it went. Damn, I'm excited. Back to testing. Peace out everybody.
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I dream, therefore I become.
  • #41,011
  • Aug 14, 2009 12:27pm Aug 14, 2009 12:27pm
Quoting Sohail786
Hi folks

hope some senior members or someone can answer my questions

i was just scrolling through the history GBP/JPY daily chart, right back to 1995, and it confuses me and brings up a few questions important to me.
i see no or very few decent looking pin bars at swing high and swing lows or rather at the right locations right back from 1995 to up until early 2000.

why is it that pin bars are appearing now and not previously?

will these pin bars continue to appear say e.g another 10 years? i know you cant see the future so cant really have...
Yes, pin bars DO and WILL work. If you aren't seeing any, why not add a few other tools to your trading toolbox such as outside bars, Inside bars, and pseudo-pin bars?

Damn...I'm still excited.
I dream, therefore I become.
  • #41,012
  • Aug 14, 2009 12:28pm Aug 14, 2009 12:28pm
I cannot speak about 'previous history' but PB are old, old, old and famous. The appear in all markets and time frames, and when at the right location are about as close to money in the back as can be.

Sometimes I notice PB's don't show up a lot, but their blood relative the Outside bar does.

These bars won't go away from being effective - unlike technical setups.

Bar formation or "Price Action" are created from order flow and spell out the intent of the large market participants. All we do is wait for their intentions to become clear, and we follow suit. This will never change. It has been around for hundreds and hundreds of years.

When you shove hundreds of millions - or billions into the Forex Market, you don't do it in a single order. It has to go in over time. Price Action then occurs. Buying and selling. Stops being hit.

It is kind of like going to the Junior Prom. You wait until intentions are clear - ten you make your move - or you'll get a slap!



Quoting Sohail786
Hi folks

hope some senior members or someone can answer my questions

i was just scrolling through the history GBP/JPY daily chart, right back to 1995, and it confuses me and brings up a few questions important to me.
i see no or very few decent looking pin bars at swing high and swing lows or rather at the right locations right back from 1995 to up until early 2000.

why is it that pin bars are appearing now and not previously?

will these pin bars continue to appear say e.g another 10 years? i know you cant see the future so cant...
I'm pretty much done with all this ...
  • #41,013
  • Aug 14, 2009 12:33pm Aug 14, 2009 12:33pm
Quoting mike w
In light of Storagepro's looking back, I'd like to propose everyone do the same thing....
I'll get the mop - but in the mean time, could you talk_real_slow for me?

I've never gotten comfortable with IB's, they've treated me like strychnine...
I'm pretty much done with all this ...
  • #41,014
  • Aug 14, 2009 12:36pm Aug 14, 2009 12:36pm
Quoting StoragePro
I'll get the mop - but in the mean time, could you talk_real_slow for me?

I've never gotten comfortable with IB's, they've treated me like strychnine...
Truth be told, I doubt I could talk slow right now haha I'm losing my mind here. That trade is life changing if one would have taken it and held.

Other than that, I believe they are something to look into. Light risk, huge reward oftentimes.

I'm either going to post my testing here or in the PF sometime between this and next month.
I dream, therefore I become.
  • #41,015
  • Aug 14, 2009 12:40pm Aug 14, 2009 12:40pm
Quoting Sohail786
Hi folks

hope some senior members or someone can answer my questions

i was just scrolling through the history GBP/JPY daily chart, right back to 1995, and it confuses me and brings up a few questions important to me.
i see no or very few decent looking pin bars at swing high and swing lows or rather at the right locations right back from 1995 to up until early 2000.

why is it that pin bars are appearing now and not previously?

will these pin bars continue to appear say e.g another 10 years? i know you cant see the future so cant really have...
I would guess before 2000ish forex had much lower volume and even fewer speculators. I assume technical analysis as a whole did not work as well for forex before late 90's-2000.

It is probably the same way with anything with low volume. Pin bars and technical analysis generally don't work as well on a stock with 10k volume as opposed to the Dow stocks with millions in volume. I've heard that anyway, I don't have much experience trading stocks, at least not successfully or with technical analysis.
  • #41,016
  • Aug 14, 2009 12:44pm Aug 14, 2009 12:44pm
@SP

thank you very much for the great explanation, i think i got it now

@Mike

yes i do play outside bars to, they work very much like pinbars and can generate considreble moves

inside bars- i hate them, they seem to do a lot of false breaks and then completly go in the oposite direction or maybe am just a


thanks, i can sleep easy now

sohail
  • #41,017
  • Aug 14, 2009 12:47pm Aug 14, 2009 12:47pm
Quoting mike w
Truth be told, I doubt I could talk slow right now haha I'm losing my mind here. That trade is life changing if one would have taken it and held.

Other than that, I believe they are something to look into. Light risk, huge reward oftentimes.

I'm either going to post my testing here or in the PF sometime between this and next month.
I'll be waiting and looking myself. Thanks man.
I'm pretty much done with all this ...
  • #41,018
  • Aug 14, 2009 12:51pm Aug 14, 2009 12:51pm
Quoting mike w
Yes, pin bars DO and WILL work. If you aren't seeing any, why not add a few other tools to your trading toolbox such as outside bars, Inside bars, and pseudo-pin bars?

Damn...I'm still excited.
.... "Damn...I'm still excited" --- I liked this a lot. SERIOUSLY. it's infectious. sort of like turbocharged my enthusiasm by x100, especially coming from a senior trader like u.

Sohail786
well... PB's, imho, will continue to work. because supply & demand, S/R & greed/fear will continue to work & manifest in the future.
& if u have not seen PB's in the previous charts, dont forget u can always combine/picture in your mind 2-bar, 3-bar or n-bar PB formations, in any timeframe ---past or present or even in the future.


Quote
I'm either going to post my testing here or in the PF sometime between this and next month.
mike w,
Good stuff...
Have u checked the DIBS thread &/or communicated with Dale?
u can also try & communicate with zuret9. i think that he is into IB's too.
do update/inform us here.
  • #41,019
  • Aug 14, 2009 12:53pm Aug 14, 2009 12:53pm
Quoting mike w
Truth be told, I doubt I could talk slow right now haha I'm losing my mind here. That trade is life changing if one would have taken it and held.

Other than that, I believe they are something to look into. Light risk, huge reward oftentimes.
That is the allure - but I gotta figure out how to reduce my risk.

Life changing? I dunno - maybe "Mop Worthy"

Hey - there it is - a great trade is now "MOP WORTHY"
I'm pretty much done with all this ...
  • #41,020
  • Aug 14, 2009 12:58pm Aug 14, 2009 12:58pm
Quoting Sohail786
.....
inside bars- i hate them, they seem to do a lot of false breaks and then completely go in the oposite direction or maybe am just a ....
AS your experience grows & get openminded, u will probably entertain & incorporate IB's in your trading.. (i am into it but have not delved into & used it as extensively as jarroo, Dale, zuret9 & the others have)

false breaks do happen: in ranges there are false breaks, even strong S/R sometimes get false breaks.
IB trading entails discretion, just like many facets/aspects of trading do.
& just like Sir mike w said, IB trading often gives low risk, high reward trade setups.
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