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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

  • #41,021
  • Aug 14, 2009 1:04pm Aug 14, 2009 1:04pm
Quoting supremeChaos
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.
Sigh.

I'd like to see that decoder ring. Right now IB's are a lot like entrails reading to me. Now if I could just find my Urim and Thummim...
I'm pretty much done with all this ...
  • #41,022
  • Aug 14, 2009 1:10pm Aug 14, 2009 1:10pm
Quoting StoragePro
Sigh.
I'd like to see that decoder ring. Right now IB's are a lot like entrails reading to me. Now if I could just find my Urim and Thummim...
Aha... Uhummmm... what do u mean, Sir?
u mean u want to learn about IB trading from them real soon?
what's Urim & Thurimmm? lol

can u please talk/post as if u are talking to a 5 year old...
it's past 2AM here & u are speaking words alien to my ears...
  • #41,023
  • Edited 1:26pm Aug 14, 2009 1:13pm | Edited 1:26pm
Quoting fat_tom
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

mbqb11 will better assist you on this,

but I for one tend to be extremely cautious with all these "less common" PA setups. As yu rightly pointed out the DBHLC doesn't comply to a "perfect" DBHLC shape.

The logic behind using this particular pair of bars as an entry trigger lies in the event that the first bar touches a ppz and closes below it. The next bar does the same and finds res/supp near or at the previous bar low/high and bounces in the opposite direction with authority (extending further than the first bar). This is clearly a good indication of supp/res at a ppz which is the base of our method here.

A lot of times when trying to assess the validity of a PA bar keeping the basic definition of the setup in mind can be really helpful.

ghous.
I believe . . .
  • #41,024
  • Aug 14, 2009 1:18pm Aug 14, 2009 1:18pm
Quoting supremeChaos
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: .
This is true for sure. Put a buffer of 15 or so pips on it and THEN check out how many false breaks happen (quite a few less).

It's just like a trendline. Trendline breaks happen only to return and follow through along with the trendline. What makes this any different? That's why nobody in their right mind would put a stop right on that trendline..right?
I dream, therefore I become.
  • #41,025
  • Aug 14, 2009 1:21pm Aug 14, 2009 1:21pm
Quoting supremeChaos
Aha... Uhummmm... what do u mean, Sir?
u mean u want to learn about IB trading from them real soon?
what's Urim & Thurimmm? lol

can u please talk/post as if u are talking to a 5 year old...
it's past 2AM here & u are speaking words alien to my ears...
Urim and Thummin were apparently two stones that the Jewish High Priest held inside his breast plate. They were used to cast lots. About as close to magic you'll see in the Bible.

Chicken entrails - Guts. Often 'read' by old women in Latin countries to gain knowledge of future events. Look up "Bullshit" on Wiki...

And - go to bed.
I'm pretty much done with all this ...
  • #41,026
  • Aug 14, 2009 1:29pm Aug 14, 2009 1:29pm
Quoting mike w
This is true for sure. Put a buffer of 15 or so pips on it and THEN check out how many false breaks happen (quite a few less).

It's just like a trendline. Trendline breaks happen only to return and follow through along with the trendline. What makes this any different? That's why nobody in their right mind would put a stop right on that trendline..right?
You're teasing us Mike.

lol

Can't wait...
I believe . . .
  • #41,027
  • Aug 14, 2009 1:31pm Aug 14, 2009 1:31pm
Quoting mike w
.....
It's just like a trendline. Trendline breaks happen only to return and follow through along with the trendline. What makes this any different?...
Nice catch... i forgot to mention Trendlines.


Quoting StoragePro
Urim and Thummin were apparently two stones that the Jewish High Priest held inside his breast plate....
Chicken entrails - Guts. Often 'read' by old women in Latin countries to gain knowledge of future events. Look up "Bullshit" on Wiki...
And - go to bed.
whose that High Priest?

Quote
And - go to bed
Very good suggestion. Thanks Dad for the advice & humor...
on that note, i'll take some rest now..


Thanks all, thanks james16 thread, Thanks FF!
Have a good one everyone...
(2.30AM , Local time)
  • #41,028
  • Aug 14, 2009 2:05pm Aug 14, 2009 2:05pm
here's an example of an IB on the daily chart. This is 8-04-09. Eur/usd.

Here's where most people get messed up with these. You enter when the next bar breaks high or low. Still following?

Now check this out. Tell me WHY would ANYONE do that?

How about after looking at the 4 hour chart? Do you notice anything? These are serious questions to answer. Notice the blue rectangle.

Why would you take a trade based on a break, but not a close below, of that IB? That's suicide as the range could just be widening a bit.

Personally, I'd rather wait for the break and close on that four hour chart and THEN enter. Wait for the retracement if you are conservative. DUH! I'm on a roll here. lol Fired up and ready to go.

That first entry topside would have never happened if you had followed it this way and waited for the break and close above... Save money, make money son. That's what my old man said.
Attached Image(s) (click to enlarge)
Click to Enlarge Name: daily chart ib.gif Size: 16 KB
Click to Enlarge Name: same ib.gif Size: 17 KB
I dream, therefore I become.
  • #41,029
  • Aug 14, 2009 2:17pm Aug 14, 2009 2:17pm
And yet another daily IB on the eur/usd. This one is from 8-11-2009.

You'll notice this IB broke bottomside right? Go to the lower timeframe (4hr). That IS the lower timeframe.

The range from 8-11 is noted by the blue box. DID WE SEE A CLOSE BELOW? A Close, not a break. NO. Why trade it when it's going right back into the range? Then what happens? It breaks topside. Did we see a close after it broke topside ABOVE the range? Yup.

You could enter on a retracement back to the range or right there. Either way, it went right back to the resistance at 1.4325 then reversed. Who didn't see that coming?

Now, who can tell me why they would put their money into a "blind" entry by going in right off the bat. If your patient, you'll make bank. If not, you'll give it away.
Attached Image(s) (click to enlarge)
Click to Enlarge Name: eight eleven daily.gif Size: 15 KB
Click to Enlarge Name: eight eleven four.gif Size: 17 KB
I dream, therefore I become.
  • #41,030
  • Aug 14, 2009 2:25pm Aug 14, 2009 2:25pm
Daily IB's are just like MBQB11's breakouts on the 4 hour. Check that out if you never have. In fact, read all of his posts. Do it. do it now. do it.
I dream, therefore I become.
  • #41,031
  • Aug 14, 2009 2:30pm Aug 14, 2009 2:30pm
Quoting mike w
Daily IB's are just like MBQB11's breakouts on the 4 hour. Check that out if you never have. In fact, read all of his posts. Do it. do it now. do it.
LOL Mike is on a roll today
  • #41,032
  • Aug 14, 2009 2:38pm Aug 14, 2009 2:38pm
wow... back to back two Mike's posting.
both joined FF in the same year, only a month apart. how cool!
Two stars from heaven descended upon us, here on FF. we are very blessed with two very young Mike's.

that's all.

i'll get back to my...
  • #41,033
  • Aug 14, 2009 3:02pm Aug 14, 2009 3:02pm
Quoting mbqb11
LOL Mike is on a roll today
I got it from you big guy!
I dream, therefore I become.
  • #41,034
  • Aug 14, 2009 3:10pm Aug 14, 2009 3:10pm
Quoting supremeChaos
wow... back to back two Mike's posting.
both joined FF in the same year, only a month apart. how cool!
Two stars from heaven descended upon us, here on FF. we are very blessed with two very young Mike's.

that's all.

i'll get back to my...

Change that to one Mike. The real mike- MBQB11. I'm just an imposter bum.
I dream, therefore I become.
  • #41,035
  • Aug 14, 2009 3:17pm Aug 14, 2009 3:17pm
Quoting supremeChaos
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]...
Good Advice SC. My second 1/2 got taken out at BE on AUDCAD...as for the USDCAD, I was a litttle premature because the 4hr candle hadn't closed yet...oh well....looks like there could be a few Sunday setups....

I've been plagued by BE take outs....I guess that is the price you pay for not letting winners turn to losers....there's always a price to pay, which ever way you slice it...

I had a great week and I learned an aweful lot from you vets and all the traders on this thread...I can't wait till Sunday (what a switch....I can't wait to get back to work!! I love it...)

GregB
  • #41,036
  • Aug 14, 2009 3:19pm Aug 14, 2009 3:19pm
Quote
Change that to one Mike. The real mike- MBQB11. I'm just an imposter bum.
... aha, just like me...
we're almost similar, but im much worse...

i'm rustyjeff's imposter. i'm the imposter bum who's not yet consistently profitable.
  • #41,037
  • Aug 14, 2009 3:28pm Aug 14, 2009 3:28pm
Quoting batesmotel
.....
I've been plagued by BE take outs....I guess that is the price you pay for not letting winners turn to losers....there's always a price to pay, which ever way you slice it...

I had a great week and I learned an aweful lot from you vets and all the traders on this thread...I can't wait till Sunday (what a switch....I can't wait to get back to work!! I love it...)
Glad to hear u are making great progress Greg...
well, to me, this trading thing is getting more & more fun, exciting & boring all at the same time.... as time goes by..

well, with regards your trades.... one, BE's are better than losses... two, u are trading multiple positions, so u get better results than people like me who trade only 1 position per trade (that's why i'm into BE + x rather than BE profits).

one last thing, i'm no ''vet'' yet!
I hate it when people think im old.
im still in my 20's u know...
  • #41,038
  • Aug 14, 2009 3:30pm Aug 14, 2009 3:30pm
Quoting supremeChaos

im still in my 20's u know...
Not for loooonnnnngggg!!! hahah just playin!
I dream, therefore I become.
  • #41,039
  • Aug 14, 2009 3:41pm Aug 14, 2009 3:41pm
mike w,
hey Sir, dont spit out my age...
or else, i'll spit out your age too...

mike w's age is............2
btw, mbqb11 is..........2 too........
  • #41,040
  • Aug 14, 2009 3:51pm Aug 14, 2009 3:51pm
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...
Just my 2 cents worth....I think we are seeing more PB (compared to 1995) because of technology, computers and the emergence of nickel and dime traders like you and I....The FX market was a private club reserved for "the big boys" only.....now they have to compete with instant data feeds and little annoyances like all us small fry....The big MM will try to "Shake Out" the easy money, hence the name Pinnochio bar (liar liar pants on fire)...head fake one way, grab the dough from unexpecting dufii (my plural for Dufus)....and then trade the other way, and do it all over again at the other end ....

Everything reacts faster now because of the "computer age"...

Anyways, that is IMO....It's all part of the evolution of FX MM traders....

GregB
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