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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

  • #41,041
  • Aug 14, 2009 4:07pm Aug 14, 2009 4:07pm
Quoting supremeChaos
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........

Bunch of children.... Mind your manners and take your elbows OFF the table!

Enjoy the ride kids! It goes by *real* fast.
I'm pretty much done with all this ...
  • #41,042
  • Aug 14, 2009 4:17pm Aug 14, 2009 4:17pm
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.

good point, i will definately look into them more, maybe do some testing over the weekend

thanks

sohail
  • #41,043
  • Aug 14, 2009 4:24pm Aug 14, 2009 4:24pm
Quoting Cyrus
Hi Jarroo, might I ask what timeframes you look at for all these pairs?
I look at the Weekly, Daily (2 Day, 3 Day), 12 hour, 8 hour and 4 hour.
Indicators show the past. Price Action "Indicates" the future.
  • #41,044
  • Edited 5:48pm Aug 14, 2009 4:57pm | Edited 5:48pm
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
It looks like a decent trade...my only concern is the VERY strong monthly Support that the GY is sitting on at the moment. This monthly support has several touches dating back to 1993.

I wouldn't touch this GY short until I was satisfied that she broke this 155.86 support....This would be crucial for the success of this trade.

Notice how the last 2 tests of this support on the daily TF have respected this support level....

IMHO, I would like to see the GY completely break the 155.86 support and then look for some PA to play off of, on the retrace back up to the support turned resistance at at 155.86...

On the Pro side; the PA is definitely "sniffing around" (like a blood hound) the support level...ie...someone is interested in breaking this level.....

Just my opinion though....

GregB
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  • #41,045
  • Aug 14, 2009 4:57pm Aug 14, 2009 4:57pm
Quoting jarroo
I look at the Weekly, Daily (2 Day, 3 Day), 12 hour, 8 hour and 4 hour.
Slacker.
Don't wish it were easier, wish you were better. ~ Jim Rohn
  • #41,046
  • Aug 14, 2009 6:20pm Aug 14, 2009 6:20pm
Quoting supremeChaos
... 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.
Your getting there... & what i put here is not aimed at you but all traders going through the seemingly endless cycle of breakeven...

I'm going to take this opportunity to share something that made the difference for me when trying to become consistantly profitable.. let me say first, that it did not happen overnight. It took 'some' time & a deep struggle internally to accept what works & what doesnt.
NOTE.. I am still working on getting better all the time as I think all traders do.. To streamline & make trading as efficient as possible..

First. If you dont have a strict plan with rules for entries, mm, & exits. get one.... even if it is as simple as only risking 1% closed equity & playing every daily pin you see.. no matter where it is. (not a trade plan recomendation)

The point is to try a plan, 2or 3 different plans if you think you can handle it & can keep them separate. If you are anything like me, & not real quick you will try a few at the same time & end up going back to what you did before...... then get frustrated again... DO ONE ONLY.....

When you come up with your simple plan.. put the trade on & set your stop & set a target then leave it alone... dont touch it until either the target or stop is hit... LEAVE IT ALONE..

just try this for 3 months next to what you are doing & see what the results are. If you are not consistantly making money now I would think this will show you why..

This is not the best way to handle all trades but if you cant stick to simple rules & a simple plan, no matter the results then you will never make money over the long term in any market..

The more I stick to simple rules the better i get..

I am not an expert but this is what helped me to make more money every month.. more than trying to tweak a system or find early entries on daily pa.
but i do have early entries sometimes....

Its a simple exercise & yes you could use the daily pin plan as an example.
Its not the results thats important but seeing if you can follow a simple plan no matter what. With daily pins for example use a tp of the first area of resistance/support no matter what the r:r is. its just an exercise..

It helped me.. I hope it helps someone else..
  • #41,047
  • Aug 14, 2009 6:36pm Aug 14, 2009 6:36pm
Quoting rustyjeff
Your getting there... & what i put here is not aimed at you but all traders going through the seemingly endless cycle of breakeven...

I'm going to take this opportunity to share something that made the difference for me when trying to become consistantly profitable.. let me say first, that it did not happen overnight. It took 'some' time & a deep struggle internally to accept what works & what doesnt.
NOTE.. I am still working on getting better all the time as I think all traders do.. To streamline & make trading as efficient as possible..

First....

Great post Jeff.

Page 1 material easily.

A must read for all traders.

Nice.
Indicators show the past. Price Action "Indicates" the future.
  • #41,048
  • Edited 7:55pm Aug 14, 2009 6:39pm | Edited 7:55pm
Quoting LasVahGoose
Slacker.

I'm working on it. lol
Indicators show the past. Price Action "Indicates" the future.
  • #41,049
  • Aug 14, 2009 6:59pm Aug 14, 2009 6:59pm
Quoting rustyjeff
Your getting there... & what i put here is not aimed at you but all traders going through the seemingly endless cycle of breakeven...

I'm going to take this opportunity to share something that made the difference for me when trying to become consistantly profitable.....
Awesome stuff, Jeff. I know that all too well.
Thanks for sharing!

RM
  • #41,050
  • Aug 15, 2009 12:01am Aug 15, 2009 12:01am
Fantastic post Jeff!!
That's why it's very important the discipline.


Quoting rustyjeff
Your getting there... & what i put here is not aimed at you but all traders going through the seemingly endless cycle of breakeven...

I'm going to take this opportunity to share something that made the difference for me when trying to become consistantly profitable.....
What does not kill me makes me stronger. Friedrich Nietzsche,
  • #41,051
  • Aug 15, 2009 12:34am Aug 15, 2009 12:34am
Quoting rustyjeff
....

When you come up with your simple plan.. put the trade on & set your stop & set a target then leave it alone... dont touch it until either the target or stop is hit... LEAVE IT ALONE..

...

The biggest, most succulent and the sweetest cherry of em'll

Fortunately one of the major contributors in my early days salvation was Rusty Jeff. It was this very line (quoted above) back then which has probably made the biggest difference in my trading.

Even today I will sometimes tend to diverge from my original plan, and the losses that follow soon after make me feel like this very line jumped out of that sticker near my monitor and slapped me across my face.

Keep them coming Jeff,

Agree with jarroo, post 1 material.

Ghous.
I believe . . .
  • #41,052
  • Aug 15, 2009 12:44am Aug 15, 2009 12:44am
Quoting mike w
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...
yeah Fair enough Mike,

I'll be looking into it...

Thnx,

g
I believe . . .
  • #41,053
  • Aug 15, 2009 2:54am Aug 15, 2009 2:54am
Quoting jarroo
I look at the Weekly, Daily (2 Day, 3 Day), 12 hour, 8 hour and 4 hour.
Jarroo,

do you draw PPZs on each and every time frame?
  • #41,054
  • Aug 15, 2009 3:23am Aug 15, 2009 3:23am
"it is a fool that think that he is wise but a wise man knows that he is a fool" - William Shakespeare
  • #41,055
  • Aug 15, 2009 3:53am Aug 15, 2009 3:53am
Quoting rustyjeff
Your getting there... & what i put here is not aimed at you but all traders going through the seemingly endless cycle of breakeven...

I'm going to take this opportunity to share something that made the difference for me when trying to become consistantly profitable.....
Great advice Jeff, however I can see some people arguing that sticking to rigid rules might limit the profit, if we agree that the market is a dynamic entity. Should manage each trade dynamically based on how it develops, or the surrounding areas of s/r? I suppose for new traders just sticking to a plan then tweaking it as we gain experience then this is a good plan.

Mark
I hear and I forget. I see and I remember. I do and I understand.
  • #41,056
  • Aug 15, 2009 4:16am Aug 15, 2009 4:16am
Quoting tradertt
Jarroo,

do you draw PPZs on each and every time frame?

Yes and no. lol.

Meaning I use the Weekly and Daily PPZ levels as the foundation where all Price Action setups develop. Which can ocurr on, obviously, on the Weekly and Daily charts but also on the 2 Day, 8 hour, 4 hour time frames.

I then use the time frame that a the PA setup was presented and use that time frame's PPZ levels as Price targets and/or trade managnent (stop losses).

For example the 4 PB on the Eur/Jpy on 8-12-09.

The Weekly and Daily PPZ levels are pretty obvious as shown on my charts. You don't have to be too technical or draw too many. You'll notice that many are at round numbers so they are easy to see. ( Hey look, a 2 Week PB in blue on the Weekly, Nice. )

On the 4 hour time frame a nice structurely sound PB forms at the Weekly and Daily PPZ level at 135.00 round number. All lower time frame PA setups should be at these Weekly/Daily PPZ levels. imo.

This 4 hour PB at this location alone, would be enough for most, but I then look for other supporting confluences to see if it has even more strength. Which it did, they were 150 ema, fib level 61.8 from the last swing low, no MACD diverence. At a swing Low with good space.

The minor PPZ level, Highs and Lows (in blue) on the 4 time frame I will use as TPs and stop loss placements.
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Indicators show the past. Price Action "Indicates" the future.
  • #41,057
  • Aug 15, 2009 4:20am Aug 15, 2009 4:20am
One for Ghous or anyone else. IS this a valid IPB? It looks like reasonable location, however it could simply be an IB? It is on barclays so not really valid for FX but more looking at location etc.

Does the fact that its an IB help or should it be more like a PB, ie stretching out further above?

There seems to be something similar on the FTSE though not as well defined.
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  • #41,058
  • Aug 15, 2009 4:28am Aug 15, 2009 4:28am
Quoting verno
One for Ghous or anyone else. IS this a valid IPB? It looks like reasonable location, however it could simply be an IB? It is on barclays so not really valid for FX but more looking at location etc.

Does the fact that its an IB help or should it be more like a PB, ie stretching out further above?

There seems to be something similar on the FTSE though not as well defined.
That would be just an Inside Bar. Nice Bullish candle before it, almost a BUOB or Triple Bar Low Higher Close. Maybe building momentum to continue the short term uptrend. Or stalling out to drop and continue the longer term down trend.

Yes nice location.
Indicators show the past. Price Action "Indicates" the future.
  • #41,059
  • Aug 15, 2009 4:41am Aug 15, 2009 4:41am
Quoting jarroo
That would be just an Inside Bar. Nice Bullish candle before it, almost a BUOB or Triple Bar Low Higher Close. Maybe building momentum to continue the short term uptrend. Or stalling out to drop and continue the longer term down trend.

Yes nice location.
Completely agree,

Just like it cannot be called a bullish Pin bar it cannot be called a bearish IPB,

An IPB is a pin bar, and has to come along with all the characteristics of a pin bar to qualify as a valid inverted pin bar.

The bar Verno pointed out is just an IB.

Ghous.
I believe . . .
  • #41,060
  • Aug 15, 2009 4:51am Aug 15, 2009 4:51am
Hi All

I have been short from the weekly pin 2 weeks ago after my order triggered last Friday at 9825 Price retraced quite sharply but I had decided to give this a bit more room being a weekly trade.

Chf seemed to be strong yesterday against all other currencies which has favoured this trade and a BEOB has now formed on the Weekly.

As the price closed yesterday near the weeks low I have now closed this trade. Reason for this is firstly I expect to see some retracement and secondly I think the BEOB could be traded so I can get back in around the same level.

I closed the trade for 75 pips profit however thanks to my 4.5 year old son and me leaving my computer unattended for 5 minutes he managed to close half the trade last Friday evening when the price had retraced about 160 pips so overall this has been a loss. It only takes 2 clicks to close a trade on my platform but I'm still amazed he managed to do this. Maybe its a sign that he wants to start trading .

Anyhow back to the charts. The BEOB looks quite good although not at an extreme swing high with the nose of the Pin sticking out higher. My concerns are that price is moving into quite a choppy area although I think 9600 is achievable

Any comments would be appreciated

P.S. I don't get to post very often due to the day job but just want you all to know that I read every single post. You guys are ALL really amazing for putting in the time here and I will do my best to contribute more in future.






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