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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

  • #43,521
  • Sep 11, 2009 5:08am Sep 11, 2009 5:08am
Whats up Ben,

Here is chart of EURAUD you posted while ago.

You said you would not have taken this trade cause of traffic.

I agree that it was to be managed tightly But i think it was not so dens to leave the trade entirely .

Or maybe you are more picky with them.

Just curious.

Edit:

Sorry here's your chart.
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  • #43,522
  • Sep 11, 2009 5:22am Sep 11, 2009 5:22am
Quoting nasir.khan
Whats up Ben,

Here is chart of EURAUD you posted while ago.

You said you would not have taken this trade cause of traffic.

I agree that it was to be managed tightly But i think it was not so dens to leave the trade entirely .

Or maybe you are more picky with them.

Just curious.

Edit:

Sorry here's your chart.
Hey Nasir,

I entered it on my testing account, as apart of my IBs testing. When I test, I collect data from all sorts of different situations. That's why I have entered. But in general I do not feel so much confidence in this small bar to create a reserval. The main factor for the reserval was with no doubt the round number IMO.

By the way, I would look for a closer "1st trouble area" -I have marked it on my chart below.

Ben
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  • #43,523
  • Sep 11, 2009 5:37am Sep 11, 2009 5:37am
Classic Ben trade : 4 hour Gbp/Usd, BUOB retrace off a round number, with the trend.

It didn't hurt that the 1.6600 was a strong Daily resistence level that could now be a strong support level.
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Indicators show the past. Price Action "Indicates" the future.
  • #43,524
  • Sep 11, 2009 5:58am Sep 11, 2009 5:58am
Quoting jarroo
Classic Ben trade : 4 hour Gbp/Usd, BUOB retrace off a round number, with the trend.

It didn't hurt that the 1.6600 was a strong Daily resistence level that could now be a strong support level.
Interesting Jaroo, I saw this as a 4hrly short opportunity PB.

PB has pushed beyond resitance but rejected.
PB has pushed beyond 61.8% around 1.67?

I guess your view might be that shorting the PB after the BUOB is not great risk reward?
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  • #43,525
  • Sep 11, 2009 5:58am Sep 11, 2009 5:58am
Quoting jarroo
Classic Ben trade : 4 hour Gbp/Usd, BUOB retrace off a round number, with the trend.

It didn't hurt that the 1.6600 was a strong Daily resistence level that could now be a strong support level.
Yep, that BUOB engulfs almost 6 previous bars, and of a major round number

Just take note I use only the majors, so the stop entry at the break of the high would trigger the trade.

By the way, at this point 80% of the position must be off the table (stop below the bunch of bar lows) Or if I want to give it more space, I would hide the stop below your orange under the pin.

Ben
  • #43,526
  • Sep 11, 2009 6:01am Sep 11, 2009 6:01am
thanks joelcf and benji for your replay.

I think I'll stay for the moment with the basics that Jim teaches us
and yes is a matter of time and practice this are the key, and not forget discipline.

wish you the best !!

PS. thanks SupremeChaos for the link just saw your replay. I was just start to read this thread a couple of days ago I'm on page 9 it's already on my bookmark list

and you are right about Mike, it's a very generous person.
  • #43,527
  • Sep 11, 2009 6:13am Sep 11, 2009 6:13am
Quoting verno
I guess your view might be that shorting the PB after the BUOB is not great risk reward?
I know I'm not Jarroo, but...going short is trading into ton of traffic and against the recent trend. (On my feed there is no PB either, but nevermind).

The question is...what supports your trade?

Ben
  • #43,528
  • Sep 11, 2009 6:17am Sep 11, 2009 6:17am
Quoting verno
Interesting Jaroo, I saw this as a 4hrly short opportunity PB.

PB has pushed beyond resitance but rejected.
PB has pushed beyond 61.8% around 1.67?

I guess your view might be that shorting the PB after the BUOB is not great risk reward?

The previous bar highs (green) would be a concern of mine with the blue area as the 1st target and may even retest the 1.6600.

But more importantly, the small size of the PB to go against the recent strong uptrend needs to be bigger. You may be able to get away with mid size PB when trading with the trend, i.e. retracements. But for a trend reversal trade or CT trade, we need big Pitbull Bars.

For example, check the size of this bar (BUOB) compared to previous bars on Ben's chart for this CT trade to work.

http://www.forexfactory.com/showpost...ostcount=43469
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  • #43,529
  • Sep 11, 2009 6:21am Sep 11, 2009 6:21am
Hey benji would this be a kind of setup you are usually searching for? : an uptrend, price passed a round number and made a BUOB
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  • #43,530
  • Sep 11, 2009 6:40am Sep 11, 2009 6:40am
Quoting fxlan
Hey benji would this be a kind of setup you are usually searching for? : an uptrend, price passed a round number and made a BUOB
Basically yes.
But take note that I use only major round numbers, trade into space, pick good bars, and want to see the rejection of the round number.

This bar really isn't showing me what I want. It didn't touch the round number.

Usually you will see a temporary consolidation around the round number (all shorts of orders trigger). So I like to see big bars which engulf all the range, or at least several bars.

I want to see it tensing one side of the round number, and get rejected very fast so it closes on the other side of the round number plus above or below the recent rage. This kind of bar shows me strength.
Then I also have the trend which supports me, and I'm trading into a "clean" area, which means that most likely price will go far enough before retracing, so I can move my stop to BE quickly.

The bar on your chart is not even touching the round number.

ok to be honest I have no made of steal rules. I can't say in general what is a good setup. I need to look at every setup separately and see if I can read through it what's going in the market, and have a good plan. I think that this is the thing that makes many traders stuck. They try to look at things like robots. Common sense and a clear mind is the most important thing IMO.

Hope this helps a bit

Ben
  • #43,531
  • Sep 11, 2009 6:46am Sep 11, 2009 6:46am
Hehe tnx for answering. I just find your method very...hmm how should i say...likeable

This lower timeframes are still too fast for me. But i will still be looking at your charts and post. Those are some awesome trades.

Tnx and good luck
  • #43,532
  • Sep 11, 2009 6:51am Sep 11, 2009 6:51am
Quoting jarroo
The previous bar highs (green) would be a concern of mine with the blue area as the 1st target and may even retest the 1.6600.

But more importantly, the small size of the PB to go against the recent strong uptrend needs to be bigger. You may be able to get away with mid size PB when trading with the trend, i.e. retracements. But for a trend reversal trade or CT trade, we need big Pitbull Bars.

For example, check the size of this bar (BUOB) compared to previous bars on Ben's chart for this CT trade to work.

http://www.forexfactory.com/showpost...ostcount=43469...
and it's failed to close below 61.8%.

can we add it in the reasons Jarroo??
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  • #43,533
  • Sep 11, 2009 6:51am Sep 11, 2009 6:51am
Quoting fxlan
Hey benji would this be a kind of setup you are usually searching for? : an uptrend, price passed a round number and made a BUOB
Quoting fxlan
Hehe tnx for answering.....
This lower timeframes are still too fast for me. But i will still be looking at your charts and post. Those are some awesome trades....
we ideally want BUOB at swing lows. that buob u pointed out is within a range, near the top, & in a M15 chart.

Please read post #1 & follow the advice there.
lower timeframe charts are indeed "fast" that's why it's highly recommended for most of us to start with Daily/Weekly charts.
  • #43,534
  • Sep 11, 2009 6:54am Sep 11, 2009 6:54am
AUDUSD
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  • #43,535
  • Sep 11, 2009 7:02am Sep 11, 2009 7:02am
Quoting nasir.khan
and it's failed to close below 61.8%.

can we add it in the reasons Jarroo??
Not sure what your asking. Do you mean to add to a long position??
Indicators show the past. Price Action "Indicates" the future.
  • #43,536
  • Sep 11, 2009 7:04am Sep 11, 2009 7:04am
lol ...make an analysis and stick it . In trading you will always find reasons why to bet money and why not go in as well as why you should of stay in the trade after it looked bad or why you should of gotten out earlier lol. Make a plan and stick to it...its not about each trade that makes you a good trader . In trading all that matters is knowing your hit rate and having a good risk to reward in each trade you place based on your hit rate. Only your personal plan matters nothing else. Everything in trading works lol you just have to make sure that the time it works you make more out of it then the times it does not work. Stop trying to figure out the answer to every loser. It comes to a stage in trading that you should not care why it did not work out. Its like trying to figure what ema is better or what indicator settings are better. Just make the best out of what ever you use and make the most out of it the few times you are correct. Lossing streaks and winning streaks are part of the game so dont waste time trying to find something that never brings it. Be realistic and trading will be just to easy its all about the money management.
  • #43,537
  • Sep 11, 2009 7:10am Sep 11, 2009 7:10am
Quoting jarroo
Not sure what your asking. Do you mean to add to a long position??
no i mean to avoid a short one.
  • #43,538
  • Sep 11, 2009 7:11am Sep 11, 2009 7:11am
Quoting jarroo
Not sure what your asking. Do you mean to add to a long position??
if im following correctly, he means failure of price to close below the 61.8 (H4 PB on your chart, H1 BEOB in his chart?) is another deterrent to make a countertrend short trade.


Quoting benji533
AUDUSD
depending on your target or trade management, 1 way i'd take this on is hide my stop below the last 3 bars on your chart (try & put an ascending trendline on that last 3 bars). Reason: 1 possible scenario is price will go into a range mode (roughly 1.8570-1.8670 area) soon, before deciding the next move.
just sharing a point of view.
  • #43,539
  • Sep 11, 2009 7:16am Sep 11, 2009 7:16am
Quoting Shermenator
lol ...make an analysis and stick it . In trading you will always find reasons why to bet money and why not go in as well as why you should of stay in the trade after it looked bad or why you should of gotten out earlier lol. Make a plan and stick to it...its not about each trade that makes you a good trader . In trading all that matters is knowing your hit rate and having...
Maybe I'm wrong, but I tend to disagree with you.
IMO, not asking yourself why a particular trade was a loser or winner, why you exited too early, too late, etc, is a bad habit.

If you are just trading like a robot and not asking yourself these questions, how can you get better? How can you spot your weaknesses and improve them?
I think there is always something new to learn. I always ask my self these questions.

Just my opinion of course...no offense.

Ben
  • #43,540
  • Sep 11, 2009 7:22am Sep 11, 2009 7:22am
Quoting nasir.khan
no i mean to avoid a short one.
Oh, I see. Yes that would be a good indication, but I would look for it on the 4 hour or the Daily. I still see a possible retest of the 1.6600 just to make sure its a support level now. we'll see.


Thanks sChaos.
Indicators show the past. Price Action "Indicates" the future.
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