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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

  • #46,421
  • Oct 20, 2009 6:15am Oct 20, 2009 6:15am
Quoting Mikali
On Sunday I placed a trade on the EURUSD based on a price action pattern that is seldom discussed - that is matching highs...
Quoting nasir.khan
Speaking for PA i have no idea what are matching High's ( Working with PB & Outside Bars). But for Location you would hit 1.5 just after 31 pips for the rest see the chart.
Hi Mikali!

nasir,
matching highs/lows - bar highs/lows that match/are similar (may inclued 2 or more bars), got it
look at the rightmost part of your yellow ellipse - once 1.50 broke, it took only 9 bars for price to jump from 1.50 - 1.60 (i'm not implying that this will recur).
at this point, price can only do 1of 3 things:
1. break 1.50 upwards
2. reverse downward
3. consolidate first (further) sub-1.5000 before moving up or down
  • #46,422
  • Oct 20, 2009 6:22am Oct 20, 2009 6:22am
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  • #46,423
  • Oct 20, 2009 6:28am Oct 20, 2009 6:28am
Quote
I failed to look at the weekly chart prior to placing the trade

Yea it's difficult to mark all PPZ's on all pairs but once you are in a trade you should lookout for them.

Quote
matching highs/lows - bar highs/lows that match/are similar (may inclued 2 or more bars), got it

I am not that dumb. But what i was saying that how we trade them here.

Quote
1. break 1.50 upwards
2. reverse downward
3. consolidate first (further) sub-1.5000 before moving up or down

Are you sure you didn't missed anything.
  • #46,424
  • Edited 6:53am Oct 20, 2009 6:38am | Edited 6:53am
I'm am also on daily CHFJPY pb and on daily USDCAD buob, and they are not looking good, but I don't mind, because I think I haven't done a mistake here.

I have a same kind of attitude to trading that I have when I play poker. Those who play poker more or less seriously know that it really doesn't matter, whether you lose or win a hand. What matters is to make wise decisions. Short term results don't play any role, because you know that if you just make right decisions, money WILL come into your pocket in the long run.

One trade to me is like one hand in poker and if I play the hand well, I don't care the result.


Finn
  • #46,425
  • Oct 20, 2009 6:42am Oct 20, 2009 6:42am
Quoting nasir.khan
...
I am not that dumb. But what i was saying that how we trade them here.
Are you sure you didn't missed anything.
did i appear condescending? apologies, i'm just kidding with u as always.
anyway, im much dumber than u... matching highs/lows are breakout trades: u can put an entry with buffer above/below the highs/lows, stops below/above the low/high or u can use a PPZ or S/R.
Glad to know u have a good disposition
  • #46,426
  • Oct 20, 2009 6:55am Oct 20, 2009 6:55am
Quoting nasir.khan
OR if they break the TL, hit the Round Numbers, Come back to the TL's and form a pin or buob this could go as a Breakout trade.

Quote
Benji:We can smack the market both ways...let it decide which he prefer
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  • #46,427
  • Oct 20, 2009 7:05am Oct 20, 2009 7:05am
Quoting supremeChaos
i'm just kidding with u as always.
Hmmmp let me check dictionary for condescending, disposition.:nerd:
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ok we are fine.

Me too as always.
  • #46,428
  • Oct 20, 2009 7:11am Oct 20, 2009 7:11am
Quoting supremeChaos
once 1.50 broke, it took only 9 bars for price to jump from 1.50 - 1.60 (i'm not implying that this will recur).
at this point, price can only do 1of 3 things:
1. break 1.50 upwards
2. reverse downward
3. consolidate first (further) sub-1.5000 before moving up or down
Hi supremeChaos,

Thanks for the observation!! I agree that should the price reach 1.5000, price only has the three options you mentioned. I have adjusted my trade plan taking into consideration that the 1.5000 being a strong resistance area and plan on taking profits on half of my position and moving my SL to break even on the remaining portion for a free trade.

Cheers,
Mikali
  • #46,429
  • Oct 20, 2009 7:17am Oct 20, 2009 7:17am
Quoting nasir.khan
Hope you escaped with you SL (considering FXPro Spread). I will hide my SL behind 9140 after the BEOB and 9100 break (if it breaks).
yeah, im still hanging in there....
PATIENCE... DISCIPLINE
  • #46,430
  • Oct 20, 2009 7:39am Oct 20, 2009 7:39am
Quoting g_j_hook@yah
hi mate, i also have that wedge/triangle drawn in from the 1h TF and looks to be testing its lower boundriy as i type. You will find that many of these IBs come out as some kind off pattern on a lower
TF. i am just about to leave my computer for a while so i will try and find some charts to illustrate divergence later today.
jon
EDIT: the area where you indicated you would draw in your PPZ is also valid imo, i just didnt draw it in as i was trying to illustrate the PPZ shown on the weekly and daily charts.
hope this chart helps?? This is obviously drawn after the fact but i hope it gives you an idea of how i use divergence?
the thing about divergence is that we never know if its going to bounce twice, three times etc before price does anything and the divergence is acted on. I always try to find a way to confirm the move with PA or a trend line break. i know some people trade from divergence alone and do pretty well it seems but i like to see more confluence than div. only. There is a way to calculate targets set from the divergence but im afraid i cant help you there. i let the indicator play out back level or to oversold/overbought levels.
hope this helps
jon
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PATIENCE... DISCIPLINE
  • #46,431
  • Oct 20, 2009 7:46am Oct 20, 2009 7:46am
Quoting mbqb11
Hey Zim

Remember we want to play BUOBs at swing lows with good confluence, big bars. This is a 1hr timeframe, small buob at a swing high.

Just a friendly reminder to remember to follow james16 minimum requirements as per post 1. They are there to help I promise

Mike
Hi Mike, if you don't mind, I've got some questions about swing high/swing low point. How do you know when a bar is at swing high/low in realtime? How do you describe swing high/low?

I've got this definition from investopedia:
Swing High: "A term used in technical analysis that refers to the peak reached by an indicator or an asset's price. A swing high is formed when the high of a price is greater than a given number of highs positioned around it." So how many preceding bars should be counted before you consider swing high/low point?

The problem I have is that it is easy to point swing high/low in hindsight. But during real time trade, in certain situation it's really confusing. I notice that if a pinbar works, it will become the swing point. But if it fails than it just becomes a regular bar in the swing movement.

I think it is easier if we use the chart below as an example:
Point A - Suppose that pinbar A is the current bar, we can safely say that is at swing low point if it works. But since it didn't work out, it became a regular bar in that down swing trend. Your comment?
Point B - C - Are they consider as swing points?
Point D - Since this swing is still in play, do you consider it as swing high point should a pinbar develop in this area?

Sorry, It's a bit long and I don't know if I have expressed my questions clear enough. Hopefully you could shed more lights on this topic. Thanks
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  • #46,432
  • Oct 20, 2009 7:50am Oct 20, 2009 7:50am
Quoting joelcf
The problem here is that you are the only one looking at a fib line on a single bar.

These levels only work if there is a bunch of people with money that also care about the line - and, in this case, they dont. So the level you are putting your stop at pretty much means nothing to the market, and so it has no reason to respect your stop.

I like tighter stops, sometimes, if the situation is right and there is a decent reason to do it (wanting to reduce risk to a specific amount with a random stop isnt a good reason, that's what minilots were...

Thanks for the reminder about stop placement. All though it should be obvious i needed that.
  • #46,433
  • Edited 12:02pm Oct 20, 2009 7:59am | Edited 12:02pm
Quoting esbatu
Hi Mike,... How do you describe swing high/low?
The problem I have is that it is easy to point swing high/low in hindsight. But during real time trade, in certain situation it's really confusing. I notice that if a pinbar works, it will become the swing point. But if it fails than it just becomes a regular bar in the swing movement.

I think it is easier if we use the chart below as an example.....
here's a recent sir mbqb11 post about swing hi/low.

A = yes, this could've been a swing low...
B & C = minor swing points
D could be considered a less-than minor swing point. if i were to only choose between minor or major, then this is a minor swing to me.

in general, we are looking for a cluster of bars (usually forming a clear "V" shape) that conspicuously protrudes among the other clusters of bars within a chart.
we can avoid the 'in hindsight' problem by looking for/expecting big reversal bars that protrudes at good locations. big bars at good/great locations rarely get 'rejected'/fail their 'missions'.

i am not good with words but i hope i made sense here.
just my view http://cdn.forexfactory.com/images/s.../yim/happy.gif
  • #46,434
  • Edited 9:50am Oct 20, 2009 8:24am | Edited 9:50am
ucad
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  • #46,435
  • Oct 20, 2009 8:58am Oct 20, 2009 8:58am
Quoting raczekfx
ucad
.
vgOhhhh here comes the real phoenix.glad to see your posts sir.I was in this one also but got out at a little loss I did not believed in it. btw what's your take on yen crosses.Thanks.
  • #46,436
  • Oct 20, 2009 9:06am Oct 20, 2009 9:06am
Quoting raczekfx
ucad
.
nice one Rac sir!! clean and simple how it should be!!
jon
i missed the gb/cad break out also!!
PATIENCE... DISCIPLINE
  • #46,437
  • Oct 20, 2009 9:56am Oct 20, 2009 9:56am
Quoting nasir.khan
vgOhhhh here comes the real phoenix.glad to see your posts sir.I was in this one also but got out at a little loss I did not believed in it. btw what's your take on yen crosses.Thanks.
You shouldn't taken any loss on cad unless 1.02 got broken. Today was going to be the day and it was...
Yen? I've been holding long bag for the last 6 days. I'm hoping it goes up a little more... just a little more. I'll be closing tonight regardless...
  • #46,438
  • Oct 20, 2009 10:01am Oct 20, 2009 10:01am
Quoting g_j_hook@yah
nice one Rac sir!! clean and simple how it should be!!
jon
i missed the gb/cad break out also!!
g/cad was good too.

Just finish chatting with a trader friend. That guy on the other side of skype traded u/cad @ $100/ps and is still holding full pos.
I'm jealous, as I'm nowhere near that level....
  • #46,439
  • Oct 20, 2009 10:19am Oct 20, 2009 10:19am
Quoting raczekfx
g/cad was good too.

Just finish chatting with a trader friend. That guy on the other side of skype traded u/cad @ $100/ps and is still holding full pos.
I'm jealous, as I'm nowhere near that level....
usdcad is forming nice BUOB on daily as well
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  • #46,440
  • Oct 20, 2009 10:33am Oct 20, 2009 10:33am
Sorry for little off question guys.

I know most of you use MACD for divergences, but some use also Stock. But I see a difference here.

So which chard is (more) right: MACD one or Stockhastic one !!?
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