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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

  • #48,301
  • Edited 10:43am Nov 18, 2009 10:40am | Edited 10:43am
Quoting HawkI
Jon, IB's are one of the PA's that I haven't quite figured out yet. So you want them to be at swing highs/lows, set your entry below the low/high of the innerbar, and probably set your SL above/below the IB?

IE your entry was most likely just below 1.6750, and SL somewhere just above 1.6871 area on your trade?
the correct way to trade the IBs technically(i believe) is to trade the break of the preceding bar, i.e. the bar the IB bar is inside,if this makes sense? it is a more aggressive way to trade them by trading the break of the IB itself. and yes u are correct, we want them at swing high and lows as any other PA. But having said that they are my favourite continuation trades and i have read that they statisticaly preform better as a continuation trade??? i have not checked
and yes you have my entry and stop correct short @ 167.40 stop @168.75
jon
PATIENCE... DISCIPLINE
  • #48,302
  • Nov 18, 2009 10:40am Nov 18, 2009 10:40am
Quoting g_j_hook@yah
is it just me or are the yenXXXs acting strange today???
jon
I agree..........its like a few large traders got tanked and started taking positions short and long to just screw around.
  • #48,303
  • Nov 18, 2009 10:55am Nov 18, 2009 10:55am
Quoting dobe_r_man
I agree..........its like a few large traders got tanked and started taking positions short and long to just screw around.
yeah!! lol
the gb/yen doesnt want to play either, it has a fraction of its ave weekly range so far....
wait for it......boooom....just as i leave my comp.!!! lol
jon
PATIENCE... DISCIPLINE
  • #48,304
  • Nov 18, 2009 11:20am Nov 18, 2009 11:20am
Quoting g_j_hook@yah
gb/us, daily IB just broke and triggered my short order @ 167.40
lets see how she blows?? tight MM on this one
jon
Looks like it is heading down.........
  • #48,305
  • Nov 18, 2009 11:23am Nov 18, 2009 11:23am
Very good explanation Jon

I told someone similar about that 1hr in the PF. I always feel bad in a way b/c when some of these less then stellar bars take off they prob are screaming my name lol. Now it isn't even that you can't play these bars, but if the focus in the beginning, which is what I can see and why I talk about it, is just on the bars themselves at basic locations, then we need to take the best of the best. If you begin to crunch down to specific well confluenced areas we can usually loosen up a bit on our bar criterion, but in the end why play the bad ones if a great one awaits

Nicely done
Mike

Quoting g_j_hook@yah
hi Bill, sos for the delay, iwas eating..lol

the problem i have with that bar is its close. it closed well below the close of the previous bar,this is a warning sign i have taken more note of lately,largely thanks to Mike.it does not show the reversal we are looking for. rather it just shows a weak bearish bar or the bearish volatility slowing down. sometimes ,like this one, price will still reverse but it is less certain than a bar which reverses into the previous bars body. as we know the bar highs and lows can become sup or res. so NOT having...
  • #48,306
  • Nov 18, 2009 11:45am Nov 18, 2009 11:45am
guys - I am learning to trade the longer term....what would you do here - price is around daily pivot and Pin bars are conflicting (One says up but another shows down). Would you await further developments before making a decision?
Seems there is more space for short but more resistance just above daily pivot line?
I was contemplating an order above/below pinbars around daily pivot?
Thanks in advance for any opinions.
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every Saint has a past. Every Sinner has a Future
  • #48,307
  • Nov 18, 2009 11:49am Nov 18, 2009 11:49am
Quoting turnip15
guys - I am learning to trade the longer term....what would you do here - price is around daily pivot and Pin bars are conflicting (One says up but another shows down). Would you await further developments before making a decision?
Seems there is more space for short but more resistance just above daily pivot line?
I was contemplating an order above/below pinbars around daily pivot?
Thanks in advance for any opinions.
Just seems to be consolidating to me, I wouldn't do anything at this point. Just my opinion though.
  • #48,308
  • Nov 18, 2009 11:50am Nov 18, 2009 11:50am
Quote
atclarkson wrote : If the EA sees slippage of more than 3 pips (so the broker doesn't let you close at your desired stop loss price, but rather the price slips and you get filled at a less desirable price) then it won't let the trade go thru. (Possibly exposing you to a larger loss, the way I see it) Your broker should not let you experience more than 3 pips slippage, except maybe around news time.

Setting this lower will increase the chance the EA will not let you get filled.
Personally, I try to get to the computer ASAP to turn the EA...
Bonjour atclarkson,

Your explanation is clear, this is Okay now !!

Merci beaucoup mon ami

Happy trading all

Cheers

Angel
  • #48,309
  • Nov 18, 2009 12:02pm Nov 18, 2009 12:02pm
Quoting turnip15
guys - I am learning to trade the longer term....what would you do here - price is around daily pivot and Pin bars are conflicting (One says up but another shows down). Would you await further developments before making a decision?
Seems there is more space for short but more resistance just above daily pivot line?
I was contemplating an order above/below pinbars around daily pivot?
Thanks in advance for any opinions.
Hey Turnip

If you aren't long from those low ones, or short from the recent one then there is nothing to do but wait for your next signal. The 2 pinbars to go long are at the more proper location at a swing low. That pinbar to go short is at a swing low where we want to see it at a swing high. Those are the ones most often mismanaged b/c they hit trouble areas quick.

But right now if you aren't in either you can't go chasing past bars b/c both have already created the potential moves and you are getting in late.

Best
Mike
  • #48,310
  • Nov 18, 2009 12:15pm Nov 18, 2009 12:15pm
Quoting mbqb11
Very good explanation Jon

I told someone similar about that 1hr in the PF....
thanx Mike, i was hoping you would pass comment on this.
cheers
jon
PATIENCE... DISCIPLINE
  • #48,311
  • Nov 18, 2009 12:20pm Nov 18, 2009 12:20pm
Quoting dobe_r_man
My bias is still down (lower highs, lower lows on daily), but I am not touching it until it hits the .9000 area myself. I will look for price action there.

Nathan
8962-8968ish looks like another good spot. I dont want to miss the boat! btw, still waiting for PA.... although my current GBPUSD trade is doing work for me right now real nicely



I want to thank bundy again for that lesson, I feel that single lesson alone has really really helped me so much with understanding and identifying ppz's and how to respond to PA in those areas. Also how to toggle through different timeframes to locate more information.


Is bundy an instructor on the PF?
Many choose unhappiness over uncertainty.
  • #48,312
  • Nov 18, 2009 12:21pm Nov 18, 2009 12:21pm
I took my first vacation in years, so I haven't been online in a week to thank you for the ea! I appreciate you putting it online. MY girl and I went to Aruba and I must say that anyone looking for a vacation needs to go there! Anyway, happy trading to all!
  • #48,313
  • Nov 18, 2009 12:57pm Nov 18, 2009 12:57pm
This candle looks nice at a long and medium term trend line at the 50% fibo level, weekly pivot, daily r2 and previous flipzone. Trading with the trend with some good hidden divergence if the MACD turns (redline is short term MACD and black line is long one).

There seems to me to be quite a bit of space for price to move into as long as it can get past the monthly pivot zone which has acted as previous support.

However i see that the open an close of the pin is not within the left eye. How much does this detract from the validity or strength of trade like this and do experienced traders never play 'not quite right' pins when the open and close is not within the left eye? Thanks.
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  • #48,314
  • Nov 18, 2009 1:18pm Nov 18, 2009 1:18pm
Quoting mbqb11
Hey Turnip

If you aren't long from those low ones, or short from the recent one then there is nothing to do but wait for your next signal. The 2 pinbars to go long are at the more proper location at a swing low. That pinbar to go short is at a swing low where we want to see it at a swing high. Those are the ones most often mismanaged b/c they hit trouble areas quick.

But right now if you aren't in either you can't go chasing past bars b/c both have already created the potential moves and you are getting in late.

Best
Mike
Thanks Mike and Doberman. Much appreciated. I will watch for now.
every Saint has a past. Every Sinner has a Future
  • #48,315
  • Nov 18, 2009 1:28pm Nov 18, 2009 1:28pm
Nice pinbar off Daily pivot and 150 EMA
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"Whether you think you can or can't, you're right." Henry Ford
  • #48,316
  • Nov 18, 2009 2:00pm Nov 18, 2009 2:00pm
Being short on GBPUSD at the moment, i have located a zone of what I think would be strong support, and maybe a good spot to look for PA to get long.

50% fib, weekly pivot (look on the daily chart to see the significance of this line), upward support trendline, previous resistance trendline going down (potential to become support).
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Many choose unhappiness over uncertainty.
  • #48,317
  • Edited 2:45pm Nov 18, 2009 2:14pm | Edited 2:45pm
At PPZ (and round number), divergence, similar to the previous successful PB's, 365 EMA as support; Only thing I don't like is that it's a DBHLC right now, but it's right at support and heavy traffic...
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  • #48,318
  • Nov 18, 2009 2:48pm Nov 18, 2009 2:48pm
Not much interests me out there right now to be honest, but for the guys that play daily bars I like the following pair for a short.

Pros
We have a 2-day pin bar (still needs to close of course) that rejected the 50% fib, 1.70 big round number and pivot. A break of the low also breaks an ascending trendline, signalling a potential reversal of trend.

Cons
Even on a combined basis the nose does not stick out a tremendous amount compared to the previous bars high. Also, it is essentially a break and rejection back into consolidation.

Conclussion
I beleive the break of the trendline, rejection of the 50% fib and 1.70 warrant a short position on a break of the two bar lows. My target is just north of the 1.6700 zone.

This is not trading advice, just analysis on the only trade on the dailies that interests me.


Nathan


  • #48,319
  • Nov 18, 2009 3:09pm Nov 18, 2009 3:09pm
Quoting dobe_r_man
Not much interests me out there right now to be honest, but for the guys that play daily bars I like the following pair for a short.

Pros
We have a 2-day pin bar (still needs to close of course) that rejected the 50% fib, 1.70 big round number and pivot. A break of the low also breaks an ascending trendline, signalling a potential reversal of trend.

Cons
Even on a combined basis the nose does not stick out a tremendous amount compared to the previous bars high. Also, it is essentially a break and rejection back into...
Added to those points, this pair is also pulling back from 365/150 MA resistance.
  • #48,320
  • Nov 18, 2009 3:40pm Nov 18, 2009 3:40pm
Quoting frankm7
At PPZ (and round number), divergence, similar to the previous successful PB's, 365 EMA as support; Only thing I don't like is that it's a DBHLC right now, but it's right at support and heavy traffic...
Be careful here frank this is a super small bar and technically not a pin as it didn't close in the previous bar. You guys make me super nervous trading these small bars on these small timeframes.

If they work for you then I obviously am fine with that, but if you are struggling just become more picky with your bars and that alone will help a ton.

Best
Mike
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