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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

  • #48,461
  • Nov 20, 2009 3:28pm Nov 20, 2009 3:28pm
no no i agree with u hwd . thanks for the feedback thats what i wanted
  • #48,462
  • Nov 20, 2009 4:07pm Nov 20, 2009 4:07pm
As far as intra day trading, is XAUUSD the easiest to work with daily pivots?

I might start a micro account and try to put some intraday trading on gold to work.... In demo it is the most successful thing I have traded thus far.... (pretty easy to trade it only taking long positions) .
Attached Image
Many choose unhappiness over uncertainty.
  • #48,463
  • Nov 21, 2009 12:25am Nov 21, 2009 12:25am
Quoting Dan Gilbert
As far as intra day trading, is XAUUSD the easiest to work with daily pivots?

I might start a micro account and try to put some intraday trading on gold to work.... In demo it is the most successful thing I have traded thus far.... (pretty easy to trade it only taking long positions) .
Well its in an uptrend and you are only taking long positions how could you loose??

But you should also practice to trade ranging markets. It takes away all you profits you made while trending.

Thats what happened to me when i shorted hell out of GJ in August, i tripled my micro in weeks but when it started ranging i burned it in matter of days.

Best of luck with you micro account.
  • #48,464
  • Nov 21, 2009 6:30am Nov 21, 2009 6:30am
Quoting haircut
Hi Guys I am new to this forum and am very interested in what is being said in here and any advice you guys can give.

I have been looking at the weekly chart on the Aud/Usd.
There is now a bearish candle ( i know it hasnt closed yet but I am just after opinions as I am off to bed in a mo )
It has rejected off of the 9400 level. There is divergence with the rsi indicator. If the next candle were to break the low it will break a trend line that has held since march.
The first area of support/traffic is close at 9000 but if it were to go through...
Hi,

I am looking to take a long position on the audusd for the following reasons.

1) it has been on a solid uptrend
2)daily pinbar which was rejected off the 0.9100 price lvl
3)0.9100 price lvl coincide with 61.8 and 38.2 fib lvl from last 2 uptrends
Attached Image (click to enlarge)
Click to Enlarge Name: audusd.gif Size: 16 KB
  • #48,465
  • Nov 21, 2009 8:41am Nov 21, 2009 8:41am
Quoting Autumm
Hi,

I am looking to take a long position on the audusd for the following reasons.

1) it has been on a solid uptrend
2)daily pinbar which was rejected off the 0.9100 price lvl
3)0.9100 price lvl coincide with 61.8 and 38.2 fib lvl from last 2 uptrends
I'm already in this trade. Keep an eye on the weekly BUOB though.
The nail that sticks out gets hammered back in
  • #48,466
  • Nov 21, 2009 9:14am Nov 21, 2009 9:14am
Quoting Noloqy
I'm already in this trade. Keep an eye on the weekly BUOB though.
I believe you wanted to say BEOB.

We have the opposite in the EURAUD. Bearish pin on the daily and BUOB on the weekly.
  • #48,467
  • Nov 21, 2009 9:45am Nov 21, 2009 9:45am
Quoting NosferatuMan
I believe you wanted to say BEOB.

We have the opposite in the EURAUD. Bearish pin on the daily and BUOB on the weekly.
Yes you're right: I was watching the EURAUD chart, as thats the trade I entered. Both AUD pairs are essentially showing the same things.
The nail that sticks out gets hammered back in
  • #48,468
  • Nov 21, 2009 11:34am Nov 21, 2009 11:34am
Quoting Noloqy
Yes you're right: I was watching the EURAUD chart, as thats the trade I entered. Both AUD pairs are essentially showing the same things.
It's a dilemma in my opinion lol.......
Many choose unhappiness over uncertainty.
  • #48,469
  • Nov 21, 2009 3:20pm Nov 21, 2009 3:20pm
I just had to post this because (a) I was proud of it and (b) I wanted to say thank you to all the people from James16 onwards who have resolutely made this thread educational, enlightening and friendly.

I wanted to trade this pin:

Attached Image (click to enlarge)
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And I wanted a signal on a lower time frame. I wasn't specifically waiting for a signal on the M15 but this is what I got:

Attached Image (click to enlarge)
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A BEOB on the 15 minute chart at a swing high off previous resistance (marked grey area) which allowed me to enter with a SL of 20 pips. Most of what I have learned about price action I have learned from this thread. You know who you are. Thank you.
Gone to a better place
  • #48,470
  • Nov 21, 2009 4:07pm Nov 21, 2009 4:07pm
Quoting smikester
I just had to post this because (a) I was proud of it and (b) I wanted to say thank you to all the people from James16 onwards who have resolutely made this thread educational, enlightening and friendly.

I wanted to trade this pin:

Attachment

And I wanted a signal on a lower time frame. I wasn't specifically waiting for a signal on the M15 but this is what I got:

Attachment

A BEOB on the 15 minute chart at a swing high off previous resistance (marked grey area) which allowed me to enter with a SL of 20 pips. Most...

Holy crap..... This is the time when leverage is such a key to success if you use it right.... amazing trade. I hope someday I will be able to catch one of these, even if only ONE TIME! That's all you need.
Many choose unhappiness over uncertainty.
  • #48,471
  • Edited 5:19pm Nov 21, 2009 5:00pm | Edited 5:19pm
hi folks,
weekly beobs on the nz/us, gb/us and my fav the au/us...its been in a very steep uptrend for a long long time now!
lets see what happens???
jon
Attached Image(s) (click to enlarge)
Click to Enlarge Name: weekly.gif Size: 37 KB
Click to Enlarge Name: daily.gif Size: 48 KB
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PATIENCE... DISCIPLINE
  • #48,472
  • Nov 21, 2009 6:19pm Nov 21, 2009 6:19pm
hi guys.. im not in this but I do think it is likely to reach the first trouble area.

pros - with trend, through trendline, 6300 is minor ppz

cons- smallish pin. If it was bigger I would probably take the trade
pair has been ranging between 6500 and 6000 since october
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Click to Enlarge Name: euraud2.gif Size: 19 KB
  • #48,473
  • Nov 22, 2009 1:25am Nov 22, 2009 1:25am
Hi guys,

I've been following this thread silently & it's quite unfair I have never really said anything. Right now, I have to say this thread is one of the best, if not the best thing that ever happened to Forex Factory not just because of its simplicity but also because of its underlying facts & intrinsic value.

God bless you Jim, Fiji, Mike, Merlin, Diallist, Jaroo, Clockwork71 e.t.c & ALL the pioneers & contributors of this golden project. It's not every knowledgeable person in the world who actually gives back to the community (Maybe 2 out of 10 gems).

To newbies: You must understand that there are natural laws of nature you cannot change. The Master of the Universe (God) gave everyone on earth the ability to discern right from wrong but human nature intrudes into this and causes other problems. Let's take a silly example, you know it is bad to steal (you know it's wrong & you definitely know the implications if caught) but you go ahead to steal because you are hungry forgetting that the person whom you're stealing from had to work hard to get to where he/she is. Likening this theory to trading, I would say that just as the Universal Master gave humans the ability (via our subconscious) to discern right from wrong, in the same way He gave traders the ability to somehow (subconsciously) discern what method is B.S (one which kills you in the long run) & what method is not B.S (one which makes you very profitable in the long run) BUT the trader "stubbornness" is the natural human factor here which comes into play making you think you can beat or outsmart the market by trying to force the market to "act" the way you want it to (looking for the next best tool to help you grow $500 into $5million in 3 months). Following PA + S/R confluence is by far the best/safest way of surviving long term in this business because it gets you in the "now" moment of things which is very important in every probabilities game. Forget about what you heard on TV and trade what you see every time, listen to undiluted news and that's it. And this will always be the REAL way as long as the laws of supply & demand exists. Nature is nature, karma is karma, fact is fact (and you can't change it so stop trying).

To dead Buddhas: Sorry for the rambling.

I rest my contribution.

Have a great weekend

Cheers.
  • #48,474
  • Edited 2:25am Nov 22, 2009 2:03am | Edited 2:25am
Quoting stoiter
hi guys.. im not in this but I do think it is likely to reach the first trouble area.

pros - with trend, through trendline, 6300 is minor ppz

cons- smallish pin. If it was bigger I would probably take the trade
pair has been ranging between 6500 and 6000 since october
Just wanted to let you know before you jump into that trade. Here's what I see. So I'd say be careful! Why hurry, there will always be surer & clearer trades.

Attached Image (click to enlarge)
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* Notice that you don't have your trend line drawn properly.
* Notice the arrows (1st was counter-trend but a good trade) & the check signs (partial/full exits depending on strength or weakness)
* Notice the divergence which could turn/change the trend. I don't usually have MACD on my charts, just use them to check for divergence and then take them off immediately. Cleanliness of the chart is next to Godliness
  • #48,475
  • Nov 22, 2009 7:35am Nov 22, 2009 7:35am
Quoting Dan Gilbert
Holy crap..... This is the time when leverage is such a key to success if you use it right.... amazing trade. I hope someday I will be able to catch one of these, even if only ONE TIME! That's all you need.
I'm going to focus on these types of trades because of the R/R potential. Looking at moving down from the 4HR chart to find 5M entries particularly at market openings. A good entry close to the market opening will have higher potential to not look back (ala DIBS) . A setup that I am loving is when price is at the level you want close to the opening, divergence, and you see the 150 and 365 narrowing.

Once you are in the trade and 150 crosses the 365: Bingo!
"Whether you think you can or can't, you're right." Henry Ford
  • #48,476
  • Nov 22, 2009 9:55am Nov 22, 2009 9:55am
Quoting wh1zz0
Just wanted to let you know before you jump into that trade...

Attachment

* Notice that you don't have your trend line drawn properly...
Sorry to butt into this reply -- I'm curious wh1zz0, if you could explain...

1. Where does your trendline start? Is it on the 7/14 bar high?
2. Why did you decide to use the high of that point 7/14 and not the highs of late September? Doing this would cause the pin bar to protrude but not close on top of the trend line.

I'm trying to learn the best way to draw trendlines so please don't take this as criticism -- just trying to follow your logic.

Thanks and thanks stoiter for posting this setup... I was considering this same trade.

-- Danny
  • #48,477
  • Nov 22, 2009 10:55am Nov 22, 2009 10:55am
Hey guys, I have seen that since the close on Friday there has been 2 pretty decent setups on the daily weekly.

But upon further inspection they are conflicting.

I am just curious as to what one is to do when this happens.


On the AUD/USD daily I think we have a pretty good pin bar. Once it breaks, we could go long and worth a few pips.

Once I look at the AUD/USD Weekly I am seeing a BEOB, which tells us to go short at a swing high, which is kind of looks like.

Which one tells the truth to us? And where do I look for the truth?


Now looking at the EUR/GBP Daily it looks like it has had a pretty strong BUOB a few days prior and is in a uptrend(and would of been nice to go long when it happened)

And now on the EUR/GBP Weekly there is a PB, albeit not a perfect PB.

I am trying to go through the thread from page 1... but yeah that is *not* a fast process. Especially this time of year for me, sales and Christmas makes it interesting finding free time to do more then a page or 2 a day.

Any help would be great.
Attached Image(s) (click to enlarge)
Click to Enlarge Name: audusddaily.gif Size: 11 KB
Click to Enlarge Name: audusdwkly.gif Size: 8 KB
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  • #48,478
  • Nov 22, 2009 11:50am Nov 22, 2009 11:50am
Quoting Concept
Hey guys, I have seen that since the close on Friday there has been 2 pretty decent setups on the daily weekly.

But upon further inspection they are conflicting.

I am just curious as to what one is to do when this happens.

Hi Concept,

Generally higher timeframes take precedence over lower timeframes. So PA and other confluences on higher timeframes are considered more reliable. That doesn't mean that we automatically disregard conflicting signals however. These can both still be tradeable.

On your Eur/Gbp Daily chart, the bar I think you're referring to isn't a BUOB (Bullish outside bar), it's just a bullish bar. A BUOB has to break the low of the bar before it and totally engulf the bar before it. Myself and others like to see the close of a BUOB higher than the previous bars high, and the bar you posted closed nice and high above the previous bar. See my chart for an example of a good BUOB at a swing low where we like to see them.

Say it was a BUOB and you were long E/G from the daily. The weekly chart isn't good enough for me to open a new trade, but it would give me confidence to hold on to the daily long to see if it can break past 90, but I would definitely be at breakeven or breakeven with some profit locked in because it could very well bounce down from 90 and give us a loss if we aren't prepared.

I'm going to try and help you out with the AUD/USD in the next post. I hope this was helpful, let me know if you have any questions.

Scott
Attached Image (click to enlarge)
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  • #48,479
  • Nov 22, 2009 11:53am Nov 22, 2009 11:53am
I have 2 TL drawn but primarily I have a strong PPZ (the blue dot line at 1.6215) just below current price.

Just my view

Cheers

Giorgio
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  • #48,480
  • Nov 22, 2009 12:37pm Nov 22, 2009 12:37pm
Quoting Concept
On the AUD/USD daily I think we have a pretty good pin bar. Once it breaks, we could go long and worth a few pips.

Once I look at the AUD/USD Weekly I am seeing a BEOB, which tells us to go short at a swing high, which is kind of looks like.

Which one tells the truth to us? And where do I look for the truth?
As I said in the previous post, higher timeframe signals are generally more reliable than lower timeframe signals. However, that doesn't mean you automatically rule out a lower timeframe signal.

I'll give you an example of what I mean and I'll give a possible scenario of how the daily and weekly could both work and both be good for positive pips.

So we have a daily PB, and a weekly BEOB. I personally don't think either of these setups are good enough for me to trade, but say for example they're both A+ setups. It is very possible for the daily pin to break up and give some pips. This would be a retrace of the weekly beob, and large beob/buob's tend to retrace before they break. Then, we could hit the first resistance/trouble spot (around orange area .9250) for the daily pin and bounce down, and break the weekly beob. Then the daily would be played out, and the weekly bar would be the only bar in play. We may even see price keep going lower and blow right past the low of the daily pin and activate the weekly beob, bounce off .90 and continue back up. We could also easily see the strong trend keep going up and invalidate the weekly beob.

In any case, you need to have a plan in place beforehand and be sure of the levels that may cause a bounce against you.

The key here is that the daily pin could give some pips while the weekly bar is still not invalidated, but not yet activated.

I personally would be a little worried about playing that weekly BEOB, as it is trading right into a strong PPZ and round number .90, and it is against a very strong move up. However it is off of a nice ppz and has divergence. I'd consider the weekly if there were more confluence and a better location.

The daily pin is small and has a poor close, but bouncing off of a nice little ppz. There is not much space and I would like to see it at a lower swing to go long.

The bottom line is when in doubt, stay out. There are much better setups than these to risk your money on. I'm not saying these setups can't be played, but I personally don't think they're worth the risk.

Sorry for the lengthy post, but I hope this will help a few people because I've been in this situation before and it can be very confusing.

Scott
Attached Image(s) (click to enlarge)
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