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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

  • #52,921
  • Jan 26, 2010 12:04pm Jan 26, 2010 12:04pm
Just curious. When you trade price action what is the thought about prices? Is it that prices fully reflect all market information that is available?
Paul
  • #52,922
  • Jan 26, 2010 12:12pm Jan 26, 2010 12:12pm
Buy stop placed at 90.20
Stop loss below that BUOB.

Trouble areas marked in blue boxes. I will probably put my TP at 90.95 during the night. I dont wanna wake up and see that price hit that area and went all the way back. Otherwise i might try to trail it a bit, if it goes in my favor.
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  • #52,923
  • Jan 26, 2010 12:32pm Jan 26, 2010 12:32pm
Quoting BWise
Why is this trade good, Ghous? Isnt it heading right into support?
I am still coming to terms with outside bars...its the huge retracements like this that are still keeping me out of the trades..plus the area is heavy traffic..it may eventually blow this area...

Punter
  • #52,924
  • Jan 26, 2010 12:34pm Jan 26, 2010 12:34pm
Quoting ekling
Buy stop placed at 90.20
Stop loss below that BUOB.

Trouble areas marked in blue boxes. I will probably put my TP at 90.95 during the night. I dont wanna wake up and see that price hit that area and went all the way back. Otherwise i might try to trail it a bit, if it goes in my favor.

Another view. This is not a trade I am taking, I just want to give you another look. My entry would be at .8976 long (50%fib) and 1hr PPZ AFTER the break of the BUOB. Reason why is that I have suffered many a drawdown and SL hit for loss on this kind of set up. It's all in the management brother. Good luck to you. I'd love nothing more than to see .9120 again.

K.I.S.S.
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  • #52,925
  • Jan 26, 2010 1:12pm Jan 26, 2010 1:12pm
hi guys, just a quick heads up...
aud/usd nice 4h buob with divergence on the 61.8 fib% and breaks the .9000 rnd number and ppz. its got a bit of traffic to get through but i think it could be a good trade?? .9100 looks probable ??
nz/us also looks good to me,4h buob with divergence at a rnd number and PPZ. a break above .7100 would be nice
us/cad another very nice looking beob with divergence and breaks the 1.0600 rnd number/PPZ.again theres a bit of traffic to get through. it looks like its gonna form a daily bearish pin bar also ??
theres some nice looking 4h pa on the yen crosses but i dont like the contradictory daily bars so im gonna be on the side lines for those atm
cheers

jon
PATIENCE... DISCIPLINE
  • #52,926
  • Jan 26, 2010 1:14pm Jan 26, 2010 1:14pm
Quoting pdean123
Just curious. When you trade price action what is the thought about prices? Is it that prices fully reflect all market information that is available?
Paul
It is for me. It reflects what people believe price should be priced out. People buy b/c they think price is to low and sell b/c it is too high. Price chops when people believe price is fairly valued
  • #52,927
  • Jan 26, 2010 1:15pm Jan 26, 2010 1:15pm
another one I am in but watching close and stop above the recent beob, got in on the pin
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  • #52,928
  • Jan 26, 2010 1:18pm Jan 26, 2010 1:18pm
eurchf 4rh buob broke downward trendline...
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  • #52,929
  • Jan 26, 2010 1:44pm Jan 26, 2010 1:44pm
Quoting KissFan
Another view. This is not a trade I am taking, I just want to give you another look. My entry would be at .8976 long (50%fib) and 1hr PPZ AFTER the break of the BUOB. Reason why is that I have suffered many a drawdown and SL hit for loss on this kind of set up. It's all in the management brother. Good luck to you. I'd love nothing more than to see .9120 again.

K.I.S.S.
I hear ya! I thought about the 50% fib to lower my stop but then again i would be trading right into the round number. As i can tell you are one of the more experienced traders in this forum so i will definately consider what you just said for future trades

Thanx! And good luck to you to
  • #52,930
  • Jan 26, 2010 1:47pm Jan 26, 2010 1:47pm
A simple PPZ trade...
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  • #52,931
  • Jan 26, 2010 1:49pm Jan 26, 2010 1:49pm
Quoting ekling
I hear ya! I thought about the 50% fib to lower my stop but then again i would be trading right into the round number. As i can tell you are one of the more experienced traders in this forum so i will definately consider what you just said for future trades

Thanx! And good luck to you to
Hey Ekling. I just offer up what has happened to me in the past. Drawdowns suck and I only want to help. Best regards sir!

K.I.S.S.
  • #52,932
  • Jan 26, 2010 2:03pm Jan 26, 2010 2:03pm
if this i3b breaks south, I'm taking it. if it breaks north, I'm not.
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Many choose unhappiness over uncertainty.
  • #52,933
  • Jan 26, 2010 2:17pm Jan 26, 2010 2:17pm
Quoting mbqb11
Here was a quick play a bit earlier then usual for me
Outside Bars.... the bigger the better?
  • #52,934
  • Edited Jan 27, 2010 3:26am Jan 26, 2010 2:29pm | Edited Jan 27, 2010 3:26am
Quoting mbqb11
another one I am in but watching close and stop above the recent beob, got in on the pin
Cool trade Mike. If that would close as a daily pin bar, you would have a good reason to keep holding it

Below is another dead simple trade on eurnzd.

Ben
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  • #52,935
  • Jan 26, 2010 2:39pm Jan 26, 2010 2:39pm
Quoting benji533
Well....I think you will be glad to see the 4h chart...
Hi benji,

Would you not pass on this as you'd be trading directly into a S/R at 10600?

I saw this pin bar and thought yeah it looked good but i don't like where it's sitting.

Be interested in your thoughts.

Cheers,

Glen
  • #52,936
  • Jan 26, 2010 2:52pm Jan 26, 2010 2:52pm
Quoting dobe_r_man

Breakout entry: 1.5657


Miserable in Michigan ........ha ha
Nathan,

I'm in from a similar level to yourself on the daily BUOB. I've noticed that the 15600 level has been holding so i was considering moving stop to just below there to reduce risk. This will reduce my risk down to 25% of original risk but keep me in the trade.

Glen
  • #52,937
  • Jan 26, 2010 2:53pm Jan 26, 2010 2:53pm
Quoting MattW
Outside Bars.... the bigger the better?
for sure
  • #52,938
  • Jan 26, 2010 2:54pm Jan 26, 2010 2:54pm
Quoting benji533
Cool trade Mike. If that would close as a daily pin bar, you would have a good reason to keep holding it

Below is another dirt simple trade on eurnzd.

Ben
Yeah I am just not loving this one so i closed it for b/e. Regrets may come later
  • #52,939
  • Jan 26, 2010 2:58pm Jan 26, 2010 2:58pm
Quoting Glenborrell
Hi benji,

Would you not pass on this as you'd be trading directly into a S/R at 10600?

I saw this pin bar and thought yeah it looked good but i don't like where it's sitting.

Be interested in your thoughts.

Cheers,

Glen
Hey Glen,

Great question.
Maybe you have missed my following post as a reply to nasir. Here:

Quoting benji533
This bar became more like a huge 4h beob and maybe daily pin. For a 4h trade, I would like this bar to close below the 1.0600 round number. Entry on the break.

Just be careful here. Good location on daily, but still a "falling (shooting) knife" on 4h.
Usually, when playing PA bars, I like doing it off major round numbers + any other sort of confluence. In this case, there wasn't any real big round number, but the closest was 1.0600, and I wanted that 4h bar to show me strength by closing below that level.
Considering the sharp move up, and the bar not being strong enough to close below that key level, I passed on it as a no trade.

These big round numbers are important as they use to be loaded by orderflow around them, (witch also causes the PPZs around them in most cases). I wouldn't want to be tarding right into one of them + facing that sharp move up.
That's all for that particular trade.

Hope that makes sense.
Ben
  • #52,940
  • Jan 26, 2010 3:01pm Jan 26, 2010 3:01pm
Trade update...quick 40 pips gained with near zero drawdown.

These two have caught my eye as potential trades (2 hours till close on UC on Alpari).
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