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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

  • #56,001
  • Feb 24, 2010 5:49am Feb 24, 2010 5:49am
Quoting joelcf
Hey mark,

I assume you mean the one with the red arrow - if not, ignore the rest of this!

What we really want to see in a BEOB is for price to close near the bottom of the bar - at least in the bottom third. If you look at the bar in your chart, the open and close of the bar are really not that far apart, the close is in the top half of the bar, and the open-close range barely encompass the previous bar.

As it stands, this almost looks closer to pin than a beob. (not that anyone should try and trade it as such!)

Also, with most setups (including...
The only thing else I'd add is that you want to see beob's at swing highs vs. swing lows. Nothing about this bar or location that would interest me (it is basically consolidating).

Nathan
  • #56,002
  • Feb 24, 2010 6:25am Feb 24, 2010 6:25am
Quoting joelcf
Hey mark,

I assume you mean the one with the red arrow - if not, ignore the rest of this!

What we really want to see in a BEOB is for price to close near the bottom of the bar - at least in the bottom third. If you look at the bar in your chart, the open and close of the bar are really not that far apart, the close is in the top half of the bar, and the open-close range barely encompass the previous bar.

As it stands, this almost looks closer to pin than a beob. (not that anyone should try and trade it as such!)

Also, with most setups (including...

Makes perfect sense Joel - thanks for your help
  • #56,003
  • Feb 24, 2010 6:29am Feb 24, 2010 6:29am
The newswires point to a HUGE fall in the USD today.

By: The Associated Press | 24 Feb 2010 | 06:20 AM ET
Production of 'Two and a Half Men' temporarily halted as Charlie Sheen enters rehab
When you have to shoot, shoot. Dont talk.
  • #56,004
  • Feb 24, 2010 6:34am Feb 24, 2010 6:34am
Quoting MarkyBoy
Hi,

could somebody advise me as to whether the last 4 hour candle on my EURJPY chart would consititute a Bearish Vertical Outside Vertical Bar? If so, would it have been a good strategy to sell on the pullback to the 23.6 Fib (see attached chart)

Obviously it looks like a good trade now, but I just wanted to check my understanding.

Thanks,

Mark
I'll add to what Joel and Dobes said.

...As you progress in your learning you'll start taking note of Mini support/resistance flips like the one marked in my chart below.

They can cause real trouble most of the time if you don't take notice of them. An entry at the point you mentioned would have you needing to be very careful at that price pivot shown.
Not much room for your trade, is there?

...Later on you may even find yourself making money in-between-bars like this on dailies etc (except there are better examples for this advanced technique), but it's important to learn to see them right now too. They can get in the way of your trades getting a good start if you don't take notice of them and you need to understand why.

Start studying them charts looking for these. Well worth it.
.
Attached Image
Bundy's status today: "Waiting..."
  • #56,005
  • Feb 24, 2010 6:39am Feb 24, 2010 6:39am
Quoting joelcf
The newswires point to a HUGE fall in the USD today.

By: The Associated Press | 24 Feb 2010 | 06:20 AM ET
Production of 'Two and a Half Men' temporarily halted as Charlie Sheen enters rehab
Should i close my DJI short.
.
  • #56,006
  • Edited 7:47pm Feb 24, 2010 7:00am | Edited 7:47pm
Hi guys,

I remember Benji and some others were actually curious about how to create other time frames on MT4. Well here's a very simple and reliable way to do that just in case you haven't found out how to. This is how I created mine.

Steps:

 

  1. After placing the indicator in MT4, just drag and drop on chart time frame you want to use to create another.
  2. Make sure you check "Allow DLL import"
  3. From the inputs tab, change the multiplier settings only. For instance if you want to create a D2 chart from D1 you leave the multiplier set to 2; if you want to create a H8 chart from H4 you leave the multiplier at 2 as well
  4. Click on File from the MetaTrader Menu bar (Top-Left corner); click on Open chart offline
  5. Find the newly created time frame from the list and click to open.


Enjoy.

Attached File(s)
File Type: mq4 Period_Converter_Opt.mq4   15 KB | 436 downloads
  • #56,007
  • Feb 24, 2010 7:03am Feb 24, 2010 7:03am
Quoting bundyraider
I'll add to what Joel and Dobes said.

...As you progress in your learning you'll start taking note of Mini support/resistance flips like the one marked in my chart below.

They can cause real trouble most of the time if you don't take notice of them. An entry at the point you mentioned would have you needing to be very careful at that price pivot shown.
Not much room for your trade, is there?

...Later on you may even find yourself making money in-between-bars like this on dailies etc (except there are better examples for this advanced...
Thanks for the extra info. Just starting here (fed up with trading smaller timeframes and getting burnt) so may ask a few "silly" questions over the next few days.

Apologies in advance,

Mark
  • #56,008
  • Feb 24, 2010 7:15am Feb 24, 2010 7:15am
Quoting chatzi
LOL cool, amazing set of movies. You can see their influences in a lot of modern classics.
Guys

So glad to see there are some TUCO fans on here.......my alltime favourite movie character....awesome!!
So, so relevant to trading........'when you have to shoot, shoot.......don't talk!!

good trading all,

bertie
PA is where its at!!
  • #56,009
  • Feb 24, 2010 7:20am Feb 24, 2010 7:20am
Quoting bundyraider
And example of what I meant by how you'll get better at it....

(Even better when you get many factors, such as other fibs., lining up too, of course. )

edit: By the way. Everyone develops their own preferences for doing this. So Learn what works for you.
i understood we draw the fib from the most significant sl to sh, in your chart you have the 100 fib at the top, how come?
  • #56,010
  • Feb 24, 2010 7:25am Feb 24, 2010 7:25am
Quoting antgal23
i understood we draw the fib from the most significant sl to sh, in your chart you have the 100 fib at the top, how come?
You want to draw fibs in the direction of the movement. So if price goes down, you draw from the swing high to the swing low.

Think about it this way - on Bundy's chart, if the price goes all the way back to the swing high, it has retraced 100% of the move. Similarly, if it only goes a quarter or so back up, it has retraced 23.6% of the move.
When you have to shoot, shoot. Dont talk.
  • #56,011
  • Feb 24, 2010 7:39am Feb 24, 2010 7:39am
Quoting dobe_r_man
And here we are Nasir...........
And now,

Will she break this WALL???

Doesn't seem so.
.
Attached Image (click to enlarge)
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  • #56,012
  • Feb 24, 2010 7:46am Feb 24, 2010 7:46am
Quoting joelcf
You want to draw fibs in the direction of the movement. So if price goes down, you draw from the swing high to the swing low.

Think about it this way - on Bundy's chart, if the price goes all the way back to the swing high, it has retraced 100% of the move. Similarly, if it only goes a quarter or so back up, it has retraced 23.6% of the move.
cheers Joel, that explains alot
  • #56,013
  • Feb 24, 2010 7:53am Feb 24, 2010 7:53am
Quoting antgal23
cheers Joel, that explains alot
Joel on a Roll.
  • #56,014
  • Feb 24, 2010 7:56am Feb 24, 2010 7:56am
what you think about this beovb on the weekly euro yen?
Attached Image (click to enlarge)
Click to Enlarge Name: beovb eur yen.gif Size: 22 KB
  • #56,015
  • Feb 24, 2010 7:56am Feb 24, 2010 7:56am
Check out the GBP/CAD , the pair hit the 6300-6340 area which happens to be the 23.6 Fib , this level was hard to be broken to the downside before so it will be hard to get back above this zone . Cheers
N.B : this hte 1H chart , the 4H chart is about to give a confirmation for this pattern BEOB 5 minutes left.
Attached Image (click to enlarge)
Click to Enlarge Name: gbpcad.gif Size: 16 KB
  • #56,016
  • Feb 24, 2010 8:03am Feb 24, 2010 8:03am
My NZDUSD trade triggered then price retraced to the little price flip, It will hopefully use that is resistance now and heads back down to the monthly low.
Attached Image (click to enlarge)
Click to Enlarge Name: 2010-02-24_1400_NZDUSD.png Size: 19 KB
  • #56,017
  • Feb 24, 2010 8:39am Feb 24, 2010 8:39am
Quoting nasir.khan
And now,

Will she break this WALL???

Doesn't seem so.
.
No guarantees.....but we should be testing 1100 again very soon!! Let's see if it now acts as resistance Nasir before plunging (ha ha.......suggestive thought powers) down to our TP's.

Nathan
  • #56,018
  • Feb 24, 2010 8:42am Feb 24, 2010 8:42am
Quoting dobe_r_man
No guarantees.....but we should be testing 1100 again very soon!! Let's see if it now acts as resistance Nasir before plunging (ha ha.......suggestive thought powers) down to our TP's.

Nathan
I was also talking about 1100.
  • #56,019
  • Feb 24, 2010 8:45am Feb 24, 2010 8:45am
Quoting antgal23
what you think about this beovb on the weekly euro yen?
Even though I am still definitely a short in my general view of the Euro there are two things here to consider:

1) It is only Wednesday, so who knows how it will close for the week
2) It is at a swing low

We like beob's to be at swing highs. Not saying it may not be a continuation move, but I'd be more interested in this if it were at a pivot and 50/61 fib at a swing high.

Nathan
  • #56,020
  • Feb 24, 2010 8:48am Feb 24, 2010 8:48am
Quoting nasir.khan
I was also talking about 1100.
Of course, I just meant it is approaching that area as we speak. Let's not bare our teeth Nasir ......we are riding the same train with departures within a stones throw of each other.

(Obvious dog reference injected for Supremes enjoyment)
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