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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

  • #56,361
  • Feb 26, 2010 12:40am Feb 26, 2010 12:40am
Quoting stewrigh
J - I thought it was the body of the candle we looked at rather than the wicks for these or do I misunderstand.
It is the wicks

Mike
  • #56,362
  • Feb 26, 2010 12:41am Feb 26, 2010 12:41am
Quoting stewrigh
J - I thought it was the body of the candle we looked at rather than the wicks for these or do I misunderstand.
Its the wicks or the bodies, as long as the Highs match. We don't see them often match up exactly. Some people, like myself, will give some leeway by a few pips when they don't match exactly. Like this one on the Aud/Jpy Weekly.

edit: Thanks Mike. I haven't seen to many body Highs match very often. lol
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Indicators show the past. Price Action "Indicates" the future.
  • #56,363
  • Feb 26, 2010 12:52am Feb 26, 2010 12:52am
Quoting jarroo
Its the wicks or the bodies, as long as the Highs match. We don't see them often match up exactly. Some people, like myself, will give some leeway by a few pips when they don't match exactly. Like this one on the Aud/Jpy Weekly.

edit: Thanks Mike. I haven't seen to many body Highs match very often. lol

Thanks guys - back to studying for me.
  • #56,364
  • Feb 26, 2010 12:54am Feb 26, 2010 12:54am
Quoting jarroo
Its the wicks or the bodies, as long as the Highs match. We don't see them often match up exactly. Some people, like myself, will give some leeway by a few pips when they don't match exactly. Like this one on the Aud/Jpy Weekly.

edit: Thanks Mike. I haven't seen to many body Highs match very often. lol
Funny you say that but actually there is something interesting. When a candle/bar closes at its very low, or closes at its very high. Meaning the high = the close, or the low = the close. There is a large tendency for price to reverse on those bars. I read it from Larry Williams, and I never really got around to much testing, but it is pretty interesting at the right places

Mike
  • #56,365
  • Feb 26, 2010 12:55am Feb 26, 2010 12:55am
Quoting mbqb11
It is the wicks

Mike
So in forex I'm guessing this pattern doesnt appear too often? What I meant earlier by no gaps in forex making engulfing patterns more rare is just that: often in stocks I would play...

I would see an uptrend, a gap up and then a retracement down past the previous candle. Without these gaps, it seems like the formation would be relatively rare in forex?
  • #56,366
  • Feb 26, 2010 1:00am Feb 26, 2010 1:00am
Quoting mbqb11
Funny you say that but actually there is something interesting. When a candle/bar closes at its very low, or closes at its very high. Meaning the high = the close, or the low = the close. There is a large tendency for price to reverse on those bars. I read it from Larry Williams, and I never really got around to much testing, but it is pretty interesting at the right places

Mike
That sounds cool. I've see them, high/low = close, never really thought much about them though. I'll have to take a closer look.
Indicators show the past. Price Action "Indicates" the future.
  • #56,367
  • Feb 26, 2010 1:02am Feb 26, 2010 1:02am
Quoting Piggleop
So in forex I'm guessing this pattern doesnt appear too often? What I meant earlier by no gaps in forex making engulfing patterns more rare is just that: often in stocks I would play...

I would see an uptrend, a gap up and then a retracement down past the previous candle. Without these gaps, it seems like the formation would be relatively rare in forex?
Outside bars are extremely common in forex, and no gap is need. You simply need price at some point to move higher then the previous bar and move lower then the previous bar and close near the bottom, and vice versa.

Here is a chart with a bunch of outside bars marked
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  • #56,368
  • Feb 26, 2010 1:10am Feb 26, 2010 1:10am
Would you consider the second-to-last bar bearish engulfing, Mike? I plan to give this trade a relatively loose stop basedo nthe assumption that the engulfing formation + bounce off resistance and try to ride a decent pip move.


edit: I realize the engulfing pattern isn't at the exact R level, but looking at the level it seemed clear a rise past it had failed.

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  • #56,369
  • Feb 26, 2010 1:13am Feb 26, 2010 1:13am
Quoting Piggleop
Would you consider the second-to-last bar bearish engulfing, Mike? I plan to give this trade a relatively loose stop basedo nthe assumption that the engulfing formation + bounce off resistance and try to ride a decent pip move.


edit: I realize the engulfing pattern isn't at the exact R level, but looking at the level it seemed clear a rise past it had failed.

Attachment
yep that last pattern would be a small BEOB

Mike
  • #56,370
  • Feb 26, 2010 1:36am Feb 26, 2010 1:36am
Quoting Dan Gilbert
Going over old posts, or just remembering old posts, and following up on them is healthy. I think it's funny how a lot of my older posts came true, yet I didn't follow my own advice

Although this week... I have been just traveling all over the southwest of USA... I don't think I'm going back east, ever.
you got to watch out.........with those numbers........urrhhhsss

be careful next time

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  • #56,371
  • Feb 26, 2010 1:49am Feb 26, 2010 1:49am
Now what????

A PIN BAR???
.
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  • #56,372
  • Feb 26, 2010 1:58am Feb 26, 2010 1:58am
Quoting Ryanmcd
You are making this WAY too hard, I bet you have a engineering background ggggggg.
Attached is a pic of your chart.

Attached Image
Nice catalog sheet there

I play with those kind of sheet catalog all the day and trading as well,but with trading I'm different I like to keep it simple

I was working as a Layout designer for Siemens, doing PCB design for all kind of electronic circuits

They have licence for Menthor Graphics PADS and Zuken,but I was playing with PADS

and also I was doing signal integrity analyze and EMI/ECM design problems with HyperLynx,it was my job to reduce development and product costs,and increasing product performance

do you know what I'm talking about or is in vain

all the best!
  • #56,373
  • Feb 26, 2010 1:59am Feb 26, 2010 1:59am
Quoting tubguy
All good...
it's ok Sir.. hope to see u around
  • #56,374
  • Feb 26, 2010 2:00am Feb 26, 2010 2:00am
Quoting joelcf
*looks down at active users list and readies notepad and paper*
Good catch


Quoting Darkstar
Why is it every time I pop in to say hi, this thread is in a different sub forum?
Anyway, greetings to all.
Greetings Sir

Quoting Darkstar
Health care, search engine optimization, asp.net, the craziness in greece. Not that anyone really cares about such things, but since you asked.
asp as in ASP? awesome.
  • #56,375
  • Feb 26, 2010 2:02am Feb 26, 2010 2:02am
Quoting mbqb11
Hey Ant

I knew it was a false breakout when the BEOB formed. That is part of what we can glean from a bar like a BEOB. I was simply watching the 85 area. Price consolidated, gave a large beob.

Best
Mike
Hey Mike,
So, the term 'false' in false breakout is coined because price in ethe BEOB overshoots previous highs in the blue consolidation box before coming down fast, rite? (still a little slow in picking up the terms)

CY
  • #56,376
  • Feb 26, 2010 2:03am Feb 26, 2010 2:03am
Quoting nasir.khan
Now what????

A PIN BAR???
.
doesnt matter...
pin bar, IB, I5B, BEOB, BUOB, etc.
Just trade accordingly
  • #56,377
  • Feb 26, 2010 2:05am Feb 26, 2010 2:05am
Quoting Darkstar
Why is it every time I pop in to say hi, this thread is in a different sub forum?

Anyway, greetings to all.
who is this guy?,everytime he comes here he has something to argue about

nice to see you buddy

all the best!!
  • #56,378
  • Feb 26, 2010 2:09am Feb 26, 2010 2:09am
Quoting ertorque
Hey Mike,
So, the term 'false' in false breakout is coined because price in ethe BEOB overshoots previous highs in the blue consolidation box before coming down fast, rite? (still a little slow in picking up the terms)...
Hey CY...
if i may:
the term 'false breakout' can be used in other trading conditions (not just in the range breakout example)
it is 'false' because it moves in one direction only to reverse to the other, real direction.
for example, in a downtrend, u can plot a downsloping trendline. price sometimes breaks above the trendline, for a short time, only to move back inside the trendline in a few minutes/hours/days (depending on the timeframe)

another term is 'headfake'
u can also think of a pin bar with a long nose: the direction of the long nose (where the nose is pointing at) is the 'lie' (false break/false move)

Hope this helps
  • #56,379
  • Feb 26, 2010 2:18am Feb 26, 2010 2:18am
Quoting supremeChaos
Hey CY...
if i may:
the term 'false breakout' can be used in other trading conditions (not just in the range breakout example)
it is 'false' because it moves in one direction only to reverse to the other, real direction.

Hope this helps
Hi SChaos,
Thanks for enlightening!
Just read your profile, hope u will one day scale the highest peak on earth!!

CY
  • #56,380
  • Feb 26, 2010 2:19am Feb 26, 2010 2:19am
Quoting supremeChaos
doesnt matter...
pin bar, IB, I5B, BEOB, BUOB, etc.
Just trade accordingly
I was asking what you want but nobody made a choice so i pulled off.
.
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