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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

  • #58,461
  • Mar 17, 2010 8:09am Mar 17, 2010 8:09am
not sure if my fibo are drawing correctly. In the chart i have a confluence point at 50% and 38.2% of my two fibo, added with my S/R line 1.0500. will look to enter long if this bar close with a pin. Any comments are welcome.... Thank you.
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  • #58,462
  • Mar 17, 2010 8:17am Mar 17, 2010 8:17am
Quoting squeezy
hmmm!!! another so so bar....be careful with this next time takingthepip...it worked now but will it work next time, not trying to be anti-anything but ....
look at the beob that formed on the 12th and compare to yours, i actually took that one and came out with a be with it started playing around 1.3910 area.(closed it manually)
looking at urs, it would be about 20pips before 1st trouble area of 1.3910
you could also try zooming out one more time
im just trying to help, dont take it the wrong way man
cheers
squeezy
Hey, I would have taken this trade...I see what you're saying about the size of the previous OB and I took that one too, but IMO you have to look at the size of the current OB in relation to the preceeding bars.

The previous OB was very large but the preceeding bar was also particularly large...whereas this OB was smaller but again it was significantly larger than the preceeding bars...in fact it engulfed the previous 5 bars and was actually much bigger than the preceeding bars than the previous OB was.

This bar showed that price had been firmly rejected off the previous PPZ area @ 1.3975 and that the bears were still in control and was looking to retest the lower PPZ marked i.e. where the bar closed.

As this is a continuation bar then we are a trading with the trend i.e. with the bears who are i control overall and thus I expected this lower PPZ area to be broken and the BEOB has given me a reason to suggest that there is a high probability that this might occur on the next bar.

If I did get into this trade I would be watching how price opened closely as I would be looking for a quick break down the next main target - the round number...the lack of a quick break would make me kill the trade for a small loss.

What I'm trying to say is that the size of this bar compared to the previous one was rubbish but compared to the recent price action it was good and showed a shift in power back to the bears in quite a big way.

This is just how I analyse the market and look at things...
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  • #58,463
  • Mar 17, 2010 8:21am Mar 17, 2010 8:21am
Quoting squeezy
hmmm!!! another so so bar....be careful with this next time takingthepip...it worked now but will it work next time, not trying to be anti-anything but ....
look at the beob that formed on the 12th and compare to yours, i actually took that one and came out with a be with it started playing around 1.3910 area.(closed it manually)
looking at urs, it would be about 20pips before 1st trouble area of 1.3910
you could also try zooming out one more time
im just trying to help, dont take it the wrong way man
cheers
squeezy
No problem Squeezy.

Yes, I had the bar on the 12th on my radar, but price didn't break below that one for quite some time, so I cancelled my interest. It's a much better looking setup, I agree. What made me feel added confidence about the current setup was the way price also stopped and reversed off the PPZ at 1.3950 during the 4HR candle following the BEOB, before breaking below the BEOB. The hard break also helped.

- TTP -
  • #58,464
  • Mar 17, 2010 8:28am Mar 17, 2010 8:28am
Quoting lovejoy80
Hey, I would have taken this trade...I see what you're saying about the size of the previous OB and I took that one too, but IMO you have to look at the size of the current OB in relation to the preceeding bars.

The previous OB was very large but the preceeding bar was also particularly large...whereas this OB was smaller but again it was significantly larger than the preceeding bars...in fact it engulfed the previous 5 bars and was actually much bigger than the preceeding bars than the previous OB was.

This bar showed that price had been firmly...
i do agree that the trend is down obviously but the bar just wasnt convincing & also the 1st trouble area was a bit too close for my liking....
anyways it worked out
btw... check ur pm

Quoting takingthepip
No problem Squeezy.

Yes, I had the bar on the 12th on my radar, but price didn't break below that one for quite some time, so I cancelled my interest. It's a much better looking setup, I agree. What made me feel added confidence about the current setup was the way price also stopped and reversed off the PPZ at 1.3950 during the 4HR candle following the BEOB, before breaking below the BEOB. The hard break also helped.

- TTP -
ok, no problem ttp.....atleast its on demo lol
cheers
Simplicity is the key to success
  • #58,465
  • Mar 17, 2010 8:47am Mar 17, 2010 8:47am
Quoting joelcf
That wont be the spread - what you are seeing there is interest charges.

Joel I assumed he was talking about spreadbetting because he mentioned IG Index not IG Markets but anyhow your post was most interesting as usual.

Your book is comming along very well...

Leon
  • #58,466
  • Mar 17, 2010 8:57am Mar 17, 2010 8:57am
Quoting triger88990
Time for making some decisions.........

when you are trying to catch up some swing position you must be prepare for a large drawdown, you must have a god mental shape for this kind of trade.you must know yourself otherwise you will suffer a lot if you get emotional with your trades.For me it doesn't bother me at all the DD.

All you need is to know from what points those DD can be a reversal signal,so you can KILL IT

gj is up by 7R= 14%
ej is up by 10R=20%
uj is up by 12R=24%

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Very nice! Could you expand on why you got in the UJ trade where you did?
  • #58,467
  • Mar 17, 2010 9:00am Mar 17, 2010 9:00am
Quoting Dhb
This is no trading advice or anything, just something I thought I'd share over here, but I wouldn't be surprised if euraud is going to provide a nice opportunity to go short, either around 1.5000, or 1.5050, somewhere in the near future. Nice bit of confluence in both areas if you ask me.

B.

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Lol, I need more time to focus on trading. I just saw I missed out on the euraud hunch I mentioned earlier. Hope someone here is making pips off of this one though.

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It's not about how much you make, it's about how much you don't lose.
  • #58,468
  • Mar 17, 2010 9:02am Mar 17, 2010 9:02am
Quoting nasir.khan
How is it going dude.
.
Good, yourself? I've learned a lot from your charts so keep em coming
  • #58,469
  • Mar 17, 2010 9:15am Mar 17, 2010 9:15am
Quoting KissFan
Be sure you know where your PPZ's are. Your 4hr bar delivered 8 pips. That is all I would expect trading into the weekly PPZ.

K.I.S.S.
Hi KissFan,

I appreciate the response. Curious though...

I am looking at your weekly PPZ and I am not sure how you came to the conclusion to draw your line there.

I understand PPZ's to be where price flips from support to resistance and vice versa.

I drew a couple of new lines on your image to show where I think this may have occured but can't seem to see what you see with the line you have drawn.

Could you kindly provide an example of why you drew your line where you did?

Thanks in advance,

Steve
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Nothing is impossible, with a willing mind!
  • #58,470
  • Mar 17, 2010 9:17am Mar 17, 2010 9:17am
joelcf

I agree I don't look to Kathy or Boris anymore for "how To" type information. This book is basically entertainment for a trader. It is interviews with about 10 or so traders that in there own right are successful. Just a fun read.
  • #58,471
  • Mar 17, 2010 9:19am Mar 17, 2010 9:19am
Quoting lovejoy80
Very nice! Could you expand on why you got in the UJ trade where you did?
I have made some notes about it here:
http://www.forexfactory.com/showpost...ostcount=57656

I get in earlier because some "issues" correlations

hope it helps!!
  • #58,472
  • Mar 17, 2010 9:25am Mar 17, 2010 9:25am
Quoting smikester
My most obvious observation is that you are shorting an uptrend. My take on pin bars is that the best are at swing lows in an uptrend, so that we take them in the direction of the trend. I can also see support levels below your pin.
Brilliant but simple advice! Thanks smikester! Sometimes the obvious escapes me but hey if I look on the bright side I did recognize a PB LOL

After looking at this again I think I see what you are referring to as far as support below the PB. I realized there was initial support at the bottom of the range (the blue line) but I have drawn what I think you are referring to with the magenta line. Correct me if I am wrong....

Thanks for your input :-)

Steve
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Nothing is impossible, with a willing mind!
  • #58,473
  • Mar 17, 2010 9:26am Mar 17, 2010 9:26am
Quoting Trader_V
Hi KissFan,

I appreciate the response. Curious though...

I am looking at your weekly PPZ and I am not sure how you came to the conclusion to draw your line there.

I understand PPZ's to be where price flips from support to resistance and vice versa.

I drew a couple of new lines on your image to show where I think this may have occured but can't seem to see what you see with the line you have drawn.

Could you kindly provide an example of why you drew your line where you did?

Thanks in advance,

Steve
The line that I drew is the one that pertains to your trade. Here are two arrows to show the bar high and the bar low that formed the PPZ. Hope this helps you bro! You are close to getting there, you just missed spotting this price flip. It gets easier with practice.

K.I.S.S.
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  • #58,474
  • Mar 17, 2010 9:38am Mar 17, 2010 9:38am
First of all happy St. Patrick Day to all of you guys

Quoting jarroo
Great post Mike (as always).

I didn't take the Gbp/Chf.

Looking now to see if the 1.5200 on the Gbup/Usd will now act as Support. (Green line is a Daily PPZ level from early in the month. )
Seems it did act as a support and it had gone nicely to the first trouble area. Hope you took it, since it has moved so smooth and fast


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Usually i look the bar charts but i saw that in this case the line chart looks even better
  • #58,475
  • Mar 17, 2010 9:41am Mar 17, 2010 9:41am
Quoting fascist
Hi guys, it's been a while since i have posted and i have been practicing on the 4 hr and daily charts with mixed success. (mostly on OVBs)

I recently spotted a pending trade. A possible Pinocchio bar spotted, but it looks ambiguous.

Here is the screenshot:

http://i801.photobucket.com/albums/y...g?t=1268842755

Does that qualify as a signal?

thanks for any help..
Hey F

That is a really really super tiny bar IMO not worth two looks. Wait for the good ones they will jump out at you

Best
Mike
  • #58,476
  • Mar 17, 2010 9:46am Mar 17, 2010 9:46am
Im still paying attention to gold im very curious about his next move I didnt took it like i said i will only watch where will it go.

For now i have come up with two possible theories, and like Forex007's signature says: ''One Chart is Worth Ten Thousand Words.'' so here are the charts...

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Since im still a begginer, comments are more than welcome
  • #58,477
  • Mar 17, 2010 10:03am Mar 17, 2010 10:03am
  •  Bam Fx
  • | Joined Apr 2009 | Status: Using Small Live Account as Demo | 28 Posts
Hey Ya'll,

I am curious if anyone is paying close attention to USD/CHF on say 8 hr or daily. It looks like there is confluence with 2 different fibs (granted one of them is a 38.2%) and the rising trendline from Nov 25th or so... Is this how the more expierenced guys look for the best trading opportunities... ie:

1. Look for great locations...
2. Look for PA around these locations

As opposed to looking for pin bars everywhere and then looking to see if it lines up with anything. I'm not saying either way is bad but I'm very new to this and wondered if anyone has input either way. Its seems I might be prone to curve fitting the fib's if I were to find the pin's first... Just some thoughts. Thanks again for everything you guys do... I'm learning sooooo much!

Since there is already a Mike that is popular, I'll be slightly different.

Michael
  • #58,478
  • Mar 17, 2010 10:10am Mar 17, 2010 10:10am
Quoting Bam Fx
Hey Ya'll,...
I think everyone here is looking at USDCHF. But it's not yet time.. wait a little longer.

You can't get any more confluence than this:

- 2x fib
- BRN
- 150 EMA
- rising TL

But from the daily perspective, today is not the day. Maybe tomorrow, or maybe the day after, or maybe never. We can shoot right through 1.05 with no PA.
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  • #58,479
  • Edited 10:31am Mar 17, 2010 10:23am | Edited 10:31am
  •  Bam Fx
  • | Joined Apr 2009 | Status: Using Small Live Account as Demo | 28 Posts
Quoting neutro
I think everyone here is looking at USDCHF. But it's not yet time..

Thanks a lot. It helps the confidence, to know that I'm looking for the right kinds of setups...

Another quick question... Looking back to Jan 12 daily bar on USDCHF, how would that be rated? I ask cause it looks like its at a good location, but technically, it doesn't quite fit the definition of a BUOB. It that something that is personal preference as to whether traders pass on a trade because the close of the outside bar wasn't a above the open of that same bar. or is that a hard and fast rule?


Michael
  • #58,480
  • Mar 17, 2010 10:27am Mar 17, 2010 10:27am
I was looking at the USDCHF and I don't see why you couldn't put a limit on that just above the BRN, you only need a small stop to confirm 25-30 pips.

Target the daily PPZ ~650.
"I made all my money by selling too soon"
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