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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

  • #60,421
  • Apr 9, 2010 5:44am Apr 9, 2010 5:44am
Quoting Chris_B
Another one..this is counter trend...so my stop is at BE+1
Stopped out at BE+1
Market is like a puzzle, YOU have to fit the pieces!!
  • #60,422
  • Apr 9, 2010 5:47am Apr 9, 2010 5:47am
Quoting jarroo
Notice how Price is respecting or retesting the break of the PBs, like the Eur/Jpy. I would prefer it breaking up through the 125.00 and then respect that level.

But my point is that this type of Price behavior is favorable for the setup to continue. Will it continue? Who knows its hitting a strong PPZ level, 125.00. A strong break up through this level would tell me volumes.
Hi

On the EU/JPY - would in your view the pin on the 4hr have been in play with say half off just below 125 (given reasonable space and strong momentum). Then move to BE (break of 4hr pin).

Just that I thought about this but didn't go for it because of heading into 125 BRN and possible stalling before and/or strong bounce back. If playing the daily pin, presumably would be looking for strong break of 125 and possible pull back before entering.

Thanks

J
  • #60,423
  • Apr 9, 2010 5:49am Apr 9, 2010 5:49am
Quoting Bemac
You know that it "Re-Paints" right?
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Just as long as you are aware.
I am sorry. what do you mean re-paints ?
  • #60,424
  • Apr 9, 2010 6:21am Apr 9, 2010 6:21am
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  • #60,425
  • Apr 9, 2010 6:21am Apr 9, 2010 6:21am
Quoting jspeakman
Hi

On the EU/JPY - would in your view the pin on the 4hr have been in play with say half off just below 125 (given reasonable space and strong momentum). Then move to BE (break of 4hr pin).

Just that I thought about this but didn't go for it because of heading into 125 BRN and possible stalling before and/or strong bounce back. If playing the daily pin, presumably would be looking for strong break of 125 and possible pull back before entering.

Thanks

J
Think that just happened. Stopped out at B/E + 10
Anything can happen.
  • #60,426
  • Apr 9, 2010 6:37am Apr 9, 2010 6:37am
Quoting supremeChaos
Hello ertorque,
the location does not seem ideal for an IPB. (i think IPBs work better on swing highs/lows or doble bottoms/tops; compare the environment/location of your 2 charts) .
Thanks for your comments. Perhaps you are right. The location could have been better.

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& from my limited observation of IPBs, the better ones have a matching high/low or have a protruding high/low (minor protrusion or not)
in your 2 charts' case, they are not protruding, thus looking like an IB too AND continuation pins.

I am not sure about having a protruding high/low because as the Master puts it, it is even better if the high of the IPB (this is for bullish IPB so the reverse would be true for the bearish IPB in the trades I made) did not go higher than the previous bar. See here:

Quoting ghous
When the trend is up and price fails to make a high significantly higher...or better still...it fails to make a high any higher than the previous bar's high and instead travels below it's open as a BEB but then near the end of the day ends up closing near it's open, it get's the shape of an IPB, which shows that "although the bulls were able to defend their title, it was the first time in X bars that they were seriously challenged"...that challenge on the chart is nothing but the longer wick of an IPB.

.
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i believe, if u havent yet, it would be best to concentrate on the basic PA setups first.
once comfortable & experienced in the basics (PA setups & PPZ recognition), then u can venture into learning about & trading IPBs etc, if u so choose.
step by step. 'slow & steady', as u say .

Good advice friend. I must admit I was a little bit too excited to put the IPB which I learn only yesterday to test. It was a 1% loss so things could have been worst. Yes need more experience definitely........
It is my 1st week going live and already I made 8 trades and I know I need to be pickier but somehow there is this 'addiction' to be in trades.
LIke Benji says you are your worst enemy...............i must really overcome this obstacle

CY
  • #60,427
  • Apr 9, 2010 6:54am Apr 9, 2010 6:54am
Hey gang!

I have managed to close all night PIN 1D and 4HR trades with nice profits. Final story: Keep your plan and believe in it!!!. Putting orders and risk is getting easier and easier. Hehe, I even had a great sleep.

Happy trading to all...
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  • #60,428
  • Apr 9, 2010 6:58am Apr 9, 2010 6:58am
Looking back at EUR/JPY, I can see now that 126.00 was not the nearest problem area and I should have set my T/P at around 125.50-125.60.

Should I be looking at the lower timeframes to find the first T/P and problem support/resistance areas? I try to avoid the 4H if I can as I'm still getting the hang of daily/weekly.
Anything can happen.
  • #60,429
  • Apr 9, 2010 7:19am Apr 9, 2010 7:19am
Quoting ddinnov
Looking back at EUR/JPY, I can see now that 126.00 was not the nearest problem area and I should have set my T/P at around 125.50-125.60.

Should I be looking at the lower timeframes to find the first T/P and problem support/resistance areas? I try to avoid the 4H if I can as I'm still getting the hang of daily/weekly.
Hi,

I think that even on 1D you can find these spots very easily. But as you said - I try to look at lower TF - 4H in this case, as well. According to our discussion with Mike at early morning / few posts back, 125.00 was very significant lvl to watch. Once price closed above this zone, its very strong momentum so one could suppose it would continue more....
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  • #60,430
  • Apr 9, 2010 7:39am Apr 9, 2010 7:39am
Quoting jarroo
The 1st trouble area or level is any area that may cause Price to stall or reverse on us if we are trading into it. Thus, the more Space we have and the less traffic or trouble area we encounter, the better the setup has room to run.

Usd/Chf Daily PB has some Space which looked good. Obvious FTAs are any Round Numbers that we maybe trading into. Also PPZ levels, previous bar Highs and/or Lows are what we look for when planning our targets.

The 1.0700 was the obvious RN that also shown to be a S/R level, which RNs tend to do. Next we look at...
Hi jarroo,

Thank you for your respond. But if i were to wait for a 10pip break of the PB, then the FTA (1.0700) will be just below my entry. So wat is your view to manage it?

(ps: i am only using daily chart at this point of time)

Thank you,
skin
  • #60,431
  • Apr 9, 2010 8:38am Apr 9, 2010 8:38am
Quoting ghous
Hey PPfx,

A question to you here. Would you ever trade this as a pin bar at a swing low or at any other favorable bullish location?

What you must not forget is that IPBs are basically pin bar setups. So for a bar to qualify as an IPB it must first qualify as a tradeable (Nasir's rights reserved) pin bar by virtue of it's shape.

Both the bars you highlighted are mere indecision bars frequently refereed to as Dojis...you want one wick to extend far more than the other to give it that "pin barish" look.

To answer your question I wouldn't trade...
i see thanks for enlightening me

i have another question. so the IPB i have marked below on the UC weekly would be a very good one? ( i shorted a little the upper nose, cause before it was quite long and it would clasify as a good ipb regarding of what you have stated before - i wanted to make it as a school example )

edit: forgot to add it on a chart the first trouble area would have been around 1.0500

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  • #60,432
  • Apr 9, 2010 8:47am Apr 9, 2010 8:47am
i've just spotted an interesting siutation on EU monthly. regarding to this rac's post ( link ) we should see the begining of an uptrend. am i right?

Quote
Price's falling, falling, falling...,
1. 50, check,
2. 61, check....
3. TL, check......
4. ppz confluence, check, check, check - BINGO
5. Reload.
6. Fire....----------->
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  • #60,433
  • Apr 9, 2010 8:53am Apr 9, 2010 8:53am
Quoting mbqb11
Jarroo(Jim^2 knows the deal_)

Check out the 4hr how well respected this area is now. So with price breaking through ideally would be a nice strong close through and if price pulls back it finds nice support by the former resistance. No need to take a big loss on these cause we know what to look for
we got that close above 125, then that pullback and look what price did. Gotta love it
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  • #60,434
  • Apr 9, 2010 9:14am Apr 9, 2010 9:14am
Quoting mbqb11
we got that close above 125, then that pullback and look what price did. Gotta love it
Hey Mike,

Is this what you call a touch trade whereby a buy limit is placed at the BRN upon the first break (accomplished by the green bar prior to the retrace).
I guess this is one since there is no PA to indicate that a long is due after the retrace. Is my line of thought correct?
If so, did u take this touch trade?
Thanks.

CY
  • #60,435
  • Apr 9, 2010 9:17am Apr 9, 2010 9:17am
Quoting ppfx
i've just spotted an interesting siutation on EU monthly. regarding to this rac's post ( link ) we should see the begining of an uptrend. am i right?

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My opinion is that the PPZ you marked was broken and it stopped and reversed at the the one on my chart...which was beyond the 61 fib...it was not a highly confluence area enought for me to take a touch trade...but we had a 4HR BUOB 1st time price touched this area to indicate a long and then second time price approached it formed a daily Pin bar...I took both and have reversed to short...4HR PPZ,TL, Fib confluence, with trend....
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  • #60,436
  • Apr 9, 2010 9:28am Apr 9, 2010 9:28am
Quoting mbqb11
we got that close above 125, then that pullback and look what price did. Gotta love it
im in this trade too moved the stops to BE already, cause i see a possible trouble area and i dont want any surprises now its a free ride, will see what happens next...

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  • #60,437
  • Apr 9, 2010 9:29am Apr 9, 2010 9:29am
Quoting ertorque
Made 2 IPB trades on the NZDCHF and EURCHF. The former did not trigger (I cancelled the order when things went opposite) but got stopped out in the latter.

I guess on hindsight there was no confluence to play the EURCHF whereas in the NZDCHF there is at least the PPZ acting as a confluence factor.

Well, need to move on..............

CY
Hey Erotorque,

None of these come close to a tradeable IPB for me, by definition maybe they are IPBs but then we don't trade to trade. We trade to win.

Eur/Nzd was nothing but a small IB indicating halt. When going against a 7000 pip 2 year old down trend you want a much stronger signal.

Nzd/Chf was probably better than Eur/Nzd but again if you zoom out you would see what price has been looking to do the entire time, and you get a feeling today it was able to do just that. Notice how during the past few months your ppz has been tested. If a level is strong price won't bother hanging around it for an extended period, it likes to move away from it and never return. The IPB you traded on the pair was off the 11th touch of the ppz within 5 months. Combine this mediocrity with the bar shape and you have enough reasons to confidently sit this one out.

g.
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I believe . . .
  • #60,438
  • Apr 9, 2010 9:30am Apr 9, 2010 9:30am
Quoting nasir.khan
I think i got it.
Just turn your IPB to 180 degrees and if qualifies as a PB you can take it.Right?

Conventional type huh.
I think conventional type are ones like me who sleep late and woke up late.
You are kind of a special one. lol
.
Yeah right. (To the first part of your post )

g.
I believe . . .
  • #60,439
  • Apr 9, 2010 9:31am Apr 9, 2010 9:31am
Quoting Jduester
These look more like IBs to me. I haven't followed closely, did Ghous comment on those IPBs? I always thought it best for them to break the extreme of the prior bar, then close within it. Might be something to consider. Or I could be way off here

From an IB standpoint, they look good - with trend, good break.
Exactly!
I believe . . .
  • #60,440
  • Apr 9, 2010 9:34am Apr 9, 2010 9:34am
Quoting lovejoy80
My opinion is that the PPZ you marked was broken and it stopped and reversed at the the one on my chart...which was beyond the 61 fib...it was not a highly confluence area enought for me to take a touch trade...but we had a 4HR BUOB 1st time price touched this area to indicate a long and then second time price approached it formed a daily Pin bar...I took both and have reversed to short...4HR PPZ,TL, Fib confluence, with trend....
i see thanks for the reply

i looked at a line chart and it shows that the price is actually still above the ppz for now (the 2 previous months were above that area, will see what happens next) so i thought the ppz is not broken yet
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