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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

  • #63,301
  • May 10, 2010 5:25pm May 10, 2010 5:25pm
Another Setup, this time on the EURUSD 8H PB (Again MT5 platform).

In the last couple of days i had played with the aggregation bars indicator, I had found that creating bars on major PPZ can work just great.

In this trade we got a big PB on the very BRN of 1.3 (every 1000 pips), FTA area is where bars low/high are (Blue rectangle).

Price had come to that area, I moved to BE and as of now i'm still in it.

Now, that i'm at BE I can HOPE that i will have a runner.

Yaniv
Attached Image (click to enlarge)
Click to Enlarge Name: eurusd 8h mt5.png Size: 16 KB
  • #63,302
  • May 10, 2010 5:31pm May 10, 2010 5:31pm
Quoting (Yaniv)
Another Setup, this time on the EURUSD 8H PB (Again MT5 platform).

In the last couple of days i had played with the aggregation bars indicator, I had found that creating bars on major PPZ can work just great.

In this trade we got a big PB on the very BRN of 1.3 (every 1000 pips), FTA area is where bars low/high are (Blue rectangle).

Price had come to that area, I moved to BE and as of now i'm still in it.

Now, that i'm at BE I can HOPE that i will have a runner.

Yaniv
Good stuff Yaniv. Trading away from those BRN are effective. Again, I think that Mike guy is on to something. lol
Indicators show the past. Price Action "Indicates" the future.
  • #63,303
  • May 10, 2010 5:40pm May 10, 2010 5:40pm
Quoting (Yaniv)
Another Setup, this time on the EURUSD 8H PB (Again MT5 platform).

In the last couple of days i had played with the aggregation bars indicator, I had found that creating bars on major PPZ can work just great.

In this trade we got a big PB on the very BRN of 1.3 (every 1000 pips), FTA area is where bars low/high are (Blue rectangle).

Price had come to that area, I moved to BE and as of now i'm still in it.

Now, that i'm at BE I can HOPE that i will have a runner.

Yaniv

You gotta love the hard break and the nice retest of the break (as seen on the Hourly).
Attached Image(s) (click to enlarge)
Click to Enlarge Name: EURUSDH8.gif Size: 18 KB
Click to Enlarge Name: EURUSDH1.gif Size: 18 KB
Indicators show the past. Price Action "Indicates" the future.
  • #63,304
  • May 10, 2010 5:48pm May 10, 2010 5:48pm
Here is an example of trying to aggregate bars at strong PPZ levels.

trade on the GBPUSD pair, price had come to the very BRN of 1.5 (every 1000 pips), I had moved to the 1H TF and tried build that 12H PB in my head (after playing with that indicator for a few days you can visually see those pattern in your head).

I didn't take that trade since it was trading right into strong PPz which also lines up with 2 bars high (marked with arrows).

Amazing how PA works!!, I guess that the low of that PB wasn't broken since we are right on that PPZ area (more of a zone).

Yaniv
Attached Image (click to enlarge)
Click to Enlarge Name: gbpusd 12h pb.png Size: 18 KB
  • #63,305
  • May 10, 2010 5:50pm May 10, 2010 5:50pm
Quoting jarroo
You gotta love the hard break and the nice retest of the break (as seen on the Hourly).
Yes it came ~1 pip from my BE point, so i'm still in that
  • #63,306
  • May 10, 2010 5:55pm May 10, 2010 5:55pm
Same story with CHFJPY 14H PB, closing on a minor flip of PPZ

It's all about location, price is price no matter what the TF

Yaniv
Attached Image (click to enlarge)
Click to Enlarge Name: chfjpy 14h PB.png Size: 16 KB
  • #63,307
  • May 10, 2010 7:11pm May 10, 2010 7:11pm
exactly, let's see if we can get some bearish PA upon retrace to 79/80


Quoting jarroo
No surprise here, right jeur?
  • #63,308
  • May 10, 2010 7:56pm May 10, 2010 7:56pm
Thanks Joel for your analysis.
The setup I see there in the 1H is really something that what IPB setups should be ie we want to see small net movement (open close almost the same) and we want to see them at one extreme of the bar. This bar must occur at a high/swing high. The rationale is (like you said already) while the bull is not totally out yet, this is the first time in a few preceding bullish bars that it is showing weakness and that the bears are wrestling control. The ideal IPB bar setup, like in a bearish PB should have the close lower than the open which in this case is NOT.
I learn from your 3min breakdown that is is important to have that last bar showing some kind of bearish sign in order to short it.
Thanks again for the comments!

Quoting joelcf
I think you need to have a look at what that bar is telling you before mashing the short button.

(ignore the crap on my chart)
Attachment

You have a strong uptrend, which means you are going to want a pretty damn good bar to setup a fade here.

And then, at the top, we have a small pause bar (open and close are almost the same, so there was no net movement) and it closed near the TOP of its range. Which means, while it had bearish strength at some point, it closed with bullish pressure.

Nothing about that...
  • #63,309
  • May 10, 2010 8:15pm May 10, 2010 8:15pm
Quoting slade1986
Watching the 4hour on GU. Any thoughts on the setup. May take on demo on the break and set FTA at the 38.2. Assuming it closes as a PB

Sold Half, At BE now

Well, I know it wasn't all that pretty of a PB. I closed 50% at 30pips and moved to BE. Remaining 50% closed @ +111 pips. So I wasn't too upset with the trade.

thanks all
  • #63,310
  • May 10, 2010 8:55pm May 10, 2010 8:55pm
Just came across this Levels indicator made by some Russian guy.

Seems to work quite well when set to W1 combined with a Round Number indicator.

Would be interested in peoples opinions.

When you load it, you have to switch the chart to Monthly then back to the desired TF to get the levels.
Attached Image (click to enlarge)
Click to Enlarge Name: Capture.jpg Size: 193 KB
Attached File(s)
File Type: mq4 Levels.mq4   5 KB | 427 downloads
  • #63,311
  • May 10, 2010 9:29pm May 10, 2010 9:29pm
Quoting squeezy
Hehehehehe, silly me
hahahaha
  • #63,312
  • May 10, 2010 9:30pm May 10, 2010 9:30pm
Hi Yaniv,

Could you share with us the aggregation bars indicator?
Thanks.

CY

Quoting (Yaniv)
Another Setup, this time on the EURUSD 8H PB (Again MT5 platform).

In the last couple of days i had played with the aggregation bars indicator, I had found that creating bars on major PPZ can work just great.

In this trade we got a big PB on the very BRN of 1.3 (every 1000 pips), FTA area is where bars low/high are (Blue rectangle).

Price had come to that area, I moved to BE and as of now i'm still in it.

Now, that i'm at BE I can HOPE that i will have a runner.

Yaniv
  • #63,313
  • May 10, 2010 9:32pm May 10, 2010 9:32pm
Quoting ertorque
Hi Yaniv,

Could you share with us the aggregation bars indicator?
Thanks.

CY
Hey CY

That is the new MT5 platform

MT4 you can do it with the period converter indicator

http://www.forexfactory.com/showpost...ostcount=26550

Best
Mike
  • #63,314
  • May 10, 2010 10:15pm May 10, 2010 10:15pm
Quoting mbqb11
Hey CY

That is the new MT5 platform

MT4 you can do it with the period converter indicator

http://www.forexfactory.com/showpost...ostcount=26550

Best
Mike
Thanks Mike but I can't seem to get it working.

Below is what Jaroo had instucted.
********************************************************
Once installed. Add "periodcon" to your chart. Go to "inputs", there go to "Period Multiplier". If your on the 4 hour you would input "2" for the 8 hour chart. or "3" for the 12 hour chart , "4" for the 16 hour chart and so on.

Next:
Go to "File" and click "Open Offline" . Pick your time frame and pair you convertered and Click "Open". Then just add your template. Done.

Jim
*********************************************************
After doing step 1 from Jaroo's instructions specifically setting Period Multiplier to 2, my 4Hr chart still remained the same. Nothing seemed to have changed in my 4Hr chart?!!

Could you also explain why do we need to open an Offline Chart? Add which template must we add to this Offline chart?

Appreciate your help with this and sorry to have been a bother.

CY
  • #63,315
  • May 10, 2010 10:21pm May 10, 2010 10:21pm
Quoting ertorque
Hi Yaniv,
Could you share with us the aggregation bars indicator?
.
Hello CY,
MT4 has 9 default timeframes.
MT5 has 21 default timeframes (MT4's 9 TF's + 2, 3, 4, 6, 10, 12, 20 minute, 2, 3, 6, 8, 12 hour).
check it out.
  • #63,316
  • May 10, 2010 10:21pm May 10, 2010 10:21pm
based on Ghous definition an IPB is -
Quote
A bullish pin bar has a bullish effect when:

1) It occurs at a swing low.

2) It occurs at a decent pullback to an up trend.



1) EURUSD has a bullish pin bar (not very exactly since the head is not closed with in the body of the previous candle)

2. At swing low

3. However the pair is not in uptrend.. neither it is a pullback for the uptrend.

BUT.. if 1 & 3 are satisfied (means, a real pin bar and a pull back to the uptrend), is this be considered as a IPB ?

Please share your thoughts !
Attached Image (click to enlarge)
Click to Enlarge Name: Daily -EURUSD-05-10-2010.gif Size: 38 KB
  • #63,317
  • May 10, 2010 10:28pm May 10, 2010 10:28pm
'ipb' is the new 'touch trading'
When you have to shoot, shoot. Dont talk.
  • #63,318
  • May 10, 2010 10:32pm May 10, 2010 10:32pm
Quoting ertorque
Thanks Mike but I can't seem to get it working.

Below is what Jaroo had instucted.
********************************************************
Once installed. Add "periodcon" to your chart. Go to "inputs", there go to "Period Multiplier". If your on the 4 hour you would input "2" for the 8 hour chart. or "3" for the 12 hour chart , "4" for the 16 hour chart and so on.

Next:
Go to "File" and click "Open Offline" . Pick your time frame and pair you convertered and Click "Open". Then just add your template. Done.

Jim
*********************************************************
After...
Hey Cy

It is just part of the process, you then have to go to File Open offline then FIND the chart of the new period under the currency

Mike
  • #63,319
  • May 10, 2010 10:33pm May 10, 2010 10:33pm
Quoting ertorque
Thanks Mike but I can't seem to get it working.

Below is what Jaroo had instucted.
********************************************************
Once installed. Add "periodcon" to your chart. Go to "inputs", there go to "Period Multiplier". If your on the 4 hour you would input "2" for the 8 hour chart. or "3" for the 12 hour chart , "4" for the 16 hour chart and so on.

Next:
Go to "File" and click "Open Offline" . Pick your time frame and pair you convertered and Click "Open". Then just add your template. Done.

Jim
*********************************************************
After...
I think you probably have not done the 2nd setup correctly.

On your chart top left hand -
1. Click on file
2. Clock on Open offline
3. you should see multiple lines items
with the following columns
History data Bars From to
4. Select the one you want
5. Click on Open
6. Chart will be displayed
7. You will see that will be either H8 OR H12 (Whatever you selected)
8. right click on the chart
9. Select Template
10. Save template
11. You are done..
  • #63,320
  • May 10, 2010 10:37pm May 10, 2010 10:37pm
Quoting joelcf
'ipb' is the new 'touch trading'
LOL

rac is already history ,the time for ghous has arisen.
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