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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

  • #66,641
  • Jun 17, 2010 8:32pm Jun 17, 2010 8:32pm
Quoting jarroo
Sorry forgot the charts.

Also the 4 hour bar had closed above the .7000. We can even go to the weekly, again if the weekly closes above the .7000 or a strong PPZ level.

.
Thanks for the response MIke, Jim but I am stil unsure.

For example, now that price in the 4H has closed above 0.7,
when we say do a touch trade, does this mean selling right away and anticipating price to go down back to 0.7?

Or does it mean putting a buy limit at 0.7 right away expecting that IF price does go down to 0.7, it will bounce off it heading north?

Sorry if this is a bit of a nuisance but I still have not grasp what you guys mean by touch trade.

CY
  • #66,642
  • Jun 17, 2010 8:35pm Jun 17, 2010 8:35pm
Quoting Donkey
Any thoughts on the CHFJPY DBLHC, We seem to have a new PPZ just above the BRN 80. Sell the Break, stop below the BRN (a little large but much safer initial stop)?

Move stop twice around trouble areas at 83 and 84, take profit at 85?

That DBLHC is at a swing high. We want them at a swing LOW. Not a good setup.
Indicators show the past. Price Action "Indicates" the future.
  • #66,643
  • Jun 17, 2010 8:37pm Jun 17, 2010 8:37pm
Quoting ertorque
Thanks for the response MIke, Jim but I am stil unsure.

For example, now that price in the 4H has closed above 0.7,
when we say do a touch trade, does this mean selling right away and anticipating price to go down back to 0.7?

Or does it mean putting a buy limit at 0.7 right away expecting that IF price does go down to 0.7, it will bounce off it heading north?

Sorry if this is a bit of a nuisance but I still have not grasp what you guys mean by touch trade.

CY
In terms of the way Jarroo is speaking you would be placing a buy limit near .7000 expecting a bounce higher.

Let us know if that makes sense
Mike
  • #66,644
  • Jun 17, 2010 8:49pm Jun 17, 2010 8:49pm
Quoting ertorque
Thanks for the response MIke, Jim but I am stil unsure.

For example, now that price in the 4H has closed above 0.7,
when we say do a touch trade, does this mean selling right away and anticipating price to go down back to 0.7?

Or does it mean putting a buy limit at 0.7 right away expecting that IF price does go down to 0.7, it will bounce off it heading north?

Sorry if this is a bit of a nuisance but I still have not grasp what you guys mean by touch trade.

CY
Let's define what a touch trade is . .

We are taking a trade with no PA conformation. It is based on mainly the location or level where we think Price will go up or down.

Gbp/Usd last week. At the 1.4500 level , BRN and strong PPZ level.

Price is trending upward since May and entering at a retrace at a strong level would be great. Price comes down to our strong level the 1.4500 and touches that level (+/- 5-10 pips). No PA involved.

Its is better to wait for conformation that this is going to go up at this level like we think it "should". lol So we wait for Bullish PA as conformation not a touch trade. In this case an IB. A Big bullish PB would have been better. lol
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Indicators show the past. Price Action "Indicates" the future.
  • #66,645
  • Jun 17, 2010 8:54pm Jun 17, 2010 8:54pm
Quoting jarroo
Let's define what a touch trade is . .

We are taking a trade with no PA conformation. It is based on mainly the location or level where we think Price will go up or down.

Gbp/Usd last week. At the 1.4500 level , BRN and strong PPZ level.

Price is trending upward since May and entering at a retrace at a strong level would be great. Price comes down to our strong level the 1.4500 and touches that level (+/- 5/10 pips). No PA involved.

Its is better to wait for conformation that this is going to go up at this level like we think it...
So,did you pass on the GBP/USD trade Jarroo, or did you just manage it tightly?
  • #66,646
  • Jun 17, 2010 8:59pm Jun 17, 2010 8:59pm
Quoting mbqb11
In terms of the way Jarroo is speaking you would be placing a buy limit near .7000 expecting a bounce higher.

Let us know if that makes sense
Mike

Yes that's correct. Since Price closed on the Daily above the .7000 I'm thinking Price will continue upward and I will wait until price comes down to the .7000 to go long. Which I may be totally wrong.

It would be better if Price comes down to the .7000 and forms some nice bullish PA to give me confirmation to go long.
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Indicators show the past. Price Action "Indicates" the future.
  • #66,647
  • Jun 17, 2010 9:01pm Jun 17, 2010 9:01pm
Quoting Pinbar
So,did you pass on the GBP/USD trade Jarroo, or did you just manage it tightly?

I passed on it because it happened late Friday afternoon.

Oh well . . .there's a better one just around the corner.
Indicators show the past. Price Action "Indicates" the future.
  • #66,648
  • Jun 17, 2010 9:04pm Jun 17, 2010 9:04pm
Quoting jarroo
Yes that's correct. Since Price closed on the Daily above the .7000 I'm thinking Price will continue upward and I will wait until price comes down to the .7000 to go long. Which I may be totally wrong.

It would be better if Price comes down to the .7000 and forms some nice bullish PA to give me confirmation to go long.
Just to continue to add to Jarroo's fantastic posts

We talked about this the other day CY with the aud/usd here. Same type of thing

http://www.forexfactory.com/showthre...67#post3798267
http://www.forexfactory.com/showthre...03#post3803203
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  • #66,649
  • Jun 17, 2010 9:04pm Jun 17, 2010 9:04pm
Quoting jarroo
I passed on it because it happened late Friday afternoon.

Oh well . . .there's a better one just around the corner.

I can see how that is probably the main quality which saves people from blowing their accounts. And also at the same time, what a difficult thing that is too achieve with a good balance on things. I mean, I end up passing on setups, then I end up passing the good ones also and next, I pass on everything.

That said, the Friday afternoon pass is one I like, too much taking profits.
  • #66,650
  • Jun 17, 2010 9:14pm Jun 17, 2010 9:14pm
Quoting Pinbar
I can see how that is probably the main quality which saves people from blowing their accounts. And also at the same time, what a difficult thing that is too achieve with a good balance on things. I mean, I end up passing on setups, then I end up passing the good ones also and next, I pass on everything.

That said, the Friday afternoon pass is one I like, too much taking profits.

Yes that right Pb, you been paying attention. Mike talks about that all the time on Fridays and that was another factor for my decision not to take it.
Indicators show the past. Price Action "Indicates" the future.
  • #66,651
  • Jun 17, 2010 9:17pm Jun 17, 2010 9:17pm
Generally speaking then, does it mean that you guys don't hold trades over the weekend?

Grant
“Make everything as simple as possible, but no simpler.” – Albert Einstein
  • #66,652
  • Jun 17, 2010 9:20pm Jun 17, 2010 9:20pm
Quoting gc7
Generally speaking then, does it mean that you guys don't hold trades over the weekend?

Grant
Hey Grant

Only speaking for me. I will if its a trade I still see as having merit to hold like any other day of the week.

Mike
  • #66,653
  • Jun 17, 2010 9:24pm Jun 17, 2010 9:24pm
Quoting Donkey
Any thoughts on the CHFJPY DBLHC, We seem to have a new PPZ just above the BRN 80. Sell the Break, stop below the BRN (a little large but much safer initial stop)?

Move stop twice around trouble areas at 83 and 84, take profit at 85?

Sorry Donkey I didn't mean to be so short with your post.

I see you have the BRNs on your chart, which is a good thing. But also there are some other PPZ levels that you can have as well. The 82.00 is one of them. That DBLHC is trading right in to it. If anything, some Bearish PA would look good here because it would be at a swing High.
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Indicators show the past. Price Action "Indicates" the future.
  • #66,654
  • Jun 17, 2010 10:16pm Jun 17, 2010 10:16pm
Quoting jarroo
Sorry Donkey I didn't mean to be so short with your post.

I see you have the BRNs on your chart, which is a good thing. But also there are some other PPZ levels that you can have as well. The 82.00 is one of them. That DBLHC is trading right in to it. If anything, some Bearish PA would look good here because it would be at a swing High.

No worries Jarroo and thanks for the response.. A little more detail in my thought process. I actually have the 82.00 marked to the left. The DBLHC could definitely have a stronger close above 82.00.

I pulled my fib a little differently. I used the major swing high from 90 to current low targeting the 50 and 61.8 fib levels (new chart) as the ultimate area of retracement. 38 is in confluence with 82 now which would be good to go along with a bearish bar.

One thing that intrigues me about current move is the box I highlighted yellow from last Feb. Current bounce looks almost identical to that one prior to a break to 85 and ultimately 90.

Anyway, I'm treating this as more of where will price go than anything else. Thanks again, apologize a little long winded
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  • #66,655
  • Jun 17, 2010 10:23pm Jun 17, 2010 10:23pm
Anybody played any of these 2 failed PBs? Ironically they happened at the same level around 1.31. While the first one could be a full bar loss (or BE depending on management), the second one might not be triggered though if a buy stop at bar's high was used because it never reached there.

From what I see, the 1st PB's failure could be due to its small size versus a strong prior uptrend. My feed also showed it failed to close below 1.31.
As for the 2nd PB, its size is too small compared to all the prior bearish bars, although it fell on somewhat a good location. The fact that it's a bearish bar (closed below open) also added another point of invalidity.

I didn't take any of the PBs, just sharing thoughts here.

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  • #66,656
  • Jun 17, 2010 10:27pm Jun 17, 2010 10:27pm
Quoting mbqb11
Just to continue to add to Jarroo's fantastic posts

We talked about this the other day CY with the aud/usd here. Same type of thing

http://www.forexfactory.com/showthre...67#post3798267
http://www.forexfactory.com/showthre...03#post3803203
I passed the Aussie's BUOB that started the uptrend and I wonder why lol...
  • #66,657
  • Jun 17, 2010 10:31pm Jun 17, 2010 10:31pm
Quoting fxeturn
Anybody played any of these 2 failed PBs? Ironically they happened at the same level around 1.31. While the first one could be a full bar loss (or BE depending on management), the second one might not be triggered though if a buy stop at bar's high was used because it never reached there.

From what I see, the 1st PB's failure could be due to its small size versus a strong prior uptrend. My feed also showed it failed to close below 1.31.
As for the 2nd PB, its size is too small compared to all the prior bearish bars, although it fell on somewhat...
Also the 1st PB's Open was not within the previous bar.

Nice job fxe. These important points that you make here may seem minor but they are Huge. The can easily make or break a profitable setup.

Well done.
Indicators show the past. Price Action "Indicates" the future.
  • #66,658
  • Jun 17, 2010 10:34pm Jun 17, 2010 10:34pm
Quoting fxeturn
Anybody played any of these 2 failed PBs? Ironically they happened at the same level around 1.31. While the first one could be a full bar loss (or BE depending on management), the second one might not be triggered though if a buy stop at bar's high was used because it never reached there.

From what I see, the 1st PB's failure could be due to its small size versus a strong prior uptrend. My feed also showed it failed to close below 1.31.
As for the 2nd PB, its size is too small compared to all the prior bearish bars, although it fell on somewhat...
Hey FX

I wouldn't say either of these failed though. That terminology can be misleading. Bar one I talked about extensively and why it was bad. So just to summarize, small pin vs a VERY strong uptrend. Not much other confluence. It broke and went to exactly where we would expect. After that its up to the trader to decide what they believe is best course of action. Bar 2 like you said is about as small as it gets. IMO I wouldn't give two thoughts about those(as I spoke about already). But also it never broke the high so it is not even a valid pinbar to be a failed one.

Again little details here but I think that wording is important for those new to the thread so I figured I would just jump in here quick.

Thanks for the analysis
Mike
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  • #66,659
  • Jun 17, 2010 10:40pm Jun 17, 2010 10:40pm
Quoting fxeturn
I passed the Aussie's BUOB that started the uptrend and I wonder why lol...
This happens to me ALL the time. You can nail an analysis but either fail to pull the trigger, or things just don't line up right. You get used to it
  • #66,660
  • Jun 17, 2010 11:03pm Jun 17, 2010 11:03pm
Quoting mbqb11
Just to continue to add to Jarroo's fantastic posts

We talked about this the other day CY with the aud/usd here. Same type of thing

http://www.forexfactory.com/showthre...67#post3798267
http://www.forexfactory.com/showthre...03#post3803203

Thanks Mike, thanks Jaroo. You guys are just fantastic being so helpful.

CY
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