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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

  • #67,761
  • Jun 30, 2010 4:13am Jun 30, 2010 4:13am
Quoting FiveEights
Eventually got a nice trade on cable! nice 30 min pin using fib as closing back over fib support, also showing divergance on RSI...taken half profit now and moved to break even. Had stop at 14995, now back to 15022. any thoughts ?
ahhh well ! bumped of my stop and bounced back up !... glad i took half profit :-) taking some profit early never a bad thing
  • #67,762
  • Jun 30, 2010 4:14am Jun 30, 2010 4:14am
Quoting ertorque
Hi Bun, Confluence need not mean that the lines have to line up exactly. I would say if the PA bar hits both of them even though they are not at the same price level, it is valid to say 'confluence' with FIB and BRN.

CY
Okay, I understand.
Thanks, ertorque
  • #67,763
  • Jun 30, 2010 4:31am Jun 30, 2010 4:31am
Quoting FiveEights
ahhh well ! bumped of my stop and bounced back up !... glad i took half profit :-) taking some profit early never a bad thing
With such low timeframes and tight stops, things tend to play out this way. I noticed the swing as well but I only took 13 pips off the table as I was too busy managing EURUSD and I saw it stalling. It looked more like a doji on my chart but it was off a nice round number and it was pretty-lookin'.
If you don't risk, you don't ever have to lose.
  • #67,764
  • Jun 30, 2010 6:26am Jun 30, 2010 6:26am
Quoting bun888
Hello everyone.

For a confluence between a BRN and a Fib line (like the chart posted by Jaroo) how many pips difference between those two that we could still consider them a confluence? Would an 11 pips difference be okay? For example a BRN of 80.00 and a fib 50% line of 79.89; is that a confluence?
It's really just a visual thing, there is no hard and fast rule as to the diff in pips between 2 confluence factors. You just gotta let your naked eye tell you that when you see PA develop at this confluence zone. It's always good to see the PA bar stretch out to touch each of the confluence factors, but a confluence factor near it will do just fine. Key word here being "near" it which is just a visual idea and not in any way near in terms of pips.

g.
I believe . . .
  • #67,765
  • Jun 30, 2010 6:37am Jun 30, 2010 6:37am
Quoting bug
With such low timeframes and tight stops, things tend to play out this way. I noticed the swing as well but I only took 13 pips off the table as I was too busy managing EURUSD and I saw it stalling. It looked more like a doji on my chart but it was off a nice round number and it was pretty-lookin'.
Yeah ... i think cos im in ireland my charts are working of different closing times... some of the pin bars posted here dont look the same on mine. I guess it doesnt really matter as long as its consistant with the rules :-).... nice reply on confluence Ghous. good help
  • #67,766
  • Jun 30, 2010 7:03am Jun 30, 2010 7:03am
Quoting FiveEights
Yeah ... i think cos im in ireland my charts are working of different closing times...
the broker time is important. if you choose different brokers with demo-accounts, you can easily watch different closing times and therefore get more setups.
meine augen sind die sterne
  • #67,767
  • Jun 30, 2010 7:05am Jun 30, 2010 7:05am
Quoting ghous
It's really just a visual thing, there is no hard and fast rule as to the diff in pips between 2 confluence factors. You just gotta let your naked eye tell you that when you see PA develop at this confluence zone. It's always good to see the PA bar stretch out to touch each of the confluence factors, but a confluence factor near it will do just fine. Key word here being "near" it which is just a visual idea and not in any way near in terms of pips.

g.
Thanks for the reply, Ghous.

Bun
  • #67,768
  • Jun 30, 2010 7:11am Jun 30, 2010 7:11am
Quoting aserbfx
the broker time is important. if you choose different brokers with demo-accounts, you can easily watch different closing times and therefore get more setups.
yea i was wondering if that would be valid alright. im guessing following the post on why pin bars work, that different clsing times might present equally as valid opportunites. does anyone here trade of multiple closing time charts ?
  • #67,769
  • Jun 30, 2010 8:10am Jun 30, 2010 8:10am
Quoting FiveEights
yea i was wondering if that would be valid alright. im guessing following the post on why pin bars work, that different clsing times might present equally as valid opportunites. does anyone here trade of multiple closing time charts ?
I use one feed for my daily/weekly(5pm est close), but for 4hr charts I watch one for each hour. Some people take a chart and aggregate it anyway they can to get different views(2hr charts, 2day, 2 week, 32 hr etc).
  • #67,770
  • Jun 30, 2010 8:20am Jun 30, 2010 8:20am
Quoting FiveEights
yea i was wondering if that would be valid alright. im guessing following the post on why pin bars work, that different clsing times might present equally as valid opportunites. does anyone here trade of multiple closing time charts ?
Firstly, if you are trading anything 1H or below you will mostly always get the same bars on all brokers that's because all brokers close at the same time on the 1H and below, the only minor differences that appear are then the result of tits and bits of differences in the data feed of diff brokers.

As for higher time frames, you might want to look at multiple feeds to catch PA across diff feeds, but it's not mandatory because an opportunity on broker 1 only will later follow with an opportunity on broker 2 only so at the end of the day both traders get roughly equal shots at the market.

Again if you feel going through diff broker feeds and platforms is worth the hassle by all means go for it.

g.
I believe . . .
  • #67,771
  • Jun 30, 2010 8:22am Jun 30, 2010 8:22am
Missed the earlier pin but the big continuation BEOB straddling the 1.6200 round number was too good to pass. Had to look at the daily TF for potential problem areas. 1.6110, 6070 and 6020 are areas I'm watching.

SL moved to BE+1 now.
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  • #67,772
  • Jun 30, 2010 8:54am Jun 30, 2010 8:54am
Thoughts on this Monthly PB off previous swing low.
Bounced off BRN 1.25.
Would one manage this on monthly charts or scale down to weekly/daily?
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  • #67,773
  • Jun 30, 2010 10:05am Jun 30, 2010 10:05am
Quoting vlazaf
Thoughts on this Monthly PB off previous swing low.
Bounced off BRN 1.25.
Would one manage this on monthly charts or scale down to weekly/daily?
Nice thing is it's a Monthly & therefore, if it's real, {could be a 3,000 Pip Move} you will have sufficient time for Confirmation on the Weekly down to the Daily.

Compare it's "Local Strength" to the previous Low Pin I marked.

The Weekly looks to me that you could be attempting the "Catch a falling dagger" scenario. That plus a PPZ (200 Pips above).

I'm not sure where the Euro is going to find the strength.
Yesterday's News...June 29th 2010
*************
Here’s where today’s market sell-off started last night: CHINA. However we need to give credit where credit is due. Specifically: American “economists” in New York working at The Conference Board, Inc. at 845 Third Avenue (our literal neighbors here in midtown Manhattan).

"Shanghai stocks were slammed today, down 4.6%. The Conference Board Inc. reported today that its leading indicator for Chinese economic activity actually rose by just 0.3% in April, rather than 1.7% as previously reported, due to a calculation error."

The mistake was also referred to as, “weapons grade stupidity.”

Following the close of Asian trading sessions, Europe had its own set of problems. Namely: the ECB (European Central Bank) held a bond auction but no buyers showed up. That’s a slight exaggeration, however, they tried to sell 55 billion Euros worth of new bonds to raise money to bail various EU country states, however, they were only able to sell 32 billion Euros worth (that’s just 60% of what they were looking for)… AND THEY WERE FORCED TO PAY THE MAXIMUM ALLOWABLE INTERST RATE ON THE DEBT POSSIBLE. Ouch.
*********
{Mike; That's a Financial Currency Strategy}

I'm sure Mike will respond. This is just my personal opinion.
It could be a great Trade but I would sit the sidelines for now.
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  • #67,774
  • Jun 30, 2010 10:20am Jun 30, 2010 10:20am
Quoting Bemac
Nice thing is
nice thing is icce, too.
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meine augen sind die sterne
  • #67,775
  • Jun 30, 2010 10:36am Jun 30, 2010 10:36am
Thanks for the reply Bemac!
Great info regarding euro fundamentals.
Put me right off now.

Will make a call this evening!

Quoting Bemac
Nice thing is it's a Monthly & therefore, if it's real, {could be a 3,000 Pip Move} you will have sufficient time for Confirmation on the Weekly down to the Daily.

Compare it's "Local Strength" to the previous Low Pin I marked.

The Weekly looks to me that you could be attempting the "Catch a falling dagger" scenario. That plus a PPZ (200 Pips above).

I'm not sure where the Euro is going to find the strength.
Yesterday's News...June 29th 2010
*************
[font=Calibri]Here’s where...
  • #67,776
  • Jun 30, 2010 10:48am Jun 30, 2010 10:48am
Hi everbody! Currently I'm eyeing the EUR/GBP on the 4H. This just might form into a nice PB, as i see PA has bounced off the 0.82 RNB. It still has abt 15min to go until the candle is done so the chnces are good for a PB. PB would be excelent, swing high, off of RNB, below 38% fib ret form of the last downward move, trade would be wth trend, but...

I'd love to hear your opinions about possible FTAs. I've been looking for them and have spotted two areas: the orange box and the powder blue at (0.8136/0.8120). I wouldn't notice the orange one hadn't I scrolled down to M15. There you have a serious congestion area. On the H4 it doesn't look that bad (only an indecision doji).

When taking trades on hight TF do you scroll down to lower ones to find FTAs? Where would you enter in this situation?

Best regards
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"Put your shoulder to the wheel!"
  • #67,777
  • Jun 30, 2010 10:53am Jun 30, 2010 10:53am
Quoting benji533
The old simple stuff
Price 95% of the time goes first where you expect it. The most hard part is giving it the space to work by following your rules and not make decisions based on your feelings.
I have just seen this chart with my position on it 10 minuets ago a few pips from hitting my stop. Then from no where like gods hand smacked price down it fell 380 points in a few seconds. Don't know how but don't care either. That's not my job
IMO only long months upon months of longing your trades, experiencing price doing it again and again, and looking back at your log with the facts written down - only this after a lot of time can convince you to trust yourself. It is still hard though. And I am sure it will continue being hard for a long time.

Nice trade aserbfx

Ben
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  • #67,778
  • Jun 30, 2010 10:56am Jun 30, 2010 10:56am
Quoting Bemac
Nice thing is it's a Monthly & therefore, if it's real, {could be a 3,000 Pip Move} you will have sufficient time for Confirmation on the Weekly down to the Daily.

Compare it's "Local Strength" to the previous Low Pin I marked.

The Weekly looks to me that you could be attempting the "Catch a falling dagger" scenario. That plus a PPZ (200 Pips above).

I'm not sure where the Euro is going to find the strength.
Yesterday's News...June 29th 2010
*************
[font=Calibri]Here’s where...
Awesome analysis B!
  • #67,779
  • Jun 30, 2010 10:58am Jun 30, 2010 10:58am
Quoting benji533
Price 95% of the time goes first where you expect it. The most hard part is giving it the space to work by following your rules and not make decisions based on your feelings.
I have just seen this chart with my position on it 10 minuets ago a few pips from hitting my stop. Then from no where like gods hand smacked price down it fell 380 points in a few seconds. Don't know how but don't care either. That's not my job
IMO only long months upon months of longing your trades, experiencing price doing it again and again, and looking back at your log...
man talk about a hot knife through butter!
  • #67,780
  • Jun 30, 2010 11:00am Jun 30, 2010 11:00am
Quoting proletary
Hi everbody! Currently I'm eyeing the EUR/GBP on the 4H. This just might form into a nice PB, as i see PA has bounced off the 0.82 RNB. It still has abt 15min to go until the candle is done so the chnces are good for a PB. PB would be excelent, swing high, off of RNB, below 38% fib ret form of the last downward move, trade would be wth trend, but...

I'd love to hear your opinions about possible FTAs. I've been looking for them and have spotted two areas: the orange box and the powder blue at (0.8136/0.8120). I wouldn't notice the orange one hadn't...
Hey P

There is no one way only to do it but for the most part I think entering and exiting on the same timeframe keeps things simple and straight forward. especially in the beginning. This one didn't close as a pin(close not within previous bar) which shows weakness to the downside for now in my book. Normally though if I was to enter I am very conservative and wait for a break of the low of the bar(remember a pin is not valid till the low breaks in this case), and then I will look to exit on the same timeframe. Simplicity works best in the markets. At least in my book

Mike
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