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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

  • #68,221
  • Jul 8, 2010 5:43pm Jul 8, 2010 5:43pm
Quoting cprao
Jaroo, if retracing to previous low/high is a good confirmation, how do we need to trade this one ?

1) Should we wait for the retracement before placing an order ?

2) I believe, you still recommends to place the order 10 pips above/below the hig/low of BUOB/BEOB. (Conventional method)

3) how far should it retrace ? Is there a way we can determine it if there are more than one bar in the left at differrent lows/highs.
In AUD/USD case, it retaced to 07/01 pin bar high. What if it only retraced to 07/05 bar high.. would that not be considered...


Quoting jarroo
Now to your questions . . .
Jarroo, if retracing to previous low/high is a good confirmation, how do we need to trade this one ?

1) Should we wait for the retracement before placing an order ?
Not necessarily, Price could just break hard with out a retracement.

2) I believe, you still recommends to place the order 10 pips above/below the hig/low of BUOB/BEOB. (Conventional method)
Yes, absolutely.

3) how far should it retrace ? Is there a way we can determine it if there are more than one bar in the left at differrent lows/highs. Generally the previous bar high/low. Think Res turning into Sup (and vise versa) But if there is a stronger level like a BRN or a PPZ level within the Outside Bar, Price may retrace to that level instead.

In AUD/USD case, it retaced to 07/01 pin bar high. What if it only retraced to 07/05 bar high.. would that not be considered as a confirmation retracement ? Yes, I would say that its the same level as the 07/01. I just noted the retrace to the top of that PB because it hit it to the pip, PA to PA . . .cool. I was acutually looking for the .8500 to act as Support just because of the inherent strength that BRNs possess. I am getting confused with the retracement .. how to determine the confirmation ? A good confirmation of a retracement level (in the case of a BUOB) would be bullish PA on a lower time frame. But its not necessary to enter at a retracement level, just the fact that it did retrace before the break is a good sign. For example, if Price retraced to the .8500 and then headed to break the BUOB I would say, "looks good . . . that makes sense."

Jarroo, Would appreciate your thought process on this one.


Jim
Indicators show the past. Price Action "Indicates" the future.
  • #68,222
  • Jul 8, 2010 5:54pm Jul 8, 2010 5:54pm
Quoting ddinnov
Sorry for the late reply - EUR/AUD was a beauty, didn't take long to hit the target at all. It's still moving down so I kind of wish I'd stayed in with a position split into 2 or 3 but water under the bridge and all that. I'm happy with what the market gave me

AUD/USD is at B/E and about 25 pips from the target, USD/CAD (short) also got triggered and about 20 or so pips in profit.

*EDIT* - AUD/USD target ( 0.8750) hit for the whole position

Shweeeeet!

PA Rules!
Indicators show the past. Price Action "Indicates" the future.
  • #68,223
  • Jul 8, 2010 6:06pm Jul 8, 2010 6:06pm
Quoting supremeChaos
good observation
yes, it's an outside bar... i call it a PB/BEOB hybrid.
even jarroo likes it.

Jonnyislost's 1.5120ish PPZ is tough
Quoting Pinbar
Thanks for the info SC.

Wow, Jarroooooooo's favorite bar.

Don't forget these.


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Indicators show the past. Price Action "Indicates" the future.
  • #68,224
  • Jul 8, 2010 6:25pm Jul 8, 2010 6:25pm
Anybody watching GBPAUD...seems to be at a nice level with confluence:

 

  1. Daily ppz around RN 1.7300
  2. 61.8 fib
  3. hidden (i believe) bullish divergence on 4hr Macd
  4. 365 coming up for support


A nice BUOB or pinbar after a little bit of consolidation on the 4H would be nice...

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  • #68,225
  • Jul 8, 2010 7:46pm Jul 8, 2010 7:46pm
Quoting aserbfx
be careful. the week is not yet over. and this bar doesn't look that good. very small.

I cannot find VZ on Broco trader. Could someone point me in the right direction. This chart looks different to my MB trading feed.
  • #68,226
  • Jul 8, 2010 8:14pm Jul 8, 2010 8:14pm
Quoting djmartymac
I cannot find VZ on Broco trader. Could someone point me in the right direction. This chart looks different to my MB trading feed.
FXpro has VZ
  • #68,227
  • Jul 8, 2010 8:39pm Jul 8, 2010 8:39pm
Thanks mate
  • #68,228
  • Jul 8, 2010 8:43pm Jul 8, 2010 8:43pm
Quoting jarroo
A retrace or retest of a given level is basicly a formation of a PPZ level. (hang on . .stay with me here . .) What is a PPZ level? It is where Price "flips" or a level where Price acts Support then Price breaks through the Support and then acts as Resistence. (and vice versa) A PPZ level.

Think of Price retracing to the previous high/low (generally) or to a BRN or to a PPZ level as Price retesting that level (Sup or Res) in the form of an Outside Bar.

Price breaking Support and turnng into Resistance (or vise versa) all in one Price Action...
Jarroo, A great explanation about how to read/understand retracement. Thank you !!!
  • #68,229
  • Jul 8, 2010 8:45pm Jul 8, 2010 8:45pm
Quoting jarroo
Jarroo, if retracing to previous low/high is a good confirmation, how do we need to trade this one ?

1) Should we wait for the retracement before placing an order ?
Not necessarily, Price could just break hard with out a retracement.

2) I believe, you still recommends to place the order 10 pips above/below the hig/low of BUOB/BEOB. (Conventional method)
Yes, absolutely.

3) how far should it retrace ? Is there a way we can determine it if there are more than one bar in the left at differrent...
Jim, this helps a lot.. Now I am lot clearer than before !!
  • #68,230
  • Jul 8, 2010 11:55pm Jul 8, 2010 11:55pm
Quoting mbqb11
I only held this to 1.7500
... anyone hold this further to the next PPZ?
just a small chunk on the 1.7300s.
takes time to getting used to trade much higher TFs when i got the same personality (ADD/ADHD) as Ryanmcd's.

Quoting Shanetrader
Hi Guys, Just though id post a fantastic article i found on how to increase trader performance..just like an athlete or professional master chess player. Very interesting..
...
yes, they are

Quoting djmartymac
I cannot find VZ on Broco trader...
on MarketWatch, right click anywhere, & click/check "Show All".
broker times are different, so every feed will be different.
  • #68,231
  • Jul 8, 2010 11:56pm Jul 8, 2010 11:56pm
Quoting cprao
Jim, this helps a lot.. Now I am lot clearer than before !!
if u never stop learning, it will only get better....
  • #68,232
  • Jul 9, 2010 12:14am Jul 9, 2010 12:14am
Quoting supremeChaos
Hello cprao...
decent sized pin, but not spectacular or eye-catching, IMHO.

my concern is the downtrend.
also, i wont be surprised to see price go re-visit the pin's mid & bottom 1/3 (0.8150 - 0.8200 area or lower)*. [having said this, u can decide to enter on the pin's retracement, rather than on the pin's immediate break]
the pin's high is right before the 0.8300 RN. so yes, it would be prudent to enter like u said so or wait for 0.8200 to act as support (& wait for PA) before entering.
your blue line is indeed the...

Hi SC, the EURGBP which we discussed in the beginning of this week, still in play. I am almost there to break-even this trade.
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  • #68,233
  • Jul 9, 2010 1:48am Jul 9, 2010 1:48am
cprao,
woohoooo!
so your chart shows it took off without (much) retracement.
awesome.. thanks for the update.
looking at your chart, so u did enter above 0.8300. your TP is 0.8384.
missed the discussed FTA (0.8380)by 1 pip! what a tease..
as of this writing, price has already broken above 0.8380 & is at 0.8384 (Oanda)
manage it well

(edit: what is the blue MA? 150ema?.. &what broker is that chart from?)
  • #68,234
  • Jul 9, 2010 1:54am Jul 9, 2010 1:54am
Quoting Atc
Great repost....Bar 9 ...IMO is an indecision bar

I would agree with you too on #9 Atc.

Also I would say the these bars highs, I called it "Z", played a role along with his analysis. But you got to like how Price can be read like a book as Ben illustrated pertfectly.
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Indicators show the past. Price Action "Indicates" the future.
  • #68,235
  • Jul 9, 2010 2:10am Jul 9, 2010 2:10am
Quoting mbqb11
I only held this to 1.7500

triple bar high/beob, divergence, 1.8

anyone hold this further to the next PPZ?


Quoting tubguy
Hey Mike,

Where did you enter on this chart? Was it a touch trade? or did you enter on a lower timeframe?

Mike was mentioning the 1.8000 as an added confluence (the main one if you know Mike ) with this setup.

But a break just below this 8 Hour PB would not have been that crazy to take. No, I missed it . .
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Indicators show the past. Price Action "Indicates" the future.
  • #68,236
  • Jul 9, 2010 2:20am Jul 9, 2010 2:20am
Yeah I saw it too ghous . . the IPB on the 8 hour chart . . nice confluences supporting it . . . lets see how it works out.
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Indicators show the past. Price Action "Indicates" the future.
  • #68,237
  • Jul 9, 2010 2:22am Jul 9, 2010 2:22am
Quoting supremeChaos
if u never stop learning, it will only gets better....

and easier.
Indicators show the past. Price Action "Indicates" the future.
  • #68,238
  • Jul 9, 2010 4:51am Jul 9, 2010 4:51am
Was anyone interested in this ?
Not the greatest tail but in context of the SR & TL zone i kinda like it
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  • #68,239
  • Jul 9, 2010 4:52am Jul 9, 2010 4:52am
Quoting mbqb11
Hey K

I am very conservative, I always wait for a confirmation. So my order would go below the low of a bearish pin, or above the high of a bullish pin. My stop loss would go on the other side of the bar. Remember a bar is not valid until the high/low breaks, and it is not invalidated until the opposite side breaks. I use this as I am conservative and it also aligns with how I manage my trades.

Take care
Mike
Thanks Mike. When you enter on the weekly/daily bar though, isn't the stop loss a lot?
  • #68,240
  • Jul 9, 2010 4:56am Jul 9, 2010 4:56am
I was just about to post about this setup.

The trendline is great, there is confluence with the 1.27 round number. Also there is divergence to support the bar.

But the fact is there is a hell lot of traffic to the left of the bar and on the daily chart there is no sign of rejection. I'm leaning towards skipping it.

Quoting pipmyride
Was anyone interested in this ?
Not the greatest tail but in context of the SR & TL zone i kinda like it
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