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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

  • #68,801
  • Jul 15, 2010 7:46pm Jul 15, 2010 7:46pm
Quoting Dan Gilbert
anyone here think maybe just maybe there's a 51% chance that today was the beginning of the domino effect of people closing their shorts on the euro? I think there's about a 51% chance that has begun today
There are signs that the entire Eurozone isnt as completely screwed as people feared. Spain managed to sell 3bn euro worth of 15y bonds overnight, at a reasonable (albeit 80 bps higher than last time) spread, so there is a few signs that they might not collapse and take the rest of Europe with them.

If things keep going this way (and, unlike the Greeks, the Spanish are actually quite capable as far as economic management goes), you could definitely be right. No one wants to be trapped short euro once big money realises the apocalypse is actually not nigh, and starts pulling out en masse.

Then again, depending on the outcome of the stress testing, there is every chance that you will be able to pick up a clifftop hacienda for the price of a Big Mac in the coming months... so who knows
When you have to shoot, shoot. Dont talk.
  • #68,802
  • Edited 9:10pm Jul 15, 2010 7:57pm | Edited 9:10pm
USD CAD seems to be moving back into the upper weekly ranging area.

We have a BUEOB on the daily at a weekly PPZ level and a swing low, it seems to be a reasonably sized bar in comparison to the bars around it & it was able to break the 1.0400 area, the 150 is inline with the 38.2 fibo. However, the close was below the 0400. Not sure how the close works in these situations.

I think I shall watch to see how it reacts to the 150 and the 38.2, especially on a Friday.
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  • #68,803
  • Jul 15, 2010 8:24pm Jul 15, 2010 8:24pm
Quoting aserbfx
good advice. i got demo accounts with various brokers, so that every hour a H4-candle closes. just more setups...
Just wondering what brokers feeds you need to get a 4 hour candle change every hour? I currently have fx pro, broco, and mb trading. Can someon advise me of brokers to get the rest?
  • #68,804
  • Jul 15, 2010 8:27pm Jul 15, 2010 8:27pm
Quoting djmartymac
Just wondering what brokers feeds you need to get a 4 hour candle change every hour? I currently have fx pro, broco, and mb trading. Can someon advise me of brokers to get the rest?
PS ibfx is the same as mb trading
  • #68,805
  • Jul 15, 2010 9:59pm Jul 15, 2010 9:59pm
Strong bar...

I have to pay to play it, I was in, don't know if it can go further but this time i'm sitting tight
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Back to the beginning ... demo
  • #68,806
  • Jul 15, 2010 10:05pm Jul 15, 2010 10:05pm
Quoting mbqb11
Hey Kdee

It is simply part of the learning process, you can't ever take the emotion out of it but you can learn to deal with it. If you have a plan follow your plan, simply put you have to make the decision to either let the emotion take over or not The more you don't let it take over the easier it gets to not let those emotions get to you. This is why demo is so important so you can build your confidence which takes time. There are no ways around it.

Don't worry though always another trade. Don't stress over this now or you will probably let...
1st thing always listen to whatever Mike says. 2nd, find your FTA then take 1/2 off the table, move your stop to BE (or BE +2) find a new FTA and repeat process. Just 1 approach of many offered here.
  • #68,807
  • Jul 15, 2010 10:07pm Jul 15, 2010 10:07pm
Quoting slade1986
Aud/USD

Would this be considered a good IPB?

Edit: Not sure if it was good, but I moved to BE so it's free...
Very nice sir,

We had some great things going with this bar.

It's hitting the FTA and so I love the fact that it is now a free trade for you.

g.
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I believe . . .
  • #68,808
  • Jul 15, 2010 10:12pm Jul 15, 2010 10:12pm
Quoting goldtrader
Strong bar...

I have to pay to play it, I was in, don't know if it can go further but this time i'm sitting tight
The close plays a big part in making a bar "strong" we had that elemant missing in this setup IMHO. Why do we need a strong close? Precisely because we are heading into an s/r flip which is all that important in a tight ranging chopping market such as the Usd/Cad these days. So strong close at or beyond the flip could have been a good indication that it is something worth little or no worry to price and the momentum to the upside is unhindered.

g.
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I believe . . .
  • #68,809
  • Jul 15, 2010 10:20pm Jul 15, 2010 10:20pm
Quoting joelcf
Are people trading D1 pinbars on MT4 micro accounts moving the market? Or piggybacking on the market flows caused by big currency movements?
Questions are good answers arn't they mate?

I've also realised there are times when ccy trends are a result of a large macro theme, like how Asian ccys are strengthening now because of $$ flowing into Asian equity... might see a long standing theme for abit.
One Mind, Any Market
  • #68,810
  • Jul 15, 2010 10:21pm Jul 15, 2010 10:21pm
Quoting ghous
The close plays a big part in making a bar "strong" we had that elemant missing in this setup IMHO. Why do we need a strong close? Precisely because we are heading into an s/r flip which is all that important in a tight ranging chopping market such as the Usd/Cad these days. So strong close at or beyond the flip could have been a good indication that it is something worth little or no worry to price and the momentum to the upside is unhindered.

g.
Thank you ghous, that means i have to watch it carefully... and i have to agree with your post before, nothing beat a stand out candle...
Back to the beginning ... demo
  • #68,811
  • Jul 15, 2010 10:29pm Jul 15, 2010 10:29pm
ANyone see the I4b on CHF/JPY daily? Right off 84.00.

Sorry can't post a chart
  • #68,812
  • Edited 11:05pm Jul 15, 2010 10:47pm | Edited 11:05pm
I am also in on this trade but, I entered at the break of the of the H4 IB12.

If this gets to the BUOB daily setup, I shall be at BE+ by the time it gets there.

Too hot today, got to move to my laptop in the air conditioning to monitor it.

EDIT: on the laptop now but, this is how I am looking at the targets.
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  • #68,813
  • Jul 15, 2010 10:53pm Jul 15, 2010 10:53pm
Quoting spookie94
ANyone see the I4b on CHF/JPY daily? Right off 84.00.

Sorry can't post a chart
Was just reading back through the last 10 or so pages of the thread and caught this comment and had what I believe they call an epiphany! No, Spookie I don't see a pinbar on the chart I'm looking at, but I can see why it looks like a decent trade... Lots of sideways type action which I'm not keen on and not enough of an indication of breakout for me, but then I'm only new at this.

But the reason I really replied here is that I've struggled with the whole different presentation of charts and different timezones and bar closes problem type thingy myself, and reading back through the thread I can see I'm no Han Solo on this. But it doesn't matter really at the end of the day.

I can't remember who said it (apologies to the author) but a little bit back in the thread someone said that the charts are just visual representations of the price action. The bars should confirm what we're seeing, not dictate it. We shouldn't be taking trades off the shape of one or two or even the last five bars, but looking at the price in context.

Please correct me if I'm wrong but that's my little moment of enlightenment for the day. Now if you'll excuse me I'm off to dance a nice little jig.
  • #68,814
  • Jul 15, 2010 10:58pm Jul 15, 2010 10:58pm
Quoting Cyrus
Questions are good answers arn't they mate?
Are they?

(hehe, couldnt resist )

Quoting Cyrus
I've also realised there are times when ccy trends are a result of a large macro theme, like how Asian ccys are strengthening now because of $$ flowing into Asian equity... might see a long standing theme for abit.
Trends are almost always because of macro themes - the oscilations around those themes are your short term news/trading/positioning. Which is why people with your approach will do alot better than most.

In the end, you are either a Soros guy or a Covel guy. Guess how many copies of Alchemy of Finance I have seen here, as opposed to The Complete Turtle Trader
When you have to shoot, shoot. Dont talk.
  • #68,815
  • Jul 15, 2010 11:02pm Jul 15, 2010 11:02pm
Quoting Rosentrade
Was just reading back through the last 10 or so pages of the thread and caught this comment and had what I believe they call an epiphany! No, Spookie I don't see a pinbar on the chart I'm looking at, but I can see why it looks like a decent trade... Lots of sideways type action which I'm not keen on and not enough of an indication of breakout for me, but then I'm only new at this.

But the reason I really replied here is that I've struggled with the whole different presentation of charts and different timezones and bar closes problem type thingy...
not PB, an I4B. I'm only looking at a short on this one due to resistance at 84.00. MACD showing confluence also for a possible short. FTA about 83.00. Any suggestions or comments?
  • #68,816
  • Jul 15, 2010 11:09pm Jul 15, 2010 11:09pm
Quoting Cyrus
Hi Guys,

Read this recently by Steildmayer, one of the pioneers of market profile. I really like it. Speaks to me plenty. I personally can relate to it alot in my own development as a speculator and I'm sure many here who have crossed the consistency threshold and/or are very profitable can relate to the points he made here.

Hope it helps everyone =)
---
The Profile of a Successful Speculator

Trading is being young, imperfect and human; not old, exacting and scientific. It is not a set of techniques, but a commitment. You are to...

Nice one Cyrus.
Indicators show the past. Price Action "Indicates" the future.
  • #68,817
  • Jul 15, 2010 11:28pm Jul 15, 2010 11:28pm
Quoting jarroo
Possible stop loss placements in black.

Below the bar that breaks.

Below the Daily PPZ, 125.25.

Below the PB.
Hi Jarroo

Regarding your "bar that breaks", as soon as the trigger bar touches the "buy", do you manually place your stop right behind the partially formed trigger bar? (ie daytrading daily bars)

... so that if the trigger bar drops back down you are stopped out?
WARNING: Don't follow me as I'm just learning
  • #68,818
  • Jul 15, 2010 11:33pm Jul 15, 2010 11:33pm
Hmm, this may also be a breakout trade, considering the sideways movement of the H1 TF. We seem t have broken out of the lower range with a possible retest on the cards. H4 also looks like a breakout has occurred.
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  • #68,819
  • Jul 15, 2010 11:39pm Jul 15, 2010 11:39pm
Quoting adam777
Hi Jarroo

Regarding your "bar that breaks", as soon as the trigger bar touches the "buy", do you manually place your stop right behind the partially formed trigger bar? (ie daytrading daily bars)

... so that if the trigger bar drops back down you are stopped out?
Depending on the setup . . . Yes, that's one way to use the bar that breaks. Meaning you can initially have your stop loss above/ below the PA setup and when the setup breaks you can move your stop loss to the bar that breaks right away or wait until it closes.
Indicators show the past. Price Action "Indicates" the future.
  • #68,820
  • Jul 15, 2010 11:41pm Jul 15, 2010 11:41pm
Thanks Jarroo.

I will back test both: "moving the stop immediately" and "waiting till the close of the trigger bar", and see which works best.
WARNING: Don't follow me as I'm just learning
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