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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

  • #69,381
  • Jul 21, 2010 11:59pm Jul 21, 2010 11:59pm
is this GJ 1 hr pin bar is valid?

I had try to zoom out, and see there have been support in these area.
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  • #69,382
  • Jul 22, 2010 12:01am Jul 22, 2010 12:01am
Quoting asen
is this GJ 1 hr pin bar is valid?

I had try to zoom out, and see there have been support in these area.
Hey Asen

Is it a pinbar technically I guess you could say so. But look how super super small that bar is. It really is fighting a huge strong move down and will likely reverse back the other way. We want to look for a much bigger bar to reverse this move. Look for those bars the smack you in the face you will save yourself a lot of headaches

Best
Mike
  • #69,383
  • Jul 22, 2010 12:08am Jul 22, 2010 12:08am
Quoting jarroo
....
I got time now.
u always do.

  • #69,384
  • Jul 22, 2010 12:13am Jul 22, 2010 12:13am
Quoting asen
is this GJ 1 hr pin bar is valid?

I had try to zoom out, and see there have been support in these area.
As Mike said way too small . . like 20 pips big for the GJ that's very very small even for the hourly chart. . . .yet it did hit its target . lol

Look at this BEOB on the hourly (chart 2). .100 pips big on the Hourly yet it did have some traffic to contend with (green area). . . . this is why big bars rule.
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Indicators show the past. Price Action "Indicates" the future.
  • #69,385
  • Edited 12:45am Jul 22, 2010 12:14am | Edited 12:45am
Quoting Pinbar
...
I was fortunate enough for Taiyakixz to create the code for the modified sweetspots gold indicator
....
EDIT: Change shift line in the indicator edit function to a higher number to make the lines shorter.
just got it working now.
i thought it was not showing up on my chart*. lol, but sorted now.

the "ShiftLine" parameter accepts + & - values. (no need to indicate "+" for positive values)
i have the ShiftLine at 10. a higher number will shorten the line (or 'make the indicator invisible'*... lol). try increments of 5 or 10.
use a negative value to make the line extend to the left.

those who will use this indicator need to have "Chart Shift" enabled, for a clean look.

for those who use Pivots (SweetSpot looking indicator like the one in the THV thread), i think they can use a piece of this indicator's code to achieve the same 'clean' appearance.

many thanks Pinbar.


EDIT:
NumLinesAboveBelow parameter: i think this shows number of horizontal lines (round numbers) above&below current price. set it anywhere between 2-10. the default is 100, that is too many & unnecessary.

*if u cant see the lines, experiment with 'ShiftLine' &/or try to zoom in/zoom out.
  • #69,386
  • Jul 22, 2010 12:23am Jul 22, 2010 12:23am
Quoting NoBread
My last two trades??

Sorry NoBread . .I'm trying to get my head around the reasons why you took these trades.

Could you provide more information around the rationale or thought process why you took these trades and how you managed them.
Indicators show the past. Price Action "Indicates" the future.
  • #69,387
  • Jul 22, 2010 12:28am Jul 22, 2010 12:28am
Quoting asen
is this GJ 1 hr pin bar is valid?
.....
Quoting mbqb11
..look how super super small that bar is.... Look for those bars the smack you in the face you will save yourself a lot of headaches ..
Quoting jarroo
...that's very very small even for the hourly chart. . . .yet it did hit its target . lol
... this is why big bars rule.
just to share with newer traders...
one of my early mistakes was expect big moves from small bars like this. (kind of like expecting/wanting to pay $1000 for a Ferrari)

of course big moves can start from small bars,
but more often than not..
small bars = small move
big bars = big move/momentum

for those starting out, it's much easier on the pocket & safer to avoid small bars.

think of chocolate or any of your favorite foods...
small chocolate
= (i want some more), (no more), (i want More!!!)
big chocolate =
LOL
  • #69,388
  • Jul 22, 2010 12:32am Jul 22, 2010 12:32am
Quoting mbqb11
Hey Matty

welcome thanks for the nice words, appreciate that

I assume you are speaking about the potential pinbar on the weekly. If so we have 2 more solid days of trading left and much can happen. Don't worry about it till the week closes or you will drive yourself crazy. While we are looking you can see we had a previous bullish pinbar that has respected what we would think it would do(marked trouble areas in blue).

Hope to see you posting more
Mike
thanks for the welcome mike, ill definitely be around here quite a bit - so much to learn!

i see how i jumped the gun with the weekly pin, i guess it will be something to re evaluate if it still holds validity come monday.

i had another question about the beob on the gbp/usd daily. i noticed that its currently bouncing off the 23.6 fib, and also that there is no confluence with the double bar high at a fib, pivot or anything else. would this bar only be playable if there was some confluence? any other thoughts? thanks
  • #69,389
  • Jul 22, 2010 12:32am Jul 22, 2010 12:32am
Quoting supremeChaos
just got it working now.
i thought it was not showing up on my chart*. lol, but sorted now.

the "ShiftLine" parameter accepts + & - values. (no need to indicate "+" for positive values)
i have the ShiftLine at 10. a higher number will shorten the line (or 'make the indicator invisible'*... lol). try increments of 5 or 10.
use a negative value to make the line extend to the left.

those who will use this...

Glad you like it.

the thanks go to Taiyakixz.
  • #69,390
  • Jul 22, 2010 12:33am Jul 22, 2010 12:33am
Quoting supremeChaos
just to share with newer traders...
one of my early mistakes was expect big moves from small bars like this.

of course big moves can start from small bars,
but more often than not..
small bars = small move
big bars = big move/momentum

for those starting out, it's much easier on the pocket & safer to avoid small bars.

think of chocolate or any of your favorite foods...
small chocolate
= (i want some more), (no more), (i want More!!!)
big chocolate =
LOL
the worst thing I see happen to new traders

They catch a big move with a small bar.

Asen, we for sure are not picking on you b/c trust me there will be a bunch of people to learn a ton from just these set of posts. Small bars = potential to reverse at every single trouble area most of the time. Now a small bar at a super confluence location could be a different story but lets keep it basic for now

SC for some reason I scanned most of your post but caught the word chocolate and now I am hungry again

Mike
  • #69,391
  • Jul 22, 2010 12:39am Jul 22, 2010 12:39am
Quoting supremeChaos
just to share with newer traders...
one of my early mistakes was expect big moves from small bars like this. (kind of like expecting/wanting to pay $1000 for a Ferrari)

of course big moves can start from small bars,
but more often than not..
small bars = small move
big bars = big move/momentum

for those starting out, it's much easier on the pocket & safer to avoid small bars.

think of chocolate or any of your favorite foods...
small chocolate
= (i want some more), (no more), (i want More!!!)
big...

lol


Hey sChaos . .what do you think of this I4+B ( I38B?) on the Monthly (June) Gbp/Jpy?
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Indicators show the past. Price Action "Indicates" the future.
  • #69,392
  • Jul 22, 2010 12:39am Jul 22, 2010 12:39am
Quoting supremeChaos
just to share with newer traders...
one of my early mistakes was expect big moves from small bars like this. (kind of like expecting/wanting to pay $1000 for a Ferrari)

of course big moves can start from small bars,
but more often than not..
small bars = small move
big bars = big move/momentum

for those starting out, it's much easier on the pocket & safer to avoid small bars.

think of chocolate or any of your favorite foods...
small chocolate
= (i want some more), (no more), (i want More!!!)
big...
Thanks - I've found myself being tempted by the small bars lately - I see a few big moves that have come from small bars, but my brain kinda passes over the many smaller moves or failed smaller bars.

Next time I see one I'll just think of chocolate.
  • #69,393
  • Jul 22, 2010 12:48am Jul 22, 2010 12:48am
Quoting joelcf
For me, this is the best trade on the whole chart. Tiny risk, huge reward.
Now that's what I'm talking about Resistance turning into Support. Look how long that took to develop. Nice.
Indicators show the past. Price Action "Indicates" the future.
  • #69,394
  • Jul 22, 2010 1:01am Jul 22, 2010 1:01am
Quoting mbqb11
the worst thing I see happen to new traders
They catch a big move with a small bar.
....
i see what u mean..
bad for the psychology?
breeds 'improper' audacity, perhaps

havent eaten chocolate for some time now, lol
  • #69,395
  • Jul 22, 2010 1:05am Jul 22, 2010 1:05am
Quoting jarroo
...what do you think of this I4+B ( I38B?) on the Monthly (June) Gbp/Jpy?
June candle, Sir?
i got it as I36B on one demo feed(FXDD). (smallest since June 2007)

imho, the 2007 crisis-led bearish trend is still intact.
if 130.00 doesnt hold,
126.70ish May2010 lows...
then we might revisit Jan.2009 118.80ish all time low... & even breach it if equities sink with all the mess around us.
gbpjpy 110.00 & below?!?!
Let's hope for the best... prepare for the worst
  • #69,396
  • Jul 22, 2010 1:08am Jul 22, 2010 1:08am
Quoting cheeseweasel
...
Next time I see one I'll just think of chocolate.
hahah.
i think that's a very simple analogy.
  • #69,397
  • Jul 22, 2010 1:09am Jul 22, 2010 1:09am
Quoting jarroo
lol


Hey sChaos . .what do you think of this I4+B ( I38B?) on the Monthly (June) Gbp/Jpy?

Jarroo, is this not a really hard area to break & basically at a swing low on w1 tf?
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  • #69,398
  • Jul 22, 2010 2:06am Jul 22, 2010 2:06am
Quoting jarroo
Sorry for my earlier drive-by post. (post and run). Found myself at the computer with limilted time to update this trade and I thought I would post it.


It is a PPZ level on the 8 hour time frame. But more importantly, it's a previous bar low of a BEOB. This post talks more broadly about how they can be a great entry and/or stop loss placement .

http://www.forexfactory.com/showpost...ostcount=68217


If the green line was the 1.3000 it would have been a golden A++ setup.

Got it, thanks Jarroo!
  • #69,399
  • Jul 22, 2010 2:38am Jul 22, 2010 2:38am
Quoting Dan Gilbert
I cannot believe no one has mentioned this yet!

I13B, also a squeeze alert 3 bar pattern, stradding VBRN 1.0500.

I have set my sell stop and buy stop below and above the smallest (most recent) bar in the pattern. T/P are at the ORANGE fibo lines of 100.00 and 0.00

my favorite daily pattern in trading.
Hey Dan, looks good!
Another successful story with squeeze alert formation!
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  • #69,400
  • Jul 22, 2010 2:42am Jul 22, 2010 2:42am
  •  Jey
  • | Joined Jun 2009 | Status: Market Slave-Overworked/Underpipped | 283 Posts
Quoting jarroo
lol


Hey sChaos . .what do you think of this I4+B ( I38B?) on the Monthly (June) Gbp/Jpy?
Sorry guys, what exactly is I4+B or 138B for that matter? Told ya i'm a noob.
I have seen the enemy, and it is me.
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