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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

  • #70,241
  • Jul 30, 2010 3:49pm Jul 30, 2010 3:49pm
Quoting jarroo
True777, entries are at the Close of the IPB not the break of the low in this case.

Actually Donkey, this is IB that looks like an IPB. I don't think you got lucky because . . if I can understand your thinking . . you saw Price at a proven Resistance level, 1.6200, at a High and some divergence (although I can't see it on your chart). A touch trade at the 1.6200, with a tight stop loss would not be that crazy . . just ask the Rac-man.

But with that IPB looking Inside Bar gave a bit more confirmation to take your 1.6175 entry then just a touch...
Jarroo and Ghous, thanks for the feedback. I actually did not check the divergence, I was going just off of the minor round number and the high. Felt like 1.6200 was very strong resistance. I will take note that this is an IPB shaped IB for future reference. I'll be adding these to my list of formations to demo. At my stage, I'm really pleased to see price going in the direction that I expect it to, making it to my profit target is a plus to.
  • #70,242
  • Jul 30, 2010 3:53pm Jul 30, 2010 3:53pm
Quoting True777
hey donkey, how do you get a 6175 entry on that daily ipb? from what I've read your entry would be at the break of the low at that ipb...?
My very basic understanding is that entry is at the close on IPBs, which gives a tight stop loss. Also, most of the IPBs that I've seen traded (by others on this site), call for a pretty quick profit area at the low of the bar.
  • #70,243
  • Jul 30, 2010 3:59pm Jul 30, 2010 3:59pm
Quoting Donkey
My very basic understanding is that entry is at the close on IPBs, which gives a tight stop loss. Also, most of the IPBs that I've seen traded (by others on this site), call for a pretty quick profit area at the low of the bar.
yes this is correct. There is no way to trade a break with an IPB. If you are going short on one, the only break would be at the very bottom(low of the bar) and by then that trade is well over and underway. The idea is as donkey said you have a small stop loss and you are entering on the close.

They are very interesting. I believe they are called hanging men?
  • #70,244
  • Jul 30, 2010 4:47pm Jul 30, 2010 4:47pm
Quoting jarroo
True777, entries are at the Close of the IPB not the break of the low in this case.

Actually Donkey, this is IB that looks like an IPB. I don't think you got lucky because . . if I can understand your thinking . . you saw Price at a proven Resistance level, 1.6200, at a High and some divergence (although I can't see it on your chart). A touch trade at the 1.6200, with a tight stop loss would not be that crazy . . just ask the Rac-man.

But with that IPB looking Inside Bar gave a bit more confirmation to take your 1.6175 entry then just a touch...
Jarroo could you fill me on what a proper IPB is if this only "looks like one"
  • #70,245
  • Jul 30, 2010 5:16pm Jul 30, 2010 5:16pm
Quoting jarroo
. A nice tight stop loss just above the 1.6200 would have been beautiful.

.
Exactly ... almost to a pip
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  • #70,246
  • Jul 30, 2010 8:23pm Jul 30, 2010 8:23pm
Quoting True777
Jarroo could you fill me on what a proper IPB is if this only "looks like one"

True, In the bar I demo'd, the high was lower than the previous bar (actually barely inside it) The IPB should have been "higher" than the previous bar.Try try the info grom ghoushere (hope the link works). He has some great examples.

http://www.forexfactory.com/showpost...ostcount=52647
  • #70,247
  • Jul 30, 2010 10:12pm Jul 30, 2010 10:12pm
Interesting PB on NZD/USD Weekly TF.

Not sure about the size of this PB but the location seems to be good, although, I can not get a fibo on it to check for confluence.
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  • #70,248
  • Jul 30, 2010 10:35pm Jul 30, 2010 10:35pm
Quoting True777
Jarroo could you fill me on what a proper IPB is if this only "looks like one"
We had a great looking one on Ej a couple of years ago on the weekly.

The tail needs to extent more than it did for the recent daily IB on Gbp/Cad. It has to have that Pin bar look to it, hence the name inverted pin bar

g.
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I believe . . .
  • #70,249
  • Jul 30, 2010 10:35pm Jul 30, 2010 10:35pm
EU seems to have given us a pretty unimpressive weekly close & appears to want to try to test the 1.3262 or even possibly the 1.3400

I would have liked to have seen a more definitive close of this weekly candle, showing us which way it wanted to close. But, I must accept the fact that we can not impose our wishes on the market.


Any thoughts on this pair for next week folks?
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  • #70,250
  • Edited 10:44pm Jul 30, 2010 10:41pm | Edited 10:44pm
Quoting Pinbar
Interesting PB on NZD/USD Weekly TF.

Not sure about the size of this PB but the location seems to be good, although, I can not get a fibo on it to check for confluence.
I think you would need to watch out for potential resistance at .7150. I've been watching NU in what appears to me a bull flag formation. First chart is weekly. Second chart monthly shows 2 bar highs near 7150.

Maybe a retrace entry of the pin to about 7300 would give some room?
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  • #70,251
  • Jul 30, 2010 10:48pm Jul 30, 2010 10:48pm
Quoting Pinbar
Interesting PB on NZD/USD Weekly TF.

Not sure about the size of this PB but the location seems to be good, although, I can not get a fibo on it to check for confluence.
besides having a poor shape it's heading into some traffic and an ascending trend line for a quick 3rd touch (which can be pretty reliable)

At best some tight money management will obviously be imperative.

g.
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I believe . . .
  • #70,252
  • Jul 30, 2010 11:02pm Jul 30, 2010 11:02pm
Quoting Pinbar
EU seems to have given us a pretty unimpressive weekly close & appears to want to try to test the 1.3262 or even possibly the 1.3400

I would have liked to have seen a more definitive close of this weekly candle, showing us which way it wanted to close. But, I must accept the fact that we can not impose our wishes on the market.


Any thoughts on this pair for next week folks?
I would like to see it continue to climb and eventually get to 1.3500, where there is fib confluence (50/38) and the 150 ema making it's way to that area as well.
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  • #70,253
  • Jul 30, 2010 11:13pm Jul 30, 2010 11:13pm
Quoting ghous
besides having a poor shape it's heading into some traffic and an ascending trend line for a quick 3rd touch (which can be pretty reliable)

At best some tight money management will obviously be imperative.

g.

I hear you ghous.

By "poor shape" are you referring to the close being too close to the open?
  • #70,254
  • Jul 30, 2010 11:17pm Jul 30, 2010 11:17pm
Quoting Donkey
I think you would need to watch out for potential resistance at .7150. I've been watching NU in what appears to me a bull flag formation. First chart is weekly. Second chart monthly shows 2 bar highs near 7150.

Maybe a retrace entry of the pin to about 7300 would give some room?

Thanks for the input, it is always great to hear things like this on the weekend.


Looking at your chart, I can not really see what I would call "Flagging", looks more like an descending wedge.

This shape we saw on USD/CAD yesterday is more inline with my image of flagging.
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  • #70,255
  • Jul 31, 2010 12:00am Jul 31, 2010 12:00am
Quoting ghous
We had a great looking one on Ej a couple of years ago on the weekly....
interesting chart ghous.
the bar after the IPB (which looks like an IPB too!) made a higher high. so i guess this is a special case wherein u should use a much higher stop (slightly above 170.00 RN).
  • #70,256
  • Jul 31, 2010 1:07am Jul 31, 2010 1:07am
Quoting egkid
Any thought about e/u on daily ?
Thanks
just my view on euro, its making a retracement of the weekly down move, within a couple of months we shld see 1.235 , 1.18, and 0.965 by next yr or 2yrs.
we need to break 1.235 first but we shld visit 1.235 in a couple of months...
this is just one side, we cld as well push higher to 1.5 within some months
pls pay no attention to me, i dnt know jack
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  • #70,257
  • Jul 31, 2010 2:03am Jul 31, 2010 2:03am
Quoting Pinbar
I hear you ghous.

By "poor shape" are you referring to the close being too close to the open?
Yes and the nose not being long enough.
I believe . . .
  • #70,258
  • Jul 31, 2010 2:07am Jul 31, 2010 2:07am
Quoting Pinbar
EU seems to have given us a pretty unimpressive weekly close & appears to want to try to test the 1.3262 or even possibly the 1.3400

I would have liked to have seen a more definitive close of this weekly candle, showing us which way it wanted to close. But, I must accept the fact that we can not impose our wishes on the market.


Any thoughts on this pair for next week folks?
Expect a decent PA for the breakout of 1.3100.
How Jarroo says here, we are an area of resistence.
Imho, it is better to wait tbh.

Have a good weekend
  • #70,259
  • Jul 31, 2010 2:07am Jul 31, 2010 2:07am
Quoting supremeChaos
interesting chart ghous.
the bar after the IPB (which looks like an IPB too!) made a higher high. so i guess this is a special case wherein u should use a much higher stop (slightly above 170.00 RN).
Yeah a logical stop here wouldn't be a blind one X pips above the high of the IPB but a few pips above the BRN 170.

g.
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I believe . . .
  • #70,260
  • Jul 31, 2010 4:31am Jul 31, 2010 4:31am
Quoting True777
Jarroo could you fill me on what a proper IPB is if this only "looks like one"
I see others gave you examples.

This is how I would have liked to have seen the IPB on the Daily Gbp/Cad . . .and I'm sure Ghous would have liked it too.

Notice the size, much bigger, and the top piercing the previous High and the 1.6200.
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