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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

  • #70,261
  • Jul 31, 2010 4:44am Jul 31, 2010 4:44am
Quoting jarroo
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.
I believe . . .
  • #70,262
  • Jul 31, 2010 4:47am Jul 31, 2010 4:47am
Quoting ghous
Indicators show the past. Price Action "Indicates" the future.
  • #70,263
  • Jul 31, 2010 4:56am Jul 31, 2010 4:56am
Quoting raczekfx
Exactly ... almost to a pip

Hey Rac-man


Funny, I thought a Rac chart would have show a similar trade but a short from the 1.3100, may be you caught that too. lol

But . .wait . .a long from the 1.3000 would have been better because you see the Euro going to the moon . . . hmmm . . . . .see that Rac . .you always keep us thinking.

Even though you don't post much here any more, you are still very much on our minds . .well on my mind at least . . .good too see you again.

Jim
Indicators show the past. Price Action "Indicates" the future.
  • #70,264
  • Jul 31, 2010 5:43am Jul 31, 2010 5:43am
I got a few PMs asking about the "proven Resistance" that I talked about on this post on the Gbp/Cad.

Quoting jarroo
. . 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.

. . .again just to understand your thinking, meaning I don't think you were lucky, D-Man . .
Besides having a PPZ level that has shown itself over Days, Weeks, Months or Years, we can look at how strongly Price reacts to a certain level or area.

On the Gbp/Cad, notice how strong Price moves down from the 1.6200 once Price hits it. This was not a little bounce, this was a strong move down from 1.6200 . . .twice. This is what I meant by "proven resistance" level. Just like how strong Price move up off the BRN 1.5000, no big surprise there, if you ask Mike. lol

So look for these strong movements away from certain levels or areas. Most likely they are a PPZ level or a PPZ level in deveoplment.

Jim
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Indicators show the past. Price Action "Indicates" the future.
  • #70,265
  • Jul 31, 2010 5:51am Jul 31, 2010 5:51am
Quoting jarroo
I got a few PMs asking about the "proven Resistance" that I talked about on this post on the Gbp/Cad.



Besides having a PPZ level that has shown itself over Days, Weeks, Months or Years, we can look at how strongly Price reacts to a certain level or area.

On the Gbp/Cad, notice how strong Price moves down from the 1.6200 once Price hits it. This was not a little bounce, this was a strong move down from 1.6200 . . .twice. This is what I meant by "proven resistance" level. Just like how strong Price move up off the BRN 1.5000, no...
Great post Jarroo....!

Reminds us to keep it simple.
And we need that Greatly.

I think we have a similar situation on EU.
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  • #70,266
  • Jul 31, 2010 6:01am Jul 31, 2010 6:01am
Quoting jarroo
I got a few PMs asking about the "proven Resistance" that I talked about on this post on the Gbp/Cad.


Jim

Same chart, Daily Gbp/Cad.

Notice this strong move down from the 1.5900. Price moves back up to this level 1.5900, we also had a confluence with the 150 ema. Price reacts offering 200 pips down . .touch trade? Maybe . . but strong bearish PA would be better.
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Indicators show the past. Price Action "Indicates" the future.
  • #70,267
  • Jul 31, 2010 6:03am Jul 31, 2010 6:03am
Quoting Pinbar
Great post Jarroo....!

Reminds us to keep it simple.
And we need that Greatly.

I think we have a similar situation on EU.

Yes, very good Pb.

Now if we don't get a strong reaction down . .what does that tell you about the uptrend?
Indicators show the past. Price Action "Indicates" the future.
  • #70,268
  • Jul 31, 2010 6:07am Jul 31, 2010 6:07am
Quoting jarroo
....
Even though you don't post much here any more, you are still very much on our minds . .well on my mind at least . . .good too see you again.
i share your thoughts about him, Sir.
  • #70,269
  • Jul 31, 2010 6:11am Jul 31, 2010 6:11am
Quoting jarroo
Yes, very good Pb.

Now if we don't get a strong reaction down . .what does that tell you about the uptrend?
I think it will tell us that PA picked up more buyers than sellers around this level and the uptrend means Business.
  • #70,270
  • Jul 31, 2010 6:17am Jul 31, 2010 6:17am
Quoting Pinbar
I think it will tell us that PA picked up more buyers than sellers around this level and the uptrend means Business.
Indicators show the past. Price Action "Indicates" the future.
  • #70,271
  • Jul 31, 2010 6:37am Jul 31, 2010 6:37am
Hello Jarroo
The pattern TBH (or TBL) demands for safety, that the highs (or lows) is equal to or there may be differences in some pips?
Thanks in advance.
  • #70,272
  • Jul 31, 2010 6:43am Jul 31, 2010 6:43am
Quoting extraneo
Hello Jarroo
The pattern TBH (or TBL) demands for safety, that the highs (or lows) is equal to or there may be differences in some pips?
Thanks in advance.
If your asking if a Two Bar High or a Two Bar Low need to be exact . .to the pip? I would say . . no . . they don't have to be exact.
Indicators show the past. Price Action "Indicates" the future.
  • #70,273
  • Jul 31, 2010 6:47am Jul 31, 2010 6:47am
Quoting jarroo
If your asking if a Two Bar High or a Two Bar Low need to be exact . .to the pip? I would say . . no . . they don't have to be exact.

Jarroo thank you for your competence and kindness
good weekend
  • #70,274
  • Jul 31, 2010 6:55am Jul 31, 2010 6:55am
Quoting extraneo
Jarroo thank you for your competence and kindness
good weekend
I like the Multi Bar Highs or Lows. They provide more strength when they breakout and a good place to protect your stop loss once they break.
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Indicators show the past. Price Action "Indicates" the future.
  • #70,275
  • Jul 31, 2010 7:18am Jul 31, 2010 7:18am
Quoting jarroo
Same chart, Daily Gbp/Cad.

Notice this strong move down from the 1.5900. Price moves back up to this level 1.5900, we also had a confluence with the 150 ema. Price reacts offering 200 pips down . .touch trade? Maybe . . but strong bearish PA would be better.
Funny. You highlighted the first "IPB" I demo'd. Looking back this one was "IPB looking" Inside Bar as well. This one obviously failed. Ghous posted the analysis of the setup below. I thought this was outstanding and thought I would repost for any that may have missed it and are catching up on some study on a rainy (in my tiny little corner of the world anyway) Saturday morning.

http://www.forexfactory.com/showthre...78#post3843978
  • #70,276
  • Edited 8:05am Jul 31, 2010 7:49am | Edited 8:05am
Quoting Donkey
Funny. You highlighted the first "IPB" I demo'd. Looking back this one was "IPB looking" Inside Bar as well. This one obviously failed. Ghous posted the analysis of the setup below. I thought this was outstanding and thought I would repost for any that may have missed it and are catching up on some study on a rainy (in my tiny little corner of the world anyway) Saturday morning.

http://www.forexfactory.com/showthre...78#post3843978

Ghous post gives important points to look at other then the PA formation itself . .be it an IPB or any other PA formation.

The structure and size of IPBs are very important. They tell a complete story when they are correct as Ghous has emphasized many times. So when you rip a bunch of chapters out of a book, the story doesn't make sense.
IPB looking Inside Bars are IPBs with chapters missing.

The thing about both IPBish looking IBs are just that . . they're Inside Bars . . . and should be treated as such. Many times we think can get information about the IB by its structure. . looking like a PB or a IPB . .but when push comes to shove, they're IBs . . .simple as that.

But keep demoing them . .they can provide a great trading opportunity.
Indicators show the past. Price Action "Indicates" the future.
  • #70,277
  • Jul 31, 2010 9:27am Jul 31, 2010 9:27am
Quoting jarroo
Same chart, Daily Gbp/Cad.

Notice this strong move down from the 1.5900. Price moves back up to this level 1.5900, we also had a confluence with the 150 ema. Price reacts offering 200 pips down . .touch trade? Maybe . . but strong bearish PA would be better.

Theres also some good divergence

http://www.forexfactory.com/showthre...22#post3905222
  • #70,278
  • Jul 31, 2010 10:05am Jul 31, 2010 10:05am
Quoting jarroo
I like the Multi Bar Highs or Lows. They provide more strength when they breakout and a good place to protect your stop loss once they break.

The red bar prior to the current blue bar is an IB4. Looks like the current bar has already broken the high of the bar prior to the IB4 and would have triggered an entry for those playing the 'standard' IB way.
Yeah, hope price will break the 1.62 next week and fly to the moon and as such validating the IB4 setup (meaning profiting from it)
  • #70,279
  • Jul 31, 2010 10:07am Jul 31, 2010 10:07am
Quoting jarroo
Yes, very good Pb.

Now if we don't get a strong reaction down . .what does that tell you about the uptrend?
Quoting Pinbar
I think it will tell us that PA picked up more buyers than sellers around this level and the uptrend means Business.
Quoting jarroo
Next week it will touch 1.3330 That my view for while
I could B wrong and we see Fall but This how i read my Own chart
Time will tell
Cya
Egkid
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  • #70,280
  • Edited 11:18pm Jul 31, 2010 11:35am | Edited 11:18pm
Quoting james16
i wasnt planning on it being an outback night but after reading this it might have to be.

nice job. the biggest obstacle now is keeping your brain from convincing you its any harder than what you have been doing.

like most you will probably have to learn that the hard way or you could take my word for it now that its not.

lol
Thank you, Mike and Jim. As I stated before your efforts here are greatly appreciated. As for now, I'm going to continue with my "Where is price going" activities. I can definitely see where it's going to be a struggle keeping focused on what's currently working. Missing the runners and all. But my current thought is that if I can keep the money won, lost, or missed off my mind and just keep doing what I've been doing, it might work.

Some have asked what I've done. Here's a brief run over, though I'm sure there's alot of improvement needed and I not exactly following all the mm rules and such:

I had been demoing/trading since Sept, 09, and after some hard lessons found this thread and joined the PF in Feb, 2010. Started around March working on "Where is price going" with pretty much any PB, Buob or Beob. On June 8th I started with a mini account trading the same way, off of daily and 4hr charts taking the break of the bar at around +/- 10 pips and taking 50% tp at the FTA, after a few trades, I started taking full Tp at the FTA. My stops have always been set at below or above the bar, so terrible R/R. I started out trading 2 micro lots so I could close 50% out at the FTA and let the other 50% run. After a few trades I started taking full TP at the FTA with the 2 micros. I've been trading 4 micro's lately, so not proper MM, but it's a risk I'm willing to take with the Micro. As for number of trades, I've taken 72 and lost 12 of those. If the trades did fail to show momentum, I tightened the stop or killed it. Only took full bars on 2 of the 12.

That's it, not much. My goal was just to work on just identifying bars and trouble areas and predict where price was going. It's worked so far, will it.. We'll see.. If it continues to work, I'll definitely adjust the MM and become pickier on the bars.

Thanks again all, and I look forward to growing with you all.

Edit: I added 2 examples of trades I took. I entered after the red vertical line and the blue line is the entry and the green is the exit. On the G/C I set the TP just above the 365 EMA, which I thought may be a trouble area. On E/C I set the TP right around the low bar to the left. Comments welcome.
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