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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

  • #71,061
  • Aug 10, 2010 3:36am Aug 10, 2010 3:36am
Quoting Adilius07
Yes Aser, I'm on it, monitoring. The one thing I do not like if it closes like this is that my entry would happen to be right about 0.7240 - The PPZ as I see it..
If it closes a little above - would be playable for me.

Oh wait a minute! We have different times my bar still has 25 minutes to go...
yes, this closed 35 min ago. and price broke the high right now.
meine augen sind die sterne
  • #71,062
  • Aug 10, 2010 3:39am Aug 10, 2010 3:39am
Quoting aserbfx
not sure, if this pb has been posted already.
any idea?
IMHO...
very small PB. close lower than the open & below previous bar's low.
running straight into/PB just below 0.7250 - 0.7300 traffic.
  • #71,063
  • Aug 10, 2010 3:40am Aug 10, 2010 3:40am
Quoting aserbfx
yes, this closed 35 min ago. and price broke the high right now.
If I had your charts I would be in now lol. But my FxPro does not look as a Pinbar anymore, so I skip it...

Are you in?
  • #71,064
  • Aug 10, 2010 3:44am Aug 10, 2010 3:44am
Quoting Adilius07
If I had your charts I would be in now lol. But my FxPro does not look as a Pinbar anymore, so I skip it...

Are you in?
no, because i didn't see that ppz at around 0.7250 and i don't like it.
p.s. good to have some demo-account with various brokers and therefore different closing times....
meine augen sind die sterne
  • #71,065
  • Edited 4:27am Aug 10, 2010 3:49am | Edited 4:27am
Pennant into pennant, reaching the end.
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Trading: the skill of avoiding trades
  • #71,066
  • Aug 10, 2010 4:00am Aug 10, 2010 4:00am
Quoting eswap0
Wedge into wedge, reaching the end.
If I recall correctly, a wedge pattern, is when both trendlines upper and lower, point either up or down. But in this case, the upper points down, and the lower points up, therefore being a pennant.

Correct me if I am wrong.


-V
A person is only limited by the thoughts he chooses.Þeir fá byr sem bíð
  • #71,067
  • Aug 10, 2010 4:05am Aug 10, 2010 4:05am
for example the attached picture.

While pennants tend to be continuation patterns.
A rising wedge (in the example below) would usually be bearish, whilst a descending wedge would usually be bullish.
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A person is only limited by the thoughts he chooses.Þeir fá byr sem bíð
  • #71,068
  • Aug 10, 2010 4:07am Aug 10, 2010 4:07am
Stop Loss Hit with Margin Call...............

Quoting Jonnyislost
What does this one represent?! Stop Loss hit?
  • #71,069
  • Aug 10, 2010 4:10am Aug 10, 2010 4:10am
Quoting jarroo
Nice post Pb


Remember when we were going over PPZ levels. .I forgot when it was. . . I think in May . . remember this chart Weekly Usd/MXN . . interesting don't you think?

Jarroo

I have been busy reinstalling windows7 on this laptop after some problems.

Just got it back together and have been pondering your chart that we discussed in May.


Got to run.


Do you mean these large and small ranges that this pair has been moving in on the weekly?


I may be a bit lost.
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  • #71,070
  • Aug 10, 2010 4:26am Aug 10, 2010 4:26am
Quoting s2659
for example the attached picture.

While pennants tend to be continuation patterns.
A rising wedge (in the example below) would usually be bearish, whilst a descending wedge would usually be bullish.
You're right: post already ammended.
Thanks!
Trading: the skill of avoiding trades
  • #71,071
  • Aug 10, 2010 4:31am Aug 10, 2010 4:31am
Quoting eswap0
You're right: post already ammended.
Thanks!
anytime
A person is only limited by the thoughts he chooses.Þeir fá byr sem bíð
  • #71,072
  • Aug 10, 2010 4:36am Aug 10, 2010 4:36am
Quoting supremeChaos
.. just checked my platforms to see my gbpusd shorts went ok & hit my conservative targets during my sleep.
Here are 2 charts showing what i see

First chart
daily chart where i plot PPZs
light blue lines are 1.6000 &1.5000.
violet lines are daily PPZs (1.5830, 1.5530, 1.5350, 1.5200, 1.5100)

Second chart (zoomed in for clarity; H4 chart)
this shows the reasons for trading short.
PB off of 1.6000 followed shortly by a BEOB (1st & second arrow). 3rd arrow shows an IB. i had my entries on this bar too....

SupremeChaos, I have a question. I often see your posts where you mention about the rejection of price not being so strong, or a pinbar has a small tail, etc. In this trade, I couldn't find any big rejection that is distinct. Also, price had been hanging around that area for so many bars. Can you please clarify a little bit sir?
  • #71,073
  • Aug 10, 2010 4:43am Aug 10, 2010 4:43am
recent talk about wedges, pennants...
read & see images here, here.
  • #71,074
  • Aug 10, 2010 4:59am Aug 10, 2010 4:59am
Quoting The Lord
... I often see your posts where you mention about the rejection of price not being so strong, or a pinbar has a small tail, etc. In this trade, I couldn't find any big rejection that is distinct. Also, price had been hanging around that area for so many bars....
rejection of price:
think of it like a ball (price) bouncing of a wall or the floor (PPZ or S/R).
a ball getting a strong bounce off of the floor will give u a good move (height-wise); a weak bounce will give u a weaker move (ball will bounce only a little, height-wise)

pinbar's tail/wick shows us the force or momentum or volume of the rejection/bounce.

in the 3 charts i presented, u might not see a single distinct bounce (off of 1.6000) but i highlighted 3 wicks that show this collectively (see the green rectangle onsecnd chart n that post). also, i failed to mention (but was part of my bearish bias/decision) the area which had candles with upper wicks, but was shown by Sir jarroo (see purple line).

u have to understand that price does NOT always give us an instant rejection (example, pinbar getting a good move right from the succeeding bar).

Let me know if i answered your question well.
  • #71,075
  • Aug 10, 2010 5:11am Aug 10, 2010 5:11am
May I ask those who are on PF. If anyone can explain woud be fantastic.

I am thinking to join the PF soon, I just have some important expenses coming up so each dollar is counted now. But my question is this.

I have read a lot of this free thread. More than half for sure. I spend sleepless nights reading thought it. So I think I pretty much understand the concept, now it is the time for me to prove it with practice.

So, do I need to join? Is there still a lot of additional info and what I got understood is just a top of the iceberg??

I know this is my personal thing to choose what to do and so on, but maybe someone in PF could really point the defference?

Such question could arise only due to kindness and dedication of Seniors who put so much info in this public forum so someone like me begin to think if that is actually all I need to know... Thank you very much for everything you do!

Edited: I should've said not the difference. but Advantage. What Advantages I get in PF over here? Please someone who has been there some time... thank you very much
  • #71,076
  • Aug 10, 2010 5:11am Aug 10, 2010 5:11am
Quoting supremeChaos
Donkey,
if i may...
it can be a mixture of stuff.
1.6200 can be a place where take profits ('buy stops' u mentioned) & buy orders sit. if price bounces strong off of there, then it's possible demand was greater than supply. if supply is greater than demand, then we will see price push past below 1.6200. there are several possibilities.
i maybe wrong , but that's how i see it.

depending on PA, we will trade accordingly.
G'day Supreme,
If I also may ....
On the 4H chart send in by Donkey you see price broke out of the 16200 level with high momentum witnessed by the large green bars, so there must have been a lot of buy orders stacked up around the 16200 at that moment. Price is now pulling back, traders who bought the GBP are now cashing in their quick profit and closing their longs by executing a short. When price revisits 16200, price could move upwards again by:
1. Traders who were short at the breakout, trying to fade the 16200 and now close at BE by executing a long
2. Traders who presume that 16200 will hold as support and place a buy limit order at this level
We however will wait for PA that will show us if price indeed will respect the 16200 as support and then trade accordingly.http://cdn.forexfactory.com/images/icons/icon10.gif

May the force be with you,
Pipcrawler
  • #71,077
  • Aug 10, 2010 5:14am Aug 10, 2010 5:14am
Quoting supremeChaos
rejection of price:
think of it like a ball (price) bouncing of a wall or the floor (PPZ or S/R).
a ball getting a strong bounce off of the floor will give u a good move (height-wise); a weak bounce will give u a weaker move (ball will bounce only a little, height-wise)

pinbar's tail/wick shows us the force or momentum or volume of the rejection/bounce.

in the 3 charts i presented, u might not see a single distinct bounce (off of 1.6000) but i highlighted 3 wicks that show this collectively (see the green rectangle onsecnd chart...
In fact, I had also taken the trade on demo at the same point (marked in the chart with small arrows). I took the small profit on the red line. I thought the trend was strongly up and its not the time to fall big.

I see your analysis. The three bars made the same top and managed to close within 1.5960 (previous resistance). But what I analyzed was a 'bearish bar' (the blue bar and then the red bar). Same trade but different perspectives.

Thanks a lot for clarifying. I am learning a lot.

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  • #71,078
  • Aug 10, 2010 5:19am Aug 10, 2010 5:19am
i think someone posted the eur/cad 4-hour pin some hours ago.
i noticed that it retraced from a ltl (longterm-trendline). worked well, so far...
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meine augen sind die sterne
  • #71,079
  • Aug 10, 2010 5:39am Aug 10, 2010 5:39am
I have a sell position from 1040 (this one in live account). I have a seasonal pattern in favor. Soybeans normally makes a peak in mid july and makes a bottom at october. Its already august mid, so a good time to place an order..

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  • #71,080
  • Aug 10, 2010 5:44am Aug 10, 2010 5:44am
This is a great link to see the seasonal pattern for commodities. http://www.spectrumcommodities.com/e...rts/index.html.
Agricultural products are planted and harvested around the same time every year. So, bullish and bearish time are almost always the same months every time (unless some natural disasters or late rainfall etc. occurs).
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