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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

  • #71,481
  • Aug 12, 2010 5:58pm Aug 12, 2010 5:58pm
Good evening,
Today I saw a nice PB setup, but I didn't take this one because it was right in the middle of a 4H-TF consolidation. There was a PB in 1H-TF at a 62 fib. level and a solid 1H-PPZ level at 8520-ish. FTA was another 1H-PPZ level at the RNB 8600. Do you guys think this setup was worth taking or not ?

May the force be with you,
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Pipcrawler
  • #71,482
  • Aug 12, 2010 8:47pm Aug 12, 2010 8:47pm
Quoting ts63
Trade's gone quite well, TP hit in 55 min.
Price action rocks.
wow, awesome aggressive trade.
85.69 PPZ, 85.70 entry
momentum helped.
nice!
  • #71,483
  • Aug 12, 2010 8:49pm Aug 12, 2010 8:49pm
Quoting pippiee
...
One of the bigger problems I face is keeping my chart as clean as possible without skipping to much important information.
im sure, sooner or later, your chart will get 'cleaner'.
just keep at it
  • #71,484
  • Aug 12, 2010 9:16pm Aug 12, 2010 9:16pm
Quoting xmzhang
...
Today I saw a nice PB setup, ...Do you guys think this setup was worth taking or not ? ...
u didnt specify... are u referring to the PB with black arrow?
see my blue lines (PPZs; u can extend the lines to the left to see more price flips)
if that is the PB in question, then i would've taken it.

assuming i watched the PB formed, i might have entered on the retracement (the succeeding red bar).
if i saw the PB late, i might have entered 2-3 bars later (there were 4 bars, excluding the PB, touching that minor 8540 PPZ; so essentially, 4 chances for a late entry)

the key for me would be upside momentum &/or that 8540 minor PPZ holding.
as u can see 8540 held & price moved up. (u can see this as 8540 breakout + pullback trade)
next PPZ (next blue line) was 8570. as u can see, price headed there via a big bullish bar (closing at its highs), next bar made a minor retrace then shot up breaching 8570 convincingly.
next trouble/traffic is 8600 then 86.20 (see my previous post below)

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Quoting supremeChaos
on FXDD demo, that small PB's high is around 85.45.
i see a minor PPZ right above it at 85.60 - 85.70 area. if it can break that area convincingly... then we yeah we have more traffic
86.00, 86.20-50, 87.00, 88.00.
if price is to move upward, i think it may chop around mid-85.00
Let's see..
  • #71,485
  • Aug 12, 2010 9:22pm Aug 12, 2010 9:22pm
Quoting aserbfx
would this be classified as an ipb?
Boom!
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I believe . . .
  • #71,486
  • Aug 12, 2010 9:28pm Aug 12, 2010 9:28pm
Ghous

As we have an IB9 bar after the IPB, which would you say was the definitive PA here?

Or would you consider this a combination of the two?
  • #71,487
  • Aug 12, 2010 9:36pm Aug 12, 2010 9:36pm
Quoting Pinbar
Ghous

As we have an IB9 bar after the IPB, which would you say was the definitive PA here?

Or would you consider this a combination of the two?
A combination of the 2 definitely.
I believe . . .
  • #71,488
  • Aug 12, 2010 9:38pm Aug 12, 2010 9:38pm
This GBPCAD caught my eye. I drew the ppz levels off daily and h4 time frame, then today's daily candle closed as a BEOB candle, is this a valid setup, price is inside the PPZ band at this point.

So where would the entry be if this is a valid setup, ...and t/p?
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  • #71,489
  • Aug 12, 2010 10:17pm Aug 12, 2010 10:17pm
Quoting ghous
Boom!
I noticed that the 7th bar prior to the succesful IPB is also an IPB which has a longer tail compared with the one in subject. However that one would have failed if taken. Do you have any comments on that IPB?

CY
  • #71,490
  • Aug 12, 2010 10:19pm Aug 12, 2010 10:19pm
Hello Pipologist99,
BEOB engulfing 3 prior bars. looks nice.
i think the key would be what happens around 1.6200 (will price bounce off of it or break through with momentum?)
currently, price is just 40pips away from 1.6200

i can see 3 possibilities right now:
1. if u are bearish, u can wait for retracement with PA to enter. somewhere around 1.6300 to 1.6350 or higher. this will give u a tighter stop & possibly a bigger reward.
2. u can enter right below 1.6200 (blind entry: 1.6190, 1.6195 or wherever u are comfortable).this ensures 1.6200 will be less of a problem for u.
3. wait for 1.6200 to break & pullback to it with PA before entering

if price breaks through 1.6200 with momentum, then i see 1.6150, 1.6100, 1.60 as possible immediate traffic areas

Hope this helps
  • #71,491
  • Aug 12, 2010 10:32pm Aug 12, 2010 10:32pm
Quoting ertorque
I noticed that the 7th bar prior to the succesful IPB is also an IPB....
i think one key for people learning about IPBs, is to view it as a possible IPB OR PB. dont be rigid & see it as 'only' PB or 'only' IPB.

perspective is VERY important. imho.
  • #71,492
  • Aug 12, 2010 10:40pm Aug 12, 2010 10:40pm
Quoting ertorque
I noticed that the 7th bar prior to the succesful IPB is also an IPB which has a longer tail compared with the one in subject. However that one would have failed if taken. Do you have any comments on that IPB?

CY
That is a good question. I would like to hear Ghous's opinion too.
To me it doesn't look as failed as it did reach it first trouble area, so was with a second setup - where there was a definite resistance so price formed the inside bar, and the the following "pop" was so strong due to combo IPB+IB.
This is my 2 cents, lets wait what Ghous will tell.
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  • #71,493
  • Aug 12, 2010 10:50pm Aug 12, 2010 10:50pm
Quoting supremeChaos
Hello Pipologist99,
BEOB engulfing 3 prior bars. looks nice.
i think the key would be what happens around 1.6200 (will price bounce off of it or break through with momentum?)
currently, price is just 40pips away from 1.6200

i can see 3 possibilities right now:
1. if u are bearish, u can wait for retracement with PA to enter. somewhere around 1.6300 to 1.6350 or higher. this will give u a tighter stop & possibly a bigger reward.
2. u can enter right below 1.6200 (blind entry: 1.6190, 1.6195 or wherever u are comfortable).this ensures 1.6200 will...

On my chart(FXDD), 6172 or 6170 looks like a weekly ppz. Low of the daily BEOB bar is 6213.
If we take the conventional entry - 6231 + 10 + 8 (spread) = 6249.
Just 21 pips for BE. Looks risky to me, per my charts.

However, if the price breaks 6172 and retraces back 6172 and sets up anothet PA bar (even in lower timeframe) would be a good sopt to enter short.. IMHO.
  • #71,494
  • Aug 12, 2010 10:55pm Aug 12, 2010 10:55pm
Quoting Pipologist99

So where would the entry be if this is a valid setup, ...and t/p?
Great PA analysis Pipologist! You could not have said it better. Now lets see how it plays here. SC makes great points as well. What are you thinking? You could in fact wait for a retrace. Pretty big candle. There is a weekly PP around 6304. There is also a lot or resistance at 6340 area. Hope that helps out.
  • #71,495
  • Aug 12, 2010 10:58pm Aug 12, 2010 10:58pm
Quoting Adilius07
That is a good question.....
since Ghous is out...
if i may..
i think u are spot on with your 0.7180 yellow line.
that 'IPB' failed to reach its nose/tail high (the TP area) because of that yellow line.

also,
1. consider the location of the first & second (the successful) IPB.
the first formed near the start of the downmove, while the latter formed much further away from the downmove start.
2. consider the size & traffic of the first & second IPB. the first is larger in size, while the second one is much shorter, hence the TP is much achievable (regardless of traffic).
moreover, the immediate traffic from the IPB close (trade entry) for the 1st IPB is nearer compared to the traffic for the second IPB. (i see a minor difference in distance of entry to traffic area between the 2 IPBs... im just eyeballing the chart, so correct me if im wrong)

we havent talked about possible traffic/PPZ to the left of the chart (not seen in Ghous's current chart)...
  • #71,496
  • Aug 12, 2010 11:08pm Aug 12, 2010 11:08pm
Quoting Adilius07
That is a good question. I would like to hear Ghous's opinion too.
To me it doesn't look as failed as it did reach it first trouble area, so was with a second setup - where there was a definite resistance so price formed the inside bar, and the the following "pop" was so strong due to combo IPB+IB.
This is my 2 cents, lets wait what Ghous will tell.
that and the fact that the IPB earlier wasn't as deep into the pull back as the present one.

It was sitting at .382 fib ret while the present one is near .5 and that makes a world of difference.

Notice what price was up to before the first IPB occurred. We had broken out and (almost) retested the breakout zone, and in came the sell orders. A long in such a situation at best can be described as risky. The one Aserb asked about was located further down into the bearish run and because we know price never drops/rises in a straight line hoping for at least a pull back if not the resumption of the up trend by going long on the second IPB is more logical.

Read price as a book from the first page to the last, there is no fun in trying to get your hands at the interesting parts here and there between the pages of the PA book

g.
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I believe . . .
  • #71,497
  • Aug 12, 2010 11:09pm Aug 12, 2010 11:09pm
Quoting supremeChaos
since Ghous is out...
if i may..
i think u are spot on with your 0.7180 yellow line.
that 'IPB' failed to reach its nose/tail high (the TP area) because of that yellow line.

also,
1. consider the location of the first & second (the successful) IPB.
the first formed near the start of the downmove, while the latter formed much further away from the downmove start.
2. consider the size & traffic of the first & second IPB. the first is larger in size, while the second one is much shorter, hence the TP is much achievable (regardless of traffic).
moreover,...
Chaos knows me (and the IPB) well.

g.
I believe . . .
  • #71,498
  • Aug 12, 2010 11:15pm Aug 12, 2010 11:15pm
Quoting cprao
On my chart(FXDD), 6172 or 6170 looks like a weekly ppz. Low of the daily BEOB bar is 6213.
If we take the conventional entry - 6231 + 10 + 8 (spread) = 6249.
Just 21 pips for BE. Looks risky to me, per my charts.
...
FXDD live has gbpcad? nice.

ok, i got lost there.
is 1.6213 a typo. error?
how did u get 1.6249 as entry?
if your beob low was 1.6231 then entry would be +/-5 - 10pips below that.
also, i dont see 1.6172 as weekly PPZ. can u please show us?

FXPro BEOB low is 1.6220.
that's why i do not like an entry prior 1.6200 (directly off of the BEOB), as price may bounce off of there.
  • #71,499
  • Aug 12, 2010 11:20pm Aug 12, 2010 11:20pm
Quoting supremeChaos
FXDD live has gbpcad? nice.

ok, i got lost there.
is 1.6213 a typo. error?
how did u get 1.6249 as entry?
if your beob low was 1.6231 then entry would be +/-5 - 10pips below that.
also, i dont see 1.6172 as weekly PPZ. can u please show us?

FXPro BEOB low is 1.6220.
that's why i do not like an entry prior 1.6200 (directly off of the BEOB), as price may bounce off of there.

There is no GBP/CAD on my FXDD live account.

This is the Malta branch though.
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  • #71,500
  • Aug 12, 2010 11:23pm Aug 12, 2010 11:23pm
Thanks Ghous, SC.
That is why they are an advanced PA.
I look for them but very very cautiously. Just traded ONE so far in my entire life Thanks.
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