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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

  • #71,621
  • Aug 14, 2010 5:55am Aug 14, 2010 5:55am
Quoting ghous
As a rule of thumb confluence for J16ers is always on the chart, a MACD crossover and the RSI breaking 50 are of no importance to us when it comes to confluence.

Confluence is more in terms of price action. Fib levels over lapping, MAs, price pivot zones and round numbers.

Also for take profit levels I would still recommend using only price pivot zones as they matter the most when it comes to "where price is going"

g.
ghous

Again thank you for responding to my post. I have attached a Word document that I found on this thread that shows examples of PA. At the bottom next to an ateric it states,

*If a bar closes within 10% from its high/low in higher timeframes such as the daily, it normally is to continue.

Could you tell me, is this only releveant if one of the PA examples shown in the document exists or is it relevant all on it's own as in the chart I posted, where the close was within 10% of the low?
Attached File(s)
File Type: doc PA short summary.doc   29 KB | 856 downloads
  • #71,622
  • Aug 14, 2010 6:50am Aug 14, 2010 6:50am
There does appear to be a very shallow channel that price is respecting on usd/chf H4.
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  • #71,623
  • Aug 14, 2010 7:01am Aug 14, 2010 7:01am
On the weekly we have DBHLC within1 pip at BRN. IPB on daily may suggest this will head up before moving back down. Before anyone says it I demo IPB as I am not quite there yet!!
  • #71,624
  • Aug 14, 2010 7:42am Aug 14, 2010 7:42am
I took several (demo)trades this week, bumped into some (small) losses and one big winner. If only I could bump each week into one such a smash hit trade, I woundn't mind losing a couple of small trades.http://cdn.forexfactory.com/images/icons/icon10.gif

May the force be with you,
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Pipcrawler
  • #71,625
  • Aug 14, 2010 8:12am Aug 14, 2010 8:12am
Quoting Pinbar
Yeah, I agree.
There seems to be a level of almost comfort in ranges.

Just watching USD/CHF which seemed to work well until the 150 has come into play.

Playing the ranges and waiting for the breakout, sounds like a decent plan.
many people will ONLY trade in ranges
  • #71,626
  • Aug 14, 2010 8:13am Aug 14, 2010 8:13am
Quoting tjc1020
ghous

Again thank you for responding to my post. I have attached a Word document that I found on this thread that shows examples of PA. At the bottom next to an ateric it states,

*If a bar closes within 10% from its high/low in higher timeframes such as the daily, it normally is to continue.

Could you tell me, is this only releveant if one of the PA examples shown in the document exists or is it relevant all on it's own as in the chart I posted, where the close was within 10% of the low?
Hey Tj,

I think it's a general statement relating to the validity of a PA bar - any PA bar that is.

What it means is an authoritative close on the PA bars is a great plus because it shows that momentum towards the end of the day/week is still going strong and so there is a good chance that the next bar will break quick and hard and will be able to sustain the break of the PA bar better.

I for one actually look for bars that close authoritatively. It helps a great deal in gauging if any nearby traffic or PPZ area is likely to hold or not.

Here are a couple of chart examples.

g.
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I believe . . .
  • #71,627
  • Aug 14, 2010 8:16am Aug 14, 2010 8:16am
Quoting ghous
Hey Tj,

I think it's a general statement relating to the validity of a PA bar - any PA bar that is.

What it means is an authoritative close on the PA bars is a great plus because it shows that momentum towards the end of the day/week is still going strong and so there is a good chance that the next bar will break quick and hard and will be able to sustain the break of the PA bar better.

I for one actually look for bars that close authoritatively. It helps a great deal in gauging if any nearby traffic or PPZ area is likely to hold or not.

Here...
very nice ghous. Closes are one of the most important things in my thought process on every single trade. The last trade I took and posted here look at the close of the bar

Nice G!
  • #71,628
  • Aug 14, 2010 8:22am Aug 14, 2010 8:22am
Quoting mbqb11
very nice ghous. Closes are one of the most important things in my thought process on every single trade. The last trade I took and posted here look at the close of the bar

Nice G!
And did I mention I wasn't born with this knowledge.

Mike and the other souls here can not be thanked enough - never! :

g.
I believe . . .
  • #71,629
  • Aug 14, 2010 8:29am Aug 14, 2010 8:29am
I've a question about trade management, here another demotrade I took on the kiwi daily. Kiwi generated a beautifull PB right off the BRN 7400, at a swing high. On the weekly we see a major PPZ situated at the 7440. My quess was that this pair might bounce off this strong PPZ and reverse it's current uptrend.
I went short on the break of the close of the PB, but I chickened out when price generated a bullish PB at the BRN 7200, I closed my position for a small loss the next day. In hindsight this trade would have been a smash hit trade, as price indeed reversed at the weekly PPZ and broke the daily TL, Sh*t @*$#! Could one of the senior members inform me how I should have managed this trade properly, Jarroo maybe ?

May the force be with you,
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Pipcrawler
  • #71,630
  • Aug 14, 2010 8:38am Aug 14, 2010 8:38am
......I for one actually look for bars that close authoritatively. It helps a great deal in gauging if any nearby traffic or PPZ area is likely to hold or not.

Here are a couple of chart examples.

g.[/quote

Would you consider the GU weekly close authorative enough? There is the IPB on the daily and heading into 1.55 that is against this though. Any thoughts greatly appreciated.
  • #71,631
  • Aug 14, 2010 9:33am Aug 14, 2010 9:33am
Quoting mbqb11
update 2
wow, PPZs do work





Quoting supremeChaos
on FXDD demo, that small PB's high is aroud 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..
  • #71,632
  • Aug 14, 2010 10:28am Aug 14, 2010 10:28am
Quoting supremeChaos
wow, PPZs do work



mike would you lend me your crystal ball for the next week please? loll...

nice trade
  • #71,633
  • Aug 14, 2010 10:38am Aug 14, 2010 10:38am
Quoting Grousman
......I for one actually look for bars that close authoritatively. It helps a great deal in gauging if any nearby traffic or PPZ area is likely to hold or not.

Here are a couple of chart examples.

g.[/quote

Would you consider the GU weekly close authorative enough? There is the IPB on the daily and heading into 1.55 that is against this though. Any thoughts greatly appreciated.
yes the close is authoritative enough G,

As for the daily IPB, even if it does work out (price hits the high of the IPB) it will only be a minor pull back into the weekly DBHLC, so that is something that won't cloud my mind.

I generally like to stay clear of biases but quite frankly speaking Gu still looks pretty bearish to me.

Let's see how things unfold.

g.
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I believe . . .
  • #71,634
  • Aug 14, 2010 10:39am Aug 14, 2010 10:39am
Quoting aserbfx
what about this ipb?
If i may. I dont think this IPB will work out so good. Just look at the huge 400+ pips BEOB on the weekly and all this bearish bars on the daily. I think it will move the price to 1.55 at least. IMHO it would be better if the IPB would be just off the 1.55 like the one Dan posted on the USDCHF. But, hey you never know, the bullish and bearish outside bars are known for retracement so the IPB could work out to the FTA.

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http://cdn.forexfactory.com/attachme...1&d=1281769405


EDIT: just saw that Ghous answered at the same question right now, so you should listen to him since he's the master of IPB's
  • #71,635
  • Aug 14, 2010 10:54am Aug 14, 2010 10:54am
Hi'

How you trade inside bar.Do you put sell stop and buy stop on inside bar or mother bar.






Quoting Dan Gilbert
I'm slightly skeptical of this one, but it should work to the FTA on either side IMO.
  • #71,636
  • Aug 14, 2010 11:04am Aug 14, 2010 11:04am
Quoting ghous
yes the close is authoritative enough G,

As for the daily IPB, even if it does work out (price hits the high of the IPB) it will only be a minor pull back into the weekly DBHLC, so that is something that won't cloud my mind.

I generally like to stay clear of biases but quite frankly speaking Gu still looks pretty bearish to me.

Let's see how things unfold.

g.
Cool, thank you kindly, slowly slowly getting there....
  • #71,637
  • Aug 14, 2010 12:19pm Aug 14, 2010 12:19pm
Quoting ghous
Hey Tj,

I think it's a general statement relating to the validity of a PA bar - any PA bar that is.

What it means is an authoritative close on the PA bars is a great plus because it shows that momentum towards the end of the day/week is still going strong and so there is a good chance that the next bar will break quick and hard and will be able to sustain the break of the PA bar better.

I for one actually look for bars that close authoritatively. It helps a great deal in gauging if any nearby traffic or PPZ area is likely to hold or not....
Thank you ghous & Mike

Just so happens that the weekly close is within 10% of the low. Though it may not be a PA bar I would think it falls into the category of an authoritative close, or am I wrong??

http://i839.photobucket.com/albums/z...snapshot-1.png
  • #71,638
  • Edited 1:03pm Aug 14, 2010 12:33pm | Edited 1:03pm
I found an excel Position Size Calculator that uses live data from MT4 here http://www.forexfactory.com/showpost...ostcount=18473 - apparently there was a problem with the AUD/NZD calc, which I've fixed, and it's now accepting data from my FxPro demo feed rather than IBFX. It should work with most other MT4 feeds, but may need slight tweaking.

Type in your account equity, % risk, and stop size for the pair, and it'll spit out realtime lot sizes according to risk %... at least that's the theory, I need to check it Monday am.

edit: To get data out of MT4, go to Tools/Options, and select Enable DDE Server

Hope someone finds this useful

Ollie

edit: btw, I edited it with Spreadsheet in Open Office, but hopefully it's still all ok in Excel
Attached File(s)
File Type: xls position size.xls   22 KB | 552 downloads
  • #71,639
  • Aug 14, 2010 12:58pm Aug 14, 2010 12:58pm
I'm looking at GU for a short -

I'm half wondering if it might be viable to set a sell limit at near the top of the daily IBP to short down to just above 1.5500. Either take all profit there or set S/L to BE and take half off and stay in to see if it hits around 1.5200

Kind of crazy but I want to short off the weekly PA but the daily looks like it might push up a bit first so why not enter there for a bigger trade and better R:R?

The IBP is a Friday candle however...
Anything can happen.
  • #71,640
  • Edited 8:39pm Aug 14, 2010 8:28pm | Edited 8:39pm
Quoting xmzhang
I've a question about trade management, here another demotrade I took on the kiwi daily. Kiwi generated a beautifull PB right off the BRN 7400, at a swing high. On the weekly we see a major PPZ situated at the 7440. My quess was that this pair might bounce off this strong PPZ and reverse it's current uptrend.
I went short on the break of the close of the PB, but I chickened out when price generated a bullish PB at the BRN 7200, I closed my position for a small loss the next day. In hindsight this trade would have been a smash hit trade, as price...
If I may, I think price has done its job in reaching FTA around 7260/7270.
Probably some profit taking could have been done there, moving SL etc.

CY
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