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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

  • #71,941
  • Aug 17, 2010 12:32pm Aug 17, 2010 12:32pm
Quoting Atc

With that being said, I just wanted to say thanks for being here...I have seen awesome improvement in your analysis/charting . . .

Thanks,
Bill

Absolutely.
Indicators show the past. Price Action "Indicates" the future.
  • #71,942
  • Aug 17, 2010 12:40pm Aug 17, 2010 12:40pm
Quoting Pipologist99
I was thinkin of doing that as well. After the pin bar developed on a daily, I would then switch to a smaller time frame (1H) and wait for another pin bar to form, which would mean the retracement of the daily pin bar has ended, and then I would enter the break of the hourly pin bar break with s/l beyond it. Alternatively I could put a stop-buy order above the daily pin break in case there is no retracement and price just shoots up. Mike is this sort of thing forgiven in this forum?? Just trying to find a better entry that's all.
Hey Pipo

Of course you can do this, I have seen just about everything you can think of. The question is just proving that you can make it work before throwing money at it. Also when people start to do that sometimes analysis paralysis comes into play instead of just keeping things sweet and simple. I just preach simplicity as I have found it to go the furthest. Often the case is we try to squeeze every last bit of juice out of every setup instead of just going with the flow.

But by all means if you prove it to yourself on demo and it works you get my thumbs up. I certainly don't expect everyone to trade like every one else. Different strokes different folks.

  • #71,943
  • Edited 2:44pm Aug 17, 2010 1:28pm | Edited 2:44pm
Quoting spookie94
Jarro,

Just for clarification, after the BUOB is broken you wait for it to come back down to the previous bar high before you enter it long. Is that the point where you enter or do you let it go back up to a certain area before you enter?

If it doesn't retrace you let it go. Is there a point where you do not enter because the retrace doesn't look good?

Thanks for your input

Outside Bars, at their most basic definition, are a pattern where Support turns into Resistance, BEOB (you can also add DBHLC) or Resistance turns into Support, BUOB (DBLHC). And we know what Sup and Res levels are when they meet . . they are PPZ Levels. Which means Price likes to jump away from them when they're hit, (like an electrical wire).

So these areas of retracement of Outside Bars are usually the previous bar High or Low.

I usually like to want for the break of the Outside Bar and then enter at its retracement level . . .it all depends on the Traffic its running into.

Let's look the Weekly Gbp/Usd and Weekly Eur/Usd.

The Weekly GU is close to a DBHLC by a few pips (close enough for me on the Weekly) or we can just call it a BIG bar smashing through a PPZ level.

The setup is at a swing High, off a BRN, 1.6000 but has some traffic : previous bars highs and a strong PPZ level BRN, the 1.5500. I would wait for the setup to break and then react at the traffic levels and enter on the retrace level , previous bar low, 365 ema confluence . .1.5700 ( which I did ).

I could have entered on the break but the 1st traffic area was very close (green line) so tight . . move to break even quickly . . would be required.

But I would rather wait for the retracement level which I know was going to happen . . . all strong PPZ level or BRNs once they're broken hard usually will be retested . . .Support turning into Resistance (or vice versa)
Attached Image(s) (click to enlarge)
Click to Enlarge Name: gu weekly16.gif Size: 27 KB
Click to Enlarge Name: gu daily16.gif Size: 23 KB
Indicators show the past. Price Action "Indicates" the future.
  • #71,944
  • Aug 17, 2010 1:30pm Aug 17, 2010 1:30pm
Quoting spookie94
the previous bar high before you enter it long
just for clarification,

do you mean:

a) the high of the bar before the BUOB;

or

b) the high of the BUOB

many thanks

best trading
Don't give up
  • #71,945
  • Aug 17, 2010 1:35pm Aug 17, 2010 1:35pm
eur/aud 4 hour pinbar.
1.4200 is also support on the daily timeframe. closed above 1.42.

fta will be 1.4300.
Attached Image (click to enlarge)
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meine augen sind die sterne
  • #71,946
  • Aug 17, 2010 1:37pm Aug 17, 2010 1:37pm
Quoting geomink
just for clarification,

do you mean:

a) the high of the bar before the BUOB;

or

b) the high of the BUOB

many thanks

best trading

ooopppsss!!! write together....
Don't give up
  • #71,947
  • Aug 17, 2010 1:39pm Aug 17, 2010 1:39pm
Quoting geomink
ooopppsss!!! write together....
a) the high before or previous bar High of the BUOB. This is the retracement level.
Indicators show the past. Price Action "Indicates" the future.
  • #71,948
  • Aug 17, 2010 1:39pm Aug 17, 2010 1:39pm
Quoting aserbfx
eur/aud 4 hour pinbar.
1.4200 is also support on the daily timeframe. closed above 1.42.

fta will be 1.4300.
Hey Aser

I would be careful with your FTA so high. With such a small bar forming late in the day , my thoughts are weak buying/profit taking and against a strong move. My FTA would reside much closer as seen below

Best
Mike
Attached Image (click to enlarge)
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  • #71,949
  • Aug 17, 2010 1:40pm Aug 17, 2010 1:40pm
Quoting jarroo
Outside Bars, at their most basic definition, are a pattern where Support turns into Resistance, BEOB (you can also add DBHLC) or Resistance turns into Support, BUOB (DBLHC). And we know what Sup and Res levels are when they meet . . they are PPZ Levels. Which means Price likes to jump away from them when they're hit, (like an electrical wire).

So these areas of retracement of Outside Bars are usually the previous bar High or Low.

I usually like to want for the break of the Outside Bar and then enter at its retracement level . . .it all depends...
about BUOB / BEOB / DBHLC / DBLHC:

I usually wait the ret at 50 fibo (+/- 20 pips) of the same bar, instead of previous high/low.

is it a good way?

many thanks

best trading
Don't give up
  • #71,950
  • Aug 17, 2010 1:41pm Aug 17, 2010 1:41pm
Quoting jarroo
a) the high before or previous bar High of the BUOB. This is the retracement level.
yeap!

it was clear!



tx
Don't give up
  • #71,951
  • Aug 17, 2010 1:45pm Aug 17, 2010 1:45pm
Quoting geomink
about BUOB / BEOB / DBHLC / DBLHC:

I usually wait the ret at 50 fibo (+/- 20 pips) of the same bar, instead of previous high/low.

is it a good way?

many thanks

best trading
Yes, especailly when they confluence with the previous bar low (BEOB, DBHLC) or a PPZ within the setup or with a BRN. I'll show this on the Weekly Euro . .give me a few minutes.
Indicators show the past. Price Action "Indicates" the future.
  • #71,952
  • Aug 17, 2010 1:53pm Aug 17, 2010 1:53pm
Quoting mbqb11
Hey Dan

FXpro has a ton of stuff to chart with as a charting feed. That is in no way a broker recommendation as I only use them for charting but they have a lot of fxpairs /commods/futures/equities

Best
Mike
Thanks Mike i'll take a look
  • #71,953
  • Edited 4:29pm Aug 17, 2010 2:02pm | Edited 4:29pm
Quoting jarroo
Let's look the Weekly Gbp/Usd and Weekly Eur/Usd.
The Weekly Eur/Usd is neither a BEOB nor a DBHLC . .just a Big bar smashing through a PPZ level and a BRN, 1.3000.

This big bar breaks and hits the 1st traffic area, the 1.2720 PPZ level and then startes to retrace. Where is this going to find trouble on its retrace. The 1st obvious level is the 1.3000 BRN, but I'm not ruling out the previous bar Low.

When we draw the fib retracement levels, with this retracement, we can see that there are many confluence to choose from. Since there is no obvious single retracement level (besides maybe the 1.3000) a touch type trade is out of the question . . .Nice bearish PA would rule.
Attached Image(s) (click to enlarge)
Click to Enlarge Name: euweekly16.gif Size: 24 KB
Click to Enlarge Name: eudaily16.gif Size: 27 KB
Indicators show the past. Price Action "Indicates" the future.
  • #71,954
  • Aug 17, 2010 2:05pm Aug 17, 2010 2:05pm
Quoting jarroo
Yes, especailly when they confluence with the previous bar low (BEOB, DBHLC) or a PPZ within the setup or with a BRN. I'll show this on the Weekly Euro . .give me a few minutes.

like that?
Attached Image (click to enlarge)
Click to Enlarge Name: eur_usd.gif Size: 31 KB
Don't give up
  • #71,955
  • Aug 17, 2010 2:07pm Aug 17, 2010 2:07pm
Quoting jarroo
The Weekly Eur/Usd is neither a BEOB nor a DBHLC . .just a Big bar smashing through a PPZ level and a BRN, 1.3000.

This big bar breaks and hits the 1st traffic area, the 1.2720 PPZ level and then startes to retrace. Where is this going to find trouble on its retrace. The 1st obvious level is the 1.3000 BRN, but I'm not ruling out the previous bar Low.

When we draw the fib retracement levels, with this retracement, we can see that there are many confluence to choose from. Since there is no obvious single retracement level (besides maybe the 1.3000)...
The DJIA30 Weekly BEOB . . . and so on . . .
Attached Image(s) (click to enlarge)
Click to Enlarge Name: dji30weeekly.gif Size: 22 KB
Click to Enlarge Name: dji30daily.gif Size: 29 KB
Indicators show the past. Price Action "Indicates" the future.
  • #71,956
  • Aug 17, 2010 2:09pm Aug 17, 2010 2:09pm
Quoting geomink
like that?

Yes geo . .but you still want to draw that 50% retracement from the highest High of the setup.
Indicators show the past. Price Action "Indicates" the future.
  • #71,957
  • Aug 17, 2010 2:13pm Aug 17, 2010 2:13pm
Quoting jarroo
Yes geo . .but you still want to draw that 50% retracement from the highest High.

oooopppppsssssss.........
Don't give up
  • #71,958
  • Aug 17, 2010 2:13pm Aug 17, 2010 2:13pm
Quoting geomink
oooopppppsssssss.........
lol
Indicators show the past. Price Action "Indicates" the future.
  • #71,959
  • Aug 17, 2010 2:28pm Aug 17, 2010 2:28pm
Quoting jarroo
The DJIA30 Weekly BEOB . . . and so on . . .

Notice this BEOB on the Weekly DJIA30 a few weeks ago. No surprise where it retraced to and then continued down. . .right?
Attached Image (click to enlarge)
Click to Enlarge Name: dji30weeklybb.gif Size: 20 KB
Indicators show the past. Price Action "Indicates" the future.
  • #71,960
  • Aug 17, 2010 2:33pm Aug 17, 2010 2:33pm
Quoting jarroo
Outside Bars, at their most basic definition, are a pattern where Support turns into Resistance, BEOB (you can also add DBHLC) or Resistance turns into Support, BUOB (DBLHC). And we know what Sup and Res levels are when they meet . . they are PPZ Levels. Which means Price likes to jump away from them when they're hit, (like an electrical wire).

So these areas of retracement of Outside Bars are usually the previous bar High or Low.

I usually like to want for the break of the Outside Bar and then enter at its retracement level . . .it all depends...
Great explanation http://cdn.forexfactory.com/images/icons/icon14.gif
Pipcrawler
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