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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

  • #72,041
  • Aug 18, 2010 4:14am Aug 18, 2010 4:14am
hey

i've spot this 2D PB, hitting BRN 60 which is decent support for price.

As an adverse factor i see i may open my trade right on FTA, which is previous swing low. I'm very curious how other people perceive this setup.
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  • #72,042
  • Aug 18, 2010 4:14am Aug 18, 2010 4:14am
Really wanted to see a deeper test of 1.55/PPZ before seeing PA
Then I would be
But as it stands this is an just an A- or B in my book so I passed

Same with GBP/CAD and the 1.6000
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  • #72,043
  • Aug 18, 2010 4:23am Aug 18, 2010 4:23am
h4 outside bar on cable - large engulfing and off BRN and PPZ

others have mentioned its heading into traffic -

would you agree that traffic is around the 1.5680 level

this could be the first trouble area ? so what if order was placed on break of buob ( would have tiggered ) and at 1.5680 ish stop moved to b/e or partial profit ?

would appreciate some advice...jarroo ??

cheers
  • #72,044
  • Aug 18, 2010 4:25am Aug 18, 2010 4:25am
Quoting oromek
hey

i've spot this 2D PB, hitting BRN 60 which is decent support for price.

As an adverse factor i see i may open my trade right on FTA, which is previous swing low. I'm very curious how other people perceive this setup.
I do like that its at the bottom of a consolidation area that's been going on for a while. But it is pretty messy traffic-wise. It has good potential if this consolidation period continues. Could be a bumpy ride.
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Indicators show the past. Price Action "Indicates" the future.
  • #72,045
  • Aug 18, 2010 4:32am Aug 18, 2010 4:32am
Quoting jarroo
I do like that its at the bottom of a consolidation area that's been going on for a while. But it is pretty messy traffic-wise. It has good potential if this consolidation period continues. Could be a bumpy ride.
interesting perspective, thanks jarroo

i will give it a try with 1% risk. I will watch very closely (however i dont know if it's good or bad )

thanks
oromek
  • #72,046
  • Aug 18, 2010 4:38am Aug 18, 2010 4:38am
Quoting gonnamakeit
h4 outside bar on cable - large engulfing and off BRN and PPZ

others have mentioned its heading into traffic -

would you agree that traffic is around the 1.5680 level

this could be the first trouble area ? so what if order was placed on break of buob ( would have tiggered ) and at 1.5680 ish stop moved to b/e or partial profit ?

would appreciate some advice...jarroo ??

cheers
It ran right into the traffic which its fighting right now. If it can break through and act as support its got a chance for the 1.5700 again.

I like JonnyisFound's take on it too. Not at a deep swing low and too much traffic. . .pass.
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Indicators show the past. Price Action "Indicates" the future.
  • #72,047
  • Aug 18, 2010 4:42am Aug 18, 2010 4:42am
Quoting oromek
interesting perspective, thanks jarroo

i will give it a try with 1% risk. I will watch very closely (however i dont know if it's good or bad )

thanks
oromek

Was I vague enough for ya . . . without telling you to take it . . .Good. lol

Seriously though, the Nzd/Jpy is nortoriuous for being choppy . . . I do like its location and 60.00 BRN support.
Indicators show the past. Price Action "Indicates" the future.
  • #72,048
  • Aug 18, 2010 4:46am Aug 18, 2010 4:46am
I took this setup - usually I would try and get an entry that's inline with the H4 trend. but othweriwse I think this is a reasonable setup, though not A+

Pros, 61.8% retrace of last daily swing, 1.62 good level on H4, Big pin, which is also a BUOB, and this pair often can put in massive daily moves, so I think there's plenty of potential here.

FTA1 1.63

I will look to scale out for a free trade at 1.634 area if she gets there.

Crits welcome. Ollie.
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  • #72,049
  • Aug 18, 2010 4:47am Aug 18, 2010 4:47am
Quoting Jonnyislost
Really wanted to see a deeper test of 1.55/PPZ before seeing PA
Then I would be
But as it stands this is an just an A- or B in my book so I passed

Same with GBP/CAD and the 1.6000
JIL

Perfect timing with this subject as Jarroo was telling me about this deeper pullback.

If the nose had been off the 61.8 fibo would you have considered this an A+ trade? I am thinking this is what this deep pullback is about?

As this pullback would mean the bar would be bigger, I am trying to work out which is most important here, ie: the depth and off the 61.8 fibo or the size of the bar?

Hope you get what I mean.
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  • #72,050
  • Aug 18, 2010 4:51am Aug 18, 2010 4:51am
Quoting jarroo
Was I vague enough for ya . . . without telling you to take it . . .Good. lol

Seriously though, the Nzd/Jpy is nortoriuous for being choppy . . . I do like its location and 60.00 BRN.
every trader must be self-reliant, of course i want to learn from your experience, but at the end i have to make decision. It's very good you didnt say - yes or no, that would for sure influence my fragile convince to this trade, or give unnecessary at this moment self-confidence.
You are the great teacher jarroo

thanks
oromek
  • #72,051
  • Aug 18, 2010 4:51am Aug 18, 2010 4:51am
Quoting oromek
interesting perspective, thanks jarroo

i will give it a try with 1% risk. I will watch very closely (however i dont know if it's good or bad )

thanks
oromek
Hope you will provide with your update and trade management on this one. Very choppy. I think smaller SL is not a good idea. Rather smaller lot size with SL below the 2-day pin should be considered. Just my idea. I am very keen to see how you manage it.
  • #72,052
  • Aug 18, 2010 4:53am Aug 18, 2010 4:53am
Quoting Geofract
I took this setup - usually I would try and get an entry that's inline with the H4 trend. but othweriwse I think this is a reasonable setup, though not A+

Pros, 61.8% retrace of last daily swing, 1.62 good level on H4, Big pin, which is also a BUOB, and this pair often can put in massive daily moves, so I think there's plenty of potential here.

FTA1 1.63

I will look to scale out for a free trade at 1.634 area if she gets there.

Crits welcome. Ollie.

I like it Geo . . because of your tight trade management. Because its not A+, this trade management is required in my book.
Indicators show the past. Price Action "Indicates" the future.
  • #72,053
  • Aug 18, 2010 4:59am Aug 18, 2010 4:59am
Quoting The Lord
Hope you will provide with your update and trade management on this one. Very choppy. I think smaller SL is not a good idea. Rather smaller lot size with SL below the 2-day pin should be considered. Just my idea. I am very keen to see how you manage it.
hey

of course i will update thread with results.

thanks for interest

regards
oromek
  • #72,054
  • Aug 18, 2010 5:00am Aug 18, 2010 5:00am
Quoting Pinbar
JIL

Perfect timing with this subject as Jarroo was telling me about this deeper pullback.

If the nose had been off the 61.8 fibo would you have considered this an A+ trade? I am thinking this is what this deep pullback is about?

As this pullback would mean the bar would be bigger, I am trying to work out which is most important here, ie: the depth and off the 61.8 fibo or the size of the bar?

Hope you get what I mean.
Hi PB,

If the bar had formed they way it looks in your chart I would absolutly have taken it, not because of the Fib but simply because a nose like that shows that all the orders below 1.55 were tested, and proved that there was a ton of demand below that level
The actual "depth" of the pullback doesn't bother me too much personally, It was more the bar I had a problem with being "perched above" that round number, and more importantly, the PPZ we are trading away from.
Hope I made sense,

Jonny
  • #72,055
  • Aug 18, 2010 5:05am Aug 18, 2010 5:05am
Quoting Pinbar
JIL

Perfect timing with this subject as Jarroo was telling me about this deeper pullback.

If the nose had been off the 61.8 fibo would you have considered this an A+ trade? I am thinking this is what this deep pullback is about?

As this pullback would mean the bar would be bigger, I am trying to work out which is most important here, ie: the depth and off the 61.8 fibo or the size of the bar?

Hope you get what I mean.
Pinbar, may I ask. Your Fibo shows price levels too. Which is not an option with standard one. Could you point where do download the same one? thanks.

EDIT: nevermind just found it here if anyone is interested. Thanks.
http://forex-indicator.org/forex-met...nts-extensions
  • #72,056
  • Aug 18, 2010 5:05am Aug 18, 2010 5:05am
Quoting oromek
every trader must be self-reliant, of course i want to learn from your experience, but at the end i have to make decision. It's very good you didnt say - yes or no, that would for sure influence my fragile convince to this trade, or give unnecessary at this moment self-confidence.
You are the great teacher jarroo

thanks
oromek

Thanks oremek . . I learn alot myself by helping out.
Indicators show the past. Price Action "Indicates" the future.
  • #72,057
  • Aug 18, 2010 5:10am Aug 18, 2010 5:10am
Quoting Adilius07
Pinbar, may I ask. Your Fibo shows price levels too. Which is not an option with standard one. Could you point where do download the same one? thanks.
No download Adilius . Just add "%$" in the description box of the Fibo.
Attached Image
Indicators show the past. Price Action "Indicates" the future.
  • #72,058
  • Aug 18, 2010 5:11am Aug 18, 2010 5:11am
Quoting Adilius07
Pinbar, may I ask. Your Fibo shows price levels too. Which is not an option with standard one. Could you point where do download the same one? thanks.
Sure..It is just an indicator that adds price to the regular mt4 fibo.

just install it add it to your template and save the template.

Saves having to mess around like Jaroo is showing.
Attached File(s)
File Type: mq4 Set_Fibo_Price_Any.mq4   2 KB | 410 downloads
  • #72,059
  • Aug 18, 2010 5:11am Aug 18, 2010 5:11am
Quoting jarroo
No download Adilius . Just add "%$" in the description box of the Fibo.
Thanks Pinbar, Jarroo it is now just like yours! Super! Thanks
  • #72,060
  • Aug 18, 2010 5:17am Aug 18, 2010 5:17am
Is it just me or are pinbars and other PA patterns easier to read on a bar chart? There're many pinbars on a candle chart that I'd trade but when I look at them on a bar chart they doesn't look that tempting anymore It's just easier to filter them on a bar chart. Not to mention that I spot BUOB and BEOB easier there.
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