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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

  • #72,061
  • Aug 18, 2010 3:17am Aug 18, 2010 3:17am
Quoting Jonnyislost
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
Thanks Jonny, appreciate the explanation.

Not sure I understand the orders being tested below 1.55 though.
Is this related to taking out peoples SLs below the 1.55?
  • #72,062
  • Aug 18, 2010 3:18am Aug 18, 2010 3:18am
Quoting Adilius07
Thanks Pinbar, Jarroo it is now just like yours! Super! Thanks

yeah, it just does the same thing.
  • #72,063
  • Aug 18, 2010 3:24am Aug 18, 2010 3:24am
Quoting mihazupan1
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.

Everyone has their own preferences when it comes to charting. What ever works for you . . . is what works for you......which is great.
Indicators show the past. Price Action "Indicates" the future.
  • #72,064
  • Aug 18, 2010 3:26am Aug 18, 2010 3:26am
Hi Jarroo,

Are you still in this GBPUSD trade from the touch trade entry at 1.5700?

What was your target the PPZ 1.5525 or are you looking to hold past that?

When you have a BEOB or DBHLC at a swing high so naturally no traffic do you always look to enter on the retrace to the previous bar’s low? Do you wait for the bar to break first before retracement entry or will you enter if it retraces without breaking?

Say for example the GBPUSD DBHLC did not have traffic at 1.5525 would you have just entered a normal position at the break and added another position at the retraced level?

Look forward to your answer.

Thanks,



Quoting jarroo
I think I answered your #2. here:
  • #72,065
  • Aug 18, 2010 3:33am Aug 18, 2010 3:33am
Quoting Pinbar
Thanks Jonny, appreciate the explanation.

Not sure I understand the orders being tested below 1.55 though.
Is this related to taking out peoples SLs below the 1.55?
What I mean is, There is often a high volume of orders stacked around the Big Round Numbers (I learnt all this from Mike)
What we want to know is if these orders provide an excess of Supply or Demand of the Currency at that level.
The only way to know is to watch price move through the Round Number and see how it reacts.
In the GBP/USD example Ideally we'd see price move down through 1.55 all the way to something like 1.5470-80, and then "snap" back up and close strongly above 1.55. This would indicate that all the orders stacked around 1.55 created a strong demand for GBP and adds to our case for going long.
Hope that clarifies what I meant

Jonny
  • #72,066
  • Aug 18, 2010 3:35am Aug 18, 2010 3:35am
Quoting mihazupan1
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.
I used to always use bars, but actually I recently switched to Candles as it's a little easier to see the Open and Close of the bar, when the charts are zoomed out a long way.
But as Jarroo says it's all personal preference, Color scheme makes a big difference too
  • #72,067
  • Aug 18, 2010 3:39am Aug 18, 2010 3:39am
Quoting Jonnyislost
What I mean is, There is often a high volume of orders stacked around the Big Round Numbers (I learnt all this from Mike)
What we want to know is if these orders provide an excess of Supply or Demand of the Currency at that level.
The only way to know is to watch price move through the Round Number and see how it reacts.
In the GBP/USD example Ideally we'd see price move down through 1.55 all the way to something like 1.5470-80, and then "snap" back up and close strongly above 1.55. This would indicate that all the orders stacked around 1.55...

Thanks, more punters pushing the vehicle in the direction we hitch the ride on. I get it.

Appreciated.
  • #72,068
  • Aug 18, 2010 3:53am Aug 18, 2010 3:53am
Quoting Pirabuji
Hi Jarroo,

Are you still in this GBPUSD trade from the touch trade entry at 1.5700?

Thanks,
Pirabuji :

Hi Jarroo,

Are you still in this GBPUSD trade from the touch trade entry at 1.5700?
I still have a partial position (1/3) from the 1.5700, with a stop loss above the 1.5700 at 1.5720

What was your target the PPZ 1.5525 or are you looking to hold past that? I took 2/3 off at the 1.5550 which were near the Daily Lows. I will hold the remaning 1/3 postion until it is stopped out or I will add to it.

When you have a BEOB or DBHLC at a swing high so naturally no traffic do you always look to enter on the retrace to the previous bar’s low? Do you wait for the bar to break first before retracement entry or will you enter if it retraces without breaking? I believe I answered this here and in the posts that followed. http://www.forexfactory.com/showpost...ostcount=71944

Say for example the GBPUSD DBHLC did not have traffic at 1.5525 would you have just entered a normal position at the break and added another position at the retraced level? If the traffic was clearer I would have entered normally. If Price started to retrace on me after the break I would have protcted myself and been stopped out at break even, then I would look for a possible entry at the retracement level, at the previous bar low, in this case.

Look forward to your answer.



Hope this helps,

Jim
Indicators show the past. Price Action "Indicates" the future.
  • #72,069
  • Aug 18, 2010 3:59am Aug 18, 2010 3:59am
later gang


gotta go

Jim
Indicators show the past. Price Action "Indicates" the future.
  • #72,070
  • Aug 18, 2010 4:57am Aug 18, 2010 4:57am
AUD/NZD was looking very exhausted in that rising triangle with divergence

Eventually broke down in a big way, shame there was no pullback or PA even on lower timeframes. Although going short near the top there would mean trading into massive traffic, as usual with this pair.
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  • #72,071
  • Aug 18, 2010 5:26am Aug 18, 2010 5:26am
AUD/USD pin just broke and my order triggered.

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  • #72,072
  • Aug 18, 2010 5:29am Aug 18, 2010 5:29am
Quoting Jonnyislost
AUD/NZD was looking very exhausted in that rising triangle with divergence

Eventually broke down in a big way, shame there was no pullback or PA even on lower timeframes. Although going short near the top there would mean trading into massive traffic, as usual with this pair.
Nice chart J, those exhaustive patterns are some of my favorite. And often I am looking for PA at the top one last PUSH before the fall. These are tough to wait for any pullbacks cause they can be hard and fast.

Good pattern to watch for though

Mike
  • #72,073
  • Aug 18, 2010 5:29am Aug 18, 2010 5:29am
Quoting jarroo
Notice this BEOB on the Weekly DJIA30 a few weeks ago. No surprise where it retraced to and then continued down. . .right?
about the BUOB (or BEOB, DBHLC, DBLHC, etc.):
what if enter on a ret of the next bar, BEFORE it breaks (even if not yet, I mean)?

many thanks

best trading
Don't give up
  • #72,074
  • Aug 18, 2010 5:32am Aug 18, 2010 5:32am
Quoting geomink
about the BUOB (or BEOB, DBHLC, DBLHC, etc.):
what if enter on a ret of the next bar, BEFORE it breaks (even if not yet, I mean)?

many thanks

best trading
Hey Geo

You can enter on a retracement, many of the outside bars do because of their size. There are advantages and disadvantages

Advantage - Bigger position size with the reduced stop loss, getting in early
Disadvantage - entering an unconfirmed bar(not a valid bar till it breaks the high/low), can miss the train if it doesn't pick up your entry

Test to see what feels most comfortable

Best
Mike
  • #72,075
  • Aug 18, 2010 5:59am Aug 18, 2010 5:59am
Quoting Jonnyislost
AUD/NZD was looking very exhausted in that rising triangle with divergence

Eventually broke down in a big way, shame there was no pullback or PA even on lower timeframes. Although going short near the top there would mean trading into massive traffic, as usual with this pair.
Quoting mbqb11
Nice chart J, those exhaustive patterns are some of my favorite. And often I am looking for PA at the top one last PUSH before the fall. These are tough to wait for any pullbacks cause they can be hard and fast.

Good pattern to watch for though

Mike
Hey Mike, I did see some small pins (under the arrow on this chart) And I remember thinking at the time that this could be the top, but they just didn't look big or dramatic enough to do anything about. Which turned out to be a good decision as price drifted a bit higher before breaking down. Always weary trading this pair too

Jonny
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  • #72,076
  • Aug 18, 2010 6:03am Aug 18, 2010 6:03am
Quoting Jonnyislost
Hey Mike, I did see some small pins (under the arrow on this chart) And I remember thinking at the time that this could be the top, but they just didn't look big or dramatic enough to do anything about. Which turned out to be a good decision as price drifted a bit higher before breaking down. Always weary trading this pair too

Jonny
Yeah J, that would be dangerous in my book, especially the size and the pair. I like to look for that last exhaustive Swing point. Or if you get say a big beob that runs the span of the pattern closing outside it. Those are VERY strong indications of future price

Best
Mike
  • #72,077
  • Aug 18, 2010 6:39am Aug 18, 2010 6:39am
Quoting The Lord
AUD/USD pin just broke and my order triggered.

Attachment
This one really looked good to me too. I thought it is A trade.
Strange it didn't make it to FTA a little.
I think more and more that this concepts are most powerful on daily charts. I see a lot of what I thought A trade fail to go to FTA on 4hr and lower. Or maybe is just me.

Anyway if one is quick with BE it is a good one.
  • #72,078
  • Aug 18, 2010 6:40am Aug 18, 2010 6:40am
Quoting mbqb11
Hey Geo

You can enter on a retracement, many of the outside bars do because of their size. There are advantages and disadvantages

Advantage - Bigger position size with the reduced stop loss, getting in early
Disadvantage - entering an unconfirmed bar(not a valid bar till it breaks the high/low), can miss the train if it doesn't pick up your entry

Test to see what feels most comfortable

Best
Mike
many thanks Mike

best trading
Don't give up
  • #72,079
  • Aug 18, 2010 7:23am Aug 18, 2010 7:23am
Quoting ppfx
Because of too much sleeping i missed that beautie too... next time i should sleep less

And this one on EU was also great. A small pb just of the nice ppz area. Unfortunately i overslept this one too... loll

Attachment Attachment
Yesterday i was waiting all day long day long for the price on GU to reach the 1.55 area and now it hit this area when i was sleeping. And i was patiently waiting for the price to reach the trendline and ppz area on GJ since Aug 10th when the level 135. was broken. And i missed that one too...I think its time to move to some other continent,.. America or Asia would be good... loll

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And i wanted to share something with the newbies. Watch BRNs like a hawk. Like Mike does it. Now i know why BRNs are so important. At first i didnt pay much attention to them. I watched them because the seniors did it, but now i see their true power. Especially the ones at which price stalled for some time (look at this post made by jarroo link )
  • #72,080
  • Aug 18, 2010 7:30am Aug 18, 2010 7:30am
Quoting Jonnyislost
What I mean is, There is often a high volume of orders stacked around the Big Round Numbers (I learnt all this from Mike)
What we want to know is if these orders provide an excess of Supply or Demand of the Currency at that level.
The only way to know is to watch price move through the Round Number and see how it reacts.
In the GBP/USD example Ideally we'd see price move down through 1.55 all the way to something like 1.5470-80, and then "snap" back up and close strongly above 1.55. This would indicate that all the orders stacked around 1.55...
exellent explanation Jonny i had something like that in my mind while writing the post above, but didnt find the right words. I have to work on my english a little and not only on trading
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