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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

  • #73,401
  • Aug 31, 2010 5:16am Aug 31, 2010 5:16am
Quoting Mr. Hafner
Hi!
Please correct me if I'm wrong, but this seems to me like a valid long entry on EUR/USD

- Confluence: fibs + ppz on Daily chart
- bullish engulfing pattern on 3H

- on the other Hand there could be some resistance at 1.2700!

Hope to get some feedback!

- Very inspiring thread by the way! Thank you!
Hey, yes it seems valid, but you could have caught that trade earlier on 1h timeframe. The problem is if you enter now you are entering into some traffic. I personally took the trade on 1h, but I already closed the trade with profit. Only my 2 cents... Jump down to 1hr and have a look from that point of view.. If you want a visual explanation just ask and I'll give a detailed chart. First though, have a look yourself and see if you can spot what I mean.

regards
Thank you j16!
  • #73,402
  • Aug 31, 2010 5:24am Aug 31, 2010 5:24am
Quoting anderou
Hey, yes it seems valid, but you could have caught that trade earlier on 1h timeframe. The problem is if you enter now you are entering into some traffic. I personally took the trade on 1h, but I already closed the trade with profit. Only my 2 cents... Jump down to 1hr and have a look from that point of view.. If you want a visual explanation just ask and I'll give a detailed chart. First though, have a look yourself and see if you can spot what I mean.

regards
Yeah I totally see it! Entry on 1H would have been not as risky because the Candle on 3H was waaaayy to long!

+ the 1.2700 Point concernes me

--->Let's see what happens next!

Thanks for the feedback anderou, I appreciate it!
  • #73,403
  • Aug 31, 2010 5:24am Aug 31, 2010 5:24am
@ghous

alright. thanks for the information. i think i will better be looking at price bar itself. i dont see much people trading it, although there are. but as people say, trade with what we are comfortable, and i'm definitely not comfortable with volume analysis. so i guess i'll stay away from that.
  • #73,404
  • Aug 31, 2010 5:28am Aug 31, 2010 5:28am
Quoting Jonnyislost
Hey PP

There are many traders who advocate the use of volume with their trading, even in Forex, There are many ways in which it can be used as an added piece of information when trying to interpret price bars.
(For example an up bar with lower relative volume, may indicate the move is not sustainable as there is not much "conviction" behind the move)

However as supremeC says, Unlike the stock market, Forex is not traded through one single exchange, therefore there is no volume data available, for a given currency pair.
The closest we...

yeah. i think i too must stay away from it. cus i'm honestly not very comfortable with those volume analysis. having a hard time digesting what pring has said about volume in one of the chapters. think i'll focus more on the price bar itself and keeping it simple.

yeah. i agree.. since it has worked for so many people. so if price bar at right location style of trading is what i'm comfortable with, think i'll stick to that.
  • #73,405
  • Aug 31, 2010 5:30am Aug 31, 2010 5:30am
Quoting Mr. Hafner
....this seems to me like a valid long entry on EUR/USD....
Hello Mr.Hafner!
sure it is valid, imho.
it(BEOB) is visible in H1& H4 too
just a reminder, stay with higher Timeframes (H4 up), that is, if u are new to this thread.

Keep posting Sir!


Quoting premierpip
...means that i dont have to use a volume indicator to confuse myself any further? because the size of the bar does all the saying about volume?
yes, no need. (it's up to u if u wanna consult volume in the future - u have to decide if FX volume is helpful or not; personally, i do find it helpful & still studying it)
volume reading is built in in the PA setups (PB, BEOB etc) that we discuss here.
regarding bar size & volume, this explains why some very small PA setups work well --- because volume (buyers or sellers) step in (to absorb selling or buying) in a specific price zone/location

again, remember, volume is simply supply & demand.
(bullish PB = more demand &/or buyers absorbed selling; reverse for a bearish PB or any PA setup)
Hope this helps
  • #73,406
  • Aug 31, 2010 5:41am Aug 31, 2010 5:41am
Hafner,

I am long 12671. i am BE for stop and if we break 12700 looking for 12728 level.
  • #73,407
  • Aug 31, 2010 5:52am Aug 31, 2010 5:52am
Quoting supremeChaos
yes, no need. (it's up to u if u wanna consult volume in the future - u have to decide if FX volume is helpful or not; personally, i do find it helpful & still studying it)
volume reading is built in in the PA setups (PB, BEOB etc) that we discuss here.
regarding bar size & volume, this explains why some very small PA setups work well --- because volume (buyers or sellers) step in (to absorb selling or buying) in a specific price zone/location

again, remember, volume is simply supply & demand.
(bullish PB...
yes! it helps a lot. i will watch the videos in James16 group and learn more about it. about how bar shows the volume and how it helps consider a trade. thanks a lot mate.

anyway, anyone know where i can find a forex calculator to calculate the trade size to trade using my SL?
  • #73,408
  • Aug 31, 2010 5:53am Aug 31, 2010 5:53am
Quoting Chelski
Hafner,

I am long 12671. i am BE for stop and if we break 12700 looking for 12728 level.
Awesome entry Chelski, sadly I turned on my Pc too late ^^
I hope for you that it breaks 1.2700!
Would you go short if you saw a valid price pattern around 1.2700?
  • #73,409
  • Aug 31, 2010 6:05am Aug 31, 2010 6:05am
Quoting Mr. Hafner
Awesome entry Chelski, sadly I turned on my Pc too late ^^
I hope for you that it breaks 1.2700!
Would you go short if you saw a valid price pattern around 1.2700?
Thanks,

on my 4h i had 365ma coming up as possible too.
  • #73,410
  • Aug 31, 2010 6:13am Aug 31, 2010 6:13am
The kiwi generated a rejection bar off the 7000 VBRN, time to go short along with the downtrend. The ADR of the kiwi is about 100 pips, price already moved 70 pips today, so we could grabe some pips.

May the force be with you.
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Pipcrawler
  • #73,411
  • Aug 31, 2010 6:15am Aug 31, 2010 6:15am
Quoting premierpip
...i will watch the videos in James16 group and learn more about it. ...
anyway, anyone know where i can find a forex calculator to calculate the trade size to trade using my SL?
volume is not discussed directly here & in the videos. we usually 'talk about it' in the form of "big PA bars" (bigger bars = more demand or supply = momentum)


calculators?
try these
http://fxtrade.oanda.com/tools/fxcalculators/
http://www.mataf.net/en/tools/04-01-position-size
  • #73,412
  • Aug 31, 2010 6:16am Aug 31, 2010 6:16am
Took the break of this 4H IB off the 1.3400. Stop was just below the 1.3400 and closed at the FTA (1.3468)

Comments please
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  • #73,413
  • Aug 31, 2010 6:17am Aug 31, 2010 6:17am
Quoting ghous
Here's a trade I took on Gu this morning recorded this too for all the good souls here

(don't forget to hit the 730p HD button)

http://www.youtube.com/watch?v=VoEXmuTvK5U

The video was awesome....it's fantastic to see and hear your logic...very well explained...keep up the great work....it really helped me particularly because I am honestly not good at inside bars...and only demo trade them...I have not added them to my toolbox but hope to someday with this type of help.

In appreciation,
Bill
  • #73,414
  • Aug 31, 2010 6:30am Aug 31, 2010 6:30am
Quoting slade1986
Took the break of this 4H IB off the 1.3400...
Comments please
how do u want us to comment?
nice IB trade!
  • #73,415
  • Aug 31, 2010 6:32am Aug 31, 2010 6:32am
Glad to finally see the back of August, It's been a lethal month in many ways, very choppy and no room for error otherwise you get punished (either good or bad for learning depending on how you view it ) Only 2 trades for me, One Win and one loser
Hopefully the real money comes back from vacation ASAP and we can get back to business as usual
  • #73,416
  • Aug 31, 2010 6:32am Aug 31, 2010 6:32am
Quoting Mr. Hafner
Yeah I totally see it! Entry on 1H would have been not as risky because the Candle on 3H was waaaayy to long!

+ the 1.2700 Point concernes me

--->Let's see what happens next!

Thanks for the feedback anderou, I appreciate it!
Mr Hafner,

There is nothing wrong with long candles. In the case of beob's and buob's long candles are a good sign. But their position is also very important.. Glad I could be of help.

regards
Thank you j16!
  • #73,417
  • Edited 6:38am Aug 31, 2010 6:35am | Edited 6:38am
Quoting supremeChaos
(bigger bars = more demand or supply = momentum)
not necessarily

Big bars are a sign of a volume imbalance, but they dont really tell us about the magnitude of said imbalance. You could have sellers for 5m lots one one side and buy orders for 5,000,001 on the other side of the spread, giving you a small bar... or you could have someone trying to sell 2 contracts with only one buyer every 500 pips.
When you have to shoot, shoot. Dont talk.
  • #73,418
  • Aug 31, 2010 6:35am Aug 31, 2010 6:35am
Quoting supremeChaos
volume is not discussed directly here & in the videos. we usually 'talk about it' in the form of "big PA bars" (bigger bars = more demand or supply = momentum)


calculators?
try these
http://fxtrade.oanda.com/tools/fxcalculators/
http://www.mataf.net/en/tools/04-01-position-size
thanks for the calculators. i'll try to learn how to calculate my position size on my own. (:

alright. i'll check the videos out and if i have any questions, i'll hit it on the forum.
  • #73,419
  • Aug 31, 2010 6:48am Aug 31, 2010 6:48am
Quoting joelcf
not necessarily
Big bars are a sign of a volume imbalance.....
hahah...
many thanks for pointing that out.
i overgeneralized a bit
  • #73,420
  • Aug 31, 2010 6:52am Aug 31, 2010 6:52am
Quoting slade1986
Took the break of this 4H IB off the 1.3400. Stop was just below the 1.3400 and closed at the FTA (1.3468)

Comments please
i dont see any IB there. did you mean outside bar ?
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