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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

  • #74,301
  • Sep 8, 2010 2:03pm Sep 8, 2010 2:03pm
Quoting slade1986
I know I've still got 13 min to close....

Thoughts on this PB?

Off BRN, PPZ
I don't post here much, I need to change that.

My thoughts...

Good bar at a good location. 1.55 round number, with the overall large down trend, might be a good chance to hop on board another leg down with the large down trend.

I am passing on it though. Why...

- Time of day. London/Europe is long closed, and the late afternoon trading of the US session is often slow and lower volume. The momentum that created this pin might already be gone for the day, or gone for a while.

- This pair has been a choppy mess, thanks to the slow August/early Sept. period. Look on a daily chart back to Middle August. This pair is just flat, and chopping around the 1.55 level. This has been going on for almost 4 weeks straight. Will this pin in the afternoon break this choppy area? I wouldn't put money on that, but it is possible.

So it is probably a trade just good enough to scalp and pick up some pips. Do I want to scalp during this low volume time of day? In most cases no, and especially not since I am not even sure if the big money players have made their moves or not.
  • #74,302
  • Sep 8, 2010 2:05pm Sep 8, 2010 2:05pm
Since this way of trading can take a while just to control that the trade goes to BE, are there currency pairs that can be traded in "off hours"?

I happen to work precisely while all the market fun is being had in London and the USA so I can only trade from 4pm GMT to 10pm GMT. The couple of pairs I checked seem just to die outside past a certain hour.
  • #74,303
  • Sep 8, 2010 2:06pm Sep 8, 2010 2:06pm
Quoting mbqb11
I would be careful here. Price is coming off a strong move from a very over sold and choppy market. This is very late in the day to be taking a trade and the only momentum you might get is just profit taking and people closing up shop for the day/weak selling. This makes me think FTA has to be watched very carefully. This is an easy pass as I think it makes mgmt very difficult

Thanks guys, got a little excited.. Forgot about the time of day. Will run this one on demo and see "Where is price going"
  • #74,304
  • Sep 8, 2010 2:08pm Sep 8, 2010 2:08pm
Quoting dfumagalli
Since this way of trading can take a while just to control that the trade goes to BE, are there currency pairs that can be traded in "off hours"?

I happen to work precisely while all the market fun is being had in London and the USA so I can only trade from 4pm GMT to 10pm GMT. The couple of pairs I checked seem just to die outside past a certain hour.
unless volatility is good which is rare I think trying to intraday trade the off hours is very dangerous. I don't doubt some do it but I just think its more difficult. My recommendation is just to trade the timeframe that you can. If i didn't have the ability to watch the 4hr/1hr then I would trade the daily, if I couldn't check my daily then Weekly etc. Again just an opinion but I think coming home from work and trying to scalp out the asian session is about as tough as it gets. If their is a lot of activity going on(you know the days/weeks where volatility is just nuts all the way through) then I think that is fine. Bar size dictates a lot of my action intraday.
  • #74,305
  • Sep 8, 2010 2:10pm Sep 8, 2010 2:10pm
Hey jonny

Which charting service do you use for stocks?

Best


Quoting Jonnyislost
Been keeping an eye on stocks lately, I see an interesting looking Price Action setup on Daily HUBG (Hub Group Inc)

Breakdown and pullback to recent trading range, Bearish Pinbar forming, showing that price was rejected from the bottom of the range, and the $30 round number

Will be watching this one closely.

J
  • #74,306
  • Sep 8, 2010 2:15pm Sep 8, 2010 2:15pm
Quoting Jonnyislost
Been keeping an eye on stocks lately, I see an interesting looking Price Action setup on Daily HUBG (Hub Group Inc)

Breakdown and pullback to recent trading range, Bearish Pinbar forming, showing that price was rejected from the bottom of the range, and the $30 round number

Will be watching this one closely.

J
Hey Jonny,

what broker charting package is that chart from?

Thanks
Ben
  • #74,307
  • Sep 8, 2010 2:34pm Sep 8, 2010 2:34pm
10 plus inches in 24 hours.

this picture was taken from some lots i own on a local golf course with a retaining wall halfway done.

thats the #1 fairway and the path between the driving range and #2.

oh and my dash monk sitting quietly as usual.

he is there to keep me from getting shot when im forced to drive thru Dallas.
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  • #74,308
  • Sep 8, 2010 2:36pm Sep 8, 2010 2:36pm
Quoting dfumagalli
Since this way of trading can take a while just to control that the trade goes to BE, are there currency pairs that can be traded in "off hours"?

I happen to work precisely while all the market fun is being had in London and the USA so I can only trade from 4pm GMT to 10pm GMT. The couple of pairs I checked seem just to die outside past a certain hour.

Just focus on long term charts like weekly/daily.

If you can spare 2-3 hours of sleep and it's at a good trading time (around the time when most news releases come out for that particular trading session), then do it!
Many choose unhappiness over uncertainty.
  • #74,309
  • Sep 8, 2010 2:42pm Sep 8, 2010 2:42pm
Sold the break of the Double Bar Low

But the rebound is really too much strong in my opinion
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Don't give up
  • #74,310
  • Sep 8, 2010 3:12pm Sep 8, 2010 3:12pm
Every single day I see a beauty like this on the index futures....
some day, some day I will get to trade them...
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  • #74,311
  • Sep 8, 2010 3:14pm Sep 8, 2010 3:14pm
Quoting PrincoPrinco
Hey jonny

Which charting service do you use for stocks?

Best


Quoting benji533
Hey Jonny,

what broker charting package is that chart from?

Thanks
Ben
Hey PP and Ben


The chart from my post is from www.freestockcharts.com

However when I'm initially scanning for setups on stocks I use www.finviz.com they have a feature that automatically scans for "Hammers" and "Inverted Hammers" (Pins). Most of them are garbage of course (tiny bars, etc) But you can flick through each chart very quickly and I find it really helps to narrow down the search for good setups (since there are 1000nds of stocks out there)

Jonny
  • #74,312
  • Sep 8, 2010 4:04pm Sep 8, 2010 4:04pm
Quoting Jonnyislost
Hey PP and Ben


The chart from my post is from www.freestockcharts.com

However when I'm initially scanning for setups on stocks I use www.finviz.com...
Nice Sites jonny

But where can i find the hammer inverted hammer scanner on www.finviz.com? I only find for example Trendline Support or channel up

john225
  • #74,313
  • Sep 8, 2010 4:20pm Sep 8, 2010 4:20pm
Quoting geomink
Sold the break of the Double Bar Low

But the rebound is really too much strong in my opinion
Well, you are shorting into 15 year record lows. Since there really isn't much in the way of support below current levels, I can only imagine that you are targeting the 79.95 area, a record low (nominally) with a stop loss just above the 85 BRN + PPZ. There is also a 9 pip disconnect - the weekly lows aren't exactly 'double' but I'm not too sure this is that important (maybe the seniors can specify on that). But with the current yen strength inviting all manners of verbal intervention from the Japanese officials, I would much rather look for shorting opportunities after spikes to the upside, not breaks to record low levels. I'm not saying trading the weekly isn't going to work out for you, but in a situation like this, it will be difficult to manage a trade that keeps bouncing from +20 to -20 (I know it is for me).

Quoting dfumagalli
Since this way of trading can take a while just to control that the trade goes to BE, are there currency pairs that can be traded in "off hours"?

I happen to work precisely while all the market fun is being had in London and the USA so I can only trade from 4pm GMT to 10pm GMT. The couple of pairs I checked seem just to die outside past a certain hour.
I have a short PDF that details the volatility of a number of pairs during different sessions...which concludes exactly what Mike already told you: during these hours, best stick to higher TFs. I am posting this here because for me personally it is important to know 'why'. With this short statistical report, you will know exactly why. There really isn't much in the way of volatility during the times you have highlighted.

The PDF is based on BIS data, which was gathered in 2007. The BIS FX survey is conducted every 3 years and the preliminary results of the this year's survey were released last week. They will published all the rest of the data soon enough which means we'll have updated statistics and you can pretty much throw away the old one once they're out.
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File Type: pdf trading times for currencies.pdf   313 KB | 2,371 downloads
If you don't risk, you don't ever have to lose.
  • #74,314
  • Sep 8, 2010 4:23pm Sep 8, 2010 4:23pm
Quoting john225
Nice Sites jonny

But where can i find the hammer inverted hammer scanner on www.finviz.com? I only find for example Trendline Support or channel up

john225
Go to finviz. Then follow this path
1. on the upper menu bar, click 'screener'
2. by default, you are directed to the descriptive screener, we don't want that, choose technical
3. then click on candlesticks on the far right side of the screener
If you don't risk, you don't ever have to lose.
  • #74,315
  • Sep 8, 2010 4:30pm Sep 8, 2010 4:30pm
Quoting john225
Nice Sites jonny

But where can i find the hammer inverted hammer scanner on www.finviz.com? I only find for example Trendline Support or channel up

john225
Hi John
Yeah it's well hidden;

First you need to select the "screener" tab, then the "techincal" sub-tab.
Finally there is a drop down box, named "candlestick" that contain all the PA patterns.


Note; It's obviouly not a case of simply trading any stock that shows a Pin bar etc, All the usual factors still apply.
However I think it's impractical to scan thousands of stocks everday looking for interesting formations
I just use this tool to reduce the search time.

Jonny
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  • #74,316
  • Sep 8, 2010 4:30pm Sep 8, 2010 4:30pm
I'm flirting with this one. The size is what concerns me here (besides trading against the strong uptrend) but the price has already been rejected at the blue S/R line three times in June (2 BEOBs). This might be the fourth fail (or not)

Will see what tomorrow brings

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  • #74,317
  • Sep 8, 2010 4:32pm Sep 8, 2010 4:32pm
Quoting xmzhang
The problem with this trade would be the FTA/PPZ @ 21438 which is in this case very close to the close of the PB, price reacted of this daily PPZ. Technically speaking the PB has been validated because price broke the PB and has pulled back now. Unless you had a buffer of more than 5 pips, you would entered on the break and would now be facing a drawdown. Or you could in you case wondering to enter after the break at the pullback. Say price would eventually break the aforementioned PPZ, what would then be the next obstacle ? I think the next obstacle...
Hey rock, price has hit the mentioned FTA to the pip @ 21409, at this point you must manage your trade by moving your SL to BE or take the full/partial profit. Looking at the next bar which retraced very deep, SL would have probably triggered by this bar. So the result would be BE or at least 28 pip profit depending where you entered the trade.

May the force be with you.
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Pipcrawler
  • #74,318
  • Sep 8, 2010 4:33pm Sep 8, 2010 4:33pm
Thank you for the several kind replies!

Quote
Every single day I see a beauty like this on the index futures....

Index futures are deceptive. For what I know, that almost daily spike you see is made to kill and purge the retail traders orders sitting there and get momentum to drive prices up.

Index futures are dangerous imho, expecially the e-minis, where those I traded could get up to $31.25 ticks per contract.

The time too may be bothersome for people accustomed at trading on daily or weekly, by default those markets are dead for most of the day (more than Forex) and then they are open for too much of a short time to implement something like a 4h TF pin bar. In the USA afternoon many of these markets close down and auto-cancel your orders doing so.
  • #74,319
  • Sep 8, 2010 4:38pm Sep 8, 2010 4:38pm
Quoting mihazupan1
I'm flirting with this one. The size is what concerns me here (besides trading against the strong uptrend) but the price has already been rejected at the blue S/R line three times in June (2 BEOBs). This might be the fourth fail (or not)

Will see what tomorrow brings

Attachment
Totally agree with your analysis I like the double/triple top, and maybe this PA will push prices down for a day or two, but I think it will take something really special to stop this uptrend (A huge buying climax etc)

Jonny
  • #74,320
  • Sep 8, 2010 4:42pm Sep 8, 2010 4:42pm
Quoting Jonnyislost
Totally agree with your analysis I like the double/triple top, and maybe this PA will push prices down for a day or two, but I think it will take something really special to stop this uptrend

Jonny
A day or two would be enough to get some pips out of this I believe

Can't disagree with you as far as an uptrend continuation is concerned. Actually it looks like an exponential uptrend on a monthly chart. Labeled this one with handle with care tag
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