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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

  • #74,661
  • Sep 14, 2010 12:40am Sep 14, 2010 12:40am
Quoting cprao
I am also watching this pair.. I am confused about how to interpert the small green bar (looks like IPB or IB).
The bar tries to go up.. but was rejected.. but the bar was not closed below the previous low..

what does this indicate ?
IMO, the main thing to notice in this setup is, there is a strong close of the red bar below the zone. So, a normal retrace to the SAME ZONE is expected. That is what the small IPB or IB (whatever) did. Now, its break can be used as an entry.
I don't think IB should close below the previous low.

Certainly the zone above will provide a good resistance now.
  • #74,662
  • Sep 14, 2010 12:41am Sep 14, 2010 12:41am
Quoting KissFan
A couple of things to be aware of....
Hey Roger,

Mike was kind enough to do a video for me at the PF where I asked him a bit about the dynamics of huge (not big - huge) bars and why do they end up often retracing rather than breaking hard. He explained that it has got to do with the free space that sort of builds up between the high and low of the big bar and then you get sellers or buyers willing to get in at a pull back (a better price) and weak buying/selling and profit taking and stuff that you get to see after a big move. He went on to elaborate that the IPBs work based on a similar concept.

So in this case we had price sitting on the 2.1 PPZ and we had some reactions off it that led price into pulling back in to the down trend and taking out some orders in that gap between the high and the low of the IPB, and that precisely why we still get a close down near the open of the bar. This gives us an "inverted pin bar" and then why it works sort of lines up with the logic associated with the reason price often pulls back into big bars. Seller wanting to come in at a better price (now I know why I am always so keen to take profit before the longer end of the IPB wick ) and who knows maybe some fresh buy orders because already price is sitting at an important location.

Hope I made sense, Mike made a lot of sense in that vid, but I am not Mike

PS PS NEWBIES RELAX!!!! YOU DON'T WANT TO GET CAUGHT UP IN ALL THIS!!!

g.
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I believe . . .
  • #74,663
  • Sep 14, 2010 12:43am Sep 14, 2010 12:43am
Quoting The Lord
IMO, the main thing to notice in this setup is, there is a strong close of the red bar below the zone. So, a normal retrace to the SAME ZONE is expected. That is what the small IPB or IB (whatever) did. Now, its break can be used as an entry.
I don't think IB should close below the previous low.

Certainly the zone above will provide a good resistance now.
Ok. Thank you !! Got your point.
  • #74,664
  • Sep 14, 2010 12:48am Sep 14, 2010 12:48am
Quoting cprao
I am also watching this pair.. I am confused about how to interpert the small green bar (looks like IPB or IB).
The bar tries to go up.. but was rejected.. but the bar was not closed below the previous low..

what does this indicate ?
Indecision . . .indifference . . consolidation. Or just a thin market.
Indicators show the past. Price Action "Indicates" the future.
  • #74,665
  • Sep 14, 2010 1:05am Sep 14, 2010 1:05am
This one's on my radar.
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  • #74,666
  • Sep 14, 2010 1:16am Sep 14, 2010 1:16am
Quoting jarroo
I guess I should have asked the most immediate or short term target . .lol

Let me zoom in a bit. . . previous bar Highs and Lows. Looks like the first one in green was hit. Now due the size of the setup it may cut through these levels, if not the uptrend looks pretty strong.

I not saying that your targets are wrong, Pb. I'm just saying that traffic is pretty tight to cover our risk so that maybe we can reach your targets if Price brings to fall.

Yeah, I hear you..These 3 bar open and closes are the problem it seems and, as you say, the uptrend is pretty strong.
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  • #74,667
  • Sep 14, 2010 1:54am Sep 14, 2010 1:54am
Cprao, did u take the trade (CAD/JPY)?
  • #74,668
  • Sep 14, 2010 2:04am Sep 14, 2010 2:04am
1 hour pinbar on eur/gbp.
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meine augen sind die sterne
  • #74,669
  • Sep 14, 2010 2:14am Sep 14, 2010 2:14am
Quoting aserbfx
1 hour pinbar on eur/gbp.
size is okay but close is not below high of prior bar and therefore it is not a PB in technically.
  • #74,670
  • Sep 14, 2010 2:16am Sep 14, 2010 2:16am
Quoting ertorque
size is okay but close is not below high of prior bar and therefore it is not a PB in technically.
oh yes, you are right. let's see if it breaks. it doesn't look like that at the moment....
meine augen sind die sterne
  • #74,671
  • Sep 14, 2010 3:10am Sep 14, 2010 3:10am
Hi PB newbie here, was this a valid PB on USDCAD H1 ?

A long tail and the close was lower than the previous bar High .. are there any other qualifying criteria I overlooked ?

thanks
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  • #74,672
  • Sep 14, 2010 3:20am Sep 14, 2010 3:20am
NZD/USD broke but I didn't like the way it hung around the 0.7285 and the FTA is just 12 pips away. It may be better to watch how this ends up on the daily.
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  • #74,673
  • Sep 14, 2010 3:24am Sep 14, 2010 3:24am
Quoting billm
Hi PB newbie here, was this a valid PB on USDCAD H1 ?

A long tail and the close was lower than the previous bar High .. are there any other qualifying criteria I overlooked ?

thanks
Nice one billm. I wonder how I missed it.
But, its of lower timeframe. Very difficult to scan charts all the time.
  • #74,674
  • Sep 14, 2010 3:27am Sep 14, 2010 3:27am
Quoting billm
Hi PB newbie here, was this a valid PB on USDCAD H1 ?

A long tail and the close was lower than the previous bar High .. are there any other qualifying criteria I overlooked ?

thanks

Hi and welcome.

Looks valid, off the 1.300 RN with 50 fibo confluence.

It is a bit of small bar and I think it is near the FTA.

H1 is a bit too low of a TF for my liking.
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  • #74,675
  • Sep 14, 2010 3:36am Sep 14, 2010 3:36am
Quoting Pinbar
It is a bit of small bar
With a strong trend and off the resistance, that is okay IMO.
But only about 10 pips for FTA. You are right.

Quote
H1 is a bit too low of a TF
I agree.
  • #74,676
  • Sep 14, 2010 3:45am Sep 14, 2010 3:45am
Quoting The Lord
With a strong trend and off the resistance, that is okay IMO.
But only about 10 pips for FTA. You are right.

I agree.


Yeah, it was an easy pass for me.

I say pass, I would not even have seen it.
  • #74,677
  • Sep 14, 2010 3:57am Sep 14, 2010 3:57am
Newbie here. I also demoed short on the 4H bearish ourside bar (BEOB). Bullish pins forming on the hourly ... Have others who also took this trade bailed out already?
  • #74,678
  • Sep 14, 2010 3:57am Sep 14, 2010 3:57am
5 mins to go on my feed and nice pin bar forming, Also this level has proved strong resristance.
There are trouble spots ahead so will monitor.
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  • #74,679
  • Sep 14, 2010 4:26am Sep 14, 2010 4:26am
Quoting Pinbar
H1 is a bit too low of a TF for my liking.
Thanks guys, so do you prefer H4 and Daily ?

H4 EURUSD and EURGBP (as above) seem to be set up now for shorts ?
  • #74,680
  • Sep 14, 2010 4:44am Sep 14, 2010 4:44am
Quoting billm
Thanks guys, so do you prefer H4 and Daily ?

H4 EURUSD and EURGBP (as above) seem to be set up now for shorts ?
Billm, Any timeframe is okay. But always start with higher time frame and go lower as you get experienced (As stated in post 1).

Regarding, E/U, I don't see any pins in my feed.

The pin on Eur/Gbp is very nice (in a very good location). But if you see traffic on the left, there are lots of trouble areas. It has higher chances that it goes down (looking at the rejection), but the fall might be a slow one (bouncing and falling type). And who knows, it might even fail.

Hang on to the thread, and you will learn automatically (Guys here are very helpful).

- Lord
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