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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

  • #75,201
  • Sep 20, 2010 10:24pm Sep 20, 2010 10:24pm
Quoting aserbfx
any idea about this pin?
fta very near. too near?
Little late to be giving you my opinion on this one because it already went up some. But going off your chart the PB is too small for my liking. Also the bigger factor in this one for me is the spread is at 20 on FXpro.
  • #75,202
  • Sep 20, 2010 10:50pm Sep 20, 2010 10:50pm
Spot on. The location is suburb but the bar is way too small. That bar indicates to me that it sees the resistance but is undecided about what to do about it. You want to trade bars that reach a solid support or resistance that say, oh crap... gotta run!

Maybe I need to see a shrink about bars on charts speaking to me?

Scott

Quoting spookie94
Little late to be giving you my opinion on this one because it already went up some. But going off your chart the PB is too small for my liking. Also the bigger factor in this one for me is the spread is at 20 on FXpro.
  • #75,203
  • Sep 20, 2010 10:55pm Sep 20, 2010 10:55pm
Quoting Dan Gilbert
I don't need em to go to the moon....



feel like a genius lately....

played the GBPCHF on a 38.2 retracement entry and 38.2 extension exit....

USDCAD I opted to wait for the break. I will cancel at NY close today if price hasn't broken the signal bar yet.
GCHF was a beauty Dan - exactly how i wanted to trade it, until i forgot to set my alert and left the building

Well done
  • #75,204
  • Sep 20, 2010 11:05pm Sep 20, 2010 11:05pm
Quoting phpscott
Maybe I need to see a shrink about bars on charts speaking to me?
Or, if they keep speaking to you, a good tax accountant
When you have to shoot, shoot. Dont talk.
  • #75,205
  • Sep 20, 2010 11:52pm Sep 20, 2010 11:52pm
Quoting Pinbar
Morning Jarroo.



Now, I get it, Jarroo is always trading the situation, rather than the PA bar!

Way to Go, for sure.
Quoting Pinbar
GU Friday small PB looks like there is some serious consolidation below, and the weekly has a strong bullish close to it with the candle coming off of the 61.8 retracement. FTA is about 40 pips but it is a pass for me with Wed & Tuesday bars being much larger in the uptrend. I feel this is just a retracemnet in the current uptrend.
You got that right Pb .. its all about the situation or story that Price is telling us. Like the GU PB . .off the 1.5700 PPZ level that acted as strong Restistance.

You previous post nailed the PB's target, previous bar low.

Look how Price is reacting within thoses targets.

Some bullish PA at the 1.5500 PPZ level, which would be acting as strong Support due to that box of consolidation, would be nice . .
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Indicators show the past. Price Action "Indicates" the future.
  • #75,206
  • Sep 20, 2010 11:54pm Sep 20, 2010 11:54pm
Quoting Pinbar
Thanks Scott, yes...Great way of thinking.

Jarroo is looking into the situation like a detective and deducing what the real deal is.

I can just hear him, "Elementary, my dear Watson".

"It's dirt elementary folks!" .. .
Indicators show the past. Price Action "Indicates" the future.
  • #75,207
  • Sep 20, 2010 11:59pm Sep 20, 2010 11:59pm
Hey Pb . . . have you looked at the Usd/MXN lately that we worked on in May?


Here's an update .. .
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Indicators show the past. Price Action "Indicates" the future.
  • #75,208
  • Sep 21, 2010 12:04am Sep 21, 2010 12:04am
Quoting joelcf
Or, if they keep speaking to you, a good tax accountant

That's a good one, joel . .
Indicators show the past. Price Action "Indicates" the future.
  • #75,209
  • Sep 21, 2010 12:23am Sep 21, 2010 12:23am
Quoting ppfx
Yeah its just that i tried, and like you said sometimes it works sometimes it doesnt. I just want to be a little more sure when entering into a trade. I know that i have to learn to walk first before trying to run So now im trying to learn to 'walk' as best as possible and then i'd try to run.

Quoting raczekfx
I'm sending you another present (actually only a semi present - without commentaries )

Use it, abuse it.... DON"T ... lose it...

Take Rac's chart for example . .he is showing us a strong resistance level on the #YMZ0. . .the 10680.

( I'm not trying to throw fire behind you as you walk ppfx . .its just an example . .)

You could enter a short right at the 10680 with a 20-30 pip stop loss or look for some bearish PA on the lower time frame (15min BEOB) since this is a touch type trade . . I prefer the latter . . I think Rac does too . . .it depend on the situation (Pb ) or the story Price is telling.

You now can cover your risk by moving to break even or free trade it . .and see if she runs back down as it has done in the past.


Jim
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Indicators show the past. Price Action "Indicates" the future.
  • #75,210
  • Sep 21, 2010 12:48am Sep 21, 2010 12:48am
Hey guys,

When we trade with the trend on the daily charts, should we ensure that its the same as that of the weekly before entering the trade? Or should you just focus on trends within each individual timeframe only?
  • #75,211
  • Sep 21, 2010 12:50am Sep 21, 2010 12:50am
Quoting melvin87
Hey guys,

When we trade with the trend on the daily charts, should we ensure that its the same as that of the weekly before entering the trade? Or should you just focus on trends within each individual timeframe only?
For the most part i keep it with the timeframe I am trading on. I think it just keeps it easier and that has always worked best for me personally. Sometimes you are at areas on a chart that you can't ignore though and that might come into play, but for the most part I think simpler is better personally

Best
Mike
  • #75,212
  • Sep 21, 2010 2:16am Sep 21, 2010 2:16am
Quoting jarroo
"It's dirt elementary folks!" .. .

"Dirt Elementary, Watson"


That is a good one.


Yes, the USD/MXN from May, are you considering closing it out this week?
  • #75,213
  • Sep 21, 2010 3:18am Sep 21, 2010 3:18am
Hi guys,

Was doing some backtesting on the AUDUSD (may-june 2010 period) and would like your opinion on my thought process for the following pin:

-bullish pin trading on an uptrend with macd divergence
-size/structure of the bar is ok but would be better if its slightly larger
-confluence of 61.8 fibs with ppz
-however, its trading right into the blue area highlighted (traffic)

As a whole, this won't be an ideal bar to trade (even though price did push strongly upwards after that).
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  • #75,214
  • Sep 21, 2010 3:35am Sep 21, 2010 3:35am
Hi folks

Entered this BUOB at 0.8420, SL at 0.8330 with TP at 0.8450

I got out at 0.8441 with a 20 pip profit

Probably a C setup, not at a defined SWH or Low, but it was sandwiched between 2 PPZs and as the BRNs seem to act as magnets the 0.8450 level was nearby.

It was more of an experiment to test my understanding of playing this particualr type of PA setup and my trade managemnt. As the Seniors say, it did need to be watched and I was lucky because I caught it 10 pips short of my TP.


Thanks J16
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  • #75,215
  • Sep 21, 2010 3:45am Sep 21, 2010 3:45am
Quoting melvin87
Hi guys,

Was doing some backtesting on the AUDUSD (may-june 2010 period) and would like your opinion on my thought process for the following pin:

-bullish pin trading on an uptrend with macd divergence
-size/structure of the bar is ok but would be better if its slightly larger
-confluence of 61.8 fibs with ppz
-however, its trading right into the blue area highlighted (traffic)

As a whole, this won't be an ideal bar to trade (even though price did push strongly upwards after that).
My view is that the pb is heading towards the VBRN 0.85 (about 20 pips or so) and with spread and buffer taken into consideration leaves little room for risk management. A pass for me

CY
  • #75,216
  • Sep 21, 2010 3:50am Sep 21, 2010 3:50am
Quoting melvin87
Hi guys,

Was doing some backtesting on the AUDUSD (may-june 2010 period) and would like your opinion on my thought process for the following pin:

-bullish pin trading on an uptrend with macd divergence
-size/structure of the bar is ok but would be better if its slightly larger
-confluence of 61.8 fibs with ppz
-however, its trading right into the blue area highlighted (traffic)

As a whole, this won't be an ideal bar to trade (even though price did push strongly upwards after that).
Hi Melvin,

There is some traffic to the left. But what I have noticed from trading the 1 hour time frame is that price on a strong setup with lots of confluence rarely doesn't move to the next ppz. What I have started to do is close half my position at the first traffic area, then let the following half run to about 5-10 pips from the nearest ppz. After starting to do this I have been much much more profitable but it does take more nerves beacuse postions tend to be open for longer periods of time..

So I urge you to backtest again and look at this method I use as a possible way of managing your positions. You might see a big increase in pips gained, and a slight increase in risk. but from what I have seen this way of managing positions gives a return with very manageable risk profile.

just my opinion..
Thank you j16!
  • #75,217
  • Sep 21, 2010 3:53am Sep 21, 2010 3:53am
Quoting melvin87
Hi guys,

Was doing some backtesting on the AUDUSD (may-june 2010 period) and would like your opinion on my thought process for the following pin:

-bullish pin trading on an uptrend with macd divergence
-size/structure of the bar is ok but would be better if its slightly larger
-confluence of 61.8 fibs with ppz
-however, its trading right into the blue area highlighted (traffic)

As a whole, this won't be an ideal bar to trade (even though price did push strongly upwards after that).
Attached Image (click to enlarge)
Click to Enlarge Name: audusddaily.gif Size: 15 KB


Hi, I just came back from a little trip and now 'back to trading'.

The pin you are describing is a blue small pin in a big falling market. Look at the red bars prior to it and compare with the size of the pin. Not convincing at all. Also, the support is not convincing (just a minor area). But still managed to hit the FTA.

Then, there is another pin (now a red one for short). This is a very good pin in a downtrend and with a resistance. The FTA is also clear in traffic regards. And it did hit the FTA. Nice one!

After hitting the FTA, the bar is a bullish big bar enclosing all previous bars and closing above the zone (very important). Again this is a very good buying opportunity. And it also hit the FTA.

Very clear chart indeed.
  • #75,218
  • Sep 21, 2010 4:06am Sep 21, 2010 4:06am
Quoting Pinbar

Yes, the USD/MXN from May, are you considering closing it out this week

Your right Pb, some action should take place. It reach its target perfectly. Trade management would dictate some adjustment, either closing out the position or adjusting the stop loss, but not to be left alone.

I haven't traded this pair but I do watch it.
Attached Image (click to enlarge)
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Indicators show the past. Price Action "Indicates" the future.
  • #75,219
  • Sep 21, 2010 4:32am Sep 21, 2010 4:32am
Quoting antgal23
Hi folks

Entered this BUOB at 0.8420, SL at 0.8330 with TP at 0.8450

I got out at 0.8441 with a 20 pip profit

Probably a C setup, not at a defined SWH or Low, but it was sandwiched between 2 PPZs and as the BRNs seem to act as magnets the 0.8450 level was nearby.

It was more of an experiment to test my understanding of playing this particular type of PA setup and my trade managemnt. As the Seniors say, it did need to be watched and I was lucky because I caught it 10 pips short of my TP.


Thanks J16
Maybe as a stand alone DBLHC setup it is not the best setup by the reasons you mentioned; not as a swing low, etc.

But as a consolidation breakout trade its up with the best of them. Especially with the DBLHC as an indication to provide that breakout, meaning the momentum it provided behind the breakout. Nice Space too.. . . I like your target as well.

Another example of this would be the breakout at the check mark, June of this year.
Attached Image (click to enlarge)
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Indicators show the past. Price Action "Indicates" the future.
  • #75,220
  • Sep 21, 2010 4:36am Sep 21, 2010 4:36am
Quoting The Lord
Attachment

Hi, I just came back from a little trip and now 'back to trading'.

The pin you are describing is a blue small pin in a big falling market. Look at the red bars prior to it and compare with the size of the pin. Not convincing at all. Also, the support is not convincing (just a minor area). But still managed to hit the FTA.

Then, there is another pin (now a red one for short). This is a very good pin in a downtrend and with a resistance. The FTA is also clear in traffic regards. And it did hit the FTA. Nice one!...

Nice analysis lord . .well done ..
Indicators show the past. Price Action "Indicates" the future.
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