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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

  • #75,921
  • Sep 29, 2010 2:35am Sep 29, 2010 2:35am
Quoting Dan Gilbert
I laugh at the USD weak dollar policy they have going...... we'll have to see how out of hand this will get, or perhaps it will top out? I don't even know... but in the meantime.... wow. Asia is driving pretty much any strong economy that exists currently.
Wish I could talk with you about this stuff Dan, but I am so clueless on all the policies. But a good area is a good area and I know we both can talk about that
  • #75,922
  • Sep 29, 2010 2:40am Sep 29, 2010 2:40am
Quoting mbqb11
Wish I could talk with you about this stuff Dan, but I am so clueless on all the policies. But a good area is a good area and I know we both can talk about that
well if the Australian real estate market tops out anytime in the near future, I think we might be able to see some dramatic shifts in the currency market with it....

only time will tell.... maybe there is no limit to how high real estate can get in Australia (not serious)
Many choose unhappiness over uncertainty.
  • #75,923
  • Sep 29, 2010 2:41am Sep 29, 2010 2:41am
Apologies again but I have confused myself.

This thread seems to have people trading varying styles. Some are trading smaller timeframes, others looking for breakout trades off big round numbers (BRNs). Others are waiting for retracement at points of "interest". Others buying immediately on the breakout.

There is also some differences in what a BRN is? Is it 1.3300 (2dp) or 1.3310 (3dp) or 1.3305 (4dp)? How many decimal palces (dp) do we use?

How do we clearly make a judgement at key support and resistance lines? Sometimes we are going long at a break, but others are looking at going short?

I only ask these questions because I want to have a clear set of rules for these likely scenarios. Currently I have identified some A+ setups but now am confused whether I need to go short or long.

Take the below chart posted by mbqb11.
- Upward trend.
- Approaching historical high point and BRN (1.000).

Hypothetical:
I) If price moves upward through this area and closed above area of interest. What would you do?
II) If price moves to line of resistance (bottom of blue shading) and retraced. What would you do?
III) If price moves down from it's current location? What would you do?

As 1.000 is a VBRN, I am holding back from trading. However I am bullish unless the price reverses significantly.




http://cdn.forexfactory.com/attachme...1&d=1285744391
  • #75,924
  • Sep 29, 2010 2:41am Sep 29, 2010 2:41am
Quoting Dan Gilbert

only time will tell.... maybe there is no limit to how high real estate can get in Australia (not serious)
lol just like in the US right
  • #75,925
  • Sep 29, 2010 2:41am Sep 29, 2010 2:41am
Quoting Imphilomath
any thoughts on this article by IMF?

http://online.barrons.com/article/SB...lenews_barrons


Joel Alert.
Indicators show the past. Price Action "Indicates" the future.
  • #75,926
  • Sep 29, 2010 2:43am Sep 29, 2010 2:43am
Quoting mbqb11
lol just like in the US right
Correct, it can never go down.
Many choose unhappiness over uncertainty.
  • #75,927
  • Sep 29, 2010 2:47am Sep 29, 2010 2:47am
Quoting dmuk
Apologies again but I have confused myself.

This thread seems to have people trading varying styles. Some are trading smaller timeframes, others looking for breakout trades off big round numbers (BRNs). Others are waiting for retracement at points of "interest". Others buying immediately on the breakout.

There is also some differences in what a BRN is? Is it 1.3300 (2dp) or 1.3310 (3dp) or 1.3305 (4dp)? How many decimal palces (dp) do we use?

How do we clearly make a judgement at key support and resistance lines? Sometimes we are going long...
Hey Dmuk

You are correct there are varying styles but we are all playing of the same concepts. The most important are Support and resistance. Understanding of how price reacts at these areas. Then you can combine that with other tools like price bar analysis round numbers, etc.

In terms of round numbers

Big round numbers = every 500 pips ie: 1.3000, 1.3500, or 90.00, 95.00 etc
Large round numbers refer to every 100 pips 1.3100 1.3200 , or 91.00 92.00

again the terminology is just a matter of who is using it but for simplicity sake lets use the above.

Areas of interest mean we can use that information to give us a story. For the aud/usd, the last time price reached towards the parity level it dropped like a rock.

For me I am going to wait for price bars here, and into the parity level. Others may very well place a sell right at .9850 a stop above 1.0 and let it rip. In general 1.00 area and that former high becomes something I will watch close for further information. For now it is a waiting game, but a great spot to watch b/c history tells us that point is very important.

My trading revolves around key locations. BRNs, utilizing Large round numbers s/r in trade mgmt, breakout patterns. I look for these important locations, then trade to get more information to get into a high probability setup

Hope that helps
Mike

PS there are no silly questions and that is what deters some from diving into price action and support and resistance, b/c it is not as clean cut as do ABCD and collect your profits, but it is taking concepts building upon them and lots of time and practice so ask away
  • #75,928
  • Sep 29, 2010 2:48am Sep 29, 2010 2:48am
Quoting jarroo
Joel Alert.
LOLOL, as the batman "J" flashes into the air
  • #75,929
  • Sep 29, 2010 2:50am Sep 29, 2010 2:50am
Quoting mbqb11
an area of interest for sure
Parity!!!!!!!!
1st time in about 28years.... pretty significant event
Let's see if it can be reached soon.
  • #75,930
  • Sep 29, 2010 2:57am Sep 29, 2010 2:57am
just one question? Who has also been milking the aud/usd the last month? I have taken more than ten trades on the 1 and 4hour time frame, most being highly profitable. I am coming out of the closet, I am in love with the forex market. There, I've said it. But sometimes she'll make you sleep on the couch if you disrespect her..
Thank you j16!
  • #75,931
  • Sep 29, 2010 3:03am Sep 29, 2010 3:03am
Hey Mike,

Thanks for the supportive answers.

Quoting mbqb11
For now it is a waiting game, but a great spot to watch b/c history tells us that point is very important.
Any pair travelling around 1.0000 is going to be an interesting test. Maybe something boring will happen and the roll costs will burn any potential profits (due to EUR v AUD interest rate gap)? I will be watching.

Quoting mbqb11
Big round numbers = every 500 pips ie: 1.3000, 1.3500, or 90.00, 95.00 etc
Large round numbers refer to every 100 pips 1.3100 1.3200 , or 91.00 92.00
Quoting mbqb11
My trading revolves around key locations. BRNs, utilizing Large round numbers s/r in trade mgmt, breakout patterns. I look for these important locations, then trade to get more information to get into a high probability setup
I sort of understand the approach to using support/resistance lines and large numbers to pick "locations".

I gather it is then scrutiny of the price action or candles that form around these points? Bullish = Go Long, Bearish = Go Short?

I am still searching for some consistency on stop losses and adding to positions. Maybe you can share or point me in the direction of your own style?

Jarroo mentioned yesterday that adding to positions was done by looking for further A+ setups.

Thanks again!
  • #75,932
  • Sep 29, 2010 3:04am Sep 29, 2010 3:04am
Quoting mbqb11
LOLOL, as the batman "J" flashes into the air
Attached Image (click to enlarge)
Click to Enlarge Name: jjj.jpg Size: 107 KB
Indicators show the past. Price Action "Indicates" the future.
  • #75,933
  • Sep 29, 2010 3:06am Sep 29, 2010 3:06am
Quoting dmuk
Hey Mike,

Thanks for the supportive answers.



Any pair travelling around 1.0000 is going to be an interesting test. Maybe something boring will happen and the roll costs will burn any potential profits (due to EUR v AUD interest rate gap)? I will be watching.





I sort of understand the approach to using support/resistance lines and large numbers to pick "locations".

I gather it is then scrutiny of the price action or candles that form around these points? Bullish = Go Long, Bearish = Go Short?

I am still searching for some consistency...

The story is, what support and resistance looks like, do we have consolidation, boxing of price, is it wide open, are there patterns forming beyond the bars. Is there divergence, are we at a retracement of a larger move, a PPZ, the list goes on and on. Be sure to click James16 name and review all his posts till your eyes bleed I sure have

As for stop losses, this is easy for me, mine go on the other side of the bar I am taking. I don't personally add to positions, I simply take trades that I consider worth taking. If it so happens there are 2 on the same pair(that I would have taken independently) then one could call it adding .

Best
Mike
  • #75,934
  • Sep 29, 2010 3:06am Sep 29, 2010 3:06am
Quoting jarroo
  • #75,935
  • Sep 29, 2010 3:15am Sep 29, 2010 3:15am
Thanks again. This has clarified a lot of thoughts.

Quoting mbqb11
Be sure to click James16 name and review all his posts till your eyes bleed I sure have
I have read through what feels like thousands! My eyes and brain are hurting! However I will continue to persevere.

Quoting mbqb11
As for stop losses, this is easy for me, mine go on the other side of the bar I am taking. I don't personally add to positions, I simply take trades that I consider worth taking. If it so happens there are 2 on the same pair(that I would have taken independently) then one could call it adding .
Very interesting. I like the simplicity. One last question. When you say your set your stop loss on the "other side of the bar I am taking". For example: You enter on Long on Bar A. Your stop is set exactly at the low of Bar A? What timeframe?
  • #75,936
  • Sep 29, 2010 3:20am Sep 29, 2010 3:20am
Quoting mbqb11
The story is, what support and resistance looks like, do we have consolidation, boxing of price, is it wide open, are there patterns forming beyond the bars. Is there divergence, are we at a retracement of a larger move, a PPZ, the list goes on and on. Be sure to click James16 name and review all his posts till your eyes bleed I sure have

As for stop losses, this is easy for me, mine go on the other side of the bar I am taking. I don't personally add to positions, I simply take trades that I consider worth taking. If it so happens there are...
Its all about the story and putting the pieces together.

Each added position on this Aud/Cad run has a different independent story.

Thanks Mike.
Attached Image (click to enlarge)
Click to Enlarge Name: audcad.jpg Size: 104 KB
Indicators show the past. Price Action "Indicates" the future.
  • #75,937
  • Sep 29, 2010 3:47am Sep 29, 2010 3:47am
Hi folks

Got my SL up to 1.3560 (just above it there were lots of bar lows on the one hour), i banked 45 pips

price retraced to 1.3580 now at 1.3590

As I am a beginner I am trying to see how I can manage trades, especially identifying S and R, the importance of new highs / lows and moving the SL

Also, did anybody take this Triple Bar High? I had seen it but wasnt around to take it

Cheers

Anthony
Attached Image(s) (click to enlarge)
Click to Enlarge Name: eur usd buob trade management.gif Size: 28 KB
Click to Enlarge Name: eur cad three consecutive highs then break out.gif Size: 30 KB
  • #75,938
  • Sep 29, 2010 4:02am Sep 29, 2010 4:02am
Morning all!

I just joined the PF!
Anything can happen.
  • #75,939
  • Sep 29, 2010 4:02am Sep 29, 2010 4:02am
Quoting mbqb11
The story is, what support and resistance looks like, do we have consolidation, boxing of price, is it wide open, are there patterns forming beyond the bars....
Hey Mike,
Refering to the 1H-BEOB of the E-G yesterday, the position of this 1H-BEOB wasn't that great is was somewhere at a swinglow on the 1H-TF, but if you took the triangle pattern into consideration then all of a sudden this BEOB would look more appealing. Then you could consider this BEOB as a breakout pattern out of that triangle, I didn't take this BeOB because of its position. I'am wright about this observation ?

May the force be with you.
Pipcrawler
  • #75,940
  • Sep 29, 2010 4:04am Sep 29, 2010 4:04am
My eyes might start to bleed from watching the aud/usd pa. This is unchartered territory for me. I trade off 1 and 4 hour charts. And I do this well. So why mess with trading style? The au PA I am watching now is off the weekly.

The question is, do I keep to what I know and do best, or do I watch this weekly pa and trade it as if it was a 1 hour chart, small position, 1% risk, and set tp and sl according to the pa (that is if I see any convincing pa in the coming weeks/days).

I think I will only watch this one, I have no reason to start doing things out of my comfort zone. I will open a demo for trades like these, daily and weekly charts only. And build confidence there. I am happy trading only off smallish time frames for my income. But, it would be nice to trade daily's and weekly's when a setups does occur.

UPDATE on my eu trade. I might have been a bit hasty, took the buob on the 1hour time frame, currently at around -35pips. Not too worried though. If price does test the 1.35 level again I will be stopped, but then there will likely be bullish pa at this level so I will then make up my losses there. Will post charts if anything does happen (don't know if it would be within the 10sec cut off demanded by the nay sayers though)
Thank you j16!
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