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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

  • #76,081
  • Sep 30, 2010 4:29pm Sep 30, 2010 4:29pm
For Mike...

When you were talking about bearish close, 2 or 3 posts ago. This means that close price on that Pin (gbpusd) was lower than open? Thus, it's not ok, considering we've had two quite big bearish bars prior to it. We can conclude that it's just unfortunate time at which that bar closed, that made it look like a pin bar.

I hope I'm not too much off track here
  • #76,082
  • Sep 30, 2010 4:45pm Sep 30, 2010 4:45pm
Quoting bee24
For Mike...

When you were talking about bearish close, 2 or 3 posts ago. This means that close price on that Pin (gbpusd) was lower than open? Thus, it's not ok, considering we've had two quite big bearish bars prior to it. We can conclude that it's just unfortunate time at which that bar closed, that made it look like a pin bar.

I hope I'm not too much off track here
Hey Bee

You are very much on track here

Closes are very important, if price can't close above recent highs/lows round numbers, previous opens. This just looks like price barely hanging on within the prior 4hr range as opposed to authoritatively closing above the prior open and showing the bulls could close price up higher then that previous 4hr span etc

Best
Mike
  • #76,083
  • Sep 30, 2010 5:14pm Sep 30, 2010 5:14pm
Quoting tehuringa
Hey Jim....good to see you man
Sorry for the delayed reply Jim.... all's good here mate...now living on 3000 acres so there's plenty to do in between trades
  • #76,084
  • Sep 30, 2010 5:22pm Sep 30, 2010 5:22pm
Quoting maarc
Hey Guys
I have a query eating my mind. I know every round number is important and i have seen price stopping at every round number even if its temporary, but it does. So how do we know that the round number will break or not.

Please enlighten me with your thoughts.

Thanks In Advance
Maarc
Could you also please tell how to judge the importance of a particular round number.
Regards
Maarc
  • #76,085
  • Sep 30, 2010 5:34pm Sep 30, 2010 5:34pm
Quoting maarc
Could you also please tell how to judge the importance of a particular round number.
Regards
Maarc
Round numbers hold a lot of significance in the markets. Everything from basic psychologically important areas, to major orderflow existing there. So the best thing to be aware of is the importance of them and know they are around. Use them to help line up an area better and take note of that on your charts to make better decisions

Best
Mike
  • #76,086
  • Sep 30, 2010 5:38pm Sep 30, 2010 5:38pm
Quoting mbqb11
Round numbers hold a lot of significance in the markets. Everything from basic psychologically important areas, to major orderflow existing there. So the best thing to be aware of is the importance of them and know they are around. Use them to help line up an area better and take note of that on your charts to make better decisions

Best
Mike
Thanks Mike
But could you please also tell how to get an idea which round number is more important because price happens to stick around every round number, so how do we get the idea that it will break.
  • #76,087
  • Sep 30, 2010 5:52pm Sep 30, 2010 5:52pm
Quoting maarc
Thanks Mike
But could you please also tell how to get an idea which round number is more important because price happens to stick around every round number, so how do we get the idea that it will break.
Hey Marc

This is where we want to combine our knowledge of price action analysis and support and resistance. You don't just know that price will or won't break one, the idea is to watch what happens around these areas. So a couple examples

Example charts
One is a trade I took today, and another is one I would be watching for in the future
Remember the story can be different every time we just look to analyze the information each time to make a logical decision(both entries and exits )
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  • #76,088
  • Sep 30, 2010 6:04pm Sep 30, 2010 6:04pm
Quoting billm
So you would drop to a lower timeframe to look for a PA at support/PPZ ?

As this is a weekly BUOB whats the lowest timeframe you would drop to for a PA signal ?
Yes, I would drop down to lower time frames.

Preferably the Daily time frame, but the 8 Hour, 4 hour, Hourly or even the 15min if the qualitly of the setup stands out. Meaning big in size, limited traffic, throw in some confluence like divergence, etc.

Looking at the Hourly, a small PB (by proxy) seems to be giving a bit of a bounce, although its pretty small. Enough of a bounce to cover your risk.
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Indicators show the past. Price Action "Indicates" the future.
  • #76,089
  • Sep 30, 2010 6:05pm Sep 30, 2010 6:05pm
Quoting mbqb11
Hey Marc

This is where we want to combine our knowledge of price action analysis and support and resistance. You don't just know that price will or won't break one, the idea is to watch what happens around these areas. So a couple examples

Example charts
One is a trade I took today, and another is one I would be watching for in the future
Remember the story can be different every time we just look to analyze the information each time to make a logical decision(both entries and exits )
Regarding your example 1,could you please why you didn't consider the 9950 level because the price closes just above it which left me wary of taking this trade. In near past also the 9950 level was support.
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  • #76,090
  • Sep 30, 2010 6:15pm Sep 30, 2010 6:15pm
Quoting Donkey
CADCHF looks to be in a good spot to watch for bullish pa. Daily divergence, a BRN that has given big reactions previously.
Quoting roundrock
it should close above 0.95 to consider long. but the down trend is too strong
There you go guys . .

The Daily BUOB is a bit small but well supported.

The 4 hour pinish looking BUOB ( I love those, lol) Looks a lot better.
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Indicators show the past. Price Action "Indicates" the future.
  • #76,091
  • Sep 30, 2010 6:27pm Sep 30, 2010 6:27pm
Quoting tehuringa
Sorry for the delayed reply Jim.... all's good here mate...now living on 3000 acres so there's plenty to do in between trades

No problem brother. I sure that 3000 arces will keep you busy. . .wow.
Indicators show the past. Price Action "Indicates" the future.
  • #76,092
  • Sep 30, 2010 6:56pm Sep 30, 2010 6:56pm
Quoting mbqb11
Hey Marc

This is where we want to combine our knowledge of price action analysis and support and resistance. You don't just know that price will or won't break one, the idea is to watch what happens around these areas. So a couple examples

Example charts
One is a trade I took today, and another is one I would be watching for in the future
Remember the story can be different every time we just look to analyze the information each time to make a logical decision(both entries and exits )
Hi Mike,

That AUDCAD trade - very nice!

This type of stuff really encourage me to study more about PA.

Thank you for sharing


fxtsun
___________________________________

I need my conscience to keep watch over me
To protect me from myself - Brendan Perry
  • #76,093
  • Sep 30, 2010 7:16pm Sep 30, 2010 7:16pm
Quoting fxtsun
Hi Mike,

That AUDCAD trade - very nice!

This type of stuff really encourage me to study more about PA.

Thank you for sharing


fxtsun
___________________________________

I need my conscience to keep watch over me
To protect me from myself - Brendan Perry
you are welcome sir, they aren't all winners though, just today they were
  • #76,094
  • Sep 30, 2010 7:17pm Sep 30, 2010 7:17pm
Hey Everyone,

Long time reader, first time posting a chart. Thought I'd dive right in and start posting what I see, and get some comments on my thinking.

Mike made a great trade on the 1H chart of the AUDCAD.

I'm looking at the daily chart, and I'm seeing a BEOB at a swing high, bouncing off a BRN 1.00000. I also see from my charts (if I zoom out) that the low of the daily bar was at the break of the resistance at around .9920 (High of 2009). Price seemed to bounce off it.

I don't see much else in terms of confluence which could sway me to short, but would look to see if price does break and close below support.

Comments would be greatly appreciated. Great thread guys and gals. Thanks in advance.

Synergy
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  • #76,095
  • Sep 30, 2010 7:21pm Sep 30, 2010 7:21pm
Quoting Synergistik
Hey Everyone,

Long time reader,...
Hey Synergy

I know some would take this purely b/c of the parity level, but my view is a bit different. To me the uptrend is way to strong and the beob is too small. One of my other rules especially counter trend is a strong close(under a range of bars or at least this one bar). Now could it work, of course but I like to be more comfortable when entering. Let's look where price should likely go though.

Again don't let me talk you that is certainly not my intent, just my view.

Blue box = first trouble area(note my close was very very poor from the 5pm est close so easy no trade on my chart).

Best
Mike
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  • #76,096
  • Sep 30, 2010 8:19pm Sep 30, 2010 8:19pm
Quoting uBERpIP
Pin bar bouncing off of the .7650 zone and not wanting to reach the 365 EMA.

Doesn't appear to be a lot of room on the downside, as it may stall out around the support of .7550.

I am demo trading only, so I may test it out with the expectation to take a few quick pips and move stop to B/E.

Then, if it does break below the support we may see a nice fall.
Its looks great one bro! With the trend and a long nose plus rejected off a resistance, all are telling good. Can you provide a zoomed out picture? I can't find that pair in my feed.
  • #76,097
  • Sep 30, 2010 8:26pm Sep 30, 2010 8:26pm
the location is at swing high, we have VBRN 1.0000, the close is not strong enough, fta at .9860 area
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  • #76,098
  • Sep 30, 2010 8:29pm Sep 30, 2010 8:29pm
What do you think about this chart guys? I like this setup!
1. Rejection from the resistance
2. Closing below the inbetween zone
3. Nice long bar enclosing several previous bars
4. Clearly visible FTA.

Once it breaks, I think it should not be a problem. Lets see..
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  • #76,099
  • Sep 30, 2010 8:31pm Sep 30, 2010 8:31pm
Quoting roundrock
the location is at swing high, we have VBRN 1.0000, the close is not strong enough, fta at .9860 area
Yes bro, as you mentioned, both close and size of the bar is not convincing in such a strong uptrend.
  • #76,100
  • Sep 30, 2010 8:32pm Sep 30, 2010 8:32pm
Quoting mbqb11
Hey Synergy

I know some would take this purely b/c of the parity level, but my view is a bit different....
Thanks a lot Mike for the comments. Yeah my inclination it is stay on the sidelines and wait to see what happens.

Cheers,

Synergy
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