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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

  • #76,241
  • Oct 2, 2010 5:49pm Oct 2, 2010 5:49pm
Man AG weekly, possible support - resistance role reversal.
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Pipcrawler
  • #76,242
  • Oct 2, 2010 5:52pm Oct 2, 2010 5:52pm
Quoting fxtsun
Can these possibly work?





fxtsun
___________________________________

I need my conscience to keep watch over me
To protect me from myself - Brendan Perry
Be careful on the second pic it is no daily BEOB because the last candle must have a higher high then the candle before and a lower low ;-)
  • #76,243
  • Oct 2, 2010 5:52pm Oct 2, 2010 5:52pm
Quoting maarc
Hello Huys
The USD/CAD is on the lower end of the range and maybe we could see a breakout or it may just consolidate, or form a pinbar at lower part of the range.

Maybe it could be a good trade for next week. Like to get comments on this from senior members like Mike, Jaroo, Pinbar and many others.( I apologize if I am missing someone)

According to me there is a high likelihood of a continuation of the downtrend. It is like the classic trendline break(which is not there on the following chart), then consolidation and then move in the direction...
Quoting Pinbar
Hi, Maarc and welcome to this Great thread.


Yes, you are wrong in as much as PINBAR is not a senior, just an earnest newbie.


I think this area is problematic, in as much as, a weekly bearish PB type bar just closed. It is not a valid bearish PB PA bar but it is a bearish bar by nature of the close. The close is sitting right on the RN. I think the area we are at on the daily with all those lows lining up is a possible flip area in the making. We want to see any bullish PA close above that area on the daily and any bearish PA come off it....
I agree Pb .. .good analysis . . well done. . .

I like your chart of Price breaking out of this consolidation (yellow) and where Support turning into Resistance.
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Indicators show the past. Price Action "Indicates" the future.
  • #76,244
  • Oct 2, 2010 5:55pm Oct 2, 2010 5:55pm
Quoting xmzhang
Man AG weekly, possible support - resistance role reversal.

. . .just like your ADSG chart at 4.400.
Indicators show the past. Price Action "Indicates" the future.
  • #76,245
  • Oct 2, 2010 6:04pm Oct 2, 2010 6:04pm
fxtsun
Do you see on the pic how the high is higher then the previous bar and the low lower then the previous low?

And the close of an BUOB musīt be higher then the previous candle close
And the close of an BEOB musīt be lower then the previous candle close

Hope it helps ;-)

So i go sleep its late here in germany good night ^^
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  • #76,246
  • Oct 2, 2010 6:24pm Oct 2, 2010 6:24pm
Quoting john225
fxtsun
Do you see on the pic how the high is higher then the previous bar and the low lower then the previous low?

And the close of an BUOB musīt be higher then the previous candle close
And the close of an BEOB musīt be lower then the previous candle close

Hope it helps ;-)

So i go sleep its late here in germany good night ^^
Thank you for the correction. Technically you are right, the last bar doesn't totally encompasses the prior bar, but it is a fine bearish bar nevertheless.

You have a good night and sleep well.



fxtsun
___________________________________

I need my conscience to keep watch over me
To protect me from myself - Brendan Perry
  • #76,247
  • Edited 8:39pm Oct 2, 2010 7:54pm | Edited 8:39pm
Quoting jarroo
I agree Pb .. .good analysis . . well done. . .

I like your chart of Price breaking out of this consolidation (yellow) and where Support turning into Resistance.

Thanks Jarroo, just trying to help our on the weekend with not that many people around.

I have been thinking a lot about my former and not so distant, fixation with trying to find an indicator that draws PPZ reasonably well.

And, I have come to the conclusion that it is not possible because of the nature of PPZ. Maybe they can come close but it is really impossible.

Along with this, I have been thinking about the obsession I experienced with this search for the indicator.

Basically, I think it was a responsibility issues, meaning that if I used an indicator to draw PPZ and a trade failed because of it, I could then go "That @#@$$$# Indicator, $#@**($@@%$@$$@$$@$@!

This would then shift the blame for any failed setups not where it should be, on me, but on the indicator.

Crafty things these, psychological cop outs.
  • #76,248
  • Oct 2, 2010 8:41pm Oct 2, 2010 8:41pm
Quoting fxtsun
Can these possibly work?

My suggestion is to just avoid that weekly pinbar.
Reasons:
1. Close is above the BRN 1.30000, should have been below.
2. In the monthly chart, you can see the resistance is broken and there is a strong bullish bar. Price is obviously heading higher as continuation.
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Anyways, if next week bar manages to close below that BRN, then it will be a much safer trade.

- Lord
  • #76,249
  • Oct 2, 2010 8:42pm Oct 2, 2010 8:42pm
Quoting fxtsun
Thank you for the correction. Technically you are right, the last bar doesn't totally encompasses the prior bar, but it is a fine bearish bar nevertheless.

You have a good night and sleep well.

fxtsun
___________________________________

I need my conscience to keep watch over me
To protect me from myself - Brendan Perry
As john stated, it is not a BEOB technically.

However, I concur with your view that it is a good bearish bar.. I would expect that it will retrace back to 1.3091- 1.3130

If it retraces back, I will be watching for a bearish PA on H4 to support daily bearish bar and weekly bearish pin.

This weekly pin is small and weak (long wic at the bottom) in relative to uptrend.. and not bounced off of 1.3300 in comparison to the weekly pin formed 04/04/2010.
  • #76,250
  • Oct 2, 2010 8:45pm Oct 2, 2010 8:45pm
Quoting The Lord
My suggestion is to just avoid that weekly pinbar.
Reasons:
1. Close is above the BRN 1.30000, should have been below.
2. In the monthly chart, you can see the resistance is broken and there is a strong bullish bar. Price is obviously heading higher as continuation.

Anyways, if next week bar manages to close below that BRN, then it will be a much safer trade.

- Lord
Good analysis.. I think you are right unless price closed below 1.3000 (VBRN), it may not be a safer trade.
  • #76,251
  • Oct 2, 2010 9:15pm Oct 2, 2010 9:15pm
Looks like a choppy sideways market at its finest. Looks like it will likely go higher but may drop to 1.28 first. Only time will tell.

Scott
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  • #76,252
  • Oct 2, 2010 9:58pm Oct 2, 2010 9:58pm
Quoting The Lord
My suggestion is to just avoid that weekly pinbar.
Reasons:
1. Close is above the BRN 1.30000, should have been below.
2. In the monthly chart, you can see the resistance is broken and there is a strong bullish bar. Price is obviously heading higher as continuation.
- Lord
That's makes a lot of sense. I also think there is a "little" more bullish momentum.

Quoting cprao
This weekly pin is small and weak (long wic at the bottom) in relative to uptrend.. and not bounced off of 1.3300 in comparison to the weekly pin formed 04/04/2010.
Yes I agree that it's smaller than the pin formed on 04/04/2010, but the reason this setup looks interesting to me is because the RSI shows a nice hidden divergence.



fxtsun
___________________________________
"Chance favours the prepared mind" - Louis Pasteur
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  • #76,253
  • Oct 2, 2010 10:43pm Oct 2, 2010 10:43pm
IMHO if you are skeptical about setup - use half of your position size,,,,that helped me a lot to build confidence in my trading plan,,,,you got to have one,,,,less risk - easer to take a trade,,,,cause you never know....IMHO
Quoting fxtsun
That's makes a lot of sense. I also think there is a "little" more bullish momentum.



Yes I agree that it's smaller than the pin formed on 04/04/2010, but the reason this setup looks interesting to me is because the RSI shows a nice hidden divergence.



fxtsun
___________________________________
"Chance favours the prepared mind" - Louis Pasteur
Anything can happen - You never know
  • #76,254
  • Oct 2, 2010 10:56pm Oct 2, 2010 10:56pm
Quoting kwikwis
IMHO if you are skeptical about setup - use half of your position size,,,,that helped me a lot to build confidence in my trading plan,,,,you got to have one,,,,less risk - easer to take a trade,,,,cause you never know....IMHO
Yes I agree, kwikwis, that makes a lot of sense especially if trading the longer TF's where there are many pips involved.



fxtsun
___________________________________
"Chance favours the prepared mind" - Louis Pasteur
  • #76,255
  • Oct 3, 2010 12:15am Oct 3, 2010 12:15am
Quoting Jigsaw
What broker are you getting these from ?

Thanks,
Jig
it is gci finnacial. i only use demo for charting.
meine augen sind die sterne
  • #76,256
  • Oct 3, 2010 2:42am Oct 3, 2010 2:42am
Quoting The Lord
Of course! Actually, better than a pin, its a hammer (inverted).
Is there something I am missing? Looks fine for me.
Ahh ok because I was under the impression that it wasn't protruding from the surrounding bars considering that the zone which the pin got rejected off also rejected a few bars just a while back.
  • #76,257
  • Oct 3, 2010 3:15am Oct 3, 2010 3:15am
Quoting fxtsun
That's makes a lot of sense. I also think there is a "little" more bullish momentum.
Yes I agree that it's smaller than the pin formed on 04/04/2010, but the reason this setup looks interesting to me is because the RSI shows a nice hidden divergence. ...
(looking exclusively at your chart)
IMHO, an indicator divergence should Not be part of a trader's main reason to take a trade.
WHY? divergences get killed in strong trends.
divergence is part of the 'confluence' category, IMHO.
price may drop from here but i felt the need to point this out.

btw, u incorrectly plotted your RSI divergence. (im referring to the left part of the RSI div.; it does not correspond to the price div./ 4/4/2010 pin)
  • #76,258
  • Edited 3:42am Oct 3, 2010 3:31am | Edited 3:42am
GU seems to be approaching a nice area of confluence.

61.8. 38.2 & 50 fibo, 1.6000 BRN and weekly PPZ area.

All we need now, is some patience and PA.
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  • #76,259
  • Oct 3, 2010 3:55am Oct 3, 2010 3:55am
Is the BOJ going to inject another 2 trillion Yen into USD when we hit 83 again, in another 30 pips. Makes one wonder.

I shall keep my eyes on the news tonight for any hints that the BOJ head has met with the JP PM.
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  • #76,260
  • Oct 3, 2010 5:01am Oct 3, 2010 5:01am
Quoting cprao
Is this bearish daily bar at swing high IPB ?
It is...but pretty insignificant if you're looking at it as a trading opportunity. Far too small (IMHO) vs a decent move up. Notice also that it wasn't exactly "off" the BRN was it? I mean clearly to me it's more of a bar that is indicating a pull back to the 1.4 after that close above the level.

This is not the first time I've said it...but a price bar even a J16 one is a single page of a thick interesting, thrilling and exciting novel. No matter how attractive the text on the page looks it has little value to offer if you read it in isolation to the text on the many pages before and after it.

g.
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I believe . . .
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