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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

  • #77,021
  • Oct 9, 2010 7:50pm Oct 9, 2010 7:50pm
Quoting Greenhaze
Hi Blue

GBP/JPY daily PB doesnt look bad at all imo. There is BUOB on weekly chart and the high of pb is at 131 RN. There is some traffic to the upside but 131 could be a good flip area for price and with good trade management you could get the breakeven point just under the 131. If BOJ would intervene in near future it could workout very well. Just be carefull and keep an eye on the g7 , imf meeting this weekend.

Cheers and have a nice weekend
My Views:

If I look at PB on its own, it does not stand out. However if I look at this in relation to big BUOB (Technically not a BUOB but a big bullish bar) of 09/15, it does make lot of sense to me.

As Jarroo always says- BUOB/BEOB's retrace before it moves in the direction of the PA. Here the PB at 130 looks like supporting the big BUOB.


Jarroo, would like to hear your thoughts ..
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  • #77,022
  • Oct 9, 2010 8:21pm Oct 9, 2010 8:21pm
Hi guys,
I was scrolling through the charts and found a pin on CJ chart but it did not work.
I learn't the points mike gave me about pin bars.
I checked out location.
I did everything,checked trendlines also.
I could not find the reason for the failure, maybe you people can tell.
The only reason i see is close below monthly and weekly pivot of 83.00.
The trend was down and the price had touched the bottom for that period.
The Nose is long and is around 105 pips or so.
And strong bearish run on chart on weekly.
Can anyone tell me the reason.

http://img64.imageshack.us/img64/505/pinquestion.gif
  • #77,023
  • Oct 9, 2010 8:43pm Oct 9, 2010 8:43pm
Quoting 666Doom
Hi guys,
I was scrolling through the charts and found a pin on CJ chart but it did not work.
I learn't the points mike gave me about pin bars.
I checked out location.
I did everything,checked trendlines also.
I could not find the reason for the failure, maybe you people can tell.
The only reason i see is close below monthly and weekly pivot of 83.00.
The trend was down and the price had touched the bottom for that period.
The Nose is long and is around 105 pips or so.
And strong bearish run on chart on weekly.
Can anyone tell me the reason.

http://img64.imageshack.us/img64/505/pinquestion.gif...
Eventually it worked if you look several days to the right and if you had your stop below the pb
Considering the location as you have marked in blue and to the left you would be trading in a ppz with the close of the pb below a RN(83) and the close was not above the left eye in addition to the strong down move that just occurred, ie the story to the left of the bar tells me that it would be an easy pass for me
  • #77,024
  • Oct 9, 2010 8:50pm Oct 9, 2010 8:50pm
Quoting 666Doom
Hi guys,
I was scrolling through the charts and found a pin on CJ chart but it did not work.
I learn't the points mike gave me about pin bars.
I checked out location.
I did everything,checked trendlines also.
I could not find the reason for the failure, maybe you people can tell.
The only reason i see is close below monthly and weekly pivot of 83.00.
The trend was down and the price had touched the bottom for that period.
The Nose is long and is around 105 pips or so.
And strong bearish run on chart on weekly.
Can anyone tell me the reason.

http://img64.imageshack.us/img64/505/pinquestion.gif...

EDIT: ATC posted the reply as I was making the chart.

Same answer though. This proves we are all looking for the same things, basically.




Here you go.

I know how it goes.

We check everything and convince ourselves it is a good setup, especially live trading. But we sometimes forget to look at the more simple points.

Hope this helps.
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  • #77,025
  • Oct 9, 2010 9:06pm Oct 9, 2010 9:06pm
Quoting Pinbar
EDIT: ATC posted the reply as I was making the chart.

Same answer though. This proves we are all looking for the same things, basically.




Here you go.

I know how it goes.

We check everything and convince ourselves it is a good setup, especially live trading. But we sometimes forget to look at the more simple points.

Hope this helps.

Thank you very much sir,for the help.
I was also wondering about the close below RN and the open and close below the previous bars,but i did see quite a lot of pinbars without open close in previous bar workout.
As you said it, we wait for some setups and we see a big long nose pin bar,now it is matching many criteria's, but close is not in previous bar.
But the positive outweighs the negative so i say to myself hey this will workout after all.
But i was just considering if i traded nothing but pin bars,this one was with a big nose,so by the time it formed, i was thirsty to get in there because i did not trade anything but pin bar, but would i pass it just because it had no left eye exposure.
If i played break it was faked out,and retrace it was a total mess.
So my question to you over here is would you just pass a pin bar because it doesn't have close in previous eye.
but the pb matches all other things.
Remembering this, that close below RN doesn't apply because i was playing the break so if the price did break it was a pin bar,but the break did not hold.
Regards
Taz
  • #77,026
  • Oct 9, 2010 9:08pm Oct 9, 2010 9:08pm
Quoting Atc
Eventually it worked if you look several days to the right and if you had your stop below the pb
Considering the location as you have marked in blue and to the left you would be trading in a ppz with the close of the pb below a RN(83) and the close was not above the left eye in addition to the strong down move that just occurred, ie the story to the left of the bar tells me that it would be an easy pass for me
Great Points here,but that open close criteria was very strict.
I know this point is important but the nose was damn juicy.
Guess i will have to work on that.
  • #77,027
  • Oct 9, 2010 9:23pm Oct 9, 2010 9:23pm
[quote=666Doom;4085553]Thank you very much sir,for the help.
I was also wondering about the close below RN and the open and close below the previous bars,but i did see quite a lot of pinbars without open close in previous bar workout.
As you said it, we wait for some setups and we see a big long nose pin bar,now it is matching many criteria's, but close is not in previous bar.
But the positive outweighs the negative so i say to myself hey this will workout after all.
But i was just considering if i traded nothing but pin bars,this one was with a big nose,so by the time it formed, i was thirsty to get in there because i did not trade anything but pin bar, but would i pass it just because it had no left eye exposure.
If i played break it was faked out,and retrace it was a total mess.
So my question to you over here is would you just pass a pin bar because it doesn't have close in previous eye.
but the pb matches all other things.
Remembering this, that close below RN doesn't apply because i was playing the break so if the price did break it was a pin bar,but the break did not hold.
Regards
Taz[/quote

To simply answer your question-No. The most important items to look at are what happened prior to that PB ... Are you trading into S/R ...is it at a swing hi/lo...yes the shape was very nice but what else did it have going for it? Remember location, location, location...where it was heading into the ppz absolutely would prevent me from trading this bar....as it was it just missed the next bar low by a few pips.

I understand where you are coming from ..many of us have been there and we all make mistakes....nice looking PB, I've been waiting patiently...nows my chance....don't forget the PB is just a signal...we must widen our perception and look where it is (location) and support our decision with other justification(s), the more the better.
  • #77,028
  • Oct 9, 2010 9:26pm Oct 9, 2010 9:26pm
Quoting 666Doom
Thank you very much sir,for the help.
I was also wondering about the close below RN and the open and close below the previous bars,but i did see quite a lot of pinbars without open close in previous bar workout.
As you said it, we wait for some setups and we see a big long nose pin bar,now it is matching many criteria's, but close is not in previous bar.
But the positive outweighs the negative so i say to myself hey this will workout after all.
But i was just considering if i traded nothing but pin bars,this one was with a big nose,so by the time...

Some people will use what they call a "Proxy" eye, which is the nearest bar to the left of the previous bar. But, I think rather than the shape of the PB and the being outside the left eye, more obvious to us is the RN and the former support area to the left, which is a PPZ. we want PA going away from PPZ and RNs, not into them.

I see what you are doing though, working on failed Pins so you can avoid them. Good job.

Also, if you work on where will it go if it breaks, meaning the FTA, we can see that this bar actually did make it to the FTA, or close to it.
We can see, that it is hardly worth the risk given the strong downtrend and the other minus factors.

Keep up the good work.


PS: Ignore the lower broken lines, I am just looking at something current on this chart.



EDIT: ATC did it again, great synchronicity we have here.

Next time you ask a question, neither of us will answer as we will think the other one will answer you. LOL

PS: You don't need to call me sir, just PB. I haven't been knighted. Yet!
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  • #77,029
  • Oct 9, 2010 9:39pm Oct 9, 2010 9:39pm
Quoting Pinbar
EDIT: ATC posted the reply as I was making the chart.

Same answer though. This proves we are all looking for the same things, basically.




Here you go.

I know how it goes.

We check everything and convince ourselves it is a good setup, especially live trading. But we sometimes forget to look at the more simple points.

Hope this helps.
http://cdn.forexfactory.com/attachme...1&d=1286677553
hi! where can i get the round number indicator?look good and clean
  • #77,030
  • Oct 9, 2010 9:48pm Oct 9, 2010 9:48pm
  •  jdl
  • | Joined Oct 2006 | Status: going to master this or die trying | 101 Posts
Quoting 666Doom
If i played break it was faked out,and retrace it was a total mess.
Doom,
I'm not sure why you say this setup failed. If you put your SL below the wick you would not have been stopped out. It would have taken a few days to play out, but eventually it went up.

That said, I agree with atc and Pinbar that this wasn't a pin bar in the first place since it didn't close within previous bar. So to me this was not a failed pin bar but a successful non-pinbar! (I still would not have taken it.)
  • #77,031
  • Oct 9, 2010 9:55pm Oct 9, 2010 9:55pm
Quoting darkkiller
hi! where can i get the round number indicator?look good and clean

It is just sweetspots gold which I modified.

You have to play around with the SHIFT LINES number, to get it to display depending on how zoomed in you are.

And if you use a 5 digit number broker, make sure you set it with 5 digits.
Attached File(s)
File Type: mq4 SweetSpots%20GOLD%20modification.mq4   4 KB | 404 downloads
  • #77,032
  • Edited 10:26pm Oct 9, 2010 10:01pm | Edited 10:26pm
In MT4, right click on the chart you want to save, then follow the steps in the screen shots.

For some reason, the order of the pics posted is wrong, just make sure you follow them in the order of 1,2 &3.

And when it ask you, where you want to save it, change the default setting to the desktop, or it will save it inside the Mt4 templates folder, which is a pain to get to when you want to post the pic.
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  • #77,033
  • Oct 9, 2010 10:04pm Oct 9, 2010 10:04pm
Quoting Pinbar
It is just sweetspots gold which I modified.

You have to play around with the SHIFT LINES number, to get it to display depending on how zoomed in you are.

And if you use a 5 digit number broker, make sure you set it with 5 digits.
thanks..i really love it..
  • #77,034
  • Oct 9, 2010 10:09pm Oct 9, 2010 10:09pm
Quoting darkkiller
thanks..i really love it..

Yeah, it gives us an idea of what is going on at a glance without lines all over the place.

Glad you like it.

EDIT. Anyone know how to change the name of the sweet spots gold indicator to something other than, SweetSpots%20GOLD%20modification

It doesn't seem to work if we change the name.
  • #77,035
  • Oct 9, 2010 11:53pm Oct 9, 2010 11:53pm
Quoting melvin87
Hey Ghous and Mr Smith,

Thanks for the clarification. In this case, what would be your conditions for trading continuation bars? I'm quite confused because in the many instances I back-tested with continuation bars that broke through important ppzs, there would (more often than not) be some box of consolidation on the left that i'm trading into when I dont do them at swing points. So the 'bad location' (or so i think hahah) makes it difficult to decide whether to enter or not and also set a proper FTA.
hey Melvin,

For me, it's just all the regular requirements for a trade setup. I need to have a strong bar off an important area and which isn't heading into immediate traffic. Again traffic here doesn't only imply bar highs and lows to the immediate left but also long term price pivot zones that may come in the way and that do play a more important role in such trades than do short term price flips.

What makes trading trend continuation setups at swing points tricky is that you end up jumping in on a running trend (unless price has consolidated at the swing point before it broke out and presented a PA setup) and because price doesn't move in a straight line you are more vulnerable to pull backs,halts and whipsaws

On the other hand you're banking on fresh orders when you're going for trend reversal bar setups at swing points and when you trade at 50/61.8 fib ret of a trend which "seems to have revived"

Not to say a BUOB at a swing high is in any way more or less reliable than a BUOB at a swing low - just that at a swing high it requires you to have a very solid understanding of trouble areas (that are not as obviously lying in front of you as they are with trend reversal setups) and long term price pivot zones and big round numbers, because as it is you got to watch out for that pull back that could be round the corner.

g.
I believe . . .
  • #77,036
  • Oct 9, 2010 11:53pm Oct 9, 2010 11:53pm
Hey guys,

Need your opinion on this BEOB that happened sometime back (July 2010) on the EUR/AUD. Price retraced after a downward move to form a big BEOB at swing high. Setup-wise, I thought it was very good. But i noticed it was trading into the 1.47ppz + 50 fib which I set as my FTA. Price did eventually break through that level.

Just wondering, in these cases where you have such a setup, will you be more 'lenient' in setting an FTA? I realised even for a lot of good trade setups in general, my FTA would usually be around 30-40 pips away where I will take partial profit. But price just eventually plows through that area.
Attached Image
  • #77,037
  • Oct 9, 2010 11:55pm Oct 9, 2010 11:55pm
sorry, chart didnt come out right.
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  • #77,038
  • Oct 10, 2010 12:11am Oct 10, 2010 12:11am
Quoting ghous
hey Melvin,

For me, it's just all the regular requirements for a trade setup. I need to have a strong bar off an important area and which isn't heading into immediate traffic. Again traffic here doesn't only imply bar highs and lows to the immediate left but also long term price pivot zones that may come in the way and that do play a more important role in such trades than do short term price flips.

What makes trading trend continuation setups at swing points tricky is that you end up jumping in on a running trend (unless price has consolidated...
Ahh okok. Thanks for the very detailed reply. Lots of good points in there.

Another question though. I tend to treat every RN and/or BRN as a PPZ because at some point of time in the past, several bars would have reacted off that area. That means even if there is a good setup, my FTA would usually very pretty close by. And with a good pin that spans over a 100 pips, it makes it difficult for me to decide whether to enter the trade or not because of the supposedly unfavourable R:R ratio. Thats what made me think that perhaps trading at extreme swing highs/lows might be better (which I have been proved wrong hahah). So am I too conservative in my identification of FTAs?
  • #77,039
  • Oct 10, 2010 12:37am Oct 10, 2010 12:37am
  •  jdl
  • | Joined Oct 2006 | Status: going to master this or die trying | 101 Posts
Quoting Pinbar
EDIT. Anyone know how to change the name of the sweet spots gold indicator to something other than, SweetSpots%20GOLD%20modification

It doesn't seem to work if we change the name.
Pinbar,
You should be able to change the name. I just changed the name to SSGM, closed MT4, reopened it, and attached SSGM to the chart. The mq4 file needs to be in the /experts/indicators/ folder.
  • #77,040
  • Edited 1:19am Oct 10, 2010 1:04am | Edited 1:19am
Quoting jdl
Pinbar,
You should be able to change the name. I just changed the name to SSGM, closed MT4, reopened it, and attached SSGM to the chart. The mq4 file needs to be in the /experts/indicators/ folder.
Yeah, I know the indicator has to be in the indicators folder.

It is just that, I tried changing the name, rebooting MT4 and it would not work.

I will try it again right now.

Thanks


EDIT: Yeah, it worked for some reason.
Here is the version again saved with a better name.
Attached File(s)
File Type: mq4 SweetSpotsGold.mq4   4 KB | 460 downloads
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