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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

  • #77,981
  • Oct 20, 2010 3:27pm Oct 20, 2010 3:27pm
Quoting Pinbar
Out chasing women again eh?

Good for you Jarroo.


Glad to hear you had fun.

I have been off line all afternoon after the phone company came and upgraded my 100 Mbps fiber optic connection to 200 Mbps.

So, I just saw your post with a sigh of relief.

Lol . .it was more like chasing golf balls and squirrels . . .lol

Good times.
Indicators show the past. Price Action "Indicates" the future.
  • #77,982
  • Oct 20, 2010 3:55pm Oct 20, 2010 3:55pm
Quoting jeffokes
Mike,
What do you say about this;would it pass for a good consolidation breakout sell trade? I am considering putting a sell stop below the BRN 80.00 which also is a Daily Tf PPZ. Pls do throw in some light here for me. Thanks.
Quoting jarroo
Yes, I would say it would pass as a consolidation breakout. I would wait for some Bearish PA at the 80.00/80.50 for confirmation. But a touch trade at these levels is possible.
Hey jeffokes. . .looking at the Daily #CLXO it looks like there was no reaction to the these levels that we talked about, 80.00 & 80.50. That would be correct if we were looking for a setup on the Daily.

Looking at the 4 Hour and Hourly we can see that there was a reaction at the 80.50 which was the break of the consolidation. This is where touch traders can get into touble and were PA confirmation can make the difference.

The 4 hour and Hourly showed no clear, obvious PA. (The Hourly had an IB which was valid.)

It is this reaction . .this bit of bounce . . at these supported levels that can allows us to take a trade and give us room to cover our risk. Move to B/E quickly, take some off the table, have a very small loss, . .whatever . .that's up to you, but we will protect ourselves.

But the more picky we get, the more selective we are and the more practise we do . . the results will only get better . . more than you can imagine.

Jim

Let's look at Mist Gun's Nzd/Usd . .
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Indicators show the past. Price Action "Indicates" the future.
  • #77,983
  • Oct 20, 2010 4:01pm Oct 20, 2010 4:01pm
Quoting jarroo
Hey jeffokes. . .looking at the Daily #CLXO it looks like there was no reaction to the these levels that we talked about, 80.00 & 80.50. That would be correct if we were looking for a setup on the Daily.

Looking at the 4 Hour and Hourly we can see that there was a reaction at the 80.50 which was the break of the consolidation. This is where touch traders can get into touble and were PA confirmation can make the difference.

The 4 hour and Hourly showed no clear, obvious PA. (The Hourly had an IB which was valid.)

It is this reaction . .this...
Thanks J!

I missed this one
  • #77,984
  • Oct 20, 2010 4:07pm Oct 20, 2010 4:07pm
Quoting mbqb11
Thanks J!

I missed this one

Sure thing Mike.

Looks like a touch trade at the 80.50 would have worked out nicely for some pips depending on the size of your small stop loss.

Does the #CLXO use pips?? lol
Indicators show the past. Price Action "Indicates" the future.
  • #77,985
  • Oct 20, 2010 4:10pm Oct 20, 2010 4:10pm
Quoting jeffokes
I can easily see now why your posts are catchy to me! You are ahead of me doing what I am trying hard to get good at - optimal entry with little SL as possible when possible and like you draw downs down don't make me feel too good especially cos of my account size which is why I avoid Counter Trades for now. But when I'm with major trends I stand them better. Please do let me cross views with you from time to time and learn from you. If you permit me I'll like to communicate with you via e-mails / pm where necessary. Let me know if I'm welcome....
No problemo, sir.
Pipcrawler
  • #77,986
  • Oct 20, 2010 4:12pm Oct 20, 2010 4:12pm
Quoting Jonnyislost
It happens sir! infact I have come to expect it, that way I just smile when it happens instead of getting mad
But it seems like you're doing really well. Just be careful not to adjust/curve-fit your strategy in order to fit your most recent trade, if you have something that works in the long run, then why mess with it

j
Thank you sir, I'll will keep that in mind.
Pipcrawler
  • #77,987
  • Oct 20, 2010 4:22pm Oct 20, 2010 4:22pm
If she could do it I could do it.. lol.
Interesting.. she doesn't know how to use a computer and sreadily in profit...
Ingeborga Mootz (german grandma trader)

Inserted Video
  • #77,988
  • Oct 20, 2010 4:26pm Oct 20, 2010 4:26pm
Quoting Adilius07
If she could do it I could do it.. lol.
Interesting.. she doesn't know how to use a computer and sreadily in profit...
Ingeborga Mootz (german grandma trader)

http://www.youtube.com/watch?v=1v2d6PiwFh0
Looks like she has a crystal ball which tells her when to buy and when to sell a certain stock
Pipcrawler
  • #77,989
  • Oct 20, 2010 4:27pm Oct 20, 2010 4:27pm
Quoting xmzhang
Looks like she has a crystal ball which tells her when to buy and when to sell a certain stock
But seriously, she is very famous there as I understood... she does all through phone.. and her TV (local CNBC). And she does this for years...
  • #77,990
  • Oct 20, 2010 4:37pm Oct 20, 2010 4:37pm
Quoting jarroo
Let's look at Mist Gun's Nzd/Usd . .
Quoting Mist Gun
Greetings,

First of all, thank you for starting and maintaining this great thread.
I am looking to learn more about price action set up from the senior traders in this thread.

I just started a demo account and am eager to try the set ups taught here.
One of the set up is the DBLHC that I spotted in the 4H chart of NZD/USD. It is off of a 50% Fib retrace and also a round number 0.7450.

I am wondering if my understanding about DBLHC is correct?
Also, I noticed the BEOB on the daily chart for a short set up.

The 1st scenario that I could...
Quoting jarroo
I would like the 2nd scenario if that DBLHC was bigger and at the .7400, which was strong Resistance and now could be turning into strong Support.

That small DBLHC is reacting well, tells me that the uptrend is still pretty strong. I like the retest of the .7500 with some bearish PA.

Welcome Mist Gun . .btw . .
Looks like your 2nd scenario was correct MG. Price Action with the trend, be it at a retracement level or continuation, can be a nice confluence in and of itself . .just ask Ryanmcd. I still would have liked strong bullish PA at the .7400.

I was looking for a some bearish PA at the .7500. Clearly there was no sign of any bearish PA at the .7500 on the Daily or 4 Hour. A small reaction on the Hourly but nothing to right home about . . no trade.
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Indicators show the past. Price Action "Indicates" the future.
  • #77,991
  • Oct 20, 2010 4:42pm Oct 20, 2010 4:42pm
Quoting Adilius07
But seriously, she is very famous there as I understood... she does all through phone.. and her TV (local CNBC). And she does this for years...


ok sorry about that, some time ago a dutch bank organized a stocktrading competition on a demo-account, quess who won that competition, yes wright a HOUSEWIFE, not some professional trader but a housewife. Amazing, maybe it was luck or maybe she really has a feeling for trading the right stock at the right time for the right price.
Pipcrawler
  • #77,992
  • Oct 20, 2010 4:44pm Oct 20, 2010 4:44pm
Quoting xmzhang
ok sorry about that, some time ago a dutch bank organized a stocktrading competition on a demo-account, quess who won that competition, yes wright a HOUSEWIFE, not some professional trader but a housewife. Amazing, maybe it was luck or maybe she really has a feeling for trading the right stock at the right time for the right price.
I don't know. I don't have a lot of faith in those competions as the main goal there to make huge profit fast and more than others. So they skip those MM rules, everything.. so maybe there is a lot of luck involved... can't say for sure.
  • #77,993
  • Oct 20, 2010 4:55pm Oct 20, 2010 4:55pm
Quoting jarroo
Hey jeffokes. . .looking at the Daily #CLXO it looks like there was no reaction to the these levels that we talked about, 80.00 & 80.50. That would be correct if we were looking for a setup on the Daily.

Looking at the 4 Hour and Hourly we can see that there was a reaction at the 80.50 which was the break of the consolidation. This is where touch traders can get into touble and were PA confirmation can make the difference.

The 4 hour and Hourly showed no clear, obvious PA. (The Hourly had an IB which was valid.)

It is this reaction . .this...
Jarroo thank you big time!!! I sat and observed all the events with great respect for the market - I realized that one has to be rigid with his or her rules but flexible with expectations and pay attention to this big guy (the market) and he will let one know what to do. This is what you guys have got and we the newbies are being helped to learn. Yes the market does speak and it's language is PA. I am trying really hard to learn it and folks like you are simply God sent to me. I appreciate you and the others dearly !!! Thank you soooooo much for this and the earlier response !!!!!!!!
  • #77,994
  • Oct 20, 2010 4:58pm Oct 20, 2010 4:58pm
Hey Jarroo,
Do you also think that the correlation between the dow jones index and the commodity pairs and the E-U is very strong ie. the correlation index is very close to one. For instance looking at the kiwi, ozzie and euro today, I really was expecting and looking for some bearish PA at some keylevels, but when the Dow broke with quite some momentum the RNB @ 11000, all these pairs followed and soared upwards.
Pipcrawler
  • #77,995
  • Oct 20, 2010 5:03pm Oct 20, 2010 5:03pm
Quoting jeffokes
Jarroo thank you big time!!! I sat and observed all the events with great respect for the market - I realized that one has to be rigid with his or her rules but flexible with expectations and pay attention to this big guy (the market) and he will let one know what to do. This is what you guys have got and we the newbies are being helped to learn. Yes the market does speak and it's language is PA. I am trying really hard to learn it and folks like you are simply God sent to me. I appreciate you and the others dearly !!! Thank you soooooo much for...
Sure thing jeff . .
Indicators show the past. Price Action "Indicates" the future.
  • #77,996
  • Oct 20, 2010 5:07pm Oct 20, 2010 5:07pm
Quoting xmzhang
Hey Jarroo,
Do you also think that the correlation between the dow jones index and the commodity pairs and the E-U is very strong ie. the correlation index is very close to one. For instance looking at the kiwi, ozzie and euro today, I really was expecting and looking for some bearish PA at some keylevels, but when the Dow broke with quite some momentum the RNB @ 11000, all these pairs followed and soared upwards.
I understand there is a correlation with some pairs with the dow/ equities, futures, etc. But I really just look at the chart of the pair in front of me and treat them independently.
Indicators show the past. Price Action "Indicates" the future.
  • #77,997
  • Oct 20, 2010 5:16pm Oct 20, 2010 5:16pm
Quoting Mist Gun
Thank you, Jaroo.

Pardon my inexperience, but what does it mean when you said that you are expecting a re-test of 0.7500 with some bearish PA? Does it mean you would look to short at 0.7500?

Yes that's correct, MG. The .7500 is a BRN (Big Round Number) and signifies a strong level. Search out mbqb11's (Mike) posts on the subject of BRNs . .you will find more information about them and their importance.

Since Price broke down and closed below the .7500 on that Daily, I was looking to see if the .7500 would act as Resistance where we like to see bearish PA.

This link with chart should help you with what I look for. . .

http://www.forexfactory.com/showpost...ostcount=76471
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Indicators show the past. Price Action "Indicates" the future.
  • #77,998
  • Oct 20, 2010 5:18pm Oct 20, 2010 5:18pm
Quoting xmzhang
No problemo, sir.
Thank you once again xmzhang!!
  • #77,999
  • Oct 20, 2010 5:27pm Oct 20, 2010 5:27pm
Quoting jarroo
I understand there is a correlation with some pairs with the dow/ equities, futures, etc. But I really just look at the chart of the pair in front of me and treat them independently.
Yes that's what I'am telling myself also, just look at the chart of the pair. But I still have the feeling that these pairs follow the Dow like a dog. Today, on the 1H-TF: @ 14:00 (GMT+1) Dow generates a 1H-BUOB breaking the RNB @ 11000, also @ the same time Ozzie generates a 1H-BOUB breaking back above the RNB @ 9800, also @ the same time Euro generates a 1H-BOUB reaching for the RNB @ 13900 and also the Kiwi generated @ the same time a 1H-BUOB closing back above the BRN @ 7500 again
Pipcrawler
  • #78,000
  • Oct 20, 2010 5:38pm Oct 20, 2010 5:38pm
Quoting xmzhang
Yes that's what I'am telling myself also, just look at the chart of the pair. But I still have the feeling that these pairs follow the Dow like a dog. Today, on the 1H-TF: @ 14:00 (GMT+1) Dow generates a 1H-BUOB breaking the RNB @ 11000, also @ the same time Ozzie generates a 1H-BOUB breaking back above the RNB @ 9800, also @ the same time Euro generates a 1H-BOUB reaching for the RNB @ 13900 and also the Kiwi generated @ the same time a 1H-BUOB closing back above the BRN @ 7500 again

This is all good, xmz . . .as long as it works for you not against you. There are many traders here that use these and other correlations as an added confluence to their trades, not as thee reason for a trade. If it can work for you . .go for it . .
Indicators show the past. Price Action "Indicates" the future.
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