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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

  • #78,481
  • Oct 26, 2010 7:39am Oct 26, 2010 7:39am
Quoting squeezy
hey Supreme,
did u reverse ur initial long .......
WO wo wo...

The snail's on NOS?!

Great chart/trade!

g.
I believe . . .
  • #78,482
  • Oct 26, 2010 7:47am Oct 26, 2010 7:47am
Quoting squeezy
hey Supreme,
did u reverse ur initial long .......
lol
i closed, all of it.
yes, i got a very tiny chunk of that short too.
watching tv, so i didnt pursue my short
i hope u take profit when i possibly go long again.

i knew someone might post such a chart.
nice trade!
  • #78,483
  • Oct 26, 2010 7:57am Oct 26, 2010 7:57am
Quoting squeezy
hey Supreme,
did u reverse ur initial long .......
I dint had guts to go short even on that IB but you just loaded up on the touch. Well played sqeezy.

I am not comfortable actually when a FIB is tested once or twice before to take a touch trade on it. In this case the 50 FIB is tested once before and most of the times price proceeds to the next fib level after shoeing a small reaction when that happens.
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  • #78,484
  • Oct 26, 2010 7:59am Oct 26, 2010 7:59am
Quoting ghous
WO wo wo...

The snail's on NOS?!

Great chart/trade!

g.

thnx Ghous
i got some serious nitro
reduced my stops as im rushing out to class now

Quoting supremeChaos
lol
i closed, all of it.
yes, i got a very tiny chunk of that short too.
watching tv, so i didnt pursue my short
i hope u take profit when i possibly go long again.

i knew someone might post such a chart.
nice trade!
nice one Supreme
told u i found his cave, do u know where it is????
stay tuned Supreme ....more hints on where to find it?
cheers
Simplicity is the key to success
  • #78,485
  • Oct 26, 2010 8:07am Oct 26, 2010 8:07am
Quoting squeezy
thnx Ghous
i got some serious nitro
reduced my stops as im rushing out to class now



nice one Supreme
told u i found his cave, do u know where it is????
stay tuned Supreme ....more hints on where to find it?
cheers

.
  • #78,486
  • Oct 26, 2010 8:09am Oct 26, 2010 8:09am
Quoting msmarple
Thank you Pinbar, great stuff.

One question : for text directly on the chart, what do you use ? It´s so clean and tidy. I have Jing but that has clumsy boxes.

Grateful for any recommendation.

Good trading to all.



_____________
michael


This is just paint in windows 7.
  • #78,487
  • Oct 26, 2010 8:12am Oct 26, 2010 8:12am
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  • #78,488
  • Oct 26, 2010 8:21am Oct 26, 2010 8:21am
Well, so much for my theory about that monthly PPZ holding on EUR/GBP.

Back to the drawing board.

I guess that BEOB at the high combined with the MACD div was more than enough to see off that PPZ.

Hmmmmmmmmmmmm



Maybe Jarroo can throw some light on as to why that weekly support broke?
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  • #78,489
  • Oct 26, 2010 8:26am Oct 26, 2010 8:26am
Quoting squeezy
hey Supreme,
did u reverse ur initial long .......
Nice squeezy
What was the reason for that short trade?

BTW Thanks nasir for the large touch trade explanation
  • #78,490
  • Oct 26, 2010 8:31am Oct 26, 2010 8:31am
Quoting Pinbar
Well, so much for my theory about that monthly PPZ holding on EUR/GBP.
Back to the drawing board....
well, that's trading.
we wont get everything right... we just try to come up with possibilities/scenarios, then try to trade when the odds are with us.

i believe a gbp-related news earlier triggered the gbp strength (& eur weakness, via eurgbp) today.
worth noting is on eurgbp weekly, the ongoing upmove has had very little retracement, so current PA is not really surprising, IMHO.
remember, october is not yet over, so that monthly PPZ could still hold.
let's see
  • #78,491
  • Oct 26, 2010 8:43am Oct 26, 2010 8:43am
Quoting supremeChaos
well, that's trading.
we wont get everything right... we just try to come up with possibilities/scenarios, then try to trade when the odds are with us.

i believe a gbp-related news earlier triggered the gbp strength (& eur weakness, via eurgbp) today.
worth noting is on eurgbp weekly, the ongoing upmove has had very little retracement, so current PA is not really surprising, IMHO.
remember, october is not yet over, so that monthly PPZ could still hold.
let's see

Thanks SC....Did you take that BEOB short? If you didn't because you missed it or something, would you have taken it. Would Jarroo or Mike have taken it, given the all the resistance and support there?
  • #78,492
  • Oct 26, 2010 9:10am Oct 26, 2010 9:10am
Quoting nasir.khan
Your question is that:

First price was struggling to break that PPZ than a weekly candle broke and closed well above that PPZ so when it came back,

Why did it crossed that ppz so much easily?

Right?

Here is your answer.
.


Thanks Nasir

I have seen that before and I am not sure of the relationship, as Mike is talking about Huge bars, and why the IPBs work. Yeah, he is also talking about the order flow but, I don't really get the connection.


Are you suggesting that this selling is not true selling?
  • #78,493
  • Oct 26, 2010 9:20am Oct 26, 2010 9:20am
Quoting antgal23
Hi Hansolo

monthly, weekly and daily are all up on the eur cad

the 1.4250 is a major ppz and so thats why price has been near it since last week

personally I would pass based on the ppzs strength but would like it to be broken , wait for pa to confirm entry (support then resistance)

Anthony
Hi Anthony, thanks for your help. You're right: EURCAD is up. I was to impressed by the overall downtrend on monthly and - depending on zoom factor - weekly. I judged a daily trade by what I saw on weekly and monthly and I totally ignored the fact that daily shows a clear uptrend - big mistake. Man, I feel like I have to go through kindergarten again. When does this incompetence end?
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Thanks J16, Sam Seiden, Udine and Jacko
  • #78,494
  • Oct 26, 2010 9:52am Oct 26, 2010 9:52am
Quoting Pinbar
Thanks Nasir

I have seen that before and I am not sure of the relationship, as Mike is talking about Huge bars, and why the IPBs work. Yeah, he is also talking about the order flow but, I don't really get the connection.

Are you suggesting that this selling is not true selling?
i don't know about it if its true or false. lol

Anyway my view is that,

There was this strong resistance and price was not able to break it in many attempts. So when it broke through it there had to be a lot of buying power to do that,...no?

and when price broke through it a lot of buying was done for that and in the end the buying went exhausted as you can see what happened quickly after that 4h bar broke through it.

So when price came back there was simply not enough buy power left to continue that up move.

What do they call that WAR where you do WIN but you have consumed so much resources to win it that you have nothing to eat now and you die of hunger??lol

This is what i think. But i hope Mike or Jarroo can correct me.
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  • #78,495
  • Oct 26, 2010 10:09am Oct 26, 2010 10:09am
Quoting nasir.khan
i don't know about it if its true or false. lol

Anyway my view is that,

There was this strong resistance and price was not able to break it in many attempts. So when it broke through it there had to be a lot of buying power to do that,...no?

and when price broke through it...
Do you mean a Pyrrhic victory? LOL. Very nice explanation, Nasir. Thank you.

Do you pay any attention to former triangle lines and TL like the ones on my chart? Aren't those places where many sellers may come in?
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Thanks J16, Sam Seiden, Udine and Jacko
  • #78,496
  • Oct 26, 2010 10:20am Oct 26, 2010 10:20am
Quoting HanSolo
Do you mean a Pyrrhic victory? LOL. Very nice explanation, Nasir. Thank you.

Do you pay any attention to former triangle lines and TL like the ones on my chart? Aren't those places where many sellers may come in?
Yeah that is the one i was crushing my head around the internet to find the name.

Well thats confluence Hans!

More confluence more reasons to sell. Now some people saw that PPZ and sell it,.. some would have saw the TL and sell it some,.. would have saw the 50 ret and sell it, some saw all of them and sell with more confidence.
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  • #78,497
  • Oct 26, 2010 10:31am Oct 26, 2010 10:31am
Quoting nasir.khan
Well thats confluence Hans! More confluence more reasons to sell. Now some people saw that PPZ and sell it,.. some would have saw the TL and sell it some,.. would have saw the 50 ret and sell it, some saw all of them and sell with more confidence.
I see. That's something I still have to learn: bear in mind all the traders, not just the ones that act like me. LOL.
Thanks J16, Sam Seiden, Udine and Jacko
  • #78,498
  • Edited 10:44am Oct 26, 2010 10:33am | Edited 10:44am
Quoting Pinbar
Thanks Nasir

I have seen that before and I am not sure of the relationship, as Mike is talking about Huge bars, and why the IPBs work. Yeah, he is also talking about the order flow but, I don't really get the connection.


Are you suggesting that this selling is not true selling?
It isn't that HUGE bar indicates more strength/weakness the a smaller bar necessarily. It is the bar in context to the bars around it + the location. Always think all pieces together. The bigger the bar is generally speaking it had to absorb more orders to create that bar. So if you have price making a huge run up and get a small bar. Why are we to believe this small bar should be able to fight such a strong current trend. Here is an example from today that I saw a post about. Yes this may be a bit extreme example but I assure you other people that are newer to this material are taking these left and right and getting burnt. One thing that drastically changed my ability to pick the "top" or "bottom" with reversal bars was understanding what it was trying to reverse. A small bar is more times then not , NOT going to be able to counter where the recent flow is. For example clearly the recent flow is to the upside on gbp/jpy. If I am going to place my money onto a trade it is going to be on a bar where I believe more true selling is occurring. That small pin is clearly a profit taking pinbar or the most extreme of weak selling(again a large sell order at that location would have created a much larger bar). Now this isn't always the case about bar size and some more advanced stuff regarding location but for now that should get you thinking.

This doesn't mean people can't play smaller bars out there. You just have to be more aware of what you are fighting and use that while managing a trade. For me I don't like to hover over my trades and go to b/e if I am up 15-20 pips. I prefer to let things work or just flat out take profit at a first trouble area. The more trend(long or short term) is not a factor the smaller a bar size can be since more likely I am going for a quick move amidst the lack of direction a market is showing.

Remember each thing is a small piece and together the pieces become most powerful. My way is only how I have brought those pieces together.

Hope that helps
Mike

PS sorry for not being around too much, got hit with a quick flu the last few days but starting to feel better should be back to normal in a few days
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  • #78,499
  • Oct 26, 2010 10:58am Oct 26, 2010 10:58am
Quoting HanSolo
Hi Anthony, thanks for your help. You're right: EURCAD is up. I was to impressed by the overall downtrend on monthly and - depending on zoom factor - weekly. I judged a daily trade by what I saw on weekly and monthly and I totally ignored the fact that daily shows a clear uptrend - big mistake. Man, I feel like I have to go through kindergarten again. When does this incompetence end?
Whenever i think of Trendlines,......I think they should be drawn in a way that they must show you the PATH OF THE TREND.

Looking at EURCAD price was in a range in that blue box. than it broke down and set a bearish trend.

Now IMO the orange TL is showing what actually is the path of the trend. You can see how price followed it. While the white line is intact but price really not following it.

Than price broke the orange TL or say it's path of the trend,... no i am not saying that trend got over when TL was broken but the trend halted.

Next,.. most of the times when a TL is broken there is range to follow and in that range price have to decide if it should continue the trend or start a new trend. Now you can see what price decided next........

So IMO yes we are in bearish trend in the long term (monthly) but bullish in medium and short term trend (weekly and below).

Just my 2cents.
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  • #78,500
  • Oct 26, 2010 11:12am Oct 26, 2010 11:12am
Quoting Pinbar
Well, so much for my theory about that monthly PPZ holding on EUR/GBP.

Back to the drawing board.

I guess that BEOB at the high combined with the MACD div was more than enough to see off that PPZ.

Hmmmmmmmmmmmm



Maybe Jarroo can throw some light on as to why that weekly support broke?
You have to remember pin that that entire area you have marked is really a "zone". So price didn't cut right through it. It stalled where you have that first red bar, then broke higher up into this PPzone and now has bounced once again off this area. What this tells us that there is "interest" around this area, but until it is confirmed we never know exactly what price will do. You can mark the best most important PPZ of all time but we never know for sure what price will do at this area. We either make an assumption(touch) or wait for confirming PA that meets ones criteria.

One thing I personally do to get rid of some of the noise is stick to my analysis on one timeframe only. Evaluate and work off that. Like James does. It makes taking in all the information easier in my eyes.


Nasir asked me to comment about his post above too, and it could be that, but again I don't want to over complicate things if you are struggling here. Simply keep things as simple as possible. If you identify the above area as a strong PPZ(zone again this is why we use the blue shaded boxes), then simply wait for some nice clean PA on that timeframe.

Best
Mike
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