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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

  • #78,681
  • Oct 28, 2010 4:40am Oct 28, 2010 4:40am
Quoting Carnegie
Thanks for the respond pinbar!

I'm referring to the 'two consecutive lows' that are in the first page of this thread. There are two consecutive lows after a downtrend (so it's following a trend) but where should one put entry, sl etc?
What I've read it is a reversing pattern, called Tweezers (in Nisons book).

Man, this was harder than I thought!!
You're correct about that, a Tweezer is a 2 bar formation where the lows or highs of the 2 bars are the same (or nearly the same). A tweezer pattern could look like a standard harami, bearish engulfing or a piercing line pattern for example. The same high or low of a Tweezer makes it somewhat more bearish or bullish than the standard price pattern. Since I joined this thread I haven't seen that much posts about these double low/high pattern to be frank. As PB already posted the focus is mostly on the price patterns he mentioned.
Pipcrawler
  • #78,682
  • Oct 28, 2010 4:43am Oct 28, 2010 4:43am
Quoting Pinbar
Oh, sorry... You are talking about the breakout strategy James16 mentions.


I wouldn't bother with that just for now, the PBs, BEOB, BUOBS, IBs DBHLC DBLHC etc are the main Price action Bars & probably more frequent.

Allright well thanks for that! I'll take a look at more of these and will read the entire tread.. So see you guys in this end of the thread in a couple of years, unless I have a question or two

Quoting xmzhang
You're correct about that, a Tweezer is a 2 bar formation where the lows or highs of the 2 bars are the same (or nearly the same). A tweezer pattern could look like a standard harami, bearish engulfing or a piercing line pattern for example. The same high or low of a Tweezer makes it somewhat more bearish or bullish than the standard price pattern. Since I joined this thread I haven't seen that much posts about these double low/high pattern to be frank. As PB already posted the focus is mostly on the price patterns he mentioned.
Yes I thought it was a tweezers. But if it isn't very frequent then I'll not put very much time in it.. Does this thread cover allot about trading price action with pullbacks/retracements before entering the tread? Because I think I need to start focusing on that part, I get faked out like 90% on all of my trades.
  • #78,683
  • Oct 28, 2010 4:51am Oct 28, 2010 4:51am
20% closed for BE on gbp/nzd.

NOt bad for a weeks work.

HAd I taken the gbp/jpy ot the eur/gbp trades I would be still in the money and rockin it. But Only can take one at a time.
http://i7.photobucket.com/albums/y28...s16results.jpg
  • #78,684
  • Oct 28, 2010 4:52am Oct 28, 2010 4:52am
Quoting xmzhang
You're correct about that, a Tweezer is a 2 bar formation where the lows or highs of the 2 bars are the same (or nearly the same). A tweezer pattern could look like a standard harami, bearish engulfing or a piercing line pattern for example. The same high or low of a Tweezer makes it somewhat more bearish or bullish than the standard price pattern. Since I joined this thread I haven't seen that much posts about these double low/high pattern to be frank. As PB already posted the focus is mostly on the price patterns he mentioned.
Here's one nice reversal example on the Ozzie, here we have a tripple bottom Tweezer or a tripple bar low. Also note the support it gave to the PB, which is one of the reasons to go long
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Pipcrawler
  • #78,685
  • Oct 28, 2010 4:55am Oct 28, 2010 4:55am
As per previous post would have prefered bounce off brn but seems to be working out ok.. so far...

Quoting Revstar
I have noticed this setup... might just demo this one..

would have perfered it to touch brn... as per previous..
Attached Image
  • #78,686
  • Oct 28, 2010 4:58am Oct 28, 2010 4:58am
Happy Birthday
Pinbar
Best
Damien
  • #78,687
  • Oct 28, 2010 5:15am Oct 28, 2010 5:15am
Quoting xmzhang
Here's one nice reversal example on the Ozzie, here we have a tripple bottom Tweezer or a tripple bar low. Also note the support it gave to the PB, which is one of the reasons to go long
Nice chart!!! Thanks for that one.. Is the purple small line where you would have entered long?

Do you enter immediately after the close of the candle or on pullback?
Isn't a entry after a close very aggressive trading?

Also one other thing, around the tripple bottom there is a BUOB bar.. How is that possible, that should be a bar after a DOWN bar, doesn't it??

Thanks for the chart, really kind of you making the effort!
  • #78,688
  • Oct 28, 2010 5:28am Oct 28, 2010 5:28am
I noticed in the PPZ plotting exercise a few posts back, that everyone drew them differently. I also drew and got yet another different PPZ. Now i am really confused

Many times I would plot PPZ and have them marked on my charts where i think has the most confluence factors, but i never saw any PA on them. And when i see you guys posts, i keep asking myself why i could not see those setups

In addition to PA, i learn from this thread that confluence is important. Would it be a good idea if i throw Pivot Points on my chart and see where i have confluence with the PPZ i draw? Also, Adilius mentioned using fractals.

Any suggestions from the experienced guys here?
Thanks for your comments
  • #78,689
  • Oct 28, 2010 5:42am Oct 28, 2010 5:42am
Quoting Revstar
As per previous post would have prefered bounce off brn but seems to be working out ok.. so far...
which gmt is it?
I don't have it
Don't give up
  • #78,690
  • Oct 28, 2010 5:51am Oct 28, 2010 5:51am
Quoting NosferatuMan
GBPJPY did OK.

Still on GBPAUD.


Nos
0,3R loss on GBPAUD.

Let's move on.
  • #78,691
  • Oct 28, 2010 5:58am Oct 28, 2010 5:58am
Quoting ^eagle^
20% closed for BE on gbp/nzd.

NOt bad for a weeks work.

HAd I taken the gbp/jpy ot the eur/gbp trades I would be still in the money and rockin it. But Only can take one at a time.
http://i7.photobucket.com/albums/y28...s16results.jpg
20%? That's my YEARLY goal or you meant something esle?
  • #78,692
  • Oct 28, 2010 6:08am Oct 28, 2010 6:08am
Quoting Be Cool
I noticed in the PPZ plotting exercise...


Maybe you can see the setups now.

This is the very same completed chart posted while we were doing that exercise.

I wouldn't use pivots, it will prevent you from ever seeing the PPZ with your own eye. I know how it feels, I had a terrible time coming to terms with PPZ horizontal lines on the chart.

Maybe, you could try this.

Take a blank chart, ( as in this black chart) no EMAs no round numbers and just stare at a single time frame, preferably the daily or higher.

When you see a good PA that price moved away from quickly, put a line on both the under and upper side.

You may see strong support and strong resistance there. It just takes time to get used to seeing these.





Hope this helps
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  • #78,693
  • Edited 7:08am Oct 28, 2010 6:22am | Edited 7:08am
Quoting Carnegie
Nice chart!!! Thanks for that one.. Is the purple small line where you would have entered long?

Do you enter immediately after the close of the candle or on pullback?
Isn't a entry after a close very aggressive trading?

Also one other thing, around the tripple bottom there is a BUOB bar.. How is that possible, that should be a bar after a DOWN bar, doesn't it??

Thanks for the chart, really kind of you making the effort!
Usually I look for a pullback entry to some keylevel after the PA pattern closes to get a more optimal entry, in the Ozzie trade though the PB closed only 10 pips above the RNB @ 9700 (which would be my keylevel to watch for) so there isn't much to gain here, in that case entry on the break of the PB. The mentioned tripple bar is also a DBLHC, this adds somewhat more strenght to its bullishness. I didn't quite understand your remark about this tripple bar, could you rephrase that.
Pipcrawler
  • #78,694
  • Oct 28, 2010 6:33am Oct 28, 2010 6:33am
Quoting Adilius07
20%? That's my YEARLY goal or you meant something else?
he meant 20%..... of his trading position.
earlier, he has closed 80% of it.
  • #78,695
  • Oct 28, 2010 6:39am Oct 28, 2010 6:39am
Quoting ghous
Order get's hit.

We now watch eagerly at where the daily closes Pin Bar. We want a strong close so we know price is looking to break your PPZ.

g.
Hey Ghous, on the weekly of E-J price made a PB last week at the RNB @ 11200. Although this PB hasn't been validated yet, isn't your daily trade against this PB ? Wouldn't a better option be to look for bullish PA on the daily at some keylevel and then trying to preempt the break of the PB ?

May the force be with you.
Pipcrawler
  • #78,696
  • Oct 28, 2010 6:51am Oct 28, 2010 6:51am
Eu daily Pb stopped out.

g.
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I believe . . .
  • #78,697
  • Oct 28, 2010 6:56am Oct 28, 2010 6:56am
Quoting xmzhang
Hey Ghous, on the weekly of E-J price made a PB last week at the RNB @ 11200. Although this PB hasn't been validated yet, isn't your daily trade against this PB ? Wouldn't a better option be to look for bullish PA on the daily at some keylevel and then trying to preempt the break of the PB ?

May the force be with you.
Hey Zhang,

I tend to keep my time frames separate and independent. A retracement within a weekly PB or an OB can be an opportunity on a lower TF, so just like a weekly BUOB won't make a shoddy PB on the 4H or daily appeal to me any more than what I see on the chart, a weekly bullish PB won't make a tradable bearish setup untradable for me either.

Just the way I go about things.

g.
I believe . . .
  • #78,698
  • Oct 28, 2010 6:59am Oct 28, 2010 6:59am
Quoting supremeChaos
he meant 20%..... of his trading position.
earlier, he has closed 80% of it.
ohh got it, thanks.
  • #78,699
  • Oct 28, 2010 8:02am Oct 28, 2010 8:02am
Quoting xmzhang
Here's one nice reversal example on the Ozzie, here we have a tripple bottom Tweezer or a tripple bar low. Also note the support it gave to the PB, which is one of the reasons to go long
Ive been following your post and I like your trading style. On the smaller TFs where you only target 20 or so pips how do you determine your SL?
Could you show me in your next chart post? Thanks.
  • #78,700
  • Edited 8:04am Oct 28, 2010 8:04am | Edited 8:04am
My daily bars close at 8:00pm local time. What do you guys suggest I do when one of the following two scenarios happen:

1. I have an order placed, but it hasn't triggered yet by the time I go to bed, or
2. The order has triggered but it hasn't reached my FTA by the time i go to bed.

Should I just let it ride overnight and hope that it hasn't hit my FTA and then gone back into drawdown by the time I wake up? Should I set my take-profit for the FTA, and then remove the take-profit and manage as usual if it hasn't been hit by the time I wake up? Does it depend from trade to trade on the strength of the signal?

I'd be interested to hear how you all deal with this.
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