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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

  • #79,141
  • Nov 2, 2010 9:51pm Nov 2, 2010 9:51pm
Quoting cprao
I believe it did close above those lows
but did not convincingly closed above the bottom of the consolidation zone/box. Mike, Did I see this right ?
Hey C

It is sort of one and the same. To me that isn't enough of a close above those lows to signify it is back in the box. At least enough to put my money on. A bullish close in this case would signify a whole lot more to me personally. But then again I am very very picky
  • #79,142
  • Nov 2, 2010 10:17pm Nov 2, 2010 10:17pm
Quoting mbqb11
Hey C

It is sort of one and the same. To me that isn't enough of a close above those lows to signify it is back in the box. At least enough to put my money on. A bullish close in this case would signify a whole lot more to me personally. But then again I am very very picky
Thank you Mike. I agree a bullish PB would have changed the complexity of the trade.
  • #79,143
  • Nov 2, 2010 11:20pm Nov 2, 2010 11:20pm
Quoting xmzhang
Due to a rate hike by RBA G-A took out the RNB's @ 16200/16100, price is currently finding resistance @ 16100. I've banked 190 pips on my remaining position and moved my SL towards 16110, if price gets to 16000 I'll also close my remaning position. Usually I'am looking for trades on the 1H-TF and in most cases I catch 20 to 80 pips per winning trade or lose 30 pips max. Jarroo then suggested to switch to a higher TF for a three digit profit. This time I've cought a big fish, nearly 100 pips on my first 1/2 and up till now 190 on my second 1/2 ........

I thought it was one of your hourly charts until I zoomed in . . very nice.

Higher time frames Rule!
Indicators show the past. Price Action "Indicates" the future.
  • #79,144
  • Nov 2, 2010 11:32pm Nov 2, 2010 11:32pm
Quoting nasir.khan
I told ya people.

Whats next?
Break out and retest maybe...
.

That you did. Nice one nasir.

I'm sure Mike's got an eye on this one . .
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Indicators show the past. Price Action "Indicates" the future.
  • #79,145
  • Nov 2, 2010 11:48pm Nov 2, 2010 11:48pm
Quoting nasir.khan
I told ya people.

Whats next?
Break out and retest maybe...
.
Nice one Nasir. Right to the pip
  • #79,146
  • Nov 2, 2010 11:51pm Nov 2, 2010 11:51pm
Quoting jarroo
Eur/Aud. . .
Looking for the Eur/Aud to act as Resistance after breaking through strong Support, I like to look at how it closes, meaning how strong it closes below the previous Support level, 1.4050ish. The higher the time frame that it closes below, the strong the break through.

The highest time frame that Price close below the 1.4050 . .actually it closes right at the 1.4050ish level on the Daily. . .a weak close. So the 1.4050ish level could act as either Support or Resistance. How the weekly will close should be telling.


I like the 1.4050ish level acting as Resistance since it did break through . . .I'll let PA show the way. I'm not ruling out the Daily PB to find Support and move back in to the consoilidation area. . . . we shall see.
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Indicators show the past. Price Action "Indicates" the future.
  • #79,147
  • Nov 3, 2010 12:42am Nov 3, 2010 12:42am
Quoting spookie94
This post brings two questions to mind: 1. In your mind, how do you determine if the potential pip value is worth going after? Is there a set number of pips you like to look for on each timeframe to go after.

2. On this trade your target was small in comparison with the TF and size of the PB. Where would you set a SL?

I would like to see enough room to the first target or FTA, that would allow me to cover my risk. This monthly PB (on many feeds) looked good enough to hit the 1.000 but there was a previous bar Low to contend with, in blue. I knew I had to manage this trade around that level, I've been burned before thinking it was going to hit the near and obvious BRN, (the 1.000 in this case) and not consider the previous bar Highs and Lows.

On the Weekly and Monthly time frames every High and Low is a strong level . .don't believe me? . .draw a horizon line on every High and Low on the Monthly or Weekly TF and look at how Price reacts on the 4 hour or Daily time frames . .you see what I mean.

There was alot of momentum just prior to the break of the PB, (Bullish bars) so I didn't have much of a buffer about 5 pips. I was able to take 26 pips on the first half and free traded the second. . .ended as a net zero or break even trade. My initial S/L was 40 pipis but I would have probably ended sooner then the 40 if it didn't go my way. I will look for bullish PA at the Monthly Lows in green if price gets there.

The PB was small compared to the strong move down on this time frame but it looked so pretty I that I would give a hard break look. Much like that 2 Month PB, (in blue) a few months ago.
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Indicators show the past. Price Action "Indicates" the future.
  • #79,148
  • Nov 3, 2010 1:06am Nov 3, 2010 1:06am
Quoting ppfx
update ...

Attachment
Your definitely mastering the concept of Locational Confluence, ppfx .

Great charts.
Indicators show the past. Price Action "Indicates" the future.
  • #79,149
  • Nov 3, 2010 2:13am Nov 3, 2010 2:13am
Quoting HanSolo
I just found this while strategy testing and thought it would be a nice one for another round of WIPG (Where Is Price Going). What do you think? Where will price go from here?


Hansolo.

This was a hard one, might have been a bit easier if we could see a bit more data on the left. Still, here is a shot at it.


I am just bleeding my eyes with Mike's boxes.
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  • #79,150
  • Nov 3, 2010 2:14am Nov 3, 2010 2:14am
BEOB off daily PPZ + TL retest
got to see how it plays out
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"""" --- -- - << ..:: ALM ::.. >> - -- --- """"
  • #79,151
  • Nov 3, 2010 3:13am Nov 3, 2010 3:13am
Quoting mbqb11
Hey C

A chart should explain it best

if it could have closed above the bottom of the box and those lows then I would have taken it
Mike, may I ask, even if it could have closed above those lows why would you still take it. There is no space, a tight choppy consolidation. Is it ok to take trades like this in consolidation?

http://www.forexfactory.com/attachme...2&d=1288751642
  • #79,152
  • Nov 3, 2010 4:51am Nov 3, 2010 4:51am
Quoting mbqb11
Hey C

Yes the swing high is good but we don't just trade the bars. We trade the entire setup. Bar size, location, the story etc. The bars are a small part of the overall make up of trading price action.

can you see the difference b/w these two setups? If you look at the top chart clearly it is a very big bar at a swing high + divg and a strong close it JUMPS out at you. Yours is a tiny poodle pinbar. Notice there is a poodle pinbar on the way back down on the top chart. Can you see the one that yours looks like?
Allright Mike thanks I think I got it.

From now on I will try to look for the best setups. And by that we mean bigger sized candles indicating much trading power, good locations and confluence (fibs+div+round numbers) Let's see how it works out if I only try to match in these variables in my trading.

Thank you!
  • #79,153
  • Nov 3, 2010 5:03am Nov 3, 2010 5:03am
Quoting jarroo
I thought it was one of your hourly charts until I zoomed in . . very nice.

Higher time frames Rule!
I followed your advice to look for a higher TF setup
Pipcrawler
  • #79,154
  • Nov 3, 2010 5:07am Nov 3, 2010 5:07am
Quoting xmzhang
Here's another one, E-U broke out of a triangle via a bullish bar pattern (a not so perfect BUOB). Looking for a buy PA at the pullback towards the crosspoint of the broken down-TL and the BRN @ 14000.
Sorry Jarroo, here is a setup on the 1H-TF of E-U, just couldn't resist
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Pipcrawler
  • #79,155
  • Nov 3, 2010 5:34am Nov 3, 2010 5:34am
Quoting Be Cool
Hi Zhang

I saw that too. But aren't you a little concern that the weekly form a BEOB? Also i have a PPZ drawn around 0.8800 that could be acting as resistance.
and a PPZ below the DBLHC around 0.8666 - looks a bit tight isn't it?
I am still a newbie but i am curious how you would play this
Hey C, I consider this trade as a pullback trade of the higher TF BEOB, my final target for this countertrend trade would be the RNB/PPZ @ 8800, @ 8800 (which is also the 50% fib of the higher TF BEOB) I expect the pullback to be completed and price to reverse and give the higher TF BEOB another shot.
Pipcrawler
  • #79,156
  • Nov 3, 2010 6:04am Nov 3, 2010 6:04am
I have a little off topic question again.

How do you guys manage to trade H4?
I see some real killer setups and often! I feel like I could catch them too... but those intervals are really hard to follow. Do you wake up at night to check your charts? At your work you keep remembering to check the charts??

Any advice would be very helpful, thanks!
  • #79,157
  • Nov 3, 2010 6:09am Nov 3, 2010 6:09am
Quoting Adilius07
I have a little off topic question again.

How do you guys manage to trade H4?
I see some real killer setups and often! I feel like I could catch them too... but those intervals are really hard to follow. Do you wake up at night to check your charts? At your work you keep remembering to check the charts??

Any advice would be very helpful, thanks!


They are probably trading H4 after the close of the Asian session at the FO, LO or NYO, more volatility.

I found looking at H4 charts, most of the PB BEOB etc are just before or around these opens.
Open a chart and mark a vertical line at the LO & NYO, you can see them take off.
  • #79,158
  • Nov 3, 2010 6:14am Nov 3, 2010 6:14am
Quoting Pinbar
They are probably trading H4 after the close of the Asian session at the FO, LO or NYO, more volatility.
Hello Pinbar, this is what I understand a H4 bar ending (fxpro) for NYC time.

17:00
21:00
1:00
5:00
9:00
13:00

In bold are those times when they probably are free to trade it. Other times the are either at work or on the way back from work... 5am bar is also hard if you are not a morning person...

I live in central Asia, but same here, very very uncomfortable intervals....
there should be some trick here...
  • #79,159
  • Nov 3, 2010 6:16am Nov 3, 2010 6:16am
Quoting Adilius07
Hello Pinbar, this is what I understand a H4 bar ending (fxpro) for NYC time.

17:00
21:00
1:00
5:00
9:00
13:00

In bold are those times when they probably are free to trade it. Other times the are either at work or on the way back from work... 5am bar is also hard if you are not a morning person...

I live in central Asia, but same here, very very uncomfortable intervals....
there should be some trick here...


WHat time is it now where you are Adi.

Here in Japan it is currently 8:15 PM.


LO is currently 5 Pm JST.
  • #79,160
  • Nov 3, 2010 6:17am Nov 3, 2010 6:17am
Quoting jarroo
Your definitely mastering the concept of Locational Confluence, ppfx .

Great charts.
Thanks Jarroo Im only doing what you and the other seniors have taught me.
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