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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

  • #80,541
  • Nov 20, 2010 9:23pm Nov 20, 2010 9:23pm
This might have been addressed before, but why do different platforms give different information. My chart on Tradestation looks different than my chart in Metatrade. Both same time from and all. Is it going to be a problem?
  • #80,542
  • Nov 21, 2010 12:45am Nov 21, 2010 12:45am
any idea about this weekly pinbar on mo?

i would wait for a break of the 25 usd.
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meine augen sind die sterne
  • #80,543
  • Nov 21, 2010 1:11am Nov 21, 2010 1:11am
Quoting aserbfx
any idea about this weekly pinbar on mo?

i would wait for a break of the 25 usd.
If I may, Aser, I think this one is too dangerous. It is not a swing low, it is almost at swing high, there is just 1 bar retracement, we want more of retracement usually.. It may work still because of the strong bullish momentum. But again if we take 2 week TF, there is a BEOB actually (previous two bars before pin make a BEOB).

Just my 2 cents.

EDIT: wow I swear I did not see Jaroo's previous post about 2 week BEOB, haha I think I improve if my thinking is sometimes getting closer to the Senior's thinking
  • #80,544
  • Nov 21, 2010 1:20am Nov 21, 2010 1:20am
Quoting aserbfx
hi guys.
hope you are all doing well.
i am back after nearly 3 weeks in hospital after a horrible car accident.
a truck crashed into my car and several others behind and in front of me at the end of a traffic jam on a german highway. about 7 people were injured.
i got several broken bones (rips, left forearm, etc.).
shows that nothing is more important in life than good health.
good trades
take care
Just trying to catch up on the posts. Sorry to hear about yr crash and hope a speedy full recovery. Totally agree with you that health is wealth. My obsessions with Trading was taking a toll on my health, not to mention the bad effect on my work, I have decided to look after my health which is more in my control as compared to trading.
Happy pipping, now that you are back.
Cheers
Novice
  • #80,545
  • Nov 21, 2010 1:56am Nov 21, 2010 1:56am
Quoting Adilius07
If I may, Aser, I think this one is too dangerous. It is not a swing low, it is almost at swing high, there is just 1 bar retracement, we want more of retracement usually.. It may work still because of the strong bullish momentum. But again if we take 2 week TF, there is a BEOB actually (previous two bars before pin make a BEOB).

Just my 2 cents.

EDIT: wow I swear I did not see Jaroo's previous post about 2 week BEOB, haha I think I improve if my thinking is sometimes getting closer to the Senior's thinking

Hey Adi, How come you don't see that PB as being at a SL?

Looks like a SL to me.
  • #80,546
  • Nov 21, 2010 1:59am Nov 21, 2010 1:59am
Quoting Pinbar
Hey Adi, How come you don't see that PB as being at a SL?

Looks like a SL to me.
Hey Pinbar, SL=Swing low?

I think is because we had an extensive move up and then just 1 bar retracement. Just 1 bar! How can it be a swing low?

Even if we consider it a swing low then this is a very bad swing low, very shallow retracement... I saw some seniors take trades like that before, I think their reasoning is based on the strong momentum, so this is "almost" like a continuation play...something like this... but defenitely not a swing reversal play... I think.

So to me this is a swing high..
  • #80,547
  • Nov 21, 2010 2:33am Nov 21, 2010 2:33am
Quoting Adilius07
Hey Pinbar, SL=Swing low?

I think is because we had an extensive move up and then just 1 bar retracement. Just 1 bar! How can it be a swing low?

Even if we consider it a swing low then this is a very bad swing low, very shallow retracement... I saw some seniors take trades like that before, I think their reasoning is based on the strong momentum, so this is "almost" like a continuation play...something like this... but defenitely not a swing reversal play... I think.

So to me this is a swing high..

Actually we need another bar as a swing low must have two higher bars on either side of it. A swing high needs two lower bars on either side of. So it certainly can not be a swing high. This is a weekly chart and that is a big pullback.
  • #80,548
  • Nov 21, 2010 3:11am Nov 21, 2010 3:11am
Quoting Pinbar
Actually we need another bar as a swing low must have two higher bars on either side of it. A swing high needs two lower bars on either side of. So it certainly can not be a swing high. This is a weekly chart and that is a big pullback.
Agree. So this one actually has two lower bars on either side which is completed fractal reversal, so it is established swing high already.

It is weekly chart and pullback is big if we switch to daily, but if we look at the same TF, this 1 bar pullback is really nothing compared to previous bullish move. I think.
  • #80,549
  • Nov 21, 2010 3:48am Nov 21, 2010 3:48am
Quoting Adilius07
Agree. So this one actually has two lower bars on either side which is completed fractal reversal, so it is established swing high already.

It is weekly chart and pullback is big if we switch to daily, but if we look at the same TF, this 1 bar pullback is really nothing compared to previous bullish move. I think.

I think you are confusing this.

Also the pullback being not much has nothing to do with this candle not being a swing high.

He is talking about the PB, not the high??????


Not sure what you are talking about now.

We were originally talking about this PB, you suggested it was at a swing high and not a swing low.


This PB is not at a swing high.
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  • #80,550
  • Nov 21, 2010 4:11am Nov 21, 2010 4:11am
Looks like it could be sitting right on the 50 fibo.
  • #80,551
  • Nov 21, 2010 4:26am Nov 21, 2010 4:26am
Quoting Pinbar
I think you are confusing this.

Also the pullback being not much has nothing to do with this candle not being a swing high.

He is talking about the PB, not the high??????


Not sure what you are talking about now.

We were originally talking about this PB, you suggested it was at a swing high and not a swing low.


This PB is not at a swing high.

Ok, here is how I see the whole situation. Hope this clarify my view on it.
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  • #80,552
  • Nov 21, 2010 5:08am Nov 21, 2010 5:08am
FWIW...
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  • #80,553
  • Nov 21, 2010 5:33am Nov 21, 2010 5:33am
Hi PinBar
It's a Baby Girl - thanks for asking

Quoting Pinbar
IMHO, I think we are better off taking PA trades that the candles are moving away from these areas of strong S&R
I'll try to keep that in mind. Mike told me once before.

By the way, what was the significance of the gap you mentioned?

Uh, i found the PPZ plotting in your signature quite helpful
Thanks
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  • #80,554
  • Nov 21, 2010 5:47am Nov 21, 2010 5:47am
Quoting mbqb11
HEre is an example of a HUGE no/no in my book....
Mike,

I understand your reluctance on this but I have a slightly different view..

My ppz for instance is a bit lower 33-34, giving a much better R:R.The only thing I don't like is the weekly bar, so I'll wait a bit(maybe not so different lol?).

Hope you don't mind me butting in but this is one of my favourite pairs.

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  • #80,555
  • Nov 21, 2010 8:13am Nov 21, 2010 8:13am
Quoting Be Cool
Hi PinBar
It's a Baby Girl - thanks for asking



I'll try to keep that in mind. Mike told me once before.

By the way, what was the significance of the gap you mentioned?

Uh, i found the PPZ plotting in your signature quite helpful
Thanks

Must be some volatility around that area.


Thanks, but Jaroo's link in that post is fantastic, along with the big man's video link.
  • #80,556
  • Nov 21, 2010 9:14am Nov 21, 2010 9:14am
Quoting joelcf
I'm in an airport lounge, with about 4 hours sleep and 5 glasses of scotch in, so this could be a little messy



What you are saying is correct, in a sense - there are fewer people operating on a monthly chart. And so something like a trendline, which people are using to make trading decisions will have fewer people 'trading' it. And, if you start looking at market segmentation and how the money focused on such a long timeframe is operating, you will find its even fewer than you think (ie, they arent trading trendline bounces).

But,...
Hey joelcf, I totally forgot to ask you what your opinion on PB's question is? Do you think my overall outlook is right that PPZ appear/disappear, diminish/get more pronounced over time as traders forget or re-evaluate them and as some major market movers do not really care about stuff like that?

Still pondering over that question...
Thanks J16, Sam Seiden, Udine and Jacko
  • #80,557
  • Nov 21, 2010 9:37am Nov 21, 2010 9:37am
Quoting Donkey
Weekly chart, where is price going?
Pin bar is not strong. neither big nor good in shape.. looks like more of a Doji..

I would still expect that it will go up based on

1) Strong uptrend
2) The retracement from 7000 does not look like threatning expect one big bearish bar.(Red arrowed). It's more like a natural retracement.

3) The pb is supported by previous support/box.. which will boost the price high. Good location.
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  • #80,558
  • Nov 21, 2010 10:51am Nov 21, 2010 10:51am
Quoting tamastomi
Hy!

I am a new here and everywhere.
What do you think:

Is it good for a short position? Entry @ 1.3890 SL @ 1.4010 TP around 1.3700


Thank you!

Greetings from Hungary!
Hey Tamastomi

You have marked off your trouble areas very good so my question would be what do you plan to do at those areas. Mainly the first blue PPZ line that you have marked under the pinbar. It has many multiple bar highs but I see you have a take profit much further down.

Hope you had a nice weekend
Mike
  • #80,559
  • Nov 21, 2010 10:51am Nov 21, 2010 10:51am
Quoting stewrigh
Mike,

I understand your reluctance on this but I have a slightly different view..

My ppz for instance is a bit lower 33-34, giving a much better R:R.The only thing I don't like is the weekly bar, so I'll wait a bit(maybe not so different lol?).

Hope you don't mind me butting in but this is one of my favourite pairs.

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It's not butting in at all Stew,
  • #80,560
  • Nov 21, 2010 11:34am Nov 21, 2010 11:34am
Sorry for my late respond but I have been away for a while.

My sincere thanks to Mike (once again) and also to ahendon for the encouragements and the bright ideas of what to do (and not to do).

I will try my best to listen to you guys as charts really tend to listen to what you say.
Mike, here we are a couple of days later on the xx/JPY trades I was talking about.

Not much to say really, but you were right. Once again.

Thank you guys.
Looking forward to learning more from you.

Thanks!
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