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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

  • #81,701
  • Dec 6, 2010 12:01pm Dec 6, 2010 12:01pm
Quoting lucas101
hi,xmzhang,what's your broker in your pic???
It's IG-index, the UK branch.
Pipcrawler
  • #81,702
  • Dec 6, 2010 12:08pm Dec 6, 2010 12:08pm
Quoting TheSnowman
Sure looks like IG Markets to me.......... can you really trade off their charts? I couldn't...........
Why was that ? I use their charts mainly for my analysis and sometimes for a live trade, most of my trades I take with Dukascopy because of their tight spreads, but their charting software sucks compared to IG-index. Nowadays IG provides the trader with a feature called " dealthru chart " which enables you to trade right off the chart instead of first opening a dealticket.
Pipcrawler
  • #81,703
  • Dec 6, 2010 12:15pm Dec 6, 2010 12:15pm
Quoting jarroo
That was coined by Raczekfx . .

Notice in the post below that it was off a Daily PPZ level.
Hey Jarroo,
Thanks for the rescue.
I have been waiting for your reply.
Ghous did a great job helping me out with my problem.

Yeah i know the Kaboom and Rac i said boom because i believe even knowing kaboom newbies still wont be having kaboom's,so mine was like a baoom. lol

I asked the question that.
Say i have a daily PPZ and i mark these on my chart there is still a probability that it may not line up exactly with a monthly PPZ in that currency pair.
Say Daily at 1.2500
Monthly at 1.2550
So would it be an added extra special confluence if both PPZ line up exactly with each other say on 1.2500.

Because i know there are cases that monthly does not line up exactly with that of smaller TF.
I'm talking about added confluence with near alignment of smaller and larger TF.
Regards
Taz
  • #81,704
  • Dec 6, 2010 12:57pm Dec 6, 2010 12:57pm
Quoting 666Doom
Hey Jarroo,
Thanks for the rescue.
I have been waiting for your reply.
Ghous did a great job helping me out with my problem.

Yeah i know the Kaboom and Rac i said boom because i believe even knowing kaboom newbies still wont be having kaboom's,so mine was like a baoom. lol

I asked the question that.
Say i have a daily PPZ and i mark these on my chart there is still a probability that it may not line up exactly with a monthly PPZ in that currency pair.
Say Daily at 1.2500
Monthly at 1.2550
So would it be an added extra special confluence if...

Hey Taz

Remember The Z in PPZ stands for zone. So these zones are often going to be just that that. 50 pips b/w a daily and monthly is what I would call a zone rather then a single line on any timeframe. This is why we use the blue boxes to distinguish these "zones" The market can be exact at times but more often a zone mentality makes it easier to see things

Best
Mike
  • #81,705
  • Dec 6, 2010 1:34pm Dec 6, 2010 1:34pm
another example of the break-retest type of trade...

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  • #81,706
  • Dec 6, 2010 1:52pm Dec 6, 2010 1:52pm
Thoughts on this 4hr pin bar at dbl bottom?

The 1.6000 mark is very close to where i'd be looking to enter- does this make the trade a miss?

Secondly, would the better strategy be to enter the trade once it breaks the 1.6000 BRN?

Cheers,
Mick
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  • #81,707
  • Dec 6, 2010 1:52pm Dec 6, 2010 1:52pm
Only 45 pips left for my SL (Demo )
Hope it turns down ^^
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  • #81,708
  • Dec 6, 2010 1:53pm Dec 6, 2010 1:53pm
I missed it too, my sell order was @ 9880, it almost made me angry
But repeating to myself that another bus will come my way helps me a lot

Quoting ppfx
another example of the break-retest type of trade...

Attachment
Anything can happen - You never know
  • #81,709
  • Edited 2:47pm Dec 6, 2010 2:35pm | Edited 2:47pm
Quoting 666Doom
Hey Jarroo,
Thanks for the rescue.
I have been waiting for your reply.
Ghous did a great job helping me out with my problem.

Yeah i know the Kaboom and Rac i said boom because i believe even knowing kaboom newbies still wont be having kaboom's,so mine was like a baoom. lol

I asked the question that.
Say i have a daily PPZ and i mark these on my chart there is still a probability that it may not line up exactly with a monthly PPZ in that currency pair.
Say Daily at 1.2500
Monthly at 1.2550
So would it be an added extra special confluence...
Hi Taz,

For what it's worth, in my experience having PPZs that close with regard to a monthly timeframe is pretty good confluence because when it is put into perspective (the relative size of a 50 pips gap between monthly and daily may be equivalent to a 5 pip gap between the 4hrly and daily or 10 pips between daily and weekly). On the highest timeframes there is often more of a PPZ range than exact price and it can be up to 50 pips either side on pairs with larger average daily ranges.

It's more important what your risk management policy is and how large a position you're running vs stop loss size. If you're happy with a 100-220 pip SL then it will not be of much consequence ignoring a 50 pip gap in such situations however if you trade larger positions with tighter stops it can make the difference between entry and not.

Of course it's always nicer if the monthly PPZ is not between your entry and where you want it to go

Cheers.

EDIT - Sorry Mike, didn't see your reply.
  • #81,710
  • Dec 6, 2010 2:45pm Dec 6, 2010 2:45pm
Quoting kwikwis
I missed it too, my sell order was @ 9880, it almost made me angry
But repeating to myself that another bus will come my way helps me a lot
It sure will dont worry If you look a few days back i was writing that i miss a lot of great opportunities but there are still many more. You just wait and you'll get some of them. The important thing is that you dont trade because you want to trade, but because you see a good setup. You see, sometimes i have missed a good opportunity and then i took one trade (which was way far than good) and i suffered a loss. And from this experiences (yes there were more than one, LoL) i have learned that i have to wait for the good setups (there will be many of them) and not just take any average setup just because i feel the need to trade.
  • #81,711
  • Dec 6, 2010 2:54pm Dec 6, 2010 2:54pm
Quoting optimuss
Thoughts on this 4hr pin bar at dbl bottom?
Hey Mick, what's up.

That 4 hour bar is technically not a pin bar. The open and close should be below the prior high. It looks nice and large, but doesn't strictly fit the criteria.

Quote
Secondly, would the better strategy be to enter the trade once it breaks the 1.6000 BRN?

I generally avoid taking setups trading into a big round number. The fact that a bar failed to close above a big round numbers says to me "I don't have conviction". There are exceptions, but generally, I avoid these.

EDIT: Added a chart.

Hope this helps,

-- Danny
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  • #81,712
  • Dec 6, 2010 3:10pm Dec 6, 2010 3:10pm
Quoting xmzhang
It's IG-index, the UK branch.
May I kindly ask if you spreadbet with them or do they do actual forex trading? I have a spreadbet account.
Trading is a test match not a Twenty20.
  • #81,713
  • Dec 6, 2010 3:25pm Dec 6, 2010 3:25pm
Quoting jarroo
Nice charts jon. I like your .9600 level potential. We may get a retrace back up to previous Support. We may have to make sure that its now Resistance . .. . .we'll see.
Quoting ppfx
another example of the break-retest type of trade...

Attachment


Very nice ppfx. I got a few PMs on this one and I thought I would use your post to jump from.


There is so many PA setups that went on with this pair (Usd/Chf) today it would make even James16's head spin . .(ok . .maybe not. . .lol).

But if we break it down to individual time frames and look at them independently, it would cut down on the some of the confusion.

Also, it will show that knowing what's going on .. on the higher TFs can help your decision making on a lower TF setup.

On the Weekly, we have a BEOB at a Resistance level. I see and understand the 1.0000 BRN, but I'm just going off the Support/Resistance that the chart is telling me.
The swing high of the Weekly BEOB could be a lot higher . .its actually at a swing low, but its of good size..

(darn it ) I'll be right back . .
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Indicators show the past. Price Action "Indicates" the future.
  • #81,714
  • Dec 6, 2010 3:55pm Dec 6, 2010 3:55pm
Quoting optimuss
Thoughts on this 4hr pin bar at dbl bottom?

The 1.6000 mark is very close to where i'd be looking to enter- does this make the trade a miss?

Secondly, would the better strategy be to enter the trade once it breaks the 1.6000 BRN?

Cheers,
Mick
Hey Mick

This looks like a bad price feed. Price low today was 1.5842


Best
Mike
  • #81,715
  • Dec 6, 2010 4:01pm Dec 6, 2010 4:01pm
Quoting mbqb11
Hey Mick
This looks like a bad price feed. Price low today was 1.5842
LOL. I was wondering why his chart didn't look like mine.
  • #81,716
  • Dec 6, 2010 4:20pm Dec 6, 2010 4:20pm
Hello Mike

Thank you for your welcome and for answering my question.

I think I realise that if (say) 3 A++ grade setups shows up at the same time, I need to have the conviction to trade them all instead of picking one over the other. Equally, it is also about money management.

Once again, Mike, thank you for your reply.

Mack
  • #81,717
  • Dec 6, 2010 4:20pm Dec 6, 2010 4:20pm
Quoting mbqb11
Hey Mick

This looks like a bad price feed. Price low today was 1.5842


Best
Mike
arhh gotcha - just checked my other feeds. thanks mate
  • #81,718
  • Edited 5:03pm Dec 6, 2010 4:52pm | Edited 5:03pm
Quoting xmzhang
My view on the E-U is at the moment still bearish, lemme explain: last week the weekly BEOB in november hit it's target @ 12970-ish and has been pulling back since last week. Important level last week was the 13450 (just above the high of this week PB) which coincides with the previous weekly bar low of that BEOB, confluence also with 50% retracement and an important weekly PPZ. If price would've broken this 13450 and respected that level as support then I would review my bearish outlook. As for now price is respecting the 13450 as resistance....


XMZ, thanks for your input on EU. It is interesting how different people can be bullish & bearish on the same PA. I guess this is the subjectivity of the business.


What is your opinion of the Monthly chart, we have that large BEOB, however, as we know, often price will retrace to and test the previous bar low of a BEOB. So, in a sense we have a Monthly bearish PA which price could well retrace 300 pips to test the previous bar low, and we have a weekly bullish PB which is in the same direction that the retrace of the monthly BEOB could go in.

Sorry if I confused you with this.

What I am trying to say is, could we possibly have two bullish signals going on , 1 on the monthly because of the nature of price retesting the previous bar low of a BEOB and the weekly bullish PB signal even though we have two conflicting PA signals.
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  • #81,719
  • Dec 6, 2010 5:25pm Dec 6, 2010 5:25pm
Quoting jarroo
(darn it ) I'll be right back . .

Sorry about that . .


As I have mentioned before, Price tends to retrace back to its previous bar High or Low on Outside bars. Mainly this is due to what we talk about all the time, Support turning into Resistance once Price breaks through and closes below. (and vice versa) Weekly chart.
Attached Image (click to enlarge)
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Indicators show the past. Price Action "Indicates" the future.
  • #81,720
  • Edited 5:48pm Dec 6, 2010 5:32pm | Edited 5:48pm
Quoting jarroo
Sorry about that . .


As I have mentioned before, Price tends to retrace back to its previous bar High or Low on Outside bars. Mainly this is due to what we talk about all the time, Support turning into Resistance once Price breaks through and closes below. (and vice versa) Weekly chart.
The Daily had no obvious PA on it but the 2 Day TF showed a nice BEOB engulfing a couple of other 2 Day bars. Price is showed breaking through the .9850 of previous Support . . much like the Weekly TF did.
Attached Image (click to enlarge)
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Indicators show the past. Price Action "Indicates" the future.
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