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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

  • #84,561
  • Jan 5, 2011 4:35am Jan 5, 2011 4:35am
Quoting john225
That is my thought process
Quoting Osman
Hi Adi. Here we go...
Cool saved both posts.
  • #84,562
  • Jan 5, 2011 4:42am Jan 5, 2011 4:42am
Quoting Osman
Hi Adi.

Here we go...

We have a double top at the 1.02 area.. RN
Second, I would prefer to see a close of the BEOB below the 1.00 BRN,
I would check how strong the 1.02 area as a PPZ but if its strong as we can see in this chart.. I would put my entry below the 1.00 area. around 99.80.

We will have two FTA zones..before a nice space for a down move..
If i would see this setup, BEOB engulfing 2 bars.. I would go till the 2nd FTA at least.

Os.
hey Osman, so you mean you would most likely skip this trade because it didn't close below 1.00 BRN? Will you take it or not, this is not clear.
  • #84,563
  • Jan 5, 2011 4:45am Jan 5, 2011 4:45am
Quoting Adilius07
A little quiet here so I thought I would post this, maybe anyone is interested..
Where do you think price will go? Will post the answer later.

TF is a few day bar aggregation
The location seems very good, the bar seems good too, so i think it had a chance to reach the 0.9500. Would be much better though to see the bar close below 1.000

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  • #84,564
  • Jan 5, 2011 4:49am Jan 5, 2011 4:49am
Quoting ppfx
The location seems very good, the bar seems good too, so i think it had a chance to reach the 0.9500.

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Hey Ppfx. I always look at your signature and reread it. Really, truely motivating those words you got there. I'm still waiting for that bulb to light up
  • #84,565
  • Jan 5, 2011 4:57am Jan 5, 2011 4:57am
Hi Adi,

I would have to check if its all times high or how strong the 1.02 ppz is... I think its AUD/CAD, so if its all times high with a double top and a BEOB engulfing 2 previous bars, I would put my entry below parity, around 99.80.
Although I would always prefer a close below parity.

Hope that helps.
Os.

Quoting Adilius07
hey Osman, so you mean you would most likely skip this trade because it didn't close below 1.00 BRN? Will you take it or not, this is not clear.
Trade Smart
  • #84,566
  • Jan 5, 2011 4:59am Jan 5, 2011 4:59am
Btw, found this a few days ago. It gives a nice visual representaion of the current trading session and diff. times. Red line is current session.
Just a small freeware, can click it when you want. Nothing fancy.
If anyone interested here you.
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File Type: zip Live World Market Times.zip   673 KB | 690 downloads
  • #84,567
  • Jan 5, 2011 5:05am Jan 5, 2011 5:05am
Quoting Adilius07
Btw, found this a few days ago. It gives a nice visual representaion of the current trading session and diff. times. Red line is current session.
Just a small freeware, can click it when you want. Nothing fancy.
If anyone interested here you.

What is wrong with the clock as at the bottom right hand corner of my chart? LOL
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  • #84,568
  • Jan 5, 2011 5:08am Jan 5, 2011 5:08am
Quoting Osman
Hi Adi,

I would have to check if its all times high or how strong the 1.02 ppz is... I think its AUD/CAD, so if its all times high with a double top and a BEOB engulfing 2 previous bars, I would put my entry below parity, around 99.80.
Although I would always prefer a close below parity.

Hope that helps.
Os.
Oh man, you opened it all up lol. Ok I must confess I wanted to do this a real time and see how different my thinking from everybody esle. Why am I lossing all the time!!!?

Mostly I think like you guys. I would take it with same PPZ. So what the problem I don't know.

Sorry I forgot that we have whole session to go, so it was a little erroneus from me to post a live chart with yet to close candle... (it's evening here so I automatically thought it is soon to close at 23:00 NYC lol)

Just sometimes I have this madness in my head, I need to see the results!!!

I will absolutely post this chart later as I said, and we will see how it goes. Dam forgot we have so much time for it to close its evening here yes but not in the US, so I messed up a little with it But still hope you all get the point.

Oh I forgot to mention, Os, I see your way of analysing, so you would need more info and probably from diff. TF's so to see if it's all time hi or not etc.
I was thinking a lot about this, but looking at many comments Mike made that he prefers to stay with one TF everything is visible there... I thought to do the same.. I got your point anyway - you would need to at least scroll through the chart to see more info

Thanks.
  • #84,569
  • Jan 5, 2011 5:11am Jan 5, 2011 5:11am
Quoting Pinbar
What is wrong with the clock as at the bottom right hand corner of my chart? LOL
Oh, it just not as cool joke
Yes it's nice too, here I can just immediately see when the session is over and what sessions overlap...

I just forget to do it sometimes, living in Asian time and virtually in the US/greenwich/etc time is tough... gets all messed up
  • #84,570
  • Jan 5, 2011 5:28am Jan 5, 2011 5:28am
Hi Adi,

I just move into higher tfs to check ppz (like Pinbar does in his youtube video).... when Im in an active trade.. I dont change TFs to evaluate the trade for example if I took a trade on the daily, I wont be looking at the 1hr tf .. I think that's what Mike says.

Its different a monthly ppz than a 4hr ppz.. so if 1.02 was a monthly ppz instead of a daily one, it would change my view on the setup.

Hope that helped.

EDIT: Knowing Mike.. I think he wouldnt touch this trade without a close below 1.000....

Os.

Quoting Adilius07
Oh man, you opened it all up lol. Ok I must confess I wanted to do this a real time and see how different my thinking from everybody esle. Why am I lossing all the time!!!?...
Trade Smart
  • #84,571
  • Jan 5, 2011 5:39am Jan 5, 2011 5:39am
Quoting ppfx
Hello guys!
Hope you enjoyed the holidays.


i was just about to post that, then i decided that i would go through the posts first, and now i see your charts

The GBPCHF looks interesting too... downtrend, ppz around 1.49...would be good for a few pips although it doesnt look as nice as the USDCHF
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the timing is crucial when preparing for the next move, especially if you want to reverse, but just let the flow to guide you.....so in meanwhile go with the FLOW

Many pips

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  • #84,572
  • Jan 5, 2011 6:05am Jan 5, 2011 6:05am
XAU looks to be testing yesterday's low. A close below the trendline/neckline could be nice

Can't post a chart at work but watching it on netdania

If it closes below ~1374 I might watch closely for a confirmation of a flip from S to R and take it on demo. This is the chart I posted yesterday

http://cdn.forexfactory.com/attachme...1&d=1294169166
Anything can happen.
  • #84,573
  • Jan 5, 2011 6:08am Jan 5, 2011 6:08am
Quoting supremeChaos
Hello mookie9920,
i believe tradestation indicators are based on Easy Language. while MT4 indicators are MQL-based.

look for a programmer versed in EL to convert the Round number MT4 indicator (SweetSpots Gold RN) here into .eld (Easy Language-based Tradestation indicator).
try checking out the TradeStation Support/support Forum.
Hey thanks! I wasn't even sure it what it was called for me to look for it. I was looking for thinks like "incremental line plotter" Lololol, thanks again.
  • #84,574
  • Edited 6:17am Jan 5, 2011 6:12am | Edited 6:17am
See the picture for aud-jpy.

Point#1 - I did not trade the pin bar (should I have traded it?) in point one on the picture I meant "PB does not close below the close of the prior bar"
Point#2 - Now i see a bullish PA but the high of the previous PB normally acts as resistance. I'm thinking to enter long tomorrow but not sure if I am analysing PA correctly. (no confluence yet. Simple PA/Traffic/Space)


Please advice.
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  • #84,575
  • Jan 5, 2011 6:19am Jan 5, 2011 6:19am
Hi,
In order to develop a trade plan I will backtest daily and weekly pinbars. I am doing this to test different exit strategies and to give me confidence in my plan. Any tips?
Kind Regards Chris
  • #84,576
  • Jan 5, 2011 6:25am Jan 5, 2011 6:25am
Quoting torontobboy2
See the picture for aud-jpy.

Point#1 - I did not trade the pin bar (should I have traded it?) in point one on the picture I meant "PB does not close below the close of the prior bar"
Point#2 - Now i see a bullish PA but the high of the previous PB normally acts as resistance. I'm thinking to enter long tomorrow but not sure if I am analysing PA correctly. (no confluence yet. Simple PA/Traffic/Space)


Please advice.
That first bearish PIN has a few things most won't like:

1. It is small
2. It's in traffic and not at a swing high
3. It's not got any PPZ/confluence that I can see

Again for the long trade it looks a bit of a sideways market to me although the 2 day PB if it closes like that (preverably a strong close above the PPZ/trendline) is a nice size compared to the previous bars. Still a pass for me though, even if it gets above the trendline it's still heading into in a load of traffic with no discernable FTA.
Anything can happen.
  • #84,577
  • Jan 5, 2011 6:28am Jan 5, 2011 6:28am
Quoting Osman
EDIT: Knowing Mike.. I think he wouldnt touch this trade without a close below 1.000....

Os.
Yep there are a lot of things I put weight on, closes are one of them for sure

Best
Mike
  • #84,578
  • Jan 5, 2011 6:36am Jan 5, 2011 6:36am
Well I took this trade and took a loss on it.

USD/CAD 4hr bar late NY session yesterday on IBFX.

Timing wasn't the best and close could have been a little lower although closed below BRN.

Still a valid trade and still wish I was in but I moved my stops up too early.

I moved my stop down to the lower red line and gotten take out by a pip or two. Not sure if it was worth it since we really didnt put in a lower high at the point that I moved it down.

Looking back at the trade though I would definitely take it again. Break below parity, pull back, huge pinbar and that big blue box of resistance on top of it. I think it is a good trade at least to first trouble area. Looks like it may continue downward.

The only thing I regret is moving the stop down not because it stopped me out, but because it really only saved me about .1% , so it probably wasnt really worth it.

Back to wait mode.

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  • #84,579
  • Jan 5, 2011 6:40am Jan 5, 2011 6:40am
Gold has grown some legs and is dropping pretty fast.

1363 now - there's a PPZ at 1350...
Anything can happen.
  • #84,580
  • Jan 5, 2011 6:53am Jan 5, 2011 6:53am
Quoting torontobboy2
See the picture for aud-jpy.

Point#1 - I did not trade the pin bar (should I have traded it?) in point one on the picture I meant "PB does not close below the close of the prior bar"
Point#2 - Now i see a bullish PA but the high of the previous PB normally acts as resistance. I'm thinking to enter long tomorrow but not sure if I am analysing PA correctly. (no confluence yet. Simple PA/Traffic/Space)


Please advice.
Hey T

A few comments to add to the previous comments. This is not one a new trader is probably going to catch. I still wouldn't take this either. But if you notice your pattern it could be the pre-emptive bar that catches us out of that. Is that worth it? Not for me, but for some that is all they play looking for that breakout. Remember it is never about the single trade(which is hard to think about but important) it is about ones overall approach.

You say the price bar did not close below the previous bar. That would no longer be a pinbar but a BEOB. Now imagine it closed below your entire pattern. Would that be something worth taking for you? Maybe yes maybe no, for me it would then

Best
Mike
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