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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

  • #85,181
  • Jan 11, 2011 12:04am Jan 11, 2011 12:04am
Quoting Dan Gilbert
meh, 2nd half out @ B/E.... overall a decent trade tho.
for sure.
not bad for a weekly daytrade
  • #85,182
  • Jan 11, 2011 12:09am Jan 11, 2011 12:09am
Quoting supremeChaos
for sure.
not bad for a weekly daytrade
step 1: look at weekly chart
step 2: place a tight stop/quick target trade

Many choose unhappiness over uncertainty.
  • #85,183
  • Jan 11, 2011 12:27am Jan 11, 2011 12:27am
hello, im a newbie and am learning to trade pinbars with fibs on daily. I'm willing to learn whatever it takes.

pinbar? it closes at the lower part but the open is at the centre...was i too impatient? should i wait for both open and close to be at the lower range?
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  • #85,184
  • Jan 11, 2011 12:43am Jan 11, 2011 12:43am
Quoting Bethel
hello, im a newbie and am learning to trade pinbars with fibs on daily. I'm willing to learn whatever it takes.
pinbar? it closes at the lower part but the open is at the centre...was i too impatient? should i wait for both open and close to be at the lower range?
Hello Bethel,
it looked like a BEOB. but yes u can say it's a PB/BEOB hybrid.

my concerns
-that PB is pretty small & it was a Friday bar.(potentially a profit-taking bar/day)
-2 bars prior it, we had a huge upbar. it may be a sign of things to come.
- 82.60 - 83.00 seem to be a PPZ. so essentially u traded a small pinbar into that PPZ. ideally we trade away from , not towards, a PPZ, to increase the odds that price will move favorably for us.
currently, 83.00 is holding as support.

watch PA around 83.00. i would want 82.50 - 83.00 get broken convincingly & soon, else i expect price to chop around a bit &/or continue its path toward +/- 85.00 - 90.00

hope that helps a bit
  • #85,185
  • Jan 11, 2011 1:44am Jan 11, 2011 1:44am
Can someone explain to me what a IPB is?

Ghous perhaps.....
What is any ocean but a multitude of drops?
  • #85,186
  • Jan 11, 2011 1:55am Jan 11, 2011 1:55am
Quoting jarroo
I'm not impressed . .why don't you do something real clever and DELETE THAT and put up a chart that shows a clearer and better real PB.

Guess he either missed your post or doesn't want to remove it.

I agree, it detracts a great deal from the spirit of the board and gives a bad impression to new people who, will assume this board is full of 12 year olds that often post things like that.
  • #85,187
  • Jan 11, 2011 2:05am Jan 11, 2011 2:05am
Quoting Xhale12
Can someone explain to me what a IPB is?
Ghous perhaps.....
Hello Xhale12,
he did.
http://www.forexfactory.com/showpost...ostcount=52647
  • #85,188
  • Jan 11, 2011 2:10am Jan 11, 2011 2:10am
Looks like GU is getting into the zone.
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  • #85,189
  • Edited 6:35am Jan 11, 2011 2:11am | Edited 6:35am
In this post ,I want to try explaining my approaches for Daily PA.
I use 2 different approaches for Daily PA.

1st approach is like this(please, see EURJPY Daily chart)
EURJPY /Dailychart/BEOB(2010.12.17)
PA with Good confluence( off from Weekly PPZ&RN112,Fib50%. the size of this BEOB is not so great I think, but it`s OK enough for me(can be acceptted) . And I especially like the angles of 2EMAs(10&25). It`s looks fine to me.

Only when I find a daily PA like this, I go into a trade directly, with its breakout or its pullback.
And when I find a PA like this on dailychart , I only look at weekly or dailychart to decide Entry ,SL, TP,,,etc. I don`t look at the Lower Time Frames chart less than daily.

This is my 1st approach for this kind of Daily PA.

///

and then, This is 2nd approach for Daily PA like NZDUSD`s below.
NZDUSD/Dailychart/ BUOB(2011.1.7)
I don`t have a courage to enter the market immediately with PA like this .
Plz see NU daily chart.
I can see this BUOB supported around 0.7675 though, it`s also colliding with Weekly Resistance.
I think the size of this BUOB is not so great too. And when I found this BOUB on daily chart I hadn`t seen yet that BUOB broken out TL(Blue)

This PA is not worth for me to play as I do on EURJPY`s BEOB which I explained above(1st approach)
but on some points(in my book), I like this NU daily BUOB.
when I meet the PA like this( PA without good confluence but its has some points I like) , I use a different approach(2nd approach) from 1st one.
I won`t play with PA like this directly. I won`t entry breakout or pullback of the PA though,, I will look this NU BUOB as a guide to know where price likely to go and make a trading plan , then go down to LTF (plz see 4h chart ), and wait for a decent PA(with good location, good size, good momentum), just setting the trap and waiting for the prey.
If I can not find any PA which is worth to play in the LTF in a next few days , I would never take a trade ,give up the trading plan, go back to the HTF and again wait for a next daily PA .

My point is this.
When I find a PA and that PA is not against my PA check list , I know what I should do on that PA
so I can play( useing either of my 2 different aproaches).
but if I find a PA that is against my PA check list ,against even a little, I would pass that PA . No trade. Because I don`t know what I should do on that PA.
so I can not play.
For me , on Daily PA , There`s no exception.

I hope that I made my point clear.
thanks for reading.

Ken
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  • #85,190
  • Jan 11, 2011 5:02am Jan 11, 2011 5:02am
Quoting Pinbar
Looks like GU is getting into the zone.
yeah, looks interesting here for me also. i would normally love to trade a break north of this pattern, its one of my favs, but is it jus me or does anyone else get the feeling price jus doesnt want to go higher ??
Time will tel of course but i just cant get bullish this pair!?

jon
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PATIENCE... DISCIPLINE
  • #85,191
  • Jan 11, 2011 5:07am Jan 11, 2011 5:07am
Quoting xmzhang
I took the same trade on demo though My reasoning was a pullback based entry of that weekly BEOB right @ the previous weekly bar low, I wanted to preempt the break of that BEOB ............ price gave me a sell trigger via a beautiful 1H-PB @ the already mentioned previous weekly bar low, obvious FTA would be the low of that BEOB ..............
Stopped out on my remaining position on that E-J trade @ BE+11, if that weekly bar low holds as resistance price may want to take another shot @ that weekly BEOB ............
Pipcrawler
  • #85,192
  • Jan 11, 2011 6:31am Jan 11, 2011 6:31am
Hi, this is the 4HR picture which I have been watching since Friday. This may not play out as such off course; but is the one on my radar at the moment.

Quoting g_j_hook@yah
yeah, looks interesting here for me also. i would normally love to trade a break north of this pattern, its one of my favs, but is it jus me or does anyone else get the feeling price jus doesnt want to go higher ??
Time will tel of course but i just cant get bullish this pair!?

jon
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"As Kids we believe Anything is Possible; the Trick is to never forget it!"
  • #85,193
  • Jan 11, 2011 6:55am Jan 11, 2011 6:55am
Quoting teemo
Hi, this is the 4HR picture which I have been watching since Friday. This may not play out as such off course; but is the one on my radar at the moment.
yeah, i have the same view. a nice trigger bar at the PPZ at 1.5600 with a close below would be nice.??

lets see how it plays out?

jon
PATIENCE... DISCIPLINE
  • #85,194
  • Jan 11, 2011 7:16am Jan 11, 2011 7:16am
Quoting g_j_hook@yah
yeah, i have the same view. a nice trigger bar at the PPZ at 1.5600 with a close below would be nice.??

lets see how it plays out?

jon
Hi guys

Keeping an eye on GU myself as it is close to the PPZ. Could be looking at PA either way here. Lets see what happens.

kal
  • #85,195
  • Jan 11, 2011 7:26am Jan 11, 2011 7:26am
Quoting mbqb11
Welcome Bud, you are already off to a great start with a name like that
Thanks MB

Sorry I didn't notice your reply earlier; there's just so much to study. After my last post I joined the PF. Soooooooo much information!

One thing I'll be eternally grateful for are the trades PA has kept me out of lately. Just this morning I was in two minds about entering long on Aussie from a (not too convincing, you think?) pin bar on the 4H. Price got really close to the 61.8 retracement from the last push up, but didn't quite touch it.

It did, however, have a bounce off the second dynamic fib target- very promising for an up move.

But there was resistance just above, so I waited to see what would happen there, and sure enough, price has started to bounce down, perhaps the beginnings of a bearish PB, or other bearish bar. Let's see if it touches the fib, and take it from there.

Anybody think I'm talking nonsense? Please let me know if I'm missing something
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  • #85,196
  • Jan 11, 2011 8:04am Jan 11, 2011 8:04am
Quoting Ifmyante
Thanks MB

Sorry I didn't notice your reply earlier; there's just so much to study. After my last post I joined the PF. Soooooooo much information!

One thing I'll be eternally grateful for are the trades PA has kept me out of lately. Just this morning I was in two minds about entering long on Aussie from a (not too convincing, you think?) pin bar on the 4H. Price got really close to the 61.8 retracement from the last push up, but didn't quite touch it.

It did, however, have a bounce off the second dynamic fib target- very promising for an up...
Hi Ify

Welcome to this great thread. One thing to watch out for is the size of the move preceding the PA. In this example you hae a big down move and just before the very small pin a very large bearish bar - a very small pin like this is unlikely to start a bounce at this point. You will learn this stuff as you follow the thread.

Kal
  • #85,197
  • Jan 11, 2011 8:14am Jan 11, 2011 8:14am
Hi Ghous,

Had EURCHF formed an IPB on the Weekly TF last week ??

Many Thanks
0908

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  • #85,198
  • Jan 11, 2011 8:26am Jan 11, 2011 8:26am
Quoting forex0908
Hi Ghous,

Had EURCHF formed an IPB on the Weekly TF last week ??

Many Thanks
0908

Attachment
Yes it is an IPB - and a pretty valid one too...

g.
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I believe . . .
  • #85,199
  • Jan 11, 2011 8:31am Jan 11, 2011 8:31am
Quoting Ifmyante
Thanks MB

Sorry I didn't notice your reply earlier; there's just so much to study. After my last post I joined the PF. Soooooooo much information!

One thing I'll be eternally grateful for are the trades PA has kept me out of lately. Just this morning I was in two minds about entering long on Aussie from a (not too convincing, you think?) pin bar on the 4H. Price got really close to the 61.8 retracement from the last push up, but didn't quite touch it.

It did, however, have a bounce off the second dynamic fib target- very promising for an up move.

But...
You are not talking nonsense. PA and S/R not only get us into trades but keeps us out of MANY MANY more bad ones

Best
Mike
  • #85,200
  • Jan 11, 2011 8:33am Jan 11, 2011 8:33am
Crude gave me a nice setup today via a 3H-BUOB engulfing multiple bars. Price broke that BUOB right after its close, my intention was to enter on a possible pullback to one of the previous 3H-bar highs. Price did pullback hereto alright but didn't gave me a clear buy-PA even on the much lower TF's I couldn't see a clear buy PA.........so I had to let it go..............at the moment of writing oil has moved already more than 60 pips north, what a bummer!
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Pipcrawler
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